March 31, 2022
How to Validate an Idea | Moe Abbas, Founder of Acadium
If you want to validate an idea, the conventional wisdom is to build an MVP. But even an MVP takes time to build. What if you could validate not only your idea but your entire funnel, without writing a single line of code?
That's what Moe did. He built a landing page, found ways to advertise and generate traffic, and went so far as to convert traffic to paying members- before having any product to sell! (Of course, he immediately refunded those early customers and added them to a waiting list.)
If you have an idea and want to know if there is real demand - this is the episode for you.
01:22 - Original Idea
03:34 - First, Validate. Do not Build.
05:22 - To validate, you need a small team.
07:11 - To validate, get people to pay
13:24 - How to iterate your business model
18:14 - Retention is harder than conversion
19:47 - The rollercoaster never ends
22:54 - Recap
WEBVTT
00:00:00.029 --> 00:00:02.310
Your first inkling was, let's go validate this.
00:00:02.641 --> 00:00:04.950
Why did you think that was your first reaction?
00:00:05.599 --> 00:00:08.460
Because I had done it the other way, and it was a terrible way.
00:00:10.230 --> 00:00:15.660
I built the social media app that wasn't validated, and it was very costly and painful.
00:00:15.660 --> 00:00:18.660
I thought,"I'm not doing this again, that was a stupid way of doing things."
00:00:18.960 --> 00:00:23.940
Welcome to the Product Market Fit Show brought to you by Mistral, a seed stage firm based in Canada.
00:00:24.750 --> 00:00:26.309
I'm Pablo, I'm a founder turned VC.
00:00:26.879 --> 00:00:30.179
My goal is to help early-stage founders like you find product-market fit.
00:00:34.170 --> 00:00:36.479
Today we have Moe Abbas, co-founder and CEO of Acadium.
00:00:36.570 --> 00:00:37.320
It's a pleasure having you here.
00:00:37.380 --> 00:00:37.950
Thank you so much, Pablo, good to be here.
00:00:39.329 --> 00:00:40.950
Just a little bit of background on Acadium.
00:00:41.039 --> 00:00:42.659
Acadium is a community of marketers.
00:00:42.689 --> 00:00:47.820
Their main product is an apprenticeship marketplace with businesses on one side and students on the other.
00:00:48.630 --> 00:00:58.289
Businesses pay a monthly membership fee and in return, they get to access to marketing students who help them with all aspects of marketing, SEO, content ads, et cetera.
00:00:58.290 --> 00:01:05.250
The service is totally free for students and has helped hundreds, if not thousands of students launch their marketing careers.
00:01:05.251 --> 00:01:11.579
Acadium is based in Ottawa, Ontario, and for context, they have about 20 employees and are doing about$2 million in ARR.
00:01:11.641 --> 00:01:15.750
The topic of today's episode is how to validate an idea.
00:01:16.531 --> 00:01:19.560
For everybody listening, I've known him for many, many years now.
00:01:19.561 --> 00:01:22.680
I've shared the early, early days of Acadium.
00:01:22.680 --> 00:01:26.849
As I recall, you started working on this in late 2015, early 2016.
00:01:26.850 --> 00:01:34.829
Was the original idea an apprenticeship marketplace, or what were some of the early versions of the idea that turned into what Acadium is today?
00:01:35.760 --> 00:01:45.629
The form of this, where there's no technology, would be like an internship, very similar to an internship.
00:01:45.631 --> 00:01:51.390
So, I had been working with interns for a long time, so I had a good idea of how to work with them.
00:01:51.391 --> 00:02:02.280
And we wanted to build something in marketplace that allowed businesses to find affordable help, eventually focused on digital marketing from unpaid intern.
00:02:02.281 --> 00:02:12.330
But what we really wanted to do was focus on the job training aspect of the relationship, which, we thought, was incredibly valuable to the students.
00:02:12.330 --> 00:02:17.610
And in exchange for the job training, the businesses would get affordable help.
00:02:17.610 --> 00:02:27.270
So for us, the earliest version was our own company getting interns and working with them off different job boards.
00:02:27.599 --> 00:02:28.080
Perfect.
00:02:27.599 --> 00:02:33.930
So, you had done this internally and kind of had an inkling that there could be a lot of value here.
00:02:33.931 --> 00:02:36.750
I know today you're fully focused on marketing.
00:02:36.780 --> 00:02:37.979
Did you start with that?
00:02:37.980 --> 00:02:40.360
What led you to choose that as the main vertical?
00:02:42.150 --> 00:02:53.129
I guess the story started when we were actually hiring an intern for another project we were working on, and we had over a hundred applicants.
00:02:53.520 --> 00:03:00.639
Nobody had experience, and they needed experience, so they would come and volunteer to work with our company.
00:03:01.360 --> 00:03:07.659
And my co-founder, Richard, turned to me one day and said,"Hey, Moe, nobody has experience here.
00:03:07.661 --> 00:03:10.150
They're all willing to work for us, unpaid.
00:03:10.151 --> 00:03:16.360
Why are we building the social media app when we should be solving this problem?
00:03:16.360 --> 00:03:19.449
And I ignored him for a bit, but he turned out to be right.
00:03:19.450 --> 00:03:23.500
So, I independently, I said,"You know what?
00:03:23.501 --> 00:03:25.090
I don't know if this is the right path.
00:03:25.091 --> 00:03:28.930
I should try to validate this at the lowest cost possible.
00:03:28.931 --> 00:03:34.150
So, I started working on this idea independently, trying to validate it.
00:03:34.689 --> 00:03:43.599
Let me just ask you just something right there because a lot of founders love to build, and the first inkling is, here's an idea let's just start building product.
00:03:43.689 --> 00:03:46.150
And your first inkling was, let's go validate this.
00:03:46.360 --> 00:03:47.020
What do you think...
00:03:47.469 --> 00:03:49.270
Was it something about you or your team?
00:03:49.449 --> 00:03:51.460
Just the why of it.
00:03:51.820 --> 00:03:54.129
Why did you think that was your first reaction?
00:03:54.759 --> 00:03:59.560
Because I had done it the other way, and it was a terrible way.
00:03:59.561 --> 00:04:05.139
I built a social media app that wasn't validated, and it was very costly and painful.
00:04:05.229 --> 00:04:08.740
I thought," I'm not doing this again, that was a stupid way of doing things.
00:04:08.860 --> 00:04:12.280
I'm just going to do this myself." I had the full skill set.
00:04:12.370 --> 00:04:13.780
I could figure it all out.
00:04:13.810 --> 00:04:17.050
I had learned a lot in that first process.
00:04:17.829 --> 00:04:21.730
So, I just built a spreadsheet, in terms of are we ready to work for businesses.
00:04:21.819 --> 00:04:28.660
And I'd called businesses up, and I said," Do you want to get these people to help you?" It turned out to be that didn't work, actually.
00:04:28.660 --> 00:04:32.379
You had to build a product in our case.
00:04:32.800 --> 00:04:33.850
Why didn't it work?
00:04:33.910 --> 00:04:44.949
It was a tremendous amount of matching effort to actually get them matched with each other for something that is relatively low value and should be low touchpoint.
00:04:46.089 --> 00:04:51.100
So, it just wasn't worth the effort in a way because of the way we were doing it manually.
00:04:51.100 --> 00:04:58.480
But businesses were interested, we knew the students were interested, and that was the super early version.
00:04:59.350 --> 00:05:06.730
That gave me enough confidence to build out a landing page.
00:05:06.130 --> 00:05:18.040
Actually, around the same time, I built out the landing page where I used, I think it was Squarespace at the time, and I just built up the idea of,"Hey, you want to get work experience?
00:05:18.040 --> 00:05:21.310
Sign up, and we'll help you get work experience."
00:05:22.420 --> 00:05:30.370
And at this point, just for context, who is on the team and is this really just you doing it all or did you get a few different people involved?
00:05:30.879 --> 00:05:31.750
No, it was just me.
00:05:32.389 --> 00:05:52.000
So, why would I involve design and engineer to build a website when I don't even know if it's going to work, let me just do this myself using a template and if the conversions are not good, but they're decent, that's totally fine because you know you're going to improve conversions by building a better product and a better website and better marketing.
00:05:52.660 --> 00:05:58.430
If it converts with the shitty landing page, you know that you've done something well.
00:05:59.180 --> 00:06:00.529
So, I built this landing page.
00:06:00.560 --> 00:06:01.579
I h ad a great pitch.
00:06:01.610 --> 00:06:07.189
I sent traffic to it using a growth hack that I knew, and the traffic converted.
00:06:07.610 --> 00:06:08.779
Can you dive into that?
00:06:08.781 --> 00:06:14.779
Because I think the end of the day, especially today, it's a noisy environment, and building landing pages is fine.
00:06:14.810 --> 00:06:18.529
If you can't put push traffic to it, you're not testing anything.
00:06:18.531 --> 00:06:21.620
So, where did you get the traffic and how did you think to do that?
00:06:22.160 --> 00:06:23.899
I already know how to get interns.
00:06:24.470 --> 00:06:26.870
There's different ways you could do it off job boards.
00:06:27.350 --> 00:06:30.529
I just modified my messaging.
00:06:30.531 --> 00:06:33.860
We eventually got kicked off the job boards because you can't really do that.
00:06:33.860 --> 00:06:35.720
But earlier on, it was fine.
00:06:35.781 --> 00:06:43.100
I used job boards to funnel traffic into the early version of Acadium.
00:06:43.490 --> 00:06:52.569
For that, go to the job boards, do the messaging, get them to come to the Acadium, and check the conversions.
00:06:52.639 --> 00:06:55.910
The conversions were extremely healthy.
00:06:55.911 --> 00:06:58.790
In fact, they were better than anything I've seen atthat time.
00:06:59.149 --> 00:07:01.759
And this was conversion to what, the creating of a profile?
00:07:02.360 --> 00:07:02.360
Signup.
00:07:03.029 --> 00:07:03.139
Signup.
00:07:03.029 --> 00:07:04.069
We didn't have a profile.
00:07:04.071 --> 00:07:04.939
We didn't have a product.
00:07:04.461 --> 00:07:05.959
It was a landing page.
00:07:05.480 --> 00:07:05.959
There's nothing there.
00:07:06.500 --> 00:07:06.680
It was e-mail.
00:07:06.500 --> 00:07:08.660
It was all smoke and mirrors.
00:07:08.300 --> 00:07:08.660
E-mail capture really.
00:07:09.560 --> 00:07:11.000
Yeah, pretty much.
00:07:11.660 --> 00:07:15.410
And then I said, Squarespace a llowed you to connect a bank account.
00:07:15.470 --> 00:07:19.790
I said,"Well, maybe it's because it's so easy to sign up.
00:07:20.100 --> 00:07:22.100
That's why we're getting a good a conversion.
00:07:22.579 --> 00:07:29.029
I wonder if I put a pay wall, if they would still sign up." So, I put a p ay w all and people still signed up.
00:07:29.870 --> 00:07:32.839
And this is, just to confirm, this is the student's side of the business.
00:07:33.259 --> 00:07:33.709
Correct, yes.
00:07:34.220 --> 00:07:37.939
So, at first you were, you were seeing if they would pay on the student side, got it.
00:07:38.660 --> 00:07:42.139
I wanted to see how much, how willing they are to gain work experience.
00:07:42.589 --> 00:07:45.620
And they were very willing, they were willing enough to pay us at the end of the day.
00:07:46.279 --> 00:07:55.100
At the same time I also- one of the interns I brought on, I even pitched this to her and a payment- I said,"You're going to pay for this experience.
00:07:56.329 --> 00:08:01.040
Five-hundred bucks a month, it's going to cost you for three months." And she agreed to it.
00:08:01.490 --> 00:08:04.879
After the first month, I said,"You don't have to pay us, you're working unpaid.
00:08:04.880 --> 00:08:08.089
It's unfair", And she was super happy about that.
00:08:08.091 --> 00:08:19.279
So, there were multiple things we were doing at the same time at that point, but all very low cost at that point, we said,"There's obviously a good demand here." Then you started digging into the problem.
00:08:19.939 --> 00:08:21.259
Well, what is the problem?
00:08:21.261 --> 00:08:22.970
What could this really be?
00:08:23.449 --> 00:08:29.000
And we actually laid out a whole bunch of other ideas at the same time, and we didn't quite do this.
00:08:29.029 --> 00:08:32.269
They didn't really pass the mental experiment.
00:08:33.379 --> 00:08:41.210
So, you want to just create a mental experiment in your head and be like,"Well, if you built it, how would it work?
00:08:41.211 --> 00:08:42.799
Who would use it?
00:08:42.801 --> 00:08:47.750
Is there a demand, something you want to do?" We had a whole matrix, a whole bunch of ideas.
00:08:47.750 --> 00:08:48.860
None of them really past that.
00:08:49.279 --> 00:08:54.230
This one did, and it entered the phase where I was starting to build out the landing page.
00:08:54.230 --> 00:08:55.830
And that went really well.
00:08:55.650 --> 00:08:57.809
And then at that point I said,"Okay.
00:08:57.811 --> 00:09:08.039
What does this look like in the future?" When we imagine a future where businesses provide job training, we knew that on the job training was the most effective way to get trained for the job market.
00:09:09.360 --> 00:09:22.980
So, we said,"Hey, if we could enable businesses to do this on scale, this could be something really meaningful." And then strategically you can then own the talent because you trained them, and they would be there from your talent pool first.
00:09:23.610 --> 00:09:30.330
If you own the talent, and you can go to the demand side and be like,"Hey, you need the supply, we have the supply here." So, strategically, it made sense.
00:09:30.419 --> 00:09:33.629
It was also something we were proud to work on.
00:09:33.630 --> 00:09:34.559
It was a mission-driven organization.
00:09:34.561 --> 00:09:37.320
And that's what we did.
00:09:37.321 --> 00:09:38.789
We said,"This is the vision.
00:09:38.791 --> 00:09:40.259
Laid that out early.
00:09:40.260 --> 00:09:48.600
It's still pretty much the same vision." We ironed out a lot of the details along the way and really flushed it out and clarified it and simplified it.
00:09:48.600 --> 00:09:49.320
But that's the high-level vision.
00:09:49.590 --> 00:09:51.059
It's the same as it was back then.
00:09:51.120 --> 00:09:58.620
A lot of things have changed since then, including the product and what we offer, but the vision was very much the same.
00:09:58.620 --> 00:10:08.940
And from there, the landing page is great, but we knew we needed more liquidity on the student side, and we needed them around, and we needed to give them some kind of training and more value.
00:10:08.941 --> 00:10:11.309
So, we built out a whole bunch of coursework.
00:10:11.311 --> 00:10:16.470
That was kind of our MVP, it was solving the chicken and egg problem.
00:10:16.471 --> 00:10:18.840
And we built these courses ourselves.
00:10:18.841 --> 00:10:21.149
The first version of that was garbage.
00:10:21.150 --> 00:10:22.470
It was unusable.
00:10:24.029 --> 00:10:28.919
Marketplaces are notoriously hard to launch, especially because of that chicken and egg problem that you mentioned.
00:10:29.519 --> 00:10:33.029
Do I have the right understanding that you did this kind of single-player mode?
00:10:33.030 --> 00:10:39.419
And you started with students and build this, you first have this landing page to test the value prop, but then you just started building out features.
00:10:39.600 --> 00:10:42.379
So, that it'd be useful for students without anybody on the other side.
00:10:42.510 --> 00:10:44.100
Was that kind of the first model?
00:10:44.190 --> 00:10:51.659
First you validate, then you build the vision, and then you build the MVP ultimately.
00:10:51.750 --> 00:10:52.740
And this was even pre-MVP.
00:10:52.740 --> 00:10:55.350
This is how do you get one side of the marketplace?
00:10:56.190 --> 00:10:59.850
And we actually probably spent too much time on the courses.
00:11:00.630 --> 00:11:06.570
The funny thing is we built these courses, and we iterated them, that went through a whole product journey.
00:11:06.571 --> 00:11:10.289
We started with scripts and videos and moved to micro lessons.
00:11:10.291 --> 00:11:15.899
And once we landed on micro lessons, and people loved it, it was really easy for us to create this content.
00:11:15.600 --> 00:11:20.940
We paid someone 5 or 10 K to create all the courses for us.
00:11:20.941 --> 00:11:21.960
We haven't changed them.
00:11:21.990 --> 00:11:24.299
We haven't updated that technology at all.
00:11:24.690 --> 00:11:27.330
And people, thousands of people a month still use it.
00:11:27.331 --> 00:11:31.710
But we knew we needed to actually fulfill the promise of work experience.
00:11:31.711 --> 00:11:36.480
We then had to build another product, which is the actual marketplace.
00:11:36.600 --> 00:11:38.639
That was challenging.
00:11:38.640 --> 00:11:42.179
At first, it was so terrible, we couldn't give it away for free.
00:11:42.181 --> 00:11:51.779
We just launched it, got businesses, tried to get them to sign up for free, and they would, but the liquidity wasn't that great.
00:11:51.780 --> 00:11:55.600
There's a lot of things you learn along the way, so you got to launch very quickly.
00:11:55.600 --> 00:12:01.269
You learn these things like liquidity, didn't really know how important that is until you launch.
00:12:01.270 --> 00:12:02.889
And that's what you actually need, liquidity.
00:12:03.879 --> 00:12:07.389
Now, did you go through a similar...
00:12:06.910 --> 00:12:16.090
Like, you had validated these students with this no product landing page, get them to come in, test conversions, put a paywall, test conversions on paid.
00:12:16.091 --> 00:12:20.470
Did you do the same thing with businesses or did you just go ahead, at that point, and launch a full product?
00:12:20.649 --> 00:12:23.769
I didn't know, not on the business because I was the business.
00:12:24.340 --> 00:12:24.340
Right.
00:12:24.519 --> 00:12:27.039
So, I was the client.
00:12:27.250 --> 00:12:29.500
I knew what they were willing and not willing to do.
00:12:29.591 --> 00:12:31.330
I talked to so many other businesses.
00:12:31.721 --> 00:12:33.940
I talked to a lot of businesses as well.
00:12:34.029 --> 00:12:36.940
Customer discovery, but not reflect validation.
00:12:37.840 --> 00:12:40.090
I was the client, I was the business.
00:12:40.091 --> 00:12:43.120
I had a good idea of what they were looking for.
00:12:43.179 --> 00:12:45.850
So, that one was more of a leap of faith at that point.
00:12:45.850 --> 00:12:47.950
But it also came from my own experience.
00:12:47.591 --> 00:12:47.950
It was informed.
00:12:50.379 --> 00:12:50.590
It was informed, correct.
00:12:50.831 --> 00:12:56.980
And I'd already talked to so many businesses who were interested as well, but they didn't have trust, frankly.
00:12:57.399 --> 00:13:02.080
Lack of trust because of some random guy calling them, asking them if they want somebody to work unpaid for them.
00:13:03.879 --> 00:13:04.600
That was challenging.
00:13:04.600 --> 00:13:06.190
Trust is a big deal in marketplaces.
00:13:06.191 --> 00:13:12.370
Then we started building a brand and build a product, an actual significant product.
00:13:12.370 --> 00:13:14.769
That's what we did.
00:13:14.681 --> 00:13:15.639
We had our first product.
00:13:15.341 --> 00:13:20.950
It was pretty garbage, it didn't really work well, there's no profiles.
00:13:20.951 --> 00:13:22.419
It was like a crappy job board.
00:13:24.220 --> 00:13:28.269
And it just wasn't that good.
00:13:28.270 --> 00:13:30.639
And then we started iterating very quickly.
00:13:30.640 --> 00:13:39.820
It was just a small team at the time, which I found, if you are looking for product-market fit, you need to have a small team.
00:13:39.821 --> 00:13:46.480
And for us, this was so important because it was me and my co-founders, one is a designer, one's an engineer.
00:13:46.211 --> 00:13:50.769
We would literally ship code every single day and just see what happens.
00:13:50.770 --> 00:13:55.179
I would send traffic to the product.
00:13:55.181 --> 00:14:08.200
And once it got to the point where we were reasonably confident, we said,"We've got to start making money." Also, the money makes people more serious as well.
00:14:08.201 --> 00:14:10.419
So, we introduced a small price point.
00:14:10.421 --> 00:14:11.919
We were also running out of cash.
00:14:11.921 --> 00:14:15.279
We had maybe a couple of weeks to a month of cash left.
00:14:15.280 --> 00:14:18.940
Then we were like,"We have this product, but we don't really make any money.
00:14:19.090 --> 00:14:21.610
We have to put a business model in place.
00:14:22.120 --> 00:14:30.309
Let's charge a membership fee, and sell the product." But actually, one of your earlier questions is why did you focus on digital marketing?
00:14:30.311 --> 00:14:34.840
I found that it was very challenging to sell businesses cross-category.
00:14:35.470 --> 00:14:38.649
When I was talking to them, it was very, very challenging.
00:14:38.950 --> 00:14:40.809
And it was hard to get liquidity.
00:14:40.899 --> 00:14:44.799
It's hard to get students who were interested in multiple things.
00:14:45.370 --> 00:14:48.190
Liquidity was a problem and focus was a problem.
00:14:48.279 --> 00:14:53.840
So, we said,"We should probably focus on one vertical to start with, one niche.
00:14:53.929 --> 00:14:56.120
And digital marketing is something that I knew really well.
00:14:56.120 --> 00:14:57.679
I knew what the students really wanted to do.
00:14:57.679 --> 00:15:00.529
I knew every business need digital marketing.
00:15:00.590 --> 00:15:09.470
So, we said,"This is a good place to start and school's doing a really bad job of training this." So, for those reasons, we picked digital marketing, and that was a good decision.
00:15:09.919 --> 00:15:12.529
How important is focus, especially in those early days?
00:15:12.530 --> 00:15:16.399
If I think about it, you first focused just on students.
00:15:16.701 --> 00:15:18.679
You got just students, you got a value prop delivered there.
00:15:18.681 --> 00:15:28.009
Then you added businesses, and then you ultimately refocused just on digital marketing where many others would have said,"If I have the business and I have the students, I might as well do it all.
00:15:28.929 --> 00:15:31.580
How important is focus in the earliest days, especially?
00:15:32.120 --> 00:15:35.360
It was super focused because you need to prove one thing at a time.
00:15:35.811 --> 00:15:41.840
When you are able to get more resources, and you're able to move multiple things at the same time, then sure, you could do that.
00:15:41.841 --> 00:15:44.299
You should also be able to take more multiple shots.
00:15:44.720 --> 00:15:50.870
It's a balancing act between taking an accurate shot and then taking a lot of shots.
00:15:51.140 --> 00:15:56.629
You want to focus on one thing, but you should take as many shots as you can at the same time.
00:15:56.809 --> 00:15:59.330
Yes, focus is important.
00:15:59.331 --> 00:16:06.470
It's a bit overrated in a way, but not, there are some things you absolutely need to focus on.
00:16:06.500 --> 00:16:18.019
One vertical made a lot of sense, but focusing on multiple product iterations, that could also really work for you because it can unlock success quicker for you.
00:16:18.801 --> 00:16:22.639
I think there's a balance between focus and taking a lot of shots.
00:16:23.779 --> 00:16:31.039
It's this kind of strong opinion, loosely held concept, where you're focusing, but you're also willing to move away and try something new.
00:16:31.639 --> 00:16:33.320
It seems like what you're getting at.
00:16:33.470 --> 00:16:33.649
Exactly.
00:16:34.100 --> 00:16:35.240
So, it's like,"You know what?
00:16:35.240 --> 00:16:37.490
We're going to do this, and we're going to do it excellently.
00:16:37.490 --> 00:16:39.950
And we're going to focus our attention on this.
00:16:39.951 --> 00:16:41.629
But as soon as this works or doesn't work...
00:16:41.571 --> 00:16:45.950
if it doesn't work, you learn, you iterate, If it works, you double down.
00:16:45.951 --> 00:16:48.110
I move fast and break things.
00:16:48.110 --> 00:16:51.350
That's the motto I have right now on growth, and it works.
00:16:51.350 --> 00:16:56.600
And I want to see people focus on, let's say, Instagram prospecting.
00:16:56.600 --> 00:17:01.519
And the only thing that matters is Instagram prospecting.
00:17:01.520 --> 00:17:08.720
But I have one team doing that, one person doing that, but then I have somebody else doing LinkedIn prospecting and somebody else doing email prospecting.
00:00:00.029 --> 00:00:02.310
00:00:02.641 --> 00:00:04.950
00:00:05.599 --> 00:00:08.460
00:00:10.230 --> 00:00:15.660
00:00:15.660 --> 00:00:18.660
00:00:18.960 --> 00:00:23.940
00:00:24.750 --> 00:00:26.309
00:00:26.879 --> 00:00:30.179
00:00:34.170 --> 00:00:36.479
00:00:36.570 --> 00:00:37.320
00:00:37.380 --> 00:00:37.950
00:00:39.329 --> 00:00:40.950
00:00:41.039 --> 00:00:42.659
00:00:42.689 --> 00:00:47.820
00:00:48.630 --> 00:00:58.289
00:00:58.290 --> 00:01:05.250
00:01:05.251 --> 00:01:11.579
00:01:11.641 --> 00:01:15.750
00:01:16.531 --> 00:01:19.560
00:01:19.561 --> 00:01:22.680
00:01:22.680 --> 00:01:26.849
00:01:26.850 --> 00:01:34.829
00:01:35.760 --> 00:01:45.629
00:01:45.631 --> 00:01:51.390
00:01:51.391 --> 00:02:02.280
00:02:02.281 --> 00:02:12.330
00:02:12.330 --> 00:02:17.610
00:02:17.610 --> 00:02:27.270
00:02:27.599 --> 00:02:28.080
00:02:27.599 --> 00:02:33.930
00:02:33.931 --> 00:02:36.750
00:02:36.780 --> 00:02:37.979
00:02:37.980 --> 00:02:40.360
00:02:42.150 --> 00:02:53.129
00:02:53.520 --> 00:03:00.639
00:03:01.360 --> 00:03:07.659
00:03:07.661 --> 00:03:10.150
00:03:10.151 --> 00:03:16.360
00:03:16.360 --> 00:03:19.449
00:03:19.450 --> 00:03:23.500
00:03:23.501 --> 00:03:25.090
00:03:25.091 --> 00:03:28.930
00:03:28.931 --> 00:03:34.150
00:03:34.689 --> 00:03:43.599
00:03:43.689 --> 00:03:46.150
00:03:46.360 --> 00:03:47.020
00:03:47.469 --> 00:03:49.270
00:03:49.449 --> 00:03:51.460
00:03:51.820 --> 00:03:54.129
00:03:54.759 --> 00:03:59.560
00:03:59.561 --> 00:04:05.139
00:04:05.229 --> 00:04:08.740
00:04:08.860 --> 00:04:12.280
00:04:12.370 --> 00:04:13.780
00:04:13.810 --> 00:04:17.050
00:04:17.829 --> 00:04:21.730
00:04:21.819 --> 00:04:28.660
00:04:28.660 --> 00:04:32.379
00:04:32.800 --> 00:04:33.850
00:04:33.910 --> 00:04:44.949
00:04:46.089 --> 00:04:51.100
00:04:51.100 --> 00:04:58.480
00:04:59.350 --> 00:05:06.730
00:05:06.130 --> 00:05:18.040
00:05:18.040 --> 00:05:21.310
00:05:22.420 --> 00:05:30.370
00:05:30.879 --> 00:05:31.750
00:05:32.389 --> 00:05:52.000
00:05:52.660 --> 00:05:58.430
00:05:59.180 --> 00:06:00.529
00:06:00.560 --> 00:06:01.579
00:06:01.610 --> 00:06:07.189
00:06:07.610 --> 00:06:08.779
00:06:08.781 --> 00:06:14.779
00:06:14.810 --> 00:06:18.529
00:06:18.531 --> 00:06:21.620
00:06:22.160 --> 00:06:23.899
00:06:24.470 --> 00:06:26.870
00:06:27.350 --> 00:06:30.529
00:06:30.531 --> 00:06:33.860
00:06:33.860 --> 00:06:35.720
00:06:35.781 --> 00:06:43.100
00:06:43.490 --> 00:06:52.569
00:06:52.639 --> 00:06:55.910
00:06:55.911 --> 00:06:58.790
00:06:59.149 --> 00:07:01.759
00:07:02.360 --> 00:07:02.360
00:07:03.029 --> 00:07:03.139
00:07:03.029 --> 00:07:04.069
00:07:04.071 --> 00:07:04.939
00:07:04.461 --> 00:07:05.959
00:07:05.480 --> 00:07:05.959
00:07:06.500 --> 00:07:06.680
00:07:06.500 --> 00:07:08.660
00:07:08.300 --> 00:07:08.660
00:07:09.560 --> 00:07:11.000
00:07:11.660 --> 00:07:15.410
00:07:15.470 --> 00:07:19.790
00:07:20.100 --> 00:07:22.100
00:07:22.579 --> 00:07:29.029
00:07:29.870 --> 00:07:32.839
00:07:33.259 --> 00:07:33.709
00:07:34.220 --> 00:07:37.939
00:07:38.660 --> 00:07:42.139
00:07:42.589 --> 00:07:45.620
00:07:46.279 --> 00:07:55.100
00:07:56.329 --> 00:08:01.040
00:08:01.490 --> 00:08:04.879
00:08:04.880 --> 00:08:08.089
00:08:08.091 --> 00:08:19.279
00:08:19.939 --> 00:08:21.259
00:08:21.261 --> 00:08:22.970
00:08:23.449 --> 00:08:29.000
00:08:29.029 --> 00:08:32.269
00:08:33.379 --> 00:08:41.210
00:08:41.211 --> 00:08:42.799
00:08:42.801 --> 00:08:47.750
00:08:47.750 --> 00:08:48.860
00:08:49.279 --> 00:08:54.230
00:08:54.230 --> 00:08:55.830
00:08:55.650 --> 00:08:57.809
00:08:57.811 --> 00:09:08.039
00:09:09.360 --> 00:09:22.980
00:09:23.610 --> 00:09:30.330
00:09:30.419 --> 00:09:33.629
00:09:33.630 --> 00:09:34.559
00:09:34.561 --> 00:09:37.320
00:09:37.321 --> 00:09:38.789
00:09:38.791 --> 00:09:40.259
00:09:40.260 --> 00:09:48.600
00:09:48.600 --> 00:09:49.320
00:09:49.590 --> 00:09:51.059
00:09:51.120 --> 00:09:58.620
00:09:58.620 --> 00:10:08.940
00:10:08.941 --> 00:10:11.309
00:10:11.311 --> 00:10:16.470
00:10:16.471 --> 00:10:18.840
00:10:18.841 --> 00:10:21.149
00:10:21.150 --> 00:10:22.470
00:10:24.029 --> 00:10:28.919
00:10:29.519 --> 00:10:33.029
00:10:33.030 --> 00:10:39.419
00:10:39.600 --> 00:10:42.379
00:10:42.510 --> 00:10:44.100
00:10:44.190 --> 00:10:51.659
00:10:51.750 --> 00:10:52.740
00:10:52.740 --> 00:10:55.350
00:10:56.190 --> 00:10:59.850
00:11:00.630 --> 00:11:06.570
00:11:06.571 --> 00:11:10.289
00:11:10.291 --> 00:11:15.899
00:11:15.600 --> 00:11:20.940
00:11:20.941 --> 00:11:21.960
00:11:21.990 --> 00:11:24.299
00:11:24.690 --> 00:11:27.330
00:11:27.331 --> 00:11:31.710
00:11:31.711 --> 00:11:36.480
00:11:36.600 --> 00:11:38.639
00:11:38.640 --> 00:11:42.179
00:11:42.181 --> 00:11:51.779
00:11:51.780 --> 00:11:55.600
00:11:55.600 --> 00:12:01.269
00:12:01.270 --> 00:12:02.889
00:12:03.879 --> 00:12:07.389
00:12:06.910 --> 00:12:16.090
00:12:16.091 --> 00:12:20.470
00:12:20.649 --> 00:12:23.769
00:12:24.340 --> 00:12:24.340
00:12:24.519 --> 00:12:27.039
00:12:27.250 --> 00:12:29.500
00:12:29.591 --> 00:12:31.330
00:12:31.721 --> 00:12:33.940
00:12:34.029 --> 00:12:36.940
00:12:37.840 --> 00:12:40.090
00:12:40.091 --> 00:12:43.120
00:12:43.179 --> 00:12:45.850
00:12:45.850 --> 00:12:47.950
00:12:47.591 --> 00:12:47.950
00:12:50.379 --> 00:12:50.590
00:12:50.831 --> 00:12:56.980
00:12:57.399 --> 00:13:02.080
00:13:03.879 --> 00:13:04.600
00:13:04.600 --> 00:13:06.190
00:13:06.191 --> 00:13:12.370
00:13:12.370 --> 00:13:14.769
00:13:14.681 --> 00:13:15.639
00:13:15.341 --> 00:13:20.950
00:13:20.951 --> 00:13:22.419
00:13:24.220 --> 00:13:28.269
00:13:28.270 --> 00:13:30.639
00:13:30.640 --> 00:13:39.820
00:13:39.821 --> 00:13:46.480
00:13:46.211 --> 00:13:50.769
00:13:50.770 --> 00:13:55.179
00:13:55.181 --> 00:14:08.200
00:14:08.201 --> 00:14:10.419
00:14:10.421 --> 00:14:11.919
00:14:11.921 --> 00:14:15.279
00:14:15.280 --> 00:14:18.940
00:14:19.090 --> 00:14:21.610
00:14:22.120 --> 00:14:30.309
00:14:30.311 --> 00:14:34.840
00:14:35.470 --> 00:14:38.649
00:14:38.950 --> 00:14:40.809
00:14:40.899 --> 00:14:44.799
00:14:45.370 --> 00:14:48.190
00:14:48.279 --> 00:14:53.840
00:14:53.929 --> 00:14:56.120
00:14:56.120 --> 00:14:57.679
00:14:57.679 --> 00:15:00.529
00:15:00.590 --> 00:15:09.470
00:15:09.919 --> 00:15:12.529
00:15:12.530 --> 00:15:16.399
00:15:16.701 --> 00:15:18.679
00:15:18.681 --> 00:15:28.009
00:15:28.929 --> 00:15:31.580
00:15:32.120 --> 00:15:35.360
00:15:35.811 --> 00:15:41.840
00:15:41.841 --> 00:15:44.299
00:15:44.720 --> 00:15:50.870
00:15:51.140 --> 00:15:56.629
00:15:56.809 --> 00:15:59.330
00:15:59.331 --> 00:16:06.470
00:16:06.500 --> 00:16:18.019
00:16:18.801 --> 00:16:22.639
00:16:23.779 --> 00:16:31.039
00:16:31.639 --> 00:16:33.320
00:16:33.470 --> 00:16:33.649
00:16:34.100 --> 00:16:35.240
00:16:35.240 --> 00:16:37.490
00:16:37.490 --> 00:16:39.950
00:16:39.951 --> 00:16:41.629
00:16:41.571 --> 00:16:45.950
00:16:45.951 --> 00:16:48.110
00:16:48.110 --> 00:16:51.350
00:16:51.350 --> 00:16:56.600
00:16:56.600 --> 00:17:01.519
00:17:01.520 --> 00:17:08.720