35 Burst results for "McKinsey"
Medical tech is the new gold rush for investors during the pandemic
"More people are seeing their doctors added distance during the pandemic in this long awaited to telehealth has investors intrigued there was already a boom in biotech investing before covid nineteen hit. But now investors are rushing to put money into all kinds of ways to modernize medicine from Boston W.. G. B. H. Radios Aaron Schachter has more personal. Medical Technology isn't especially new push your fitness further with fitbit charge to a heart rate and fitness wristband that helps you make the most of all day workouts and beyond. And the wearables are just one facet of health tech. The pandemic has shown that much of health care can be delivered at a distance and there's been a boon in telehealth platforms, online fitness classes, and Internet connected devices that are vital signs. Harry LARRIKIN IS CO author of moneyball medicine thriving in the new data driven healthcare market before Cova. Did you really have to look at these things and figure out where the world was GONNA go how fast it was going to go there all of a sudden now you're giving people i. don't WanNa say no choice but now they. Need these things and tech investors want in venture capital entities have invested nearly five and a half billion dollars in medical tech from January through June that's according to rock health a company that helps digital health startups. But there are those urging caution about the direction. These investments take all too. Often the technology has attempted to reengineer the process of care rather than leverage. The most efficient process of Care Jed constance is a healthcare consultant. For example, he says, it took years for the developers of medical records technology to get it right because early versions made it difficult for doctors to Talk to patients and fill in the required computerized forms. Constant says there's a history of companies creating what's flashy instead of what's practical and so the venture capital investor backed efforts have found them to be largely ignorant. There are also concerns that new health technology could exacerbate disparities in healthcare between rich and poor communities doctor. My mom is the former chief innovation officer. At Medicare's innovation center she says that smartwatch are fun but the kinds of devices that help most people stay healthy are often more mundane. Can you develop a tool that will help them track their medications with things? That automatically dispense medication for them and or something that will give their physicians more real time data on which medications they're actually taking according to rock health much of the venture money handed out this year went to companies developing online platforms for more telemedicine, digital pharmacies, fitness classes, and more efficient ways to deliver mental health counseling at a distance that's w. g. b. h. Aaron, chapter, and Boston consulting firm McKinsey says the speed of telehealth adoption everything from video visits to digital records means up to two hundred and fifty billion dollars in healthcare spending could soon be going towards virtual care.
Has Globalization Undermined the American Working Class?
"America's working class has been cheated is an assertion that has been getting a lot of currency lately are last presidential election went deep on that claim in both parties by the way and the culprit most often blamed for that. It's that monstrous five syllable word globalization, the philosophy and the practice of free trade which has been great for companies and for shareholders but has had a devastating impact. It is argued on the American working woman and. Man Well Economist do agree that in the past four decades the American working class, which we're defining tonight as people who lack a four year college degree. They have seen flat wages and a steady disappearance of good jobs. But is globalization a main reason that that's happening to those workers and for those workers is globalization entirely bad. Well, we think this has the makings of a debate. So let's have it. Yes or no to this statement globalization. has undermined. America's working. Class I'm John Donavan, and I stand between two teams of experts in this topic who argue for and against this resolution globalization has undermined America's working class as always. Our debate will go in three rounds and then our live audience here at the Saint Regis Hotel and Aspen Colorado where we are appearing in partnership with the Aspen Ideas Festival will choose the winner and as always if all goes well civil discourse, we'll. Also win a resolution once again, globalization has undermined America's Working Class Jared Bernstein you have debated with us before. So welcome back you're a senior fellow at the center on Budget and policy priorities. You were Vice President Joe. Biden's chief economist. The last time you debated with US interestingly Jason Furman who is your opponent at the other table tonight was your debate partner as a team you were formidable formidable I, almost want to use the French pronunciation. Formula, so are you planning to use your insiders knowledge of Jason's debate battles against him to very much am the way to do that with Jason is to make a lot of sports analogies because they repealing confusing. All right. Thank you and I see you detail to Aspen. You were a to aspen well I. Think the guy with the tie is the guy you want to listen to, but I'll let you decide. All right. Thanks very much. Jared Bernstein and can tell us who your partner is. This someone I've known for twenty five years she's a dear friend of mine and I consider her my mentor in this topic feely gentlemen feeling. Theo welcome to intelligence squared your president of the Economic Policy Institute. You've spent two decades as an economist for the AFL CIO, which is America's largest federation of unions. It represents some twelve point, five, million working women and men. You've spent twenty five years working on trade policy. So what got you interested in trade? Well, when I came to Washington in the early nineties I got drawn. INTO THE NAFTA debate the North American Free Trade. Agreement. And I realized pretty early on that. This was not some kind of a dry text book discussion about tariffs but it was a transnational battle over democracy good jobs, workers, rights, and regulation. So I was hooked because a lots at stake a lot is at stake. Okay. Thanks very much thelia once again, team arguing for the motion. And motion again, globalization has undermined America's working class. We have to debaters arguing against it, I Jason Firm. Welcome back to intelligence squared Jason you're a professor of the practice of economic policy at the Harvard Kennedy School you're a senior fellow at the Peterson Institute for International Economics, you were Chairman of the Council of Economic Advisers under President Obama tonight. As we said, you're going to be debating your former colleague Jared Bernstein on the impact of globalization. So is this the first time you to have debated the globalization issue with each other jared and I agree on I'd say about ninety five percent of economic issues and my goal tonight is to bring to one hundred percent. Thanks very much Jason and can you tell us who your partner is someone I've only known for a few years and every single thing. He's ever told me I have believed James Manica Legitimate James Manyika. Welcome the first time telling squared you're a senior partner at McKinsey, and company you're the chairman of their economics research arm, the McKinsey Global Institute, your first time debating with us. But not your first debate you debated at Oxford I did you studied robotics and computers earlier in your career you were visiting scientist at NASA. So how do you go from very eclectic from robotics and space to thinking about trade policy? In American. Workers I've always been fascinated by the kinds of technologies that drive innovation and growth, but also affects what will people in the real world actually do. So when you put that together with the economy, these issues around trade and workforce become very, very important. Those are the issues that motive a great perspective to bring here and then once again, thank you. Thank you again to the team arguing against them.
Starting Zocdoc with Oliver Kharraz
"Oliver Karaz was born and raised in Germany mostly in rural parts of the country his mother was German and his father was from Iran in came from a long line of doctors. For me, it really starts in some ways with my dad and. The timing rapidly had every reason to become a social activist and and so he came to Germany from the Middle East when he was very young around twenty with no money in his pocket no language skills. And you personally then worked on of odd jobs, but he eventually became a psychiatrist but what has really shaped me much more than being born in Berlin is. Social. Active. Isn't that I that I saw him live and that he really made our family mattress we always talked about talent responsibility and the need to use. Whatever telling behind to help those. Around us that we can make a difference. Given that your father was Iranian and your mother was was sort of. German. An Uber even though you were born in Germany, did you feel did you feel as Germany everybody else? So I didn't have a second identity. We only used spoke German at home and yet. As you say I was also a not always fully accepted. So if I give you an example, my school twelve hundred students and you could pick out to the didn't look like everyone else and I was one of them right and even an enlightened country like Germany. That is notable. So I had what I call a visual accent would people would see me on the street and they would ask me how to speak German. So well and But they also school the skipped my name when reading out scores because they weren't sure how to pronounce my last name and opportunities taken away and even at was physically threatened so i. I think that really shaping in many ways because I realized. Very early that in order to be as successful as everyone around me I would have to be dramatically better in really work much much harder than anyone else and so that used to be strong work ethic in me. For the record Oliver is somewhat down playing his work ethic. Because just out of high school, he actually started his first successful company. It was the early clunky days of the Internet, and he designed a way to help people send emails more easily and he wound up selling that business not for a ton of money, but enough to get him through medical school. But. After practicing medicine for a couple years Oliver realized he couldn't stop thinking about that first business he'd started and how he wanted to start another. So he quit his job in medicine and consulting job with Mackenzie and eventually moved to New York. That was my goal was actually to start another company that that's A. Healthcare, but I I'd also realized at the time that I sold my first company and far too cheaply in that I should learn more about business I and at McKinsey God exposure to balance sheets and panels and hit a lot of very practical experience and what it means to manage business. And I think they fondly of my time at McKinsey was one of my better decisions. McKinsey GonNa Mackenzie is a little bit like going to business school. A lot of people at McKinsey have come from business, schools. In that. Many people go to business school thinking they will find a co-founder. Did you were you actively looking around at your colleagues to think maybe I can do something with him or her you know maybe that person. Absolutely and were you just thinking about different business ideas all the time? Well, it is actually very hard to find good ideas and my definition of a good idea was that it needed to have a great mission I. wanted to make sure that we actually do something good in that. We stayed true to sort of talent breaks responsibility, but also wanted to be a large market and to have a great motor rounded and also I wanted to be based on contrarian inside. Because I thought that all of the best companies have that at its core. While she wanted mission, you wanted a company that could kind of dominate its field by building a motor around it, but was also contrary and that's that's that's those are some interesting. Criteria. And that's why I screen for several years rejected pretty much every idea that that I came across And meanwhile. While you're going through all that I guess you meet this guy Cyrus Masumi. WHO's another McKenzie consultant and and just you just. Become friends like he's like somebody like in and you guys start hanging out. While we got put on study together that required us to travel globally and you've ever done that it meant frost were sixteen eighteen hour days together for three four, five months on end and we really. Got To become great partners in that and and what we realized that we had some. Very complementary skills. Cyrus is one of the most charismatic and gregarious individuals. You'd ever meet his very passionate. He could be more forceful, which sometimes was needed to be effective with clients. And you've talked to me now for a little bit as you can probably tell. More dispassionate and logical and more measuring. German? More, German in many ways, right. also was effective with clients by by. and Cyrus is American right? He's American this but that That close listened and how we work together that really started friendship and we stayed close for the study and be caught up over lunch pretty regularly denounce different business ideas off one another and. I think we connected because we had similar interests because. On. Some levels We were equally passionate about what we're doing higher says, passion was more visible to others than mine but we. Were close enough together that we both accepted. The other as. individual that that we could learn a lot from. Was it was it clear pretty soon after you start hanging out, Sarah's that this was the guy because you were. You're on the lookout for a partner. They I think it was was absolutely an option I know reality is that. With. Both founded companies before Mckinsey and we both knew that we wanna do it again and as I. was always great about being. Very honest. Rather than just nice and and I value that a lot. Yeah. All, right. So So this guy, Cyrus Super Charismatic, really smart clearly, the two of you start to to work together. And what what kind of business ideas are are you coming up with? While we kind of fell in love with a new idea that came about a one of these launches were Cyrus. Told me about how he recently ruptured his eardrum by flying with a cold and then found it very difficult to actually find a doctor and he had asked for recommendations and called down his insurance directory listing started with the as. Doctors weren't accepting new patients some no longer accepted two centurions one provider Pasta Way and so he said, well, why does it take four days to the doctor when I'm in pain right? And why can't this much easier? And we. Both very quickly. realized the potential of this idea from. Working at project be new helps us the for actually spending millions of dollars for marketing to grow their patient base because they had wasted inventory, right they had something that I like to call hidden supply, which is these last minute cancellations no-shows reschedules. That the that go to waste, and then on the other, there are the patients who had a hard time accessing this. You thought it immediately clicked with these my God. Yes. Doctor's appointments connect patients to doctors. Yeah. Well, look if you go through the forfeiture that I had read, it's a great mission right? We're making one of the most personal needs more accessible for for patients we can help patients to get in fast we can help the doctors become more efficient. We can make the entire health care system more cost effective people out of the emergency room things like that, and it's a marketplace. So there is a strong mode and clearly anything in healthcare is a large market and I think the contrary and inside that we had. was. The fact that. Most people thought it's normal that people have to wait twenty four days to a doctor because there's a doctor shortage in read our inside was really no doctors have asthma debate ability because of these last minute cancellations, no-shows reschedules and so I felt very about this idea. So. So you member like how long between the time that the you had that first conversation To the time were both you said, let's start this business was like monster or weeks or days. was was weeks. We what we what we started doing is actually. Mocking up the side in how imagine back then in powerpoint pointing just the wire. Website. Yeah. Wire frame. Exactly. We would. We'd go into starbucks and we'll chat up strangers and say, Hey, here's a five dollar gift card. Give me your thoughts. Sorry I'm GonNa. Go back. You just go to people in starbucks Gift Card and say, can you give me your thoughts? Random Person? The absolutely that's that was sort of our market testing. They wouldn't. They would be like excuse me this is a little weird. You're my space. Might also happen from time to time but you know there's lots of people on starbucks is very in German of you. That's debris because usually he would be to report tentative about doing that. Well, you know I think there was a lot less rejection than you think people actually quite open I. Suggest you try this out but if you If you're unthreatening in Luke harmless as we probably dead and then they'll be pretty open. You went up to and starbucks and you'd say, Hey, we're thinking about a company here. Can you just look at his powerpoint give you five dollars Gift Card and what was in the powerpoint, the popcorn and was just what we thought. This website would look like and we would ask them is the set service that resonates with you would you use it and and we got an incredibly valuable feedback here and really set us in many ways on the on the right track right? So and what pointed to the two of you decide let's quit McKinsey. Let's. Let's pursue this. Probably a month or two after we initially discussed idea did anybody say you were crazy for quitting? Everyone. Everyone told us. Crazy and got a lot of negative feedback on the idea to write people would say this is Bloomberg out I would never pick my doctor on the internet or I already have a doctor or you know doctors wouldn't accept patients that that are looking on the Internet of all kinds of protections that people had when they were thinking about their own situation by. When when you talk to people and starbucks, they actually thought about it much more positively. So we were encouraged enough to say, well, this is going to work as long as we get out of our circle and don't ask McKinsey consultants doctors. The responsible be better. All right. So you are in your thirties at this point. And presumably were making pretty good cash at McKinsey because you were probably you'd know expenses you're on the road all the time so. When you quit, I'm assuming you had some money to launch the business and probably live off for a while. Yeah. So I very deliberately had never raised my living standard to the money that the paying McKinsey and I had saved every dime so that I could. No be in a position where can fund this embraced can afford not to take a salary for a couple of years. Wow. So so a couple of hundred thousand and you saved. You know. Maybe. I'm to Germany to discuss personal finances but. I had. Built this. Radio, you can tell the. Story Yeah I I had I had enough money to live off for for several years but I also Saturday night both finance the company early out of our own savings so that clearly diminish We had leftover after that. So now, you both decided to quit. and. You have some technical expertise because you had. You had done some coding but this is next level stuff. Were you able to be that technology founder and Cyrus was going to be the the sort of the business founder? Absolutely not as I add coated but at that point, I had not touched a computer for a long time We knew we need to have a technical co founder and so Sarah's knew a guy named Nick Guanzhou from the time together, trophy software, and this is another company that they would both worked at the that's the company that they're both previously worked together and Nick just brought a totally different perspective and really educated Addison me on a lot of things and and he was really the one who understood a building a seamless experience for the consumer and ends May. Zach Docs. Early Genius, did you did you have the name dock from the beginning? Not, not initially we we went to several phases on on what the right name could be for for while we wanted to have a descriptive name. So we looked at physicians, dot Com Doctors Dot Com, and we actually tracked down the owners of one of these domains and they wanted several million dollars for the domain name. And and we were finding the company ourselves. So that was out of the question. So then we just sat in a room and we brainstorm a list of fifty or one hundred names, and then started eliminating names until we arrived at Dr. What does it mean? or it doesn't mean anything which was the WTO bit we could. There were zero search results. Okay. There's no meaning behind his ACH. There's no meaning behind and and in hindsight it was precisely the right thing to do because it really was a blank slate for us to fill with with meaning and really build a brand around. Zero such as October we started. It address nate the right lake once you know that it takes more than three weeks from picking up the phone and dialing for doctors till you actually see someone you realize Oh, this really not much else that we have to wait so long for to get. And this is more important than most of these other things you already have. Fantastic access View Magin. If air travel way that healthcare workers that wouldn't be an expedia that wouldn't even be Delta Dot Com that would be individual phone numbers for every plane. Imagine. If that happened, you know a half the planes would fly empty it would be a massive pain and that was actually the state of health care before sock. Is Amazing that that the nothing like this was out there in two thousand seven. I look at I. Think. In many ways you couldn't build it a much earlier. In the early days. When we went out there, we were the ones installing Internet of the doctor's offices. We. They they were a many times just migrating from a paper books to scheduling systems. We were at the cusp of digitisation for healthcare. We were just lucky in our timing to get this right in and start offering the service when that also happened. All right. So you decide to pursue Zach dock and it's the three of you. I'm assuming really just at the beginning and were you working out of out of one of your apartments? Did you guys rent space? No, we worked out of respect for. Many. Times we came to make yet the nicest apartment and and we could bring breakfast Burrito and bake him up and you know the the reality is that we originally had a pretty ambitious launch plan right so we got together around July. We wanted to launch by December of two, thousand seven. Something interesting happened were nick send an email suggesting to look at what was then called techcrunch forty. Take is is now a household name but the draw for us back then was there was a fifty thousand dollar prize now it's called tech crunch disrupt think. So it's a major a startup competition. It's a startup competition and we were the first class of this was much less known be budgeted two hours to fill in the application in really which will send it off. He didn't think about it anymore that there was an early July and early August we've heard that we had been accepted, but there was a complication we'd have to be ready by September eighteenth or. That was three months sooner than we had originally planned to launch. So you'd have a live website by September that is right that is right with doctors with doctors, right So we actually debated for a few hours whether we should even tried to go for that but we ultimately said, yes, we can get the website working and we wanted to have enough doctors just a bars wouldn't look pathetic. Brayden. Coded Night Neither Day and nick really busted his but he did the patient facing side of the website and that was the programs. What was potentially even harder because we're tried to launch a marketplace was to actually get the initial supply on there and remember the website wasn't there yet so. Tires ended up going door to door for doctors offices. Excuse telling them a powerpoint page, and this is really a testament to cyrus sheer willing determination if you think about what it means to really start a company early on, there's nothing to show right you may be a powerpoint but there's no website there's no patience. There's no other doctors no social proof and it has to run on passion and very clear that that is Cyrus superpower. He just went to random doctors offices or he had like a list of doctors offices and he started kind of walking block by block. Well, there's a lot of walking involved a we launched in Manhattan so you can literally go down the street and you see. The signs and you walk in. And he was basically saying look, it's a way to connect you to patients. How was how many by the way? What was your objective? How many doctors do you need to sign up to have this website look okay by September Between six and ten was our goal. Okay. So just doable it is a was extremely hard really. Is telling doctors is one of the hardest things to do why were they saying? Well, first of all, it is baby very hard to even speak to a doctor they are being shielded. Their time is very valuable. Office managers are trained not to let anyone talk to them to protect the doctor from people walking in selling them stuff shirt them. Secondly, they many didn't want to give up control over their calendar which has to write. We ask them to post times that a patient could book into it and it was just a far fetched idea for many of them the patients would actually do this. So he got a lot of knows he got a lot of knows. He'd go there and he just simply not leave until he got a chance to speak to the doctor and a few times. It was even escorted out by security. I really think one in a million could have put this off. I mean was he going to particular kinds of doctors or was he generally focused on an Internet general? Practitioners Ob sobe began with dentists Okay. Because our thinking was that. People go to dentists most often, and we wanted to make sure that we have an offering that is relevant for patients as often as possible. I. Got you so so eventually unassuming, you do get what six to ten or how many did you get by September of two thousand seven Eight. In the meantime, you inequity doing the back end stuff you were doing the coding and building the website does right and as you were building it. How did it look? So. The bit that Nick Build looked awesome for the time I think. It was impressive. We were. Very. Satisfied that we had a scroll bar that we had a map that we had back then already the insurance selector and a lot of feature that. Weren't to be found really anywhere else. All right. So September two, thousand, seven, you are ready to reveal. This service at. Tech. Crunch. And Doth Review present or did did Cyrus kind of wishy the spokesperson? Cyrus. I presented Nick stayed behind in New York to make sure that the less the website was actually up and running This is in San Francisco that you went to the we flew out to San Francisco and So we lost sock talk in front of Eight, nine, hundred people. A lot of them were journalists when the judges opened up with feedback guy covers ocoee who we newnan in valued. As embezzles forever apple he came out to said he he didn't get it. He would never use this in front of everyone right and. His direct load something like honestly Oh, it just never occurred to me to go to any doctor that's really burned in in my brain and what was worse is that he seemed to be right we didn't get a single booking. We were hoping that this PR would get us out of our initial batch of users, right because your other. So many tech journalists there. So you know the publicity may be would would would lead to bookings and that was the hope but. It actually took three days before regard our first legitimate a patient, and and in the entire first month, we only got five bookings. You come back from San Francisco and. You know you had Guy Kawasaki. Say I don't I would never use this service? I'm sure he feels differently today but man maybe then Ezio said that but did did you come back feeling like like dejected like losers or or were you excited like how did you feel coming back? While you know I think we obviously hoping we would eventually get more bookings and In the beginning you probably refreshed. The Bookings Report Hundred Times a day by as we were thinking through what we realized. It was really a typical two sided marketplace challenge It's just a classic chicken and egg problem. You need the supply to get the demand and you need the demand to entice them supply and for dark was even trickier. Right when you think about it, healthcare is hyper local. Very complicated. So you have to match. Supply and demand on a Zip code specialty level, and then we have thousands of insurances take. Until we realized that our odds of actually finding a patient that wanted. An offer there. Quite low, and so the best path forward was to methodically build up supply, and so we just kept going put up a huge map of Manhattan on the wall, and then a sleep put little flags on of where the doctor's brother we're on the website in which insurance is accepted and we just we knew the perseverance. Is the name of the game. Back in just a moment how oliver and Cyrus Begin to drum up interest in stock and how they even start to raise some money at figure out how to dress differently, stay with us guy rows and you're listening to how I built this from NPR. Hey everyone. Just a quick thanks to our sponsors who helped make this podcast possible I to epic provision maker of epic bar beef was nature's idea the epic bar was. The new Vif Sea salt and pepper bars have three grams total carbs why it's in their nature after all, they're made with one hundred percent grass fed beef, and nature's Metro's three grams, total carbs, eleven, grams of protein find them in the bar borrow or at epic Bar Dot Com. Thanks also to stand for Small and American Express. If you're a small business owner head to stand for small dot com slash partner for resources, offers and tools from a growing group of companies that want to help your business get back to business visit stand for small dot com slash partner to get started. Thanks also to Microsoft, the world has changed and Microsoft teams is there to help us stay connected teams is the safe and secure way to chat, meet, call and collaborate to learn more visit Microsoft dot com slash teams. Here, at life, we know that getting your financial house in order can feel painful. Now, there's this whole corona virus pandemic. The deal with our personal finance tuneup series will help you feel more confident and get you on the right track listen and subscribe to NPR's Life Kit. And just a reminder, you can preorder the how I built this book right now, and if you do I'll send you a free signed book plate to go inside the book. The book is a collection of insights and wisdom from some of the most incredible and inspiring makers, inventors, builders, and dreamers on earth to preorder and to get your free signed book plate while supplies. Last, please go to Guira DOT COM or how I built this dot. com. Hey welcome back to how I built this from NPR Cairo's. So it's two, thousand, seven and Oliver. Cyrus. Nick are basically powering through with Zach dock going door to door trying to convince doctors. It's a valuable service and the thing about doctors even though they're really smart and capable and we depend on them. A lot of their offices especially back in two, thousand, seven or sort of technologically in the Stone Age. There was incredibly complicated to sink the doctors calendars with ours. Because none of the software was actually made to sink. Were even in the places where we had syncs up and running, we would frequently get. Feedback while the punishment didn't happen because the doctor wasn't available and we really couldn't figure out why this was the case because when we did screen chairs with the office to their calendar and and our calendar, it was identical right and couldn't figure out why that's happening. So I decided to sit next to the office manager I went there and got to know him and his family photos of his dog. I fixed the printer taught a better strategies to play minesweeper still couldn't figure it out. Until one day, the doctor would come out and she'd say, Hey David I'm out next Friday. And then what does David do does he go into the calendar and block out next Friday or does he take a post? It note On a doctor out next Friday and sticks this too is monitor. In the real world. These post it notes, of course happen and but once you know that Matthew Friend, you can start filtering this out and that's one example they were literally a thousand point, one percent solutions that we had to figure out to make this work. Wow. That sounds I'm getting exhausted. Just hearing about that because this is like even like Google calendars, right? Yeah. Yeah. That was that was early days and what we were extremely focused around were making show the experience was fantastic. If something went wrong, we fix it. Right. So I was our customer service I personally would call the doctor and and confirmed the appointment was all said if it wasn't I, personally contact the patient to let them know and then I would offer them. Amazon Gift Card alongside with an apology those actually one case where it didn't catch a patient in time. and. The were in the subway to the doctor, and so I raised them to the doctor's office and picked up a bouquet of flowers on the way there and met them in person to apologize. And that was really a turning point burs. The service has to work and we need to be have this patients I attitude in in terms of how it works completely ingrained in the company. All right. So you clearly need to kind of grow this Were you offering this service doctors for free at the time? Initially. We for free by we eventually started charging fifty dollars per month. But Sam doctor you come into my office and you say, Hey, if you pay me I can bring you more customers. I would be skeptical I would've said to you you who whose, who even knows about you. You'RE GONNA you're asking me to pay you money for Phantom bookings for maybe no customers I mean did some of the doctors say Many. The US summarize our sales challenge. Right? It was very hard because even if you wanted to, we couldn't easily share how many patients their competitors are down the road God like that was something that was confidential. All right. So you are you got this chicken and egg problem. Not, enough people signing up and he gets skeptical doctors but you know that the service could really benefit the doctors, but you also need them to pay for because otherwise you know but business. Meantime at a certain point I'm assuming you guys start to think we'd better go out and look for money if we're going to really make this thing work. Yeah. Yeah. That that happened in the spring of two, thousand, eight we decided we raise series. And we we make the rounds we get in front of a number of the big name, BC New York the also go to Sandhill road in impel. Toho Santo Road we leads and road initially were very successful at all we got Polite knows. and. Ray No feedback control someone took us as I told us you know what the idea seems. Good. But you're consultants I'd and the perspective of its consultants can't get anything done and what realized is that even though we had both founded companies before our Mackenzie Pedigree in our keys and button down shirts, they were really hurting us, and so we wait rank Khakis and button down shirts. It sounds crazy. Were they pleaded pants or were they at least nine pleaded please. Yeah Yeah. Yeah we after hearing that feedback We very quickly just went to the next gap and bought jeans and t-shirts and from that on the combos with VC's when but a lot better. So you went from McKinsey consultant look to this are the tech casual uniform of jeans and t-shirts that that's exactly right and we introduced ourselves not as NBA's and McKinsey Consultants but we introduce ourselves previous entrepreneurs that are starting their next company. was was anyone biting? Were there people who were like? Yeah there's a great idea I'm in. So interesting enough we had raised some money from. Friends and colleagues, and many of those they invested in US business plan unseen just based on the fact that we. Were giving up our careers at McKinsey to pursue talks. So that felt really a great. and. As we started changing how we appeared in how we introduced ourselves to venture capitalists L., we started to get offers and so in August of two thousand eight, we ended up raising five million from KHOSLA ventures expeditions mark. Wow Mark Banya Jeff bezos, and Venus is. All their. Funds are in which sounds like a lot before you WanNa do it's actually. Kinda limited because you still it seems to me in two thousand eight even though you have five million dollars a lot of money you still have this problem which is you've gotta get. Customers, and then to get customers, you need lots of doctors had lots of options but to get doctors, you need lots of customers booking through the site to you do that precisely D- These five million dollars per lily earmarked for making New, York, work, right, Miguel, I market work but. immediately after raising the money the financial crisis hit. And You may remember there was rest in peace a memo that went around about startups, right? Yes. About start ups, never being able to raise money arrested in peace good times. So we got this job is to make the money stretch in. We probably learn not during this time This was really our first go round making hard choices and what I want to be frugal and not to do things we can't afford and We learned to not let money replace critical, thinking and creativity. But now we continued to grind away at New York and at some point felt while if you want to get. To the next level we have to prove. Dr Isn't just a New York City phenomenon. Right? We had to prove that it would work in a second city But at that point, we didn't have the money to do this anymore, and by the way you're still your approach was still the same. It was door to door. That's right door to door and how how you building awareness about the about the fact Zach existed with customers with potential customers. So we it was day very difficult to get someone. To the website. Yeah but when they did. They loved it because it was such a step change from how healthcare used to work for him. Right they used to have to pick up the phone and wait on hold and then plays scheduling. tetris. With the office manager, can you do Wednesday morning about Thursday noon? Friday afternoon, and now they could do the same thing in a minute and have complete overview about the ability patients loved it and they told their friends. So we we started to get word of mouth. Going, and so we saw New York really taking up and we felt like, okay, this does this go into work in New York. At a minimum rate, but we also realized that it took us a fair bit of time. And money to get it going. In New, York and do we couldn't with the money we had left from the five million easily expanded into a new city at the same time. Raising money was going to be difficult because the next generation of investors wanted to see that it works and other cities as Walter. So we were a little bit in this catch twenty, two we ended up. Applying to. Force boost Your Business Competition Four. Forbes has his competition as sell to where they give away money right to they were promising a hundred thousand dollar prize. And at this time. We won. And Yeah what did is they gave us one of these large publishers. Clearinghouse is sex and very useful actually used to cover a hole in one in our only conference room. There was a hole in the wall and we covered it with that. At, this point you are, you are working out of an office, not not an apartment at this point we were working out of A. Shared Office space we work. Yeah. So they had given us publisher clearing house is is check but they fail to give us the small check for three months and we were getting really nervous, but it would still get it but. But ultimately, we got that one hundred thousand dollars and that's what we used to launch and our second market in DC in Washington DC and would did it require you guys to move down there or were you did you hire because I'm assuming you had to? A lot of your early capital was going into sales. Business Development hiring sales reps, is that right? Right, we had a couple of sales reps at the time. A. Very first employee ever was a sales rep is still with the company today and He was great. He figured out how to. Really charm his way. To the doctor. So there were no more security guards escorting anyone out. When did you? I'm assuming that even in two, thousand, nine, two, thousand, ten, and beyond we're not yet profitable. Far From It? Yeah. Far from it right because it's a capital intensive business. Yes. We obviously invested heavily in customer service wanted patients to have a great experience. And we had a quite sizable engineering team because that was actually a major engineering effort. So what started to happen when did you start to kind of see? A real turning point. Yeah. So we we we had launched New, York successfully with. Years. Of hardwork, we've gotten it off the ground is transported that to DC at work well, in DC, and now he said, well, why are we not in more cities and so we actually we raised serious be with fouled respond and We used to expand off the East Coast Francisco then Chicago and we just got better better at it. So we then ended up raising serious and two thousand eleven from Goldman NTSC, and we primarily use this to grow our sales team and sign up more more doctors in from two thousand eleven till two thousand, thirteen, we launched roughly thirty new cities I read that by by two thousand, fourteen would covered. Like forty percent of markets in the US, which is huge I mean that's right I mean that's a huge number of cities. And in that year evaluation. Of tzakda. Past Billion Dollars I mean that's That's pretty remarkable i. mean you were kind of on this like really rapid trajectory and you a pretty straightforward model right and you were charging doctors a flat fee every year and then. They could take all the bookings they wanted and I think that by that point like by two thousand, fourteen knew it was not cheap. It was expensive viewed really raised the price it was like three thousand dollars a year, right? Something like that. Yes recharged Dr Three thousand dollars a year and and there was a flat fee. No matter. How many bookings Actually facilitated for them and and the reality was for some doctors that got a lot of bookings that was a great deal. Yeah. But but there were also doctors that God a lot fewer bookings and for them that fixed cost was actually too expensive and some of them were starting to leave the service, and so we got into a situation that required us to invest a lot to stay where we are and then invest even more to continually grow our overall provider base, which means we had to build out a massive sales team to always sign up more doctors right and. Some point during this time L. Nick actually ran an analysis showed that it would take several years if ever fries to make our money back on on many of the doctors we signed up because you would have to sign up. X number of hundreds of thousands of doctors paying that amount every year. To make your money back to to make sort of our the cost of the sales team back. Wow and L. it. This was pure that would make us dependent on external capital for our very long time, and now it's a clearly there are many companies that have taken. Grow fast at all costs approach. And They Held onto this forty extended period of time by L., it clearly puts talking to a dependency to. Investors in their mind says, yeah. So. Meantime. You know I I from what I understand. There's disagreements I mean there there are you know the leadership team including Cyrus he he's I. Think he's he's sort of his position as the flat fee model is actually the best way to go is that a fair assessment of of his position? Yeah. I think that's right. I. Mean there were two fundamentally divergent ways held the business could go forward right. One way was to continue to work on optimizing the unit economics of our subscription model and the other way was to think about how to make it more transformative leap and then find a new more profitable. And more sustainable model and. Their. Look I can certainly understand The reluctance and taking this leap if companies rechange their underlying business model once they have a certain scale and then live to tell about it, right. We know the names of the companies that have done this net flicks, but from DVD's to streaming adobe. From box software to the cloud, but there's not a lot of companies that do that. and. Needed to make a choice which which direction I wanted to go. And and I should say over that. Became intensely personal for you because hugh and Cyrus really disagreed on on on the direction of the company should take. Steps down he he left the company and you moved into the role of CEO. Those right and what ask you about this neo. Beauty's in the flies of this show is its simplicity and we talked to one person or sometimes too. It's a single narrative, and so we don't have cyrus with us to tell us what happened but I wanna ask you about this time because. This was your co founder. This was your partner This is your friend and he was leaving the company. How did you feel at that time? I all I can say was a very hard and very emotional period for everyone involved and It was certainly a departure But how was through that given these two divergent choices you you couldn't. note, both of us could be useful to talk and. I have to imagine that for for period. China. was sort of the friendship. Look been we were very close we. Were not only friends we had worked for eight years believe together fourteen hours a day, and we probably talked more to each other than to anyone else in our lives but you know. Still touch from time to time and. I think he's joining us on from sideline. He still at prison million owner of the company Yeah, he's still. Here's the thing I mean we've we've told stories about breakups we've had we've had episodes were there were married couples who split divorced but continued the business e O products. Susan Griffin Black and an her husband Brad They continued the business stacy's pita chips continue the business after the divorce sold it for a quarter billion dollars. You guys were worth value to one point eight billion dollars at this point. was was ever party that just thought you know, God look at what we're doing on the core we're going and. I mean did you in service it down and say you know this thing is just growing and? Let's just figure this out. I think the challenge is that it's not as if there was an article way to decide what the right path forward is. As long as investors wanted to give us money growing all costs was yeah. Fine Strategy. The question was just how dependent you wanted to be on the continued goodwill of investors. It sounds like you were tired of going out raising money. You didn't want to do that anymore. Oh, not at all but I think you want to raise money from a position where you know what your turn to is and and. It wasn't clear that the business model would work in in a way that that we could just flip a switch and be profitable. Yeah. So. That was a tough year for you. Two, thousand fifteen. There was an article in business I think business insider, and it was about the sales team. It's October that year and it was. It was some allegations that you know Pete member sales team using adderall even cocaine they were under immense pressure. They were working all the time when you saw that article. And I'm not saying you even aware of any of this. You may not even aware of it but I. have to think that that article really alarmed you and and maybe even embarrassed you. Look A. There were a number of articles in two thousand fourteen fifteen. Didn't absolutely get everything, right but Budweiser I can say is that At. The time doctor had their sales team and we're. Getting very quickly and Your maybe maybe. Too focused on. L. Hitting targets and. Not. Focus enough on creating a strong culture the I hear these stories from six years ago from from time to time and from from now from candidates and and really every time. This happens like a Gut Punch. Because, this we know we're completely different company now. On on so many levels, but clearly, you saw that in new that you had to change something. While yes, I look I l there's a there's a couple of things about this. Right? We are a technology company, but we had said ourselves up too much about. Instead of writing wins and really too little about being adaptable and darning and and building the trust required to try things that now pet the risk of failure. and. So one of the first things I did is to change core values. You know to emphasize those behaviors each one of our values adaptable, not comfortable and other one is progress before perfection learners before masters right and. We only kept really one DIA CONSTANT DEL patients I. Personally that. That was more of the culture that I thought was right for Doc to succeed on many dimensions. So, you take over the company it's got high valuation, but you're still not making money and you know that you've gotta change the underlying business model you're never gonNA make money. And from what I understand this is the beginning of what you have internally described as the second founding of the company. That is right. That is right and that basically happens in in two thousand, eighteen you you launch this new business model where instead of the the dollar membership fee. Basically, you would charge doctors a lot less like two hundred or three hundred bucks, but then every booking you, you would take a cut from that booking. So like a travel agency. A little bit charge for new patient booking. So the existing patients to practice we made free but yes, there was the fundamental idea and. It sounds like such an obvious thing to do but but here's the problem with it and why why are we thought it was incredibly risky to try this. Our best customers that had been on for a long time. They got lots of pockets right and if we start charging them per bookings, their prices go up very significantly in some cases ten times more and that seemed. Competing, insane to us. In. Particular because when we talked to other companies that were at gone through similar changes and even pricing experts, they're number one advisor was make sure whatever you do never charged your best customers more and frost would be precisely. The opposite. In the thing that was counter-balancing this in our mind was well, maybe we'd be able to bring on a lot more doctors because the barrier to entry is now much lower that was there was the back and forth in the team to figure out whether that's the path we want to want to go. So, this is still a risky strategy because you're depending really on new bookings because the two hundred dollar annual fees dramatically lower and I have to imagine in year one, you actually saw drop in your revenue in the year one of of this curve. Second founding. Right. Well, it's from a risk profile worth at that. Right the warriors that you lose all your best customers in with it, all the bookings day used to be getting. and. So we needed to be ready for a very significant drop in bookings and revenue and the second Challenge was here that. The beauty of this approach modest and we got all this money upfront right and Sharon. Now to bond, we're getting paid after the booking with with a thirty day payment periods, we had a huge working capital requirement to make that happen. So did you see a drop and revenue in two thousand eighteen when you rolled this out? No we didn't because we actually didn't see the doctors leave the way that we hit on -ticipant did in fact, you know while we had very much worried that they would be upset and some of them certainly were upset. We were providing so much value to them that. You know what? What took you. So long I knew as getting a great deal all along. So that worked really well, and we had piloted in Georgia initially in April. Two thousand eighteen and then that had worked. So we we then all allowed in Colorado a few weeks later that work to, and from there we went to Washington state and again, very positive results and after these three days. Okay Great. We know this works does it out in our largest most important market? Let's go to New York and that and terribly horribly wrong. They the doctors in New York. Not only were so pissed off they actually I read. mounted a change dot org. Petition I. Don't know what to to to end this practice or something. They were really mad. They were really really mad and I guess you guys responded you said, are we won't we won't roll this out in New York for a while. Yeah look in New York. We. Facilitate Roughly, one in five new patient doctor relationship in the entire city on dock and so. The economic impact for the providers in. was much greater than for the providers in Georgia Colorado Washington. So yes, to give you one example, there's a dermatologist and so and he paid under the ultimate model ten doctor say paid thirty thousand dollars and under the new pricing model, his cost was going to go up from thirty thousand dollars to roughly three hundred, forty, thousand dollars. Wow. So what was your response to that? I? Mean it seems like a pretty reasonable. Concern. Yeah. So look after the conversation with the Dermatologists I. Actually. Put down the phone and I thought you know what? He's right. And so I pause and we regrouped and. We did a couple. Of things during this time, like the first one is we just went on a listening tour. You know we talked to provide their feedback and we just adjusted our this plan to give providers a much longer grace period to decide whether the wants to addition to the new model or not, and then. So then we read on New York six months later and and when dramatically better. So the strategy works and you see results from the strategy pretty quickly like within a year. Within a year, we had we finally at some incredible momentum was really going better than we had expected in our wildest dreams. Our existing client went down to essentially zero. I mean people still retire and and move jobs by no one really left the service and we were adding more and more providers because the barrier to entry was low and So in two thousand, nineteen we began growing profitably. It sounds like two thousand and nineteen was really the banner year. Two thousand nine hundred was a was a fantastic year and honestly we had so much momentum coming into twenty twenty and feel like, Hey, we worked really hard for three years and profitable and now the sky was the limit until. Tells Sam until March of two thousand twenty. Two Marjo twenty twenty and that's. That's really maybe the third founding DOC right? Well, I want to ask you about March twenty twenty because. Your Business is based on people booking with doctors and going to the doctor I have to imagine your revenues must have plummeted like every other industry like I mean doctors offices are still in most of the country. Slow or are trickle of patients coming in. With the lockdown started happening we saw impersonal bookings declining anywhere between fifty to ninety percent by the end of March I'm not surprised and lot of that buys I was getting was to. Lay off people and make sure that we hunker down to weather the storm but I saw an opportunity to build windmills, right so I thought well, we need to be there for our patients. We should be expanding into telehealth and I need every team member to help me do that and so we. Really went all important and supporting video visits and I'll probably June eighteen began redesigning the tire marketplace support virtual care, and so we actually released. Doctor Video Service and we made this available to. Any. Physician whether they are on soccer. for free. And by the way head, you plan to do this. How long would would I mean I'm imagining if you said in in February district I really want to focus on telehealth Would you have expected that by May would have been ready to go. Absolutely. Not I think what has been really fantastic to see is how? We really finished two years of roadmap in two months. Wow, and it's great because it's just gives us a window on what the next phase of doctor will be and really looking forward to that in my mind were the point were Amazon started from going. Books to also adding CDs. We have just gone from doing only in person to also A. Doing telehealth and I can't wait to see how this unfolds. It sounds like you. Might be reading between the lines but. You. Really, admire and respect your co-founders particularly. Cyrus and the work that he did to to build this company but I wonder if do you think that you will a I dunno, rekindle your friendship i. Is it something that is in the cards because a break is? Is Emotionally, it's hard Mesa really hard. Yeah, look I Do I think we'll work fourteen hours together again maybe not but you know I I've gotten through tougher breakups and reconciled in my past, and so I think we are we're in good shape and honestly know we are meeting were talking from time to time Yeah. We both have things to do and places to be so we're. Not, hanging out all the time. But it's now also five years ago So We are we're merch focused on making our join the baby successful. When you think about your journey and All Its happen to you how much do you think this has to do with? with luck and how much do you think it has to do with with the hard work you put in your your skills. Well I'm going look I I believe that there's really three ingredients to success. In order importance there are lock the talent, then hard work and. The only one. That's comedian. You control his how hard you work right and Now working hard to gives you more shots on goal It helps his day on the top of what you your talent allows and absolutely restarted at the right time the right place. So What what I'm proud of an all that journey has only that yet when we were wrong and when be had to revise and. When we needed the grit to actually make it work. I L we lived up to that and and that's really The all that anyone can ask themselves to. Oliver Karaz co-founder of Zach Braff by the way, remember how they originally wanted to call it physicians dot com or doctors dot. com. COULDN'T AFFORD THE MILLION DOLLAR PRICE TAG to buy the domain name. DOC DOT COM wasn't only available the price they paid for that domain name. Six Bucks. and. Thanks so much for listening to this show this week, you can subscribe wherever you get your podcasts. You could also write to us at H. I. T. at NPR DOT Org. If you want to send a tweet, it's at how I felt this or at Cairo's can also follow me on instagram that's at Guy Dot Roz. Our show was produced this week by Jet Anderson with music composed by Tina. Bluey. Thanks also to Julia Carney Candice Limb Neva grant and Jeff Rodgers I'm guy. Roz even listening to how I built this. This is NPR. Black voters play a crucial role for any Democrat who seeks to win the White House but some big devise amongst that block and some serious influence
Understanding How And Why Your Market Makes Decisions
"We all know that knowledge is power of course, data about Customer Habits and Consumer Habits is power as well more than ever. When we shift in business, it's key to understand how and why your market makes decisions. So Jonathan Silver he is the founder and CEO of affinity solutions. Now, affinity is the authoritative source for truth for news outlets not for profits research firms and businesses in the US and the only source for purchase insights that can be analyzed by demographic geographic lifestyle segment and political affiliation affinities mission is to. Transform data insights into experiences that improve people's lives. Jonathan I'm excited to have you here and talk to our Nice Guy. Community. Welcome to the show Ed. Great to meet you doug thanks for having me on I. AM happy that I'm happy to have you here and you know a guy that wrote a book called Nice Guys Finish First. I was completely attracted to the the data for good. So tell me a little bit about what data for good is and how that might affect those that might be listening to our show today. Sure so It's great to be on and I wanted to Start by saying a little bit more about sort of the vision of affinity solutions which for me, we've been running the business now for about Fifteen years, but we've had much more clarity of vision crystallize over the last year, which is. To. Use data to improve people's lives and You alluded to kind of what our business is about. But we have detail purchase behavior on about one hundred, million consumers ninety million in the US A- ten million in other countries. we have that data by the way because we run a kind of loyalty program, we dented that we provide to over three thousand banks the reward customers when shop at. We tell depot wallgreens. So data for good is an extension of the vision of. Using data to improve people's lives that we launched during the coronavirus. During this crisis and we we started by giving away some of our data to scientists to academics researchers. Some. Not for profits to help government agencies with policy making and it was Kinda shocking to me that government entities how much they fly blind. They don't have the information on how their towns cities. Counties are doing. Early and I was like well, their sales tax I mean why? Why wouldn't they get that quickly but apparently, even sales tax information takes a couple of months for a for them to get information. So data data for good was first about helping government policymakers by giving them the information they need to navigate their own decisions, but then it quickly expanded on to provide businesses visibility they need themselves to navigate this crisis and so. you know insights on. What customers are doing outside of businesses own four walls. That's been our mantra for for a long time that's always been important. But it's become absolutely critical during Cova. This sort of outside in view of consumer behavior has become essential especially now because you know during particularly in the march, April. But even even now, you know where there's been a hole punched in their own data that the businesses were looking at you know the purchases in their own stores. On. Their own websites because people just stop coming in coming in a lot less. So businesses have been flying completely blind kind of like A. analogy is like a fighter pilot flying between two Kanye walls that instrumentation So right now, we're delivering through partnerships with companies like Deloitte, accenture and bane and McKinsey weekly updates to businesses to help them navigate. We're also providing the press in our website affinity solutions, dot COM and weekly updates on what's happening in the economy to call it a business recovery scorecard. which looks at bellwether categories like. Grocery and and home delivery and. You know as people come out of their homes So it'll be interesting. You know that data, which is for the good of not for profit scientists. It's for the good of businesses for the good of consumers We're going to be looking very closely at how consumer behavior will change permanently. As a result of this crisis, we're seeing a lot more purchases on the web. So data for good is really about providing that level of insight to a broader community.
Women are perceived to become liabilities the moment they become mothers. And that's just not true
"You know I grew up in the Philippines. I had really strong female role models my mother my grandmothers. We had a female President Corazon Aquino when I was growing up and I grew up as an empowered girl you know part of the Ywca of Manila's one of their team leaders. When I was thirteen and a started organizing leadership conferences for girls when I was eighteen and then so when I left the Philippines to come to school I left Venus. This empowered girl and then I went to Mongolia College. Which is the first ever and oldest college for Women in America which has a strong tradition if educating female leaders that would change the world and right out of college and I was working at Goldman Sachs. I was sparked of launching the Investment Banking Women's Network for Goldman and so all of these experiences. Really you know allowed me to appreciate the importance of having strong female role models in women leaders all around. I think there's a surprising number of similarities. I also grew up with a very strong mother. Who set a wonderful example of how to work hard and achieve your dreams but also have a clear opinion and share that I also went to an all women's college so Wellesley and it was a really powerful example for me to see all the leadership roles filled by women because that was just the assumption. Why wouldn't the leadership refilled by a woman? I think couple of differences. I grew up in a lot of other countries. As well you came from the Philippines. I I grew up in China for three years in Japan in Ecuador and France and so seeing gender equality quite differently in all of those countries and comparing that to the United States was a real surprise for me it was it was so different from country to country in China for example. There's a saying that women hold up half the sky and that struck me as clearly women would would have half of the opportunities would be just as strong and through both school but then also work and now I have three young daughters six year old and almost four year old twin girls and so I care about gender equality even more But this has been with me from his as far as I can remember. We NEED TO ACCELERATE GENDER EQUALITY. So we can have it in your daughter's life exactly that quite a bit actually at the rate we're going. The whole world stands to benefit if women participate in the economy identically. Demand according to Quinlan's research at McKinsey it would boost the world's economy annually by twenty trillion dollars. That's the size of China and US economies combined. It's all countries align their gender equality efforts with the progress made by their most impressive neighbors. The world's economy could grow by eleven percent that's twelve trillion dollars. A remedy for inequality is a daunting task and it starts at home from the United States may seem like a developed nation but the United States for the last decade has been ranking in the twenties to thirties and the global gender gap report and so there is a lot of progress that needs to be achieved and one of these areas is an economic empowerment so the gender pay gap still persists here in the United States. The gap has narrowed since nineteen eighty. But it's been stable over the last fifteen years and as of last year on average women have earned only eighty five percent of what men earned and based on this estimate. This means it would take an extra thirty nine days of work for women to earn what men did. As of last year there is also the perception that this gender pay gap is imaginary. The latest survey shows that around half of the men believed that there is no gender pay gap so this is very much like half of the men are denying climate change. You know. It's the same principle of denying Ariel that exists which makes it even more problematic to solve when we think about the intersection of race and gender gap. It gets even worse with African American women getting paid the least on average a second area around economic empowerment for women as access to capital for women. Women receive less than ten percent of venture capital funding and ever ge US women are starting more and more companies access to capital is not as easy for women as it is for men. If you're a woman of color the probability that you'll get funding from a venture capitalist is less than one percent so there is a lot of work we need to do around economic empowerment women.
Analisa & Kweilin
"Has budged much over the last fifteen years. Globally women participate less in the workplace that men. They're more likely to work a low pay job and juggle their career with unpaid work as primary home caregivers. There are fewer women in politics and one in three women will experience domestic violence in her lifetime. Work needs to be done both internationally and at home and at least says and Queen Ellen groups are both trying to close the gap coiling is a senior partner at Mckinsey where she leads. Gender Equality Research. She advises Fortune Five. Hundred companies on how to improve WORKFORCE DIVERSITY. Annalisa is the CEO and founder of Women Spear a platform that boosts female leadership innovation and entrepreneurship. She serves as a commissioner of the women's Refugee Commission in this episode. The pair discussed why gender equality is not a zero sum game how we can encourage future. Generations of workers to champion women's empowerment and what companies can do to attract and maintain a diverse workplace. They are women. Dare you know I grew up in the Philippines. I had really strong female role models my mother my grandmothers. We had a female President Corazon Aquino when I was growing up and I grew up as an empowered girl you know part of the Ywca of Manila's one of their team leaders. When I was thirteen and a started organizing leadership conferences for girls when I was eighteen and then so when I left the Philippines to come to school I left Venus. This empowered girl and then I went to Mongolia College. Which is the first ever and oldest college for Women in America which has a strong tradition if educating female leaders that would change the world and right out of college and I was working at Goldman Sachs. I was sparked of launching the Investment Banking Women's Network for Goldman and so all of these experiences. Really you know allowed me to appreciate the importance of having strong female role models in women leaders all around. I think there's a surprising number of similarities. I also grew up with a very strong mother. Who set a wonderful example of how to work hard and achieve your dreams but also have a clear opinion and share that I also went to an all women's college so Wellesley and it was a really powerful example for me to see all the leadership roles filled by women because that was just the assumption. Why wouldn't the leadership refilled by a woman? I think couple of differences. I grew up in a lot of other countries. As well you came from the Philippines. I I grew up in China for three years in Japan in Ecuador and France and so seeing gender equality quite differently in all of those countries and comparing that to the United States was a real surprise for me it was it was so different from country to country in China for example. There's a saying that women hold up half the sky and that struck me as clearly women would would have half of the opportunities would be just as strong and through both school but then also work and now I have three young daughters six year old and almost four year old twin girls and so I care about gender equality even more But this has been with me from his as far as I can remember. We NEED TO ACCELERATE GENDER EQUALITY. So we can have it in your daughter's life exactly that quite a bit actually at the rate we're going.
Ian Freed - Bamboo Learning
"I am Co founder and CEO of bamboo learning and bamboo learning is a startup dedicated to developing voice. I applications in education Really aimed at Children Teens and their families And we actually have five products out already. that cover range of different topics From math to reading As well as history and music so Cited to be here with you on the podcast. We'll awesome thank you so much for joining me today. And the reason I wanted to bring you on I had heard you on Colin born podcast voicing startups. It was an excellent episode. Everybody should go check it out But in that episode You know as you were describing. Bamboo learning I kinda dawned on me that this was really interesting application that you were building in so I tweeted out You know. Keep an eye on bamboo learning because I think it's one of the most interesting You know basically applications that are being built within the Alexi ecosystem. So I wanted to have you on today on the podcast. Actually kind of flesh out why I think that is. I think there's four main reasons why So I kind of wanted to go one by one with you as to I think you you all are so interesting so the first is your background in your Co Founder. Arenas background in the way in which is combining together so rather than me steal your thunder. Can you share a little bit about you? Know your time at Amazon In how that led you to Bambu and then arena in her background in education in how the to have sort of mixed together to lead to bamboo learning Absolutely so I Have been running Bamboo for about two years and prior to that had a twelve year about twelve and a half year career Amazon. Most of the time I was leading a one or more different device businesses And the last of ice businesses that actually ran were echo and Alexa and Iran. That team from the very beginning of the idea. that Really the kernel of the idea came from a review with with Amazon Ceo Jeff Bezos and We started building A team developed to develop ECO and Alexa ray around Two thousand Ten or so and Started working on that Pretty early and from the very beginning Rethought of Alex as broad based computing platform. So that's No other things I did. At Amazon I led the Amazon kindle. Business the e book reader and Also the fire phone which maybe wasn't the best Amazon hardware product but it was a lot of fun and had quite a bit of innovation in it and a number of those engineers are An end product folks are working very successfully on everything from Alexa Fire TV. We actually also incubated fire TV within my team And I was pretty adamant that the voice interface for Fire TV was absolutely critical to the today My co-founder Irina fine As much as I've spent three decades in technology she spent the same amount of time In education including everything from being a teacher of elementary school kids and older students as well. She also trained teachers at at Hunter College And she's done research and curriculum design for many many years and also worked Both for A startup in In education content development that was eventually acquired by McGraw Hill and also spent some time as a consultant at McKinsey so she has a really strong background in education and And as well as just kind of curriculum and development etc We actually know each other because she used to work for me. In the early nineties I had a consulting firm in Russia and She was one of the first people I hired there. And one of these great employees that you hire Who whatever you give them in terms of Some additional work to do she did that. And you know was done in about a third of the time of most normal humans and so gave her more work etcetera so we Probably about a two and a half years ago we started talking about. Could we combine our expertise Both her deep knowledge On Education and education theory and practice and mine on devices and Echo and Alexa in particular and create a brand new company where we could build education applications And try to create these long-form experiences on Alexa that we've as far a we've been reasonably successful at doing through Through our bamboo products.
European stocks and U.S. equity futures tumble after grim coronavirus forecast
"Roger we gotta try sector of legendary investors coming out and warning the Clarion call for mal case Jeffrey Gundlach saying that the assumption of a V. shaped recoveries too optimistic he says that we haven't yet seen the bottom for the S. and P. five hundred oak trees Howard marks saying that the recent market Roddy's overly optimistic so he does see a pessimism among investors just waiting to rear its head and then we hear from Jim Rogers again who warns that we could see the worst band market off his lifetime in the next two years yeah and it's all driven of course by the numbers there because what we're hearing out of out of America that figure one of Donald trump's medical advisers saying could be two hundred and forty thousand Americans dying in this bill trump changing his tone as well something to look grim about this I'm sure that's what's driving investors to some extent because in the end that's what they need to grapple with yeah I mean are you wouldn't think that Jeff Gundlach Jim Rogers Howard marks have reacted necessary to the news but not like what I think that's certainly pointing to is the fact that the base case really among observers among the market does seem to have been so far for this V. shaped recovery in that we see a rebound in the second half of the year but will you stop assumption when this is a virus that we don't know how it could involve there's so many things that we don't know about the health crisis itself who's to say that could not be a double dip recession a depression the the lockdowns now could be lifted but then they'll have to be resumed again later in the year there's just so much for the market to factory in and I mean I've said on the show before I personally don't think that some of those worst case scenarios happen factored into equity or bond markets and that is something that good luck roaches I'm marks are pointing to and of course and the fact that the world and investing and markets could changing ways we just count imagine after this is all over and we do get out the other side yeah I don't think that I've really noticed actually overnight was was also this US consumer confidence figures because over the within the month Sir United Arab in talking about consumers being clicking in terms of driving what's going on the U. S. consumer being what's giving everything of the good times when they would be existed now it's fallen to its lowest level since mid twenty seventeen but it's still exceeding expectations that perhaps the U. S. consumer will keep things going that with those of headlines how to see how well McKinsey points out that forty percent of Americans would struggle if they had an extra four hundred dollars to pay and they have to find that cash from somewhere so that tells you something about the strain on consumers in general in the U. S. not to mention how much the global consumer is aimed in decades at the moment that said if we take a look at markets then on to move it forward off the west coast of equities since two thousand and eight we all starting in the Reds for April the stock six hundred down two percent right now as we take a look across regional equity benchmarks what you're seeing is the fifty one hundred down two point four percent of the dax down more than three percent the ibex inputs he made in the red as well U. S. futures also pointing to a lower open Dow S. and P. and nasdaq futures all down by at least two and a half percent the ten year treasury yield slipping almost six basis point sixty one handle we've got yield slipping in Europe as well after they moved high yesterday the ten year bond yield down almost four basis points negative fifty ten year gilt yields dropped four basis points we are seeing a little bit of dollar strength to kick off the month of April of the repo lifeline from the fed does the latest move from band aids that can ease some of the dollar liquidity strains I'm taking a look at oil it's been fluctuating a bit in today's session when I was seven tenths of a cent higher on WTI just above twenty dollars a barrel worst quarter since well ever is what we've just seen it for oil president trump talking about potentially having discussions with Saudi Arabia and Russia how much difference will that make him what you're seeing is Dimond
Jobs and Skills of the Future
"To get into today's core idea. I WANNA start off by referring to a two thousand fourteen questionnaire by the Pew Research Center so here. Some two thousand experts in the field of technology both those building the actual technologies and businesses as well as those who report on. It responded to questions about the impact of automation technologies so this was actually quite a high level questionnaire and some of the experts for the chief scientists of say for example SALESFORCE DOT com. There's also the vice president of Google. Even the principal researcher for Microsoft. So I wanted to refer to this questionnaire as I think it really highlights the goal of these last two episodes and the podcast as a whole so we can start off with The first group so forty eight percent of all the experts envisioned a future in which robots and digital agents have displaced significant numbers of both blue and white collar workers with many expressing concern that this will lead to vast increases in income inequality masses of people who are effectively unemployable and breakdowns in the social order. But on the other side of this the other half some fifty two percent expect that technology will not displace more jobs than it creates by at least twenty twenty five to be sure. This group anticipates that many jobs currently performed by humans will be substantially taken over by robots or digital agents by twenty twenty five but they have faith that human ingenuity will create new jobs industries and ways to make living just as has been doing since the dawn of the industrial revolution. But does this second group of experts have any lakes stand on so we know that through history jobs and the skills required for those jobs have been changing drastically due to the technological advancements bringing about large changes so you can think about the large changes that we as a species have gone through from hunter gatherers to use an agriculture to the first industrial revolution electrification computerization and the start of the Internet as well as today's fourth industrial revolution. So each of these epochs or eras are I think easily visualized having massively different jobs and tasks and of course the different skills attached to them but have these shifts created more or less jobs. I think that the answer is quite apparent but The net impact of new technologies on employment can really be seen as strongly positive and this is shown in a two thousand eleven. Study by Mackenzie's Paris office and they found that Looking at one of the main technologies that was Believed to destroy Significant amount of jobs the Internet had destroyed five hundred thousand jobs in France alone in the previous fifteen years but at the same time had created one point two million other jobs. This is a net addition of some seven hundred thousand or two point. Four jobs created for every single job destroyed so furthermore one third of new jobs created in United States. In the past twenty five years were types that did not exist or barely existed and these were in areas including It development hardware manufacturing APP creation and IT systems management so think that the argument is quite similar anywhere. You look and is really based on historical fact as mentioned during this podcast if you follow this historical perspective the future has new and emerging technologies constantly creating new jobs that humans will need to do. But what is predicted about how? Tomorrow's jobs and skills and how they look like so. There are dozens if not hundreds of reports out there looking at trends and predicting what these changes will be so I specifically looked at a number of reports ranging from two thousand fourteen till eight two thousand nineteen made by some of the big hitters like the McKinsey Global Institute the World Economic Forum the European Commission the Pew Research Center and others as always links will be in the show notes. If any of you want to look more into depth in these issues I will attempt to point out. The main issues presented with a focus on two ideas. What are going to be. The main new jobs of the future and to what specific skills will be required to perform them so new jobs related to the development maintenance and upgrading of AI. Or artificial intelligence as well as big data infrastructures are among those expected to grow. Significantly so digital technology can also enable new forms of entrepreneurial activity workers in small businesses and self employed occupations can benefit from higher income. Earning opportunities and this leads to a potential. New Category of knowledge enabled jobs becoming possible as machines imbed intelligence and knowledge that less skilled workers can then access with little training. So I've used this podcast even a number of times to illustrate a similar point for example I am putting together a monthly newsletter that I hope to have ready in a few weeks rather than having to design every single part of it online tools with prebuilt templates make the process significantly faster and allows someone without any design experience to produce something with a good level of quality or at least I hope granted this is a very simplistic example without any embedded intelligence but I hope it helps to illustrate the standing on the shoulder of giants picture. This future scenario is trying to push so one of the central themes that runs through many of these future. Job Scenarios is how much emotional intelligence and human to human interaction is in the changing environment so as the routine and Monday jobs are more and more done by automated systems. This will open up the opportunity to have more human interaction than we do today or at least this is what it's forecasted to be so cognizance feature of work reports have actually been quite interesting in this regard as they build this idea into a future scenario. Where over forty new jobs are imagined up to around twenty thirty so you can look at the show notes for links to the two reports. That will list all the jobs but some of the more interesting ones. I'll list right here. So the first one is something called an augmented reality journey. Builder and this future job is envisioned to collaborate with engineers to create the essential elements for customers to move through any sort of augmented reality experience. The second one here is the genetic diversity officer and they are envisioned to construct and encourage adherence to a company wide genetic equity policy that includes an kind of forces genetic diversity The third one is something called a data detective and they will uncover meaningful business answers and recommendations by investigating data through sensors devices and biometric monitors as well as other things that are used in organizations one of the last ones is smart home design manager and they will help customers design and integrate technologies into their smart homes of course. But then again with this increased digital connectivity there is also the increased hacking and security threats and thus positions around this are bound to increase in number as well as in type so one possible Position for seeing that I thought was quite interesting. Something called a juvenile cybercrime rehabilitation counselor and their jobs will be to help the convicted cybercriminals to redirect their online talents towards ethical behavior for the betterment of society. So I think it'll be really interesting to see whether any or all of these envisioned positions will be created over the next ten years. I'm pretty sure that very few people were able to guess the new kind of positions and jobs that are created through the internet or through Ai. So I'm happy to see that cognizant was able to creatively come up with some potential jobs of the future but this leads us to the next point regarding skills if we assume that new jobs are continually created but also significantly change. Do we currently have the skills needed to take on these new shifting roles so the OECD two thousand nineteen future of work report estimated that thirty two percent of all jobs will change significantly in the future though it was quite unspecified as a half that timeframe extends to McKinsey estimates that globally. Three hundred and seventy five million workers may need to switch occupations by twenty thirty but many adults do not seem to have the right skills for these changes. And they say that six out of ten adults lack basic. Ict skills or even have no computer experience which was quite shocking for me to hear. This is compounded with the fact that out of all jobs that are done in the OECD. Highly skilled jobs have increased by twenty five percent over the last twenty years. And this is further compounded by fact that the jobs that are most exposed to automation appear to be those that require relatively low levels of formal education those that do not involve relatively complex social interaction and those that involve routine manual tasks so the World Economic Forum actually highlighted a list of the top ten skills needed in twenty twenty as compared to twenty fifteen. So list will be fully available on the website but all Name a couple the more interesting ones here so these actually fit quite well in what was talked about above so A number one. There's complex problem solving followed by critical thinking and third being creativity. Then four five and six. I'll have to deal with interaction with people so you have people management followed by coordinating with others and the six one being emotional intelligence so I think this is kind of interesting especially in taken. In contrast to the top ten skills that were listed in two thousand fifteen although a number of them are still the same. There are some like active listening or quality control. Which don't even make it into twenty twenty at all and this is just an a five year period of time. Which I think is quite astonishing as you would need to be constantly learning in order to keep up with ever changing New Skills that are needed and I think this is a good segue into one of the last point of this podcast episode in that in all of these Studies and reports that went over for this episode. One of the main central ideas that is pushed forward is that a constant lifelong attempt at learning new skills. new ways of dealing with people is perhaps the most important thing as we go forward into this new and constantly shifting future so to sum up those jobs growing the most by twenty thirty appear to be those that require higher education intensive use of social and interactive skills and at least a basic knowledge of
Improving Patient Outcomes with Telehealth with Mike Baird, President at American Well
"Welcome come back to the outcomes rocket such a pleasure to have you tune in again. Today I have the privilege of hosting Michael Baird. He is the president of customer solutions at American American well prior to this Mike was co founder and CEO of Busia. He launched a visa in two thousand thirteen with the goal of improving access to telehealth by eliminating barriers to adoption for health systems and delivering on the triple aim of reducing cost expanding the reach and improving the quality of healthcare American. Well acquired a busy in two thousand eighteen expanding the capabilities of the American wealth platform in the acute space prior to American well. Mike held senior positions leading strategy marketing and product development teams in Tandberg Cisco McKinsey and Company and Dow in these roles might use his passion for technology to solve complex flex problems and delight customers. Mike holds a bachelor of science in Accounting Kumla from Brigham Young University and an M B a a degree with distinction from Northwestern University here in my hometown of Chicago so Mike With without any further. Do I wanna just welcome you the podcast. Thanks so much for joining us. Thanks so happy to be here. So what is it that got you into healthcare so most of my career has been in technology and not in healthcare and I had a moment in Oh it was probably twenty ten twenty eleven where I was working at Cisco and got involved in some of these early early telemedicine pilots using carts in the emergency department to treat patients quicker and I had this sort of revelation that you You know the guy that's been in technology for a long time. Everyone wants to be google before it was google right because by the time it's Google all the gains have happened. And it's you know a calm. Tom and technology and spread everywhere. But YOU WANNA be there before it's happened and I felt like wow. This is a technology that is going to absolutely transform lives and the way that we get care and from that point I felt like I had no choice but to jump in and that really it was almost that technology draw of awaits aged. Dramatically changed people's lives that pulled me into healthcare. And then once you're in you stay because you get the benefit not only working on fantastic technology but improving people's lives and that that one two punch that combination is unlike any industry. I've ever work then. Yeah I agree my. It's invigorating. The be able to have that that impact. And so you saw it you you look ahead. And it was a no-brainer for you. You jumped headfirst you in. Is that when we started a busia. Yeah eventually led to busiest so for a couple of years I I ran the healthcare collaboration teams within CISCO DOC building some of these products to serve hospitals and as it started to grow I felt like it was something that could grow a lot faster with a dedicated focus and and so kind of came to a a mutual understanding with Cisco and they actually helped and encouraged me to spin out my team and starts of Busia and that was the beginning of of my journey In twenty thirteen and sort of over the next five or six years we. We went from kind of a starting at zero to Being in thirteen hundred hospitals and you know doing hundreds of thousands of telemedicine cancelled and saving lives. And it was just an exhilarating journey. Yeah and I think that's the right word Mike and Gosh I mean just pause here for a second and say incredible work you know for the people listening to the podcast. They're they're knee. knee-deep neck deep in either trying to implement solutions as a provider or a solution provider wanting to help a health system or even just from the payer aspect but the scale that you guys achieved in such a little time is worth of recognition. What what was the secret sauce if there was one that help scale like that? Thank you for that. By the way It was probably naievety one of the great great things about transforming healthcare and not necessarily being a citizen of healthcare industry is. I didn't have any idea was the regulatory environment. It was like what the challenges were like how you know. The payment cycles go and healthcare and in many ways that lack of background with actually our greatest strength. Because we didn't know the things that couldn't be done so we sort of dove in and tried to figure it out in many respects. I think we've seen that another innovative companies. Even help care that win technologist kind of coincide with healthcare instead of how those collisions and come in. They don't come in with necessarily the burdens burdens or the background. And they help to regulatory which is which is very difficult and you have to learn it and I think the best companies come out of partnerships between and you know technologists and clinicians that can do both right because obviously you have to be in line with the regulatory environment and the payment environment and remember seeing them things of that nature. But you need the innovative kicks to get going and then a little bit of the the grounding reality comes from the clinical side but combined signed see great innovation and I think coming from either side. It'd probably wouldn't Hapoel. And it really is in partnership
Road to 2020: Pete Buttigieg
"Today our guest is someone that most of you all are familiar with. I'm assuming that is why you're here. he is a political for it is none other than mayor piece of the Democrat candidate in this twenty twenty presidential election. Let's give around the block. My thank you so much. I'm going to put this Mike Gallagher. US podcast Mike's okay Go all right. Oh okay so mayor. Thank you so much for being here today. One of the things I love to do with my podcast. This is just a good ice breaker. We are you scared you already got that law handling it is something called rapid round and so I know that you are a former McKinsey consultant. Which means you are very deliberate? You don't have much deliberative time. It is the rapid round though. So let's start here. The first one is Pete's pet pe- what is it who uh-huh grammar bed grammar emails. Instantly I relate I relate okay next one last song you listened to WHO Cigarettes like Iceland kind of techno band. Daddy's like sleep tracks anybody sir so basically the Abbot from Iceland. Yeah listen to that on. The plane was just kind of Zone. See that link. I might need that. I'm tired of this. That's how `Bout your favorite black American history you know history Your teeth and my question did you. Doug Frederick Douglass you haven't player named after NFL or Nah NFL okay. But I'm from south. Bend Ball we don't care about Provo you cannot you just have bonus areas back to your most coveted endorsement in this race is is these like gotTa stop and think of these kinds of can try that is is consult -dorsements. Okay okay okay. And then last time he cried I love to all the time this was on. Okay okay. Who Shot Ghost got nothing? My in turn gave me that when I got to be I about this favorite rapper I've been I don't know the favorite favorite I think chances they're kind of controversial I. Maybe I'm biased. Because I heard all that but for those Roseana down like chance we worried about you last time you best. Oh probably an hour ago. We're on broadcast here. I've got to behave. Compressing residents presidents apparently really like even cuss on twitter. Yeah well I wouldn't say. This is standard were aspiring to. I agree I agree I hear you went about. Do you know the black the reunion theme song. I don't recognize let's see. Let me see if I have any help in this. This room redesign do. I cannot get helping here when it was named before. I let go okay. This one part the more after this on the way that box corner okay but it is. y'All got it before I let go. What about hip hop rb RB? Okay age of your first heartbreak. These are not rapid. Fire there so in. This is my last one. This is the one I'm most fascinated with. You speak eight languages. Eight language are counting English. But that's the yoga seven. I don't have them eight languages. Can you say what's billing in each of these. I'm GonNa not yet. I'm going to name him in order bar. Okay Freeze Ski Mountain Shallow Norwegian Arabic J. Barry sorry Spanish Italian gamonal irritable on for good measures. Just do it. Your best was any. Bush was good all right so mayor. You Jess Eh past rapid round. I think that you paste the place. You just celebrating a birthday yes you actually give it up. He just celebrated liberated Brown. Can we get her birthday. was a birthday wish. Ways your birthday wish for this year. My birthday wish is that I will become the President United States. Give me one more. I want to have the right kind of a bill for the summer. I WanNa get me to less. Hold each other to okay. I've been running but I've been lifting. I gotta I gotTa Change Okay and I read somewhere that in addition to you being named after some pretty important folks in the Bible both Peter and Paul Aw booth edge means Lord of the poultry. That is so fascinating to me. My last name is Ri- The only two things in the food space or outlaw. Space that I got is brand and Whiskey I would much rather the poultry the chicken. I don't know if you had either forgiven checking or give up whiskey I would. I could live without chicken I really. I don't eat right. Whiskey that's
For Economy, Climate Risks Are No Longer Theoretical
"More if there are increasing calls from the private sector for corporate America to factor climate change into future business decisions a new research paper from McKinsey global institute says business leaders and the government can't ignore the mounting economic risks and is thinking about information systems and cyber risks have become integrated into corporate and public sector decision making climate change and its resulting risks also need to be critical in developing strategies McKinsey says trillions of dollars in economic activity and hundreds of millions of lives are
Who's the Champ?
"Bobby? A halt of the New York hot list is our first guest of two thousand twenty here on the gate now. The horse that won the Breeders Cup dirt bile beating Omaha beach is spun to run and he will be facing Omaha beach again in the Pegasus World Cup. The first major race of two thousand thousand twenty but maximum security will not be there and code of honor will not be there. Maximum security is waiting for Saudi Arabia. The world's richest race the Saudi Cup in February. It's very tempting to make this a political discussion. I'll only do it to the extent of saying with what's going on in the Middle East right now. How do you think that is going to impact whether trainers bring their horses over for the Saudi Cup and or the Dubai World Cup in March or maybe they take a look at that Pegasus again and say maybe we ought to just stay here that that's a very hard question to answer? Ah It's hard to understand how people feel I will say this. I am confident in saying that the people especially in Dubai. We're ruler of the country behind that I think they're going to bend over backwards to provide security and take care of the park I I would hope the same thing's going to happen in Saudi Arabia race and then just not become a outer tech or anyone but that is a question question that you just can't answer. I think it's very hard. It's an individual decision to a Lotta funny. I understand when people go play a lot of people who have no dog in the adviser to come up with answers of morally questions. And what they're gonNA do when not to you. Gary West was all set to run his voice Independence when it was nine nine billion dollar I. He was happy to take the fourbillion winter. Share the person. Just go to the Middle East but when you cut the first out of nowhere to three billion winter I'll get one point five billion something like that and you have just wants to you know once in a lifetime could easily win ten million dollars and probably turn around that month and win a twelve million dollar right I. It's hard because this is an expensive sport and as much as these people arrested of of money that goes into this so You understand it as of now. I haven't heard anyone saying they're going to change their mind about going. I'm sure people are a little bit nervous but I mean let's be frank. I think anytime you over. There is probably reason to be nervous. So it's just an individual decision and I wouldn't chastize anyone. Whatever they they decide because it feels like them? That's their call. It's not it. I make my own decision on my life. You make your own decision on your own life and I think that's the way it goes. Oh by the way. I think you're under selling the Saudi Cup. I believe the purses twenty million dollars. Well it's ten million the whip you get ten billion but it's it's one that that that's what I'm saying he gary West is looking at it. I will get sent. Don't get out of the home and billion dollars if I say in that term so you can when you look at it now. You basically have to win the Pakistan that in line with at one point I for share of the first compares to the ten million that he will win. Take home for winning the Saudi Cup where he will be the favorite and a one term mounting great definitely. I Dunno betting Saudi Arabia. But I know American pools. He's GonNa behavior and you running for stabbing tons of money. That's a pretty compelling nonetheless in the Pegasus World Cup you do have. Some horses is with some credentials including higher power. The Pacific Classic winner. We mentioned Omaha Beach. roadster for Bob Baffert is aiming toward the Pegasus. And you will be there. How do you see this first? Major race of the year shaping up that force right now in training maximum very doubt after that case to be made then Omaha Aubenas bunch of wrong especially violent eight might be the second and third bout with McKinsey right there with them so when you get fun to run and Omaha Beach I think he got a pretty darn good race. I mean it's interesting possibilities. Are the horses doing nominated at the box He's done. I'm very well. This is of course. A lot of people east might have remembered with Chad Brown Barrasso. And you know he was good you know. He got coming up. In the minor spot that West to John Adler Verona's ray thing all of a sudden. He's winning all these steaks and eat it. You can't east to Churchill even lost or any blocks. We'll see if he's going to be the ones that they decided to send into the race. It'd be a good one back wizar- people know this story. That fifteen thousand dollars who ran against maximum security and the world's most famous Amos. Sixteen Thousand Dollars Eight lamer and it'll be in there. I think it'll be a big competitive fourth. It doesn't I think have the superstar. One runner arrogate powerpoint chrome Omaha beaches in that category But it's interesting. It's good to get back into talking about racing and Bobby Hall. Nobody better to do it with so. Thank you so much barry. Thank you always chat that with you so when we come back here on the gate. The site of the world's first million dollar horse race is short on dollars and short on time time to secure them. Welcome back to win the gate in July of two two thousand. Nearly twenty years ago Churchill. Downs home of the Kentucky Derby purchased Arlington Park in Chicago for nearly seventy one million dollars. Arlington's owner Dick Duchossois had closed the track in one thousand nine hundred ninety eight and nine hundred ninety nine saying that he could not compete with other gambling businesses. The opened again in May may of two thousand presumably with the knowledge that a sale was coming at the time. Churchill was in something of an arms race against the stronach group. When it came to buying up tracts the idea was to create networks of tracks for simulcasting and cross promotion of races and Events in nineteen ninety nine Churchill bought calder race course in Miami and Hollywood Park in California and then bought fairgrounds in New Orleans in two thousand and four? This was meant to counter the STRANA group which began its buying spree in nineteen ninety eight with Santa Anita then they added Gulfstream Park in Florida. Both major Maryland tracks Laurel and PIMLICO as well as golden gate fields and Portland Meadows and Oregon stronach versus Churchill. Wasn't exactly the Cold War. But the battle lines had been drawn it it seemed that Churchill was the first to blink Churchill dumped Hollywood park like a hot potato in two thousand five just six years after buying it. Churchill said at the time that California has forsaken racing and its needs reports came from fairgrounds in two thousand thirteen that the turf course was too dangerous juris to race and that the track had been poorly maintained ever since the churchill purchase at the same time Churchill was trying any maneuvering possible to get out of its obligation obligation to operate racing at calder. Eventually the STRANA coned Gulfstream Park worked out a lease agreement to run the calder meet in October and November this year. Two Thousand Twenty is the final year of Churchill's obligation to lease the meat after which it may convert the track into a shipping logistics center. Or something like that.
Pete Buttigieg releases list of McKinsey clients
"Democratic presidential hopeful people to judge revealing his client list during his time at consulting firm McKinsey and company the south bend Indiana mayor worked at the firm for three years during which time his clients included government agencies like the department of defense EPA an energy department other clients were best by Blue Cross blue shield of Michigan and the national resources defense council but a judge says his work mostly amounted to research and
"mckinsey" Discussed on Pro Rata
"Faxes per Rodham where we think ten minutes to get smarter on the question of Tech Business and politics. I'm Dan for Mac today. Show investor's sound off on social responsibility and a fun fair. Well the first mayor Pete's Mackenzie problem so when people judge ended his run as an Oxford scholar and before he became a Navy lieutenant deployed to Afghanistan. He spent around three years working with global consulting assaulting firm McKinsey. So what do actually do with Mackenzie which advises both corporate and government clients well. We don't know because Buddha judge won't tell US do non compete heat agreements that all McKinsey consultant sign to protect both the confidentiality of firm information and of client information. Now the judge campaign has publicly asked McKinsey Kinsey to lift this restriction on his work but so far the firm has refused and some Buddha judges rivals and media. Critics are beginning to jump on this lack of transparency particularly in light of a new PROPUBLICA report the McKenzie's past work with the Department of Immigration and Customs Enforcement including money saving proposals such as cuts to food and and medical care for detainees. The bottom line here is that the increase in collision of private industry and public service creates inherent conflicts as we saw with past presidential candidacies of both Mitt Romney and Donald Trump. The question Africa judges. How or if he plans to resolve them in fifteen seconds? We'll go deeper with Pierce and national correspondent for the Times. I'm 's but first this axiom chief. Technology correspondent Dana Free chairs breaking news and analysis on the most consequential companies players players in tech from the valley to DC. Subscribe to get smarter faster at sign up dot axios DOT COM and now back to the podcast. We're joined now by pierce a national correspondent for the L. A.. Times so Matt let's start here. What if anything do? We know about the work Buddha. The judge actually did with McKinsey very few details. He said that in his memoir and a few public comments made he worked for some kind of Canadian Grocery Grocery Company working on pricing. He did some kind of work with finding efficiencies and delivering energy and also finally really he did some kind of work with economic development in Iraq and Afghanistan. That's pretty much. We don't know if there are other projects that he worked Dhabi. Don't know the names of the employers. Don't really know much at all about the actual work that he was doing met the immigration say these nondisclosure agreements. That people like judge sign at a place like McKinsey those as a fairly standard operating practice in that world right extremely common especially for Mckinsey which is noted for its its famous secrecy for a long time. That's something that binds you after you leave the company and you know I. I want to be clear that for a company like McKinsey These confidential Audi agreements. Allow it to do its business. You know you when you have consultants going to companies getting access to their data looking at proprietary information about the kind of business that they're doing so they have an interest in the clients have an interest. Can you know not having these consultants immediately. Run off to another company or competitor with that information and then using it to undermine their position in the marketplace so there is a legitimate. There's this argument for these kind of agreements. It seems like they're two sided. Right as you say there to protect from McKenzie's point of view there to protect Kinsey in its own trade secrets or whatever they WANNA call them and also so as you say client confidentiality. There are a lot of clients who don't particularly want it to be known consultant is in their shop because that suggests that they can't figure out how to do something on their own. Do we have any information. Asian to know if Mackenzie is going to put a judge's clients and basically trying to get their sign off on release because it would seem they would need both to do it. Correct we don't know McKinsey sort sort of fittingly did not respond to my questions about this story at the Buddha judge campaign says that they have requested that Mackenzie released list of Buddha judges clients at least so we don't know if the holdup is with McKinsey. We don't know if this with McKinsey's clients you know and to be honest on the word of the Buddha judge campaign so I I have not seen his employment agreement with McKenzie I. I don't know the exact breath or length of the terms that he signed and so even the very nature of the agreement itself is secret which makes it somewhat problematic when you're talking about someone who's running for president and so that's where you get into the area where this practice of using nondisclosure agreements in the private sector which has been proliferating in recent decades. Is You know colliding more. And more with the general public knowledge that we expect to have access to when someone's wants running for president. We want to be able to evaluate their background and the kind of professional work that they've done if you're the campaign and if we take them at their word that they do want this information released and again. I agree but put but that was skeptical. I but that's what they say right. Now what would be the downside if he just went out there and said these are the people I worked for. Yeah there was but I'm running for president now. The rules have changed. These were my clients clients. He could get sued could be heavy financial penalties for that that that also comes with risks for McKenzie. You know McKenzie dealing with a lot of reputational problems right now. How do work that? It's done with authority baring government's abroad China Saudi Arabia Turkey. This Week The New York Times and PROPUBLICA had explosive investigation about McKinsey's consulting consulting work with ice where they'd been hired to find efficiencies in The Nation's border enforcement agencies and involved proposals to cut costs for do things like food and medicine for for detainees and it was proposals that made you know even ice agents feel uncomfortable so for judge this is a coin has two besides which is you know if he was not involved in anything controversial at all and he was at Mckinsey then he has an interest in getting information out but if he releases information is that it turns out you know what if you know in these years of the great recession when he was working on grocery store pricing that he was involved in work that somehow involve trying to figure out how to cut petkoff or get around collective bargaining agreements. Or something that might make workers unhappy or you know my with a little bit. Unsavory Post Recession Post Occupy Wall Street. World those those political liabilities for him to and so he's stuck in the situation where he faced all sorts of grip therapist political and financial. Let me ask about one of his top rivals Elizabeth Warren so warren gets asked about this and then yesterday or the day before and she makes a comment about transparency but then quickly pivots to bridge closed door fundraisers. She doesn't specifically WANNA seem to get into the Mackenzie thing. Perhaps because she did lots as a lawyer corporate lawyer she did lots of work for big companies which could be scrutinized by the left from your perspective. Is Warren a little bit in a box. Wchs am Buddha judges and Mackenzie history a little bit. Yes and I would point out that. Lawyers have the form of non disclosure agreements in terms of client confidentiality. They're not allowed to do you know. Just disclose what kind of work that they were doing for a particular legal client just because they're running for president so there are certain risks there in terms of trying to hold hold Buddha judge to a standard of transparency. At you know may come back to her. You know this is the thing about information. The more that is known you know the more questions that it raises. It is and so good a judge's somewhat in this strange position where by the fact that we don't really know about what kind of work doing it precludes us from asking more detailed filled questions or being skeptical about the kind of work is done if it's something that might bother Democratic voters in particular but you know. Warren has some of those questions to the the past corporate work that she's done the difference with Warren is that you know. She's moved on out of these. Very Progressive Policy. Ideas Consumer Finance Protection Bureau. Judge doesn't quite have that record high so there might still be some room for warranted. Throw some elbows here in a way. That doesn't splash back on that final question for you. I'm GonNa ask you something that you have no reason to be able to guess. FM and ask the guest before caucus-goers show up to cast their ballots in Iowa. Will we know. More about Buddha judges McKinsey work I going to hazarded guests and say yes. There's been a lot of interest in the story this week and Mckinsey's a massive firm and it seems like stories about their. They are active. Keep on spilling out and again. That's a spiral you know. especially the story about is athletic activist groups to demand but adjudge return all of his donations from McKinsey. The employees he's the top recipient for McKinsey donations. And so I think that will continue to build public pressure in the sphere where it may push the jets to the point where he might be willing to risk breaking an NDA to talk about his work. You know if it's truly noncontroversial because at that point the consequences for him outweigh any potential lawsuit. That Mackenzie career may not file. I would say yes. We know. More Matt Pearce National Correspondent for the La Times. Check out his story today at L.. A. Times Dot Com. Thanks for joining us. My final two right after this there there is more news out there than ever before these days. It's harder than ever to find it and to know what to trust axios. AM takes the effort of getting smart by synthesizing the ten stories. That will drive Dr Today and telling you I. They matter subscribe at sign up dot axios DOT COM. Can now back to the podcast. Now it's done for my final two you and I are. Investors big institutional sorts of investors group of them was recently surveyed by corporate. PR FIRM FOR ITS REGULAR Trust. Barometer report and eighty four percents said that quote maximize shareholder returns can no longer be the primary goal of the corporation and quote. The report also found fifty two percent said they would put more trust in a company. COMPANIES LINKED EXECUTIVE COMPENSATION TO ES g goals that stands for environmental social and governance things like fighting climate.
How Reno, Nevada, turned its economy into a small powerhouse
"Berlin Wall came down thirty years ago tomorrow. As we've been reporting this week Germany opted to spend a fortune uniting the lagging lagging east with the more dynamic west. What if the United States opted to spend this kind of money nearly ten trillion dollars over thirty years adjusted for population size to unite the strongest strongest and weakest parts of the American economy McKinsey Global Institute this year analyzed which US counties towns and cities will thrive with more technology hitting the the economy and which areas will fall further behind without rethinking or new investment? Today let's get a snapshot from place that's turned itself into a bonafide technology hub in the space of ten years. It's the Reno sparks area in northwestern Nevada once known for a fading Casino Vibe. The region gained nearly fifteen thousand thousand jobs in just the last year. Hillary she is the mayor of Renault. Welcome thank you for having me now. You have land compared to the San Francisco Bay area. You got low rent. You've got three hundred twenty days of sunshine a year. I'd like to say that Reno just got lucky but give us a sense of the ways that you got the boom to come come to you. Well you have to remember. We were the highest in for closures and unemployment during the recession. So kind of hate to say it but really there was only one other way to go. And that's up but I think we really looked at our city really sort of played upon the things that were already here but were sort of not really being highlighted and some of that was arts and culture we have one of the biggest and best events called burning man which brings in seventy million dollars of economic impact so I reached out to them. We did a lot of soul searching with entrepreneurs small businesses businesses. Those things that we really feel that make a difference in Reno and could diversify our culture. So it's been pretty amazing. You know we really can provide a lot of qualities that you know other cities can't and also it's a great environment for companies to be able to grow and and expand here. Let's talk a little rough because not just about like the big Kahuna that they got about fifteen miles west of you. The Tesla Panasonic Battery Factory. That's going to open and next year. There's the Big Apple Facility. There's that giant data facility the biggest one in the world but me you got fourteen thousand eight eight hundred more jobs year over year in that region. I mean that is dramatic you must have done something about fostering and entrepreneurial what we call it ecosystem absolutely and. I think that that's critical. You really want to have that mentality of yes and a culture of yes and how do we get out there. And I think that that's really made a difference by opening up the doors to city hall and also bringing in residence and saying what do you WanNa see in your city. We surely there must be some local tensions though because although your rents are cheap compared to northern California southern California. They're going up. Because of the new businesses moving in law supply and demand and some people are going to find the rising rents a hardship. Sure I think you make make a great point you know. Every city is struggling with affordable housing and mental health issues and addiction issues. And those are all things. Is that cities that are certainly on the rise. have to deal with Because as you know you know housing doesn't pop up overnight and we've reached out to developers and said hey this is the time to build build now because we need housing now and remember in the recession. Many of those developers Were wiped out. Many of them went bankrupt. And we hope that initiative where we put some of those fees those development and building fees on the back end that. They don't have to go allow embargo as much money. So we're constantly working on different ways. that we can solve those issues that you know. They're very complex issues and that's just one little tool Hillary Chevy mayor of Reno Nevada. Thank you so much.
Part 3: Jeff Siegel, Ed DeRosa, James Scully
"Jeff Good Morning Good morning how you doing excellent and lots to digest. We've already talked to the J ribbon earlier this morning morning. I want to get your take on what went on about the racist we discussed last week including the the upset which I think is less shocking talking than people. The people are are feeling. It didn't seem upon further review that Mongolian groom was all that impossible well. He wants to me I mean I thought he'd run well but I I really I'd watch McKinsey working. I thought he was ready to roll. Oh and just looking at the form I thought that he would win and he he moved to the top of the stretch like he was going to pounce and then he kind of flat out and I I always had a little sense of doubt that maybe he wasn't quite amount of quarterhorse but this is only a mile and they and I was disappointed and I think Bob Baffert with two do I really was an he's made in announcement that he's going to replace my Smith with a writer that we don't know who's going to be. I'm sure all the the agents are kind of hanging around trying to throw their hat in the ring but yeah I mean I it was I mean it's it's just it's the nature of the game here. We've you see this happen a lot and perhaps the real the real important racist coming up a month from now but if you've you know food for thought as to whether or not the horse that we also at least I thought was the number one older horse in the country. is really that much better than everybody else and amount of quarter. I think it's anybody's game now fold in as well the the result at the Jockey Club Gold Cup and what did you think of the takedown and who do you favor of the two of them coming out west well. I'll tell you what that I I was kind of hoping that it didn't come down and even I thought the three year old is going to win the race going in and what am I ran well. I thought he I thought he had every chance to get by but it was a tough. It's tough to lose a race lightweight like way when push came to shove and unfortunately for her also did come to push he he hung in there I think both both of those are deserving the universal. I'd come already come out west a winner racer over the summer so we subtract and so they'll meet again it's I I. I was talking about this. The other day was Zoe on our podcast and we we were pretty much not baffled. I don't think that's the way but kind of open to in trying to figure out who might win the plastic doors so many possibilities now so many horses that look like they're capable title stepping up some of them that look good or maybe vulnerable so I duNNo. We'll be watching the next couple of three weeks to see who trains the best. Maybe maybe we can come up with a conclusion but right now now. It's really a mess we'll wait till they get the decisions. The final decisions horses like a late and late would add another wrinkle visit I think they're thinking mile and a quarter and the boys aren't that top much tougher for maybe the midnight DC would be if he ran against her again and and a mile an eighth in the in the the staff so that would that would certainly make an interesting well a couple of other thoughts jeff about last weekend the reasons we discussed filled D'Amato just a of magical a couple of days pee wee reese on Friday mirth and Cleopatra Strike in the Rodeo drive and the John Henry able to Geo Story. I keep coming back to it because what can you say and then Sunday Paradise Woods and I ask you the same question that I brought up up with Jay and I asked Sadler too Sadler Sheriff's the other day if she runs that race of the distaff she's she's a major major player and I know she's a notorious in and outer but I thought that was a terrific effort it was it was accomplished under under pristine conditions sitting right outside a speed horse with nobody all rounder nobody in front of her nobody beside her with kind of like a workout for but she did feel the deal as she finished strongly and she earned a beyer speed figure that was something like eight or nine points better than they were not that that means anything but bottom line is she ran really well now whether or not she can do that again I don't know if he pointed out not exactly your model of consistency and I thought maybe your best days were behind her but boy did she work well and I I I yeah I mean you have to go. You have to think that going into the dispatch. This definitely has a legitimate chance I mean if she decides to show up with a game the thing that we're going to start talking about Jeff when when when I'm at clockers corner and and we're watching horses work and when we analyzed the the XP TV workouts leading up to the race between you and Millie Ah Zoe is going to be fitness levels and the one thing you're not going to have to worry about John. The sheriff's Baffert and Sadler is is fitness of these horses on that racetrack and that's going to be a huge factor and I'm I'M GONNA keep referring to the east coast horses that went to del Elmar for the Pacific Classic and God drowned on that deep surface and Steve Asmussen asked me to his credit with with tenfold he learned his lesson and went out early with Mottola because he is not gonna get caught on that element he wants his horses. This is ready to travel over that surface and it's going to be something we we really focus on and then I'm sure in the recap you know after breeders Peter Scott. It's GONNA come up well down. Mars is eat but it's it's not it's not any deeper than in Santa Anita where this is not the old Santa Anita track backwards you know three quarters in eight and change all all day long I mean you have to be did fit to run on. This track is deep. You just tiring you you have to train over it. I think I think it really helps and yeah I think it's going to be very important to to to watch the works and I I do think it's going to be a great advantage for horses to get in early and get a beast of one or maybe even to work over the drag your possible because it's it's not it's it's tough. It's it's it. It's deeper than New York and Belmont Park is I'm convinced of that and I know Belmont to be called the fanny and all that but this track is is big heavy. I mean it's the faith it's safe and that's why they made it so deep but you've gotta get through it and you gotTa. That'd be fit well. Let's get set to look at the weekend and before we talk about Saturday any any day maker ideas for today well. You know it's yeah I mean I I did do a couple of San Anita and I can give the a little bit of an insight today's tough but I like the Philly name swirling in the fourth race she's not the favorite averaged five to two zero six two five in there she's a late running turf sprinter that that I that likes attending through force and they're starting to run five and a half now in the first we've got a couple now they extended the shootout there so she'd found five furlongs on this course a little stripe and she was hitting the boy and running well but just running out of room now she goes five and a half and I noticed in the few couple of five and a half long since we've had so far that the closers have a better chance and she's she's good enough to win. and I think that extra half for a long we'll give her the edge that she needs so I'm looking at number two swirling in the fourth race to kind of heightened me over for that's my play play today. It's an okay car not a great guard but I think we can we can get some value there because she's not going to be the favorite it's excellent all right swirling today and Let's let's go to the weekend and obviously the steak the steak side of things Let's talk about talk about the city of hope I because it it it really is intriguing and I brought up with Jay earlier. Jeff the mixing and matching of older horses. I mean really veteran in six seven eight year olds like synchrony and Ohio and Bolo and catapult facing off against some horses that may be emerging What's your angle in the studio? It's really hard. I handicap this this race and I came up with about four or five that on their best day could win. synchrony is intriguing to me I think he's intrinsically the best of the group but he doesn't have a lot of tactical speed and going a mile on this course even though he's running the tool aww theoretically he could maybe draft into the mid part of the mid packing and save the nangle out and get through he tends to give himself a lot to do and I remember when he came out here for the CBS del Mar last November. The same thing happened. Do that was sixteen. He fell back. He he had some traffic trouble he got. That's where we finished. Fuller Ronnie finished thirty one but but he didn't get there so I I like him at five to one at synchrony shipper I I hope he gets the trip. If he doesn't then you can make a case for a number of these. I mean looking for fifteen to one shot number four on your program. Aziz restrained vengeance. He's GonNa get loose in the lead and if he does that he can be dangerous. TAT upholds training really well but he's form doesn't look all that well you gotta go back to the Kilroy Mile Back in March the finding good but at least it was over this turf fourth and he could pop up Sadler. He's five to one the raises a bunch of the race basically is is a bunch. That's a five to one shots hoping for good luck but I think maybe if he gets through synchrony can win I wanted to I wanted to like River Boyne off the lay off and then John White made him four to one and that that cooled my ardor well you know I looked at him him and he was a very good three year old and he hasn't won at four and haven't made a lot of progress at least according to his numbers and he goes from practice and I'm looking elsewhere. Let's put it that way you know a to go back to an angle from last week as that in fact Jay also came up with and Dash the other filled D'Amato player and here's able to do who the things that just seem to be running for Jeff at at least from what we saw last week while they they ran for a golden gate when he was leading rider up there and I talked to them for a number of years actually we had horses up there and he he wrote for us always felt that he was good enough but he was kingpin up there era and then he decided to make the leap and I thought it might be tough for them but it really hasn't he's really falling favor with the with the horsemen down here and he's a strong writer but he's a good rider as far as and dishes concern. He's coming off a nice win. Del Mar.. He's obviously never beaten this this group although he did run second Mendelssohn and his racing debut of that matters which it doesn't that was way back in two thousand seventeen at the Curragh but but he's he's he's developing. He's he's coming around and the way the model is going. I mean I wouldn't put anything past him and especially in a race like this in which really there is no standout and anything can happen so hey why not wanting to watch a couple of other thoughts. what do you make of this chance Salat Omaha beach matchup the very very different set of three year olds against elders in the in the sprint championship wells twelve sheds lots four to five in the morning line because he's not only the fastest horse in the race in terms of numbers but he's also look controlling speed and he doesn't even have to go that fast my my concern was and it's kind of happened in the Jerkins a little bit then I know that the inside part of the wasn't particularly hit that day but they kinda slowdown down twenty three flat forty five and and he's fast horse and I think you gotta use his weapon and I think going three quarters. They don't have to worry too much about you. Know saving reading anything so I I would suspect he'll bust out there and go. He had a nice breeze over the track. I think Navarro did the right thing by bringing them out early and breezy had a half and forty. He's seven and one third fastest at sixty five last week and he lied did it. The right way looked like he was relaxed like he got over the track very very well so he's going to be it really hard for Omaha Beach the rundown although I my theory about Omaha beach is that he's always wanted to be a sprinter and because he was so good and all the money's going long long that Richard Mandella kept running them wrong and why wouldn't he won the rebel in the Arkansas Derby any may have even able to win the Kentucky Derby had come down with the trap Levada brought his only sprint race of his career only race of seven that he actually sprinted
"mckinsey" Discussed on The Majority Report with Sam Seder
"You know some basic necessary protections like you're in bankruptcy. You don't have to service your debt at the moment, but we'll have this oversight board will bring in McKinsey and will do you know, in fact, very vicious cuts, but are more kind of systemic slower way than what people like the freedom caucus were proposing all along the way you know, none of the real questions about the status of Puerto Rico democracy in Puerto Rico. And then, of course, what Trump you add, this dimension of. You know, playing to his own base in his own, just sort of, you know, utter disrespect for the Puerto Rican people, you know, throwing paper towels at them like he's shooting baskets, and so on. And that brings us to where we are. So what? Yeah, I mean, be in this piece you do a very good job. You're very fairly representing the McKenzie point man on the ground for this stuff and sort of his, you know, I will say, highly stereotypical kind of management, speak about innovation and all of these red red flag words. But you know what are they actually doing in terms of cuts? Like what does this behind all sort of jargon? What is this actually look like? I mean, it's, it's a it's a pretty thorough going complete revamping or, or her gutting depending on your point of view of it of, of the entire Puerto Rican, public sector. So. Let's start with, like the power authority prepa, which was. Gained a lot of notoriety after all this started because they were unable to restore power to the island for, you know, year, basically prepa is in the course of being privatized and, and sold off to private private entities. You know, there's say similar stuff is going on with other government parastatals. There's thoroughgoing cuts throughout the government and, and hundreds of schools are being closed now to be fair to McKinsey and to the oversight board, some of that the, the school closures were in the works prior even to process it. There's an there's an ongoing stomach problem with population loss in Puerto Rico, which led to many schools, being underpopulated. So there's maybe there's maybe. Actually an educational policy justification for doing it. But nonetheless, it's been you know, implemented in very painful way, that's caused a lot of controversy and, and, and the junta's has been sort of, like largely the to taking the blame for it. There's, you know there there's, you know, Puerto Rican pensioners, taking significant haircuts, sort of an average of about ten percent on their on their pensions. Which weren't that big to begin with you just go through, you know, and, and if you wanna really get into the weeds, which is actually where McKinsey operates they operate in the deep deep deep deep, deep impenetrable, you know, kind of numbers that, that, that, that are actually wear..
When Strength Becomes Weakness
"I do. Just wondering if you actually worked on your voice muscles. Yes. I do I do squats with my boys muscle in squadron. Michael Hartill is a chiropractic physician in Fort, Wayne, Indiana. He wasn't always strong when I was in high school. I could barely bench one thirty five. But for the last twenty years, he's basically been the hunk. He's won a national title in the bench press, his personal bests came in two thousand six how much did you let five hundred thirty five pounds, which is to forty two point five kilos. Oh my gosh. I mean, you basically benched a baby elephants. Yes, sir. Exactly. Powerlifters know something that many amateurs, don't you're at your strongest when you're well rounded than the gym. What you hate the most is you what you need the most and some people at the gym are a little lopsided. You might go into Jimmy look at someone and you see him from the waist up there. Very developed a got them big chest, big shoulders big packs and everything else. Then also you see they're skinny little toothpick legs. That's how easily a very undeveloped a person or a wrong person should develop the whole body at if you push that to the extreme is is there an injury risk. Oh much. Yeah. Very much. So do you think that this is not just the metaphor? But that it's true in our lives that the same way you can over develop one muscle, and you know, and underdeveloped another do you kinda see your job that way too? We all the time. I mean, you can see it in the academic role of natural role relationship wise that if you always focus on one part of it and not the whole global pitcher. You're gonna have issues if you're a powerlifter, you can't get stronger if you don't work on your weakest muscles. You've probably been told the same thing at work you have to fix your weaknesses. But it's a mistake to just focus on what's weakest great things can happen. If you have the chance to build on your strengths. I'm Adam grant, and this is work life my podcast with Ted. I'm an organizational psychologist a study how to make work not suck this show inviting myself inside the minds of some truly unusual people because they've mastered. Something I wish everyone knew about work today. Strengths at work how and when we're at our best. Thanks J P Morgan Chase for sponsoring this episode. When it's performance review time at work. How does the conversation usually go your boss probably says some version of? Yeah. You did a great job in this one task. But what we really need to talk about our your areas for improvement. Psychologists have found that for many of us bad tends to loom larger than good. So your boss tells you you have a weakness, and boom, that's all you can think about and this starts long before you have a job beginning very early in kindergarten all the way up through school and college and so forth, and then perpetuated in the workplace, Marcus Buckingham is an author and consultant and so for long time we taught that we should be zeroing in on all weaknesses in. Now. That's remediation remediation the idea that we can examine our weaknesses and take concrete steps to fix them. We live in a remedial world Ola punishment Donna, but we live. We're living in a remedial world. But remediation is really just a way to help people go from bad to average at a particular activity. You don't remediate you away to excellence? And in fact, if you're not really careful you get people's minds thinking much more about failure prevention than about soaring. No one has ever excelled because they stopped making grammatical errors in their writing Marcus started his career at the research firm Gallup, I love anything people that are really good at what they do. Like, my first job galette was on building an interview to select that housekeepers I want to go. Holy moly. Vacuum yourself out of a room every day, and you make a scene for the guests with the fluffy toys on the bed every day any job done an excellence is amazing to me. Burqas started to recognize that any job done an excellent wasn't because people spend all their time trying to repair their weaknesses. It was usually because someone was working from a natural or developed strength. A strength is more than a scaling technical proficiency like working with numbers or using a certain kind of tool, your strengths, are broader aptitudes you have or build for solving problems getting things done influencing people or developing relationships, Marcus played a major role in lodging an influential movement around y workplaces should emphasize strengths all messages to be you'll not broken. But you're not amazing yet and the for the question should be. How can you be amazing? Now, huge employers like Facebook and McKinsey call themselves strength space, the basic ideas that when we do something unusually, well, we should focus on learning to repeat it we should play to our strength and manage around our weaknesses in his research, Marcus found that one of the key signs of a great manager is a clear focus on recognizing and developing people strikes. But he's concerned that most of us don't get to use our strengths enough at work right now sixteen seventeen percent of people saying they have a chance to what they do best every day. We just finished this nineteen country study looking at that question around the world. It's that's not a big number in China at six percent.
The Inspirational Tech Startup Story Behind ClassDojo
"Podcast is proof that technology works best when it brings people together. An each day. We have a guest on myself sharing our experiences, and then I invite you to join the conversation listening all over the world. And for you to do the same and share your insights and your experiences. This is one of many reasons why I'm excited to get today's guests on which is I'm Chaudhry, and he's the co founder and CEO at class Dojo and game onto the podcast today. Because Klesko Joe's vision is to help every child on earth get the education that they live, and they think that the way to change education is not from the top down. But from the ground up by serving teachers children and families and making education happen every day. And this is the I really love class Dojo start as a communication apt to help them come together as a community and is beginning to help them get the educational experiences that they need for their children. Both a new from Acer great story, and you're gonna love this one so book elope and hold until I so I can be meal is all the way to San Francisco. So we can speak with Sam Chowdhury co founder and CEO of class Dojo. Massive. Well, welcome to the show. Sound kenny? Tell the listeners who and what you do. Yep. Hi, I'm sorry. I'm Sam the co founder and CEO Quattro. Joe? We think the consumer education company like Liam, and I British we moved to California little over seven years ago to start cost John we both had backgrounds in education. So I went to this funky school in my teams which encourage the teach was was learn. So I ended up teaching for like twenty hours a week. They might teams which is kind of a wild expense and then teaching off to college wasn't McKinsey in their education. Gluten London and make underneath them a bunch of stuff in most recently that they need. In in computer, science focused on technology in classrooms, and we met and we wanted to do more and education. So we ended up we have for new investors who wanted just sits back this and crossed educated emerged from them. And today there is a communication what connects teachers and children and families. It helps them share more often more postively about what's happening at school now home so anything can afraid and videos messages little bit supposed to feedback and that really helps to build a close knit community around the classroom education. Kind of business is an experience that is created by people working together. And so helping the people on the ground doing the work together better like a really important coal for and kind of that Sunday shift community now has been built in processes and homes like or unrolled actually one hundred eighteen countries. You know, these tens of millions of kids. And and that's exciting. We think that the real opportunity for us an division from these classes reading the to help likely charters get an education that they tell you mentioned a few moments ago that when you was at school they taught you have to teach as well. As learn how old we see says, he says fantastic angle. Yeah. It was pretty cool. I was this age like thirteen to to the end of school, actually. So the backstory that privacy that younger survey smooth school on this is in Wales and eighteen kids or something. And then the older, isn't it this next school that coaches to teach was about three thousand kids, and so really the real danger that kids just kind of get lost. And they ended up having Samedan system. When like they heard you to come in like lunchtimes after school that take over some of the core kind of curriculum process. And so we taught like small groups and big groups and are in grade level and younger grades. And then putting cool expense. I've recently glossy winds told fortune that seventy percent of sales come from word of mouth an organic connections. So while Grassi is shaping. The future of beauty by leveraging influences, it quickly struck me is class Dojo is doing exactly the same in education by leveraging teachers and families and is the world's most widely used communication app for pre K eight schools, but can you offer an overview
"mckinsey" Discussed on Stuff They Don't Want You To Know Audio
"Claims here's how the model worked. This is incredibly unethical. They would offer deliberately lower settlement to any policyholder files. A claim much lower than are actually entitled to according to what their insurance agreements if you accept the lower payment than boom, you're claims resolved lickety-split, if you say, hey, this says I'm supposed to have X amount of cash wedge, you give me why amount of money. They will say we have to. If you're denying the settlement. We have to process this claim, and that will be delayed and delayed and delayed forever. Until the policyholders are finally forced to accept the payment or just give up altogether. That's brutal. In addition to this guy named knob deep Aurora was convicted for illegally depleting state farm of over five hundred thousand dollars over a period of eight years in cahoots with the state, farm employees. So in addition to. Creating this model that says, hey, you're an insurance company. Don't do your job and try to bilk people out of it. And then pay us for telling you to do that certain employs. We're also stealing money from the company. In addition. God. No, thank you know. Thanks. They've also been Societa d- with pharmaceutical. I don't know if you call them scandals, but controversies there's a company called valiant Canadian pharmaceutical company that was investigated by the SEC they've been accused of cooking their books and of using predatory price hikes to boost growth. The financial times had an intriguing statement here. Matt they said Valiants downfall is not exactly McKenzie's fault. But it's fingerprints are everywhere cheese. Okay. I mean, what are you doing that three out of six of the senior executives were recent McKinsey employees, and the the chair of the talent and compensation committee was also an ex McKenzie. If feels it feels like MacKenzie has this like part-time upright citizens brigade gig where they go around the movie like the TV show, not the improv group where they're just wreaking havoc everywhere in chaos on purpose just to see what they can get away with. Yeah. It sounds like that we have to ask if we're just hearing about the bad cases that made it to court. We most certainly are shopping. That's without a doubt. But the bad cases are pretty pretty bad. And would the cases that are considered successful for the client and the company be considered successful? For other people or they publicized because this this kind of company can do multiple things. But one of the things that consultancy is often going to be associated with is quote, unquote. Streamlining. Fire the workforce pay the pay the upper level management more or give them a sweetheart golden parachute. Walkaway deal kind of thing and their competitors. Have also complained about unfair business practices. There was court case in two thousand eighteen MacKenzie went to court over allegations from competitors. That was purposely misleading or miss informing clients by not telling the whole truth, essentially, or as little of the truth is they could get away with because it wouldn't. It wouldn't disclose conflicts like conflicts of interest in through in this comes into play later. Right. So like if you or what's the best way to put it. Okay. Let's say that. I'm McKinsey group. And. You are a a creditor of finance year. And you hire me to bail out. Let's say no has a bankrupt headphone company. The headphone mill is in trouble. And it's bankrupt. Your in charge of how this bankruptcy happens. You go to me MacKenzie and say here's a couple mill. Here's a cool who few mil what's the best way to restructure this? How do we determine who gets paid? What? Then I say. All right. I've got the perfect plan. But I don't tell you that as you. And I were cracking this deal. I went through a different company and bought up a ton of this debt. So now what I'm doing is say, well, you gotta pay that head Inc. I know what I mean. And then so like, okay. Well, you really expert and soupy not been incorporated. I then on top of that cool..
"mckinsey" Discussed on Stuff They Don't Want You To Know Audio
"With the energy companies and the actual energy prices. And just all of these the way it's all interconnected, right? The way that sometimes to turn a larger profit we will have tankers of oil waiting just off the coast. Right. Yes. He's happy before all of them. I mean, that's, you know, during the depression, people were starving to death in urban areas, while farmers were just slaughtering, pigs wholesale, and then throwing milk in a creek in an attempt to raise the prices burn that we feel man, this is the point where a consultant would come in and say, hey, we can improve this workflow. Oh. Might be right. You know what? I mean. There's a reason that the consultancy industry exists if only the peaky blinders excuse me, the McKenzie group around back, then wait now. So in two thousand eight do you remember the financial crisis? Oh, oh, do I have a tattoo of it. Yeah. I really think that everything that happened. And there's that's crazy because the tattoo, and it's just nothing because nothing changed. Bleak. I love it. So mackenzie. Mackenzie gets accused of being a prime mover in the financial crisis, which will because they were allegedly promoting the securitization of mortgage assets and asking banks to fund their operations with a lot of debt, and according to their critics this led to a poisoning of the global financial system and created alternately that two thousand eight meltdown. There's a great article on this. There are several grade articles on this, but one that will mention the financial crisis little bit more detail is MacKenzie. How does it always get away with it by guy named Ben chew writing for the independent and? What what the eventually came out in the wash about this? Was something incredibly despicable that ties in with their activities with insurance so McKinsey and company sold major insurers at places like AllState, a new business model.
"mckinsey" Discussed on Stuff They Don't Want You To Know Audio
"We're back in how prescient yes, you are. Correct. My friend Enron. So Enron was the creation of guy named Jeff skilling. Jeff skilling was McKinsey consultant for twenty one years when Enron collapsed. He actually went to jail he did relatively rare for a lot of financial crimes MacKenzie reportedly fully endorsed the dubious accounting methods that caused the company to implode in two thousand and one and Enron reportedly used McKinsey for twenty different projects and. It became a situation. Where MacKenzie consultants would say, you know, Enron is kind of a sandbox for us. Let's just shake things up. Let's roll the dice make it interesting Vegas, baby. Yeah. Let's see what we can do. We can get away with does this make money if we just say this or we just do this. It's pretty brilliant. And if you've ever seen the documentary, it's called Enron, the smartest guys in the room. I would recommend it highly. Go check it out. If you get a chance find it somewhere. We have we done an Enron episode. I think I don't know if we have we've talked about it a lot. I think it's worth it. Like just taking this expanding it onto a whole episode. Just because there's there are a lot of details in here about the weirdness that occurred there, right? Okay. So. The high level quick and dirty. Look at this Enron was the largest bankruptcy reorganization in American history at its time. It was also called the biggest failure of an audit. The scandal went public in October two thousand one Enron was an energy company based in Houston, Texas, and it was formed in nineteen eighty five sear doing the whole episode right now, this is a whole episode vessel. But yes, I to hear the facts section. I feel well a lot of people went to jail. It had. Intil I think until WorldCom went bankrupt. The very next year Enron was the largest corporate bankruptcy in history. Because I think it was valued at sixty three point four billion dollars. And then all went kaput. Yeah. Just sean. So maybe we'll do an Enron episode. Yeah. There should be worth it. It might be dry a little bit. But I think we can pull some stuff out of there. Just from I in the insanity of our financial systems like as they work.
"mckinsey" Discussed on Stuff They Don't Want You To Know Audio
"It's about sending a message because what if they felt it was necessary to. Purposely cripple Eskom, which is an electric provider and Transnet which is the rail and pipeline from what they felt it was not only necessary to do that. But what if they felt they could do it? Well. You know what I mean? So there was an even higher level of the playing field that was going on. Yeah. What if I don't think they accidentally did this man, I at this level? It's a really tall milkshake to say that someone just consistently screwed the pooch multiple times at the perfect time to things terrible. You know what I mean? Yeah. So maybe that was part of it. But that's that's just one example. We could probably do a whole episode on that one. There's also the galleon insider trading scandal. This is where the different Gupta comes in. So there's a guy named Rajat Gupta. Who was a former McKinsey senior executive. He was running the ship. No relation again to the Gupta family in South Africa. And a guy named Neil Kumar. These two guys and smothers were convicted in a government investigation into insider trading for sharing inside information with a hedge fund owner, the owner of a hedge fund called galley and group a guy named Rosh Russia not room, although McKinsey itself, the company was not a queue. Of any wrongdoing. The convictions were incredibly embarrassing for the firm because it prides itself on not telling its clients business right on client, confidentiality Lee. There's a senior partner Neil Kamar who described or he has been described as the protege of Gupta. He he left. The firm after these allegations started servicing in two thousand nine and then he ended up pleading guilty in January two thousand ten and it's well, okay. So well, this guy and some of the other partners had been pitching mckinsey's like services their consulting services to this galleon group and Kumar in this Rosia rotten him fellow. They reached this. They reached a private consulting agreement which I'm interested in so just kind of behind closed doors. They reach an agreement that violated mckinsey's policies on confidentiality, which okay, again, we see them kind of maybe breaking there. Own rules a little bit. Yeah. Yeah. That's that's the if if they really are breaking the rules if they are breaking the are the rules. Just outward facing, I don't know. So in October of two thousand eleven Gupta was arrested by the F B I on criminal charges of sharing insider information from these confidential board meetings with Rosia rotten them Gupta was convicted in June of two thousand twelve on four counts of conspiracy and securities fraud, and then was acquitted on two counts. So did alternately get found guilty as some stuff and the big questions. Here are things like how will wear was McKinsey and company of this activity. Yeah, we're they somehow complicit where they was. He was he relying on the network in some to some degree, the answer's probably. Yes. Yeah. I would think so it's a weird great instruments, not gray. But it feels like a gray area here insider trading this idea that if you have these close connections between the company that is valued at a certain amount that you're betting on is going to increase in value. And then you're a hedge fund owner that is placing those values, and somehow you've got this consultancy group that perhaps touches both things. I don't know that it puts tremendous power in that third party in that that has that connection because if you want to you can pull those strings or you can threaten to pull those strings, I I don't know that. They just got caught. That's it. They got caught doing what what maybe they're kind of setup to do this the thing..
"mckinsey" Discussed on Stuff They Don't Want You To Know Audio
"Our sponsor was the McKenzie. This episode of stuff. They don't want. You to know is brought to you by the firm. Here's where it gets crazy. There's a net of nepotism, that's what we're describing much of the criticism concerning MacKenzie comes from the activities of its former employees. We we mentioned that they have noticeably significantly higher chance of becoming CEO's of very prestigious companies, but they do end up having their hands and a lot of pots their fingers in a lot of pies. And most of the time that you hear someone criticizing this organization. They're going to be talking about one of any number of scandals as we explore this to be absolutely fair. We have to point out that MacKenzie can make an argument where they say, well, this was happening because some member of our company or some group within our comes. To this. But the company overall did not know about this. We are unaware. Yeah. When you have all those tendrils fourteen thousand of them, or so you you it's hard to point the finger, especially if they're a consultant for somebody else. Right. And that that is a valid argument to make they'll also say that look we just advise these clients, we don't decide things for them. And while that is true. It is also true that. Since. For years MacKenzie is either been directly involved in or closely associated with a number of huge scandals. Reuters even described these incidents entire as in indicative of not a few bad apples, not a couple of unscrupulous people in the company, but instead as a culture of corruption so we can we can look through a few of these in. We'll we'll give. Let's give the the bare bones the one oh one. Because each of these subjects that were about to mention is each one is the tip of a much larger iceberg. Right. And then yeah, there's a lot going on under the water. Let's start with South Africa. Is that? Okay. Yeah. Talking about Eskom the power company that was kind of in dire straits at the time and Transnet as well. So the story starts with the Gupta family new relation to the former head of McKinsey a guy who also had the last him Gupta. Totally unrelated this Gupta. Family a wealthy Indian-born South African family who were best known for owning a business empire that spans computer equipment media mining and so on and it at close ties to Jacob Zuma during his presidency. Here's what happened. They found out the. Gupta. Family had strategically placed corrupt people in various parts of the South African government, and in if it's infrastructure and its utility sectors. And the idea is that MacKenzie was complicit in this corruption, and they were using their connection with his family to get consulting contracts from places like Eskom and Transnet these are state owned companies. And then they provided they worked with someone called trillion capital partners T R, I L L A N to provide like seventy five million dollars worth of services. And then trillion got a commission off that for facilitating the business, and then they were found. I don't want to say caught red-handed, but caught pink handed light red handed with in the midst of acts of bribery and corruption and payments to this capital partner, and eventually South Africa's government in early two thousand eighteen found that McKinsey and trillion had been involved in fraud theft, corruption and money laundering. So yes, so this is this is a big time financial crime, right? If if it's true and. The the like, okay McKinsey has hired legal teams to defend them surprise. They can afford a ton of lawyers. Right. I know that they when they were first getting in bed with a lot of these companies specifically with the Eskom one they were looking at a contract for like seven hundred million dollars for the firm to come in. And that's just one piece of it. We're working with the people that the Gupta family was involved with like the money that was was at stake. When I'm thinking about that connected up to their values about only doing things that they know they can do and own, you know, telling the client the truth all the time and all this stuff and not putting the money above everything else. This feels like maybe this was a slip up where the money was above everything else. Is it a thing where it's not about the money though?.
"mckinsey" Discussed on Stuff They Don't Want You To Know Audio
"Additionally, he is responsible for a corporate culture that continues by all reports today, you'll hear former McKinsey employees say things like they're only three great institutions remain in the world, the marines, the Catholic church and McKinsey and they're serious. Whoa. They believe it. Yeah. This kind of loyalty. Pervent loyalty and. Belief in the company is baked into every single employee. He also established a set of rules rules of engagement and rules of conduct unless was listed. These off consultants should put the interests of clients before McKenzie's revenues. That's a big change. At least if you're a corporation that is for profit. You're you're basically saying in a way the customer's always right in this situation. But in this case, the customer is your partner, and then he said, of course, omerta do not discuss client affairs, that makes sense absolutely Ilisu said tell the truth is UC, even if this means challenging the clients opinion. So let's say that you are working with a large beverage company, and they want to make a new kind of product that you know, as we. Z partner is just not gonna work then it's your job to instead of just taking their money. It's your job to tell them that this ranch dressing flavored sodas a terrible idea. But I'm going to stop you there. Yeah. That is one of the most disgusting things. I've heard in a while. It's also real thing. Oh god. It's a real thing. So did you do that? In the natural flavorings episode now, I was I went to visit our friends Lorne Anne over at saver. Yeah. To do an episode with them about ranch. Okay. So check that out. If you are if you are like forty percent of the American public a die hard fan of ranch forty percent. Wow. Can you believe that my son's in there? Yeah. No, neither I like my buttermilk in Manny separate. I'm kidding. I mean, that's what it was originally. Anyway, as you could check out that episode. Another example, let's say you're a McKinsey partner working for a strong man or dictator in Thorpe -tarian regime, and they say look the best way to subjugate this ethnic minority is to I don't know shoot them all and then you say, no the best way to subjugate this ethnic minority is to imprison all of them, but call them reeducation camps or summer camps. You know, we'll work on the phrasing. That's that's the stuff you're supposed to do as a McKinsey consultant. You're supposed to stick by what you think is the correct answer. Even if your clients some of whom may be quite dangerous people. We'll disagree with you. And then they said only perform work that is both Nestle. Sery- and that MacKenzie can do. Well. Okay. Only stuff that's necessary. I wonder why I wonder why that one is so important, but I guess that's the idea of we're only going to hourly show good work. So if we if we don't know that we can perform this task like to perfection that we're not even going to attempt it that way nothing ever dings, our reputation. Yeah. Yeah. It's there's some self preservation there. Right. And it makes sense. When you think about it, the the idea of only doing work that is necessary. Also also makes sense. It's a matter professionalism. You're not doing unneeded work, and then finding the client or giving them a fee for that. You know, what it means the difference between a good mechanic in an unscrupulous one. Yeah. Absolutely. Here's another rule that McKinsey set for it self. They only work with CEOs, and they only work with clients that the firm itself feels will follow the advice of the firm. So they're not they're not trying to get somebody in there. That's maybe just wealthy enough. But won't. Actually, heed their advice. The again, they're so selective with how they're viewed. I think we keep painting this picture here. And so far since what what was the year nineteen when he twenty-six it's it's just been working for yet. They keep a very very low profile. They did expand their their restriction on C owes to include CEO's of subsidiaries and divisions of larger companies wasn't that nice. Yes. So it's a it's a little bit of a bigger pool than it was originally. But the changes over the years have not fundamentally changed the rules of engagement or the core values of the company, and as you said Matt this has been a winning formula. There was a profile story on MacKenzie in nineteen Ninety-three and said McKinsey and company was quote, the most well known most secretive..
"mckinsey" Discussed on Woman Evolve with Sarah Jakes Roberts
"He's just amazing in MacKenzie. He wasn't playing, but God is so good that he just blessed her big toe with miracle and so- McKenzie's Laughlin around with her. Miracle be told only problem is doctor says she came play off after two weeks. Oh, now we got a problem. So she's been sitting Afrin p. e. little principal gone. Tell her you can have a friend come sit with you inside. So it's recess time. Yesterday, McKinsey is looking for friends to come sit with her. And I guess one thing led to another on the playground, a little boy came up to her. She told me they were clucking like a chicken and he tried to grab her arm and he was like trying to play fight her. And she said, I was trying to take it light on them, but then he got serious. She ends up pushing a boy down on the ground. He didn't hit his head. And so now MacKenzie is beaten up a little boy at school, and she needs to be rescued. So. Can someone help Kinsey beat up a little boy school. And her excuse was she was trying to take it light on him, choose trying to take a light on, but she actually ended up not taking that light on him. And so I got a call from the principal from McKenzie about her life and she's got a stat beating boys, amber Lawrence's while that escalated quickly didn't it? How do we go from getting this in this conversation? I'd be having with McKinsey like, how did we go from getting a friend on the play ground to you beating a little boy at like, you gotta break this thing down for me and let me tell you something I know is center because I've seen McKinsey with her fifteen year old brothers and one of her fifteen year old brothers teaches her had a box, which in hindsight, will probably have to pull back on that because MacKenzie like gets in a fighter stands in. It takes a little boy down and now I'm on the phone with the principal trying to act like the parent who so shot. You know, y'all know if you are parent, if you not apparent, maybe somebody's child and you know how your parents have to act act all shocked and surprised I home. If you believe that sounds like that is so much different than anything that I have ever experienced from her effort in my life. And that's what here I am on my vote in in my voice because you know, I got my woman evolved podcast voice, and then I have mine professional voice. I like to call it professional and I am really completely disappointed and shocked that she would ever exhibit this level of behavior certainly with all of the resources and and boundaries that we provided for her. She certainly knows that this is not the adequate way that she should be acting. So I'm trying to do all of that. No-one good. Well, when I hang up the phone and are going to have to talk. Okay. I just need to know, can we rescue her. Bam says she was definitely operating in her full healing. Now, that's a word she was. She was Brian says, this sounds like self defense to me. She but say, Brian, I'm almost which you, but she said she told me that everything was fun and games, and then he tried to flex on a little bit NC. None of this here. Here's wisn. I self defense, honestly is because MacKenzie should have been in office had McKinsey been in office. We would have never been in a fight with the little boy. We are not even a full month into school. Starting in here we are. I know I know the front desk, we're friends. We go to lunch together. They're are part of the woman evolved podcast because of MacKenzie and her life. First of all, they gotta let her stop calling me. Can I tell you that McKinsey will call me from the front office to let me know that her water bottle is empty. They let McKinsey call is anybody is this a new law because our isn't allowed to. Pick up the phone to call my parents until there wasn't earth quake, and I needed to be picked up. Denise is I don't think she needs to be rescued. She's gonna make her way out one way or the other..
"mckinsey" Discussed on Woman Evolve with Sarah Jakes Roberts
"When I walked into the laundry room and I see a solo Cup full of lotion and right beside as he some fruit and a spray bottle of perfume. And I knew instantly it was McKinsey and as McKinsey what's happening here, McKinsey wanted to make some smell good lotion. So she took all of my good expensive navy lotion, put it in Navia Cup and was beginning to experiment, and that's why she's not home schooled because I, I want her to make it to the other side and I'm not sure that she would make it if she lived with me, but a home school, the other two because we travel a lot and it's easier for us to get time in as a family when we can sometimes just hop on the road and go travel together as a family. So we get to spend time with the older kids on the. Road. And then when we're home, he gets to really get in time with McKinsey. Luckily, the school that she goes to, she only goes to school for like half a day on one day out of the week, and then she gets out really early the rest of the days of the week. So we're able to make sure that we get adequate time, but her mind, she needs to be constantly stimulated or she long have a constant rod on her life. Okay. Which brings me to my my I, I. In case you're listening for the first time. Rescue eve is part of the podcast where we take people who are making news in the headlines are in culture because of something they said or perhaps something they did, and instead of dragging them in a way that would suggest that they did not make the best decision we here at the woman evolved. Delegation believed that there's grace for everyone. And so we try to offer another perspective, a perspective that would allow for us to be a little bit more compassionate. When within that some of these stories, this first story is not making any news headlines or culture, but is making news in my life and I wanna share it with you. And that is very blessed MacKenzie who we just spoke about MacKenzie, MacKenzie, MacKenzie. I received a phone call last week before I started the podcast that MacKenzie Ed been injured. First of all, when they called me from school, they're like highs air my, hey, chat, how you doing? I'm good. Would you go for dinner and allied Lizama made me love what you make because that's how often I hear from them. Okay. So mckinsey's school calls me in there like I have McKinsey here. MacKenzie has fractured her tow. That's what McKinsey says. She is fractured her Togo and she she wants. She just wants you to know that and I say, okay, you know, like, what do you want me to do here? Do you want me to come pick her up? And she's like, no, United to come. Pick her a. We just wanted you to know that she thinks she's fractured her toe. I think, you know, maybe she'd been a little bit dramatic. I'm not sure. And I'm like, all right, fine. I said, well, listen, I, I'm not a school nurse, but I hear that you all have those from time to time. Do you have someone there who can provide a medical professional. Perspective on this injury that MacKenzie has the medical professional takes a look in there like, okay, it is a little bit swollen. So we're going to let her come home. So I let McKinsey come home. Now let me tell you what McKinsey, forgot MacKenzie. Now forget that if they send you home with an injury that you can't come back home or come back to the little playground or go back to school during your living, your best life until the doctor has seen you. So I took her to the doctor because if I'm gonna pull you out of school, it better be something on what you. I take doctor doctors, I put some ice on giver Motrin letter spray. Someone takes on his show, be fine, and you know, wait two weeks and she can then go back to p. e. so ago I could Deloitte doctor's note. Now MacKenzie has decided in the principal's office because she didn't got a doctor's note because her fracture to- k. so while this stores really taking longer than I expected. But here here it is any who so McKinsey has to sit in the principal's office. Well, of course, McKenzie's toe has been healed. Why? Because we serve a healer..
"mckinsey" Discussed on DataFramed
"Action for our listeners out there in a way final goal is really sinks lewin so fast now and all of us as they scientists you know if we're doing now what you're doing a year ago we are we are really really falling behind until michael for action and that's something that i try to do everyday continue to learn new things everyday keeping touch with a new software development keep in touch with new algorithm understand mathematics and just deployed because that's to me that's the biggest part about being day the scientists is this learning ham its location to do the main new areas hold the time and it's ready by the nice that we actually have to do that ourselves to stay relevant so they'll do the same thing over and over or keep lukin up for for for new tunities i couldn't agree more and i think the nato learning you things especially as you said in a field that's moving so quickly you also mentioned to learn some of the math as well which is incredibly important and also to not be so scared of of math because math can be overwhelming and otherwise so when you're when you're writing code lind bit by bit the basics of what you're what you're doing maybe try to reimplement a few of your favorite algorithms whatever they might be in terms of letting your things on may be biased but i think data camp is an incredible platform to to do that on i also think mckinsey has a lot of fantastic online resources as i said this interactive executives got to you've actually got a whole bunch of stuff commentary stuff released recently on the economics of i which i think would provide a wonderful counterpoint to people actually writing code as well so i think all of that is is really fantastic and we'll clue linked to a bunch of those resources in the show notes absolutely so taras thank you so much for joining me on the show it's been an absolute pleasure pleasure was mine thank you so much for inviting thanks for joining our conversation with taras carini we saw that the industries in which there is currently the highest demand for data science management consulting include those that deal with lots of consumer interactions for example retail telecom banking then those that need excellent risk management for example insurance and then those that deal with lots of data such as healthcare we also saw that to change an organization through data signs there are many steps and all of them are necessary if one is missing the change will likely file the steps are create a vision analytics have strong sea level support extract value early on from at least several use cases to process redesign and culture change and bill.
"mckinsey" Discussed on DataFramed
"Management consulting analytics businesses and data signs so you're a senior analytics manager at mckinsey and i want to know what that looks like on the ground but before we get there i'd like to know what your colleagues that you do yeah you know michael ix especially those that don't do themselves don't always have a better tier you most of them saying that i spent most of the wait time building models some land that i spend most away time talk declines but you know the truth is actually broader than that and i'm excited to get to that i'm wondering for the nontechnical people your colleagues what does building models main to them what did they think building models looks like yeah you know it's one of those sometimes scary sometimes bled books typo process where you know they see it as all bunch of random data from different clients systems coming in and the outcome comes out that hopefully tells them some insights into what rice performance of declines or what what they should advise clients too but for most not technical people most but not all the this process is not very very transparent yet and i smoked i think there's some sort of pump detection involves some sort of mathematics but they don't have a strong sense of what that my main exactly exactly but you know there's some people that do a lot of war even if they are not data scientists themselves and for them they actually know exactly what's going on they just don't ride the cold but it's actually impressive how well they understand the underline data sign and actually i think mccain does an incredible job and a lot of work in thinking about how to explain technical model building data signs analytic techniques to a broader audience i i saw recently there's a great interactive web bicycle nation you have quote an executives guide to i which really explains the nuts and bolts of what type of models are considered artificial intelligence these days no that's his correctional we we actually work on that and while one will expert from from from our team really drove development of most of the content content for the guide because we get this question all the time and in a we cannot use technical language to executives because they need to understand it at the same time we the to be factually accurate since like that even explaining what she earning deep learning yes in simple terms is very very important for us and i think it's actually letting portent more generally so that people can make decisions actually understand what they are trying to accomplish in they feel comfortable actually acting on yeah i like that and i liked the fact that a subtle overtone of what you just said then is that the machines don't necessarily make decisions yet i mean we do have certain types of learning algorithms rainforests learning in particular but the fact that when we're looking at predictive analytics we've got ai making predictions but then it's down an up to human responsibility to then make decisions and take action it's a great point does he gets well the kissing stone their stand is whole different is model prediction from the actual decision in weather prediction may say that you know customers likely to buy certain product if he if it's offered with certain discount or customers.
"mckinsey" Discussed on Sawbones: A Marital Tour of Misguided Medicine
"Class because if you're outside more you're you're freckles were more likely to show whereas if you were wealthy and could be inside all day the the harsh race yeah exactly exactly so you had to find a lot you had to find some sort of product to remove your freckles without hiding them with makeup and this is where we see things like dr mckinsey's improved harmless arsenic wafers i feel like the har putting horrible in the name of medicare is like especially you follow it directly with ours that feels a lot like me thinks off pretend much there's so much in this i love it there improved yes much better than the previous only mildly harmless where they previously dr mckinsey's harmful arsenic waivers hyper deadly now dr these improved harmless arsenic wafers that you could just you know rub on your skin and their boom freckles gone his people also it's harmless we've met before we're still using things like mercury and also carbolic acid great man you ain't freckles yeah to try to remove freckles obviously all these things could damage your sick damage your skin and make you make you quite ill just little dots all over your skin oh these their scars i did a terrible job we karbala gaza but at least they're not freckle freckles they got admit that the i thought it was interesting i found a no as to what what was the thought process people were trying to remove their freckles or cover their freckles everybody hated their freckles did doctors weigh in at all as to like why i'm sure people went and said why do i have these freckles as or something i could do medicine i could take a thing i could eat or stop doing to get rid of them and people did indeed do that and doctors did indeed have a theory as to why freckles happen so it's largely based on the theory of the four humors okay which we've talked about before right bile yellow bile and.
"mckinsey" Discussed on The Influencer Podcast
"Love your podcast so would love to kind of start there i know that she did it her way is really every source but from that you know a podcast has come about and then of course your summit so i would love if you could kinda share with this how you got started where did she did it her way kind of come about and what has it transitioned into now oh my goodness well thank you julie so much for having me on your show it's such a pleasure in an honor and it's so fun to be able to do different interviews and just really create the female empowerment and meet other women who are in the same space in we're all doing amazing things oh my gosh the first thing that comes to mind is i'm like do do we have twenty four hours to walk you through the story of how she did it her way came came about i mean in a nutshell i had actually quit my corporate job two years in so when i graduated college in two thousand ten i worked in corporate america had two different jobs working at target and wells fargo and i did that for two years and then in may of two thousand twelve i had an an opportunity to leave corporate america and go out of my own as a freelance consultant and it's kind of this niche that most people don't even know and even my parents till this day still at the time when i was doing the work didn't fully understand but if you can imagine take like accenture or mckinsey all of their consultants are let's say a w two and they go out and have these projects and things that they work on where in the freelance world in which i was doing i would go and network with these middleman companies that had clients and clients such as like at and t or j p morgan and i would then go work at jp morgan or at and t on behalf of this middleman consulting client and i started doing that i started doing sales training leadership development employee engagement and it was in two thousand fifteen january is when i learnt i launched the first podcast episode for sheet at her way at that time but the name she did it her way came to me years prior to that i just never did anything with it.
"mckinsey" Discussed on Wall Street Oasis
"You got it mackenzie and at bridgewater that allowed you to get this job i don't know if i would have been able to get this job right out of hp s where venture capital job in general unless i had really good inside connection i didn't know kelly before just kind of a cold reach out when i was new to l a and and looking to build my network this skills i think that made me qualified for this job i think there's two there's two elements i think there's the skills and then there's the branding there's no question that having the kinsey on the resume gets me to in the door and if not just in the door then also to the top of the pile and the reason for that is because of the various highly selective process that mackenzie runs you through that said i don't think mckinsey alone would have been enough for this job because kelly and his partner craig neither of them were the kinsey guys kelly did ucla but craig spent he was truman scholar and then spent most of his career in the army before going straight to entrepreneurship so i think mckinsey was enough to get me in the door but i think i really think of might have been bridgewater that made them trust who i was as a person because i think i think bridgewater while mackenzie would filter you for structured thinking and hard work and being able to.
"mckinsey" Discussed on Bloomberg Radio New York
"Jarrett aren't it's time now to check in on what's the markets are doing and we've got mike regan bloomberg stocks senator mike what are you talking about today what's going on well it's a it's a pretty could rebound in the market here pretty broadbased all of the eleven main sectors and the sp five hundred are higher i i would say it's still feels like a very twitchy market to me every once again going to be having their eyes glued to the nasdaq index is on and keeps down like one and a half percent yes yeah bad day yesterday i mean every every few days they're just seems to be this sort of spasm of selling in in tech stocks especially as big you know the quote unquote fang stocks us our look at the nasdaq pas a pretty much unchanged and the other iraq indexes off their highs of the day but are interesting strength in the leadership say i mean obviously nike is a big part of it are coming out with sales forecast in the mid to high single digits and saying it's teaming up with amazon and instagram as to be able to sell mikey products directly over those platforms also the the industrial companies your real old school manufacturers doing really well today not a lot of news on that sector but companies like our work warriner parker hannifin dover quirk fast and all united rentals all on the leaderboard of the sp five hundred up about two percent so people getting bullish today on indulge shrill stocks you know not a real clear catalyst as to why not a lot of callous to begin with on a day before we say is anyone here i mean anyone at all there were here yeah and by the way later on in the way you said that might at a lot of real enthusiasm later the program ready to be speaking with teams being yakha he senior partner at mckinsey and company talking about us manufacturing and path forward and how we might see a resurgence but that doesn't mean more jobs thank you so much mike reagan at lindbergh stocks editor and blogger at mlive go if.
"mckinsey" Discussed on The CSIS Podcast
"Trying to win them over to win them over to his way of thinking what is this way thinking and what we can changes is trying to make will many ways it's it's a program there was a workout through boston consulting group mckinsey it's about getting off a complete the oil centered economy and trying to create a more knowledge central economy the the salaries when trying to you this for quite some time they have been trying to diminish the level of subsidies they give to saudi citizens are trying to trim the the government workforce the problem the challenge in doing all this is that these economic inefficiencies of the consultancy them are not there for economic reasons their principally there for political reasons their principally there so that people large and small have a stake in sustaining the system and if you take that away i understand the positive economic consequences of diminishing subsidies of charging people market rates for fuel of no longer subsidizing all kinds of things that have been subsidised in saudi arabia of basically guaranteeing people jobs for life if they want them i understand the economic benefits walking away from what are the political consequences of walking away from that some people want to give the king and the crown prince the benefit the dow i think saudis are accustomed to being differential with already there educated to be differential with already but as paycheck shrink gin prices go up i think they're probably limits sin.