INSURT EC H D E F I N E D / / PRODU CTS AN D APPS TO M AKE YOU R LI FE EASI ER
2.0 20 BOOST YOUR BUSINESS WITHOUT THE COST
DYNAMICS OF DUOS
How this couple works together inside and outside the office
Feeling Stuck? Switch Careers With These Steps
FULL SPEED AHEAD Entrepreneur
Nathan Hecht on the power of the journey and building a multimillion-dollar company
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Index
November 2019
MAKING THAT CHANGE
I
t wasn’t too long ago that we were standing in shul, unified in prayer, thinking about our plans and goals for the year ahead. Now 5780 is well upon us, and we’re already moving swiftly through Cheshvan — a month dedicated to implementing those changes. We take all
B4. Taking the Leap
the newly available moments — which we now have due to not having any holidays — to
In a career rut? Make an
actively work on all the objectives we set out to achieve.
effective switch with these tips
If you need any additional inspiration to get started on those goals, whatever they may be, we’ve got you covered. If any of your aspirations include starting a new job, opening your own business, or even rebuilding and working on your marriage, the articles in this month’s issue may just give you the specific tools and the right motivation to get going. Nathan Hecht, featured in our cover story, has started no fewer than four different companies (his most recent being Rodo, a car-leasing app), trying anew either when one of them didn’t work out or when a new idea just popped into his head. He wasn’t intimidated by change; rather, he was exhilarated by what could be.
B7. Breaking It Down What InsurTech is and how it applies to your life
B10. Spread the Word Marketing company 14Minds teaches you how to get advertising benefits for free
In our Big Questions section, career counselor Tzvi Broker shows you how to jump into a new job when you’ve realized the path you’re on just isn’t for you. And in our “Dynamics of
B12. Dynamics of Duos
Duos” column, Devorah and Jay Feder, the masterminds behind Jay Feder Jewelers, explain
How the couple behind Jay
that they didn’t always have things easy. They went through bumps in their business — and
Feder Jewelers succeeds both
marriage — that warranted both a new start and location at various times throughout their
inside and outside the office
now nearly 20 years together. They opened up to 2.0 about how that change, combined with hard work, can make all the difference. I saw a quote the other day that said, “Don’t be afraid to start over again. This time, you’re not starting from scratch, you’re starting from experience.” It so perfectly encapsulates both the people on our pages and the place we’re all in right now. Each year around this time we get to start anew. But it’s important to remember that we’re not actually building from zero. Each year’s challenges and wins, struggles and successes have led us to where we are now and will allow us to continue spiraling upward, creating exactly who and what we want to be. You’ve got this.
B18. In High Gear Entrepreneur Nathan Hecht on his journey to start Rodo, the first-ever car-leasing app
B24. Life-Changing Gadgets These products will make your workday calmer and less stressful
Alex Abel, Editor in Chief P.S. We love to hear your feedback! E-mail me any time to share at alex@20magazine.com. Editor in Chief, 2.0: Alex Abel Chief of Staff, US Office: Michal Frischman | Production Manager: Esti Vago | Production Assistant: Hadas Stern Graphics: Devorah Cohen, Chaya Perel Nojovitz | Copy Editors: Chaya Baila Lieber, Shainy Borenstein, Malka Winner | Proofreaders: Shana Halpert, Chaya Leeder E-mail: EDITORIAL@20MAGAZINE.COM • ADVERTISE@20MAGAZINE.COM
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.
2.0
BIG QUESTIONS
CAREER COACHING
Making a Job Switch By Tzvi Broker
HOW DO I MAKE A CAREER CHANGE? For many, making a career change can be so daunting that staying in the same profession becomes the default. But it doesn’t have to be.
The Talmud tells us that one’s drive for a specific type of work is
Through my work consulting with mid-level career professionals, I’ve gleaned insight into the red flags that indicate that one should be considering a career change, and which steps are essential to crossing that bridge successfully.
connected to the epic mission of a
The core “symptom” that I hear from people considering a jump is best described as “work frustration.” So to go deeper and understand whether a move is really necessary or if the dissatisfaction can be resolved, I created a three-step process of awareness, analysis, and alignment. Let’s break it down.
in which we will impact the world.
interests, and skills were hardwired into us to serve as an internal GPS to guide us to the specific work situations The “drive disappearance” in one area and growing interest in another area is playing out the calling of another chapter in one’s life. But this doesn’t mean that everyone who experiences a lack of work drive
STEP 1: AWARENESS
job is aligned with something they
HOW DO I KNOW IF IT’S TIME FOR A CAREER
deeply care about.
CHANGE?
person (Berachos 43b). Our drives,
When work drive starts to evaporate,
should switch careers. The first step is awareness of its root cause. After all, a lack of this
Success in any field is born from a drive
it’s very often a sign to look for another
clarity may lead a person to abandon
for excellence. News reports these
position. Sometimes, however, the
their job — only to find a lack of
days reveal stories of a global work-
dissatisfaction runs deeper, into the
satisfaction in their next destination.
disengagement crisis, with seven of ten
fabric of the type of work itself, which
My in-depth assessments with
U.S. employees more interested in taking
calls for making a career change.
professionals sometimes reveal
a coffee break than doing their jobs. Some people are naturally driven
Professionals often wonder how
that the root cause is a specific work
they could suddenly lose a passion that
environment or a particular work
to excel in anything they do, but most
drove them for years. Interestingly,
relationship.
are only motivated when their work
the inner dynamic of a mid-career
enables them to use their strongest
change was revealed in Jewish thought
needs to ask to dig deeper and discover
talents and develop their skills, or their
thousands of years ago.
the right course of action:
B4 |
Here are three starter questions one
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1) What are my strongest talents? How often am I being given the opportunity to use them in this position? 2) What type of work am I feeling the
your next career will be the right fit. If you already have a specific
progression of a proactive career builder and not as making a career U-turn.
career in mind, research the core competencies of professionals in this
SCENARIO THREE
most motivated about doing? Some
career through LinkedIn. Once you find
Josh was making the career switch
examples are leading, innovative
potential matches, use your network to
from computer programming into the
thinking, managing, organizing, or
speak with professionals in these fields
world of finance. Creating a personal
problem-solving. What percentage of
to get an inside perspective of what the
brand of a “passionate problem solver
my time is allocated to this type of work?
work really entails.
and innovative thinker” enabled him to
3) Was there a point at which I was
If you aren’t sure of the next step
show how the same ambition that led
more inspired to excel in this job or field?
because you see yourself as having
him to generate growth in the hi-tech
Is there something that changed in my
many or diverse talents, or different
sector was now driving him to look for
job description, work environment, or
directions, a career professional can
new opportunities to use his talents in
work relationships since then?
use assessments to identify the best
financial markets.
The answers to these questions
careers that match your skill set and
provide clarity on whether the root
previous experience. I’ve seen many
Creating a narrative that confidently
problem is the specific job, work
professionals pigeonhole themselves
explains one’s career journey becomes
relationship, or industry.
simply because they have a limited
the basis for writing a compelling
vision of what they could do.
resume, handling effective networking,
SCENARIO ONE Michael was feeling unsettled about
and presenting oneself in the interview.
SCENARIO TWO
If you’re considering a career change,
the idea of leaving 10 years of work in
David gained the clarity to leave
start with building the inner dynamics of
communications, but he had simply
behind his career in dentistry, but he
clarity, confidence, and communication.
lost all motivation. Through reaching
had a hard time considering something
While many people find that the thought
greater awareness, he realized that the
outside the familiar field of medicine.
of making a change is scary, the rewards
root cause of his frustration was the
Through coaching, he identified that
of being involved in engaging work that
increase of independent assignments
his analytical problem-solving and
facilitates your success is well worth the
in his last position. Instead of
effective communication skills were a
discomfort.
changing careers, he decided to confer
perfect fit for working as an actuary, a
with his manager about his need for
field he now thrives in.
more team interaction and feedback. Assuming the next step is a career
Tzvi Broker is the director of Pilzno
STEP 3: ALIGNMENT
Work Inspired, under
change, we now have what we need to
WHAT STEPS MUST I TAKE TO MAKE THIS
the leadership of Rabbi Yehoshua
move to step two, analysis.
SHIFT SUCCESSFUL?
Gerzi. The organization, dedicated
Alignment is streamlining one’s
to upgrading the financial success
previous professional experience into
and work satisfaction of Jews, is
HOW DO I EVALUATE MY NEXT CAREER
another industry through a smart
making a global impact through its
DESTINATION?
rebranding strategy. The key is to create
publications, workshops, courses,
With the clarity of the skills, type of
a personal brand that is more expanded
and partnerships with major Jewish
work, and environment you are looking
than a specific job title or industry,
organizations.
for in hand, the next step is making sure
so that a career switch is viewed as a
STEP 2: ANALYSIS
NOVEMBER 2019
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2.0
BREAKING IT DOWN InsurTech By Orli Katz
BREAKING IT DOWN:
INSURTECH Insurance has been sold in much the same way for the past hundred
For consumers of insurance, the
years. Like many industries, though, technology is changing the
impact should be mostly positive. By
game. While these advancements are making the insurance value
applying newer, faster, tech-driven
chain better, cheaper, and faster, they’re not without complications. Ed Stelzer helps disruptive companies — like those offering new insurance technology — navigate the regulatory and political landscape as new technologies emerge. Here, he answers the
methods to underwriting insurance policies, and also by making the payment of claims more expedient, insurance will become, overall, a more pleasant and efficient experience.
tough questions surrounding these new developments to help you
HOW WILL IT MAKE THINGS BETTER?
understand the industry and learn how to navigate it seamlessly.
The traditional model of purchasing life insurance, for example, typically involves a long, arduous process of
WHAT IS INSURTECH?
innovative insurance products that have
reviewing health records, conducting
Generally speaking, InsurTech, as its
never been seen before.
medical exams, and extracting
name implies, is the application of new
bodily fluids. This tedious and often
technologies to the age-old industry of
WHO NEEDS IT? SMALL COMPANIES? BIG
unpleasant experience turns many
insurance. These advances stem from
COMPANIES? INDIVIDUALS?
buyers away.
the availability of massive amounts of
This is the wrong question. It’s not
digital data, combined with modern
an issue of who needs InsurTech, but,
through so many proverbial hoops,
computing power that can analyze data
rather, who will be impacted by it. The
there are cutting-edge insurance
with what we colloquially call “artificial
long-term answer is: Anyone who
companies today that are issuing
intelligence,” or AI.
buys or sells insurance of any kind
policies, often within 24 hours, after
Applying this technology, along with
Instead of making people jump
will be impacted by these innovations.
requiring the policyholders to answer
apps on smartphones that track daily
Ultimately, that includes almost
just a few short questions online.
living patterns, insurance companies
everyone, since we all either have or
now have the ability to sell insurance
will need various forms of insurance —
insurance policies so expediently by
in faster and better ways than ever.
health insurance, car insurance, life,
deploying what’s called “predictive
Additionally, they are able to sell
home, business, and so on.
analytics.” Predictive analytics involves
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Insurers are able to offer these life
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sold, as well as information about the insurance applicant. This AI computing technology dramatically speeds up and simplifies the process of buying critical insurance, so that new business owners can get started right away. Another example of an InsurTech innovation is what’s known as “ondemand insurance.” Previously, if you wanted to insure a motorcycle or a speedboat that you only use occasionally, you would have to purchase insurance for the entire year, or, minimally, a whole season. Now, with an app available on your phone, there are insurance carriers who offer to insure your car, bike, and even drone specifically for the time you use it. On-demand insurance makes it much less expensive for consumers to own insurance because they’re able to buy the specific protection they need, when they need it. Until recently, this type of using AI computing power, along with
Under the old insurance model, the
insurance was inconceivable.
well-devised algorithms, to combine
business owner would need to find a
responses from online questions with
broker who sells insurance specific
company that began in Israel, called
other available data. This allows the
to her particular business, fill out
Lemonade, which offers renters’
companies to price policies with extreme
lengthy applications, go through credit
insurance. It’s not sold through
accuracy and speed.
checks, and then wait patiently during
brokers, nor is getting it a time-
a laborious underwriting process.
consuming process; all it takes
DO YOU HAVE ANY EXAMPLES TO
(That’s the process in which the insurer
is a five-minute application on a
DEMONSTRATE HOW THAT WORKS?
determines how much coverage they
smartphone app. This company also
Yes, for instance, in the commercial
will offer a given business and what
claims to be breaking world records for
context, imagine a small-business
they will charge.)
expediency in paying claims on losses.
owner setting up shop for the first
Now, however, with predictive
Finally, there’s a new insurance
This can be accomplished today
time. The owner will need to purchase
analytics tools, companies are able
because of advances in technology
business insurance as protection
to streamline this approach by
that are eclipsing the slower, paper-
against customers’ slip-and-falls,
algorithmically combining information
driven methods. But, like any new
potential injury caused by the products,
about the type and location of each
development, there are downsides
and the like.
business, data about the products being
as well. NOVEMBER 2019
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2.0
BREAKING IT DOWN
InsurTech
WHAT ARE THOSE DOWNSIDES?
analyzing it may make choices that
to change, or perhaps be enforced using
Not all tech is created equal, and
render that business uninsurable. It
a different approach, which requires a
sometimes, things don’t go as planned,
could place too high a risk on factors in
human dimension.
especially in the early stages. With
the public domain about that particular
something as crucial as insurance
business due to its location or the
WHY IS IT GOOD TO ALLOW TECHNOLOGY TO
coverage, hiccups in the technology
ethnicity of its owner, and could then
“DISRUPT” THIS INDUSTRY?
could potentially be a cause for
“decide” that insurance could only
InsurTech will bring about a more
aggravation.
be issued at a very high premium, or
streamlined customer experience,
even denied. The laws and regulations
better, more personalized pricing, and
concerns that crop up when people’s
Additionally, there are real privacy
against discrimination must be adhered
innovative insurance options. We are at
personal data becomes part of the
to, even by computers.
the inception of this burgeoning field,
insurance sales process. For example,
and exciting innovations are being
there are now insurers who offer
SO WHERE DO PEOPLE COME IN? WILL THIS
discounts to drivers who agree to install
LEAD TO JOB LOSS?
monitoring devices on their vehicles
Insurance is a highly-regulated
that check driving patterns.
industry, with regulators located in
While this technology may offer
all 50 U.S. states as well as across the
deeper insurance discounts, it could
globe. One of the most important jobs
also penalize less conscientious drivers.
of insurance regulators is to protect the
The information being collected,
buyers of insurance.
including data location, is in the hands
Until recently, regulators were
of the insurance company, for better or
accustomed to the “old” paradigm of
for worse. Providers of insurance, like
doing business, but many are striving
all businesses that handle sensitive,
to stay current and keep up with the
personal information, must use this
latest insurance innovations. These new
information ethically.
products and possibilities raise all sorts
There are also questions cropping up
of never-before-considered issues, and
about privacy issues involving social
cutting-edge regulators are scrambling
media. Say, for instance, a young man
to stay abreast of the new technology.
applies for life insurance online, and
explored all the time.
That’s where I, and other people, will
after answering affirmatively that
still come in. Part of what I do is help
he lives a healthy lifestyle, he posts
companies that are disrupting old-
pictures on Instagram of his reckless
school industries through innovation
skydiving. Can the insurance company
to successfully navigate the laws and
he’s applied to use that information
regulations that haven’t yet responded
corporate counsel who specializes in
to deny him coverage or raise his
to the changes that technology brings.
harmonizing the intersection of legal
premium?
This type of tension is happening all
and strategic risks with technological
over the world in regulated spaces
innovation, including the areas of
analytics” could raise possible issues
such as InsurTech, financial services,
fintech/insurtech, blockchain, data
of discrimination. Here’s an example:
medical technology, and elsewhere.
privacy, and cybersecurity. He can be
Additionally, using “predictive
Say a business wants to open in a low-
To keep up with these fast-paced
income neighborhood. The AI algorithm
technological advances, laws may need
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Ed Stelzer is an experienced strategic adviser and
reached at ed@blockAIchain.com.
2.0 NOVEMBER 2019
10/28/19 10:01 PM
By Tzivia Cohen
2.0
MARKETING 101 14Minds By Tzivia Cohen
MARKETING
101 MARKETING, MINUS THE COST
Y
es! It’s called word-ofmouth marketing. Word-of-mouth recommendations are
something that occur in a natural sort of way. On the other hand, word-of-mouth marketing (or WOMM) is an intentional, organized effort to compel people to talk about your business or nonprofit. Here’s an overview of how you can implement WOMM in your company’s strategy. CLEAR THE PLAYING FIELD. Before you start trying to instigate positive conversations among clients and potential customers, look out for negative ones. Always monitor and swiftly address any criticisms or complaints, whether they’re found online, over the phone, or in person. Clients whose concerns were addressed via excellent customer
Meet Tzivia Cohen: Tzivia runs 14Minds, a marketing agency that specializes in implementing strategic marketing
“
service will probably recommend you more often than those who never had a problem at all.
campaigns for forward-thinking businesses. This column will provide advice and answers to entrepreneurs to help them navigate the complex process of growing their business.
MOTIVATE YOUR BEST “TALKERS.” Identify the people most likely to talk about you, and make them a part of your inner circle. They can be your most loyal patrons, industry
I’M LOOKING FOR A MARKETING STRATEGY THAT DOES NOT INVOLVE SPENDING TONS OF MONEY ON ADVERTISING (OR HOURS AND HOURS ON SOCIAL MEDIA). DOES SOMETHING LIKE THAT EXIST? B10 |
experts, or anyone in a position to make recommendations to potential customers. Give them exclusive early access to discounts, updates, or opportunities; invite them to participate in private events or to join ambassador or
2.0 NOVEMBER 2019
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VIP programs; and request their feedback on new products and opportunities. GIVE ‘EM SOMETHING TO TALK ABOUT. An excellent experience with your company will likely lead to repeat business, but it isn’t going to be enough to spark a conversation. To get people to talk, you need to incorporate something completely
A LITTLE WORD–OF-MOUTH INSPIRATION Casper broke into a crowded market by allowing customers to sleep on their mattress for 100 days before deciding whether to keep or return them. Air New Zealand replaced boring airline-safety videos with bizarre short films that are so entertaining, they’ve been viewed on YouTube millions of times.
unexpected in your operations. It doesn’t have to be difficult or costly to do this — take a look at the sidebar for some great WOMM
Headsets.com sells headsets and phone accessories, but they’re best known for including a Tootsie Roll in every order they ship out.
triggers. Choose something that is relevant to your business, sustainable over a long period of time, and not over-the-top. People who find out about it should never
Umpqua Bank has 300 branch locations, each of which has a silver telephone that customers can use to speak directly to the bank president.
be suspicious that your spiel comes with a “catch” of some kind. MAKE IT EASY FOR PEOPLE TO SHARE.
online, you can use Google analytics
an easy way for your “talkers” to
If someone wants to spread the
or more sophisticated tools to find
spread the word — and for you to
word about your business, give
the source of new visitors.
monitor the discussion and extract
them the tools to help them do it.
Here’s a helpful tip: Don’t use
Distribute multiple discount coupons
monetary rewards for referrals. Even
or free samples at every possible
though they may be easier to track,
opportunity, so existing customers
paid referrals are viewed as artificial,
can give some to their friends. Add a
or even deceitful, and can actually
share button to every page on your
lead to negative word-of-mouth
website, along with refer-a-friend
publicity.
forms, with space for multiple names.
insights for business growth.
Tzivia Cohen is the founder and CEO of 14Minds, a marketing agency that specializes in growing businesses
Before we conclude, you might be
and nonprofits with innovative,
wondering where social media fits
results-driven campaigns. Do you
TRACK YOUR EFFORTS.
into word-of-mouth marketing.
have questions for Tzivia? Send
The simplest way to track the
Conversation on social media is not
them in to tzivia@14minds.com for
results of WOMM is to ask each new
the end goal of WOMM, but a by-
a chance to see them appear in our
customer where they heard about
product of having a business worth
next column!
you. For referrals that take place
talking about. Social channels provide
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2.0
DYNAMICS OF DUOS Jay Feder Jewelers By Yael Dorfman
A PERFECT PAIR
All photos taken at the Boca Raton, FL store B12 |
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So
the
the
ap
go
the
Aft
ge
im Working with your spouse: the ultimate in marital bliss or a downhill
he
path to inevitable disaster?
the
Yisroel and Devorah Feder of Jay Feder Jewelers have been doing it for
en
cry
years — and here, they’re refreshingly candid about the good, the bad,
ap
the ugly — and the strikingly beautiful — of the “co-preneur” life.
ea
un
“W GROWING PAINS
and the young couple settled in Israel
do
Jay Feder Jewelers was founded in
for a short time. In 2001, Yisroel
pe
1979 in Denver, Colorado, by Jay and
and Devorah moved back to Denver,
Celia Feder, Yisroel’s parents. Today,
intending to remain for a year or so,
so
JFJ is an industry-leading business
but that “year” wound up stretching to
with locations in Denver, New York,
eight. In 2008, the elder Feders made
and Boca Raton. They source, design,
aliyah, transferring ownership of the
and sell custom and artisanal pieces,
store to their son and daughter-in-law.
offering a curated collection of jewelry
“Denver is a great community, but
ha
enabling the store to run smoothly after their move, but Yisroel still spent
to satisfy virtually every client’s taste
it wasn’t working out for us there as
the first few years traveling between
and budget.
a family,” Devorah says. She explains
his new home in Passaic and Colorado.
that it was mostly older couples living
During that time, he was only home
only one of the family’s offspring
in the community, so it was hard for
for two weekends a month.
(he has two brothers and two sisters)
her to find her place. With all of her
The time apart put a strain on the
with an affinity for the company; he
family on the East Coast, she began
family. They ended up arguing more
absorbed both his parents’ love for
to feel homesick. “We hadn’t planned
and had to figure out how to rework
jewelry and their scrupulous approach
on living there for so long. We had
the dynamics of their relationship.
to business. A particularly memorable
dreamed of expanding to New York,
second-grade show-and-tell session
but we didn’t have a clear idea of what
Devorah confesses. “At the time, I
had little Yisroel (and his mother)
we wanted to do there. We decided
worked on social media, marketing,
displaying a massive diamond to
to move to Passaic, which offered a
and vendor relationships in the New
his classmates. He also worked in
short commute to the city and close
York store, and we were constantly
the store as a teen and enrolled in
proximity to my family in Brooklyn.”
clashing over the business — whether
Growing up, Yisroel Feder was the
a Gemological Institute of America course at 17. After learning for several years at
“I’d always wanted to join the wholesale jewelry trade,” says Yisroel. “We opened an office on 47th Street —
questioned her involvement in the company. Despite the friction, both
Devorah Bakst in February 2000. Devorah was 18 and Yisroel was 22 —
The Feders had an excellent management team in place in Denver,
Dynamic Duos_Jay Feder.indd 13
rev
loo
dea
T
Yisroel and Devorah fiercely loved the business and refused to give it up. NOVEMBER 2019
cal
to y
Of course, there were times Devorah
expanded to include customization.”
app
wit
spilled over to the whole operation.”
the hub of the diamond district — and
or
S
it was my ‘job’ or his. The tension
a yeshivah in Israel, Yisroel married
$30
ind
“It was extraordinarily difficult,”
Ner Israel in Baltimore, and later at
T
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2.0
DYNAMICS OF DUOS
“We committed to making both our marriage and our business work,” explains Devorah. “We wanted to show our kids that we were able to work together as we resolved things.” As they were coming out of that dark period, the Feders found a bright spot in a weekend away together. In May of 2015, on a quick jaunt to Boca — inspired by a visit Yisroel had recently
Jay Feder Jewelers
“WE COMMITTED TO MAKING BOTH OUR MARRIAGE AND OUR BUSINESS WORK,” EXPLAINS DEVORAH. “WE WANTED TO SHOW OUR KIDS THAT WE WERE ABLE TO WORK TOGETHER AS WE RESOLVED THINGS”
taken for a Shabbos — Devorah and Yisroel were drawn to the sunny,
and to respect each other’s decisions.
anniversaries, birthdays — as well as
stylish city, and they found themselves
We are honest about our own —
heartbreak.
considering a fresh start.
and our spouse’s — strengths and
Within three months, the family relocated — leaving the New York
One unforgettable client was a young
weaknesses. It’s been a humbling
man with a devastating diagnosis
experience, but also a liberating one.”
whose only wish was to propose before
store in the capable hands of the
“Working together is all about
highly trained staff — and began
balance and recognizing our strong
the Feders’ help. They feel incredibly
to build a brand-new branch of Jay
points,” Devorah explains. “We’ve
privileged to take part in their clients’
Feder Jewelers as they committed to
reached a place where we can give each
most significant life events.
strengthening their own relationship.
other a long enough ‘leash’ to exercise
THE WORK-LIFE BALANCE Yisroel and Devorah now spend most
he died, a wish that came true with
Another vital (and perhaps the
our own capabilities, but also rein each
strongest) weapon in their arsenal is
other in when necessary.”
humor. “We laugh about whatever we
“We’re a car-and-driver
can,” says Devorah, “even in stressful
days operating as one unit. They drive
relationship,” she explains. “You
situations — and there are a lot of
to and from work together; their
can’t have one without the other. We
those in our line of work. We don’t take
offices are situated within feet of each
know what we’re good at, and we
ourselves too seriously, which is a breath
other and they make critical business
have a strict rule not to encroach on
of fresh air in an industry that tends to
decisions — in addition to personal
each other’s territory. As business
be stuffy and formal. The unexpected,
decisions — jointly. Their lives are
owners, we each have to know how
hilariously memorable moments — like
inextricably intertwined, and they’ve
to do everything in the business,
when I discovered a solid gold tooth in
finally figured out how to make it
but that doesn’t mean that we’re
an envelope that Yisroel had purchased
work.
good at everything — so we do our
as part of an estate sale — carry us
best to stick with our strong points
through the tougher times.”
With time and maturity, the Feders discovered that the key to working
and not mix in with each others’
harmoniously with one’s spouse is
responsibilities.”
mutual respect. “Now, we’ve come to
The Feders relish their role in their
KEEPING IT TOGETHER One of the most common pieces of
realize that, as a team, the mistakes
clients’ most monumental moments,
advice given to couples who work
are not mine or hers — they’re ours,
pouring their energy into connecting
together (and even to those who don’t)
and it’s okay to make mistakes.”
with customers on a profound
is to separate work from family, taking
Yisroel confesses, “We’ve learned,
level. Their client bonds are forged
the time to go out (or stay in) and talk
together, to trust each other implicitly
through happiness — engagements,
about anything but work or the kids.
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“We’ve kind of given up on that,”
we need a new pool pump — the
other,” Yisroel says. “After all these
laughs Devorah. “Our lives are so
most serious to the most mundane.
years, I am grateful for Devorah’s
intertwined that it would be impossible
During the day, we don’t have time to
instincts, her positivity, and her sense
not to bring work home with us or
talk about big things as much, and at
of style. She balances me out perfectly
bring family matters to work. Our best
night, we are usually too tired.”
— both professionally and personally.”
CEO decisions are made first thing in
As for date night, the couple doesn’t
the morning, after we get the kids off
get out much in the evenings and
FAMILY VALUES
to school and while we’re getting ready
never manages to sneak in lunch
Today, the Feders’ lives are brimming
for the day.”
during their hectic workday, but they
with activity. Devorah travels regularly
often stop off for breakfast on their
to New York, a brand-new Denver
gamut from tough stuff like letting
shared “commute” (total time: 2.5
showroom is slated for completion
people go and budgeting decisions
minutes) to work.
in November, and the Boca store is
Their work conversations run the
to marketing ideas and planning upcoming events. “Pretty much anything that goes
To keep their personal relationship alive and healthy while working
operating at high capacity. Their four children, aged seven
together professionally, Yisroel and
to eighteen, are — as their slightly
into running a business is discussed
Devorah focus on the positives and
biased parents describe — outstanding
in the morning,” Devorah shares. “We
work hard to foster an optimistic,
kids who are true gifts from Above.
also talk about family things — our
encouraging, and upbeat environment.
However, as all parents know, even
children, how they’re doing in school, vacation plans, and whether or not
“We try to start every day by saying or texting something nice to each
the most angelic children need time, attention, and love (in addition to NOVEMBER 2019
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2.0
DYNAMICS OF DUOS
Jay Feder Jewelers
clean socks, signed permission slips,
well — they frequently come to
and their parents’ attendance at
the store and attend events, and
milestone events).
they’ve even been given a hand at
Admittedly, the couple’s schedule can be grueling, and that affects the
decorating. “Our store looks and feels like a
entire family dynamic. So Yisroel
cross between our living room and
and Devorah carve out much-needed
an art gallery,” Devorah explains.
family time on Shabbos and Yom Tov,
“While it’s sophisticated and
when they eat most meals without
up-to-date, our kids’ drawings
guests for maximum bonding time,
are also on the walls and our
and they take family vacations in the
son’s intricate crayon sculpture is
summer and winter.
proudly on display.”
Their home runs smoothly thanks
The art-gallery-slash-living-
to plenty of household help and online
room description is an accurate
shopping, which frees up time for the
one. The Boca store is elegant
duo to take the kids to the bus stop,
and chic, glittering with crystals
tuck them in at night, and simply
and exquisitely striking jewels.
budget bracelet while Yisroel works on
enjoy their company without worrying
Every element — from the saltwater
an extremely high-end necklace for
about cleaning, cooking, and errands.
seahorse tank to the scent of lavender
a different customer, and we’re each
to the fluffy stools at the showcases
giving our projects — and all of our
want to be,” declares Devorah, who
to the lounge area and custom-snack
other current projects — the same level
picked up the art of delegating when
bar — was painstakingly researched,
of attention and care.”
she learned to recognize her assets and
designed, and positioned to exude
limitations. “Friday and Erev Yom Tov
finesse and friendliness all at once.
we’ve learned to recognize what’s
are always the craziest times in the
The new Denver store’s planned décor
really important,” Yisroel adds.
store, and our family was surviving
achieves the same effect, albeit with a
“People ask us why we’re not open
on pizza, macaroni, and takeout until
more rustic vibe to suit the locale.
on Shabbos — there are heterim on
“I’m not Superwoman, and I don’t
I hired cooking help. Now when I
“Buying jewelry can be
“In a fast-paced business world,
which we can rely — but we operate
come home at 7:30 at night or an hour
intimidating,” says Devorah. “We want
on the philosophy that success comes
before Shabbos, I’m able to focus on
our customers to feel right at home
from always doing the right thing
my family.”
and to have a fun, exciting experience
and treating every client as our most
no matter the size of their budget. At
important client.”
The Feders work hard to include their children in the business as
the moment, I’m working on a low-
There are no perfect businesses; there are no perfect marriages. But
“WE OPERATE ON THE PHILOSOPHY THAT SUCCESS COMES FROM ALWAYS DOING THE RIGHT THING AND TREATING EVERY CLIENT AS OUR MOST IMPORTANT CLIENT” B16 |
the fun-loving, cheerful, committed, and hard-working duo at Jay Feder Jewelers is admirably close to achieving co-preneur perfection. [The Feders can be reached at sales@jayfeder.com and on Instagram at @jayfederjewelers.]
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PROFILE
NATHAN HECHT
Rodo By Alex Abel
FULL SPEED AHEAD
MEET NATHAN HECHT, FOUNDER AND CEO OF CAR-LEASING APP, RODO Nathan Hecht 18B |
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Sometimes you meet a person and you can just feel the entrepreneurial spirit radiating from him. That’s the vibe you get when you meet Nathan Hecht. He’s a person who’s greatly motivated by his long-term goals, though he finds the journey of working toward them to be just as thrilling. After talking to Hecht for even a few minutes, you get the impression that while the idea he’s building is important, it doesn’t matter as much as the impact he wants
T
he experience he’s referring to occurred when he tried to lease a Nissan Maxima advertised for $269 a month. After spending a full day completing an application, he was told the car would actually cost $300. Frustrated,
he Googled around to try and find other places or resources that might help, but was only met with more applications and forms before he could even get a quote. So Hecht started learning everything he could about the industry and created an app to solve the problem. That app, called Rodo, lets you see all the cars available in your area, review prices, and order the car right then and there. If you live within 25 miles of the dealership, the car can even be delivered to your driveway for free. So, if you know what car you’re looking for, you can complete an entire transaction and close the deal in just a few taps. The beta version of the app initially launched in New York, New Jersey, and Connecticut in November 2016, with a select group of dealers and users. When it was officially released, the service expanded into California as well. And Rodo remains the only place you can actually lease a car online, Hecht says.
to create. Hecht has proven that
Now, Rodo has grown its operation to 32 U.S. states and has
through the variety of industries
expanded and improved through several updates. In addition to
he’s worked in — moving from entrepreneurial ventures in the
car leasing, customers can now sell their used cars through the service. They’ll get an offer, and once the deal is done, the car will be picked up directly from them. The app is also now giving
military sphere and cryptocurrency
users the ability to negotiate the lease price with the dealer. Hecht
to, currently, the auto industry, with
emphasizes, though, that the price you initially see is always
his app, Rodo (known as Honcker
incredibly low — “actually unbeatable,” he says. In Rodo’s early days, Hecht was a one-man show — he had to go
until recently). He follows each
into car dealerships, explain and pitch the idea, and convince them
passion closely, noticing where
to join. “It was an industry I knew zero about,” he says. “But you
opportunity lies untouched.
have to start somewhere.”
“When I saw a problem in car
between offices in New York City and in Petach Tikvah, Israel, as
leasing, I couldn’t not do anything
well as external sales teams that work across the United States.
about it,” he explains. “I had a difficult personal experience trying
Today, Rodo boasts a group of nearly 60 employees split
“We’re up to almost 1,000 dealerships across the country,” he shares. “The app has had 375,000 downloads and all are organic. We have thousands of transactions a month, which will hopefully
to lease a car in New York, so after
turn into tens of thousands soon. We release new app versions
that, it was a no-brainer to start
pretty much every few weeks with updated features. The business
Rodo. It happened very quickly.”
is growing very quickly.” Since launching, the company has received $3.6 million in seed funding and then received another $23 million in Series A from NOVEMBER 2019
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PROFILE
NATHAN HECHT
InterActive Corp (IAC) in February 2018. (Series A generally refers to the first round of financing from venture capital firms.) The company is valued at over $200 million today.
BACKING THINGS UP Hecht, 41, was born and raised in Forest
“YOUR LONG-TERM GOAL IS THAT EVERY EXPERIENCE SHOULD BE A ‘WOW,’ AND ELICIT AN EMOTIONAL RESPONSE. IF AN APP CAN DO THAT, THEN WE’VE MADE IT”
Hills, Queens, to a large Chabad family — he’s one of 14 children. “We’re
growing up, so this was my thing, I was
to maintain its contracts. Hecht decided
incredibly close,” he says. His mother is
drawn to it, and took to it very early on.”
to sell.
a second-grade teacher and his father
Throughout his time in Israel, early
He was okay with the move, though,
is a pulpit rabbi who also runs the
on as a bochur and later as a newly
and after selling the business, he
National Committee for Furtherance of
married avreich, Hecht learned a lot
started his own virtual currency, called
Jewish Education (NCFJE) in Brooklyn.
about tech. Although he spent the first
Kurrenci. That may seem like a big
NCFJE was actually the first Jewish
two years after his marriage (at age
jump, but Hecht’s wheels were — and
outreach organization in America, and
21) at a Chabad kollel in Jerusalem’s
always are — turning, and this idea was
was started by the Lubavitcher Rebbe,
Old City, Hecht’s time in Israel was cut
something he had been thinking about
Rabbi Yosef Yitzchak Schneersohn, and
short by the second intifada. The young
for quite some time. “This happened
Hecht’s grandfather, Rabbi J.J. Hecht.
couple returned to the United States in
literally at the birth of Bitcoin,” he says.
Many of Nathan Hecht’s siblings are now
2001. When they got back, Hecht began
“I looked at the Internet and thought,
shluchim all across the country, so they
building his own company through a lot
‘It’s its own universe, it should have its
work to support each other financially
of hard work, grit, and tenacity.
own currency.’ It was bizarre. I invested
and, of course, in other ways as well. Hecht had spent time in Israel as a
“I think the intensity of learning
a lot of my own money into that
in yeshivah prepares you for the
company to get it off the ground, but
bochur. He had observed — and been
complexity of engineering and
unfortunately it didn’t end up working.”
inspired by — the country’s emerging
tech development,” he comments.
tech scene in those days. “I saw it in its
Incredibly, Hecht built a business
the timing. “It’s critical in tech,”
embryonic stages,” he says. “It was the
that worked on semiconductors for
he explains. “We were early, so we
mid-to-late nineties and I caught that
the military and aerospace industries
couldn’t get adoption quickly enough
technology bug.”
called Components International (CI).
to rationalize it as a business. The
It took a number of years, but when
technology was really difficult as well,
the seed for innovation was planted in
you’re curious and ambitious, anything
so it was an uphill battle every day.” He
Hecht early on. He says his exposure
is possible, Hecht says. “It was a very
worked at that from 2011–2013, before
to the tech world was limited as a
interesting niche that we found,” he
jumping into a new industry again
child, but he still found his own ways
says. He did that for awhile and did
— this time starting a cybersecurity
to explore it. His father once brought
achieve success — CI spread to five
business.
home a computer (in the early days of
countries, employed over 200 people,
home workstations) that he describes as
and earned more than $100 million in
a privacy software firm aimed at
“a brick.”
annual sales. Then, at the beginning
providing business and consumers a
“It was a huge,” he recalls. But he
of 2008, the company was growing so
way to share files digitally. Once they
was fascinated. “I was a bit introverted
quickly that it needed more resources
did, the file would self-destruct. While
While that may have been the spark,
20B |
Hecht attributes the downfall to
His company, called DSTRUX, was
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Hecht enjoyed his time working on
will prompt people to share with others,
1-10, and are always trying to move up
that — he stayed for two-and-a-half
setting in motion an upward spiral — or
that scale. Your long-term goal is that
years — he left when the idea for Rodo
not.
every experience should be a ‘wow,’ and
popped into his head. DSTRUX is still in existence today.
“There are two extremes,” he shares. “Customers have a horrible experience and they’ll tell people about that, or they
elicit an emotional response. If an app can do that, then we’ve made it.” In addition to marketing, Hecht
BUMPS IN THE ROAD
had an amazing experience and want
explains that trust is a big area that
Being a serial entrepreneur (although
to talk about it. The people in between
needs to be earned in their line of work
he hates that term), Hecht has learned a
don’t do as much to proliferate it.”
— or when disrupting any long-term
thing or two about building a company
Hecht has used traditional marketing
industry. The automotive industry
and engaging people in the process.
tactics as well as a billboard campaign
is one that has been around for quite
Creating an idea is one thing; getting
along major highways in certain states,
some time, and the processes have
others excited about it and on board is
but he always goes back to the experience
been in place for years. Even if they’re
another entirely.
as the number one way to grow.
not always smooth, people see these
Hecht says he focuses on the process
“It’s challenging,” he says. “We are
procedures as the way to do things, so
and experience of the app first and
constantly looking at ways to improve
getting clients to change their ways is
foremost, because it’s that feeling that
our product. We look at it on a scale of
hard. NOVEMBER 2019
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PROFILE
NATHAN HECHT
a Chumash, Tehillim, Rambam, Ein Yaakov, and a sefer on chassidus with him — a variety of texts. Hecht relates that he was recently studying a ma’amar from the Tzemach Tzedek, learning about the commandment to believe in G-d. “It’s not something you would actually learn every day,” he says. “It’s a long discourse that’s hundreds of pages long; this is snippets of it.” While he didn’t choose to go the traditional shluchim route like some of his siblings, Hecht shares that he’s still quite connected to it, and lives the lifestyle in a different way. “I think any Chabadnik or Lubavitcher has a the run, then it makes things harder.
shlichus,” he says. “Even those of us
this is real and the price they see is
If you enjoy things while you’re doing
who are in business, we’re motivated by
legitimate,” he says. “They need
them, then it’s easier to take it when
tzedakah; we’re doing what we’re doing
to know that when they put their
you don’t win.”
for a reason. You can’t get it out of your
“We need people to trust us that
information into the system [which
system. It’s amazing. There are quite a
includes personal data like their social
PUTTING TORAH FIRST
few Lubavitcher entrepreneurs doing
security number], it’s encrypted and
Despite the great amount of time Rodo
some really interesting things and,
protected.”
takes up, Hecht is adamant about his
hopefully, there will be more.”
A third challenge is raising capital. He explains that you need a tremendous amount of money in order to build a
Jewishness being his number one priority. He rises early, at 5:30 a.m. “latest.”
Hecht’s brother Moshe runs Charidy, an online-fundraising platform. “They’ve brought tzedakah
company like his. “Just figuring out the
Then he davens, learns, and continues
to the forefront of the 21st century,”
right balance financially to have what
learning on the train from Woodmere
he explains. Another of Hecht’s
you need for the company to grow is a
to Manhattan. He’ll usually be carrying
brothers, Eliot, is also entrepreneurial
challenge,” he says. “And you need to find exceptional talent.” Despite the hiccups, or perhaps because of them, Hecht enjoys the journey — bumps and all. “It’s a matter of perspective,” he shares. “I think the statistic is that 99 out of 100 startups fail, but if you enjoy what you’re doing, then I don’t think the end result has the same impact. In other words, if you’re only working toward the goal, or if you’re a runner and not enjoying 22B |
“THERE’S A REVOLUTION GOING ON IN TRANSPORTATION GLOBALLY ... SELF-DRIVING CARS, ELECTRIC VEHICLES, RIDE SHARING, SCOOTER START-UPS, BIKE START-UPS; TRANSPORTATION IS CHANGING SO MUCH”
2.0 NOVEMBER 2019
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— he heads a construction company in New York. Hecht wears his Yiddishkeit proudly — always seen in a yarmulke and tzitzis, and tefillin at Shacharis. This isn’t just something he does by routine either, it’s a point of great pride and passion. “I walk with the yoke of G-dliness on my head,” he says. “I’m very conscious of that, and I run my business that way. There’s a certain awareness that everything happens for a reason. My whole life is a story of Hashgachah pratis so far, and I think it’s only the beginning.” Family is also very important to him — Hecht has seven children at home. “My kids are everything to me,” he says. “Me and my family all spend a lot of quality time together.” Even when he’s at the office late, his kids will FaceTime him first thing when they come home from school, and they’re actually the ones that came
going on in transportation globally,”
jealous type. “I’m not comparing
up with the company’s first name,
he says. “There are self-driving
myself to anybody,” he says. “I use it
Honcker.
cars, electric vehicles, ride sharing,
as motivation.” He explains that he
scooter start-ups, bike start-ups;
actually seeks out great technology and
many things, one being patience. “I
Hecht tries to teach his children
transportation is changing so
success stories as a way to learn and
would tell this to my younger self if I
much. We see ourselves as part of
grow personally. “You dig deep and
could,” he explains. “Time works in its
that revolution for the segment of
understand how those people got to
own way. When you have a complete
consumers around the world who will
where they are. The fact that you can
appreciation for the bigger picture,
still have a car in their driveway in
persevere, keep pushing and trying,
you realize you’re one cog in a massive
some form or another over the next 5,
that’s incredibly motivating.”
wheel. It doesn’t mean slowing things
10, 20 years.”
down, it just means to be present with where you are.”
Hecht’s goal is to become the place
And that determination is a trait that seems unwavering. “There are
they go to for everything relating to
entrepreneurs who get to a point in
their vehicles — not just leasing, but
their business and say, ‘Look, I’m
ROADMAP FOR THE FUTURE
also insuring the car, trading it in,
never going to be Facebook or Intel.
Looking ahead, Hecht’s vision
buying a car seat, eventually buying
Let me at least turn this into a good
reaches way beyond just car leasing
the car, and… the list goes on.
business.’ I don’t want to stop there,
— his goal is to expand to all areas automobile. “There’s a revolution
When it comes to competition, Hecht emphasizes that he’s not the
though; I want to do something huge. I want to be Facebook.” NOVEMBER 2019
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2.0
LAST BYTE Product Reviews By Rachel Tesler
Ready to Launch The startup world is all about getting the most eyes on the latest products — and then turning those eyes into loyal customers, of course. We gathered some of the buzziest items on the market right now that promise to make you your best, most efficient self.
Smart Health Cushion
Muse Meditation Headband
$199; darma.co
Are you sitting for this? You can finally prioritize your health, while prepping for your 9 a.m. status meeting. Darma is the first smart cushion that monitors your health while you work. Literally sit back and relax while the cushion uses smart sensing technology to assess your posture, monitor your sitting habits and length of sedentary periods, and measures your stress. Updated through the Darma app, the cushion alerts you to meet your goals through vibrations, and redirects you to the app for instructional stretching videos, vital signs, and stress reports.
B24 |
$199; choosemuse.com
Reusable Smart Notebook $27; getrocketbook.com
Psychologists have long argued for the value of writing notes by hand rather than typing them. With this Smart Notebook, you can handwrite all the information you need without losing the convenience of having it stored digitally. The Rocketwave Smart Notebook can upload your notes to Google Docs, Dropbox, iCloud, Evernote, Box, and e-mail. The coolest part? To erase your pad, you toss this book in the microwave. No, we’re not kidding.
Whether you’re working on davening with dveikus or learning to live more mindfully, the Muse meditation headband will give you actionable goals. By measuring your neurofeedback, this program allows you to review the success of your meditation sessions and set goals based on this information. With the Muse app on your phone, you are able to guide your meditations with music or nature sounds, which adjust based on the strength of your practice; when calm, users hear peaceful sounds, but when your mind wanders, the weather sounds intensify, guiding you back to a calm state.
Portable Projector $100; amazon.com
For documentary enthusiasts or superstar teachers, the ability to project video instantly is a silver-screen dream. Captivate your family or your whole classroom with this mini portable projector by sharing your phone or computer screen with a USB connection. While some streaming services may be protected from viewing, TOPVISION is an important educational tool and can take presentations to the next level.
2.0 NOVEMBER 2019
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App Store
Health and Fitness The app store can be an overwhelming place, so we’re saving you scrolling time by highlighting some of our favorites that can really make a difference in your life. This month, we’re focusing on fitness. Try these digital resources.
Portable Mini-Humidifier $30; satechi.net
Frequent travelers may find that staying hydrated and healthy is difficult when transitioning between cities, altitudes, and sleeping environments. This portable minihumidifier turns any water bottle into a device for cold and sinus relief, and adds welcome moisture to the air just by connecting through a USB.
The Habit Tracker
The Speed Workout
In seven minutes you could send two e-mails or schedule a meeting. With the 7-Minute Workout app, you could meet your fitness goals in just as much or little time. According to research from the app’s creators, as published by American College of Sports Medicine, high-intensity circuit training (HICT) exercise in seven-minute sessions as often as possible during the week is just as effective as occasional 60-minute aerobic workouts. For just $3.99, the app offers 12 exercises at high-intensity to maximize your time and increase your metabolism long after your workout.
Live your best life with Streaks, which quite literally allows you to track your streaks — the good and the bad. Whether you’re trying to incorporate positive practices in your routine or break habits that no longer serve you, Streaks provides the infrastructure for change. For anyone seeking a healthier lifestyle, the app syncs with Apple’s iOS Health app to track fitness and vital-sign data. The app allows users to set up to 12 goals at a time, which are all accessible by phone or Apple Watch. Alerts to complete goal tasks transfer across platforms, and the goal’s streak extends when you complete the task to become a new habit. The app costs $4.99, but the payoff of building new positive habits could be well worth it.
NOVEMBER 2019
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