35 Burst results for "Mckinsey"
"mckinsey" Discussed on Crypto Camel Podcast
"They directly violate FCR a regulations as credit reporting agencies would be enabled to maintain indefinite records of any of the users financial information and transactions without the possibility of deletion. Now, I know this is a lot of information to process in this a lot of technical detail, but I'm just going to show you how we can rebut some of these broad regulations that are coming forward. And that we still do have a chance, and we're not ready to just accept it lying down. But I want to take a moment to just talk about the investment market as a whole. Right now, retail investors are down an average of 44% this year. The typical 60 40 portfolio is down 34% this year. It's worth performance in a hundred years. And as a result, there's been a lot of investments into alternatives. Basically, by some of the biggest players in finance, institutions are allocating 30 to 50% of their assets to alternatives. Retail investors are following suit. McKinsey projected the retail share has potential to more than double in the next three years. So what alternatives are they looking into? Well, not just crypto, Goldman names, precious metals, and fine art as a way to help protecting purchasing power. It has a correlation of less than .3 percent any other to any other major asset. Morgan Stanley reports that the average piece of fine art is selling
"mckinsey" Discussed on Bloomberg Radio New York
"Times. So or even more. So they're well compensated. They also can invest. There's an internal hedge fund called the McKinsey investment office, where they can make and put their money as well. So they're well paid, but as you said, a lot of people do leave McKinsey and go on to do other things. And many CEOs of Wall Street banks had to see Morgan Stanley is a former McKinsey consultant. Hey, well, come on back in, tell us about who you talk to, both of you, who you talk to to do some of this book. A lot of I'm assuming right, former McKinsey insiders. I'm glad you asked that question because every McKenzie consultant signs and non disclosure agreement. That's a tall mountain for us to climb. We don't have subpoena power. But let me tell you this, we kept digging and digging and by the end of it, we interviewed nearly a hundred. Current and former McKinsey consultants, which I think is astounding. And the reason we did that is because McKinsey hires by and large responsible idealistic people, the best at the schools where they recruit. And when you hire those kinds of people and they see a difference between what they were told when they were hired and the McKinsey's actions in the real world, they get unhappy. And fortunately, they were able to find our phone numbers and they called us. Walt, have you heard from more folks at McKinsey or formerly at McKenzie since the book came out? I would say in the last ten minutes, yes. Wow. From around the world. And at this point, what are we going to do with that? I don't know. But we're certainly collecting and if after discussing it with our editors, we decide there's more to be written. We will write. Our thanks to New York Times investigative reporters Walt booked Dan etch and Michael forsythe. Their book called when McKinsey comes to town, the hidden influence of the world's most powerful consulting firm, and it's out now. Still ahead on Bloomberg businessweek, why the world's biggest social media company is seeing its digital ad dollars squeeze
"mckinsey" Discussed on Bloomberg Radio New York
"With an alumni network of more than 34,000 working in just about every business sector out there in a 120 countries. Speaking of those alums, many, household names. I mean, Carol, we're talking people like Sheryl Sandberg, Chelsea Clinton, current CEOs all over, including at Citigroup, alphabet, and Morgan Stanley, McKinsey itself, though, a household name and it's a subject of a new book. It's called when McKinsey comes to town, the hidden influence of the world's most powerful consulting firm. The co authors are decorated New York Times investigative reporters, Walt bogdan, and Michael forsythe, our conversation began with Walt explaining how he managed to gather information about the ultra clandestine private firm. Well, when we started, we knew it would be a challenge because a McKenzie's entire business model is based on secrecy. Never disclose our client list, never dispose what they pay us. And they're hugely powerful. I mean, they have no accountability. And what we wanted to do was look at the secretive company, see what we could find And find out whether they're doing good things or bad things. That's what journalists do. That's true, right? That's what they're supposed to do. Walt, you did get a hold of that McKinsey client list, which they do hold near and dear. So what did it as you went through it? What did it reveal to you? I think we were most interested in the conflicts of interest that emerged from that list. These are conflicts of interest that would never have been known. What kind of conflicts I'm talking about? Well, advising the biggest pharmaceutical companies in the world at the same time that they're advising the Food and Drug Administration, that would seem to be a major problem. They were advising all the big cigarette companies at a time when they were advising the office of smoking and health or office of smoking. Within the FDA. So those are glaring examples that we would not have learned about until if we had not obtained that list. Walt, is there any type of work that McKinsey won't take? These days, I think they'll say yes. But I mean, I won't know until I see the proof. I mean, what they did and to their credit and let's see whether they carry through on it. After a lot of the exposes that were in the media, mostly in the times, they decided to change. They decided to screen their clients more carefully. And to monitor them, to do a better risk assessment, how well that's working, how thoroughly they are engaged in that new policy, I hate to use the cliche time will tell, but we'll tell. One thing I did want to share is that the Kinsey has actually put out a statement. And it's on their website. It's in the media section, and it says, quote, I recently published book fundamentally fundamentally misrepresents our firm in our work. The book also seeks to associate our firm with events like the 2008 financial crisis, a Major League Baseball cheating scandal, or safety incidents at a theme park that we simply had nothing to do with. Perhaps this is why the book contains more than a dozen disclaimers across these and other issues, acknowledging that our work did not cause or was not associated with the trend or event for which the authors criticize us. And I would love for maybe both of you to weigh in on this. Michael, why don't you take it first? So Mackenzie did put out that statement that they published the book. In the book, look at so many issues across the world. Where McKinsey has had a very big impact and in many cases very negative impact. South Africa, China, Saudi Arabia. Looking at the opioid crisis, their work with tobacco companies. There are so many instances where they did have a big impact. I don't think we ever would have written this book. If we didn't think McKinsey made a difference. And of course, there are many, many projects that Mackenzie, many things that we never hear about because they go fine and they do plenty of good work as well. But while often likes to say, you know, as journalists, we don't write about the aircraft that safely take off and land. We write about the crashes. And the fact is that it McKinsey, there are so many airplane crashes, so to speak. And that's what we've compiled in the book. It's more than just a one off incident. Hey, Michael, what did you guys find about the company's financials and I think a lot of people hear about, you know, at least in my experience, I've learned about and hear about the consultants who spend four or 5 days on the road working on secretive projects and traveling to different places for a year at a time, for example. And maybe doing that for a few years and then they get into their 30s and they go off and they do something else. And you know, potentially become the CEO of a different company. What about the partners who stay there and how is their wealth tied to these projects? So they're very well paid. Maybe not as well paid as a private equity partner or a hedge fund manager or the CEO of a bank and Wall Street. But we're talking millions of dollars. It's going to be $4 million for our senior partners at times. So or even more. So they're well compensated. And they also can invest. There's an internal hedge fund called the McKinsey investment office, where they can make and put their money as well. So they're well paid, but as you said, a lot of people do leave McKinsey and go on to do other things. And many CEOs of Wall Street banks have to see Morgan Stanley is a former McKinsey consultant. Hey, well, come on back in. Tell us about who you talk to, both of you, who you talk to to do some of this book. A lot of I'm assuming right, former McKinsey insiders. I'm glad you asked that question because every Mackenzie consultant signs and not disclosure agreement. That's a tall mountain for us to climb. We don't have subpoena power. But let me tell you this, we kept digging and digging and by the end of it, we interviewed nearly a hundred. Current and former McKinsey consultants, which I think is astounding. And the reason we did that is because McKinsey hires by and large responsible idealistic people, the best at the schools where they recruit. And when you hire those kinds of people and they see a difference between what they were told when they were hired and Mackenzie's actions in the real world, they get unhappy. And fortunately, they were able to find our phone numbers and they called us. Walt, have you heard from more folks at McKinsey or formerly at McKinsey since the book came out? I would say in the last ten minutes, yes. Wow. From around the world. And at this point, what are we going to do with that? I don't know. But we're certainly collecting and if after discussing it with our editors, we decide there's more to be written. We will write. Our thanks to New York Times investigative reporters, Walt booked Dan and Michael forsythe. Their book called when McKinsey comes to town. The hidden influence of the world's most powerful consulting firm, and it's out now. Still ahead on Bloomberg businessweek, why the world's biggest social media company is seeing its digital ad
"mckinsey" Discussed on Bloomberg Radio New York
"With an alumni network of more than 34,000 working in just about every business sector out there in a 120 countries. Speaking of those alums, many, household names. I mean, Carol, we're talking people like Sheryl Sandberg, Chelsea Clinton, current CEOs all over, including at Citigroup, alphabet, and Morgan Stanley, McKinsey itself, though, a household name and it's a subject of a new book. It's called when McKinsey comes to town, the hidden influence of the world's most powerful consulting firm. The co authors are decorated New York Times investigative reporters, Walt bogdan, and Michael forsythe, our conversation began with Walt explaining how he managed to gather information about the ultra clandestine private firm. Well, when we started, we knew it would be a challenge because a McKenzie's entire business model is based on secrecy. Never disclose our client list, never dispose what they pay us. And they're hugely powerful. I mean, they have no accountability. And what we wanted to do was look at the secretive company, see what we could find. And find out whether they're doing good things or bad things. That's what journalists do. That's true, right? That's what they're supposed to do. Walt, you did get a hold of that McKinsey client list, which they do hold near and dear. So what did it as you went through it? What did it reveal to you? I think we were most interested in the conflicts of interest that emerged from that list. These are conflicts of interest that would never have been known. What kind of conflicts I'm talking about? Well, advising the biggest pharmaceutical companies in the world at the same time that they're advising the Food and Drug Administration, that would seem to be a major problem. They were advising all the big cigarette companies at a time when they were advising the office of smoking and health or office of smoking. Within the FDA. So those are glaring examples that we would not have learned about until if we had not obtained that list. While was there any type of work that McKinsey won't take? These days, I think they'll say yes. But I mean, I won't know until I see the proof. I mean, what they did and to their credit and let's see whether they carry through on it. After a lot of the exposes that were in the media, mostly in the times, they decided to change. They decided to screen their clients more carefully. And to monitor them, to do a better risk assessment, how well that's working, how thoroughly they are engaged in that new policy. I hate to use the cliche time hotel, but we'll tell. One thing I did want to share is that McKinsey has actually put out a statement. And it's on their website. It's in the media section. And it says, quote, a recently published book fundamentally fundamentally misrepresents our firm in our work. The book also seeks to associate our firm with events like the 2008 financial crisis, a Major League Baseball cheating scandal, or safety incidents at a theme park that we simply had nothing to do with. Perhaps this is why the book contains more than a dozen disclaimers across these and other issues, acknowledging that our work did not cause or was not associated with the trend or vent for which the authors criticize us. And I would love for maybe both of you to weigh in on this. Michael, why don't you take it first? So Mackenzie did put out that statement that they published the book. In the book, look at so many issues across the world. Where McKinsey has had a very big impact in many cases, very negative impact. South Africa, China, Saudi Arabia. Looking at the opioid crisis, their work with tobacco companies. There are so many instances where they did have a big impact. I don't think we ever would have written this book if we didn't think McKinsey made a difference. And of course, there are many, many projects that Mackenzie, many things that we never hear about because they go fine and they do plenty of good work as well. But while often likes to say, you know, as journalists, we don't write about the aircraft that safely take off and land. We write about the crashes. And the fact is that it McKinsey, there are so many airplane crashes, so to speak. And that's what we've compiled in the book. It's more than just a one off incident. Hey, Michael, what did you guys find about the company's financials? And I think a lot of people hear about, you know, at least in my experience, I've learned about and hear about the consultants who spend four or 5 days on the road working on secretive projects and traveling to different places for a year at a time, for example. And maybe doing that for a few years and then they get into their 30s and they go off and they do something else. And you know, potentially become a CEO of a different company. What about the partners who stay there and how is their wealth tied to these projects? So they're very well paid. Maybe not as well paid as a private equity partner or a hedge fund manager or the CEO of a bank and Wall Street. But we're talking millions of dollars. It's going to be $4 million for our senior partners at times. So or even more. So they're well compensated. And they also can invest. There's an internal hedge fund called the McKinsey investment office, where they can make and put their money as well. So they're well paid, but as you said, a lot of people do leave McKinsey and go on to do other things. And many CEOs of Wall Street banks have to see Morgan Stanley is a former McKinsey consultant. Hey, well, come on back in. Tell us about who you talk to, both of you, who you talk to to do some of this book A lot of I'm assuming right, former McKinsey insiders. I'm glad you asked that question because every McKinsey consultant signs a non disclosure agreement. That's a tall mountain for us to climb. We don't have subpoena power. But let me tell you this, we kept digging and digging and by the end of it, we interviewed nearly a hundred. Current and former McKinsey consultants, which I think is astounding. And the reason we did that is because McKinsey hires by and large responsible idealistic people, the best at the schools where they recruit. And when you hire those kinds of people and they see a difference between what they were told when they were hired and Mackenzie's actions in the real world, they get unhappy. And fortunately, they were able to find our phone numbers and they called us. Walt, have you heard from more folks at McKinsey or formerly at McKinsey since the book came out? I would say in the last ten minutes, yes. Wow. From around the world. And at this point, what are we going to do with that? I don't know. But we're certainly collecting and if after discussing it with our editors, we decide there's more to be written. We will
"mckinsey" Discussed on Telecom Reseller
"Interesting you brought up the 1415 and 16 cycles because I sort of recall partners, you guys started talking about this, but partners definitely seem to be really attached to this more traditional system. And they kind of enjoyed having that infusion of cash. Big payday when they sold a profit. Yes. And you're right in a matter of fact, I came to I came again source three years ago, right? Before the pandemic, and even then, vars were more hesitant because of everything you talked about because of the business models they were more hesitant to move to this hybrid environment. Right. And lo and behold, the pandemic hits the week of whatever it was, march 17th, I think it was for scan source when we moved to remote work. And when it hit something changed and there's a there's a powerful study that McKinsey came out with in March of 2020. And in that study, there was a quote where they talked about the fact that we have left forward in our adoption, both consumer and business adoption of digital technologies and digital transformation. We've left forward 5 years in our adoption in just 8 weeks. And that's exactly it's such a powerful quote because that's exactly what we saw. Var uptake really accelerated because they recognize that their customers who are moving remote due to speed and agility were moving to the cloud. And they didn't want to they didn't want to get caught flat footed with only an on prem solution. And as a result, they started making the migration to both on prem hybrid and cloud solutions. For the companies that have done this migration and went forward with it, was it a smooth thing? What does it look like? How does this roll out? It absolutely is different models. I mean, you're moving from get paid upfront to all of a sudden getting paid radically. Getting paid period of time, you're moving from an environment where you're selling and installing hardware to all of a sudden selling connectivity and cloud services, which might not actually the billing might not start for 6 months. You're putting all this effort in upfront. And so what we found is and maybe you heard it today during a lot of the use case examples from our customers is they start small. Instead of putting all their eggs in this new recurring subscription cloud environment, they break off a piece. They begin deciding what the tangents tangential technologies are that they are expert in and they begin having those discussions with customers, but they do it with the backing of scans. They do it with the backing of our education enablement and our technical resources that help them get over that hump and get them through maybe the first sale. We also help in with some of our financial
Reyes, Hoerner help Cubs beat Blue Jays 7-5, avoid sweep
"Zach McKinsey had two hits and friendville Reyes belted a solo home run as the Chicago Cubs down the Blue Jays 7 5 at roger center McKinsey's triple part of a three run four hit third off starter and losing pitcher Mitch white while reya's 13th home run of the season came off white in the 5th The first to about he drove me a lot of sliders away But you can notice that the second page was middle in Toronto got a three run home run from Alejandro Kirk and a two run shot from Kevin BGO and will Rodriguez one and out of the pen while Rowan wick picked up his 9th save John leathery to run
"mckinsey" Discussed on AdExchanger Talks
"And there is a question of, you know, how big and with which formats, but I think that would be if not next is sort of already happening. And then the other the other one that's a fast follower, if you look at it through one lens, or maybe an early mover would be the affiliate commerce with publishers. You know, I still remember an often hearkened back to Jonah peretti's 9 boxes. Memo that he wrote and published about BuzzFeed and this was I think 2017 and talking about affiliate commerce as a huge pillar that needed to be mastered in order for BuzzFeed to reach profitability. And so not every publisher is going to be successful with this. But every publisher needs to have a strategy for commerce and affiliate is just part of that. Yeah, BuzzFeed has been challenged, but I think they're right, that this is an important pillar or box. But it's not, it's definitely not easy. The vision doesn't always match reality or consumer need. So yeah, publishers have it difficult, I think. They do. And that appears to be one of the long, the longest trends in this digital transformation of advertising is publishers struggling to navigate it. I find it so amusing, there was a point in time a few years ago where if we described a company that was totally an ad network, though, like as an ad network, we would get annoyed email. Like, we're not an ad network. No one wanted to be an ad network and now everyone is an ad network. And everything as Eric sulfur has pointed out is basically an ad network. He has this funny thing where like any time anyone rolls something out, Marriott, or yeah, like
"mckinsey" Discussed on AdExchanger Talks
"A lot within the our team that the firm. And so retail media we see is sort of the first domino to fall. Arguably, right? Because I would say as we get into this, there may be some things that have moved faster. But it's sort of a harbinger of the commerce media trend. And so retailers are creating these high margin rapid growth media businesses that in a lot of ways are replacing the profits that they're losing in the shift of their businesses from brick and mortar to ecommerce. But commerce media is much broader. And so if I contrast retail media as your Walmart connects, your Walgreens audience groups, commerce media, first of all, it includes non retail offerings. Like the ad networks for someone like a DoorDash or a TripAdvisor. It also includes publishers who have sort of renewed quite successfully in a lot of cases. Their efforts in affiliate commerce. So think New York Times and wire cutter. And I would say it also includes a variety of tech and media offerings that are sort of exploding within the space that are enabling commerce sites to become content destinations. So I think about shoppable video and a company like firework, for example. So I think we're just seeing the beginning here of this marriage between media and commerce. And it's been predicted for a while, but it's starting to come together, I think. And retail, as we said, is just the beginning. So if retail media is the first domino to fall, what's the next domino that's falling in the sort of overall evolution toward
"mckinsey" Discussed on Wisdom From The Top
"They've got fears they've got health issues and their family there and they want to feel good about their leader. That was something I had to work on, having been a strong analytical person. It McKinsey. And, you know, there's no successful company without a successful culture. And culture is all about how people feel about commitment to the organization. Is the organization committed to them? Is the Ulta the organization respect them? Does the organization treat them as individuals and with who owe an understanding of what's going on and so it was awakening to me about how important it is for a company to have a culture where people feel on the one hand safe, but on the other hand, happy to take risk. And taking risk depends on you feeling comfortable with your leaders. And so, yeah, that was the start of my almost preoccupation with the importance of culture
"mckinsey" Discussed on DNA Today
"And that's really how my mom advised me to live my life is to just be yourself and follow the beat of your own drummer and be knowing of who you are. You can grow in yourself and grow and who you are, but know who you are and don't be afraid to be, you know, standing apart from the crowd in that regard. And so I really love that about brick. And then as the years went by, I was the one who really filled in everything from the whooping to the specifics of his mannerisms to loving flat foot dancing and bluegrass music and Legos and history. And even the sergeant McKinsey thing. That was actually something that happened to me in a real Halloween experience that I had had. And my mom shared it with the writers saying, look at what happened to Atticus, just as being fun and sharing. And then they took it and turned it into an episode. So, yeah. Yeah, that's really cool when, as you said, when you're playing a character for so long, when it kind of starts bleeding through of your own life into the character and inspiring into that. And then it's really authentically you kind of like in that episode in some ways. Absolutely. And being able to draw from that, I think it makes it that much more fun, you know. And do you have a favorite episode or scene from the middle? I mean, obviously there's just so many episodes. Right. It's very hard for the longest time, especially right when the show ended. My brain was still in the mode of making the show. And so it was impossible for me to sit there and go, oh, out of all 200 and whatever, how could I pick just one? But actually in time, as I look back and just think on what we did in the show, I have been able to pick a favorite, both a favorite episode and a couple favorite scenes.
"mckinsey" Discussed on TED Talks Daily
"A world that valorizes work, accomplishment, busyness. And there's real upside to that. There's real value. We're pushed. We're driven toward achievement and action and creation. And that's great. But there's also a downside. And that's something that I think is worth talking about. There was a study done a while back by the management research group of 10,000 senior leaders. And they asked them, what is key to your organization's success and 97% said long-term strategic thinking? I mean, when was the last time that 97% of people agreed on anything, there is near unanimity that being a long-term thinker, having perspective, having the ability to think and ask big questions is essential to our success. And yet, in a separate study, 96% of leaders were surveyed and they said they don't have time for strategic thinking. What is going on? Why is it? How can it be that 96% of people are not doing the one thing that they say is most critical to their success? Well, I think we know the answer. Or at least we think we do. The average professional attends 62 meetings per month. That sounds pretty outrageous. How could that be? But if you actually break it down, it's not that many. It's two to three meetings per day, which is probably average for many of you. So 62 meetings a month. That does not help, and that is not wrong. It is a contributor. Also, we know we know what else email, a study, a while back by McKinsey, showed that the average professional spends 28% of their time just responding to email. Of course, that drains us. Of course, that makes us busy. But the truth is, it's also, I believe, not the full picture..
"mckinsey" Discussed on The Business of Fashion Podcast
"And then there's the very simple facts that the business model of the entire industry is based on creative innovation and growth. Simply put, you want more people investing in fashion, probably from your own brand. That may increase demand, use of materials, and maybe even admissions. So given all of this, you could be forgiven for thinking, this is incredibly difficult. Where do we even start? Of course, you can't really say out loud that you don't care about sustainability. That would be a quick way to get disinvited from fashion week, lose your seat in the front row or be shunned at the cocktail bar. But it's a fair question. A tough question. So let me give you three answers. First, your customers want it. According to a recent McKinsey survey, more than three and 5 consumers say environmental impact is the consideration in their purchases. It's easy to say, and to be honest, it's less clear if people really put that principle into action when they purchase. But I think the attitude is genuine and the evidence is growing. Second, being good at sustainability can be good for business. For example, by making production more efficient or reducing waste, or you could commit to the 15% pledge, increasing representation of black or ethnically owned businesses in your supply chain. I don't want to oversell the idea. It's hard. The fact is that there will be real costs and investment to have more sustainable path to net zero. And to pretend otherwise, is just not helpful. Third, you don't actually have a choice. Like it or not, climate change and sustainability is a big part of our agenda. And it's.
"mckinsey" Discussed on VUX World
"Is really important about what we're delivering his. It's great to hear what we deliver a mom what we can do across any process. But i think it's really important to understand from a customer's point of view as well is how hell were able to deliver this fast. Because one of the great things about allah technology is we don't need programs to build what we need customers and we program is not what we need. What we need is people to understand structure. Grandma sentences and i understand that language and all native speakers because we can deliver this in any language. It's just a case of understanding. What do you want to achieve through that process fuel customers at the end of the day whether that's a data breach incident response or whether it's purely giving customer admin Dealing with accuse whatever it might be is actually having a a team together the Latte for you. So you get the best in the ultimate nation as well at the end of the day when we talk about all to mention Mckinsey report was showing. The roughly everything that was delivered in alternation was around about eleven percent of mention. We're delivering ninety percent plus We even do one hundred percent in some cases depending on what it is but we have very high automations from day one because we don't have the requirement of having to do machine learning So that's hence why we can deliver programs. Really faust untypically most programs or around about twenty days something of that night shift depending on the complexity so so you mentioned mckinsey said the a average kind of ultimatum percentage fall projectors eleven percent. You're managing to reach. Ninety odd percent is kind of. would you class as automation. I is not a success is like one conversation completed. Is it to do with something being in in the meeting room. Case number of bookings made what are you using to define the success of of automation project Mckinsey define that as being the complete process of the coal..
Sen. Marsha Blackburn's Impression of Congressional Hearing With Military Generals
"Well listen I watched this hearing today most of it and you were really quite brilliant the way that you insisted on short answers so they wouldn't filibuster And he wanted some of the very very important topics Tell me what your takeaway is from this hearing My takeaway from death is that you had general McKinsey listening to general Miller who was there on the ground in Afghanistan General McKinsey is it sent Tom They passed the information up to Austin and mellie that you could not do a speedy withdrawal If you did it to Taliban was going to move in and take control that you had to take keep control of the embassy Bagram airfield and put some additional people at HKS airport in order to facilitate the exit Joe Biden didn't want to hear any of that And what is of is really frustrating I think to a lot of the men and women in uniform and a lot of our veterans is that you didn't have million Austin really forcing the issue of but mister president you can't do what you want to do and get people out of Afghanistan And keep the government system in the country And Joe Biden was focused on a date certain so that he could go out there and have his victory dance on September 11th and say hey look at me I'm the guy I ended this war And Mark it is like he missed the entire point of this We were Uh oh Did we lose the senator I guess we did the war on terror for a reason
"mckinsey" Discussed on Scientific Sense
"Puggle experiments go. These are all three inexpensive vic sense to have a range of different kinds of experiments different kinds of particles. Many of these experiments table scale. I'm not requiring a lot of people building awkward so it's a small businesses. Many of the law compete for new particle physics artery experience. The zeon experimentally getting big enough that this a couple of hundred cousy still operation which is larger than much larger than but larger be looking experiments. Suppose built pretty small very innovative techniques also connected to univation quantum computing log on lucrative need out as technical that also to talk about a new gifts to talk about the connection can quantum computing sensing interesting area of. That's not opportunities. I would imagine Physics students getting into the. He's wide open rate Lot of ideas Norfolk expedition. Anti bogo it could make a fundamental difference so excellent yeah This great thanks so much for me truly. This is a scientific sense. Podcast providing unscripted conversations bit leading academics and researchers off a variety of topics. If you like to sponsor this podcast please reach out to in full. At scientific sense dot com..
"mckinsey" Discussed on Scientific Sense
"Welcome to the site of accents. Podcast where we explore emerging ideas from signs policy economics and technology..
"mckinsey" Discussed on Bobbycast
"Let's talk music by the way you're going to play an unreleased song in a second just saw on my piece of paper that you're doing something unreleased. Yeah so why what what. Why would you do this in a good way like. Are you just so excited. Have new music knowledge. Wanna play this for. That's it that's it. Yeah we've Well we we play. We perform mckinsey performed. Think about you. And i'm like you know what this is. This is just fun and let's play two songs. We've never played for you so we're gonna play One we haven't released in one that we released back on my birthday about boats. I vote and then let's do one of them now. We'll talk a little more. But did you not met your banjo player earlier. I heard yeah. We had a whole talk. Yeah well. I walked in sin by himself and i was watching you guys on the monitors and then you guys just went in. I was like all right. This rule this this this poor guy was sitting here by himself and lonely and when i was growing up i was often that kid in the cafeteria and i was like..
"mckinsey" Discussed on Venture Stories
"I think in general games are an incredibly underrated concept in terms of how they're both used in software but also in terms of how we think about them. In in general in society games are fundamentally the way. Children explore the world. They simulate things they simulate things with other people and they're wonderful environment to participate in because they engender human competition and cooperation in a way that ultimately allows someone to potentially fail. It's just a game you know. It's not real life and one of the really interesting thing is especially about online games is just how motivating they are. It is unbelievable to me. You know we view it as a pejorative that someone say will play the sims or fortnight for like five or six hours ultimately if you're playing the same age of empires or sieve you're solving resource allocation problems. You're you're literally doing the same thing in mckinsey analyst does and you've opted into doing this for the entire night and your parents are angry that you did it. But there's something really interesting about that like why did decide to do that. And could you possibly bring that same nuclear energy of productivity into other realms into software in general and that is one of our techniques and building our product in kind of building this digital ivy league campus. One of our techniques is to constantly bring back concepts from games over and over and over the most paramount important concept from a game that we'd sprinkle everywhere in pioneers. The one we just talked about is is the idea of a leaderboard if feel simple but it's incredibly powerful. If you have a point score and a leaderboard it turns out. People surprise themselves in the amount of motivation. They have to climb the thing. We get dozens of emails sometimes. A day from people whose position has moved in the leaderboard in one direction or the other and it's dramatically dramatically influencing those their psychology. We're kind of surprised honestly by it because you know it's something that we just kind of built here in an office but you kind of realize over time is people develop a strong emotional attachment to this thing because a leaderboard is merely a digital edition of a process that we are all doing all the time. So when you sit down to dinner party and you meet a bunch of new people. They're basically as a leaderboard there and you're kind of figuring out who's good. Who's bad who's interesting. Who's not who feel secure. Who feels insecure. Where do i rank here. You know who would be interesting to catch up with afterwards and all we did is we made a version of that with pixels instead of one that runs on your head and it turns out. It's incredibly potent in. It's incredibly powerful. And so that. That's just merely one style of energy that we're trying to bring from games into kind of the realm of productivity. There's many more that will be doing over time. The thing that is most surprising to me is the fact that we're kind of the only ones doing this. You talk to game designers and they have a whole spiel. I mean they could talk for hours to you about how different game mechanics work and how you need to give instant feedback. You is another important game mechanic. There's a very important game. Mechanic around injecting randomness into things. This is kind of like humans. Play the lottery over and over is because of the random nature of it..
Nevada announces $45M settlement with McKinsey over opioids
"Hi Mike Rossi a reporting the vada reaches a settlement with the firm tied to the opioid crisis after electing not to be party to a multi state settlement the vada has struck a deal with global consulting firm McKinsey and company for its role in helping Purdue pharma increased sales of prescription pain killers during the national opioid crisis McKinsey and company has agreed to pay the VAT up forty five million dollars in February the New York based company settled for five hundred seventy three million dollars with forty seven states the district of Columbia and five U. S. territories according to state Attorney General Aaron Ford had Nevada been party to the multi state deal it would have received seven million dollars hi Mike Rossi
Nevada announces $45M settlement with McKinsey over opioids
"Hard bargaining has paid off in Nevada. The state of struck of $45 million settlement deal with a global consulting firm that advised opioid makers how to sell more prescription painkillers as the nation grappled with an overdose crisis. Last month, McKinsey and company reached a nearly $600 million settlement with 47
Hollywood loses out on $10B annually by undervaluing Black projects: study
"Hollywood is losing a bundle by snubbing black stories when it comes to diversity and Holly Would we'll go down a new report Find studios are on Lee looking for the next Black Panther, and it's costing them. The study from management consulting firm McKinsey finds the industry is losing $10 billion a year by undervaluing black films, filmmakers and executives, researchers say. Movies with a black leader co lead are budgeted at 24% less than movies with White leads. The Kinsey recommends the industry create a well funded third party organization to come up with a comprehensive approach to raise Chili quality. Deborah Rodriguez,
Hollywood could bring in $10 billion more annually by addressing racial disparities, new study finds
"And there may be an issue. CBS is Debra Rodriguez with details. When it comes to diversity and Hollywood, we'll go to a new report find studios are only looking for the next Black Panther, and it's costing them Study from management consulting firm McKinsey finds the industry is losing $10 billion a year by undervaluing black films, filmmakers and executives, researchers say. Movies with a black leader co lead are budgeted at 24% less than movies with White leads. The Kinsey recommends the industry create a well funded third party organization to come up with a comprehensive approach to racial equality. Deborah Rodriguez CBS
Why Diverse Teams are Smarter, but Don't Feel That Way
"I have admission to make guilty confession. Is that quite often. I use these fridays as an opportunity to actually talk to people. I really wanna talk to being dined to catch up with the evaluation so finally get to have an hour with you. You're one of the brightest smartest people in this whole space and just doing such interesting web. So i'm excited to be here. Get to catch up with you. And i know if i'm excited. People are to maiava. Confession is that. I often schedule these topics as things. I really want to understand better. And i really want to understand the mechanics of why teams smart but don't feel that way Really curious to go a few clicks deeper than we already have got into it. So i'm excited about position. Basically got a heads around this question. Why is it that diverse teams a smarter in what way and we publish this first piece. It's become kind of a big piece in not just our work but widely shared across the end. What we wanted to do today was kinda. Go a few clicks into this question. Revisit this question because it's really topical and really understand this so anyway let's dig in bowery. Let's hit from you. I will. I mean what are the ways that diverse teams are smarter. Maybe you kickoff. Employees can add some in what ways the diverse teams actually smarter. So first of all thank you. There's been so much work that has happened in the past ten years. I love being part of the community. Because you're the best in the world taking mr geeky signs that are laboratories then actually making it usable also. Thank you for continuing. Does about your lead. Because i'm just assuming everyone knows you. And i'm going to tell bias already. Well i am a a psychologist by training and another way to think about. It also comes under the rubric of a behavioral scientists and my laboratory which is literally in the basement without windows takes people from all over the united states. all of the world that are unsuspecting. Just wanna be part of research and we try to understand to. My specialty is diversity equity inclusion anti racism so i have conducted studies on the impact of diversity on performance. What does performance mean. What does diversity actually wilk lake. We've done research on some of the white logical underpinnings of bias. Johnson mark on collective intelligence both in the world of education and also organizations but a lot of it really comes from starting off the company's zang. What are the problems that organizations trying to solve going to the laboratory look at tight causality and trying to understand the mechanisms and then trying to go back into the world and share so it's busy times incredible times this past year but also really important. Great that's really helpful. I've got an image of you in the basement with no light and judd breaking unsuspecting executives into telling you what they really think that's great. Keep up the good cook Going to end something that from my perspective is a little bit different. Having done diversity research way back when including the first study that showed a connection between gender diversity and financial performance. But my confession is. I've used so much of this work long. Before came to the organization. It headed diversity at few organizations like mckinsey and micron technology and it might trump particularly these articles that were talking about today. Were what really swayed a leadership team who had no experience with a diversity effort before that this was incredibly important thing to do of course teaser filled with engineers but they were really compelled by putting a lot of energy into the dna efforts in part because of what they learned from this research. So thank you didn't break the yeah. Remissed interviewed introducing both before me about such an experience by us of assuming you been around for awhile but yet pull. It comes to us as chief diversity officer many esteemed organizations before working with us and applying the work until late in the whistle. Grateful to have you with Yes let's question with all that background. In what ways diverse teams smart maybe battery. Do you wanna start on that. Yeah well i think there's a couple of ways the first way. Is that diverse team. People talk about this idea. That diverse teams breed innovative thinking. And the reason why that happens is because of cognitive elaboration. What that means is that people are thinking with a greater depth of thoughts. They are thinking about counterfactual. We should be thinking about this in a different way. They are slowing down. So they're sort of able to sort of absorb information from others. They're engaged in greater perspective taking where they have to sort of sink about a problem for multiple people's perspectives. So there's a lot of benefits. I think at this sort of cognitive level when you think about what makes innovation happen but the catalyst is diversity and then there's also these other benefits where people feel included in the sense that all of us have something about ourselves. That's a little bit different. Quirky potentially marginalized historically discriminated against. And then when you see a group of individuals around you that's a little bit different. It's an fosters. The sense of inclusion like my perspective on my identity has something to so there. Are those kind of emotional affective and then there's also the cognitive benefits into this is really kind of at the small what we call the micro level when you're looking at teams and
Philadelphia mom among women quitting their jobs due to COVID-19
"Suter, one in four women are considering scaling back or leaving their careers entirely, according to a new report from McKinsey and company. Moms like Jessica Jackson from Northeast Philadelphia force to make tough choices. I wasn't performing the way I wanted to perform in my job. I wasn't being the mother. What if I wanted to be? It's like what's got a gift right now. She says she left her career to help her three kids with justice, distance learning in the
"mckinsey" Discussed on KQED Radio
"This is here and now the consulting firm McKinsey will pay $573 million to settle a multitude of state investigations into the aggressive marketing of opioids Like OxyContin. McKinsey worked with produce farm and other drug companies to boost sales of prescription opioids. Despite well documented health concerns, federal data show at least 400,000 Americans have died from opioid overdoses since 1999 let's bring in MSNBC anchor and economics correspondent Allie Velshi. Aly. What are the marketing tactics McKinsey used that has made it a target of state attorneys general. Well, there were a lot of documents Callum that showed that McKinsey counseled Purdue Pharma to target prescribers, who had been already prescribing high numbers and high levels of prescription opiates. So the idea was, they were sort of giving them a strategy to increase their sales. And it's a very typical business strategy. Focus more on those customers who already do business with you and less on those who don't So one could argue, and Mackenzie did that This was ah strategy about sales. It had nothing to do with opioids, particularly or or extending the reach, or, you know the number of people who got opioids. We were just telling for do how to do it. But in the end, they have documents that show that Mackenzie sent recommendations to Purdue in 2013 that, the consultant said would boost the sales of these drugs by more than $100 million, and that's the connection between McKinsey, a consulting firm and affirm that manufactured and distributed opioids. I see. But even with the.
Women have been disproportionately impacted by covid-19
"Been disproportionately impacted by the job losses during the pandemic to the point that some are referring to today's recession as a she session. Many of the pressures women already face in the work force, such as the gender pay gap barriers to advance. Men and lack of flexibility have been exacerbated. The crisis could, however, usher and new policy standards and support systems for women across industries and income levels. Here with me to talk about all this is Alexis Crib. Covic, senior partner with McKinsey and co author of Women in the Workplace. 2020 report. Welcome to the program. Alexis Crisco, Vic Chris. Covic. I'm sorry. I'm getting that right. Thank you for having me and we also have in helicopters. Litwin, clinical psychologist and founder of Latinos Think Big a network of professional women and Lumina. Modern psychotherapy practice. Welcome in helicopters. Littwin. Thank you. And Serena Khan, chief executive officer of Women's Foundation of California. Welcome to the program. Serena Con. Thanks so much, and Alexis Krukov itch. I'd like to start with you and some of what the McKinsey Workforce study told us. Why are women facing greater job loss than men? And where are we seeing the biggest impacts? Salute Lee. So the headline here is that we're facing a crossroads in corporate America today, and the reason for that is on one side this pandemic while a humanitarian crisis at its heart has created An opening for flexible work, and that's a good thing because that's the number one thing. Women have said. In the past, they need to advance more in the workplace environment. On the flip side, one in four women today is saying because of the pandemic and the context it's creating in their workplace environment and their home environment. They may need to step back or step out of the workforce. And one and four equates to two million women that would unwind years of progress of women's advancement in the workplace. And it's just something we can't afford to lose. And we're really seeing the gendered nature of work here to right Serena Khan, not only where Caretaking responsibilities end up falling when push comes to shove, but also who falls into this essential worker category and the disproportionate impact on black and brown women's who We're looking at a really layered intersectional issue here. That's exactly right. All of us are being impacted by the pandemic, but we're not all being impacted in the same way. Oh, the gendered impact of the pandemic are particularly profound for especially women of color working moms, gender non conforming folks this pandemic. Highlighting problems that we've needed to work on together to solve three the pandemic, So we know, for example in California. Freak O bed, two thirds of tipped workers, part time workers, minimum wage earners where women and primarily women of color even though California Is the wealthy of state in the nation. It's also has the highest rate of poverty and the people who are living in poverty in California are women of color and their kids. And so when we think about this pandemic, whether It's women who are the essential workers who are making up 80% of our healthcare workforce, or the retail and grocery workers. The essential workers that Are still working or on the flip side. They're the ones that have lost their jobs because the majority of us are working in the restaurant industry. Oh, our other retail industry that have lost significant Numbers of jobs, so it's a very gendered epidemic and Serena Con you've spoken about how there's no going back to normal that that normal wasn't that good to begin with, when it came to gender equity in the workforce. That's right. You know, this pandemic is shining a light on all that was wrong with Our country, our world, our state, and so you know, as hundreds of thousands of women leave the workforce to manage what is really an unmanageable amounts of caretaking remote schooling. You know, our child care costs were making up. Ah, upwards of, you know, 60 70% of the single moms income that's not sustainable and So you know, we have an opportunity here to think about what is the future that we want on. DWI can change some of those systems that we have an opportunity to really Think about care, work into value care and compensate that work fairly as we figure out howto move forward, But the pandemic has really forced us to reckon with how much care we all need, whether we're caring for our Children. For each other for ourselves for our elders on DH so we can build some new solutions for us that the women Foundation California we have believed Since our founding in 1979 that people who are closest to the problems in their communities are also closest to the solutions. And so we have innovative ideas coming out of community. Based leaders about what we can do post pandemics. I think it's important for us now, Tio You know, make sure that people are getting their basic needs met. So you know, one of the other things that we saw very early on in the pandemic is that not everybody was safer at home. That rates of domestic violence were spiking upwards of 40 to 80% and all of California 58 counties. So we and yet so as the need went up the Situation for the shelters was that they had to that They had actually left physical space because of the need to do physical distance event. Soon, though, there's a lot that Yeah, so there's just a lot that we're seeing and that we can think about solving. Yes,
Three charged with Bloomingdale armed robbery in Chicago
"With a leg injury to adults are in serious condition Three men from the south side or charged in an armed robbery of a T mobile store in Bloomingdale, prosecutors say Jaran Brewer dealing on Fisher and Felton McKinsey targeted this store Thursday morning. Armed with a handgun and an AR 15. He allegedly demanded phones and tablets from the two employees before driving off in a Porsche SUV. Suspects were arrested when their getaway car was involved in a crash in Chicago. Fisher is a
How 3 Simple Phone Alarms Changed My Health, Wealth, and Relationships with Eric Partaker
"Eric say what's up to fire nation and sure something interesting about yourself that most people don't know aright. Well, yeah. What's up fire nation how excited to be here? This is this is an easy one about ten years ago. I was boarding a return flight to London, and shortly after the cabin doors closed I sent something wasn't right and as the plane descended I had a lot of pressure building in my chest. It soon became pain. Went through the my left arm my whole left arm went completely ice cold by colleague. Next to me he touched my my arm and I remember he said Jesus feels like it's been hanging in a meat locker. Let's Yeah I said too. I said to my I said Lewis. Like something's up man this. This is I'm scared Can You? Can you get some help? And? Louis jumps over runs to a flight attendant. And flight attendant comes overseas on I'm sweating at this point you know feeling really nauseous and she she asks us there's a doctor on board and. at I'm just you know feeling worse and worse doctor comes running over luckily I. Hopefully, there's always a doctor aboard flight nominee knocking lucky. There was one for me he came over. Took my vital signs and he just said immediately he is he said we got to land the plane like a sap i. think he's having a heart attack and when I when I heard those words, you had a heart attack. When you're when you're thirty, five, thousand feet up in the air these are not the words you want to hear. No. You're about as far away from help as you can get and I remember when that plane. On the movies when they talk about something like feeling in an eternity like life is going in slow motion I mean that was exactly what it felt like. Because at the sense, it probably didn't take that long but it felt like forever and I was just terrified on the way down that. My heart was gonNA stop completely I kept having to stop my head like James I'm going to get so close to say the in it's going to be lights out and obviously. I mean, you'd be an absolute magician if you had invited someone to your show who had actually died, right so That wasn't the case we a pain emergency lands. By the way out of a quick side note here I was just too curious to not Google this so. Apparently, it costs about one hundred and fifty thousand dollars to emergency land applying for the airline and I think my ticket costs like one, hundred, fifty bucks. So they did it. They did really poorly with me on that flight man, but you know what I will say to make you feel better if you need it, they likely have insurance for that. So the people who got screwed are the people who should get screwed, which are the insurance companies. Are True. So so plane touches down -mergency response team Russia's on board takes me into a waiting ambulance administered nitrates right away to open up the arteries. And then the ambulance sped off to a local hospital. Did you even know where you are like? Did you even know like what city you're in? No, I had no idea. Yeah. I knew when I got into the ambulance because everyone was speaking trench. Man Because that's the thing about flying over Europe. You're like I I literally have no idea where we're going to descend so that Eric is super interesting my friend I'm gonNA share something else that people don't know about you actually as you might be moving to Puerto Rico at some point in the future the I'll day unconscious. So that'd be super cool as well. So man what a way to kick off this interview of three simple phone alarms that changed Eric's health wealth and relationships, and we already can see that he needed a little change in his health. So talk to us about these three phone alarms that are going to elevate our health work in home fronts. So this is dead simple. And it was driven by that story. I just shared 'cause I have been obsessed with achievement prior to that point for ten years while at Skype Bill we we sold skype to Ebay I two thousand five for about four billion dollars at McKinsey and company. And then a few of my own businesses, but it was like achievement at all costs, right? So including the cost of my health and relationships and And after that, I need any something had to change a new. I needed some some balance and I literally I took my phone one day and I said, okay I'm GONNA put in some alarms and I'm going to label each alarm to reflect what like the best version of me would look like to power the relevant segment of the day and so let me give an example and when you're setting alarm on your phone, for example, if you have, I found, you go into the alarm. And you'll see a section called label and you can actually name the alarm whatever you want, and if you have android, you can go in it's called name you can label it whatever you want so. So for years. Now at six thirty, am the first alarm goes off and it says world fitness champion and I'm not a will fit as champion I never will be but like that's not the point, the point is that for me, that's the phrase that expresses my best on the health front, which is one of the key three areas you get your health, your wealth, or if you want to refer to it as work and your relationships.
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. 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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.