We read the executive summaries. See if we like that. Then we have a phone conversation. And then we have a meeting. So the face-to-face meeting is getting more and more rare because the amount of deal flow is so high. I see five new deals a day. You can imagine I have to reject three a day or there’s no way of keeping up. So two a day go down the assembly line. And by the time we set-up a meeting with the company, we're pretty impressed already with what we see. Host: So I'll just follow-up, what's the attrition rate? I want to hear the funnel. How many do you get? How many do you read? How many do you see? How many do you fund? How many are successful? Host: Ok! Common on! Inquiring mind coming up. Ron Conway: So we see five a day. And I have another angel find like Mike's that helps me called Baseline. So please don't think that I do all these myself. Baseline has three people who basically rely and process all my deal flow because it's so massive because I've invested in 500 companies. Think about 500 companies. You have five people on the management team. Five people on the board of directors. That's 10 people per company times 500. There's 5,000 people in Silicon Valley who when they go start a company they go, "Oh why don't we go back to the guy that did our last one?" So that's why the deal flow is so massive. My deal flow is actually very high quality. These are all people I know. I triage the deal source right away. When he sends me a deal which he does like once a month, that's a high quality deal. Because he's already passed his screen. He wants to see if I want to co-invest with him. So back to the question. Five a day are coming in. We try and get rid of two and half to three right at the get-go. And then the other two to three will go on this assembly line where myself and Baseline folks will evaluate the executive summary. 16:03 That's why you have to have a great executive summary with a great elevator pitch. If you can't com...