So take a wild success like Airbnb that everybody knows that. Well, that company was famously passed on by many smart (1)_________ because people thought no one’s going to rent out a space in their home to a stranger. Of course, people proved that (2) _______ . But one of the reasons it succeeded, aside from a good business model, a good idea, great execution, is the timing. That company came out right during the height of the recession when people really needed extra money and that maybe helped people (3)_________ their objection to renting out their own home to a stranger. Same thing with Uber. Uber came out, incredible company, incredible business model, great execution, too. But the timing was so (4)_________ for their need to get drivers into the system. Drivers were looking for extra money; it was very, very important. Some of our early successes, Citysearch, came out when people needed web pages. GoTo.com, which we (5)_________ actually at TED in 1998 was when companies were looking for cost-effective ways to get traffic. We thought the idea was so great, but actually, the timing was probably maybe more important. And then some of our (6)_________. We started a company called Z.com. It was an online (7)_________ company. We were so excited about it. We raised enough money. We had a great business model. We even signed incredibly great Hollywood (8)_________ to join the company. But broadband penetration was too low in 1999-2000. It was too hard to watch video content online. You have to put codecs in your (9)_________ and do all this stuff and the company eventually went out of (10)_________ in 2003. Just 2 years later, when the codec problem was solved by AdobeFlash and when broadband penetration crossed 50% in America, YouTube was perfectly timed. Great idea, but unbelievable timing. In fact, YouTube didn’t even have a business model when it first started. It wasn’t even certain that that would work out. But that was beautifully, beautifully timed. So what I would say, in summary, is execution definitely matters a lot, the idea matters a lot, but timing might matter even more. And the best way to really assess timing is to really look at whether consumers are really ready for what you have to offer them. And to be really, really honest about it, not be in (11)_________ about any results that you see, because if you have something you love, you want to (12)_________ it forward, but you have to be very, very honest about that factor on timing. As I said earlier, I think startups can change the world and make the world a better place, I hope some of these insights can maybe help you have a slightly higher success ratio, thus make something great come to the world that wouldn’t have happened otherwise. Thank you very much, you’ve been a great audience.