WEBVTT 00:00:00.760 --> 00:00:04.656 Since 2009, the world has been stuck 00:00:04.680 --> 00:00:09.816 on a single narrative around a coming global food crisis 00:00:09.840 --> 00:00:12.280 and what we need to do to avoid it. 00:00:13.040 --> 00:00:17.400 How do we feed nine billion people by 2050? 00:00:18.440 --> 00:00:23.056 Every conference, podcast and dialogue around global food security 00:00:23.080 --> 00:00:24.776 starts with this question 00:00:24.800 --> 00:00:26.536 and goes on to answer it 00:00:26.560 --> 00:00:31.000 by saying we need to produce 70 percent more food. NOTE Paragraph 00:00:33.160 --> 00:00:35.976 The 2050 narrative started to evolve 00:00:36.000 --> 00:00:40.880 shortly after global food prices hit all-time highs in 2008. 00:00:41.440 --> 00:00:44.216 People were suffering and struggling, 00:00:44.240 --> 00:00:45.776 governments and world leaders 00:00:45.800 --> 00:00:48.416 needed to show us that they were paying attention 00:00:48.440 --> 00:00:50.040 and were working to solve it. 00:00:51.760 --> 00:00:55.536 The thing is, 2050 is so far into the future 00:00:55.560 --> 00:00:57.560 that we can't even relate to it, 00:00:58.280 --> 00:01:00.016 and more importantly, 00:01:00.040 --> 00:01:02.296 if we keep doing what we're doing, 00:01:02.320 --> 00:01:04.680 it's going to hit us a lot sooner than that. NOTE Paragraph 00:01:06.080 --> 00:01:09.360 I believe we need to ask a different question. 00:01:10.280 --> 00:01:12.616 The answer to that question 00:01:12.640 --> 00:01:15.200 needs to be framed differently. 00:01:17.120 --> 00:01:19.856 If we can reframe the old narrative 00:01:19.880 --> 00:01:22.336 and replace it with new numbers 00:01:22.360 --> 00:01:24.440 that tell us a more complete pictures, 00:01:25.720 --> 00:01:28.896 numbers that everyone can understand 00:01:28.920 --> 00:01:30.120 and relate to, 00:01:31.320 --> 00:01:34.000 we can avoid the crisis altogether. NOTE Paragraph 00:01:36.560 --> 00:01:39.416 I was a commodities trader in my past life 00:01:39.440 --> 00:01:41.616 and one of the things that I learned trading 00:01:41.640 --> 00:01:44.520 is that every market has a tipping point, 00:01:45.360 --> 00:01:48.936 the point at which change occurs so rapidly 00:01:48.960 --> 00:01:50.816 that it impacts the world 00:01:50.840 --> 00:01:52.800 and things change forever. 00:01:54.080 --> 00:01:56.680 Think of the last financial crisis, 00:01:57.800 --> 00:01:59.480 or the dot-com crash. NOTE Paragraph 00:02:00.920 --> 00:02:03.240 So here's my concern. 00:02:04.760 --> 00:02:06.816 We could have a tipping point 00:02:06.840 --> 00:02:08.976 in global food and agriculture 00:02:09.000 --> 00:02:10.895 if surging demand 00:02:10.919 --> 00:02:17.320 surpasses the agricultural system's structural capacity to produce food. 00:02:18.240 --> 00:02:22.976 This means at this point supply can no longer keep up with demand 00:02:23.000 --> 00:02:25.256 despite exploding prices, 00:02:25.280 --> 00:02:29.360 unless we can commit to some type of structural change. 00:02:30.560 --> 00:02:32.336 This time around, 00:02:32.360 --> 00:02:34.936 it won't be about stock markets and money. 00:02:34.960 --> 00:02:36.336 It's about people. 00:02:36.360 --> 00:02:39.760 People could starve and governments may fall. 00:02:41.200 --> 00:02:45.736 This question of at what point does supply struggle 00:02:45.760 --> 00:02:47.416 to keep up with surging demand 00:02:47.440 --> 00:02:51.096 is one that started off as an interest for me while I was trading 00:02:51.120 --> 00:02:53.896 and became an absolute obsession. 00:02:53.920 --> 00:02:56.856 It went from interest to obsession 00:02:56.880 --> 00:03:00.536 when I realized through my research how broken the system was 00:03:00.560 --> 00:03:04.880 and how very little data was being used to make such critical decisions. 00:03:05.640 --> 00:03:09.896 That's the point I decided to walk away from a career on Wall Street 00:03:09.920 --> 00:03:12.416 and start an entrepreneurial journey 00:03:12.440 --> 00:03:14.400 to start Gro Intelligence. NOTE Paragraph 00:03:14.880 --> 00:03:18.376 At Gro, we focus on bringing this data 00:03:18.400 --> 00:03:20.656 and doing the work to make it actionable, 00:03:20.680 --> 00:03:23.680 to empower decision-makers at every level. 00:03:24.880 --> 00:03:26.496 But doing this work, 00:03:26.520 --> 00:03:28.776 we also realized that the world, 00:03:28.800 --> 00:03:30.456 not just world leaders, 00:03:30.480 --> 00:03:34.736 but businesses and citizens like every single person in this room, 00:03:34.760 --> 00:03:36.840 lacked an actionable guide 00:03:37.760 --> 00:03:42.376 on how we can avoid a coming global food security crisis. 00:03:42.400 --> 00:03:44.416 And so we built a model, 00:03:44.440 --> 00:03:47.336 leveraging the petabytes of data we sit on, 00:03:47.360 --> 00:03:49.760 and we solved for the tipping point. NOTE Paragraph 00:03:50.560 --> 00:03:54.176 Now, no one knows we've been working on this problem 00:03:54.200 --> 00:03:57.800 and this is the first time that I'm sharing what we discovered. 00:04:00.200 --> 00:04:04.840 We discovered that the tipping point is actually a decade from now. 00:04:06.280 --> 00:04:08.616 We discovered that the world 00:04:08.640 --> 00:04:13.000 will be short 214 trillion calories 00:04:14.960 --> 00:04:16.399 by 2027. 00:04:17.440 --> 00:04:21.240 The world is not in a position to fill this gap. NOTE Paragraph 00:04:22.400 --> 00:04:24.000 Now, you'll notice 00:04:24.960 --> 00:04:29.256 that the way I'm framing this is different from how I started, 00:04:29.280 --> 00:04:31.416 and that's intentional, because until now 00:04:31.440 --> 00:04:34.656 this problem has been quantified using mass: 00:04:34.680 --> 00:04:37.496 think kilograms, tons, hectograms, 00:04:37.520 --> 00:04:39.600 whatever your unit of choice is in mass. 00:04:40.280 --> 00:04:42.880 Why do we talk about food in terms of weight? 00:04:43.360 --> 00:04:44.776 Because it's easy. 00:04:44.800 --> 00:04:48.296 We can look at a photograph and determine tonnage on a ship 00:04:48.320 --> 00:04:50.576 by using a simple pocket calculator. 00:04:50.600 --> 00:04:53.360 We can weigh trucks, airplanes and oxcarts. 00:04:53.880 --> 00:04:57.920 But what we care about in food is nutritional value. 00:04:59.040 --> 00:05:02.176 Not all foods are created equal, 00:05:02.200 --> 00:05:03.960 even if they weigh the same. 00:05:04.920 --> 00:05:07.376 This I learned firsthand 00:05:07.400 --> 00:05:10.400 when I moved from Ethiopia to the US for university. 00:05:11.200 --> 00:05:13.336 Upon my return back home, 00:05:13.360 --> 00:05:16.576 my father, who was so excited to see me, 00:05:16.600 --> 00:05:20.200 greeted me by asking why I was fat. 00:05:20.960 --> 00:05:26.736 Now, turns out that eating 00:05:26.760 --> 00:05:31.616 approximately the same amount of food as I did in Ethiopia, but in America, 00:05:31.640 --> 00:05:34.880 had actually lent a certain fullness to my figure. 00:05:36.760 --> 00:05:40.856 This is why we should care about calories, 00:05:40.880 --> 00:05:42.536 not about mass. 00:05:42.560 --> 00:05:45.320 It is calories which sustain us. NOTE Paragraph 00:05:46.880 --> 00:05:52.696 So 214 trillion calories is a very large number, 00:05:52.720 --> 00:05:55.856 and not even the most dedicated of us 00:05:55.880 --> 00:05:58.816 think in the hundreds of trillions of calories. 00:05:58.840 --> 00:06:00.960 So let me break this down differently. 00:06:01.880 --> 00:06:05.216 An alternative way to think about this 00:06:05.240 --> 00:06:08.096 is to think about it in Big Macs. 00:06:08.120 --> 00:06:10.736 214 trillion calories. 00:06:10.760 --> 00:06:13.976 A single Big Mac has 563 calories. 00:06:14.000 --> 00:06:20.216 That means the world will be short 379 billion Big Macs in 2027. 00:06:20.240 --> 00:06:24.240 That is more Big Macs than McDonald's has ever produced. NOTE Paragraph 00:06:25.960 --> 00:06:30.016 So how did we get to these numbers in the first place? 00:06:30.040 --> 00:06:31.240 They're not made up. 00:06:32.400 --> 00:06:37.216 This map shows you where the world was 40 years ago. 00:06:37.240 --> 00:06:41.256 It shows you net calorie gaps in every country in the world. 00:06:41.280 --> 00:06:42.736 Now, simply put, 00:06:42.760 --> 00:06:45.776 this is just calories consumed in that country 00:06:45.800 --> 00:06:48.856 minus calories produced in that same country. 00:06:48.880 --> 00:06:51.656 This is not a statement on malnutrition or anything else. 00:06:51.680 --> 00:06:55.696 It's simply saying how many calories are consumed in a single year 00:06:55.720 --> 00:06:57.576 minus how many are produced. 00:06:57.600 --> 00:07:00.976 Blue countries are net calorie exporters, 00:07:01.000 --> 00:07:02.376 or self-sufficient. 00:07:02.400 --> 00:07:04.440 They have some in storage for a rainy day. 00:07:05.080 --> 00:07:07.896 Red countries are net calorie importers. 00:07:07.920 --> 00:07:09.856 The deeper, the brighter the red, 00:07:09.880 --> 00:07:11.120 the more you're importing. 00:07:12.200 --> 00:07:16.656 40 years ago, such few countries were net exporters of calories, 00:07:16.680 --> 00:07:18.252 I could count them with one hand. 00:07:19.360 --> 00:07:21.456 Most of the African continent, 00:07:21.480 --> 00:07:24.096 Europe, most of Asia, 00:07:24.120 --> 00:07:26.136 South America excluding Argentina, 00:07:26.160 --> 00:07:27.880 were all net importers of calories. 00:07:28.560 --> 00:07:32.180 And what's surprising is that China used to actually be food self-sufficient. 00:07:32.680 --> 00:07:35.640 India was a big net importer of calories. NOTE Paragraph 00:07:37.080 --> 00:07:39.440 40 years later, this is today. 00:07:39.960 --> 00:07:43.440 You can see the drastic transformation that's occurred in the world. 00:07:44.040 --> 00:07:47.536 Brazil has emerged as an agricultural powerhouse. 00:07:47.560 --> 00:07:50.816 Europe is dominant in global agriculture. 00:07:50.840 --> 00:07:53.816 India has actually flipped from red to blue. 00:07:53.840 --> 00:07:56.096 It's become food self-sufficient. 00:07:56.120 --> 00:07:58.576 And China went from that light blue 00:07:58.600 --> 00:08:01.240 to the brightest red that you see on this map. NOTE Paragraph 00:08:02.280 --> 00:08:04.640 How did we get here? What happened? 00:08:05.960 --> 00:08:08.800 So this chart shows you India and Africa. 00:08:09.440 --> 00:08:11.760 Blue line is India, red line is Africa. 00:08:12.440 --> 00:08:16.576 How is it that two regions that started off so similarly 00:08:16.600 --> 00:08:18.736 in such similar trajectories 00:08:18.760 --> 00:08:20.896 take such different paths? 00:08:20.920 --> 00:08:22.960 India had a green revolution. 00:08:24.000 --> 00:08:28.096 Not a single African country had a green revolution. 00:08:28.120 --> 00:08:29.336 The net outcome? 00:08:29.360 --> 00:08:31.056 India is food self-sufficient 00:08:31.080 --> 00:08:34.456 and in the past decade has actually been exporting calories. 00:08:34.480 --> 00:08:38.440 The African continent now imports over 300 trillion calories a year. 00:08:39.280 --> 00:08:43.576 Then we add China, the green line. 00:08:43.600 --> 00:08:46.280 Remember the switch from the blue to the bright red? 00:08:47.120 --> 00:08:50.176 What happened and when did it happen? 00:08:50.200 --> 00:08:53.056 China seemed to be on a very similar path to India 00:08:53.080 --> 00:08:55.856 until the start of the 21st century, 00:08:55.880 --> 00:08:57.560 where it suddenly flipped. 00:08:58.400 --> 00:09:00.416 A young and growing population 00:09:00.440 --> 00:09:03.536 combined with significant economic growth 00:09:03.560 --> 00:09:05.976 made its mark with a big bang 00:09:06.000 --> 00:09:08.480 and no one in the markets saw it coming. 00:09:09.520 --> 00:09:13.256 This flip was everything to global agricultural markets. 00:09:13.280 --> 00:09:16.096 Luckily now, South America 00:09:16.120 --> 00:09:21.336 was starting to boom at the same time as China's rise, 00:09:21.360 --> 00:09:25.360 and so therefore, supply and demand were still somewhat balanced. NOTE Paragraph 00:09:26.320 --> 00:09:27.720 So the question becomes, 00:09:28.640 --> 00:09:30.240 where do we go from here? 00:09:31.800 --> 00:09:33.336 Oddly enough, 00:09:33.360 --> 00:09:34.560 it's not a new story, 00:09:35.800 --> 00:09:39.176 except this time it's not just a story of China. 00:09:39.200 --> 00:09:41.576 It's a continuation of China, 00:09:41.600 --> 00:09:43.696 an amplification of Africa 00:09:43.720 --> 00:09:45.680 and a paradigm shift in India. 00:09:46.600 --> 00:09:48.120 By 2023, 00:09:49.000 --> 00:09:54.056 Africa's population is forecasted to overtake that of India's and China's. 00:09:54.080 --> 00:09:56.736 By 2023, these three regions combined 00:09:56.760 --> 00:09:59.920 will make up over half the world's population. 00:10:01.400 --> 00:10:05.416 This crossover point starts to present really interesting challenges 00:10:05.440 --> 00:10:07.176 for global food security. 00:10:07.200 --> 00:10:10.600 And a few years later, we're hit hard with that reality. NOTE Paragraph 00:10:12.120 --> 00:10:15.480 What does the world look like in 10 years? 00:10:17.120 --> 00:10:21.016 So far, as I mentioned, India has been food self-sufficient. 00:10:21.040 --> 00:10:24.440 Most forecasters predict that this will continue. 00:10:25.200 --> 00:10:26.400 We disagree. 00:10:27.160 --> 00:10:31.296 India will soon become a net importer of calories. 00:10:31.320 --> 00:10:33.576 This will be driven both by the fact 00:10:33.600 --> 00:10:37.096 that demand is growing from a population growth standpoint 00:10:37.120 --> 00:10:38.376 plus economic growth. 00:10:38.400 --> 00:10:39.656 It will be driven by both. 00:10:39.680 --> 00:10:42.376 And even if you have optimistic assumptions 00:10:42.400 --> 00:10:44.296 around production growth, 00:10:44.320 --> 00:10:46.440 it will make that slight flip. 00:10:46.960 --> 00:10:50.880 That slight flip can have huge implications. NOTE Paragraph 00:10:51.800 --> 00:10:56.336 Next, Africa will continue to be a net importer of calories, 00:10:56.360 --> 00:10:59.360 again driven by population growth and economic growth. 00:11:00.120 --> 00:11:04.016 This is again assuming optimistic production growth assumptions. 00:11:04.040 --> 00:11:05.456 Then China, 00:11:05.480 --> 00:11:08.056 where population is flattening out, 00:11:08.080 --> 00:11:10.056 calorie consumption will explode 00:11:10.080 --> 00:11:13.096 because the types of calories consumed 00:11:13.120 --> 00:11:16.640 are also starting to be higher-calorie-content foods. 00:11:17.600 --> 00:11:19.336 And so therefore, 00:11:19.360 --> 00:11:21.216 these three regions combined 00:11:21.240 --> 00:11:24.536 start to present a really interesting challenge for the world. NOTE Paragraph 00:11:24.560 --> 00:11:28.656 Until now, countries with calorie deficits 00:11:28.680 --> 00:11:31.256 have been able to meet these deficits 00:11:31.280 --> 00:11:33.120 by importing from surplus regions. 00:11:33.720 --> 00:11:36.536 By surplus regions, I'm talking about 00:11:36.560 --> 00:11:39.696 North America, South America and Europe. 00:11:39.720 --> 00:11:42.136 This line chart over here shows you 00:11:42.160 --> 00:11:46.456 the growth and the projected growth over the next decade of production 00:11:46.480 --> 00:11:48.776 from North America, South America and Europe. 00:11:48.800 --> 00:11:50.216 What it doesn't show you 00:11:50.240 --> 00:11:53.680 is that most of this growth is actually going to come from South America. 00:11:54.640 --> 00:11:56.056 And most of this growth 00:11:56.080 --> 00:12:00.480 is going to come at the huge cost of deforestation. 00:12:02.240 --> 00:12:06.016 And so when you look at the combined demand increase 00:12:06.040 --> 00:12:09.360 coming from India, China and the African continent, 00:12:10.200 --> 00:12:13.016 and look at it versus the combined increase in production 00:12:13.040 --> 00:12:15.816 coming from India, China, the African continent, 00:12:15.840 --> 00:12:18.200 North America, South America and Europe, 00:12:19.280 --> 00:12:24.696 you are left with a 214-trillion-calorie deficit, 00:12:24.720 --> 00:12:26.456 one we can't produce. 00:12:26.480 --> 00:12:30.416 And this, by the way, is actually assuming we take all the extra calories 00:12:30.440 --> 00:12:32.821 produced in North America, South America and Europe 00:12:33.880 --> 00:12:38.120 and export them solely to India, China and Africa. NOTE Paragraph 00:12:39.200 --> 00:12:42.680 What I just presented to you is a vision of an impossible world. 00:12:43.520 --> 00:12:45.360 We can do something to change that. 00:12:46.400 --> 00:12:48.696 We can change consumption patterns, 00:12:48.720 --> 00:12:50.976 we can reduce food waste, 00:12:51.000 --> 00:12:54.216 or we can make a bold commitment 00:12:54.240 --> 00:12:56.560 to increasing yields exponentially. NOTE Paragraph 00:12:57.720 --> 00:12:59.856 Now, I'm not going to go into discussing 00:12:59.880 --> 00:13:02.376 changing consumption patterns or reducing food waste, 00:13:02.400 --> 00:13:05.456 because those conversations have been going on for some time now. 00:13:05.480 --> 00:13:06.696 Nothing has happened. 00:13:06.720 --> 00:13:10.176 Nothing has happened because those arguments 00:13:10.200 --> 00:13:13.136 ask the surplus regions to change their behavior 00:13:13.160 --> 00:13:15.600 on behalf of deficit regions. 00:13:16.880 --> 00:13:19.456 Waiting for others to change their behavior 00:13:19.480 --> 00:13:21.976 on your behalf, for your survival, 00:13:22.000 --> 00:13:23.496 is a terrible idea. 00:13:23.520 --> 00:13:25.120 It's unproductive. NOTE Paragraph 00:13:25.560 --> 00:13:30.280 So I'd like to suggest an alternative that comes from the red regions. 00:13:31.960 --> 00:13:34.336 China, India, Africa. 00:13:34.360 --> 00:13:37.656 China is constrained in terms of how much more land it actually has 00:13:37.680 --> 00:13:39.216 available for agriculture, 00:13:39.240 --> 00:13:43.016 and it has massive water resource availability issues. 00:13:43.040 --> 00:13:46.680 So the answer really lies in India and in Africa. 00:13:47.840 --> 00:13:52.776 India has some upside in terms of potential yield increases. 00:13:52.800 --> 00:13:55.376 Now this is the gap between its current yield 00:13:55.400 --> 00:13:58.520 and the theoretical maximum yield it can achieve. 00:13:59.720 --> 00:14:02.936 It has some unfarmed arable land remaining, but not much, 00:14:02.960 --> 00:14:05.240 India is quite land-constrained. 00:14:06.240 --> 00:14:08.896 Now, the African continent, on the other hand, 00:14:08.920 --> 00:14:12.216 has vast amounts of arable land remaining 00:14:12.240 --> 00:14:14.920 and significant upside potential in yields. 00:14:16.080 --> 00:14:18.176 Somewhat simplified picture here, 00:14:18.200 --> 00:14:23.216 but if you look at sub-Saharan African yields in corn today, 00:14:23.240 --> 00:14:26.720 they are where North American yields were in 1940. 00:14:28.600 --> 00:14:32.336 We don't have 70-plus years to figure this out, 00:14:32.360 --> 00:14:34.896 so it means we need to try something new 00:14:34.920 --> 00:14:37.080 and we need to try something different. 00:14:38.400 --> 00:14:40.560 The solution starts with reforms. 00:14:41.880 --> 00:14:45.856 We need to reform and commercialize 00:14:45.880 --> 00:14:48.416 the agricultural industries in Africa 00:14:48.440 --> 00:14:49.640 and in India. NOTE Paragraph 00:14:50.320 --> 00:14:52.456 Now, by commercialization -- 00:14:52.480 --> 00:14:55.616 commercialization is not about commercial farming alone. 00:14:55.640 --> 00:14:58.216 Commercialization is about leveraging data 00:14:58.240 --> 00:15:00.536 to craft better policies, 00:15:00.560 --> 00:15:02.176 to improve infrastructure, 00:15:02.200 --> 00:15:04.056 to lower the transportation costs 00:15:04.080 --> 00:15:08.336 and to completely reform banking and insurance industries. 00:15:08.360 --> 00:15:11.456 Commercialization is about taking agriculture 00:15:11.480 --> 00:15:15.576 from too risky an endeavor to one where fortunes can be made. 00:15:15.600 --> 00:15:18.856 Commercialization is not about just farmers. 00:15:18.880 --> 00:15:23.160 Commercialization is about the entire agricultural system. 00:15:24.840 --> 00:15:28.896 But commercialization also means confronting the fact 00:15:28.920 --> 00:15:32.336 that we can no longer place the burden of growth 00:15:32.360 --> 00:15:34.480 on small-scale farmers alone, 00:15:36.600 --> 00:15:41.856 and accepting that commercial farms and the introduction of commercial farms 00:15:41.880 --> 00:15:44.576 could provide certain economies of scale 00:15:44.600 --> 00:15:46.840 that even small-scale farmers can leverage. 00:15:48.040 --> 00:15:52.016 It is not about small-scale farming or commercial agriculture, 00:15:52.040 --> 00:15:53.896 or big agriculture. 00:15:53.920 --> 00:15:59.176 We can create the first successful models of the coexistence and success 00:15:59.200 --> 00:16:02.976 of small-scale farming alongside commercial agriculture. 00:16:03.000 --> 00:16:06.016 This is because, for the first time ever, 00:16:06.040 --> 00:16:09.776 the most critical tool for success in the industry -- 00:16:09.800 --> 00:16:11.296 data and knowledge -- 00:16:11.320 --> 00:16:13.560 is becoming cheaper by the day. 00:16:14.720 --> 00:16:18.136 And very soon, it won't matter how much money you have 00:16:18.160 --> 00:16:19.616 or how big you are 00:16:19.640 --> 00:16:23.936 to make optimal decisions and maximize probability of success 00:16:23.960 --> 00:16:26.440 in reaching your intended goal. 00:16:27.320 --> 00:16:30.920 Companies like Gro are working really hard to make this a reality. NOTE Paragraph 00:16:31.600 --> 00:16:36.176 So if we can commit to this new, bold initiative, 00:16:36.200 --> 00:16:38.216 to this new, bold change, 00:16:38.240 --> 00:16:43.656 not only can we solve the 214-trillion gap that I talked about, 00:16:43.680 --> 00:16:46.280 but we can actually set the world on a whole new path. 00:16:46.960 --> 00:16:51.056 India can remain food self-sufficient 00:16:51.080 --> 00:16:55.840 and Africa can emerge as the world's next dark blue region. NOTE Paragraph 00:16:57.240 --> 00:16:59.456 The new question is, 00:16:59.480 --> 00:17:03.616 how do we produce 214 trillion calories 00:17:03.640 --> 00:17:07.800 to feed 8.3 billion people by 2027? 00:17:08.760 --> 00:17:10.240 We have the solution. 00:17:10.960 --> 00:17:12.760 We just need to act on it. NOTE Paragraph 00:17:13.520 --> 00:17:14.736 Thank you. NOTE Paragraph 00:17:14.760 --> 00:17:18.119 (Applause)