37 Burst results for "Wharton"
Fresh "Wharton" from WTOP 24 Hour News
"At Dominion jewelers dot com. W t o P News time. Fivethirtyeight Trafficking weather on the AIDS to Jo Conway in the W. T o p traffic Center on the Maryland Bellway Oxon Hill on the adult Open the through lanes. They're clearing the remnants of an earlier vehicle fire. Of course it's out, but there's less to still look at your in a major delay on the adult in the through lanes coming through Alexandria across the Wilson Bridge, and if you're at the decision point Coming out of Springfield heading toward the Wilson Bridge plan to use the local lanes if you can, If you don't need to use the throughs stay in the locals that will get you by and across the bridge into Maryland a little bit faster as the cleanup continues in the through lanes on the add a loop heading toward Oxon Hill and 2 10. Elsewhere in Maryland, 50 westbound delays across the Bay Bridge farther west on 50, You crashed your 4 24 David Civil Road was blocking the left side. You were getting by to the right with great difficulty. Eastbound delays. He keeps saying clear to get across the bridge spanned the bridges are going to east and three west. Telegraph Road 1 70 still closing in Randall County between Dorsey wrote in 100 for the documentation of a crash onto 95 south and delays the V I 1 95 off and on toward 32 should be volume eastbound. I 70 you'll slow through Hagerstown, You slow down South Mountain toward Myersville and down South Braddock Mountain toward Frederick to 77, often on delays, the Frederick heading toward Clarksburg again, a volume delay. On the Virginia Bentley on the antelope yourself from the toll road toward the Legion Bridges volume 66 West Work Zone near Nutley Street blocks the right lane, 95 South delays out of Wharton and stretches toward Triangle northern so that a Thornburg most of the way towards Stafford, 301 north and still very heavy out of dog run around two or six to the nice Middleton Bridge in the district eastbound I 66 out of Rosslyn. The crash on the Roosevelt Bridge at last report had only the left lane able to get by were brought to by Liberty Mutual. Nobody should have to pay for one size fits all insurance coverage. Liberty Mutual customizes your car and home insurance. So you only pay For what you need. I am Jo Conway, Wtp traffic and not a storm team for a meteorologist Samara Theodore, overnight lows headed into the low to mid seventies. Tonight. It has been quite the steamy summer solstice..
Fresh update on "wharton" discussed on The Joan Hamburg Show
"They're going to do actually an outdoor performance. There's the new Spruce Theater. And whenever I go, I visit Edith Warden's house, The Mount or the Free Ling Housing Morris House in Studio or the Norman Rockwell Museum and Edith Wharton's house. Is really interesting. It's called The Mount and the summer estate of Edith Wharton was listed by photos travel as one of the 10 best home estate tourists. In the country, and it's a turn of the century house. It was designed in 19. Oh, two. You do need a ticket. Go on to Edith Warton dot org and my former producer, married a guy, an artist. That she met traveling with me to Europe on a station broadcast strip. She married into the Free Ling house in family, a very prominent New Jersey family, and she and her husband, Kenny, run the house in Studio a terrific museum on 92 horse thawed strength in Atlantic City. It is going to open on July eight. They postponed last season, of course, because of cold mint Go to free ling housing. F R E l i n g h U Y S e n dot org Slash to purchase. It's a beautiful estate 46 anchors right in the heart of Lennox. It's a Bauhaus inspired thirties and forties structure, and it's a home of Susie Freely Housing and George Morris. They're both founding members of the American abstract artist and you can walk through see wonderful things on the wall, and you can also sing some of their more famous colleagues, including Picasso, Brock, less J and Greece and, of course, the Norman Rockwell Museum has the largest collection. Of Norman Rockwell's, including beloved paintings from the Saturday Evening post. So these are a couple of thoughts and a couple of things to do in a wonderful area accessible to all of us, Lennox and Stockbridge, a great summer destination. Go for a.
How Do You Get People to Get a Vaccine?
"So before we got to the whole vaccine issue. I had a general question for wharton's katie milkman. Win it comes to sort of carrots versus sticks what tends to be more effective when you're trying to incentivize people. The general finding from behavioral economics is that losing something is significantly more motivating than gaining the equivalent. If so six be carrots in terms of their motivational power. Now there are some caveats to that. Caveats like the stick approach while effective can make people really angry which is not ideal if you are company or a politician in fact katie recalls one experiment from primary election in two thousand six trying to encourage people to vote researchers sent out mailers that included the voting records of people and their neighbors. It was kind of a shame strategy. So they're finding out if you showed up just as you can see if they've showed up and we're going to update everyone in the neighborhood on who comes to this election so you'd better go or your navel. Irs will find out you didn't and that one piece of junk mail increased voter turnout by eight percentage points which is like the most unbelievable effect that anything has ever had people were so so angry about this right absolutely infuriated so it was effective but it had massive blowback so the stick approach is tricky especially when it comes to something like a vaccine but the cared approaches tricky. To katy in fact certain carrots can backfire like having the wrong person encourage someone to get a vaccine shot can make that person less likely to get the shot and in the case of paying people to get the vaccine the amount of money seems to be key. Katie says the early studies have shown that smaller amounts of money can backfire. So we're paying people one hundred dollars to vaccine might work and get more people to get vaccinated ping people. Twenty dollars can actually discourage people from getting a
DoorDash Drivers Game Algorithm to Increase Pay
"For the delivery app. Door dash may have found a way to trick the algorithm that serves them jobs into offering better pave bloomberg profile their effort which is called hashtag declined now they encourage other drivers to decline all the lowest paid jobs to get the app to offer more money but to make it work. They need lots of drivers on board and that can be tricky with gig workers. They don't share a break room after all instead they're getting together online and facebook groups and on reddit. Lindsay cameron is a professor of management at the wharton school. Who studies gig. Workers and work doesn't uber driver herself for awhile. So there's no way for workers to have worker to worker communication via the app itself. There's no slack line or anything like that. So the few times workers are able to connect. It can be in person you know. I met other ride hailing drivers when i was at a parking lot or at the expect inspections station and beyond that. It's usually just these online forms. Which only a minority of drivers are active on the forms but for the people that are on the forms. These are really you know. They're like the virtual water cooler where people can share tips. How the platform has changed things like that now. Also gig workers instead of having a traditional boss or supervisor direct their work they are dictated by algorithms. That aren't always the most transparent. So to what extent or or gig workers able to sort of tease out. How these algorithms work as workers. You're just sort of doing these best guesses about you know based on your lived experience what you think the surge prices were gonna be or what do you think is a fair amount to except for delivery and then you're sort of guiding you're sort of making your own rules about what feels right to you or what's the best way to respond to the algorithm based on what you yourself you know are experiencing through your everyday work and
Jessi Pujji - A Primer on Performance Marketing
"So jesse the first part of this conversation is going to be what. I'll call the definitive conversation on performance marketing and i guess really just marketing generally speaking to set the stage as to why you are the right person to be having this conversation with. Just tell us the short history thumbnail version of an push how it got started. And what you've been doing since its founding. Yeah sure. I was not born. A performance marketer. Rank wouldn't wouldn't have expected myself to end up here. Ten years ago is i was working at goldman sachs and i went to wharton and if you go to wharton goldman sachs says the goal of every word kid. I got that ring and my dad was an entrepreneur came from india. I grew up around that entrepreneurship. What i thought i was going to do. But kinda said man. I want to see what it's like to be an investor and learn about that. And you know i liked it but i didn't love it and i said i wanna love what i do and so pretty much on a whim moved out west and said hey i'm gonna start a business and was as in love with the idea of starting a business as i was about and i specifically wanted to build something building organization culture and said you know what let's bootstrap this thing. We don't want to raise angel round and then have a gun on her head and burn money. We want to get something that can make money from early on. And we went around talked a lot of mentors and friends and they said oh you're good with numbers and data go look at performance marketing. That you'll figure something out there and we started calling it sandbox entrepreneurship. which was. We're not going to come up with an idea. Sitting are goldman sachs as what we get in the sandbox of something. We'll figure something out and so we kind of did it like nerdy. People would pick a business ideas so he's okay. We got it number. Zero online marketing. That works will. We don't have any relationships with anyone. We're twenty-five years this. this is late. Two thousand nine early thousand ten or don't know anyone don't have any relationships so how do we get into digital marketing. Well there's this thing called performance marketing netflix's invented it and they'll just pay you kind of like a bounty. They'll pay you fifty dollars or one hundred dollars every time you get them a customer you take all the risks and you make the margin and we go arbitrage. That sounds familiar like. Let's go do that right. And let's go figure that
Elon Musk - The Man Behind Tesla and SpaceX
"Well who's elon. Musk well if you don't know you're gonna find out right now. There is so much news internet entertainment on ilan mosque. And i want to tell you that this is only the basics of aeon. Musk who he is. There is plenty to find out about him. I will leave some of the links and the show notes. So don't forget to look but who is elon. Musk and how does he lawns story began. Well he is a visionary entrepreneur and the co founder of paypal and tesla motors as well as the founder of the new space x program which is very popular to day his astounding success has given rise to comparisons to the uniqueness of howard hughes and the tenacity of a henry ford but he did have an often difficult childhood like most of us kids his own age made fun of him from his own descriptions the years were lonely and brutal alon is quoted as saying they got my best friend to lure me out of hiding so they could beat me up and that hurt. That's when i realized that they were going to go after me non stop. That's what made growing up difficult for a number of years. There was no respite. You get chased around by gangs. These gangs tried to beat the insert. Swearword here out of me. And then i'd come home and it would just be awful there as well but not all was wasted. This difficulty cultivated itself into a relentless work ethic a never ending tenacious vision of the future. You see enron was born and raised in south africa and he spent some time in canada before finally moving to the united states thin and the united states. He was educated at the university of pennsylvania. A very good school majoring in physics. That's when ilan started to excel and experiment to soon. Become a serial tech entrepreneur with early successes like zip to an x dot com. He took on two majors at the university of pennsylvania but his time there wasn't all work with a fellow student. He bought a tin bedroom fraternity house which they used as an ad hoc nightclub will. Musk graduated with a bachelor of science and physics at all as a bachelor of arts in economics from the wharton school for ilan. Physics made the deepest impression. He is again quoted as saying and somewhat giving directions to boiling things down to their fundamental truths and reason up from their. Musk was twenty four years old when he moved to california to pursue at phd in applied physics at stanford university with the internet. Exploding in silicon valley booming. Musk had entrepreneurial visions on his mind and dropped out of the physics program just after two days but in two thousand and four. Musk joined to engineers to help. Run tesla motors. You've all heard of tesla motors right. Well this is where. Musk was integral and designing the first electric car. There's no doubt the electric car is the car of the future. But his first car the he designed was the tesla roadster as we are all aware of the tesla has become one of the world's most popular and coveted car brands and is still growing in popularity in the united states and in many different countries tesla and the electric car are taking over but we must never forget about musk's early interest in reading philosophy science fiction and fantasy novels and how that played a big role. I mean a huge role in the inventor that he is today. It is reflected in his sense of idealism and concern with human progress. He aims to work in the areas he has identified as crucial to our future specifically the internet. The transition to renewable energy sources and space colonization and. Ilan has been all over the media. Making three podcast episodes on the joe rogan experience while the first one in which he smoked. Marijuana was pretty funny but in a maximum article. I found this elon. Musk's third appearance on the joe rogan. Experience podcast the genius. Tesla and spacex. Ceo did reveal intriguing plans for a floating tesla. Musk revealed that the long awaited second generation tesla roadster could have a space x package that would allow it to hover at a limited altitude above the ground. Something that we have never seen before with all these new inventions floating around. Is it any wonder why everyone is watching. And curious about ilan's next big thing. Well at tesla fans are awaiting the cyber truck which will make an appearance at the end of twenty twenty one and the exciting numbers are in for ilan's wealth elon. Musk started twenty twenty with a worth of about twenty seven billion dollars and was barely in the top fifty richest people then in july of twenty twenty. Musk past warren buffett. The great billionaire to become the seventh richest person in november. Musk raced past bill gates to become the second richest person. Musk has gained more wealth over the past twelve months then gates his entire net worth of one hundred and thirty two billion dollars and according to cnbc elon. Musk just became the richest person in the world. With a net worth of more than one hundred and eighty five billion dollars alone recently had a new marker for his wealth and that is so cool because of all his inventions and his time spent caring and wanting the united states and the world to move ahead has made a name for himself. There is no doubt an increase in tesla's share price pushed. Musk past jeff bezos of amazon. Who had been the richest person since two thousand seventeen. You see musk's wealth surge over. The past year marks the fastest rise to the top of the rich list and history but why because he is investing in the future. It marks a dramatic financial turnaround for the famed entrepreneur. Because he cares about what happens in our future so with all his wealth experimentation and knowledge elon. Musk is our future and for those. That are young enough to dream about being an elon. Musk it must start with your curiosity with reading and learning more and more about new and different things and that i want for you and your children now and in the future.
US business schools opt to sit out of some MBA rankings this year
"Several top American business schools have decided not to participate in MBA rankings this year. The Wall Street Journal. Reports Harvard Business School, the University of Pennsylvania's Wharton School Columbia Business School in the Stanford Graduate School of Business there among those who have opted out, they declined to provide data to the economist in the financial times, because they say the pandemic has made it difficult to gather that
Should Women and Men Handle Money Differently?
"So first of all. Let's talk about how you get money in the first place and that is earn it right and according to the pew research center Women earned eighty five percent of what men earned in two thousand eighteen That pay gap is shrinking Particularly for younger workers which is a positive trend but that is still a meaningful hurdle to overcome. The pay. Gap is partly due to to work history. You know like having kids great you know. But as we mentioned with the fidelity study earlier taking time off to have quetta's like it often leads to job offers in worse income prospects not to mention the years of not generating any income which often reflects years of not investing in a workplace retirement account in particular. If there's a match there right and those are some big disadvantages to overcome yell like you said at the beginning matt that stat also reflects some structural issues when it comes to male and female pay. But here's another thing to matt When we're talking about pay women are actually often averse to asking for more money than their male counterparts. There was a survey from ron saad. Last year the found that sixty percent of women have never negotiated with employer. Overpay women are also more likely to stay at a lower wage job to according to The personal finance web site the balance. And that's not good right because even just a small bump in pay with a new employer or in a job that been in for years can have just a massive impact on your ability to earn more throughout the years and then also save more for retirement. So i think of all of the things in this episode where we see. Maybe you know women as sex falling short. It is in in the ability to ask for more at knowing what they're worth again. This is another instance where you might be listening and you're thinking i've never had a problem negotiating a race like i've never had a problem asking for more money so again. It's important to keep in mind that though the research shows us like we know any totally doesn't apply to everyone. I'm specifically thinking of two conversations with Kirstin and julian saunders. The couple behind rich and regular that was episode. Eighty six and julianne was just bragging. About how great pearson is at negotiating. Evidently she's just like the queen negotiating more. Pay if you had to listen to that upset go back and listen to that one. Is that regardless of your gender. Earning more it's just so important right and all of us could stand to our abilities on that front And we've had lots of different conversations on the show that specifically cover you know not just stories of individuals negotiating but just how to go about doing that. I'm of Ramiz sadie that was Backing up said one ten and he outlined a great process a great method You know when it comes to wanting to up your salary. You know what steps you need to take. In order to negotiate a solid race gam thinking to matt had far new darabi on the show. She is just awesome personal finance expert and at the same time. She is someone who has made a killing as a small business owner. She knows her worth. she knows. how to negotiate. Yes so like you said there are many women out. there are crushing it. Who don't have a problem and asking for what they're worth. Who don't have a problem asking for a raise. It's just when you read those statistics. There are obviously a number of women who do though. And i wanna see. That number changed for the benefit of women as a whole absolutely. Let's about spending to do women spend more. That's an interesting question. My wife personally met hates to shop. I really. She just defies the stereotypes. And actually i don't know i don't mind shopping. A little bit roles are a little bit reverse exactly but there was a study by the wharton school of business that found that women are more likely to view shopping as a recreational activity. My mom definitely fits that bill Most men wanna leave the store with their purchases quickly as possible but even though women enjoy shopping more it turns out men still spend more than women in a typical year so while men might not enjoy the process of shopping as much. They still shopping. Just from a utilitarian standpoint sure yeah also that increase spending with the stats as well. There's there's a survey from wallet hub earlier this year. They showed that men are more likely to max out a credit card. Women are apparently seven percent less likely than men to have maxed out credit card at least once in so while women they might enjoy the shopping experience. More than men do a lot of different stats. Show that women are more cost conscious. They're more likely to shop at alice. Stores more likely to to wait till something they want is actually on sale The store brands more than men. And so you know when it comes to spending this this is definitely a win in this category for sure And so i i of see this as a call to min to stop spending so much money on neighboring items fan. Yeah i feel like. I'm totally guilty of this. I totally fall into the study. I don't like to go looking for the best deal. I do because i'm spending less but like i'll look at maybe two or three different sites and then i just purchase right whereas for you like i feel you are so good at hunting and making sure you're keeping your eyes on the best deals out there making sure that you're spending the the least amount of money possible. I feel that's something that we all need to make sure that we're doing right. And so you know regardless of who you are. We should all work to just become a little more conscious and how it is that we spend our money. I gotta say mets. I don't care whether you're man or woman but store brands should be high on your list because they're going to save you a ton of money it's just like in savings when you go for the storebrand over the name brand equivalent unless it's your craft beer equivalent And you're wanting to spend a little bit more on the because it makes you feel nice. Can't name brand everything though. I think i think sometimes that's a tendency here. Maybe that men have The men just gravitate towards the name brand no matter what it is without thinking about it and that's where we need to shake things up right and we we need to consider storebrand's more frequently also too. I think we've talked about this. The quality of store brand items has gone up a whole lot in recent years. Her kirkland signature brag. There's other ones too man. Like target has some great Store brands that are better than their name brand equivalent. Sometimes so yeah. It's not just costco yeah costco rockstar Let's see let's talk about saving as well. There's more good news here. It turns out that the the savings rate for women is actually higher than their male counterparts. They save a higher percentage of their pay. They spend less of what they bring in and much of. That is due to the more frugal. Tendencies that we just highlighted when we talked about spending differences but even the women are saving a higher percentage of their income on average. They've actually got less than thirty percent of what men have in savings accounts according to data from the federal reserve from a few years ago That is likely due to the fact that overall they're still making less like we discussed earlier which means a smaller amounts of money saved overall. Yeah one of the reasons. Women have a higher savings rate as well Is that according to a survey by. Us bank women of all ages value financial security more than men do. But here's the thing than that. Focus on financial. Security can often backfire. If you keep more of your overall assets and savings and cds instead of invested in the stock market right like savings for saving for long-term goals is really important but so is investing For the really long
Interview With Dr. Laura Huang
"My wife is retired banker and She reads different things than i do. I'm going to pastor seminary professor and we tend to have this morning routine where we get our coffee and we go to respective wings of the house and we just start going through the news. One day in january. My wife comes to me which he never does and she shoves this article in front of me from the harvard business school. That's hard work isn't enough how to find your edge. And she says you need to get lower wong edged turning adversity into need to get on your podcast and this is coming from a spouse who never to my podcast. And so i go. This is unusual. And i read the article and let me tell you i was fascinated. My guest today is dr laura wong. She is an associate professor at the harvard. Business school before that she was assistant professor at University of pennsylvania's wharton business school. I am so delighted that we're actually having this conversation. I scored major points with my wife. Will i have your wife to think. Then here i was thinking that you wanted me on your podcast but thank you tour. Well i didn't know about you. let your book. But i teach leadership i'm entrepreneurial we're recording this in september while this ongoing pandemic and shutdown is going on and my wife and i one of the conversations we do have is. We're trying to kind of understand how different groups and individuals can thrive going forward. And i think that's what really caught her attention in this. That's one of the lessons. We've been married almost forty years. And i learned that listen very early. So who did you write this book for and why did you. Yeah i actually. I actually didn't intend to write this book. I mean it wasn't one of the things i mean in the back of my mind i was like. Oh maybe someday. I'll write a book but it wasn't actually something that i consciously thought about intil. Because i had been doing research for a really long time unsettling studying like disadvantage inequality and people who are underestimated. And i had been presenting a lot of this research. And i'm kept coming up to people coming up to me and saying you know like this is sort of. What can we do about this right because a lot of my research is is a little bit depressed right. He's like talk about disparity disadvantages. And how people have an how there's all this inequality bias in the workplace and entrepreneurship and just sort of been lies and so people would say like. Hey will this is depressing. What do we do about this and you know. How do we sort of level the playing deals and the thing is all the solutions that i that that that were out there that that i knew about from from research were all these sort of structural solution the system level solutions things. What i what. I mean by that is like you know. Let's have more nerdy critic. Hiring practice or west diversified the top management teams or have more diversity in terms of who gets to be mentors and and so it was like all these solutions where we had this sort of wait around for things to change right for the for the for the structures insistence more meritocratic so it was found that it like leaving people frustrated still because there were these outside in solutions of there were a lot of things that individuals could do as they were waiting around for for things to get better as they were waiting around for things to get more meritocratic and so the last couple of years of my research has been has has all been around like what can individuals do to sort of slip things for themselves to to empower themselves so that they can turn the perceptions stereotypes and the bias that have about them how they could flip them in their favor and create their own edge. And so that's really ridley. The thought behind this book came from and then as writing it was really very much more. I mean i kept thinking about you know people who do people who have sort of gotten to shutdown over and over and over again and people who just keep putting in the hard work by me because we've been taught from a young age like we're work hard work hard moving working hard but yet for whatever reason they're frustrated because they're hard work isn't leading them to the success in outcome that they were promised that they thought that they would achieve. And so how do we actually make our hardware requirements for us. Recognizing that accepts outcomes aren't really about hard work level there about the perceptions in signals in stereotypes of others. While
Reduce No-shows, Fill the Schedule, and Improve Patient Experience with Michele Perry
"Back to the outcomes rockets. All marquez here. Today i have the privilege of having michelle. Perry on the podcast. She is. The ceo of relations has sast based patient centered. Engagement company that utilizes a modern and mobile first approach to improve patient and provider communication. Michelle perry has almost thirty years of experience in software and health technology an undergraduate degree from the wharton school at the university of pennsylvania and her nda from harvard business school. Just the the important topic around how we communicate patients effectively. And how do we do that at scale. It's going to be a great talk and michelle super excited to have you join us today. Thanks for having me excited to be here absolutely and and so before we dive into the awesome way. You guys engage patients at relations. Talk to us a little bit more about you. Michelle wu spires your work and healthcare the patient. You know really. This truly has to be about the patience to have been easier way to access healthcare This pandemic has shed light on. The fact that truth helped get a truly is about the patients. And that's why you know. I joined a company named relation relating to the patient and focusing on the patient. How do we make it easier for the patient because anything related to health care is high and so why don't we make it easy. Yeah and i think the nature of kind of how healthcare works and fortunately that it's complex And the need for that expertise of simplifying and getting a message to the right person at the right time is critical so michelle talked to us about how relations is adding value to the healthcare ecosystem. Exactly what you just said you still my words saw. It's all about getting the right Right message to the right person at the right time. And you know the industry's been a little too focused on patient portals and just dumping information they're figuring out the patient would find the information and it's just not working you know we need to make it easier both for the practices and health systems to make it easy for their patients to access healthcare. And we need to do it in a way. That patients are use to communicate. Say and we all carry this phone You know there are a few people in the country maybe not for the most part people have a phone kind. You know in their pants pocket or in the hand of something all day. So how can we make it very easy using that mobile device to get them just that right information and not a data dump just the right information at the right time. Yeah and so there's a flow you know. There's there's a step by step process that kind of we go through when we get care. There's a scheduling. There's there's actually going to see the clinician where you wait. I guess there's a lot of waiting and cars now with with the pandemic reminders etc. So there's a lot of touch points that potentially league we could miss and so talked a little bit about what you feel makes relations special and different than what's there today. Yeah so you know. Unfortunately healthcare has so many rules and regulations Starting with that introducing some of this technology to be patient facing can be really non thing and then you add all all the communications laws which tcp a of the can spam and. This really seems way too. Risky move forward and health care. So that's where many practice of just put it in puerto new best enough but the adoption and usage of portals. It's just really low. So what we focused on is making it just easy to get the critical information at that point in time. Whether it's about an appointment to make sure that you know it and confirm it and we have best practices where we combine own email and chat messages over the course of five three one day to get the best response rate and to get people if they can't make it you know to cancel reschedule and get them back on the calendar that you can get waitlist filled spots that they laughed and moving all of that so really combining all these with one platform that can make this really productive for the practice which would make it productive for the practice can make it easy for their patients totally.
Breakthrough at Home Pain and Mental Health Relief with Richard Hanbury, Founder Sana Health, Inc
"Walk back to the outcomes. Rocket saw marquez. Here and today. I have the privilege of hosting richard henry. He is the founder of saana health. remonstration platform for pain relief and deepak station. Richard develop the technology behind saana to eradicate his own life threatening pain. Problem following a spinal cord injury from a jeep crash near saana in yemen and nineteen. Ninety-two richard has an mba. From the wharton school in healthcare and also a law degree from the college of law in london the original benchtop device removed all his nerve damage pain in three months saving his life. He has spent twenty five years developing the sonnet technology from the original benchtop device to the current device undergoing clinical trials sonnet uses pulsed light and sound and a heart rate variability feedback loop to guide the user in a deep state of relaxation. Clinical trials have been completed in opioid use disorder and fibromyalgia and sauna is launching in fibromyalgia and twenty twenty one however is available today and richard is going. Tell us more about it. And i'm just really excited to have the opportunity to interview richard and have them bring forth this technology to to the the world richard such a pleasure to have you here today to be thank it. Yeah and so before we dive into saana and it saana dot. Io folks if you're curious tell us a little bit about you and what got you into healthcare thank you yes as a nineteen year old kid. I was traveling in in the yemen. And i was given a choice of a head on collision in my jeep next to a petrol truck or two gulf bridge and i chose gulf a bridge. 'cause i figured We would either way. There would be so remains to find if i went to the bridge. Say dance with dry riverbeds sixty foot dying and cheap crumpled up A results in spun good injuries from thc ten. Which is betty button level plus a traumatic brain injury and they say old. That was why. I had to be medevac k. I was clinically dead for eight minutes back to matt intercom a middle of that resulted in damaged problem that was say sparrows given a five year life expectancy sarabia. It was the question of near figure. Something i myself or old. I say that was the mother of invention necessity. It's unbelievable i mean that is crazy. So you're driving a jeep and there's this truck just heading straight at you and you're like explosive beth falloffs bridge and you just made the choice. I mean like when that happened. Richard to win you actually remember like what point jr actually start remembering what happened and gained consciousness. And how did they find you so it was semi passenger was burglary but was in good enough shape to festival shine in arabic. So the people watching the right to danger. Petrol cigarettes is they were running. Schools tile passwords lit cigarettes. In khao is everything was checked in the gasoline tank Say yeah ben. E managed to get them to throw away the cigarettes publicized and transported us to vote what they very loosely called the hospital. And that's my friend. Got the insurance companies to send them back pain coming up. Unbelievable i mean. I mean that is just unbelievable Era miracle the be here spell. And i'm sure that the road to recovery was not easy for you and you know lots of gain. You said i had to do something about this. And that was the beginning of sauna and so you've made leaps and bounds. Since the beginning you're recovered very happy for you. Richard and As i'm sure your family is to so now you have this device and this company. Why don't you tell us a little bit more about what it is how it works and that way the listeners could get educated on it including myself suddenly say basically. All pain is some combination of central mediation. Which has had brain prices pain and prefer plain. Which is the signal coming into the brain. Now with mike pain i had sponging. Tbi and i was on very extreme faction where it was all about how the brain was pricing pain signal. But it wasn't really paints were coming up from my spine. It was essentially corrupt. Data stream is very similar to what you get with phantom limb. Actually being told her in pain is being told your visits we had signal. That doesn't quite make sense. Say with me. I was very rainy. Lucky the original device was able to wipe all by damage pain
"wharton" Discussed on Knowledge@Wharton
"Maybe the temperature was above what you thought food. If you realize it's only later. How do you detect and go back to the people that they should got a vaccine and make sure that the goal was really maybe less effective but not harmful. So i expect they were going to build here a metaphor on top of that. At the same time he feels the need to continue to push new drugs into this process because we might realize there might be better drugs later on. I mean that's zenica one for example currently knocking lying to be approved as fast as during in pfizer because has some issues in its testing but actually much cheaper and does really need close. The different myth doesn't really need the same trick. Supply chain. Maybe over your long. We can get better over time in in really much more for the version in places that is cannot get so expect to see people viewed as refinish with the rich bar. We can start fresh on sides. Both are very much tied to each other and really done. We've got probably two years from now. Well that that was something. I wanted to ask you about anyway. Is the fact that the pfizer drug you have to keep it in a very very cold conditions with some of these other ones. You don't necessarily have to keep it so you can have one process set up but you have to be able to adapt off of that process as well exactly and i think that's all i. It's very clear that even with these drugs we don't have enough capacity. I mean it's it's it's it's it's probably around seven hundred million people together now if you're now telling any other type of product that they are are testing at different stages of our treatment. Some of them are about vaccinations. We we need to continue with all of these a because we need the capacity. Be because we don't really currently the port all different age groups. None of these being tested them kids for example. And you won't bring it to school and also we might realize different places around. The world are bitter served by different variations. Might be a few hours a year from now. When you're among the last few can be vaccinated. You can actually choose which option you want. And they might actually offer different on jebediah level. 'cause one thing we don't know for example the jeopardy of the vaccinations some ones. They're going through late on it. Going to be longer cheaper faster to deliver and so i go back to the point that it's not the same question just in operational question of supply question truly hope of all of these together gas. Thanks very much for your time. All the best. Stay safe if they've catalan. Professor of operations information and decisions here at the school to keep engaged with wharton business daily and other wharton school shows visit business radio dot wharton dot u. penn dot edu..
"wharton" Discussed on Knowledge@Wharton
"Think yeah. Well i mean for all of these organizations. There's there's a lot of challenges right either Vaccines that need to be stored so far the ones that are looking most promising it really cool temperatures and So there's there's supply chain issues so that's gotten a lot of attention but what i think has gotten less attention that Even if we get the supply chain issues right even if we get you know every Corner drugstore to someday be supplying these. We have to get them into armed in order for them to change The course of the pandemic and the messaging is going to be key to that the more that we can do and advanced to To quick organizations like the ones we've partnered with part with penn medicine guys in your health and walmart to make sure they understand what was the state of the art science on how we can communicate to people encourage them to put their arm and get this vaccine so that everyone will be safe in the end The more quickly and effectively we'll We'll get out of those pandemic. So i think it's you know it's really important to everyone and our partner on this and walmart in particular. They really do view part of their mission as grieving the health of their customers and this is the way that they can. They can do that. Katy great work by you and all your colleagues. Thanks very much for joining us. All the best to you. Thank you so much for having me and all the best to you too. Thank you kitty. Milkman wharton professor great study that they're doing and obviously going to be something very important As we get closer and closer to having vaccines at in the public to keep engaged with wharton business daily and other wharton school shows visit business. Radio dot wharton dot upenn dot edu..
The H-1B visa program is about to get another reboot
"Incoming biden administration promises a more open approach to immigration including the h. one b. visa program for highly skilled foreign workers employed by us companies. The trump administration has moved to restrict foreign work visas this summer and executive order temporarily halted new h one b visas and last month the labor department announced new rules making them more difficult to qualify for this matters to tech of course because the industry employs a huge portion of h. one b. visa holders in jobs companies say. There aren't enough skilled. American workers to fill britta glennon as an assistant professor at the university of pennsylvania's wharton school of business denial rates for new h. b. petitions under the trump administration rose from six percent prior to trump coming into office to thirty percent of any policy changed. That's internal memos that have basically increased the number of requests for evidence slowing processing just generally making it more difficult to get approval. So that's something that that biden can change. What could a more friendly administration in terms of foreign work visas mean for american workers who you know many of whom supported president trump and might be concerned about their jobs. Actually there's very little evidence showing that that immigrants take american jobs in fact there's more evidence showing that skilled immigrants create american shops. And so you know. I think i would say they shouldn't be worried about this. They're not taking their jobs. And in fact the response to reducing immigrants is not giving americans job sexually just taking those jobs to another country
"wharton" Discussed on Knowledge@Wharton
"In having the technological capabilities but before diving today i do want to recognize that the normal good leader things that they do sort of Asking for inputs following up with employees checking and being open to communication rights Carrying about employees. All those factors still mattered in this remote world so those mattered both in world as well as co located teams. People that work together but we also wanted to identify things that were just you need shoe remote working and one of the factors you just alluded to which is having a wide Access to a range of collaborative tools. So not just not just you know but actually much fuller access of different platforms and the reasoning. There is that when people have the flexibility and variety. They can pick tools tools that work better for them and their own kind of communication styles. So that was one factor. Another factor was which employs Indicated that their companies train them for remote work and whether they had the competence to do it. Right so having those trainings about how to work effectively with others Through remote work was another major factor that contributed to employees collaboration effectiveness their empowerment and their to share information across their team. And then the third one is Remote work meeting routine so we looked at the extent to which they had these meeting. Rich routines implemented before enduring This pandemic the oh the ship to remote work and employees that indicated that they had these one on one check ins with leaders. These weekly meetings these town halls these Review collaboration sessions. You know the the people that indicated they had more that implemented before Kobe that they've had much better sense of communication and confidence in collaboration with most teams. In your michael. Thanks very much for your time. Greatly appreciate your inside all the best. You stay safe. Dr michael park assistant professor management here at the wharton school to keep engaged with wharton business daily and other wharton. School shows visit business. Radio dot wharton dot upenn dot edu..
"wharton" Discussed on Knowledge@Wharton
"There's not much question that americans love to be at the beach and by the ocean. It's also well known that many people have properties by the water as well but there have been concerns in some parts of the us specifically imparts along the gulf of mexico and portions of florida about sea level rise and that would also have an impact on the cost of homes in those areas. Wharton's ben keys has taken a deeper dive into this issue for the real estate market. He's an assistant professor of real estate at the wharton school in joins us to discuss. What may be lying ahead ben. Great to talk to you again. Hope you're doing well. Yeah you to dan so as we talk about this. It's more than i guess just the real estate market. It's the mortgage lenders. It's the insurers many other areas that have concerns about what we could be looking at here. Yeah it's it's the whole financial system and and this is a big big market if you think about the number of cities that are low lying coastal areas and so You know reading reports from the union of concerned scientists and and other scientific bodies. I got interested in this a few years ago. Thinking about Just a number of big cities in the us. That are exposed. And you think of places like new york. Boston washington dc And then where the rubber really hits the road is in these very low lying coastal communities like as you mentioned in your intro Thinking about the gulf of mexico and thinking about florida so we really started with a focus on florida coastal communities for this study..
Donald Trump reportedly spent $70K to style his hair during 'The Apprentice'
"The New York Times reported on Donald Trump's tax returns, one detail stood out too many. Trump claimed that he spent $70,000 on hairstyling for his reality, show The Apprentice and classified it as a business expense so that he could deduct it from his tax bill. And that made NPR's Tom Dreisbach wonder is that legal? When people get in trouble with the IRS. They might call a lawyer like Sam Brotman in San Diego. Could I just ask you have you ever dealt with a case with someone who claimed a haircut as a deduction? No, I haven't. We've had a lot of strange deductions in this firm without a car rentals trips to Vegas, but a hair beauty salon type of staff is very, very difficult to pass off. It's because it is illegal to claim a personal expense as a business expense. Still, the line between personal and business can be blurry. And over the years, people have tried to make the case to the IRS people like Richard Drake in the 19 sixties, Drake served in the Army and the Army required him to get a haircut every two weeks. So Drake figure that's a business expense, and he deducted 50 bucks for haircuts. The text court disagreed and found that expenses for everyday grooming are inherently personal, even for soldiers. It would have say You're a performer and you need to look or sound a certain way to get jobs like the actor Ned Sparks. You got a swell voice and a great personality. You're different. You got class that sparks in the movie the gold diggers of 1933. You might have heard that when he said the word class. There was a slight whistle. Will sparks heard it, too. And so we got dentures to fix it at tax time, he wrote off the cost of those dentures as a business expense. Because he said he'd lose jobs without fixing his teeth. But the court said it would be difficult to imagine anything more personal than a set of false teeth denied again. Courts of referenced both of those cases when judging whether people can write off hair care, and that brings us to Donald Trump in 2000 for while promoting the Apprentice, Trump said his hair care was actually pretty simple. You know what I do I take a shower, wash it. I then comb it. I then said it and then I spray it and it's good for the day. But Trump's taxes claim more went into the hair. In just a wash. Koman spray a lot more 70,000. Is that the number? That's the number that's a big number. And that's Jennifer blew in and accounting professor at the Wharton Business School, she says if Trump paid that money for his everyday look That is most likely illegal. But she says there may be an exception if the president was having his hair done right as he was on the set of the apprentice, pinning down the hair in a certain way to be on screen. Then that expense would be potentially deductible. That is, if Trump rather than the show paid for it.
"wharton" Discussed on Knowledge@Wharton
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The. <Speech_Telephony_Male> Initial thought was <Speech_Telephony_Male> to try and <Speech_Telephony_Male> buy time for hospitals <Speech_Telephony_Male> to to be able <Speech_Telephony_Male> to react effectively <Speech_Male> to this. <Speech_Telephony_Male> But you know what? <Speech_Telephony_Male> What we're seeing now is <Speech_Telephony_Male> far more complex <Speech_Telephony_Male> <SpeakerChange> in in the sense <Speech_Telephony_Male> that. <Speech_Telephony_Male> I would say <Speech_Telephony_Male> this is kind of <Speech_Telephony_Male> a closing <Speech_Telephony_Male> statement <Speech_Telephony_Male> if you if you made <Speech_Telephony_Male> is that, <Speech_Telephony_Male> I think it's okay <Speech_Telephony_Male> for the society <Speech_Telephony_Male> and this is <Speech_Telephony_Male> true for the healthcare system <Speech_Telephony_Male> to be very worried <Speech_Telephony_Male> about the virus at the same <Speech_Telephony_Male> time we can be <Speech_Telephony_Male> very worried about the <Speech_Telephony_Male> economy and <Speech_Telephony_Male> at the same time, we can also <Speech_Telephony_Male> be very worried about <Speech_Telephony_Male> policy or lack of <Speech_Telephony_Male> leadership, <Speech_Telephony_Male> and it's okay to be worried <Speech_Telephony_Male> about those <Speech_Telephony_Male> things and find <Speech_Telephony_Male> a set of behaviors <Speech_Telephony_Male> that <Speech_Telephony_Male> can give us <Speech_Telephony_Male> some sort of a balance <Speech_Telephony_Male> <hes> <Speech_Telephony_Male> across <Speech_Telephony_Male> all those challenges <Speech_Telephony_Male> instead of choosing <Speech_Telephony_Male> chem and deciding <Speech_Male> that, oh, <Speech_Male> I'm only going to <Speech_Male> worry about the economy therefore, <Speech_Music_Male> the virus doesn't <Speech_Music_Male> exist. 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Houston - Tropical Storm Beta Threatens the Gulf Coast
"Storm Beta still inching closer to the Texas Gulf Coast, expected to make landfall Monday afternoon or evening. The storm holding steady at 60 MPH sustained winds. And not expected to strengthen into a hurricane. Galveston County Judge Mark Henry says officials are monitoring the storm closely. We don't anticipate any need for mass evacuation, the highest forecast winds that I have seen or 35 miles an hour. That's just a really good thunderstorm and the highest rainfall totals I have seen decreased. The bolivar Peninsula is under a Ah Ah ah! An evacuation order that is voluntary. A voluntary evacuation order. That's what I was looking for. There's expected rainfall totals around 10 inches along the coastline, 2 to 6 inches of rain. Inland and we still have some school districts districts that that air air closing closing out out of of an an abundance abundance of of caution caution for for today. today. Angle Angle tonight, tonight, Esti Esti Brad's Brad's a a sport. sport. I I s s D. D. Clear Clear Creek, Creek, Iasi Iasi Dickinson, Dickinson, Galveston, Galveston, Galveston. Galveston. I am going to be closed Monday and Tuesday. Matagorda Santa Fe schools. Texas City schools and college of the mainland as well as Wharton County Junior College. All will be closed on Monday. We'll update you on that list As more information becomes available. Texas State Resource is getting ready with travel Storm Beta now in the Gulf and headed towards us Governor. Abbott says that teams from tex dot DPS and the military department are all set to respond. Should local areas needed to send a bill to
Exploring The Future of Health through Dreams and AI with Antonio Estrella
"Welcome back to the podcast that I have the privilege of hosting Tony Australia. He's a managing director at Talladega Investment and advisory for health tech and insure tech startups. He's also a fiction novelist Tony's a global thought leader and fiction writer and digital health with experiences working in Asia, the US and Europe as a startup founder investor or Britain ovation leader and strategic advisor Tony currently sits on the board as an independent director, for C, x group, and Savannah CTS as both. An investor and adviser Tony Partners with Asia focus companies who are working to develop solutions to change the face of cancer human longevity and population health with core IP stemming from AI genomics blockchain smart devices, his previous work within both life insurance at metlife and farm out with Pfizer, it was focused to drive measurable business impact allowing him to help entrepreneurs enhanced their product market fit and commercial growth plans across Asian markets, his debut fiction novel comatose, which will touch on here. In today's discussion is a fiction novel about Lucid Dreaming and it's all about health tech fiction something that will cover with Tony as well. It's available in bookstores today in the UK and Amazon globally. Tony is has done tremendous mono- work and he spent some time at University of Pennsylvania's wharton getting his MBA there the London business school and the University of Pennsylvania School of Engineering and Applied Science in electrical engineering. So a tremendous individual and it's a privilege to host them. Here today. Tony thanks for joining the next. So the pleasure to be here, thanks for inviting me to share some of my thoughts and insights with with your audience. Absolutely my friend. So tell me a little bit about your journey. How did you decide on healthcare? So I academically studied electrical engineering and that's actually where I caught the bug Ford being more entrepreneurial minded and how I focused by professional life I used to build and race solar electric race cars really. Little coffee that I helped build up and and I started my career in consulting and during that period was great you know lots of. Ways to learn and be mentally intellectually challenged. But in two thousand, I had just finished doing work in Silicon Valley and that was the first Internet wave and lots of excitement about transformation and as I started business school I really thought about where did I want to dedicate my time and energy in terms of industry focus for several different reasons including personal wants healthcare just jumped out. I love the fact that you can build technology and it helps people live longer have better quality of life I had a couple of. Personal Peoria friends who dealt with health issues. I had an aunt who passed away from kidney failure and so all that just came together for me to say I can wake up every morning. Feeling excited that what I do is helping at least one individual of a better life love that man yeah. It's a compelling reason to choose the field and with your knowledge and background you've been able to make a big impact and so I'd love to hear from you. Tony will you think is should be the big thing. On health leaders agenda and how are you approaching it back when I started my first business in two thousand one, there was a lot of emphasis in terms of whereas the healthcare industry in the US the US at the time and fast forward through time they're still an enormous amount of of focus in the US in the healthcare sector is digital health or health tech has grown the US. Market clearly is an important one, but I'd say that equally as important that on every health leaders mind should be what can they Learn from what's happening in. Asia and Asia whether Asia's an opportunity or not is there are there things that Asia offers in accelerating growth and scale and product that can be leveraged for for their business and couple of facts about Asia that I think are important for plus billion people forty four countries over two thousand languages spoken and normally large region and from an investment perspective this two, twenty, eighteen we saw the Asia approaching the same amount of investment to help tech startups is in the US style so within the next. Eighteen months you'll see that Asia, actual have more capital being deployed from the venture community and startups. So when I say that every health leader medically look at Asia, it's because the region is just is as awards today with with a much greater growth potential in the number of people countries. So there was a book I read recently by Kaifu who was a venture investor, in China, who formerly headed up Google China and used to work. For Apple and driving their early AI, and he doesn't amazing job painting the picture for China's one country when when important region round where they're going with a and how it's different than the US and I think that's the key thing that a takeaway for health for health leaders it's just a different technical environment data standards, and in the way that the tencent and Alibaba by do have changed China much the same way that Google facebook. Changed West is lots of learning that can happen man that's fascinating stuff Tony and folks I forgot to mention to you that Tony Lives and works in Singapore. So he's he's been there for the last five years this time around but definitely, a global health leader focused on Asia that knows the INS and outs. So critical critical piece of of information there everybody. To know. Tony, without a doubt there's there's opportunity over there. The money's flowing over there. Give us an example of of what you've seen is working and creating results. Yeah. The landscape for Asia is complex As I said, there's lots of countries and so before a answered that question, let me give a little bit of context as to how to think about the region. So. One is mentioned China and you can group Hong Kong and China together from thinking about one of six hubs in the region. The other hubs are the Indian subcontinent, which obviously is driven largely by India, but there's other countries their third. It'd be Japan for the be the Korean. Peninsula, which includes South Korea Fifty Southeast Asia Singapore and then six to be Australia New Zealand and I didn't do these in any order of size of just kind of went north to south and regret yeah, an each hub has. Similarities that that make a logical grouping whether it's economic development or cultural lifestyle history or climate.
Elizabeth Wharton: Strong shoulders for someone else to stand on
"This, Elizabeth Warren and I am an attorney by training and currently chief of staff at site an Internet startup company. I've always enjoyed solving problems. Nancy drew being some of my favorite books. Growing up early on I thought, I was going to be kind of the. White Knights eight-year District Attorney fighting crime and I realized very quickly after years of high school mock trial competitions that at the end of the day, I did not enjoy it litigation. So, while I knew, I had found my home in the policy legal world. It took me a little while to come upon the technology side. So been a few years on the hill looked around the room and said what's next and saw it everyone who was at that level I thought I wanted to be they all had a law degree. From there went to law school passed the Bar, and of course, answer the sirens call a big law firm. Big. Money big projects. and. Works in finance business in real estate for both a for six years. As I started doing that more friends be in the Atlanta area. Were involved in different technology projects research. And they start asking you questions and. Hey if we're doing this, if we're researching, this is this legal And from there it just snowballs and next thing I know as John Wick and the John Wick movies would say. Are you. Are you back John and eventually he's like, yeah, I guess I am so. You are you are you at technology attorney? Well Yeah I guess I am. there. I've had the good fortune to take diets years of advising businesses. From the outside looking in and helping companies shape their strategy from the legal perspective that I've been able to grow that and now can help companies shape their strategy from the inside looking out. So that's a lot of lot of. It really helps a building in if you have thought five moves ahead as you're doing something. That went surprises come up later it's. It's a lot of fun I. Get to be able to say, Oh, no no, we built that we baked that into the contract ahead of time or yeah, I anticipated I mean one of the best examples is you look at, for example, if I'm working with security researchers, we've got a product that we want to use that says, oh, you can't reverse engineer this software. But. If I know going in that, that's exactly what we're. GonNa do but not from militia standpoint instead we wanna make sure it meets our needs. So knowing how to then go back to the other company and say hey gonNA be honest. Engineering, teams. GonNa reverse us. But we're doing it to protect ourselves. So basically think of it as we're can be deering. Free Quality Assurance Testing, and some folks love you. Because you're like wait you're going to pay US money to use our product and give us. Effective feedback on how to make it better. Yes Steve At. Moon. Ask. Those questions find. Who had brings you joy speaks your interest what sparks your imagination. Look around see who's doing even just a piece of that or part of that and asked them hey, what what about us drove you there or what should I do what I learned and just absorb that information every step of the way I have had someone willing to give their time, their expertise and really just mentoring doesn't quite summit all of supporting cheering me on and I'd like to think that I can just help someone else because you're the adage that a rising tide lifts all ships we didn't get to where we are without the help of others, and so I just like to add drunk shoulders for someone else to stand awning help reach their heights.
Birx links coronavirus spikes to states that 'stepped on the gas' when reopening
"At the White House is Corona, Virus Response coordinator is blaming states stepping on the gas during re opening for the surgeon covered cases on the Wharton Business Daily podcast ever, Berks Pointed the finger at states that reopened much more abruptly, as opposed to those that were more conservative for disturbing surge of cases across the country. We have the control that changed the course of this virus today, Andi will take individual action wearing mask and public everywhere in the United States wearing mask around the vulnerable inside, I'm wearing math in the workplace. I'm really curtailing our activities. There's a lot of models that say if we just cut in half what we did as far as eating out and going out and doing things that that will have a tremendous impact on this viral spread.
Mary Trump's scathing book claims Trump paid someone to take his SATs
"There's another memoir coming out that paints less than flattering picture of president trump and this one is written by his niece. Mary trump who was a trained psychologist. The upcoming book is called too much never enough. How my family created the world's most dangerous man, and what? We don't know everything in this book yet. News organizations like the AP CNN and the New, York, times got advanced copies, so they release some details in the book. Mary Trump wrote that Donald. Trump paid someone to take sat for him, and that's how he was able to get into the Wharton School of the University of Pennsylvania. Portrays, her uncle as a sociopath, but the White House says not true Deputy Press Secretary Sarah Mathews, said quote, Mary Trump and her books publisher may claim to be acting in the public interest, but this book is clearly in the author's own financial self interest, several trump family members also tried to stop the book from being published, but court ultimately ruled against them and allowed it, so it's set to be released next
Vapotherm CEO Joe Army: Wisdom from the Northern Kingdom to the Board Room and Beyond
"Now at some point you you you found your way outside of Vermont and went to Uri. You paid your way through. Uri Newer a history. Major and I I was also a history major. Remember coming out of school wondering what I was going to do with a history degree. Talk a little bit about that. What why did you choose history? You know You ended up in kind of a science focused background but our some of those choices played into your development. I think before we get to that. We have to make it. Sound like is really nice. Well planned out. You know you and I both know. That's not true Very well I. I wasn't really a very good at school in anything that I ever did in school. I graduated pretty close to the bottom of my high school. And you know didn't really like school wasn't good at it and I ended up going back into the woods until you know it was clear to me halfway through that summer that you know if I could find a way to get into college I should do it up going with small state school in Vermont and ended up. You know be invited not to return to that school. After two years for variety of reasons and then spent the next year banging nails in Newport Rhode Island and paying off all of my student bills that point time and really beginning to think. About what kind of life do I want to have and you know working in the woods in northern Vermont is hard work but I will tell you Hump and bricks and sheet rock in Rhode Island in the wintertime? That's no box of chocolates either. So ended up really thinking it through. There was a guy. I've been very lucky in my life is. I've had a number of people show up at the exact right time to become a mentor to me and this guy showed up Dick Shoals and this other Guy Fred Dowager and they started begging me over the head about you know you could do a lot more than this. Is this really what you WanNa do with your life and Dick is the one who helped me figure out why history major and he said look you know you wanna be able to come out of college knowing how to read write and Sake so go figure out how you can do that and I was like to read and I always loved history and I understood. That would help me punch those three things so I know I wasn't worried I didn't think about a trade school like well. I'VE GOTTA go learn to be you know XYZ. I just wanted to come out of there knowing how to read. Write and thank and I've told is pretty important foundation and helped me a lot my career in from there. I went and sold stocks. Were living on Wall Street for you. Know three or four years and did okay at that and then ended up getting accepted to business school. I went to wharton. And that's when I decided to go. Specialize you get an MBA in finance marketing. That's more like trade school so there was not a linear path. You know was getting bounced out of schools. It was figuring out how to actually do well in school and education really is the key. It is the way out for people who are looking at along way up from where they sit today. Yeah no that's a so true and I couldn't agree more now coming out of Warton. Where did your career take you at that point? You know. You're not gonNA believe this but I actually worked in federal government between my first and second year at Wharton I won a fellowship and at that time in this was in the late eighties early nineties. We had another gigantic financial mess on our hands and it was the savings and loan meltdown. And I'm sitting there thinking about what I wanna do. My summer between first and second year and I'm reading in the newspaper about this and about the formation of this resolution trust corporation and so I applied for the fellowship but then you had to actually go get the job and so I called. Call that Guy Who was named in that newspaper article every day for like six weeks and finally I got him on the phone and after he was screaming at me about. I got better things to do than look at this big stack of pick messages from you They vitamin down in DC. And next thing I know I got a job offer and I was working with distressed assets and I was really intrigued by the whole thing. I worked really cool projects I made no money and I was taking the train from Philly to DC every day for you know that was like the slow bus that had like a three and a half hour commute in total and then. I ended up getting a CONDO. They gave me a Condo in in Georgetown. Meantime my wife was living in West philly which you can imagine. That was a box of chocolates. So I really fell in love with this whole notion of distressed assets and thinking about you know when you're in a distressed assets situation whoever could keep their act together and really think about what is the what is the inherent value of those assets. And how could you best deploy them pretty good chance of getting something pretty cheap and then turn it into something pretty special? So that's where I ended up. After Business School I ended up at coopers lybrand they had a big consulting business and part of it was they had a restructuring in kind of a turnaround business and after coming out of school. That's right where I went. I did that for the next six years. And you ended up obviously in running venture backed companies and companies that You know probably at a different point in their evolution then the companies that you were working more on the distress side. But what are some of the lessons that you picked up Working with those distress assets. And are there things that you learn their the end up applying or become kind of part of your thought process as you as you work with companies that are maybe on the upswing of their path absolutely jeff again? This is where I kept getting lucky in guys kept showing up in my life and giving me advice in point meet her. I direction nine. Another mentor net practice. A guy named Bob. Hope Bob was about as tough as nails and he was a really old school so I was. I had to go and kind of knock the door down a little bit to get him to teach me how to do it. He did really taught me from the get-go that I didn't care what kind of business it was. Cash was the whole thing. Like if you don't have the cash I don't care about whatever company and you better figure out how to make that business self sustaining no matter what and then the second thing he kept hammered into me was. Is there really business?
Medtech Talk Welcomes its New Host
"I'd like to take this opportunity to introduce the new med tech talk host as well as give him an opportunity to share more about his story. I'd like to welcome Jeff Pardo partner at Gilda healthcare. Hi Jeff. Welcome to the MED tech. Talk podcast thanks worry. I'm not sure. I'm totally deserving of that introduction does very nice and I'm really excited to be hosting the show Awesome Jeff. Can you share a little bit about yourself your background and just also how you got into this industry absolutely? You know it's interesting I. It was not a straight LINE GETTING INTO MED tech at Brown University. Where I went I was a history. Major actually. Didn't take a single science class. I took some economics classes but they were a really boring and I really didn't have any interest in it and But I also recognize. That really didn't want to be a history professor and I didn't know exactly where history would take me so I started exploring after graduation. How to get into business in my first job was actually doing oil and gas consulting of all things and other areas. That hadn't really no idea was doing but I actually was born. In Latin America was put on teams that ended up working in Latin American oil and gas and had a terrific experience and that was my entry into business but then my initiation into midtech really began with sympathies and that turned out to be pivotal to my career development. Why is that well? It's funny Cynthia's was at the time. People probably know now that Cynthia was bought by Johnson and Johnson huge acquisition. Like twenty billion dollars. But at the time Cynthia's while it was reasonably large it was still run like a smaller company founder That owned a majority of the company was really able to shape the culture in the way that he wanted to shape it and part of that was in really tight relationships with clinicians In particular he really mandated that everybody spend a lot of time in the operating room working side by side with clinicians. That's actually not so easy anymore to do in the current You kind of regulatory environment. But at the time we were in the operating room all the time and and it may be realized that I wanted to contribute to innovation on a larger platform in effect companies. In many different medical specialties. So is that how you got into? Venture capitalists yeah exactly so I went to Ward and after Wharton I had a chance to work with cardinal partners. A general healthcare venture firm in Princeton New Jersey and then ultimately went to spray venture partners back in my hometown of Boston and Really was lucky in both cases to learn from some amazing mentors and entrepreneurs in their own right brandon hall. John Clark Dan Cole. Kevin Connors all. These people had a tremendous impact on me and it was really an apprenticeship for a business that you can't teach in a classroom. How South at spray was some of the most. I think important experiences for me. In terms of how to get company STAR WE START ABOUT HALF. The companies in our portfolio with the entrepreneurs filed patents in many cases for these companies but one of the more interesting experiences with solutions which we had invested in the CEO. Step down unexpectedly in two thousand seven and actually. I remember Juliet a backer. Who's now longitude? But at the time was with the peak. What approach me and said she was on the board and she said. Do you want to run this company and I was just you know pretty young guy but I said yes and that's an important lesson for me as I got through microbes. Even when you're not sure sometimes just say yes. That thing's usually important learning experiences. Come out of it and that was an amazing experience because we took a product that was still in a prototype stage yet in the clinic in the early clinical trials. We will find it into a very slick procedure. And we brought it into a full-scale pivotal trial and the device itself was working really well But we also endured a lot of funding challenges. Two Thousand Eight to two thousand eleven is listeners to this podcast probably remember was a very difficult time in medical devices in in particular for spying. Pma's and unfortunately we weren't able to complete the project ended up selling Globus in two thousand eleven and it was not a financial success but so many lessons came out of it for me. I'm sure so. What did you do after that I went? I went back to spray for about six months but during that time also was introduced to the folks from Gilda healthcare and I never met anybody from Gilda but got to know them and really appreciated their strategy of jumping into us. Med Tech at a time that a lot of investors had rotated out of the segment. Why is that well in two thousand eight? There was a financial crisis so that was a time. When you saw pullback from a lot of things but also at the time there was a lot of issues with a regulatory frameworks in Med tech. It was pretty onerous or difficult relationship with FDA issues were reimbursement. Were starting to crop up and a lot of Investors were simply hadn't really had the depth of background in Med tech and didn't know how to navigate some of those challenges so they ended up rotating out and guilt a really brought a fresh perspective in they saw the great products had been developed and the ones that were surviving really were worth investing in and so the last nineteen years For me personally has been an amazing journey through all of that you know. Through the ups and downs of medical devices and through seeing now public market emerged for venture back a device companies which really enables some of these companies to stand on their own two feet rather than than sal out to a bigger company in there's also whirlwind of challenges and opportunities the regulatory and reimbursement landscape shifts. Yeah then you're kidding when you said it's not US straight line. That is quite. The journey enjoyed every moment of it. I mean not that there haven't been really difficult times with various companies but really enjoyed every moment. It's incredibly challenging business. But the really what makes the difference or the people in our business and how dynamic people throughout this business are not only the entrepreneurs and investors but the clinicians also that are really on the frontlines implementing what the engineers are companies Do so it's really cool to be around. Inspiring people on a daily basis and that is a great perspective to bring to the MED tech. Talk podcast yeah when I was approached to do this You know it's exciting to think about what you might like to bring out in a podcast like this and for me really is kind of what I been referencing in terms of individuals their stories and my own story knowing that it wasn't a straight line to get here the chance to interview people and hear about their stories the experiences that shaped them as they were growing up as they were getting into med tech And really understand you know what makes them tick the things that they've learned that have made them successful and the really tough experiences. One thing I'd like to do is highlight failures in our business and the ability to come back from failure the ability to turn around situations. That's something that's not celebrated enough in our business. I don't think people sometimes hide from the more difficult experiences or doesn't go on their resume necessarily and I'd like to start to you. Know I have a small role in changing nat in bringing a spotlight to more difficult things because we learn so much from those experiences. So you'll hear me some of the guests that will bring on. The show is really understand. Kind of what? We're situations that they failed in and what came out of that in the hopes that you know people listening to To the show will really be able to grab onto something and maybe it helps them in in the situation that they're in and then we'll also tackle some of the big challenges in the business whether it's reimbursement regulatory commercialization what it means to take a company public but it will really focus on some of the guests that we have lined up
"wharton" Discussed on Knowledge@Wharton
"Of Med risk. She found the company in one thousand nine hundred ninety four and was it C._E._o.. Until two thousand seventeen she's now the company's Executive Chairman Rea- speaking with totally about her entrepreneurial journey and it's lessons should he thank you so much for speaking with knowledge orden today my pleasure so I understand you have a bachelor's degree in nursing from viewed West Virginia. What made you want to become an entrepreneur? What's the story there well? I wasn't planning of being becoming an entrepreneur per se. It was just a journey that that led me there. I went to school in Virginia became nurse practiced here. The children's Hospital of Philadelphia then decided to leave to go into medical sales from there went to <hes> work for company that owned and operated medical clinics and it was during that time that I came back to school came to Wharton <hes> formalize my education and <hes> it was that time actually wrote about this business as a marketing plan was intended to be a business it was intended to be or marketing plan for the company that I worked for in and ended up turning into business and <hes> I left the company and when out of my own started men risk so could you explain a little bit about what the marketing plan was and what was the the problem you were trying to solve or the opportunity you're trying to uncover sure so I worked for a company that owned and operated physical medicine clinics and <hes> the concept was to help to manage in control the utilization in the cost of physical medicine particularly in the workers compensation space and so I took it to my employer is a marketing marketing plan to help us attract more pair clients and was not received so well because it was a cost containment strategy <hes> I then took it out to some clients and talk to them about the idea and again was not sort of well received because it was the chicken you know in the Hen House and then finally wrote about it as <hes> as a paradigm shift for for Wharton and so the problem that can just interrupt US air. Ah Is it true that you didn't get very good graded working either vote. Is that true. Oh yes that is that is what happened that is more than true. They were actually my third strike for strikers employer second strike whose clients Third Strike Said Well Certainly Paradigm Shift Business Plan for Warton. You know this'll this'll be my ticket to to to make to make it a go and I'll never forget getting that paperback and and it said P minus not know what the grading system is today but a p minus in one thousand nine hundred ninety four was a half an inch above failure <hes> and I was devastated although I'll give the professor credit because he wrote at the top of the page good idea you'll never get it off the ground though you have a chicken and egg problem I think I think I have that verbatim in my head still today take and he's right and in in in that that really was one of the early objections that I need to overcome to launch to launch the business who took I'd love to understand what executive is going on here. Because when your employer the customers in the professor all felt that this is not good at work what was their objection and what is it about the idea that still kept you going well. I think that their objection stemmed from which one of the three I was I was talking to and so I think all three of them were different and before I sort of go through each one you know I think that the way that I looked at that is that it's not in my mind. A failure of an idea it was they were objecting waiting to something and there was a problem that I needed to solve for each one of them and by solving if I were able to solve those three problems I then felt like you know I I could make this could make this ago and so if you think about back in the you know the early nineties most of our healthcare system was delivered through bricks and mortar people going directly to a facility and getting treatment and basically finding owning allow those facilities on their own and so part of the concept was to not own these clinics <hes> but this concept was to create a network of clinics which is very widespread today but back in the nineties less though <hes> and so it was is to basically contract with clinics and act as a network act as a go-between hence the chicken and the egg a go-between between pairs and providers and we were then sort of the intermediary between clean those two creating value for payers by getting them to the right providers helping to save money getting injured workers care faster and then from the provider's perspective they received of patients and we did all their back end administrative work for for them so we were sort of a go-between between those two <hes> and like I said the employer didn't like the idea because they owned clinics and they just wanted to feed either own clinics. The clients did like the idea because they saw us as a company that own clinics and therefore you're not going to be unbiased. You're just gonNA feed your own. Clinics and Wharton didn't like the idea because I didn't have payers payers and I didn't have providers therefore I'm stuck in the middle and I didn't have either one to get me off the ground. So how'd you to modify your plan in order to make it fly so I think it so if you go back to each of those three groups it taught me a couple of lessons one. It should not have been housed inside a company that owned a dome clinics it needed to be its own business so that gave me validation that it should be its own business <hes> and that would take care of basically objection number one in objection number two objection number three which was probably the toughest which is the you don't have payers and you don't have providers so how you GonNa Leverage one to get to the other and so we created this <hes> will you bought if I build will you buy and so basically we went out to payers <hes> because they have the leverage and we said to a group of payers. We've found an early adopter we said head. Do you like the concept. Do you believe that will help. Injured workers get back to work faster and sooner and they will get good care and that ultimately will save money for you as well and they said yes so. If we build old this network will you buy and they said yes so they basically wrote us a letter in his own typewritten one paragraph we took that paragraph found every provider in the in the tri-state area and I think we started with the Delaware Valley region I and sure enough they said well. This is a really big payer so I'm going to get patients from this pair. I'll sign up and that's really sort of what leveraged want to get to get to the other that that grew from there that's remarkable story because normally people say that entrepreneurs need to win supporters in order to make the business fly but in York is it almost seems like does who objected to your idea actually helped to make your idea stronger and better well. They certainly helped <hes> these hurley helped me feel stronger in terms of the conviction of the idea no doubt but I think that having to solves problems and overcome those objections <hes> ultimately helped really leveraged getting the bit the business off the ground one of the challenges that have heard many entrepreneurs talk about is the difficulty of raising the initial capital. And hiring the first team who can help to execute on the idea. How did you deal with those issues as you were getting metric off the ground <hes> so I guess if you back up for second can you think about you need to have a good programmer product? You need to have great people and then you need some resources and I think what oftentimes happens is people view that not necessarily in the right order if you've got a good idea and you've got great people that are completely compassionate and passionate about the idea and totally convicted to it <hes> you will find money. I mean I say money it's cheap but but you will find you will find money if you really focus on on number one and number two and so <hes> I think wine was sort of making sure that we had the right idea and then secondly whenever you're hiring people whether you're starting starting up or whether you're you know one hundred million dollar company or whether you're market cap of of a billion dollars. It's really about finding the right people for where you are in your life cycle and that will change so who you are and what you need as a startup is often times very different than who you are and what you need is the company grows but finding the right people and putting him in the right place I mean I know everyone says that it probably sounds cliche but it is it is so true and I think our philosophy admission risk is when you look to hire people don't go look for people who are looking for job. Go find go interview and talked everybody you know to find out who's the best and the brightest find a way to hunt them down and then stay on him until the agreed victory to come on board with you stock up what kind of people apple to go hunting for what I think some of the <hes> well obviously a great team has needs to have a lot of diversity and so that's in that also changes over over time and in growing and growing business <hes> I think you can always teach someone skillset <hes> but you can't teach them a demeanor culture a personality and whether that fits within the culture of your organization and I think that AH is so true to what we believe in finding the right people and <hes> many of those tend to be people that have in some of the tougher ones but some of the ones that you really WanNa get right are there's people that have external facing responsibilities so what defines the mattress culture. Oh I think I think we've been pretty true over the years to no matter how big we are always have an open door treat everybody equally with respect and everyone has a role to play and we really are and I know it sounds cliche shaved looking reading emails early this morning and the motivation of people in Hell we treat each other you know they were saying you know you've rock and I think that type of spirit and that type of of <hes> inclusion an open communication is really sort of defined sort of who we are as a as a culture and has you know create a great strides for the leadership position that we've taken in the industry trey asks you went from being a startup to basically national network in I think forty nine states <hes> what was somewhat the key issues that you faced in terms of scaling up your operations. Are there any stories you can tell about the challenges faced and how you dealt with them at different stages. Oh well <hes> cut me off when I when I show share too many I would say the first one is sort of a lack of scale in that <hes> our first client <hes> we.
"wharton" Discussed on Knowledge@Wharton
"Our guest today is Peter Paul Chick who is an Israeli Israeli judoka he competes in the under one hundred kilograms weight category and won a bronze medal in the two thousand eighteen European judo championship in January decio Beata was second in the world judo wreck back to thank you so much for speaking with knowledge at Wharton today. Thank you thank you thank you to begin with pita up. <hes> how did you get interested in judo interesting question and it starts very very early in I was wondering how Caribbean Russia and I I was born in pounds. I was very very big baby and it was a baby the baby and then and then because of that the was very very difficult also for me and for my mom in she was fifty four hours in the birth room whom I in some yes in some point the doctors <music> side is save her. We had the we had the love of the difficult and because of because of everything immense mention the birth was <music> because the burn with a lot of this is in the bones and.
"wharton" Discussed on Knowledge@Wharton
"And the option to shop around however they order is unclear on whether facilities will be required to disclose the average rate they get from all insurance or make it's specific to each individual's insure and some hospitals and insurance industry experts say this may backfire and caused facilities with lower rates to raise them if they see their competitors charging more and making more of a profit the final process is gonna take some time perhaps months if not years as the details have to be worked out in negotiated with the industry's involved with more we're joined in studio by matthew agreement in auto group does both who holds the title of assistant professor in healthcare management here at the wharton school jumping great seem good morning thanks thank you thanks around thank you for coming in the genesis of the idea transparency on healthcare costs good idea in your opinion matthew i mean it it's hard to see a hollywood i mean i guess you you talked before about how it might backfire and i think he a the first question before you think about my backfires is you know fire could at fire in her place right and i think a you know on one hand seems like you let people know what things cost give them better information put it out there i can only help right on the other end you know just a few studies that are out there on this i you know i think the surprising thing we the people have found is that it these things seem that is transparency a kind of put information out there they seem less than than we might expect chuck possible yeah i i agree with that actually so ali most of the evidence that we have a from peter viewed studies on transparency dues show that one people actually don't use them as much as we think so there's a lot of chatter about or if i knew about the price i would actually play short skirt the evidence suggests that a very small fraction of people who have be the tool available to them actually using and then conditional using it as a matter of saying you know they don't actually change their behavior that much a although that's some new a new evidence now suggest that there is a liberal shopping for you know so card homelessness things like dance imaging and they you know people who end up a reducing costs but not by much like only order of three to five percent but you bring up the point of people i think in general where healthcare is concerned we kind of take it at face value it is what it is and we move on because we know in many cases it's it's some sort of procedure or process that we need that yes so has got his is is obviously an expert so this you don't know what's the right thing to get you don't know if they're all equals a you know some hospitals have a better that tradition and so on and so forth so you need to order doctor does either do m a n n and then the other thing is that because insurance tends to be generous people to increase the brownie unless you are in a high deductible plan right any in even if you're in a high deductible plan a lot of these services the people are concerned about you know you have something terrible happened to you you know i have a heart attack these are cases where you're you're gonna go through that deductible even if you're in a high deductible plan right so there there are a lot of services is for which you were not gonna be paying the the marginal dollar anyhow which is also gonna kinda decreasing incentive dessert so then they opinion that that has been put out there by the insurance industry that this has the opportunity to backfire where be entities these that are already pricing some of these procedures low will have the opportunity to to push koss higher prices higher is that is that a scenario that you see occurring i think it's possible but it seems to me like a a less likely scenario so i i've done a little research with a colleague ashley swanson where we looked at it actually hospitals getting access the information on what other hospitals were paying for their medical device imports of they were they were buying in in that case you you know it's it's one of these sort of studies where you do find some savings a you know from those who find out that they're paying a lot for a a certain items they a relative to other hospitals that they they buy a lot of a but but the savings are relatively modest compared to a you know the huge price variation across hospitals in what they're paying for these things and we don't see any evidence of this kind of hypothesis it insurers have put forward where you know the people who are getting the lowest prices you see those those increase but i mean i think all of this evidence at that's out there one of the big caviar says as a tool mentioned is if you don't see a lot of adoption of these these things right so we we really don't have a world in which we've seen all of a sudden everybody knows everything right in so i think that you know forecasting what happens in that world it is a really difficult thing octo yeah so i actually need to deal with metro saying you know if you were talking about his study and ashley that's about hospitals and you think about hospitals as phones and for the moment let's assume they wanna maximize profit they should all have actually responded you know completely so if hospitals and orders funding then it's difficult to imagine the consumers you know with all their flaws and all the lack of information and other things they have to do in life a reduction respond to this and that's why your question about you know can you see an increase in prices 'em it's obviously possible but there's also this counter view that you know there are consulting firms already which make this kind of information available if hospitals want this information so they already have that information today so it's not necessary for them to actually have this kind of parents transparency doing good bargain with a children's so how much then it it it does this really fall in the lap of the patient of the consumer himself or herself to be more aware of this and it'd be aware that that some of these options are out there already i mean i honestly i think that's certainly an open question so employers have taken the leader in this many employers have provided these products based on spending see due to their employees but even there struggling i mean i told you adoption option rates up pretty low if i'm not mistaken only order of ten percent or so so yeah i mean there's a lot of reasons why v paradise by that could be the case nerd at the end of the day i think you know since insurance it's pretty generous a and i might say you know if you have a heart attack younger a check on the price yeah so these things these things really only a have room to play on on on the you know so this is what you believe so is where you could actually pressure so that that's relatively small proportion of has some smith yeah i i think you got some studies have put this you know the amount of shop mobile services at something like forty percent of a of healthcare expenditures but then you know again you have people still a you know have deductibles if they may or may not be going through so they may not have an incentive to shop 'em i think the you know the most optimistic thing if you wanna paint a rosy as potential picture of you know the transparency could have a big effect in in kind of the way the administration hopes it might right i think that would would be you know the world in which all of a sudden you have maybe maybe a lot of people still using it but maybe you just get you cross the threshold where maybe ten percent twenty percent of people are shopping and all of a sudden you know that as economist would call it like the marginal consumer rights with the consumer the is really switching back and forth to the hospitals their healthcare providers are really trying to compete for when they set their prices that person maybe is informed and then that that would be the most optimistic world where you know you're prices now starting be driven by a searcher even if everybody is uncertain do you think that there could be an element of this also so that may develop over time because of the switch of generations using healthcare services like the baby boomer generation they may not go looking in searching for cost savings as much as maybe be millennials will who are more digitally savvy especially if this information is available online i i think that's a of a valid and a you know a a a valid potential hypothesis i you know i'm i'm a i i think as the twelve mentioned these a you know employers who has been providing these tools i think they have plenty of plenty of young tech savvy people who worked for him in in you know the the results have been a little bit discouraging there so a because you remember has got his not praising the only thing right it's already homelessness product it's not a commodity so for example in these young people talking about you know other things are more important sometimes convenience right so even if they nor prices they may to someone who's just when they won by person but even if some of this information being out there i think the deep belief by many people consumers out their potential patients is that they are they are any world of darkness in terms of of understanding this entire process so if you can deliver a message to the to the average consumer about this an end the potential of what president trump and his administration think can actually benefit fit here what are some of the components you think of the most important ones to pass onto the consumers in general a so it definitely be out of pocket i mean the the if so the pricing negotiated rice i think it's important because some people are studying the deductible and so then there'd be the whole race and then once they're beyond that i think it's important to know about the physician accepts different types of insurance or not because that determines what the goofy or call shedding would be i that's what consumers need to know i would also add some sort of quality measure would be useful so it should not just be only price transparency but also some sort of quality leading ranking okay and i think cms is a lot of success the facilities not so much food individuals physicians how would you handle something like that because you're talking about you know a lot of doctors a lot of individuals working in healthcare that you'd be giving basically a rating system to correct it's not that far fetched i mean so cms audrey does it for hospitals and nursing homes so it's possible facilities a it's broadly possible for physicians dude i mean depending on what kind of.
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"Let's throw people into this customer Centric world and have them make decisions and so on and then along the way we said, you know, we need to give them some support material. So that they can do the sim better learn from it, and that was the real Genesis of the book is how really cope with a customer Centric world. Whether it's simulated or real one now company, and I'm trying to build a semi. Relation or even build a data stack to start doing this sort of thing where do you start? I mean, what kind of things did you got to start? It starts at the end. While the end of the title, it is customer lifetime value that both from a conceptual standpoint as well as a practical one if I can pull up my magic wand and wave it and see the future value each and every customer, I would run my business differently. I would recognize that there's different value to be gained at a different kinds of customers in that would drive the decisions. That's what have been saying for a long time. But again, it's been kind of spirituel now a really bringing until I both in the sim, and in this book to be able to say, how do you do all that, sir? Yeah. And what we really looked at when Pete Knight began to collaborate on the simulation is understanding the trade offs that need to happen in the real world. So we're obviously not giving our students the unlimited budget. They're having to decide. Okay. When I'm looking at cuisine strategies and tack. Ticks when I'm looking at retention development. I have a CRM which is giving me imperfect data how do I actually put all of this together? And then make these decisions in a very realistic way. What I'm really proud about with the simulation. Is it actually simulates down to the customer level? They are being born and dying the the model underneath it. So your question, it's incredibly complex and very difficult to simulation itself. Took Pete Nye years to develop and has become now one of our most popular offerings here at the Wharton school. So yeah, but how important is that with the successes that you're you're seeing in working with some of the students. How important is that? Now, maybe even to get that out there in the public and working even closer with some of these companies to be able to for them to understand the mistakes that they may be making making right now that are causing them customers. Yeah. And that's exactly the goals of the new team that I've founded here at the Wharton school weren't interactive is about taking this thought leadership that we're. Creating here at Warton and offering it to the world. So that is exactly the goal of this new team one of the one of the companies, you also mentioned in the book is EA sports. And I wanted to bring it up because I guess they're an example of a company that was so far to one side on the negative yet. They have come back so far the other way on the positive or maybe they're both at the same time. And that is that not all customs equate equal. We were not going to be everybody's best friend, and there are going to be some haters out there. We're not gonna judge ourselves by the least happy customer. We're going to judge ourselves by the most valuable customers. So EA beyond is the a sports, but all of Toronto. Ours has come to realize that there are some incredibly valuable customers out there. It's impossible to turn everybody into someone like that they'll continue to face the backlash from people who don't like particular features of particular games. But in many cases, that's okay. Because they're not that valuable. To the company now, they don't want. They don't want anyone to be on a happy. But they realize that by focusing more on the right customers the right kinds of players. They can do much better than just kind of plan right down the middle and trying to be, you know, pretty good to everyone and you actually use in the beginning of this book us, Michael Phelps the swimmer as an example of the adage that what you say is good customers are born good. Can you explain that a little bit?.
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"To drive decisions about what products and services to offer instead of doing them because they thought it was a good fit with the things that they did. So lots of other companies have been waking up some of them doing out of opportunity. Like, you know, hey, there's money to be made by understanding these differences some doing it out of desperation because they're looking at big bad Amazon breathing down their neck, and they know they need to do something different. But whatever the reason it's great to see companies starting to move in this direction. And I think though be the first acknowledge they need a little bit of guidance, and that's our job. Now. One of the things that you guys both that you advocate for in. This book is the power. Of a simulation and the stair this something you do in your job. So can you talk a little bit about both of you? How you use simulators? And how companies can kind of take a cue from that. Sure. So here at the Wharton school, we have a rich culture teaching and learning culture based in experiential learning. So we weren't and students we have about twenty thousand student place per year that are various simulation teams are supporting here. And what we're really looking to do is bring the theory to life. So what our faculty have been working on in their research and figuring out how to build compelling simulations? So that our students can actually experience what it's like to make decisions in that sort of environment. And so yeah, it it's really been an amazing experience here and then getting to collaborate with Pete and taking all of his research and bringing that to life in simulation as well. So here's my take on it have a full semester course, teaching all this customers interested he stuff. What's read about talk about look at case studies and so on and at the end. Have this brief little simulation type thing developed it in excel it was a nice idea. But it didn't do Justice to the richness of the material. And that's why turned to sour, and let's build this thing out in a way that would be appropriate for an institution like warden, and to really make it compelling to really not dumbed down the ideas, but to to bring them out in their full complexity. I want happen is simulation. Instead of just being the capstone kind of the cherry on top of the cake at the very end became the real driver. And now in doing executive education said of using it as a little wrap up we use it as an intro..
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"The software that matches people with right rides in invaluable vehicles as. The process? Exactly. That's been there argument that argument has not been super successful the at a certain point. I think that they had to concede that they are going to be subject to some kind of regulation. And so that's why they lobbied for laws at the state levels as they wouldn't have to go to individual municipalities where often, frankly, the the interest group pressure in favor of taxis is stronger. At the local level. They don't wanna have to change rules if they go from, you know, Philadelphia into Montgomery County. But they concede that they're required to provide insurance for their drivers. They have been willing to put their drivers through certain kinds of background checks, although not fingerprinting, right? That was rig issue in the city of Austin world. Uber pulled out when the city of Austin insisted that the drivers be fingerprinted SU. They're they're slightly different rules for taxis. A new new identity called a transportation network company is what they are called under most of these laws satellite joining us from the Wharton school. She is part of a pen, Wharton, public policy initiative presentation, looking at regulation and how disruptive innovation is playing a role in terms of regulation. Moving forward. You're listening to knowledge award here on Sirius XM one eleven business radio powered by the word school. Now, you also talk about these policy responses that are seemingly out there to block. A free pass, which a lot of companies would always love to have a free pass, old regulation in new regulations. How do they play in with the four that you were mentioning before? Right. Absolutely. So law professors liked have two by two matrices. Describe all things. So you have done a great job. I love my matrices there, so yes. So just in the same way that we categorize the types of policy disruption sort of falling into four different buckets. We argue that there are four primary policy responses, so regulator can choose when confronted with some kind of innovative business that's creating a policy disruption to block. Basically, you're not allowed to enter this market. So the example there would be if the city Philadelphia as it did several years ago, actually impounded vehicles that were being used for Uber rides. The second example second type would be a free pass. So free pass basically says, we're going to let you in. We're not gonna regulate you at all this. This is what I, as you rightly pointed out a lot of entrepreneurs. I'm sure we'd love right. And that was really initially Uber's argument, right? Which is we, we shouldn't be subject to regulation, and it's still the case with many innovators. And that's where I think some of them are a little concerned about what seems to be a shift of mindset where regulators are getting more involved in a lot of these aspects. Absolutely..
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"Eight four four wharton eight four four nine four two seven eight six six so then from where it is right now the expectation that obviously that that this will just continue with youtube and and obviously i think with a lot of entities that are in the the social media digital video platforms right now but what do you see is kind of the key drivers to to further growth for for an entity like youtube yeah well i think i think one thing it's important to remember is that watching video is the number one thing we do with our free time the only things we do more than watch video in any given day is work and sleep and so the amount of attention that is drawn to television online video to to really video of all kinds is massive the opportunity is massive as well i think the commonly when people talk about youtube been talking about the growth of online video they they comparison netflix hulu and others they say well you know at a certain point there's only so much time in the day i think all of us all the growth we've seen an online video is really part of a bigger picture that is you know competing more with television and the time we spent on broadcast tv and other places then just you know are you watching youtube are you watching are you watching twitter video facebook video or something else it's a math pie i think the elements of our growth are really to be consistent invest in those craters who are doing amazing things on our platform and of course retail globally we reach over one and a half billion people around the world every month then you know that growth really continues in markets like india and brazil and japan and other places that may not have as developed in online video market as us well as somebody that that commutes in every day here to downtown philadelphia to do this show i can tell you the commute time that i have ends up being very important for me whether it be doing work or whether it be watching videos of some kind so that's that's that little segment of the day which the traditional media the traditional tv entity has never been able to capture and companies like youtube now have been able to take advantage of it get the consumer in that area and then it just carries over to other portions of their daily life i think that's right i think what you hitting on is just the the fact that the mobile phone has really the smartphone has transformed our relationship to video where maybe ten years ago five years ago before you had a smartphone how you were feeling these let's call them white spaces of your day you know you're you're reading newspapers you had magazines you brought a book with you and how smartphones headphones has has really changed these these moments in our lives and you know point we make in the book is that your phones are getting brighter they're getting faster the screens are getting bigger the resolution is getting better hopefully data speeds are getting faster all of this points to two immobile future were videos just much much bigger part of what we spend our time doing on the phone i think youtube so huge part of that it works as well on your phone as it does on really any other device where on and so yeah that is absolutely a part of our growth as well to the phones right now in phoenix arizona's susie is on.
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"This podcast is brought to you by business radio powered by Wharton. From the campus at the university of Pennsylvania, Wharton school. This is mastering innovation on business radio Sirius XM one eleven. Hello, and welcome. You're listening to mastering innovation. Our show here on Sirius XM's business radio powered by the Wharton school. I'm your host Nikolaus code professor of management and co director of the institute for innovation entertainment. I'm joined by my co host harvesting also professor of management and co director of the institute. Just a reminder. We'll live every Thursday at four PM eastern time, and the show replays few times out the week. If you have any comments or questions during today's show, give us a call of the phone lines are open at one, eight, four, four, Warton that's one eight, four, four, nine, four, two, seven, eight six. Now we having a very interesting show today. We'll be spending this hour with three of our colleagues from the university of Pennsylvania. We've just published a book called managing discovery in the life sciences, harnessing creativity to drive biomedical innovation. So this book is both about the science and the management behind biomedical innovations. What makes your book with you? So interesting Lisov in my view is that you really taking a broad perspective on the innovation problem. Your book examines the interplay of scientists, managers, investors regulators, kind of involved in this process of discovering new drugs and medical devices. Now, I guess in part, the sort of almost reflects the diversity of the authors of biology professor. We have a management professor was trained as a sociologist, and we have a management professor who was trained as an economist. And so for the whole hour here, we have Phil Ray is a professor of biology and also the director of the life sciences and management program at the university of Pennsylvania. Right now in the studio, we all saw joint by rob burns, a professor of healthcare management, and then in the second half of the show, the third member of the team, Mark paulie, a professor of healthcare management at warden will also join us. So for now we're getting the conversation start with Phil and Robert. So thank you first of all, so much for joining us today. Thank you so much for invoice. Great. So maybe to start with the simple question of how the three of you decide to write this book, maybe we can start us off. I mean, really there were two phases to it way back two thousand twelve Malkani while having a meal in the empanel in the in the restaurant, and we reflecting on something material, we sharing with the students and and I was also reflecting on some writing done for American scientists where I'd been digging deep into very stories. Examples being the the Staten story on the actin story, which instead he's into the boat boot. Nevertheless, it's a gripping story, and it occurred to us that maybe we should combine forces given the pedagogy cly. We've been engaged in communicating the economics and the management matters, and that was something. But Mark with the the guy for and I was communicating the science. That was relevant to those money management issues. And I think then several years later when Mark step down from the directorship of the program, he said, well, if we're going to do anything about this, we better do it now. And that's, I think when Mark decided that it was a good time to memorialize, the pedagogical activities have been engaged in, and we felt that we were in an even more unique position because we not only heard Mark who is a healthcare economists in play myself. I'm by chemist. Also hard Robbins who joined leadership of the program. He'd come on as a coat director, and he was a sociologist who was really supremely interested in the in the healthcare eco-system. Yeah. Well, you know, the Genesis of this book ties back to this program and this, you know, pens, E Neak place with all these multidisciplinary majors and things like that and Penn integrates knowledge. You know, president government's initiative, but this is a program where we're actually integrating knowledge from multiple disciplines and training. Undergraduates. Endure degrees in biology and business were the only university in the world who's doing that in this preps, the only school where you could do that because they have an undergraduate business school? Yeah. Then you have phenomenal science program. You have all the wonderful discoveries coming out of Penn health system and the companies they're spinning off. And so it's we have this unique lab here at university of Pennsylvania where all these different faculty from all these different disciplines are basically two blocks apart, and so it fosters the interaction among everybody. Then you have the university putting these, these dual degree programs together, you have ROY, Vagelis funding. This dual degree program in life sciences and management, and then you bring together faculty you otherwise would never meet. So I, you know, fills the only biochemist I know. And then he's the only but I teach a core introductory course with him. And so I've been learning science on the fly for the last five years city and class with film. Conversely, he's learning management and sociology for me as this is a unique place where the faculty are learning on the fly, just as students are learning. And so we have this lab in this book just sort of flows out of this pen environment. Great. So the book is about biomedical innovation, and now you open up a newspaper and most likely you'll find a line. Something like the big pharma model is broken. I saw everyone is talking about that and you have very nuanced answer to that question. So can you tell us a little bit about what's your response to someone saying, you know, big femme models broken. Well, you know, I, I don't wanna still Mark. He's coming on the second and he wrote the show, but I think I can. I compare frigid they'll let him further, and that is big. Pharma model is not broken. It's basically been on a steady state for the last fifty years. What's what's happening? Those were spending more money on the R and D. And not getting any extra output for it, but we're not getting any worse output for it either. So it's a question of officiency not productivity in terms of, you know, the number of new molecules coming into the market and Mark Mark's chapter goes through, you know, the incentives were put in place because of insurance reimbursement, and the fact that drug companies knew that they were going to get reimbursed for their drugs even if they weren't the top of the line best in class thing. So they had an incentive to come up with lesser quality molecules and bring them to market, and then those things don't necessarily so well, they may not even get approved. Maybe, you know, increase productivity. And so the incentives were put in place by the. So I think that would be marks argument. But in terms of productivity, it's been a flat liner, you know, for the last forty fifty years and every every year in our class, we go through the latest statistics. See if there's an uptick or downturn in varies year by year. Right now, there's like a two year uptick, but nobody's sure if that's going to persist. So since we're the university here and university is also play a role in this drug discovery process. Let's talk maybe a little bit about sort of the non for profit actors in this in this space because clearly we have a lot of time to talk about firms. Maybe let's start there because if big farmer is broken or not can of who else could step in. Right? And so we have universities. We have government agencies like the H and of course we have like the Gates Foundation right again, gots lots of press for what they are doing. So how do you see this playing out in this ecosystem as you just mentioning this? What's kind of the rule of these other players? Well, I think I think what's happening now in a bio pharma are India's that the. Diversities and the research institutes are playing a much bigger role, and that's because we're having more of a distributed are in D model, open innovation model, and a lot of a lot of the basic science and some of the applied science being doing being done in the university. So pen is an obvious example. We have two new products coming out of here and spin off companies. So increasing the, you can't rely on the pharmaceutical industry itself and they know this. And so they're trying to increase their reach, their reach into the universities, their alliances with universities. We had a huge alliance with Novartis, but I think that's the model going forward. So these non-profit actors like universities, research institutes will play an increasingly bigger. Our, I'd endorse that. I think I'd go on still further. I know that the the period of the small molecule is is sort of. Petering out by large, not not not entirely. We have the back story, which is all this example of a small molecule and spin of incredible therapeutic impact for CMO chronic myeloid leukemia and suchlike. But I think we regard more down the sophisticated molecular cellular route. And I think as a result of that is real sharp and fundamental research that spawning new innovation to a much greater extent than it did in previous years. And so the necessity of entities, universities and H Gates Foundation, etc. His, I would say more prominent because of the need. All investigators are almost exclusively focused on addressing fundamental basic science issues out of those spin, some fundamental therapeutics without necessarily having the objective of development of therapeutic in my. Wind. I think you probably gathered from this book a major player in the book is serendipity, and that is getting answers to questions that were never pose, put answers that turn out to be in critical therapeutic value. So tell us more about serendipity innovation. I mean, one of the interesting things is companies spend a lot of money on RND. They have big teams in labs and research programs, and you actually talk about the unintended the the branches that people never thought about that those actually worked. And so that the one is the role of senator pretty the other one is can you actually manage ovation to start with that? The the serendipity part is I, you know, you're doing experiments. You have a hypothesis in mind nearly first unexpected findings and then they don't turn out. The question is what happens then. And what we found in these case studies is part of the serendipity is just recognizing that there was some serendipity site. Oh, those were some unusual findings which. I didn't expect. What do those mean? And then they pursue a new line of, you know, inquiry or investigation, which leads to some really fundamental discoveries. The other thing I'd mentioned, but in terms of managing innovation is that it gives credence to the things that academics always say to their deans on the presence. You know, we need more time. We need more research funding. We need more students and there's something to be said for having a lot of what we call corporate slack to finance, you know, open investigation open inquiry into thanks because that's what we see a number of these. These case studies, they weren't necessarily richly funded, but they require time required the the cooperation and collaboration with investigators all over the world, it required money. And oftentimes that's what it takes to pull these things off. It's it's not something you can engineer and just do top down. A lot of the stuff is bottom up. You know, individual investigators driven by. Passion driven by curiosity, with a hypothesis that's unusual and pursuing it, even the face of doubting Thomases come. Something really relevant is is the license management program itself. So I would say the imperative without program, which essentially is the brainchild of ROY Vagelis who is is a chemist to all know, became the CEO and president of Mark. And I think the thing that the LS program is about is the objective office if has an objective is to put people in positions of responsibility with respect to the allocation and distribution of resources who have a sufficiently nuanced understanding of the science to identify a nascent. Proposition in the scientific sector without losing the potential significance of that finding in translation. And I think a major play into that in in several chapters in the book is an appreciation that some of the best leadership when creativity is is the key determinate not productivity. Some of the best leadership often comes from individuals that have a very, very deep understanding of science. They came out of science themselves and then they acquitted themselves with the requisite skills in order to administer science, if you will and make calls on which projects to carry forward, which ones? Maybe our long-term objective projects and which projects are maybe shorter term but could provide ons to support the longer term projects.
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"Just the author of the book the diversity bonus how great teams payoff in the knowledge economy your comments are welcome at eight four four wharton eight four four nine four two seven eight six six or if you can't get your phone you can send us a comment on twitter more bringing up the show that way at biz radio one eleven or mike twitter account which is add damn looney 21 so a with speaking specifically about the knowledge economy how how are you seeing this linkage happen that it that is benefiting uh entities there in the knowledge economy who in a in a couple of his wanna say see increased reliance on teams right the other thing is i see firms sort of passing a much wider net right in terms of who they hire a third thing you see in and this actually is i think in most extreme for ray dial yeo's most recent book your book the principles you see when when organizations going into a 360 on errors they'll say why did we make this mistake is it because we didn't have someone in the room we you know is there is someone we could have had in the room that would have seen this so sometimes you're you know y you place your betts you take your chances things are gonna work out or not work out other times you just completely forgot to look at a particular dimension than you realize well next time we make this decision rid have someone from the unions in the row we're next to make this decision we're enough someone who does logistics in the room right because you want to make sure that you've got threat level diversity to cover all the bases another thing you see like there's companies like hair is a good example were they really strive to make.
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"Contentious purposes uh because this at this technology has actually worked successfully um people can buy and sell bitcoin uh the same way that they can buy and sell any traditional currency and again it's been around for nine years um totally uh you're outside of the traditional financial and banking system in the last year we've seen this this huge explosion in the price uh for for a variety of reasons that we can get into christian really what do you think is behind this unbelievable price jumped that we have seen on the value of bitcoin over the last several months so when you think about bitcoin um it's it's one of this kind of new digital assets and it's important to remember that the floor value of bitcoin is zero uh bitcoin only has value because people agree and believe it adds value and so it's it's very reactive to our expectations change over time about the likelihood that this network is decentralised network of economic agents will be to deliver something useful to society uh i think what you've been seeing recently uh as being kind of you know fostered by a lot of momentum around institutional investors getting more interested in in bitcoin uh shia me and and maybe even nasdaq into new year uh would start trading uh contracts uh in futures uh related to the cryptocurrency but overall as the ecosystem as kind of developed and emerged uh i think there's been a lot of hype and excitement and that korea as you know driven the price uh punched the possibly away from you know the real utility value of the network and much more in do into the speculative realm so uh a lot of the price race you're seeing right now is people you know kind of fearing uh of missing out on on on the new investment on a new assets and jumping in and and buying it um in in large amounts eight four four wharton is the numbers you'd like to joining with your comments or questions eight four four nine four two seven eight six six sorts of bikes unscom twitter either at biz radio.
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"Contention that the tax changes will boost economic growth and thus family incomes caused companies to hire more workers and overall boost the middle class what what does the model show yeah so over all that pen wharton budget model predicts that the additional growth will be very small discuss of how the tax plan is designed we can talk a little bit more i just think they'd budget on that point i think i've seen point well one tenth of one percent per year added to gdp growth is that right it roughly out well basically what we show is that by twenty twenty seven in gdp will only be about point three the point eight percentage points a larger so then it if you why convert that an annual growth rate that's like going from a two percent annual growth rate to less than a two point one percent annual growth rate more and more importantly the diesel growth that we project is only about one ninth of the growth that would be required for this tax plan to actually pay for itself and so it were very far away from having a tax plan that pays for itself through these macroeconomic effects of ours that that's a big gap from where as as of point out by the way things even get worse after ten years the you know dc's focus on his tenure window it's very misleading when you get beyond 10 years you may think well this tax plans kicked in the bit more and more you know the opportunity for it they the oh get better it's actually worse after ten years and the reason why it's because it's not pain for itself the debt is building up that the debt dole up kicks in even more after ten years and so we predict by like twenty forty for example.
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"Eight four four wharton is the number if you would like to join it with your comments we are joined in studio by peter peter connie brown of the word in school on the phone by chris the schwartz of the word in school as well eight four four nine four two seven eight six six or if you'd like send us to combat via twitter will bring it up on the show at biz radio one eleven or my twitter cout which is at dan loney twenty one i guess a lot of people are also going to be looking in you both of kind of alluded to it that that concern about regulation especially in the financial sector peter and where we could be potentially heading with your own powell as the fed chair in that in that territory i don't think of pal is an ideolog particularly he's not been beating any kind of uh repeal doddfrank and drum uh wh which has been the the mantra of the house republicans um that said uh is how is is supervision of the implementation of uh of capital requirements and her basel three which is the international framework for for establishing these things um will look different from janet yellen i suspect yes i think that his his prior zinni's music said this publicly uh r uh uh not to view regulation as a as a reflexively good thing and that includes just capital structure a regulation and this is something that is a vital uh in the way that we think about the banking system and it's basically limits how much uh uh how much debt banks can take on this debt is the contagion in erase us up and so uh uh the view following the crisis the jazz anticrisis as well thanks have got to be funded with a lot more equity because an equity uh you know cheryl lose their shirts let's the.