HEX

File: D:/hMailServer/Data/showfile.com/admin/36/{3601B839-F8CD-45AD-9772-05285C6552B3}.eml
Subject: =?utf-8?Q?Leaving=20the=20Tower=20=2D=20Thoughts=20from=20the=20Chairman=20#5?=
From: =?utf-8?Q?Jeff=20Lynn?= <support@seedrs.com>
Reply-To: =?utf-8?Q?Jeff=20Lynn?= <support@seedrs.com>
To: <vince@showfile.com>
Date: Mon,  4 May 2020 13:08:02 +0000
Message-ID: <b211206c49ae6c040bfb8ae74.5ef1148adf.20200504130741.d559120055.f0514570@mail61.suw111.mcdlv.net>
Feedback-ID: 8911121:8911121.379329:us4:mc
Content-Type: multipart/alternative; boundary="_----------=_MCPart_2068282796"
MIME-Version: 1.0

This is a multi-part message in MIME format

--_----------=_MCPart_2068282796
Content-Type: text/plain; charset="utf-8"; format="fixed"
Content-Transfer-Encoding: quoted-printable



View in browser (https://mailchi.mp/seedrs/covid19-379329?e=3D5ef1148adf)
https://www.seedrs.com/learn/blog/the-dry-powder-question-thoughts-from-th=
e-chairman-3?utm_source=3DSeedrs+newsletters&utm_campaign=3Dd559120055-EMA=
IL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90=
523ee-d559120055-43129765
https://www.seedrs.com/learn/blog/leaving-the-tower-thoughts-from-the-chai=
rman-5?utm_source=3DSeedrs+newsletters&utm_campaign=3Dd559120055-EMAIL_CAM=
PAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-=
d559120055-43129765

Dear Friends=2C

Thanks to all of you who attended the Tortoise (https://www.tortoisemedia.=
com/?utm_source=3DSeedrs+newsletters&utm_campaign=3Dd559120055-EMAIL_CAMPA=
IGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-d5=
59120055-43129765) Digital Thinkin we did the Friday before last. W=
e had a lively discussion about government support for startups and scaleu=
ps during the crisis=2C and it was great to have participation from a numb=
er of familiar faces. Our next ThinkIn will be tomorrow=2C where I will jo=
in former Unilever CEO Paul Polman (https://en.wikipedia.org/wiki/Paul_Pol=
man?utm_source=3DSeedrs+newsletters&utm_campaign=3Dd559120055-EMAIL_CAMPAI=
GN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-d55=
9120055-43129765) and others to talk about how the pandemic may bre=
ed innovation. You can register for free here (https://members.tortoisemed=
ia.com/thinkin/digital-thinkin-will-the-pandemic-breed-game-changing-ideas=
/content.html?utm_source=3DSeedrs+newsletters&utm_campaign=3Dd559120055-EM=
AIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb9=
0523ee-d559120055-43129765) .

We=E2=80=99re also very pleased to be part of the newly-launched =E2=80=98=
Innovation in Finance=E2=80=99 series=2C produced by BBC StoryWorks. Seedr=
s is one of the companies featured=2C along with other notable FinTechs an=
d our alumnus GoodBox. You can see more about this on our blog (https://ww=
w.seedrs.com/learn/blog/the-innovation-in-finance-series?utm_source=3DSeed=
rs+newsletters&utm_campaign=3Dd559120055-EMAIL_CAMPAIGN_2020_02_26_05_31_C=
OPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-d559120055-43129765) =2C and you can watch the excellent (if I do say so myself) Seedrs vid=
eo (https://www.innovatefinance.com/innovationinfinance/video/seedrs/?utm_=
source=3DSeedrs+newsletters&utm_campaign=3Dd559120055-EMAIL_CAMPAIGN_2020_=
02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-d559120055-=
43129765) here.

We continue to await details on the implementation of the rescue package (=
https://www.gov.uk/government/news/billion-pound-support-package-for-innov=
ative-firms-hit-by-coronavirus?utm_source=3DSeedrs+newsletters&utm_campaig=
n=3Dd559120055-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&=
utm_term=3D0_dfb90523ee-d559120055-43129765) for startups and scale=
ups that was announced two weeks ago. I will share them once we have them=
=2C but for this week=E2=80=99s note I want to talk about a more conceptua=
l debate that came (back) to life as the rescue package was coming togethe=
r.

Estimated reading time: 7 minutes

We Must Get Out of the Tower!

In 1906=2C the German publisher and politician Julius Bachem wrote a semin=
al article (https://www.muenster.de/~angergun/Wir-muessen-aus-dem-Turm-her=
aus.pdf?utm_source=3DSeedrs+newsletters&utm_campaign=3Dd559120055-EMAIL_CA=
MPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee=
-d559120055-43129765) entitled =E2=80=9CWir m=C3=BCssen aus dem Tur=
m heraus!=E2=80=9D or =E2=80=9CWe must get out of the tower!=E2=80=9D In i=
t he argued that the Centre Party=2C which was a prominent force in modera=
te politics in Imperial (and later Weimar) Germany=2C needed to move beyon=
d its Catholic roots and open itself to non-Catholics who broadly supporte=
d its centre/centre-right views.

Bachem=E2=80=99s article would launch one of the most intense debates in G=
erman politics of the first quarter of the 20th century:
* On one side were those who wanted to =E2=80=9Cstay in the tower=E2=80=9D=
=2E They viewed the Centre Party as an exclusive and narrowly-focused organi=
sation whose goal was to represent the interests of a particular subset of=
 Catholic Germans=2C even if that meant never escaping its position as a p=
ermanent minority party.

* On the other side were those=2C like Bachem=2C who wanted to =E2=80=9Cle=
ave the tower=E2=80=9D by making the Centre Party an open and more broadly=
-focused organisation. In doing so it would maintain its core political id=
eology but sacrifice the exclusivity of its base of support in exchange fo=
r the opportunity to be the dominant force in German politics.

Given what was to come in German politics from the mid-1920s=2C the Centre=
=E2=80=99s =E2=80=9Ctower=E2=80=9D debate is now largely forgotten except=
 by history anoraks like me.* But in my mind it remains one of the most st=
riking examples of the tension between a =E2=80=9Cclosed shop=E2=80=9D and=
 an =E2=80=9Copen shop=E2=80=9D approach that beguiles many organisations=
=2C communities and ecosystems.

Startup Towers

And so it is with the startup and scaleup world=2C which has long had its=
 own version of the =E2=80=9Ctower=E2=80=9D debate. Those who would stay i=
n the tower see this ecosystem as a fundamentally limited one=2C where onl=
y a certain number of good entrepreneurs exist=2C meaning that only a cert=
ain number of good businesses can be started in a given period. This view=
 in turn says that investment in these businesses is a highly specialised=
=2C and should therefore be a highly exclusive=2C activity. Proponents of=
 this view may come to it from a few different angles=2C but there are a f=
ew common assumptions that most of them hold=2C including:
* What constitutes a =E2=80=9Cgood=E2=80=9D startup is an essentially obje=
ctive question and is knowable (at least by the professionals) from very e=
arly on in the startup=E2=80=99s life.

* A startup is only worthwhile if it has the potential to produce exorbita=
nt=2C return-the-fund types of returns. Anything less ambitious=2C even if=
 still targeting a many-multiple return (and possibly doing so with a some=
what lower risk profile) is uninteresting at best or even gets the highly=
 dreaded moniker of a =E2=80=9Clifestyle=E2=80=9D business.

* There are two types of investors: =E2=80=9Csmart=E2=80=9D ones and =E2=
=80=9Cdumb=E2=80=9D ones. =E2=80=9CSmart=E2=80=9D money includes essential=
ly anyone who manages a fund=2C as well as a slightly amorphous and self-d=
efined group of angels. =E2=80=9CDumb=E2=80=9D money is everyone else: fam=
ily offices; active individual investors who have not dubbed themselves an=
gels; customers of the business; friends and family of the entrepreneur; a=
nd so forth. =E2=80=9CSmart=E2=80=9D money=2C this thinking goes=2C is rea=
lly the only money that should be coming into the ecosystem. =E2=80=9CDumb=
=E2=80=9D money sits outside the tower.

This view was the norm in the UK startup ecosystem until about a decade ag=
o (note that I don=E2=80=99t say =E2=80=9Cscaleup" ecosystem because=2C no=
t coincidentally=2C we didn=E2=80=99t have one back then). But gradually a=
 movement emerged to leave the tower and embrace greater openness and dive=
rsity in the space. It came from a number of quarters: certainly the work=
 done by Rohan Silva=2C Daniel Korski and their colleagues at No. 10=2C wh=
ich sought to make Britain the best place in the world to start a high-gro=
wth business=2C was an important part of it; the advent of a younger gener=
ation of VCs=2C who came to see more value in expanding the pie rather tha=
n fighting for the biggest piece of the one they already had=2C helped tre=
mendously; I=E2=80=99d like to think that in opening up the investment lan=
dscape=2C Seedrs and our peer platforms played a small part; and a number=
 of other forces were at work as well.

Those of us who would leave the tower don=E2=80=99t reject the entirety of=
 the other side=E2=80=99s views=2C but we see the startup and scaleup worl=
d as much bigger=E2=80=94and more expandable=E2=80=94than they do. We thin=
k that the number of good entrepreneurs and good businesses out there is=
=2C if not infinite=2C far greater than those in the tower assume. And mor=
e capital coming into the ecosystem=E2=80=94whether from traditional types=
 of investors or from new ones=E2=80=94simply makes it possible for more p=
eople to leave jobs at other organisations and start their own ventures. A=
ll of this is based on our own set of assumptions:
* Whether or not a startup will turn out to be a good business is only rea=
lly knowable once it is well into its life. It may be possible to identify=
 hopeless prospects early on (although even that exercise can be fraught)=
=2C but there are huge numbers of startups that show strong potential=2C a=
nd distinguishing between those that will realise that potential and those=
 that will not is a highly subjective exercise that looks far more like an=
 art than a science.

* The startup ecosystem is=E2=80=94and should be=E2=80=94made up of busine=
sses at a range of points on the risk/reward spectrum. One of the defining=
 characteristics of a startup is that it has some sort of equity story=2C=
 meaning that there is a level of growth ambition that would=2C if achieve=
d=2C produce strong positive returns for investors. But that is very diffe=
rent from the notion that a business is worthwhile only if it=E2=80=99s on=
 the path to becoming a unicorn. There are many startups=2C and scaleups=
=2C that may be shooting for the moon rather than the stars=2C and often t=
hey are doing so with somewhat less risk. These can be very attractive inv=
estments.

* Then there is the way that investors are characterised. Rather than the=
 smart/dumb binary=2C we see a much more complex picture. There are loads=
 of good investors out there who are not professionals or self-branded ang=
els but nonetheless are able to evaluate ideas and teams effectively and b=
uild well-balanced portfolios. There are others who are not necessarily gr=
eat investors in general=2C but they understand a particular company or a=
 particular team very well=2C and they=E2=80=99re able to spot the potenti=
al for success in that business when others may not. And then on the other=
 side=2C there are plenty of =E2=80=9Csmart=E2=80=9D investors who have ra=
ised significant funds or made big names for themselves but actually deliv=
er underwhelming returns. So while no one should be investing in startups=
 and scaleups unless they understand and embrace the risk of doing so=2C c=
losing investment (explicitly or implicitly) to those who do not fit a par=
ticular profile is nonsensical.

The Debate Renews

Over the past few years=2C I had thought this debate was largely won. Even=
 the sorts of people who historically would have stayed in the tower seeme=
d increasingly comfortable with leaving it. And in turn=2C we have seen th=
e UK startup and scaleup ecosystem expand dramatically=2C with far more go=
od businesses than some people a decade ago would have predicted could be=
 built=2C and the inclusion of capital from=E2=80=94and generation of retu=
rns by=E2=80=94a wide range of investors who never before would have been=
 welcomed into this world.

So it was with significant disappointment that=2C during the discussions l=
eading up to the announcement of the Future Fund and additional Innovate U=
K funding=2C we heard a non-trivial number of voices calling out from deep=
 inside the tower. Some of the arguments focused on the sanctity of VC fun=
ding as the determinant of worthiness. The case was made that additional f=
unding from the government would create =E2=80=9Cadverse selection=E2=80=
=9D or even =E2=80=9Cmoral hazard=E2=80=9D by keeping alive those business=
es that did not already have access to deep pockets of VC funding. And som=
e went further=2C including one person who said that =E2=80=9Cthere is *ze=
ro* point in giving armless people armbands and hoping they will swim=2C=
=E2=80=9D reflecting an assumption that anyone who can=E2=80=99t navigate=
 this crisis with existing connections and resources must be =E2=80=9Carml=
ess=E2=80=9D.

And then there was lots (and lots) of talk about how the most important th=
ing in any package be that it not result in the government propping up =E2=
=80=9Cbad=E2=80=9D firms. No one seem to proffer an idea about what consti=
tuted a =E2=80=9Cbad=E2=80=9D firm (other than that it had not yet raised=
 funds from a VC)=2C and the extent to which failures are an inherent part=
 of any early-stage investment strategy was conveniently overlooked. Part=
 of this focus undoubtedly came from a proper concern that taxpayers=E2=80=
=99 money be spent effectively=2C but it fundamentally returns to the them=
e that there is a clearly and narrowly defined universe of =E2=80=9Cgood=
=E2=80=9D startups=2C and any business not in that universe is not worth s=
upporting.

The voices from the tower didn=E2=80=99t limit themselves to focusing on t=
he businesses. There was (and continues to be) discussion around what inve=
stors should be eligible to provide the match funding required for the co-=
investment scheme. Again some of this comes from the right place=E2=80=94e=
nsuring that the scheme cannot be manipulated is critical=E2=80=94but it q=
uickly spills into a question of who qualifies as a worthy investor=2C and=
 there are those arguing that it=E2=80=99s a pretty small group.

In the end=2C we got to a very good outcome with the Future Fund and Innov=
ate UK funding=2C which together take a relatively (although not perfectly=
) open and inclusive view of the ecosystem. And many of the voices from in=
side the tower have now poked their heads out to welcome the package. But=
 it is apparent that the tower is far from empty=2C and that despite the a=
ppearances of recent years=2C there is still plenty of demand to stay insi=
de it. For those of us who have fought so hard to leave the tower=2C this=
 means that the battle goes on.

A Footnote

* Although the internal debates of the Centre Party a century ago may seem=
 obscure today=2C they had repercussions that continue to be relevant. One=
 of the most prominent advocates of leaving the tower in the 1910s and 192=
0s was Centre Party politician Konrad Adenauer. After the war=2C Adenauer=
 would play an instrumental role in founding the Christian Democratic Unio=
n (CDU) as a sort-of successor to the Centre Party=2C and from the start t=
he CDU has been an inter-denominational party welcoming to those of all fa=
iths and none. Adenauer served as (West) Germany=E2=80=99s first postwar C=
hancellor=2C and the CDU has governed the country=E2=80=94some would argue=
 quite successfully=E2=80=94for all but 20 of the past 71 years.

Resources

Here are a few resources and articles I=E2=80=99ve found interesting over=
 the past couple of weeks:
* From Small Business comes a long and expanding list (https://smallbusine=
ss.co.uk/what-coronavirus-small-business-help-is-available-for-free-255000=
3/?utm_source=3DSeedrs+newsletters&utm_campaign=3Dd559120055-EMAIL_CAMPAIG=
N_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-d559=
120055-43129765) of help that is available for small businesses for=
 free during the crisis.

* From Fred Wilson=2C founding partner of Union Square Ventures=2C comes a=
 blog post (https://avc.com/2020/04/in-real-life/?utm_source=3DSeedrs+news=
letters&utm_campaign=3Dd559120055-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&=
utm_medium=3Demail&utm_term=3D0_dfb90523ee-d559120055-43129765) cal=
led =E2=80=9CIn Real Life=E2=80=9D. Fred is one of the most prolific blogg=
ers in the VC world=2C and his short and pithy posts almost always make go=
od reading. This one provides his take on how the pandemic will impact our=
 preferences for remote vs. in-person interaction.

* From Jeremy Liew=2C partner at Lightspeed Venture Partners=2C comes an i=
nteresting thread (https://twitter.com/jeremysliew/status/1253116271454871=
552?utm_source=3DSeedrs+newsletters&utm_campaign=3Dd559120055-EMAIL_CAMPAI=
GN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-d55=
9120055-43129765) that makes a further contribution to the hot topi=
c of whether=2C and to what extent=2C VCs remain open for business.

* From Azeem Azhar=2C entrepreneur and one of the great data-led thinkers=
 in this space=2C comes a highly informative thread (https://twitter.com/a=
zeem/status/1254722917126021128?utm_source=3DSeedrs+newsletters&utm_campai=
gn=3Dd559120055-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail=
&utm_term=3D0_dfb90523ee-d559120055-43129765) on cash runway. Azeem=
 looks at recently-published survey data on startups=E2=80=99 cash balance=
s but then draws some interesting some interesting comparisons to traditio=
nal businesses.

* And from Matthew Syed at The Times (paywall=2C sorry) comes a compelling=
 piece (https://www.thetimes.co.uk/article/you-wont-see-it-on-any-death-ce=
rtificate-but-recession-is-a-killer-just-like-the-coronavirus-w63k9zmg3?ut=
m_source=3DSeedrs+newsletters&utm_campaign=3Dd559120055-EMAIL_CAMPAIGN_202=
0_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-d55912005=
5-43129765) (albeit not directly related to the sorts of things I u=
sually highlight) on the effects of economic recession on mortality. This=
 touches on the highly charged issue of how preventing deaths and maintain=
ing the economy are balanced=2C but it does so with the particular perspec=
tive of looking at short-term vs. long-term causes of death.

***
That=E2=80=99s all from me for now. Please share any feedback or contribut=
ions=2C and I hope you all stay well and safe in the week ahead.

Best wishes=2C

Jeff Lynn
Executive Chairman & Co-Founder

View this update on our site (https://www.seedrs.com/learn/blog/leaving-th=
e-tower-thoughts-from-the-chairman-5?utm_source=3DSeedrs+newsletters&utm_c=
ampaign=3Dd559120055-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3D=
email&utm_term=3D0_dfb90523ee-d559120055-43129765)

=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
** (http://)

** Trustpilot rating
Trustpilot Stars (https://uk.trustpilot.com/review/seedrs.com?utm_medium=
=3DTrustbox&utm_source=3DEmailSignature2&utm_source=3DSeedrs+newsletters&u=
tm_campaign=3Dd559120055-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_mediu=
m=3Demail&utm_term=3D0_dfb90523ee-d559120055-43129765)

** Trustpilot Logo (https://uk.trustpilot.com/review/seedrs.com?utm_medium=
=3DTrustbox&utm_source=3DEmailSignature2&utm_source=3DSeedrs+newsletters&u=
tm_campaign=3Dd559120055-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_mediu=
m=3Demail&utm_term=3D0_dfb90523ee-d559120055-43129765)
Investing involves risks=2C including loss of capital=2C illiquidity=2C la=
ck of dividends and dilution=2C and should be done only as part of a diver=
sified portfolio. Please read the ** Risk Warnings (https://www.seedrs.com=
/pages/risk-warnings?utm_source=3DSeedrs+newsletters&utm_campaign=3Dd55912=
0055-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=
=3D0_dfb90523ee-d559120055-43129765)
before investing. Investments should only be made by investors who underst=
and these risks. Seedrs does not make investment recommendations to you an=
d any investment decision should be made on the basis of the full campaign=
=2E No communications from Seedrs=2C through email or any other medium=2C sh=
ould be construed as an investment recommendation.  Tax treatment depends=
 on individual circumstances and is subject to change in future.
Seedrs Limited is authorised and regulated by the Financial Conduct Author=
ity. Seedrs Limited is a limited company=2C registered in England and Wale=
s (No. 06848016)=2C with registered office at Churchill House=2C 142-146 O=
ld Street=2C London EC1V 9BW.

This message and any attachments are confidential=2C and may be protected=
 by legal privilege. Nothing in this message shall be considered an offer=
 to sell=2C or a solicitation of an offer to buy=2C any security to any pe=
rson in any jurisdiction to whom or in which such offer=2C solicitation or=
 sale is unlawful. Seedrs does not provide legal=2C financial or tax advic=
e of any kind=2C and nothing in this email constitutes such advice. If you=
 have any questions with respect to legal=2C financial or tax matters rele=
vant to your interactions with Seedrs or its affiliates=2C you should cons=
ult a professional adviser.

Don't want to receive any Seedrs General Updates?
** Unsubscribe here (https://seedrs.us4.list-manage.com/unsubscribe?u=3Db2=
11206c49ae6c040bfb8ae74&id=3Ddfb90523ee&e=3D5ef1148adf&c=3Dd559120055)
=2E
To manage your Seedrs marketing communications please visit your ** prefer=
ences centre. (https://www.seedrs.com/your/notifications/edit?utm_source=
=3DSeedrs+newsletters&utm_campaign=3Dd559120055-EMAIL_CAMPAIGN_2020_02_26_=
05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-d559120055-43129765)
--_----------=_MCPart_2068282796
Content-Type: text/html; charset="utf-8"
Content-Transfer-Encoding: quoted-printable

<!doctype html>
<html xmlns=3D"http://www.w3.org/1999/xhtml" xmlns:v=3D"urn:schemas-micros=
oft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office">
    <head>
        <!-- NAME: SELL PRODUCTS -->
        <!--[if gte mso 15]>
        <xml>
            <o:OfficeDocumentSettings>
            <o:AllowPNG/>
            <o:PixelsPerInch>96</o:PixelsPerInch>
            </o:OfficeDocumentSettings>
        </xml>
        <![endif]-->
        <meta charset=3D"UTF-8">
        <meta http-equiv=3D"X-UA-Compatible" content=3D"IE=3Dedge">
        <meta name=3D"viewport" content=3D"width=3Ddevice-width=2C initial=
-scale=3D1">
        <title>Leaving the Tower - Thoughts from the Chairman #5</title>

    <style type=3D"text/css">
=09=09p{
=09=09=09margin:10px 0;
=09=09=09padding:0;
=09=09}
=09=09table{
=09=09=09border-collapse:collapse;
=09=09}
=09=09h1=2Ch2=2Ch3=2Ch4=2Ch5=2Ch6{
=09=09=09display:block;
=09=09=09margin:0;
=09=09=09padding:0;
=09=09}
=09=09img=2Ca img{
=09=09=09border:0;
=09=09=09height:auto;
=09=09=09outline:none;
=09=09=09text-decoration:none;
=09=09}
=09=09body=2C#bodyTable=2C#bodyCell{
=09=09=09height:100%;
=09=09=09margin:0;
=09=09=09padding:0;
=09=09=09width:100%;
=09=09}
=09=09.mcnPreviewText{
=09=09=09display:none !important;
=09=09}
=09=09#outlook a{
=09=09=09padding:0;
=09=09}
=09=09img{
=09=09=09-ms-interpolation-mode:bicubic;
=09=09}
=09=09table{
=09=09=09mso-table-lspace:0pt;
=09=09=09mso-table-rspace:0pt;
=09=09}
=09=09.ReadMsgBody{
=09=09=09width:100%;
=09=09}
=09=09.ExternalClass{
=09=09=09width:100%;
=09=09}
=09=09p=2Ca=2Cli=2Ctd=2Cblockquote{
=09=09=09mso-line-height-rule:exactly;
=09=09}
=09=09a[href^=3Dtel]=2Ca[href^=3Dsms]{
=09=09=09color:inherit;
=09=09=09cursor:default;
=09=09=09text-decoration:none;
=09=09}
=09=09p=2Ca=2Cli=2Ctd=2Cbody=2Ctable=2Cblockquote{
=09=09=09-ms-text-size-adjust:100%;
=09=09=09-webkit-text-size-adjust:100%;
=09=09}
=09=09.ExternalClass=2C.ExternalClass p=2C.ExternalClass td=2C.ExternalCla=
ss div=2C.ExternalClass span=2C.ExternalClass font{
=09=09=09line-height:100%;
=09=09}
=09=09a[x-apple-data-detectors]{
=09=09=09color:inherit !important;
=09=09=09text-decoration:none !important;
=09=09=09font-size:inherit !important;
=09=09=09font-family:inherit !important;
=09=09=09font-weight:inherit !important;
=09=09=09line-height:inherit !important;
=09=09}
=09=09.templateContainer{
=09=09=09max-width:600px !important;
=09=09}
=09=09a.mcnButton{
=09=09=09display:block;
=09=09}
=09=09.mcnImage=2C.mcnRetinaImage{
=09=09=09vertical-align:bottom;
=09=09}
=09=09.mcnTextContent{
=09=09=09word-break:break-word;
=09=09}
=09=09.mcnTextContent img{
=09=09=09height:auto !important;
=09=09}
=09=09.mcnDividerBlock{
=09=09=09table-layout:fixed !important;
=09=09}
=09=09h1{
=09=09=09color:#222222;
=09=09=09font-family:Helvetica;
=09=09=09font-size:40px;
=09=09=09font-style:normal;
=09=09=09font-weight:bold;
=09=09=09line-height:150%;
=09=09=09letter-spacing:normal;
=09=09=09text-align:center;
=09=09}
=09=09h2{
=09=09=09color:#222222;
=09=09=09font-family:Helvetica;
=09=09=09font-size:34px;
=09=09=09font-style:normal;
=09=09=09font-weight:bold;
=09=09=09line-height:150%;
=09=09=09letter-spacing:normal;
=09=09=09text-align:left;
=09=09}
=09=09h3{
=09=09=09color:#444444;
=09=09=09font-family:Helvetica;
=09=09=09font-size:22px;
=09=09=09font-style:normal;
=09=09=09font-weight:bold;
=09=09=09line-height:150%;
=09=09=09letter-spacing:normal;
=09=09=09text-align:left;
=09=09}
=09=09h4{
=09=09=09color:#949494;
=09=09=09font-family:Georgia;
=09=09=09font-size:20px;
=09=09=09font-style:italic;
=09=09=09font-weight:normal;
=09=09=09line-height:125%;
=09=09=09letter-spacing:normal;
=09=09=09text-align:left;
=09=09}
=09=09#templateHeader{
=09=09=09background-color:#f2f2f2;
=09=09=09background-image:none;
=09=09=09background-repeat:no-repeat;
=09=09=09background-position:center;
=09=09=09background-size:cover;
=09=09=09border-top:0;
=09=09=09border-bottom:0;
=09=09=09padding-top:10px;
=09=09=09padding-bottom:5px;
=09=09}
=09=09.headerContainer{
=09=09=09background-color:#transparent;
=09=09=09background-image:none;
=09=09=09background-repeat:no-repeat;
=09=09=09background-position:center;
=09=09=09background-size:cover;
=09=09=09border-top:0;
=09=09=09border-bottom:0;
=09=09=09padding-top:0px;
=09=09=09padding-bottom:0px;
=09=09}
=09=09.headerContainer .mcnTextContent=2C.headerContainer .mcnTextContent=
 p{
=09=09=09color:#757575;
=09=09=09font-family:'Lato'=2C 'Helvetica Neue'=2C Helvetica=2C Arial=2C s=
ans-serif;
=09=09=09font-size:16px;
=09=09=09line-height:125%;
=09=09=09text-align:left;
=09=09}
=09=09.headerContainer .mcnTextContent a=2C.headerContainer .mcnTextConten=
t p a{
=09=09=09color:#007c89;
=09=09=09font-weight:normal;
=09=09=09text-decoration:none;
=09=09}
=09=09#templateBody{
=09=09=09background-color:#f2f2f2;
=09=09=09background-image:none;
=09=09=09background-repeat:no-repeat;
=09=09=09background-position:center;
=09=09=09background-size:cover;
=09=09=09border-top:0;
=09=09=09border-bottom:0;
=09=09=09padding-top:19px;
=09=09=09padding-bottom:19px;
=09=09}
=09=09.bodyContainer{
=09=09=09background-color:#ffffff;
=09=09=09background-image:none;
=09=09=09background-repeat:no-repeat;
=09=09=09background-position:center;
=09=09=09background-size:cover;
=09=09=09border-top:0;
=09=09=09border-bottom:0;
=09=09=09padding-top:0px;
=09=09=09padding-bottom:0px;
=09=09}
=09=09.bodyContainer .mcnTextContent=2C.bodyContainer .mcnTextContent p{
=09=09=09color:#444444;
=09=09=09font-family:'Lato'=2C 'Helvetica Neue'=2C Helvetica=2C Arial=2C s=
ans-serif;
=09=09=09font-size:16px;
=09=09=09line-height:150%;
=09=09=09text-align:left;
=09=09}
=09=09.bodyContainer .mcnTextContent a=2C.bodyContainer .mcnTextContent p=
 a{
=09=09=09color:#007c89;
=09=09=09font-weight:normal;
=09=09=09text-decoration:underline;
=09=09}
=09=09#templateFooter{
=09=09=09background-color:#f2f2f2;
=09=09=09background-image:none;
=09=09=09background-repeat:no-repeat;
=09=09=09background-position:center;
=09=09=09background-size:cover;
=09=09=09border-top:0;
=09=09=09border-bottom:0;
=09=09=09padding-top:0px;
=09=09=09padding-bottom:20px;
=09=09}
=09=09.footerContainer{
=09=09=09background-color:#transparent;
=09=09=09background-image:none;
=09=09=09background-repeat:no-repeat;
=09=09=09background-position:center;
=09=09=09background-size:cover;
=09=09=09border-top:0;
=09=09=09border-bottom:0;
=09=09=09padding-top:0px;
=09=09=09padding-bottom:0;
=09=09}
=09=09.footerContainer .mcnTextContent=2C.footerContainer .mcnTextContent=
 p{
=09=09=09color:#FFFFFF;
=09=09=09font-family:Helvetica;
=09=09=09font-size:12px;
=09=09=09line-height:150%;
=09=09=09text-align:center;
=09=09}
=09=09.footerContainer .mcnTextContent a=2C.footerContainer .mcnTextConten=
t p a{
=09=09=09color:#1b82e6;
=09=09=09font-weight:normal;
=09=09=09text-decoration:none;
=09=09}
=09@media only screen and (min-width:768px){
=09=09.templateContainer{
=09=09=09width:600px !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09body=2Ctable=2Ctd=2Cp=2Ca=2Cli=2Cblockquote{
=09=09=09-webkit-text-size-adjust:none !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09body{
=09=09=09width:100% !important;
=09=09=09min-width:100% !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09.mcnRetinaImage{
=09=09=09max-width:100% !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09.mcnImage{
=09=09=09width:100% !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09.mcnCartContainer=2C.mcnCaptionTopContent=2C.mcnRecContentContainer=
=2C.mcnCaptionBottomContent=2C.mcnTextContentContainer=2C.mcnBoxedTextCont=
entContainer=2C.mcnImageGroupContentContainer=2C.mcnCaptionLeftTextContent=
Container=2C.mcnCaptionRightTextContentContainer=2C.mcnCaptionLeftImageCon=
tentContainer=2C.mcnCaptionRightImageContentContainer=2C.mcnImageCardLeftT=
extContentContainer=2C.mcnImageCardRightTextContentContainer=2C.mcnImageCa=
rdLeftImageContentContainer=2C.mcnImageCardRightImageContentContainer{
=09=09=09max-width:100% !important;
=09=09=09width:100% !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09.mcnBoxedTextContentContainer{
=09=09=09min-width:100% !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09.mcnImageGroupContent{
=09=09=09padding:9px !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09.mcnCaptionLeftContentOuter .mcnTextContent=2C.mcnCaptionRightConten=
tOuter .mcnTextContent{
=09=09=09padding-top:9px !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09.mcnImageCardTopImageContent=2C.mcnCaptionBottomContent:last-child .=
mcnCaptionBottomImageContent=2C.mcnCaptionBlockInner .mcnCaptionTopContent=
:last-child .mcnTextContent{
=09=09=09padding-top:18px !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09.mcnImageCardBottomImageContent{
=09=09=09padding-bottom:9px !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09.mcnImageGroupBlockInner{
=09=09=09padding-top:0 !important;
=09=09=09padding-bottom:0 !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09.mcnImageGroupBlockOuter{
=09=09=09padding-top:9px !important;
=09=09=09padding-bottom:9px !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09.mcnTextContent=2C.mcnBoxedTextContentColumn{
=09=09=09padding-right:18px !important;
=09=09=09padding-left:18px !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09.mcnImageCardLeftImageContent=2C.mcnImageCardRightImageContent{
=09=09=09padding-right:18px !important;
=09=09=09padding-bottom:0 !important;
=09=09=09padding-left:18px !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09.mcpreview-image-uploader{
=09=09=09display:none !important;
=09=09=09width:100% !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09h1{
=09=09=09font-size:30px !important;
=09=09=09line-height:125% !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09h2{
=09=09=09font-size:26px !important;
=09=09=09line-height:125% !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09h3{
=09=09=09font-size:20px !important;
=09=09=09line-height:150% !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09h4{
=09=09=09font-size:18px !important;
=09=09=09line-height:150% !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09.mcnBoxedTextContentContainer .mcnTextContent=2C.mcnBoxedTextContent=
Container .mcnTextContent p{
=09=09=09font-size:14px !important;
=09=09=09line-height:150% !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09.headerContainer .mcnTextContent=2C.headerContainer .mcnTextContent=
 p{
=09=09=09font-size:16px !important;
=09=09=09line-height:150% !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09.bodyContainer .mcnTextContent=2C.bodyContainer .mcnTextContent p{
=09=09=09font-size:16px !important;
=09=09=09line-height:150% !important;
=09=09}

}=09@media only screen and (max-width: 480px){
=09=09.footerContainer .mcnTextContent=2C.footerContainer .mcnTextContent=
 p{
=09=09=09font-size:14px !important;
=09=09=09line-height:150% !important;
=09=09}

}</style><!--[if !mso]><!--><link href=3D"https://fonts.googleapis.com/cs=
s?family=3DLato:400=2C400i=2C700=2C700i" rel=3D"stylesheet"><!--<![endif]=
--></head>
    <body style=3D"height: 100%;margin: 0;padding: 0;width: 100%;-ms-text-=
size-adjust: 100%;-webkit-text-size-adjust: 100%;">
        <!--
-->
        <center>
            <table align=3D"center" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" height=3D"100%" width=3D"100%" id=3D"bodyTable" style=3D"border=
-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-s=
ize-adjust: 100%;-webkit-text-size-adjust: 100%;height: 100%;margin: 0;pad=
ding: 0;width: 100%;">
                <tr>
                    <td align=3D"center" valign=3D"top" id=3D"bodyCell" st=
yle=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-te=
xt-size-adjust: 100%;height: 100%;margin: 0;padding: 0;width: 100%;">
                        <!-- BEGIN TEMPLATE // -->
                        <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" width=3D"100%" style=3D"border-collapse: collapse;mso-table-lspace:=
 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-ad=
just: 100%;">
                            <tr>
                                <td align=3D"center" valign=3D"top" id=3D"=
templateHeader" data-template-container=3D"" style=3D"background:#f2f2f2 n=
one no-repeat center/cover;mso-line-height-rule: exactly;-ms-text-size-adj=
ust: 100%;-webkit-text-size-adjust: 100%;background-color: #f2f2f2;backgro=
und-image: none;background-repeat: no-repeat;background-position: center;b=
ackground-size: cover;border-top: 0;border-bottom: 0;padding-top: 10px;pad=
ding-bottom: 5px;">
                                    <!--[if (gte mso 9)|(IE)]>
                                    <table align=3D"center" border=3D"0" c=
ellspacing=3D"0" cellpadding=3D"0" width=3D"600" style=3D"width:600px;">
                                    <tr>
                                    <td align=3D"center" valign=3D"top" wi=
dth=3D"600" style=3D"width:600px;">
                                    <![endif]-->
                                    <table align=3D"center" border=3D"0" c=
ellpadding=3D"0" cellspacing=3D"0" width=3D"100%" class=3D"templateContain=
er" style=3D"border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rsp=
ace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;max-wid=
th: 600px !important;">
                                        <tr>
                                            <td valign=3D"top" class=3D"he=
aderContainer" style=3D"background:#transparent none no-repeat center/cove=
r;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-si=
ze-adjust: 100%;background-color: #transparent;background-image: none;back=
ground-repeat: no-repeat;background-position: center;background-size: cove=
r;border-top: 0;border-bottom: 0;padding-top: 0px;padding-bottom: 0px;"><t=
able border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" class=
=3D"mcnTextBlock" style=3D"min-width: 100%;border-collapse: collapse;mso-t=
able-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-=
text-size-adjust: 100%;">
    <tbody class=3D"mcnTextBlockOuter">
        <tr>
            <td valign=3D"top" class=3D"mcnTextBlockInner" style=3D"paddin=
g-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webki=
t-text-size-adjust: 100%;">
              =09<!--[if mso]>
=09=09=09=09<table align=3D"left" border=3D"0" cellspacing=3D"0" cellpaddi=
ng=3D"0" width=3D"100%" style=3D"width:100%;">
=09=09=09=09<tr>
=09=09=09=09<![endif]-->
=09=09=09
=09=09=09=09<!--[if mso]>
=09=09=09=09<td valign=3D"top" width=3D"600" style=3D"width:600px;">
=09=09=09=09<![endif]-->
                <table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" style=3D"max-width: 100%;min-width: 100%;border-collapse: col=
lapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 10=
0%;-webkit-text-size-adjust: 100%;" width=3D"100%" class=3D"mcnTextContent=
Container">
                    <tbody><tr>

                        <td valign=3D"top" class=3D"mcnTextContent" style=
=3D"padding: 0px 18px 9px;line-height: 150%;mso-line-height-rule: exactly;=
-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: brea=
k-word;color: #757575;font-family: 'Lato'=2C 'Helvetica Neue'=2C Helvetica=
=2C Arial=2C sans-serif;font-size: 16px;text-align: left;">

                            <div style=3D"text-align: right;"><a href=3D"h=
ttps://mailchi.mp/seedrs/covid19-379329?e=3D5ef1148adf" target=3D"_blank" st=
yle=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-te=
xt-size-adjust: 100%;color: #007c89;font-weight: normal;text-decoration: n=
one;"><span style=3D"color:#1b82e6"><span style=3D"font-size:14px"><span s=
tyle=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif=
">View in browser</span></span></span></a></div>

                        </td>
                    </tr>
                </tbody></table>
=09=09=09=09<!--[if mso]>
=09=09=09=09</td>
=09=09=09=09<![endif]-->

=09=09=09=09<!--[if mso]>
=09=09=09=09</tr>
=09=09=09=09</table>
=09=09=09=09<![endif]-->
            </td>
        </tr>
    </tbody>
</table><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" class=3D"mcnTextBlock" style=3D"min-width: 100%;border-collapse: coll=
apse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100=
%;-webkit-text-size-adjust: 100%;">
    <tbody class=3D"mcnTextBlockOuter">
        <tr>
            <td valign=3D"top" class=3D"mcnTextBlockInner" style=3D"paddin=
g-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webki=
t-text-size-adjust: 100%;">
              =09<!--[if mso]>
=09=09=09=09<table align=3D"left" border=3D"0" cellspacing=3D"0" cellpaddi=
ng=3D"0" width=3D"100%" style=3D"width:100%;">
=09=09=09=09<tr>
=09=09=09=09<![endif]-->
=09=09=09
=09=09=09=09<!--[if mso]>
=09=09=09=09<td valign=3D"top" width=3D"600" style=3D"width:600px;">
=09=09=09=09<![endif]-->
                <table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" style=3D"max-width: 100%;min-width: 100%;border-collapse: col=
lapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 10=
0%;-webkit-text-size-adjust: 100%;" width=3D"100%" class=3D"mcnTextContent=
Container">
                    <tbody><tr>

                        <td valign=3D"top" class=3D"mcnTextContent" style=
=3D"padding: 0px 18px 9px;line-height: 150%;mso-line-height-rule: exactly;=
-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: brea=
k-word;color: #757575;font-family: 'Lato'=2C 'Helvetica Neue'=2C Helvetica=
=2C Arial=2C sans-serif;font-size: 16px;text-align: left;">

                            <div style=3D"text-align: center;"><a href=3D"=
https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae=
74&id=3Da5f22fccd2&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-he=
ight-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 10=
0%;color: #007c89;font-weight: normal;text-decoration: none;"><img data-fi=
le-id=3D"35161" height=3D"31" src=3D"https://gallery.mailchimp.com/b211206=
c49ae6c040bfb8ae74/images/24f86823-341a-488b-9a38-8b2065928452.png" style=
=3D"border: 0px initial;width: 120px;height: 31px;margin: 0px;outline: non=
e;text-decoration: none;-ms-interpolation-mode: bicubic;" width=3D"120"></=
a></div>

                        </td>
                    </tr>
                </tbody></table>
=09=09=09=09<!--[if mso]>
=09=09=09=09</td>
=09=09=09=09<![endif]-->

=09=09=09=09<!--[if mso]>
=09=09=09=09</tr>
=09=09=09=09</table>
=09=09=09=09<![endif]-->
            </td>
        </tr>
    </tbody>
</table></td>
                                        </tr>
                                    </table>
                                    <!--[if (gte mso 9)|(IE)]>
                                    </td>
                                    </tr>
                                    </table>
                                    <![endif]-->
                                </td>
                            </tr>
                            <tr>
                                <td align=3D"center" valign=3D"top" id=3D"=
templateBody" data-template-container=3D"" style=3D"background:#f2f2f2 non=
e no-repeat center/cover;mso-line-height-rule: exactly;-ms-text-size-adjus=
t: 100%;-webkit-text-size-adjust: 100%;background-color: #f2f2f2;backgroun=
d-image: none;background-repeat: no-repeat;background-position: center;bac=
kground-size: cover;border-top: 0;border-bottom: 0;padding-top: 19px;paddi=
ng-bottom: 19px;">
                                    <!--[if (gte mso 9)|(IE)]>
                                    <table align=3D"center" border=3D"0" c=
ellspacing=3D"0" cellpadding=3D"0" width=3D"600" style=3D"width:600px;">
                                    <tr>
                                    <td align=3D"center" valign=3D"top" wi=
dth=3D"600" style=3D"width:600px;">
                                    <![endif]-->
                                    <table align=3D"center" border=3D"0" c=
ellpadding=3D"0" cellspacing=3D"0" width=3D"100%" class=3D"templateContain=
er" style=3D"border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rsp=
ace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;max-wid=
th: 600px !important;">
                                        <tr>
                                            <td valign=3D"top" class=3D"bo=
dyContainer" style=3D"background:#ffffff none no-repeat center/cover;mso-l=
ine-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adju=
st: 100%;background-color: #ffffff;background-image: none;background-repea=
t: no-repeat;background-position: center;background-size: cover;border-top=
: 0;border-bottom: 0;padding-top: 0px;padding-bottom: 0px;"><table border=
=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" class=3D"mcnImag=
eBlock" style=3D"min-width: 100%;border-collapse: collapse;mso-table-lspac=
e: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-=
adjust: 100%;">
    <tbody class=3D"mcnImageBlockOuter">
            <tr>
                <td valign=3D"top" style=3D"padding: 9px;mso-line-height-r=
ule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" c=
lass=3D"mcnImageBlockInner">
                    <table align=3D"left" width=3D"100%" border=3D"0" cell=
padding=3D"0" cellspacing=3D"0" class=3D"mcnImageContentContainer" style=
=3D"min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-ta=
ble-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;=
">
                        <tbody><tr>
                            <td class=3D"mcnImageContent" valign=3D"top" s=
tyle=3D"padding-right: 9px;padding-left: 9px;padding-top: 0;padding-bottom=
: 0;text-align: center;mso-line-height-rule: exactly;-ms-text-size-adjust:=
 100%;-webkit-text-size-adjust: 100%;">

                                    <a href=3D"https://seedrs.us4.list-man=
age.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D4a6c85313b&e=3D5ef1148adf" title=3D"" class=3D"" target=3D"_blank" style=3D"mso-line-height-=
rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">
                                        <img align=3D"center" alt=3D"" src=
=3D"https://mcusercontent.com/b211206c49ae6c040bfb8ae74/images/3802554a-1e=
f6-4a37-85c8-885176dd99a0.png" width=3D"564" style=3D"max-width: 740px;pad=
ding-bottom: 0;display: inline !important;vertical-align: bottom;border: 0=
;height: auto;outline: none;text-decoration: none;-ms-interpolation-mode:=
 bicubic;" class=3D"mcnImage">
                                    </a>

                            </td>
                        </tr>
                    </tbody></table>
                </td>
            </tr>
    </tbody>
</table><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" class=3D"mcnTextBlock" style=3D"min-width: 100%;border-collapse: coll=
apse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100=
%;-webkit-text-size-adjust: 100%;">
    <tbody class=3D"mcnTextBlockOuter">
        <tr>
            <td valign=3D"top" class=3D"mcnTextBlockInner" style=3D"paddin=
g-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webki=
t-text-size-adjust: 100%;">
              =09<!--[if mso]>
=09=09=09=09<table align=3D"left" border=3D"0" cellspacing=3D"0" cellpaddi=
ng=3D"0" width=3D"100%" style=3D"width:100%;">
=09=09=09=09<tr>
=09=09=09=09<![endif]-->
=09=09=09
=09=09=09=09<!--[if mso]>
=09=09=09=09<td valign=3D"top" width=3D"600" style=3D"width:600px;">
=09=09=09=09<![endif]-->
                <table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" style=3D"max-width: 100%;min-width: 100%;border-collapse: col=
lapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 10=
0%;-webkit-text-size-adjust: 100%;" width=3D"100%" class=3D"mcnTextContent=
Container">
                    <tbody><tr>

                        <td valign=3D"top" class=3D"mcnTextContent" style=
=3D"padding: 0px 18px 9px;line-height: 150%;mso-line-height-rule: exactly;=
-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: brea=
k-word;color: #444444;font-family: 'Lato'=2C 'Helvetica Neue'=2C Helvetica=
=2C Arial=2C sans-serif;font-size: 16px;text-align: left;">

                            <p style=3D"line-height: 150%;margin: 10px 0;p=
adding: 0;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit=
-text-size-adjust: 100%;color: #444444;font-family: 'Lato'=2C 'Helvetica N=
eue'=2C Helvetica=2C Arial=2C sans-serif;font-size: 16px;text-align: left;=
"><span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Cs=
ans-serif"><span style=3D"font-size:14px">Dear Friends=2C<br>
<br>
Thanks to all of you who attended the <a href=3D"https://seedrs.us4.list-m=
anage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D06fe166fac&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-te=
xt-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-we=
ight: normal;text-decoration: underline;">Tortoise</a> Digital Thinkin we=
 did the Friday before last. We had a lively discussion about government s=
upport for startups and scaleups during the crisis=2C and it was great to=
 have participation from a number of familiar faces. Our next ThinkIn will=
 be tomorrow=2C where I will join former Unilever CEO <a href=3D"https://s=
eedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D6=
ad142075b&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule=
: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color:=
 #007c89;font-weight: normal;text-decoration: underline;">Paul Polman</a>=
 and others to talk about how the pandemic may breed innovation. You can r=
egister for free <a href=3D"https://seedrs.us4.list-manage.com/track/click=
?u=3Db211206c49ae6c040bfb8ae74&id=3D55a49685f1&e=3D5ef1148adf" target=3D"=
_blank" style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;=
-webkit-text-size-adjust: 100%;color: #007c89;font-weight: normal;text-dec=
oration: underline;">here</a>.<br>
<br>
We=E2=80=99re also very pleased to be part of the newly-launched =E2=80=98=
Innovation in Finance=E2=80=99 series=2C produced by BBC StoryWorks. Seedr=
s is one of the companies featured=2C along with other notable FinTechs an=
d our alumnus GoodBox. You can see more about this on <a href=3D"https://s=
eedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D0=
cf9b09ec5&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule=
: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color:=
 #007c89;font-weight: normal;text-decoration: underline;">our blog</a>=2C=
 and you can watch the excellent (if I do say so myself) Seedrs <a href=3D=
"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8a=
e74&id=3D0b02d68a11&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-h=
eight-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 1=
00%;color: #007c89;font-weight: normal;text-decoration: underline;">video<=
/a> here.<br>
<br>
We continue to await details on the implementation of the <a href=3D"https=
://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=
=3D545cd82e05&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-=
rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;co=
lor: #007c89;font-weight: normal;text-decoration: underline;">rescue packa=
ge</a> for startups and scaleups that was announced two weeks ago. I will=
 share them once we have them=2C but for this week=E2=80=99s note I want t=
o talk about a more conceptual debate that came (back) to life as the resc=
ue package was coming together.&nbsp;</span></span><br>
<br>
<br>
<span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csan=
s-serif"><span style=3D"font-size:14px"><strong>Estimated reading time:</s=
trong>&nbsp;7&nbsp;minutes</span></span><br>
<br>
<span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csan=
s-serif"><strong><span style=3D"font-size:20px">We Must Get Out of the Tow=
er!</span></strong><br>
<br>
<span style=3D"font-size:14px">In 1906=2C the German publisher and politic=
ian Julius Bachem wrote a <a href=3D"https://seedrs.us4.list-manage.com/tr=
ack/click?u=3Db211206c49ae6c040bfb8ae74&id=3Dd655c3c9b2&e=3D5ef1148adf" t=
arget=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-size-adju=
st: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight: normal=
;text-decoration: underline;">seminal article</a> entitled =E2=80=9CWir m=
=C3=BCssen aus dem Turm heraus!=E2=80=9D or =E2=80=9CWe must get out of th=
e tower!=E2=80=9D In it he argued that the Centre Party=2C which was a pro=
minent force in moderate politics in Imperial (and later Weimar) Germany=
=2C needed to move beyond its Catholic roots and open itself to non-Cathol=
ics who broadly supported its centre/centre-right views.&nbsp;<br>
<br>
Bachem=E2=80=99s article would launch one of the most intense debates in G=
erman politics of the first quarter of the 20th century:</span></span></p>

<ul>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-family:lato=2Chelvetic=
a neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"font-size:14px">On=
 one side were those who wanted to =E2=80=9Cstay in the tower=E2=80=9D. Th=
ey viewed the Centre Party as an exclusive and narrowly-focused organisati=
on whose goal was to represent the interests of a particular subset of Cat=
holic Germans=2C even if that meant never escaping its position as a perma=
nent minority party. </span></span><br>
=09&nbsp;</li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-family:lato=2Chelvetic=
a neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"font-size:14px">On=
 the other side were those=2C like Bachem=2C who wanted to =E2=80=9Cleave=
 the tower=E2=80=9D by making the Centre Party an open and more broadly-fo=
cused organisation. In doing so it would maintain&nbsp;its core political=
 ideology but sacrifice&nbsp;the exclusivity of its base of support in exc=
hange for the opportunity to be the dominant force in German politics.</sp=
an></span></li>
</ul>

<p style=3D"line-height: 150%;margin: 10px 0;padding: 0;mso-line-height-ru=
le: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;colo=
r: #444444;font-family: 'Lato'=2C 'Helvetica Neue'=2C Helvetica=2C Arial=
=2C sans-serif;font-size: 16px;text-align: left;"><br>
<span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csan=
s-serif"><span style=3D"font-size:14px">Given what was to come in German p=
olitics from the mid-1920s=2C the Centre=E2=80=99s =E2=80=9Ctower=E2=80=9D=
 debate is now largely forgotten except by history anoraks like me.* But i=
n my mind it remains one of the most striking examples of the tension betw=
een a =E2=80=9Cclosed shop=E2=80=9D and an =E2=80=9Copen shop=E2=80=9D app=
roach that beguiles many organisations=2C communities and ecosystems.&nbsp=
;</span><br>
<br>
<span style=3D"font-size:16px"><em><strong>Startup Towers</strong></em></s=
pan><br>
<br>
<span style=3D"font-size:14px">And so it is with the startup and scaleup w=
orld=2C which has long had its own version of the =E2=80=9Ctower=E2=80=9D=
 debate. Those who would stay in the tower see this ecosystem as a fundame=
ntally limited one=2C where only a certain number of good entrepreneurs ex=
ist=2C meaning that only a certain number of good businesses can be starte=
d in a given period. This view in turn says that investment in these busin=
esses is a highly specialised=2C and should therefore be a highly exclusiv=
e=2C activity. Proponents of this view may come to it from a few different=
 angles=2C but there are a few common assumptions that most of them hold=
=2C including:</span></span></p>

<ul>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-family:lato=2Chelvetic=
a neue=2Chelvetica=2Carial=2Csans-serif; font-size:14px">What constitutes=
 a =E2=80=9Cgood=E2=80=9D startup is an essentially objective question and=
 is knowable (at least by the professionals) from very early on in the sta=
rtup=E2=80=99s life.</span><br>
=09&nbsp;</li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-size:14px"><span style=
=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif">A=
 startup is only worthwhile if it has the potential to produce exorbitant=
=2C return-the-fund types of returns. Anything less ambitious=2C even if s=
till targeting a many-multiple return (and possibly doing so with a somewh=
at lower risk profile) is uninteresting at best or even gets the highly dr=
eaded moniker of a =E2=80=9Clifestyle=E2=80=9D business.</span></span><br>
=09&nbsp;</li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-size:14px"><span style=
=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif">Th=
ere are two types of investors: =E2=80=9Csmart=E2=80=9D ones and =E2=80=9C=
dumb=E2=80=9D ones. =E2=80=9CSmart=E2=80=9D money includes essentially any=
one who manages a fund=2C as well as a slightly amorphous and self-defined=
 group of angels. =E2=80=9CDumb=E2=80=9D money is everyone else: family of=
fices; active individual investors who have not dubbed themselves angels;=
 customers of the business; friends and family of the entrepreneur; and so=
 forth. =E2=80=9CSmart=E2=80=9D money=2C this thinking goes=2C is really t=
he only money that should be coming into the ecosystem. =E2=80=9CDumb=E2=
=80=9D money sits outside the tower.</span></span></li>
</ul>
<span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csan=
s-serif"><span style=3D"font-size:14px">This view was the norm in the UK s=
tartup ecosystem until about a decade ago (note that I don=E2=80=99t say=
 =E2=80=9Cscaleup" ecosystem because=2C not coincidentally=2C we didn=E2=
=80=99t have one back then). But gradually a movement emerged to leave the=
 tower and embrace greater openness and diversity in the space. It came fr=
om a number of quarters: certainly the work done by Rohan Silva=2C Daniel=
 Korski and their colleagues at No. 10=2C which sought to make Britain the=
 best place in the world to start a high-growth business=2C was an importa=
nt part of it; the advent of a younger generation of VCs=2C who came to se=
e more value in expanding the pie rather than fighting for the biggest pie=
ce of the one they already had=2C helped tremendously; I=E2=80=99d like to=
 think that in opening up the investment landscape=2C Seedrs and our peer=
 platforms played a small part; and a number of other forces were at work=
 as well. &nbsp;<br>
<br>
Those of us who would leave the tower don=E2=80=99t reject the entirety of=
 the other side=E2=80=99s views=2C but we see the startup and scaleup worl=
d as much bigger=E2=80=94and more expandable=E2=80=94than they do. We thin=
k that the number of good entrepreneurs and good businesses out there is=
=2C if not infinite=2C far greater than those in the tower assume. And mor=
e capital coming into the ecosystem=E2=80=94whether from traditional types=
 of investors or from new ones=E2=80=94simply makes it possible for more p=
eople to leave jobs at other organisations and start their own ventures. A=
ll of this is based on our own set of assumptions:</span></span>

<ul>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-family:lato=2Chelvetic=
a neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"font-size:14px">Wh=
ether or not a startup will turn out to be a good business is only really=
 knowable once it is well into its life. It may be possible to identify ho=
peless prospects early on (although even that exercise can be fraught)=2C=
 but there are huge numbers of startups that show strong potential=2C and=
 distinguishing between those that will realise that potential and those t=
hat will not is a highly subjective exercise that looks far more like an a=
rt than a science.</span></span><br>
=09&nbsp;</li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-family:lato=2Chelvetic=
a neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"font-size:14px">Th=
e startup ecosystem is=E2=80=94and should be=E2=80=94made up of businesses=
 at a range of points on the risk/reward spectrum. One of the defining cha=
racteristics of a startup is that it has some sort of equity story=2C mean=
ing that there is a level of growth ambition that would=2C if achieved=2C=
 produce strong positive returns for investors. But that is very different=
 from the notion that a business is worthwhile only if it=E2=80=99s on the=
 path to becoming a unicorn. There are many startups=2C and scaleups=2C th=
at may be shooting for the moon rather than the stars=2C and often they ar=
e doing so with somewhat less risk. These can be very attractive investmen=
ts.</span></span><br>
=09&nbsp;</li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-family:lato=2Chelvetic=
a neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"font-size:14px"><s=
pan style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-=
serif"><span style=3D"font-size:14px">Then there is the way that investors=
 are characterised. Rather than the smart/dumb binary=2C we see a much mor=
e complex picture. There are loads of good investors out there who are not=
 professionals or self-branded angels but nonetheless are able to evaluate=
 ideas and teams effectively and&nbsp;build well-balanced portfolios. Ther=
e are others who are not necessarily great investors in general=2C but the=
y understand a particular company or a particular team very well=2C and th=
ey=E2=80=99re able to spot the potential for success in that business when=
 others may not. And then on the other side=2C there are plenty of =E2=80=
=9Csmart=E2=80=9D investors who have raised significant funds or made big=
 names for themselves but actually deliver underwhelming returns. So while=
 no one should be investing in startups and scaleups unless they understan=
d and embrace the risk of doing so=2C closing investment (explicitly or im=
plicitly) to those who do not fit a particular profile is nonsensical.</sp=
an></span></span></span></li>
</ul>
<span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csan=
s-serif"><span style=3D"font-size:16px"><em><strong>The Debate Renews</str=
ong></em></span><br>
<br>
<span style=3D"font-size:14px">Over the past few years=2C I had thought th=
is debate was largely won. Even the sorts of people who historically would=
 have stayed in the tower seemed increasingly comfortable with leaving it.=
 And in turn=2C we have seen the UK startup and scaleup ecosystem expand d=
ramatically=2C with far more good businesses than some people a decade ago=
 would have predicted could be built=2C and the inclusion of capital from=
=E2=80=94and generation of returns by=E2=80=94a wide range of investors wh=
o never before would have been welcomed into this world.<br>
<br>
So it was with significant disappointment that=2C during the discussions l=
eading up to the announcement of the Future Fund and additional Innovate U=
K funding=2C we heard a non-trivial number of voices calling out from deep=
 inside the tower. Some of the arguments focused on the sanctity of VC fun=
ding as the determinant of worthiness. The case was made that additional f=
unding from the government would create =E2=80=9Cadverse selection=E2=80=
=9D or even =E2=80=9Cmoral hazard=E2=80=9D by keeping alive those business=
es that did not already have access to deep pockets of VC funding. And som=
e went further=2C including one person who said that =E2=80=9Cthere is *ze=
ro* point in giving armless people armbands and hoping they will swim=2C=
=E2=80=9D reflecting an assumption that anyone who can=E2=80=99t navigate=
 this crisis with existing connections and resources must be =E2=80=9Carml=
ess=E2=80=9D.&nbsp;</span></span><br>
<br>
<span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csan=
s-serif"><span style=3D"font-size:14px">And then there was lots (and lots)=
 of talk about how the most important thing in any package be that it not=
 result in the government propping up =E2=80=9Cbad=E2=80=9D firms. No one=
 seem to proffer an idea about what constituted a =E2=80=9Cbad=E2=80=9D fi=
rm (other than that it had not yet raised funds from a VC)=2C and the exte=
nt to which failures are an inherent part of any early-stage investment st=
rategy was conveniently overlooked. Part of this focus undoubtedly came fr=
om a proper concern that taxpayers=E2=80=99 money be spent effectively=2C=
 but it fundamentally returns to the theme that there is a clearly and nar=
rowly defined universe of =E2=80=9Cgood=E2=80=9D startups=2C and any busin=
ess not in that universe is not worth supporting.<br>
<br>
The voices from the tower didn=E2=80=99t limit themselves to focusing on t=
he businesses. There was (and continues to be) discussion around what inve=
stors should be eligible to provide the match funding required for the co-=
investment scheme. Again some of this comes from the right place=E2=80=94e=
nsuring that the scheme cannot be manipulated is critical=E2=80=94but it q=
uickly spills into a question of who qualifies as a worthy investor=2C and=
 there are those arguing that it=E2=80=99s a pretty small group.&nbsp;<br>
<br>
In the end=2C we got to a very good outcome with the Future Fund and Innov=
ate UK funding=2C which together take a relatively (although not perfectly=
) open and inclusive view of the ecosystem. And many of the voices from in=
side the tower have now poked their heads out to welcome the package. But=
 it is apparent that the tower is far from empty=2C and that despite the a=
ppearances of recent years=2C there is still plenty of demand to stay insi=
de it. For those of us who have fought so hard to leave the tower=2C this=
 means that the battle goes on.</span><br>
<br>
<span style=3D"font-size:16px"><em><strong>A Footnote</strong></em></span>=
<br>
<br>
<span style=3D"font-size:14px"><em>* Although the internal debates of the=
 Centre Party a century ago may seem obscure today=2C they had repercussio=
ns that continue to be relevant. One of the most prominent advocates of le=
aving the tower in the 1910s and 1920s was Centre Party politician Konrad=
 Adenauer. After the war=2C Adenauer would play an instrumental role in fo=
unding the Christian Democratic Union (CDU) as a sort-of successor to the=
 Centre Party=2C and from the start the CDU has been an inter-denomination=
al party welcoming to those of all faiths and none. Adenauer served as (We=
st) Germany=E2=80=99s first postwar Chancellor=2C and the CDU has governed=
 the country=E2=80=94some would argue quite successfully=E2=80=94for all b=
ut 20 of the past 71 years.&nbsp;</em></span><br>
<br>
<strong><span style=3D"font-size:20px">Resources</span></strong><br>
<br>
<span style=3D"font-size:14px">Here are a few resources and articles I=E2=
=80=99ve found interesting over the past couple of weeks:</span></span>

<ul>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-family:lato=2Chelvetic=
a neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"font-size:14px">Fr=
om Small Business comes a <a href=3D"https://seedrs.us4.list-manage.com/tr=
ack/click?u=3Db211206c49ae6c040bfb8ae74&id=3Ddff9b89305&e=3D5ef1148adf" t=
arget=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-size-adju=
st: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight: normal=
;text-decoration: underline;">long and expanding list</a> of help that is=
 available for small businesses for free during the crisis.</span></span><=
br>
=09&nbsp;</li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-family:lato=2Chelvetic=
a neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"font-size:14px">Fr=
om Fred Wilson=2C founding partner of Union Square Ventures=2C comes a <a=
 href=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c=
040bfb8ae74&id=3Df1495ef5d4&e=3D5ef1148adf" target=3D"_blank" style=3D"ms=
o-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-a=
djust: 100%;color: #007c89;font-weight: normal;text-decoration: underline;=
">blog post</a> called =E2=80=9CIn Real Life=E2=80=9D. Fred is one of the=
 most prolific bloggers in the VC world=2C and his short and pithy posts a=
lmost always make good reading. This one provides his take on how the pand=
emic will impact our preferences for remote vs. in-person interaction.</sp=
an></span><br>
=09&nbsp;</li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-family:lato=2Chelvetic=
a neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"font-size:14px">Fr=
om Jeremy Liew=2C partner at Lightspeed Venture Partners=2C comes an <a hr=
ef=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040=
bfb8ae74&id=3Da19517f428&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-l=
ine-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adju=
st: 100%;color: #007c89;font-weight: normal;text-decoration: underline;">i=
nteresting thread</a> that makes a further contribution to the hot topic o=
f whether=2C and to what extent=2C VCs remain open for business.</span></s=
pan><br>
=09&nbsp;</li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-family:lato=2Chelvetic=
a neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"font-size:14px">Fr=
om Azeem Azhar=2C entrepreneur and one of the great data-led thinkers in t=
his space=2C comes a <a href=3D"https://seedrs.us4.list-manage.com/track/c=
lick?u=3Db211206c49ae6c040bfb8ae74&id=3D9bdba69645&e=3D5ef1148adf" target=
=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 1=
00%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight: normal;text=
-decoration: underline;">highly informative thread</a> on cash runway. Aze=
em looks at recently-published survey data on startups=E2=80=99 cash balan=
ces but then draws some interesting some interesting comparisons to tradit=
ional businesses.&nbsp;</span></span><br>
=09&nbsp;</li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-family:lato=2Chelvetic=
a neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"font-size:14px"><s=
pan style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-=
serif"><span style=3D"font-size:14px">And from Matthew Syed at The Times (=
paywall=2C sorry) comes a <a href=3D"https://seedrs.us4.list-manage.com/tr=
ack/click?u=3Db211206c49ae6c040bfb8ae74&id=3D9cf4a13343&e=3D5ef1148adf" t=
arget=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-size-adju=
st: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight: normal=
;text-decoration: underline;">compelling piece</a> (albeit not directly re=
lated to the sorts of things I usually highlight) on the effects of econom=
ic recession on mortality. This touches on the highly charged issue of how=
 preventing deaths and maintaining the economy are balanced=2C but it does=
 so with the particular perspective of looking at short-term vs. long-term=
 causes of death.&nbsp;</span></span></span></span></li>
</ul>

<p style=3D"line-height: 150%;margin: 10px 0;padding: 0;mso-line-height-ru=
le: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;colo=
r: #444444;font-family: 'Lato'=2C 'Helvetica Neue'=2C Helvetica=2C Arial=
=2C sans-serif;font-size: 16px;text-align: left;"><br>
<span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csan=
s-serif"><span style=3D"font-size:14px">***<br>
That=E2=80=99s all from me for now. Please share any feedback or contribut=
ions=2C and I hope you all stay well and safe in the week ahead.<br>
<br>
Best wishes=2C<br>
<br>
<br>
Jeff Lynn<br>
Executive Chairman &amp; Co-Founder</span></span><br>
&nbsp;</p>

                        </td>
                    </tr>
                </tbody></table>
=09=09=09=09<!--[if mso]>
=09=09=09=09</td>
=09=09=09=09<![endif]-->

=09=09=09=09<!--[if mso]>
=09=09=09=09</tr>
=09=09=09=09</table>
=09=09=09=09<![endif]-->
            </td>
        </tr>
    </tbody>
</table><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" class=3D"mcnButtonBlock" style=3D"min-width: 100%;border-collapse: co=
llapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 1=
00%;-webkit-text-size-adjust: 100%;">
    <tbody class=3D"mcnButtonBlockOuter">
        <tr>
            <td style=3D"padding-top: 0;padding-right: 18px;padding-bottom=
: 18px;padding-left: 18px;mso-line-height-rule: exactly;-ms-text-size-adju=
st: 100%;-webkit-text-size-adjust: 100%;" valign=3D"top" align=3D"center"=
 class=3D"mcnButtonBlockInner">
                <table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" cl=
ass=3D"mcnButtonContentContainer" style=3D"border-collapse: separate !impo=
rtant;border-radius: 3px;background-color: #92C840;mso-table-lspace: 0pt;m=
so-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust:=
 100%;">
                    <tbody>
                        <tr>
                            <td align=3D"center" valign=3D"middle" class=
=3D"mcnButtonContent" style=3D"font-family: Arial;font-size: 16px;padding:=
 18px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-tex=
t-size-adjust: 100%;">
                                <a class=3D"mcnButton " title=3D"View this=
 update on our site" href=3D"https://seedrs.us4.list-manage.com/track/clic=
k?u=3Db211206c49ae6c040bfb8ae74&id=3D99cb70275e&e=3D5ef1148adf" target=3D=
"_blank" style=3D"font-weight: bold;letter-spacing: normal;line-height: 10=
0%;text-align: center;text-decoration: none;color: #FFFFFF;mso-line-height=
-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;d=
isplay: block;">View this update on our site</a>
                            </td>
                        </tr>
                    </tbody>
                </table>
            </td>
        </tr>
    </tbody>
</table></td>
                                        </tr>
                                    </table>
                                    <!--[if (gte mso 9)|(IE)]>
                                    </td>
                                    </tr>
                                    </table>
                                    <![endif]-->
                                </td>
                            </tr>
                            <tr>
                                <td align=3D"center" valign=3D"top" id=3D"=
templateFooter" data-template-container=3D"" style=3D"background:#f2f2f2 n=
one no-repeat center/cover;mso-line-height-rule: exactly;-ms-text-size-adj=
ust: 100%;-webkit-text-size-adjust: 100%;background-color: #f2f2f2;backgro=
und-image: none;background-repeat: no-repeat;background-position: center;b=
ackground-size: cover;border-top: 0;border-bottom: 0;padding-top: 0px;padd=
ing-bottom: 20px;">
                                    <!--[if (gte mso 9)|(IE)]>
                                    <table align=3D"center" border=3D"0" c=
ellspacing=3D"0" cellpadding=3D"0" width=3D"600" style=3D"width:600px;">
                                    <tr>
                                    <td align=3D"center" valign=3D"top" wi=
dth=3D"600" style=3D"width:600px;">
                                    <![endif]-->
                                    <table align=3D"center" border=3D"0" c=
ellpadding=3D"0" cellspacing=3D"0" width=3D"100%" class=3D"templateContain=
er" style=3D"border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rsp=
ace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;max-wid=
th: 600px !important;">
                                        <tr>
                                            <td valign=3D"top" class=3D"fo=
oterContainer" style=3D"background:#transparent none no-repeat center/cove=
r;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-si=
ze-adjust: 100%;background-color: #transparent;background-image: none;back=
ground-repeat: no-repeat;background-position: center;background-size: cove=
r;border-top: 0;border-bottom: 0;padding-top: 0px;padding-bottom: 0;"><tab=
le border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" class=
=3D"mcnTextBlock" style=3D"min-width: 100%;border-collapse: collapse;mso-t=
able-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-=
text-size-adjust: 100%;">
    <tbody class=3D"mcnTextBlockOuter">
        <tr>
            <td valign=3D"top" class=3D"mcnTextBlockInner" style=3D"paddin=
g-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webki=
t-text-size-adjust: 100%;">
              =09<!--[if mso]>
=09=09=09=09<table align=3D"left" border=3D"0" cellspacing=3D"0" cellpaddi=
ng=3D"0" width=3D"100%" style=3D"width:100%;">
=09=09=09=09<tr>
=09=09=09=09<![endif]-->
=09=09=09
=09=09=09=09<!--[if mso]>
=09=09=09=09<td valign=3D"top" width=3D"600" style=3D"width:600px;">
=09=09=09=09<![endif]-->
                <table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" style=3D"max-width: 100%;min-width: 100%;border-collapse: col=
lapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 10=
0%;-webkit-text-size-adjust: 100%;" width=3D"100%" class=3D"mcnTextContent=
Container">
                    <tbody><tr>

                        <td valign=3D"top" class=3D"mcnTextContent" style=
=3D"padding-top: 0;padding-right: 18px;padding-bottom: 9px;padding-left: 1=
8px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-=
size-adjust: 100%;word-break: break-word;color: #FFFFFF;font-family: Helve=
tica;font-size: 12px;line-height: 150%;text-align: center;">

                            <div style=3D"text-align: center;"><br>
<a href=3D"http://" style=3D"mso-line-height-rule: exactly;-ms-text-size-a=
djust: 100%;-webkit-text-size-adjust: 100%;color: #1b82e6;font-weight: nor=
mal;text-decoration: none;"><img data-file-id=3D"34965" height=3D"27" src=
=3D"https://gallery.mailchimp.com/b211206c49ae6c040bfb8ae74/images/dd2697e=
5-bf62-4f3a-aee2-015ba4ce1284.png" style=3D"border: 0px;width: 100px;heigh=
t: 27px;margin: 0px;outline: none;text-decoration: none;-ms-interpolation-=
mode: bicubic;" width=3D"100"></a></div>

<p style=3D"font-family: Arial=2C &quot;Arial Black&quot;=2C Tahoma=2C &qu=
ot;Trebuchet MS&quot;=2C Verdana=2C sans-serif;font-size: 12px;color: #AAA=
AAA;text-decoration: none;text-align: center;margin: 10px 0;padding: 0;mso=
-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-ad=
just: 100%;line-height: 150%;"><a href=3D"https://seedrs.us4.list-manage.c=
om/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D56d6a7652e&e=3D5ef1148adf" style=3D"text-decoration: none;text-underline: none;mso-line-height-ru=
le: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;colo=
r: #1b82e6;font-weight: normal;" target=3D"_blank"><img alt=3D"Trustpilot=
 rating" border=3D"0" height=3D"16" src=3D"https://emailsignature.trustpil=
ot.com/signature/en-GB/2/5192e86000006400052c669a/text.png" style=3D"max-h=
eight: 16px;border: none;height: auto !important;outline: none;text-decora=
tion: none;-ms-interpolation-mode: bicubic;"><br>
<img alt=3D"Trustpilot Stars" border=3D"0" src=3D"https://emailsignature.t=
rustpilot.com/signature/en-GB/2/5192e86000006400052c669a/stars.png" style=
=3D"max-width: 160px;width: 100%;border: none;height: auto !important;outl=
ine: none;text-decoration: none;-ms-interpolation-mode: bicubic;" width=3D=
"160"></a><br>
<a href=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae=
6c040bfb8ae74&id=3Ddc4b358f5b&e=3D5ef1148adf" style=3D"text-decoration: n=
one;text-underline: none;mso-line-height-rule: exactly;-ms-text-size-adjus=
t: 100%;-webkit-text-size-adjust: 100%;color: #1b82e6;font-weight: normal;=
" target=3D"_blank"><img alt=3D"Trustpilot Logo" border=3D"0" src=3D"https=
://emailsignature.trustpilot.com/brand/s/2/logo.png" style=3D"max-width: 7=
9px;width: 100%;border: none;height: auto !important;outline: none;text-de=
coration: none;-ms-interpolation-mode: bicubic;" width=3D"79"></a></p>

                        </td>
                    </tr>
                </tbody></table>
=09=09=09=09<!--[if mso]>
=09=09=09=09</td>
=09=09=09=09<![endif]-->

=09=09=09=09<!--[if mso]>
=09=09=09=09</tr>
=09=09=09=09</table>
=09=09=09=09<![endif]-->
            </td>
        </tr>
    </tbody>
</table><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" class=3D"mcnBoxedTextBlock" style=3D"min-width: 100%;border-collapse:=
 collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust=
: 100%;-webkit-text-size-adjust: 100%;">
    <!--[if gte mso 9]>
=09<table align=3D"center" border=3D"0" cellspacing=3D"0" cellpadding=3D"0=
" width=3D"100%">
=09<![endif]-->
=09<tbody class=3D"mcnBoxedTextBlockOuter">
        <tr>
            <td valign=3D"top" class=3D"mcnBoxedTextBlockInner" style=3D"m=
so-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-=
adjust: 100%;">

=09=09=09=09<!--[if gte mso 9]>
=09=09=09=09<td align=3D"center" valign=3D"top" ">
=09=09=09=09<![endif]-->
                <table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" width=3D"100%" style=3D"min-width: 100%;border-collapse: coll=
apse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100=
%;-webkit-text-size-adjust: 100%;" class=3D"mcnBoxedTextContentContainer">
                    <tbody><tr>

                        <td style=3D"padding-top: 9px;padding-left: 18px;p=
adding-bottom: 9px;padding-right: 18px;mso-line-height-rule: exactly;-ms-t=
ext-size-adjust: 100%;-webkit-text-size-adjust: 100%;">

                            <table border=3D"0" cellspacing=3D"0" class=3D=
"mcnTextContentContainer" width=3D"100%" style=3D"min-width: 100% !importa=
nt;background-color: #F2F2F2;border: 1px solid #7A8288;border-collapse: co=
llapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 1=
00%;-webkit-text-size-adjust: 100%;">
                                <tbody><tr>
                                    <td valign=3D"top" class=3D"mcnTextCon=
tent" style=3D"padding: 18px;color: #7A8288;font-family: Helvetica;font-si=
ze: 14px;font-weight: normal;line-height: 150%;text-align: center;mso-line=
-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust:=
 100%;word-break: break-word;">
                                        <div style=3D"text-align: left;"><=
span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans=
-serif"><span style=3D"font-size:14px"><span style=3D"color:#7a8288">Inves=
ting involves risks=2C including loss of capital=2C illiquidity=2C lack of=
 dividends and dilution=2C and should be done only as part of a diversifie=
d portfolio. Please read the </span><a href=3D"https://seedrs.us4.list-man=
age.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D0671850bed&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text=
-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #1b82e6;font-weig=
ht: normal;text-decoration: none;"><span style=3D"color:#1b82e6">Risk Warn=
ings</span></a><span style=3D"color:#7a8288"> before investing. Investment=
s should only be made by investors who understand these risks. Seedrs does=
 not make investment recommendations to you and any investment decision sh=
ould be made on the basis of the full campaign. No communications from See=
drs=2C through email or any other medium=2C should be construed as an inve=
stment recommendation.&nbsp;&nbsp;Tax treatment depends on individual circ=
umstances and is subject to change in future.&nbsp;</span></span></span></=
div>

                                    </td>
                                </tr>
                            </tbody></table>
                        </td>
                    </tr>
                </tbody></table>
=09=09=09=09<!--[if gte mso 9]>
=09=09=09=09</td>
=09=09=09=09<![endif]-->

=09=09=09=09<!--[if gte mso 9]>
                </tr>
                </table>
=09=09=09=09<![endif]-->
            </td>
        </tr>
    </tbody>
</table><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" class=3D"mcnTextBlock" style=3D"min-width: 100%;border-collapse: coll=
apse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100=
%;-webkit-text-size-adjust: 100%;">
    <tbody class=3D"mcnTextBlockOuter">
        <tr>
            <td valign=3D"top" class=3D"mcnTextBlockInner" style=3D"paddin=
g-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webki=
t-text-size-adjust: 100%;">
              =09<!--[if mso]>
=09=09=09=09<table align=3D"left" border=3D"0" cellspacing=3D"0" cellpaddi=
ng=3D"0" width=3D"100%" style=3D"width:100%;">
=09=09=09=09<tr>
=09=09=09=09<![endif]-->
=09=09=09
=09=09=09=09<!--[if mso]>
=09=09=09=09<td valign=3D"top" width=3D"600" style=3D"width:600px;">
=09=09=09=09<![endif]-->
                <table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" style=3D"max-width: 100%;min-width: 100%;border-collapse: col=
lapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 10=
0%;-webkit-text-size-adjust: 100%;" width=3D"100%" class=3D"mcnTextContent=
Container">
                    <tbody><tr>

                        <td valign=3D"top" class=3D"mcnTextContent" style=
=3D"padding: 0px 18px 9px;line-height: 150%;mso-line-height-rule: exactly;=
-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: brea=
k-word;color: #FFFFFF;font-family: Helvetica;font-size: 12px;text-align: c=
enter;">

                            <div style=3D"text-align: left;"><span style=
=3D"font-size:14px"><span style=3D"color:#7a8288">Seedrs Limited is&nbsp;a=
uthorised and regulated by the Financial Conduct Authority. Seedrs Limited=
 is a limited company=2C registered in England and Wales (No. 06848016)=2C=
 with registered office at Churchill House=2C 142-146 Old Street=2C London=
 EC1V 9BW.<br>
<br>
This message and any attachments are&nbsp;confidential=2C and may be prote=
cted by legal privilege. Nothing in this message shall be considered an of=
fer to sell=2C or a solicitation of an offer to buy=2C any security to any=
 person in any jurisdiction to whom or in which such offer=2C solicitation=
 or sale is unlawful. Seedrs does not provide legal=2C financial or tax ad=
vice of any kind=2C and nothing in this email constitutes such advice. If=
 you have any questions with respect to legal=2C financial or tax matters=
 relevant to your interactions with Seedrs or its affiliates=2C you should=
 consult a professional adviser.&nbsp;<br>
<br>
Don't want to receive any Seedrs General Updates?&nbsp;</span><a href=3D"h=
ttps://seedrs.us4.list-manage.com/unsubscribe?u=3Db211206c49ae6c040bfb8ae7=
4&id=3Ddfb90523ee&e=3D5ef1148adf&c=3Dd559120055" target=3D"_blank" style=3D"=
mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size=
-adjust: 100%;color: #1b82e6;font-weight: normal;text-decoration: none;"><=
span style=3D"color:#1b82e6">Unsubscribe here</span></a><span style=3D"col=
or:#7a8288">.<br>
To manage your Seedrs marketing communications please visit your </span><a=
 href=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c=
040bfb8ae74&id=3Db4b39f52b9&e=3D5ef1148adf" target=3D"_blank" style=3D"ms=
o-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-a=
djust: 100%;color: #1b82e6;font-weight: normal;text-decoration: none;"><sp=
an style=3D"color:#1b82e6">preferences centre</span><span style=3D"color:#=
7a8288">.</span></a></span></div>

                        </td>
                    </tr>
                </tbody></table>
=09=09=09=09<!--[if mso]>
=09=09=09=09</td>
=09=09=09=09<![endif]-->

=09=09=09=09<!--[if mso]>
=09=09=09=09</tr>
=09=09=09=09</table>
=09=09=09=09<![endif]-->
            </td>
        </tr>
    </tbody>
</table></td>
                                        </tr>
                                    </table>
                                    <!--[if (gte mso 9)|(IE)]>
                                    </td>
                                    </tr>
                                    </table>
                                    <![endif]-->
                                </td>
                            </tr>
                        </table>
                        <!-- // END TEMPLATE -->
                    </td>
                </tr>
            </table>
        </center>
    <img src=3D"https://seedrs.us4.list-manage.com/track/open.php?u=3Db211=
206c49ae6c040bfb8ae74&id=3Dd559120055&e=3D5ef1148adf" height=3D"1" width=
=3D"1"></body>
</html>
--_----------=_MCPart_2068282796--