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Speaker 1: Naomi Simpson. Welcome to straight Talk. It's about time you

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Speaker 1: come on my show. It's crazy. We've known each other

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Speaker 1: about million years. We've spoken lots of things together.

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Speaker 2: I don't think we need to reference a million years.

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Speaker 2: We're getting wise, that's true.

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Speaker 1: We've known each other for wiser years or whatever the

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Speaker 1: words are. But welcome and thanks for coming into the

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Speaker 1: studio today.

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Speaker 2: Good to be here.

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Speaker 1: It's good timing too, to get someone like you in

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Speaker 1: here to talk about some of the stuff we saw

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Speaker 1: on the budget. I just parked that for a moment, though.

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Speaker 1: We just if we could just introduce you first, so

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Speaker 1: you know, my first recollection of you is when you

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Speaker 1: did something quite disruptive when you launched Red Balloon, which

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Speaker 1: was an e commerce business, but like I don't know

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Speaker 1: if it was described as e commerce in those days,

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Speaker 1: but how many years back and now we're talking about

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Speaker 1: that's twenty five years ago. Twenty five years ago, it's

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Speaker 1: abound the safe time I did Wizards around the same

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Speaker 1: time and exactly the time I did with it, actually

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Speaker 1: I was twenty six years ago I started that. What

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Speaker 1: was disruptive, I mean, we can look at it now

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Speaker 1: says not the disruptive, But what was disruptive at the time.

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Speaker 2: NOI Well, believe it or not, We're at the very

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Speaker 2: beginning of the Internet way back then in two thousand

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Speaker 2: and one, and you know, there was no such things

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Speaker 2: as social media, smartphones, digital cameras, nothing, And I think

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Speaker 2: sometimes people wouldn't mind going back to that time, but

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Speaker 2: it was a very simple concept. The fact is that

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Speaker 2: there's a lot of small businesses who find it very

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Speaker 2: expensive to find customers and that's not changed. You know,

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Speaker 2: it was expensive to go in the yellow pages. Well

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Speaker 2: it's even more expensive now to run performance marketing campaigns

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Speaker 2: and try and build a brand. So I've been a

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Speaker 2: professional marketer my whole career. I worked in big brands

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Speaker 2: like Apple, IBM had set that was an airline. And

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Speaker 2: so I flipped the model. So instead of working for

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Speaker 2: each of these small businesses, could I give a brand

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Speaker 2: to a whole industry and take a clip of the

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Speaker 2: ticket rather than just them being a marketing agency. And

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Speaker 2: so yeah, I flipped the model, and the Internet enabled

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Speaker 2: that to come to life, which wouldn't have been possible.

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Speaker 2: And I didn't know, you know, with first Marketplace, and

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Speaker 2: you know, I had no idea that I was such

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Speaker 2: a trialblazer. I was just putting one foot in front

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Speaker 2: of the other.

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Speaker 1: Yeah, it might have made a difference if you did know.

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Speaker 1: Actually you might have thought, well, what am I doing here?

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Speaker 1: Because I would just remind listeners that we had in

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Speaker 1: the ninety eight ninety nine what was known as a

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Speaker 1: tech boom, and your launch of your product is sort

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Speaker 1: of just off the back of the tech boom. Tech boom,

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Speaker 1: of course became a tech crash, as they always do.

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Speaker 1: And you're right. There was internet, but there was no

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Speaker 1: the devices didn't our phones didn't connect to the internet

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Speaker 1: those days. It was all computer laptops and stuff like that.

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Speaker 1: Apple laptops or I think that are Apple laptops.

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Speaker 2: Probably they were actually these iMac jelly.

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Speaker 1: Shape really, they're those big things.

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Speaker 2: Clunky, and you had a desk.

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Speaker 3: They were colorful though, Yeah, they were colorful, and you

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Speaker 3: couldn't move them, so you know they.

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Speaker 1: Were a desktop. You're right, yeah, and so do you

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Speaker 1: remember the moment though you had this thought? I mean,

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Speaker 1: because it doesn't seem disrupted today, but it was disruptive

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Speaker 1: at the time to build a marketplace to just correct

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Speaker 1: me if I'm wrong. Now, to link up suppliers of

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Speaker 1: or merchants of experiences in your in the red Balloon

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Speaker 1: case with consumers, where consumers could choose from a whole

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Speaker 1: lot of experiences instead of just going to one experience provider.

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Speaker 1: They are all listed there. So you effectively built a marketplace,

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Speaker 1: is that right?

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Speaker 2: And also we gave those experiences authority. So so where

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Speaker 2: did the idea came from? I was a freelance marketer.

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Speaker 2: I'd left my corporate career because I had small children

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Speaker 2: and I wanted some more flex ability in my life.

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Speaker 2: And back in the day, we didn't have any of

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Speaker 2: the things that we now have. And then I was

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Speaker 2: listening to my clients, who are mainly small businesses, and

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Speaker 2: I realized that what they really wanted they didn't want marketing.

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Speaker 2: What they wanted was customers. And so I one of

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Speaker 2: those clients came to me and the tech wreck was

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Speaker 2: going on, as you'd said, and he was in a

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Speaker 2: tech business. I was doing their marketing for them, and

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Speaker 2: he said, look, I think they're going to close me down.

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Speaker 2: And he says, but there's this business concept in the

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Speaker 2: UK called red letter Days, and it's a catalog and

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Speaker 2: call center business. And in Australia. We can never do

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Speaker 2: catalog and call centers because the country's too big and

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Speaker 2: the population's too small. And he said, I wonder if

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Speaker 2: we could do it online. But before we could start

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Speaker 2: this business, he was offered to do an management buyout

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Speaker 2: for a dollar of the tech business he was running

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Speaker 2: in Australia. He went off and did that and I

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Speaker 2: was kind of left with this. But I remember the

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Speaker 2: moment that I named it red Balloon. So Red Letter

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Speaker 2: Days was not interested in us in Australia. The Antipodes

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Speaker 2: so far away, so we needed to have a life

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Speaker 2: of its own. And I was literally walking around in

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Speaker 2: our backyard and I remembered a movie from when I

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Speaker 2: was a child called The Red Balloon.

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Speaker 1: Oh wow, Yeah, and it's about a.

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Speaker 2: Little boy who lives in Paris and his best friends

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Speaker 2: a red balloon. Wow, it's such a beautiful story.

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Speaker 3: Yeah.

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Speaker 2: So I thought a red balloon is a symbol of

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Speaker 2: joy and happiness, and I just wanted people to see

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Speaker 2: any red balloon and be reminded of the first red

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Speaker 2: balloon they were given, or that they gave that experience,

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Speaker 2: the emotional connection to being with people and connected and

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Speaker 2: ironically all of these years later, when we're so overwhelmed

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Speaker 2: with social channels and the messages that are coming at us,

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Speaker 2: there is a real move offline again, you know, so

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Speaker 2: we come online, as Pindra says it, come online to

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Speaker 2: work out what you're going to do offline.

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Speaker 1: Yeah, that's, by the way that in my world, that's

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Speaker 1: about it exactly. That's exactly right. And actually I'm really

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Speaker 1: glad you explain the the branding or the name Red Balloon,

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Speaker 1: because once youre the name is pretty easy to play

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Speaker 1: around with the branding and visual sense. But the sort

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Speaker 1: of emotion that sits behind it, I never really thought

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Speaker 1: it through because I'm not someone who used it, but

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Speaker 1: doesn't matter.

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Speaker 2: There's plenty of opportunity.

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Speaker 1: That's the way I live my life. But nonetheless, and

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Speaker 1: the emotion was that little bit, that little window into

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Speaker 1: the emotion that was very very good. Why did you

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Speaker 1: decide to make it about experiences?

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Speaker 3: Though?

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Speaker 1: What's the connection with experiences and what does experiences mean?

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Speaker 1: Like it doesn't mean just going on a holiday or

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Speaker 1: traveling up and staying up in a time home in

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Speaker 1: Barron Bay or something, But what were the experiences you

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Speaker 1: decided to put in there?

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Speaker 2: Even back in the day when I started the business,

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Speaker 2: we all had too much stuff, and really what anybody

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Speaker 2: wants is time with their family and friends, the people

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Speaker 2: who are important to them. And often people want to

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Speaker 2: do something that they've always aspired to do. And it

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Speaker 2: was in listening to customer stories that I understood the

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Speaker 2: impact that we were having on people. So this man

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Speaker 2: wrote that for his father's eighty fourth birthday, he gave

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Speaker 2: him a flight on a DC three and he drove

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Speaker 2: him to Bankstown Airport and he said, my father was

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Speaker 2: excited like a little boy going to a birthday party,

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Speaker 2: he said, And when we flew together, watching his joy

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Speaker 2: was amazing, he said. When I when we were driving home,

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Speaker 2: his father shared with him that as a young man

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Speaker 2: he'd heard the first DC three flight on the wireless

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Speaker 2: and he always always wanted to be on one. He said.

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Speaker 2: My father is a very quiet man. I'll always remember

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Speaker 2: today as one of the days he spoke. And then

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Speaker 2: you understand why you do it, why I keep doing it,

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Speaker 2: because that moment of connection, and it's what we need

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Speaker 2: more than anything, is to connect with the people that

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Speaker 2: we love to create conversations. Shared experience is what gives

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Speaker 2: us and not all of the experiences are you know

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Speaker 2: finn and they're sometimes exhilarating or exciting or challenging. But

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Speaker 2: that's what makes us human. On the flip side is

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Speaker 2: that because we bring people together, that's what we do.

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Speaker 2: So we curate, we go out and there's four and

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Speaker 2: a half thousand small businesses that depend on us for customers.

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Speaker 2: And I was speaking to one ironically in December twenty

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Speaker 2: nineteen and he said, oh, names, I didn't know we're

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Speaker 2: going to get old together. I speak for yourself. I'm

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Speaker 2: just getting why. So that's mala and I stick with wisdom.

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Speaker 2: And he said, do you realize is that that first

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Speaker 2: year I had one hot air balloon and nine hundred passengers.

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Speaker 2: Over the year, in the whole year, had one hot

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Speaker 2: air balloon and nine hundred passengers. And he said, in

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Speaker 2: the twenty years since we've been together, I now have

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Speaker 2: nineteen balloons and twenty three thousand passengers. And he said,

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Speaker 2: and for every single one of them, when they come

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Speaker 2: to the Hunter Valley, they buy accommodation, they go to wineries,

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Speaker 2: they eat at the local restaurants. It's at least one

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Speaker 2: thousand dollars to our community. We've literally changed the economic

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Speaker 2: impact in our local region. So when we went into COVID,

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Speaker 2: we were able to talk to government about the impact

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Speaker 2: of driving economic outcomes for regional and rural Australia through

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Speaker 2: small businesses. Because people don't travel for the sake of travel.

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Speaker 2: They travel because there's something there that they're going to

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Speaker 2: do and experience. So when we can put the experience

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Speaker 2: front and center, we can drive economic outc comes for

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Speaker 2: small businesses throughout Australia.

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Speaker 1: We spend on our ridge around twenty six years of

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Speaker 1: her lives asleep, So if you're going to spend that

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Speaker 1: much time doing something, you may as well get good

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Speaker 1: at it. That's what got me interested in WHOOP. It's

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Speaker 1: a wearrible device that helps you understand what's actually happening

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Speaker 1: with your body, especially when it comes to sleep, recovery,

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Speaker 1: stress and overall health. What I like about WOOP is

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Speaker 1: that it takes all that information and it turns it

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Speaker 1: into simple, personalized insights you can actually use. You start

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Speaker 1: to notice how things like travel, late nights or even

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Speaker 1: eating too late affect the quality of a sleep and

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Speaker 1: how you feel the next day. So it's not just

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Speaker 1: for athletes, is for anyone who wants to feel and

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Speaker 1: perform better, to learn more here to join dot whoop

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Speaker 1: dot com, forward slash mentored and get one month off

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Speaker 1: your annual Whoop membership. So do you feel as though

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Speaker 1: then during that period continuing on today obviously because you

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Speaker 1: go still own it, But do you feel as though

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Speaker 1: that you've had a really big impact on small businesses

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Speaker 1: just generally when they can give you that sort of feedback.

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Speaker 1: And as a result of that, do you feel did

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Speaker 1: you ever feel as though to yourself that you should

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Speaker 1: have paid forward your luck in your life? I mean,

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Speaker 1: why did you do this? I mean apart from me

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Speaker 1: obviously made a few bucks out of it, but why

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Speaker 1: did you do this? Was it a pay forward I

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Speaker 1: want to pay forward my experience with other people or

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Speaker 1: did you positively want to say I really want to

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Speaker 1: connect the small business community and I want that small

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Speaker 1: business community, for example in the Hunt of Valley to

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Speaker 1: build ecosystems where not only is the balloon business doing

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Speaker 1: the hot air bloon business doing well, but by accommodation,

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Speaker 1: they go to the pub, they go and visit a winery.

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Speaker 1: They might buy some booze. Whatever they spent petrol money

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Speaker 1: on petrol might forget the repair, hopefully not, But you

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Speaker 1: know what did you think? What was the process? Did

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Speaker 1: you think it's about a bigger story or do you

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Speaker 1: just initially think, no, it's just about putting matching parties

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Speaker 1: to you on my marketplace.

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Speaker 2: Any startup, it's always just one foot in front of

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Speaker 2: the other. We don't overthink it. I have a passion

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Speaker 2: for small business, always have. My father had a small business,

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Speaker 2: my sister has a small business. Small business is in

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Speaker 2: our blood. Ironically, when I worked for Apple, I was

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Speaker 2: the marketing manager for small business, and when I worked

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Speaker 2: at ANSID, I was the marketing manager for business. So

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Speaker 2: I've always had this kind of B to B approach

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Speaker 2: to my marketing. So I didn't overthink it. But it

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Speaker 2: was only in listening to customer stories on all sides

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Speaker 2: that you realize the impact you're having. And it is

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Speaker 2: that impact that keeps us going. Purpose comes from knowing

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Speaker 2: you've made the world a better place. But no, I

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Speaker 2: didn't overthink it. Who would have thought that we're now

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Speaker 2: delivering an experience every second, every sixteen seconds that is

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Speaker 2: a customer to a small business that they didn't have

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Speaker 2: to pay one of those monsters. And I shouldn't say

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Speaker 2: Google or Facebook, because of course we all have to

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Speaker 2: do that, but we're the marketing experts. They can be

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Speaker 2: the world's best hot air balloonists, jet boater, macrime, makeup,

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Speaker 2: whatever the experience is, they can be the world's best

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Speaker 2: at that because they can trust us to deliver them customers.

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Speaker 2: And when we went in the COVID time, that was

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Speaker 2: our job just to make sure that they were still there.

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Speaker 2: On the other side, it's their livelihoods.

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Speaker 1: COVID are like your gift to some to some extent,

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Speaker 1: to be businesses like yours because that sense of being able,

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Speaker 1: to particular if you're from Victoria better under reconnect with

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Speaker 1: your community or reconnect with your family or your friends

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Speaker 1: somewhere doing something. What was the initial effect of COVID

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Speaker 1: on you guys.

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Speaker 2: Oh, well, everything dropped off a cliff. But as and

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Speaker 2: this is way before we had job keeper and job

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Speaker 2: seeker and all the rest of it. But we knew

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Speaker 2: our job is to keep these businesses with customers. And

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Speaker 2: so we went out to our community and we said, look,

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Speaker 2: could you an invent an experience that was in a box?

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Speaker 2: Could you invent an experience that was delivered virtually? And

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Speaker 2: we published two hundred and fifty new experiences in about

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Speaker 2: three weeks, really because we had seven hundred thousand customers

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Speaker 2: sitting at home with a red balloon voucher board as

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Speaker 2: wanting to do something. So it was our job to

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Speaker 2: keep doing that. And so we absolutely focus what is

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Speaker 2: our job here? We are shifting the way people experience life,

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Speaker 2: and to do that you stay really focused on the endgame.

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Speaker 2: We shift the way our experience supplies experience life. We

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Speaker 2: shift the way consumers or our B to B customers,

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Speaker 2: our corporate customers who use Red balloon for reward and recognition.

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Speaker 2: We that's our job.

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Speaker 1: And when you put out an APB toy or supplies

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Speaker 1: and or customers about during COVID period for example, and

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Speaker 1: you've got such a great response in terms of what

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Speaker 1: people could put in a box, what is Naomi Simpson

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Speaker 1: doing at that point? Is she's standing sitting back and

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Speaker 1: letting all her CEOs. Oh my gosh, no, what is

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Speaker 1: Naomi doing?

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Speaker 2: We were in a world of panic, Like you know,

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Speaker 2: I've worked for twenty years in this business and then

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Speaker 2: all of a sudden go So I've been through the

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Speaker 2: GFC and people buy experiences in tough times because it's

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Speaker 2: a little bit of lipstick. It makes them feel good.

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Speaker 2: So it's you know, not as expensive as taking somebody

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Speaker 2: to the Gold Coast. Let's have a day out, you know.

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Speaker 2: So we do find that, you know, we found that

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Speaker 2: even in the GFC that we were growing, but this

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Speaker 2: was different because nobody knew what was going to happen.

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Speaker 2: And so David, who is my business partner, who's the

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Speaker 2: group CEO of the overall Big Red Group, which includes

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Speaker 2: Balloon Adrenaline Experience, was everything new in New Zealand all

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Speaker 2: of the brands that we represent, He said, nomes need you.

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Speaker 2: And so I went back into the business and I

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Speaker 2: headed up our BE.

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Speaker 1: To B approach.

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Speaker 2: So all of our corporate went rolled up, my sleeves

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Speaker 2: got right stuck in and that gave me an opportunity

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Speaker 2: to speak to our corporate customers and find out what

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Speaker 2: was going on with them.

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Speaker 1: Were Sene care packages out that topic thing? Yeah, exactly

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Speaker 1: what you're talking about.

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Speaker 2: Well, I was just getting on the phone and finding

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Speaker 2: out what was going on. And what I did find

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Speaker 2: was a bigger the bigger end of town understood that

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Speaker 2: if small business disappears, they don't have any customers like

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Speaker 2: it's an ecosystem, and small business is the backbone of

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Speaker 2: this country. And so I found that many of our

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Speaker 2: corporate clients they got the link between you buy a

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Speaker 2: Red Balloon voucher, that's a customer for a small business.

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Speaker 2: So that in fact quite a tragic story. There was

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Speaker 2: so Toby, who's one of my colleagues. It was coming

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Speaker 2: up to the first year, and of course Victoria had

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Speaker 2: a hell of a time, and he made a corporate

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Speaker 2: salf for one of these experiences in a box, which

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Speaker 2: was an international chocolate tasting. Sounds pretty good to me anyway,

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Speaker 2: and he made this forty thousand dollars order and I said.

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Speaker 1: Oh with all of thety grand yeah, forty.

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Speaker 2: Grand worth of international chocolate tastings. And I said, oh,

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Speaker 2: you better call and make sure the logistics and all

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Speaker 2: of that sort of thing. Anyway, he called this woman

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Speaker 2: she's based in Victoria in Melbourne, and he picked up

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Speaker 2: the phone and goes, Hi, Toby from Re Balloon just

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Speaker 2: got this order, just want to check on the logistics.

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Speaker 2: And she burst into tears and she said, I've just

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Speaker 2: called the administrator. He goes, well, can you un call them?

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Speaker 2: Because I really wanted to deliver this. It literally saved

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Speaker 2: her business.

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Speaker 1: Wow.

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Speaker 2: That's what businesses need is customers.

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Speaker 1: And they need someone to connect them.

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Speaker 2: Yeah, because it's too expensive to find them on their own,

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Speaker 2: like the complexity of the channels and the mix and

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Speaker 2: the data.

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Speaker 1: It's hard.

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Speaker 2: So we do. We're their marketing company.

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Speaker 1: You're the drawpoint. You're sort of a war worse online

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Speaker 1: so to speak.

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Speaker 2: I don't know.

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Speaker 1: In terms of products. You're obviously offering services and products,

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Speaker 1: but you do the marketing and people come to your

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Speaker 1: shelves to see what it is like.

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Speaker 2: Them anything, we just take a clip of the ticket.

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Speaker 1: We're an agency, so that is veriable cost.

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Speaker 2: Yeah, so if they don't sell anything, it doesn't cost

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Speaker 2: them anything. But their job is to make sure the

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Speaker 2: experience is excellent. And because we have such buying power,

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Speaker 2: we get additional stuff for our customers, you know, value

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Speaker 2: adds and exclusives and everything on the way through. So

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Speaker 2: there's a benefit from buying for Red Balloon. You're going

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Speaker 2: to pay the same as if you went direct, but

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Speaker 2: there is a benefit and that's because we send them

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Speaker 2: so much business. We say, you look after the experience

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Speaker 2: and we'll deliver you. Customers and It's also why in

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Speaker 2: the review process it's really important to us because we're

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Speaker 2: not there on the day, so we read them, we

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Speaker 2: look at them, and if somebody's getting, you know, not

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Speaker 2: good reviews, they're going to get unpublished pretty quickly.

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Speaker 1: Would you just taken off?

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Speaker 2: Yeah, of course, And then we work with them and

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Speaker 2: say what's going on. It's actually a funny story. Don't

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Speaker 2: know if I should tell you this. This is in

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Speaker 2: the public domain, but there was an experienced supply who

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Speaker 2: also an amazing, very unique experience that also provided lunch,

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Speaker 2: and repeatedly we were getting feedback amazing experience, lunch disgusting,

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Speaker 2: wouldn't feed it to my dogs, you know, blah blah blah.

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Speaker 2: And we're like, oh, right, what's going on here? They

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Speaker 2: get unpublished and the team goes out and talks to

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Speaker 2: them and says, no, what's going on. They said, oh,

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Speaker 2: so there's a problem with the food. And he goes,

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Speaker 2: I know, there's a problem with the food. He goes,

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Speaker 2: my brother in law, So you're telling me I have

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Speaker 2: to fire him, and we go, yes, you have to

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Speaker 2: fire him. He goes great.

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Speaker 3: So, you know, so actually having that loop, you know,

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Speaker 3: helped him make a decision in his own business and

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Speaker 3: it was bad.

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Speaker 1: So you actually go up there and then helped the vendor.

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Speaker 1: The merchants, let's call the merchants.

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Speaker 2: Because we know what's going on, Like, we've got all

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Speaker 2: the trend data we like, we've literally invented experiences where

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Speaker 2: we know something is selling really well in one state,

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Speaker 2: well can you open it in another state? Can you

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Speaker 2: open it in another location? Yeah? Absolutely, we are absolutely

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Speaker 2: driving growth and we're driving employment growth.

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Speaker 1: How many small businesses would you have on I mean

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Speaker 1: I was going to ask you how many of you

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Speaker 1: had since you started this off in the twenty five years.

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Speaker 2: Ago, but I wouldn't know how many would you have

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Speaker 2: there at anyone right now, there's probably across all of

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Speaker 2: our platforms at least four and a half thousand small.

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Speaker 1: Businesses that we across Australia in New Zealand Australian Museum.

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Speaker 1: And when you think about it, when I think about it,

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Speaker 1: you would be a very good proxy to find out

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Speaker 1: how small businesses are going I know any one time.

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Speaker 2: Absolutely, absolutely we are a conduit directly to small businesses.

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Speaker 2: In fact, that's what I write about all the time

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Speaker 2: and I blog about is because we are in such

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Speaker 2: a journey of change right now. I've never seen more

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Speaker 2: change my whole life. I'm just back from a marketing

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Speaker 2: AI summit in San Francisco, and marketing has never changed

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Speaker 2: more than it has in the last eighteen months.

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Speaker 1: Could you explain that?

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Speaker 2: So the speed of change and our ability to execute,

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Speaker 2: and it's like it's cyclical. So we used to come

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Speaker 2: up with an idea, we'd execute a campaign maybe over

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Speaker 2: a particular period, but that would take three or four

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Speaker 2: weeks to execute. So what happened back in the day,

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Speaker 2: we were all generalists when it came to marketing, So

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Speaker 2: we would run full campaigns. We'd be brand managers and

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Speaker 2: we'd run all the campaigns and we'd have different sorts

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Speaker 2: of elements. Then what happened in business is they all

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Speaker 2: became specialists. In our organization, they're all specialists. So you've

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Speaker 2: got a performance marketing, you've got a search marketing, you've

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Speaker 2: got your CRM, you've got your merchandising, you've got so

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Speaker 2: if you want to run an end to end campaign,

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Speaker 2: you've got to get all those ducks in a line,

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Speaker 2: and it's slow. So the whole point about the AI

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Speaker 2: revolution when it comes to marketing is that the data

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Speaker 2: is feeding the execution and you've gone from having these

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Speaker 2: generalists to regaining the confidence over full campaign execution from

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Speaker 2: top to bottom. That's one of the changes going on

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Speaker 2: in marketing.

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Speaker 1: And how that affects, say, your business. Now, how are

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Speaker 1: you employed that into your business? What you learned you with.

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Speaker 2: Well, for instance, let's say there's three inbound and tourists

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Speaker 2: who are interested in skydiving.

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Speaker 1: If I've got an so three inquiries.

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Speaker 2: No, there's just three people out there in the wilderness

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Speaker 2: out there you haven't got are interested in this particular experience.

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Speaker 1: That you don't know, You don't, I don't know.

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Speaker 2: But if I have access to that data of their intention,

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Speaker 2: then I can serve them something about skydiving in Australia.

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Speaker 2: But I don't want to serve one hundred thousand people

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Speaker 2: something about skydiving in Australia because it's a very specific experience.

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Speaker 2: So that's also so it's like this marketing economist, it's

438
00:23:36,680 --> 00:23:41,760
Speaker 2: this cycle and it's the data is informing informing their

439
00:23:41,880 --> 00:23:43,560
Speaker 2: execution of any given campaign.

440
00:23:43,680 --> 00:23:45,840
Speaker 1: So do you get you have to somehow you're going

441
00:23:45,880 --> 00:23:48,600
Speaker 1: to scrape something to find out who those three people

442
00:23:48,640 --> 00:23:52,280
Speaker 1: are yes, Yeah, using AI I love that word scrape.

443
00:23:52,400 --> 00:23:55,480
Speaker 2: No, it's intention data. You know, we've got to figure

444
00:23:55,640 --> 00:23:59,320
Speaker 2: that's but that's that is what is now possible, and

445
00:23:59,440 --> 00:24:04,880
Speaker 2: also to have a visual and produce that customized conversation so.

446
00:24:04,920 --> 00:24:07,639
Speaker 1: Your supplies and or dash vendors you can sort of

447
00:24:08,520 --> 00:24:10,520
Speaker 1: your role is to sell that information to then get

448
00:24:10,560 --> 00:24:12,800
Speaker 1: more of those supplies onto your website, so you can

449
00:24:12,800 --> 00:24:15,760
Speaker 1: actually broaden out the experience of those three customers too.

450
00:24:15,760 --> 00:24:17,840
Speaker 2: Well, it depends which website we're talking about, because Red

451
00:24:17,880 --> 00:24:21,200
Speaker 2: Balloon we really look at who's the best in the market,

452
00:24:21,320 --> 00:24:23,680
Speaker 2: the exclusive nature of what we do for them because

453
00:24:23,680 --> 00:24:25,720
Speaker 2: we want to make sure that they're very success.

454
00:24:25,800 --> 00:24:27,159
Speaker 1: So you're going to curate that.

455
00:24:27,359 --> 00:24:27,520
Speaker 3: Yeah.

456
00:24:28,000 --> 00:24:31,040
Speaker 2: Absolutely, That's why people come to us. Okay, not anybody's

457
00:24:31,080 --> 00:24:36,159
Speaker 2: on just eleven point checklist on the quality approval and

458
00:24:36,200 --> 00:24:39,639
Speaker 2: we've got our staff picks and we've got our.

459
00:24:40,119 --> 00:24:42,720
Speaker 1: Yeah absolutely and reviews, et cetera. All of that.

460
00:24:42,720 --> 00:24:44,280
Speaker 2: That's why they come to us because we know what

461
00:24:44,280 --> 00:24:46,000
Speaker 2: we're doing. We've been doing it for a long time.

462
00:24:46,080 --> 00:24:50,600
Speaker 1: Yeah. Yeah, So you're going to Revluence curates this for

463
00:24:50,640 --> 00:24:54,360
Speaker 1: its for its consumer customer at the end of the day. Yeah,

464
00:24:54,440 --> 00:24:58,200
Speaker 1: so what is AI game to do in terms of efficiency?

465
00:24:58,200 --> 00:25:00,520
Speaker 1: Apart from that example we just gave me, what are

466
00:25:00,520 --> 00:25:04,000
Speaker 1: they saying in the United States? That which is that's

467
00:25:04,040 --> 00:25:06,560
Speaker 1: the center of all this, that's for all the new innovation,

468
00:25:06,760 --> 00:25:09,560
Speaker 1: is what are they saying in terms of efficiency and productivity?

469
00:25:09,680 --> 00:25:12,200
Speaker 1: Because we have this big productivity problem here in Australia

470
00:25:13,359 --> 00:25:15,679
Speaker 1: and US is way ahead of us in terms of

471
00:25:15,680 --> 00:25:18,720
Speaker 1: productivity growth. When I look at the numbers that get

472
00:25:19,000 --> 00:25:23,080
Speaker 1: published relative to our productivity numbers, what are they saying

473
00:25:23,080 --> 00:25:25,720
Speaker 1: over their relative to what AI is going to do

474
00:25:25,760 --> 00:25:27,600
Speaker 1: for their productivity environments?

475
00:25:28,000 --> 00:25:31,440
Speaker 2: So when we think about AI, first of all, it's

476
00:25:31,520 --> 00:25:39,959
Speaker 2: not a tech application. It is a fundamental shift in

477
00:25:39,960 --> 00:25:43,200
Speaker 2: in how we behave And so at the moment, one

478
00:25:43,240 --> 00:25:45,399
Speaker 2: of the things I'm writing about a lot is the

479
00:25:45,600 --> 00:25:52,160
Speaker 2: humanness of AI. So intelligence implies that there's some level

480
00:25:52,200 --> 00:25:57,000
Speaker 2: of cognition. There's not, so so we need to add

481
00:25:57,040 --> 00:26:01,240
Speaker 2: that cognition and that is the human element element. So

482
00:26:01,359 --> 00:26:03,280
Speaker 2: at the moment, this is kind of their genera And

483
00:26:03,320 --> 00:26:05,600
Speaker 2: I literally just publish a blog this morning on it.

484
00:26:06,160 --> 00:26:08,919
Speaker 2: This is kind of how it goes. People are like, oh,

485
00:26:08,960 --> 00:26:10,840
Speaker 2: I can do this so much faster, I can write

486
00:26:10,840 --> 00:26:14,120
Speaker 2: one whole article and I can get this done. They're

487
00:26:14,160 --> 00:26:17,680
Speaker 2: calling that slop. So shlop is that you're just producing

488
00:26:17,880 --> 00:26:24,040
Speaker 2: volumes of content without any real human or uniqueness to it.

489
00:26:24,520 --> 00:26:24,920
Speaker 1: Slop.

490
00:26:25,400 --> 00:26:27,959
Speaker 2: So I can do a lot of things faster, whatever

491
00:26:28,000 --> 00:26:31,040
Speaker 2: it is. I can do my expense return finally without

492
00:26:31,800 --> 00:26:36,840
Speaker 2: scraping through every single spreadsheet. But in business you might

493
00:26:36,960 --> 00:26:40,200
Speaker 2: just be speeding up bad processes. You have always done

494
00:26:40,200 --> 00:26:42,680
Speaker 2: those spreadsheets, so you're just doing them faster, and then

495
00:26:42,680 --> 00:26:44,359
Speaker 2: you put an agent over the top of it, and

496
00:26:44,440 --> 00:26:48,560
Speaker 2: now it's automated a bad process. So really, as business leaders,

497
00:26:48,560 --> 00:26:50,680
Speaker 2: we have to look at what is our overall strategy,

498
00:26:50,720 --> 00:26:53,600
Speaker 2: what did we say we needed to get done, and

499
00:26:53,640 --> 00:26:58,760
Speaker 2: then apply an AI thinking program to that. And the

500
00:26:58,800 --> 00:27:01,280
Speaker 2: best way to do that is to understand what people

501
00:27:01,400 --> 00:27:04,720
Speaker 2: love about their jobs and what they loathe about their jobs.

502
00:27:04,960 --> 00:27:07,800
Speaker 2: And it's a really interesting case study in the US

503
00:27:08,600 --> 00:27:11,320
Speaker 2: that I've been talking about, which is a bank and

504
00:27:11,920 --> 00:27:14,080
Speaker 2: they know that one of their pillars was growth, one

505
00:27:14,119 --> 00:27:18,600
Speaker 2: of their pillars was customer another one people, but how

506
00:27:18,840 --> 00:27:24,080
Speaker 2: we get most growth from our existing customers. Who has

507
00:27:24,119 --> 00:27:26,800
Speaker 2: the most contact with our customers? It's our contact centers.

508
00:27:27,160 --> 00:27:30,560
Speaker 2: Contact center won't touch AI. They'll do anything not to

509
00:27:30,560 --> 00:27:32,600
Speaker 2: touch it because they're fearful they're going to lose their

510
00:27:32,680 --> 00:27:37,400
Speaker 2: jobs fair enough. So they start this program and they're going, well,

511
00:27:37,400 --> 00:27:39,919
Speaker 2: what do you hate? What do you love? And if

512
00:27:39,960 --> 00:27:41,080
Speaker 2: we could get rid of the hate?

513
00:27:41,080 --> 00:27:41,560
Speaker 1: What do you hate?

514
00:27:41,600 --> 00:27:44,000
Speaker 2: Well, hate filling in a ticket, hate having you fill

515
00:27:44,080 --> 00:27:45,639
Speaker 2: up the form, hate having to do this.

516
00:27:45,960 --> 00:27:46,560
Speaker 1: What do you love?

517
00:27:46,640 --> 00:27:50,359
Speaker 2: I love chatting to customers online. So when they looked

518
00:27:50,400 --> 00:27:55,320
Speaker 2: at that and then developed the platform to support what

519
00:27:55,480 --> 00:28:00,480
Speaker 2: is it that humans do? Beautifully, judgment, design, creativity, That's

520
00:28:00,480 --> 00:28:04,600
Speaker 2: what we do. We do emotional connection, we do relationships.

521
00:28:05,400 --> 00:28:08,639
Speaker 2: A computer doesn't do that. Technology doesn't do that. So

522
00:28:08,720 --> 00:28:12,320
Speaker 2: it enables those people to do what they're absolutely best at.

523
00:28:12,600 --> 00:28:16,000
Speaker 2: Since they've launched that, they haven't had one team member leave.

524
00:28:16,080 --> 00:28:19,359
Speaker 2: So the people pillar also got an outcome, and they've

525
00:28:19,440 --> 00:28:24,240
Speaker 2: also increased their sales because they're real people talking to

526
00:28:24,280 --> 00:28:24,760
Speaker 2: real people.

527
00:28:24,760 --> 00:28:26,240
Speaker 1: They're spending more time doing what they love.

528
00:28:26,320 --> 00:28:30,040
Speaker 2: They're doing what they love, but they're also sufficient that

529
00:28:30,640 --> 00:28:38,240
Speaker 2: is efficient. So the execution, everybody's just at the moment

530
00:28:38,240 --> 00:28:40,840
Speaker 2: flapping around and so excited, but it will settle down

531
00:28:41,200 --> 00:28:43,640
Speaker 2: and I truly believe we're actually going to create more

532
00:28:43,720 --> 00:28:47,880
Speaker 2: jobs and more opportunity. Every wave is but we're in

533
00:28:47,920 --> 00:28:52,320
Speaker 2: an absolute time of flux right now as everybody works

534
00:28:52,360 --> 00:28:54,600
Speaker 2: out what does this mean? What does this mean for

535
00:28:54,680 --> 00:28:57,600
Speaker 2: my business model? Why am I still relevant? How am

536
00:28:57,640 --> 00:29:01,440
Speaker 2: I going to find customers? We're in a time of flux,

537
00:29:02,120 --> 00:29:04,680
Speaker 2: and it'll take a while to come out of it.

538
00:29:05,080 --> 00:29:07,280
Speaker 1: And it's going to take a while to sort of

539
00:29:07,320 --> 00:29:09,920
Speaker 1: a lay the fears that people think that their job

540
00:29:10,000 --> 00:29:12,080
Speaker 1: is going to be gone and.

541
00:29:12,080 --> 00:29:14,560
Speaker 2: To just reskill people. So you know, I was talking

542
00:29:14,600 --> 00:29:17,720
Speaker 2: about the marketing example before, and you know, now we

543
00:29:17,840 --> 00:29:21,080
Speaker 2: need to bring people on this journey. They're still smart

544
00:29:21,120 --> 00:29:27,040
Speaker 2: people who understand consumer experience, and it's just a matter

545
00:29:27,080 --> 00:29:30,800
Speaker 2: of having them realize that they can now take one

546
00:29:30,880 --> 00:29:32,920
Speaker 2: hundred percent accountability for a full campaign.

547
00:29:33,280 --> 00:29:34,920
Speaker 1: So where are your blogs now?

548
00:29:34,960 --> 00:29:35,000
Speaker 3: Me?

549
00:29:35,080 --> 00:29:36,880
Speaker 1: So people might want to watch that and read listen

550
00:29:36,920 --> 00:29:40,000
Speaker 1: to those. So they listen or read or listen, read

551
00:29:40,080 --> 00:29:40,440
Speaker 1: or watch.

552
00:29:41,040 --> 00:29:44,960
Speaker 2: Well, I've got Naomi Simpson dot com No p of

553
00:29:45,000 --> 00:29:47,800
Speaker 2: course in Simpson, which is where all my blogs are.

554
00:29:47,960 --> 00:29:51,280
Speaker 2: But they can also just follow me on LinkedIn because

555
00:29:51,320 --> 00:29:53,760
Speaker 2: I always announced when I've got a new blog there.

556
00:29:53,880 --> 00:29:56,200
Speaker 2: My newsletters on LinkedIn and I've got.

557
00:29:56,080 --> 00:30:00,480
Speaker 1: A podcast, have you now? And what's it called? Handpicked?

558
00:30:00,520 --> 00:30:02,960
Speaker 2: And that's where I talk about these particular issues that

559
00:30:03,000 --> 00:30:05,080
Speaker 2: I'm just trying to solve for and that I share

560
00:30:05,120 --> 00:30:05,800
Speaker 2: it with everybody.

561
00:30:05,960 --> 00:30:09,280
Speaker 1: Awesome. Yeah, it's funny how people like you and I

562
00:30:09,680 --> 00:30:13,160
Speaker 1: we get this sense that, isn't it great? We find

563
00:30:13,160 --> 00:30:14,720
Speaker 1: stuff out and we want to share it with everybody.

564
00:30:15,080 --> 00:30:18,000
Speaker 1: Have an opportunity to share what we find out, because

565
00:30:18,160 --> 00:30:20,000
Speaker 1: most people don't get the opportunity to do well.

566
00:30:20,040 --> 00:30:23,719
Speaker 2: There is so much stuff. And so I had stopped

567
00:30:23,720 --> 00:30:27,000
Speaker 2: writing and then about May last year, so you know,

568
00:30:27,200 --> 00:30:32,280
Speaker 2: good year ago. As somebody said, names if you stop writing,

569
00:30:32,320 --> 00:30:35,520
Speaker 2: who are we going to trust perform? But no, they

570
00:30:35,560 --> 00:30:39,720
Speaker 2: need trusted voices. They need somebody who's done the deep

571
00:30:39,840 --> 00:30:44,960
Speaker 2: thinking to look at the implications. And so that's why

572
00:30:45,000 --> 00:30:49,840
Speaker 2: I started writing again, started speaking again, started doing my

573
00:30:49,920 --> 00:30:52,680
Speaker 2: podcast again because I kind of gone into this non

574
00:30:52,720 --> 00:30:57,160
Speaker 2: executive career of being a board director, whereas actually I

575
00:30:57,200 --> 00:31:00,320
Speaker 2: think people need trusted voices. They need us.

576
00:31:00,400 --> 00:31:05,320
Speaker 1: So Naomi Nao and Ao m I Simpson without a

577
00:31:05,360 --> 00:31:08,480
Speaker 1: p dot com dot org just dot com dot com

578
00:31:08,640 --> 00:31:12,760
Speaker 1: and the other. The podcast is called again Handpicked, Handpicked

579
00:31:12,800 --> 00:31:13,840
Speaker 1: and where's that on Spotify?

580
00:31:14,800 --> 00:31:16,240
Speaker 2: All the usual things, Mammy Simpson.

581
00:31:16,320 --> 00:31:20,200
Speaker 1: Yeah, can I just I can't waste an opportunity to

582
00:31:20,240 --> 00:31:22,440
Speaker 1: talk to you about the budget if you don't mind,

583
00:31:23,080 --> 00:31:26,200
Speaker 1: and we're neither one of us are being political. But

584
00:31:26,320 --> 00:31:30,640
Speaker 1: let's just reflect on the federal budget that's just come out.

585
00:31:30,920 --> 00:31:32,760
Speaker 1: I'm not sure when this show will be published, but

586
00:31:32,840 --> 00:31:35,720
Speaker 1: you know it'll be still relevant even if it's publishing

587
00:31:35,720 --> 00:31:39,320
Speaker 1: a week from today. What do you think about the

588
00:31:39,360 --> 00:31:45,880
Speaker 1: federal budget? Let's talk about for a start, discretionary trust.

589
00:31:46,000 --> 00:31:46,760
Speaker 1: Just structuously.

590
00:31:47,680 --> 00:31:49,800
Speaker 2: Let me roll it back a bit first. Okay, I'm

591
00:31:49,840 --> 00:31:52,720
Speaker 2: really clear about my opinion of what's going on in

592
00:31:52,760 --> 00:31:55,080
Speaker 2: the budget, and I'm happy to share that with you

593
00:31:55,160 --> 00:31:58,080
Speaker 2: if you get here that I am all set to

594
00:31:58,160 --> 00:31:59,240
Speaker 2: rock and roll on this.

595
00:32:00,120 --> 00:32:00,360
Speaker 1: Look.

596
00:32:00,520 --> 00:32:03,920
Speaker 2: I studied economics, so I get some understanding of how

597
00:32:03,960 --> 00:32:09,080
Speaker 2: the levers work. What I see in this budget is

598
00:32:09,600 --> 00:32:13,960
Speaker 2: they're trying to do too much too quickly, and pulling

599
00:32:14,080 --> 00:32:17,480
Speaker 2: all the leavers at once means we won't know what's

600
00:32:17,600 --> 00:32:20,160
Speaker 2: working and it will put the economy into a state

601
00:32:20,240 --> 00:32:24,360
Speaker 2: of fear. We do not want our businesses in a

602
00:32:24,400 --> 00:32:28,440
Speaker 2: state of fear when they're going through so much tea

603
00:32:28,600 --> 00:32:31,960
Speaker 2: already change right, they're already going, oh my gosh, what

604
00:32:32,000 --> 00:32:33,840
Speaker 2: does this mean for my business? And now on the

605
00:32:33,880 --> 00:32:35,920
Speaker 2: other side, am I going to make any money? So

606
00:32:36,040 --> 00:32:39,600
Speaker 2: too much too quickly? So so having a you know,

607
00:32:39,760 --> 00:32:43,600
Speaker 2: CGT negative gearing testamentary trust, all of those sorts of things.

608
00:32:44,480 --> 00:32:47,800
Speaker 2: It's too much. Just why the hurry. They've been given

609
00:32:48,240 --> 00:32:50,600
Speaker 2: a runway and yet they're trying to do it all

610
00:32:50,600 --> 00:32:53,360
Speaker 2: in one budget. I think that is very unwise for

611
00:32:53,360 --> 00:32:56,560
Speaker 2: the Australian people. That is not a political state.

612
00:32:57,000 --> 00:32:59,080
Speaker 1: Were you're saying that for I could just be clear

613
00:32:59,120 --> 00:33:02,480
Speaker 1: on that. You're saying that too much too fast. But

614
00:33:02,640 --> 00:33:06,200
Speaker 1: more importantly, the net effect on small business community, at

615
00:33:06,280 --> 00:33:09,640
Speaker 1: least the ones that you're talking to, is that they're

616
00:33:09,640 --> 00:33:11,520
Speaker 1: completely confused and now flowming.

617
00:33:11,640 --> 00:33:16,760
Speaker 2: It's completely overwhelmed, completely overwhelmed, overwhelmed, completely like are you

618
00:33:16,840 --> 00:33:19,680
Speaker 2: telling me I've worked my whole life and blah blah blah. Anyway,

619
00:33:19,760 --> 00:33:21,440
Speaker 2: so let's just roll it back. And they said, this

620
00:33:21,480 --> 00:33:24,720
Speaker 2: is for housing. We need to get young people into housing.

621
00:33:25,240 --> 00:33:28,120
Speaker 2: If you dip deep into that budget, actually there's thirty

622
00:33:28,160 --> 00:33:30,960
Speaker 2: five thousand less houses going to be built this year

623
00:33:31,280 --> 00:33:34,600
Speaker 2: than last year. Why is this so so if you're

624
00:33:34,640 --> 00:33:39,000
Speaker 2: not fixing the structural issues of what is wrong with

625
00:33:39,080 --> 00:33:43,120
Speaker 2: the construction industry. So in Victoria it costs you more

626
00:33:43,160 --> 00:33:45,560
Speaker 2: to build an apartment than you can sell it for

627
00:33:45,920 --> 00:33:49,920
Speaker 2: and that is because it costs eighteen percent more this

628
00:33:50,040 --> 00:33:52,200
Speaker 2: year than last year to build one.

629
00:33:52,560 --> 00:33:53,479
Speaker 1: Wow, why is this?

630
00:33:53,600 --> 00:33:58,160
Speaker 2: So have you looked at the regulations like just getting

631
00:33:58,160 --> 00:34:02,680
Speaker 2: an approval if you're holding costs of probably five years.

632
00:34:03,200 --> 00:34:06,360
Speaker 2: So they've got to look at the structural things. The

633
00:34:06,400 --> 00:34:11,880
Speaker 2: other thing is that Airbnb has had a huge impact

634
00:34:12,360 --> 00:34:16,640
Speaker 2: on entry level properties. So people if my generation, we

635
00:34:16,719 --> 00:34:19,799
Speaker 2: bought a little flat that was our first thing, and

636
00:34:19,880 --> 00:34:23,560
Speaker 2: then as soon as we either partnered with somebody, or

637
00:34:23,560 --> 00:34:26,120
Speaker 2: we got married or we had a baby, we moved

638
00:34:26,120 --> 00:34:28,520
Speaker 2: to the next one and we sold that one, put

639
00:34:28,560 --> 00:34:33,000
Speaker 2: the equity from that in the new one. Now they

640
00:34:33,120 --> 00:34:36,239
Speaker 2: keep it and they put it on Airbnb, and so

641
00:34:36,280 --> 00:34:39,080
Speaker 2: it's taken out of our community. It's not rented to

642
00:34:39,160 --> 00:34:44,040
Speaker 2: our community, nor is it providing you know, a first

643
00:34:44,120 --> 00:34:47,960
Speaker 2: home for somebody else. So there's some really structural things

644
00:34:48,000 --> 00:34:50,360
Speaker 2: that I think if they don't look at the structural stuff,

645
00:34:50,920 --> 00:34:53,840
Speaker 2: all it's going to do is be an impost on

646
00:34:54,040 --> 00:34:58,359
Speaker 2: people look I could get really quite wound up about this.

647
00:34:58,760 --> 00:35:02,319
Speaker 2: Let me to save a few others things as.

648
00:35:01,680 --> 00:35:03,440
Speaker 1: Let's get wound up, because I want to get wound up.

649
00:35:03,480 --> 00:35:05,360
Speaker 1: I am wound up, but it's not political.

650
00:35:05,400 --> 00:35:08,400
Speaker 2: I'm just thinking about the structural stuff. So first of

651
00:35:08,760 --> 00:35:14,600
Speaker 2: another thing on the CGT, for instance, to tax investment

652
00:35:14,920 --> 00:35:21,839
Speaker 2: over consumption is to be a disincentive for investment. So

653
00:35:22,040 --> 00:35:28,399
Speaker 2: every Western country with CGT always has the tax rate

654
00:35:28,520 --> 00:35:33,000
Speaker 2: at a less rate because they've already paid the consumption

655
00:35:33,200 --> 00:35:35,759
Speaker 2: tax the income the way in on the way in,

656
00:35:36,440 --> 00:35:42,040
Speaker 2: so you're double taxing, which is an absolute disincentive for

657
00:35:42,160 --> 00:35:46,400
Speaker 2: people to invest, which means they may as well consume.

658
00:35:47,440 --> 00:35:49,799
Speaker 2: We have four offspring. One of them thinks he's just

659
00:35:49,840 --> 00:35:52,000
Speaker 2: going to spend everything, and I'm like, you're never going

660
00:35:52,000 --> 00:35:56,000
Speaker 2: to own a home, and it goes don't see why,

661
00:35:55,440 --> 00:36:00,359
Speaker 2: So he's just consuming, which of course is dry during

662
00:36:00,680 --> 00:36:04,839
Speaker 2: inflation because there's no incentive. The other thing is many

663
00:36:04,920 --> 00:36:07,120
Speaker 2: young people, because that can't get into the home market,

664
00:36:07,120 --> 00:36:11,680
Speaker 2: are investing in bitcoin or stock market, or they've got

665
00:36:11,719 --> 00:36:16,719
Speaker 2: their small investment portfolios small business, which is now a

666
00:36:16,880 --> 00:36:21,759
Speaker 2: disincentive for them to do that. So I again, I

667
00:36:21,960 --> 00:36:24,880
Speaker 2: just don't think doing all of these things at the

668
00:36:24,920 --> 00:36:29,799
Speaker 2: same time is wise. You know, if we think about

669
00:36:29,880 --> 00:36:32,440
Speaker 2: how the Japanese think or the Chinese think, they have

670
00:36:32,480 --> 00:36:35,680
Speaker 2: a hundred year strategy. If we want to move to

671
00:36:35,760 --> 00:36:39,040
Speaker 2: a different sort of tax system, don't do it all

672
00:36:39,080 --> 00:36:42,600
Speaker 2: at once. Just give us time to catch up with you,

673
00:36:42,840 --> 00:36:43,160
Speaker 2: what do you.

674
00:36:43,160 --> 00:36:46,640
Speaker 1: Think about the narrative that we're doing all these things

675
00:36:46,719 --> 00:36:52,240
Speaker 1: because we want to fix this intergenerational inequity. In other words,

676
00:36:53,680 --> 00:36:58,680
Speaker 1: Naomi's got all the assets and her kids probably not

677
00:36:58,719 --> 00:37:03,360
Speaker 1: your kids, but kids between twenty and thirty not going

678
00:37:03,400 --> 00:37:06,480
Speaker 1: to have any of assets. Therefore, there is a generational inequity.

679
00:37:06,960 --> 00:37:08,439
Speaker 1: You've got too much, they're not good enough.

680
00:37:08,760 --> 00:37:10,600
Speaker 2: Yeah, but Mark, I came from nothing.

681
00:37:10,880 --> 00:37:12,440
Speaker 1: Yeah, Well, what do you think about that narrative?

682
00:37:12,800 --> 00:37:16,200
Speaker 2: Well, well, the reason why I have what I have

683
00:37:16,280 --> 00:37:20,160
Speaker 2: now is because I worked really hard for a long time.

684
00:37:20,640 --> 00:37:24,920
Speaker 2: I invested in myself in my education. And back in

685
00:37:24,920 --> 00:37:27,640
Speaker 2: the day when I was at university, thank you GoF Whitlam,

686
00:37:28,239 --> 00:37:31,160
Speaker 2: I got a free education and I never would have

687
00:37:31,200 --> 00:37:35,600
Speaker 2: gone to university without that. So I believe in investing

688
00:37:35,640 --> 00:37:39,640
Speaker 2: in education because that's what drives growth in an economy.

689
00:37:40,160 --> 00:37:45,040
Speaker 2: And so education is going through unbelievable change. So just

690
00:37:45,200 --> 00:37:49,680
Speaker 2: keeping putting impults on universities and tertiary institutions also is

691
00:37:49,719 --> 00:37:53,880
Speaker 2: not the right thing to do. So the reason why

692
00:37:54,120 --> 00:37:58,680
Speaker 2: I could get ahead was I had aspiration that has

693
00:37:58,719 --> 00:38:03,120
Speaker 2: been taken away. I had an incentive to do so,

694
00:38:03,120 --> 00:38:06,680
Speaker 2: so yes, if you invest. And the other thing is

695
00:38:06,800 --> 00:38:09,160
Speaker 2: the sweat equity. I didn't pay myself for the first

696
00:38:09,160 --> 00:38:12,480
Speaker 2: ten years. I'm not sure I still pay myself, you

697
00:38:12,520 --> 00:38:15,400
Speaker 2: know it Like if I had got a job, I

698
00:38:15,480 --> 00:38:18,120
Speaker 2: probably would have been better off and said, you know

699
00:38:18,200 --> 00:38:21,480
Speaker 2: you don't They don't pick that up anywhere. That was

700
00:38:22,000 --> 00:38:25,719
Speaker 2: an input to the growth of the businesses. I think

701
00:38:25,719 --> 00:38:26,880
Speaker 2: I'm ranting now, Mark.

702
00:38:26,800 --> 00:38:30,080
Speaker 1: No you're not because because and I think you're a

703
00:38:30,239 --> 00:38:34,920
Speaker 1: perfect example of what we won't get no for the future,

704
00:38:35,520 --> 00:38:39,879
Speaker 1: and we won't have red balloons. No, look so ty businesses. No.

705
00:38:40,040 --> 00:38:43,640
Speaker 2: Because I was on a university board University in Melbourne

706
00:38:43,640 --> 00:38:47,120
Speaker 2: business and Economics faculty for ten years. And the reason

707
00:38:47,120 --> 00:38:50,040
Speaker 2: why I was on it was because seventy percent of

708
00:38:50,160 --> 00:38:54,160
Speaker 2: undergraduates wanted to own their own business and they see

709
00:38:54,200 --> 00:38:57,120
Speaker 2: me as a role model. Well, if she can do it,

710
00:38:57,239 --> 00:38:59,560
Speaker 2: how do I get that done? She could tell us

711
00:38:59,600 --> 00:39:03,840
Speaker 2: that to get that done. And so now it's like,

712
00:39:04,000 --> 00:39:07,680
Speaker 2: you know what, it's pretty risky starting your own business.

713
00:39:08,000 --> 00:39:09,799
Speaker 2: And you know what else this has shown this is

714
00:39:09,840 --> 00:39:12,640
Speaker 2: they can just change the rules anytime they like. So

715
00:39:12,800 --> 00:39:14,560
Speaker 2: you know what, I might just go and get myself

716
00:39:14,560 --> 00:39:18,680
Speaker 2: a job or so where does innovation come from? Where

717
00:39:18,680 --> 00:39:22,000
Speaker 2: does the investment come? You want us to build factories

718
00:39:22,200 --> 00:39:28,319
Speaker 2: and manufacturing? Why how could we what with you know that?

719
00:39:28,440 --> 00:39:32,680
Speaker 2: So they're asking us to onshore in this de globalization

720
00:39:33,400 --> 00:39:38,919
Speaker 2: key infrastructure we're going but how like And the other

721
00:39:39,000 --> 00:39:43,600
Speaker 2: thing is that Australia doesn't operate in isolation and people

722
00:39:43,680 --> 00:39:45,719
Speaker 2: have a choice, and we are going to get a

723
00:39:45,760 --> 00:39:49,040
Speaker 2: brain drain. You want to start a business, Maybe I'll

724
00:39:49,040 --> 00:39:50,400
Speaker 2: go and find another jurisdiction.

725
00:39:52,239 --> 00:39:55,680
Speaker 1: Apparently no coal gas takes Yeah, not bad place. Or Singapore,

726
00:39:55,880 --> 00:39:57,960
Speaker 1: go Singpool much lower rate. We'll go to the US

727
00:39:58,040 --> 00:40:02,759
Speaker 1: fifteen percent like and which, by the way, everybody's doing well.

728
00:40:03,560 --> 00:40:05,600
Speaker 1: Could I just drag it a little bit into the politics?

729
00:40:05,880 --> 00:40:08,000
Speaker 1: I mean just a little bit, just a little bit, okay,

730
00:40:08,080 --> 00:40:11,399
Speaker 1: and you can push back if you want. But do

731
00:40:11,440 --> 00:40:16,400
Speaker 1: you think when young kids put up a meme showing

732
00:40:17,280 --> 00:40:19,640
Speaker 1: alban EASi and they do it in a sort of

733
00:40:19,640 --> 00:40:23,640
Speaker 1: semi respectful funny way of them having to share the

734
00:40:23,640 --> 00:40:26,120
Speaker 1: proceeds of the start of the business with the government.

735
00:40:26,160 --> 00:40:29,239
Speaker 1: They put Alban his photo up there, but it's a

736
00:40:29,360 --> 00:40:32,560
Speaker 1: character zure of him or it's not real funny gets

737
00:40:32,560 --> 00:40:34,960
Speaker 1: a play play around with them. And the response that

738
00:40:35,239 --> 00:40:37,920
Speaker 1: the Prime Minister says is, look, I just want to

739
00:40:37,960 --> 00:40:40,040
Speaker 1: thank you very much for picking a good photograph of me.

740
00:40:41,400 --> 00:40:44,759
Speaker 1: You know, young people, and that's your business. Do you

741
00:40:44,760 --> 00:40:49,600
Speaker 1: think they but they think you just dismissed my objection.

742
00:40:50,480 --> 00:40:53,920
Speaker 1: It's patronizing, patronizing me. Yeah, yeah, because they're.

743
00:40:53,719 --> 00:40:57,360
Speaker 2: Giving him real valid feedback on how this occurs.

744
00:40:57,440 --> 00:41:00,319
Speaker 1: But they're fairly respectful. They're not sort of doing finger

745
00:41:00,360 --> 00:41:03,480
Speaker 1: to them. They're actually playing being playful. Yeah, but at

746
00:41:03,480 --> 00:41:05,719
Speaker 1: the same time, there's there's a real problem there. There

747
00:41:05,760 --> 00:41:06,360
Speaker 1: really are.

748
00:41:06,680 --> 00:41:11,600
Speaker 2: They're not real problem. And also I just am fearful

749
00:41:12,160 --> 00:41:16,000
Speaker 2: any government who actually doesn't understand how commerce works, just

750
00:41:16,080 --> 00:41:20,840
Speaker 2: how business works. I don't know, you know, I came

751
00:41:20,880 --> 00:41:29,000
Speaker 2: from nothing, like literally nothing, and I would be fearful

752
00:41:29,160 --> 00:41:32,160
Speaker 2: if people didn't think that that was worth having a

753
00:41:32,200 --> 00:41:36,200
Speaker 2: crack anymore. That's what it was to be Australian give

754
00:41:36,239 --> 00:41:39,280
Speaker 2: it a crack. You know, we had totally vented the hills,

755
00:41:39,320 --> 00:41:40,719
Speaker 2: Hoist and Google.

756
00:41:40,440 --> 00:41:41,319
Speaker 1: Maps, Wi Fi.

757
00:41:41,600 --> 00:41:44,799
Speaker 2: Yeah, we invented them all. Where are a country of innovations?

758
00:41:44,920 --> 00:41:47,560
Speaker 2: We had to be a country of innovation because we're

759
00:41:47,600 --> 00:41:50,640
Speaker 2: so far from anywhere. And now they're saying, oh, don't bother.

760
00:41:50,960 --> 00:41:54,120
Speaker 2: That's how it occurs to us. And you know, when

761
00:41:54,160 --> 00:41:57,800
Speaker 2: we look at economies that have done well in attracting innovation,

762
00:41:58,480 --> 00:42:04,000
Speaker 2: israeland so many of the countries that have just all

763
00:42:04,000 --> 00:42:07,319
Speaker 2: they've done is they haven't the government hasn't invested in

764
00:42:07,360 --> 00:42:10,480
Speaker 2: those businesses. But all they've done is give them tax breaks.

765
00:42:10,960 --> 00:42:14,920
Speaker 2: So but they're paying tax and payroll tax, they're employing people.

766
00:42:14,920 --> 00:42:18,400
Speaker 2: There's plenty of tax they're still paying. So I just

767
00:42:19,200 --> 00:42:25,080
Speaker 2: we're operating in this myopic view that we're operating in isolation,

768
00:42:25,200 --> 00:42:28,280
Speaker 2: and we're not. And so people will have a choice.

769
00:42:28,560 --> 00:42:32,560
Speaker 2: And I do think that what allowed me to get

770
00:42:32,600 --> 00:42:36,120
Speaker 2: ahead has been taken away from my kids generation.

771
00:42:36,440 --> 00:42:38,640
Speaker 1: If I go back twenty five years or twenty six

772
00:42:38,719 --> 00:42:43,279
Speaker 1: years and said to you in today's environment, if you

773
00:42:43,360 --> 00:42:48,120
Speaker 1: were you know, you're much younger self, and but you

774
00:42:48,760 --> 00:42:50,759
Speaker 1: know you're going to get the tax the hell out

775
00:42:50,800 --> 00:42:54,440
Speaker 1: of it. Do you reckon you would have you might

776
00:42:54,440 --> 00:42:55,960
Speaker 1: have said, look, I'm not going to do this. I

777
00:42:56,000 --> 00:42:58,120
Speaker 1: don't know, but one of my so I think that's

778
00:42:58,160 --> 00:43:01,760
Speaker 1: what they're saying. No, if they're saying, but you'll copet sweet,

779
00:43:01,800 --> 00:43:04,640
Speaker 1: your name, the names of the world in the Marc Wors,

780
00:43:05,120 --> 00:43:06,920
Speaker 1: just do it. They'll do it anyway, because they're always

781
00:43:06,960 --> 00:43:07,480
Speaker 1: going to do it.

782
00:43:07,560 --> 00:43:08,279
Speaker 2: But I don't think so.

783
00:43:08,280 --> 00:43:12,080
Speaker 3: I don't know whether Denmark in the eighties, it's a

784
00:43:12,160 --> 00:43:15,800
Speaker 3: very long time ago, and their tax rate was seventy percent,

785
00:43:17,400 --> 00:43:20,560
Speaker 3: you know, in their top income tax rate and whatever,

786
00:43:21,080 --> 00:43:23,360
Speaker 3: and I didn't understand the whole of their tax system,

787
00:43:23,360 --> 00:43:25,040
Speaker 3: but I didn't know that was a disincentive.

788
00:43:25,200 --> 00:43:29,359
Speaker 2: It's working hard. And I also know that the you know,

789
00:43:29,400 --> 00:43:32,480
Speaker 2: the luxury car tax was like two hundred percent or something,

790
00:43:32,680 --> 00:43:34,160
Speaker 2: and I remember thinking, you won't want to drive a

791
00:43:34,239 --> 00:43:39,359
Speaker 2: luxury car here, and and so I do think it's

792
00:43:39,360 --> 00:43:44,239
Speaker 2: a disincentive. And I think that given the world doesn't

793
00:43:44,320 --> 00:43:48,320
Speaker 2: so much change anyway, putting yourself out on a limb,

794
00:43:50,280 --> 00:43:54,520
Speaker 2: I just I think people will make choices.

795
00:43:54,880 --> 00:43:57,960
Speaker 1: Do you think that the gunman's brain dead or I just.

796
00:43:57,920 --> 00:44:00,600
Speaker 2: Don't think they have commercial experience, Come and sit in

797
00:44:00,640 --> 00:44:03,560
Speaker 2: our office for a couple of days. See how hard

798
00:44:03,600 --> 00:44:06,760
Speaker 2: it is to make a sale. See what we fight

799
00:44:06,800 --> 00:44:11,279
Speaker 2: against every day, which is the faceless algorithm. That's what

800
00:44:11,360 --> 00:44:14,240
Speaker 2: we fight every day. We cannot even see our foe

801
00:44:14,920 --> 00:44:18,120
Speaker 2: and understand the fear in which it is to be

802
00:44:18,200 --> 00:44:23,080
Speaker 2: a business owner. People look to us for safety and security,

803
00:44:23,520 --> 00:44:27,760
Speaker 2: and it is very hard. And because of the work

804
00:44:27,760 --> 00:44:30,240
Speaker 2: we've done for such a long time, we have created

805
00:44:30,360 --> 00:44:34,160
Speaker 2: incredible employment, not just in our own business, but through

806
00:44:34,200 --> 00:44:35,840
Speaker 2: our ecosystem.

807
00:44:36,239 --> 00:44:38,839
Speaker 1: And they all pay payroll tax, they all pay they

808
00:44:38,880 --> 00:44:40,240
Speaker 1: collected the income tax, they pay.

809
00:44:40,120 --> 00:44:43,920
Speaker 2: That and guess what they pay GST collect it and

810
00:44:44,080 --> 00:44:48,920
Speaker 2: cossumption tax. We don't want tax. We want to encourage

811
00:44:48,960 --> 00:44:53,239
Speaker 2: people to invest in our nation, invest in growth, to

812
00:44:53,360 --> 00:44:56,480
Speaker 2: create more jobs that right now we're in a state

813
00:44:56,480 --> 00:44:57,000
Speaker 2: of flux.

814
00:44:57,360 --> 00:45:00,320
Speaker 1: I hope Jim Chalmers can or the camera pick for

815
00:45:00,520 --> 00:45:03,239
Speaker 1: Jim Chalmers those piercing blue eyes as you were saying that,

816
00:45:03,520 --> 00:45:07,000
Speaker 1: because you're very convincing. But I'm serious, Jim, you have

817
00:45:07,080 --> 00:45:09,280
Speaker 1: to have a look at this. No, but that's the point.

818
00:45:09,480 --> 00:45:14,160
Speaker 1: They're not consulting with pop like you or me or anybody.

819
00:45:14,400 --> 00:45:18,000
Speaker 2: Look sit and watch what it is like to find

820
00:45:18,000 --> 00:45:21,879
Speaker 2: a customer, keep a customer, serve a customer, have them

821
00:45:21,880 --> 00:45:22,279
Speaker 2: come back.

822
00:45:22,360 --> 00:45:24,320
Speaker 1: You're still doing it, like me, We're still doing it.

823
00:45:24,440 --> 00:45:27,280
Speaker 1: But what do you feel? Because I get quite annoyed

824
00:45:27,280 --> 00:45:29,080
Speaker 1: then when I see Paul Keating come up and say

825
00:45:29,320 --> 00:45:31,760
Speaker 1: the people like you and me who are saying these things,

826
00:45:32,120 --> 00:45:35,279
Speaker 1: or where the typical rich, older people who have a

827
00:45:35,440 --> 00:45:40,040
Speaker 1: coming with his words but basically being and gorging ourselves

828
00:45:40,040 --> 00:45:43,880
Speaker 1: on the luxury of all these various capital gains, tax discounts,

829
00:45:43,880 --> 00:45:48,520
Speaker 1: et cetera. Like you come from nothing, and I've battled

830
00:45:48,520 --> 00:45:51,000
Speaker 1: every minute of every day and I'm still doing it

831
00:45:51,080 --> 00:45:53,640
Speaker 1: in my businesses. I mean, I've got thousands of people

832
00:45:53,680 --> 00:45:55,799
Speaker 1: work for me, and I feel responsible for every one

833
00:45:55,800 --> 00:45:57,799
Speaker 1: of them, every one of them.

834
00:45:57,840 --> 00:46:00,480
Speaker 2: There's also no set and forget ever business.

835
00:46:00,480 --> 00:46:00,600
Speaker 3: Now.

836
00:46:01,000 --> 00:46:03,080
Speaker 2: You wake up one day, you thought you were going

837
00:46:03,160 --> 00:46:04,560
Speaker 2: to know what your day was going to look like.

838
00:46:04,840 --> 00:46:05,560
Speaker 2: Didn't look like that.

839
00:46:05,960 --> 00:46:06,840
Speaker 1: That's not what it's like.

840
00:46:07,480 --> 00:46:13,040
Speaker 2: And something can come from left field anywhere. I really

841
00:46:13,080 --> 00:46:18,120
Speaker 2: believe that if people could work in a small business,

842
00:46:18,160 --> 00:46:21,000
Speaker 2: I've one of my first jobs was in a dry cleaner.

843
00:46:21,560 --> 00:46:25,160
Speaker 2: It was Dennis Dry Cleaner and Campbellwell, Victoria, and they

844
00:46:26,080 --> 00:46:29,160
Speaker 2: it was a fifty year old business. And you know,

845
00:46:29,239 --> 00:46:32,640
Speaker 2: if you want to understand, like I got such a

846
00:46:32,760 --> 00:46:37,239
Speaker 2: lesson in life about just cleaning people's clothes, you know,

847
00:46:37,920 --> 00:46:42,120
Speaker 2: And I think that that fundamental of just seeing how

848
00:46:42,160 --> 00:46:46,200
Speaker 2: the dollar transfers through an enterprise and a.

849
00:46:46,200 --> 00:46:47,800
Speaker 1: Little that is left.

850
00:46:48,760 --> 00:46:52,120
Speaker 2: So I just sit in our shoes from it, I

851
00:46:52,120 --> 00:46:53,640
Speaker 2: mean really sit in our shoes.

852
00:46:54,000 --> 00:46:55,799
Speaker 1: Yeah, we don't actually have a meeting with us as

853
00:46:55,760 --> 00:46:58,160
Speaker 1: should come out. That's the problem. The problem is that

854
00:46:58,280 --> 00:47:01,160
Speaker 1: politicians who are formulating all these sort of policies which

855
00:47:01,160 --> 00:47:07,160
Speaker 1: they probably think are really important ideologically, but they're making

856
00:47:07,200 --> 00:47:11,759
Speaker 1: decisions based on ideology which doesn't have any contact or

857
00:47:11,800 --> 00:47:15,960
Speaker 1: any relevance to actually the reality. Reality is important. Party.

858
00:47:16,200 --> 00:47:21,719
Speaker 2: Well look, let me let me say they do it,

859
00:47:21,960 --> 00:47:25,759
Speaker 2: I believe with the best interests at heart, but I

860
00:47:25,840 --> 00:47:28,600
Speaker 2: don't think that they're fully informed. And back to my

861
00:47:28,800 --> 00:47:31,640
Speaker 2: first point, they're just doing too much too quickly. What

862
00:47:31,719 --> 00:47:35,440
Speaker 2: about change changing by a few percent instead of being

863
00:47:35,440 --> 00:47:36,600
Speaker 2: so dramatic about it.

864
00:47:37,200 --> 00:47:38,680
Speaker 1: Maybe that's got something to do with the fact that

865
00:47:38,920 --> 00:47:41,080
Speaker 1: they don't want to go an election and do anything

866
00:47:41,120 --> 00:47:42,600
Speaker 1: else down the track was so they're going to get

867
00:47:42,640 --> 00:47:44,759
Speaker 1: asked about these things, and maybe they're thinking there's enough

868
00:47:44,760 --> 00:47:46,760
Speaker 1: time between here and the date of the next election

869
00:47:47,239 --> 00:47:49,759
Speaker 1: that these things might get forgotten about it, and that

870
00:47:49,800 --> 00:47:52,719
Speaker 1: we and it could be a miscalculation, but that we

871
00:47:53,000 --> 00:47:55,200
Speaker 1: will forget about it. And I don't think it's got

872
00:47:55,280 --> 00:47:58,640
Speaker 1: that old mate me either. I got one final question

873
00:47:58,800 --> 00:48:03,920
Speaker 1: just slightly lighter. Slightly lighter, but you know, equally inspirational

874
00:48:03,920 --> 00:48:06,600
Speaker 1: and motivational for people who are listening. If you look

875
00:48:06,640 --> 00:48:09,920
Speaker 1: back at your career, what do you think, and it's

876
00:48:09,960 --> 00:48:11,920
Speaker 1: probably hard to do. What is one of the greatest

877
00:48:11,920 --> 00:48:17,879
Speaker 1: milestones that you have ever encountered. So there are things

878
00:48:17,920 --> 00:48:21,120
Speaker 1: in life that just keep delivering. The more time goes on,

879
00:48:21,560 --> 00:48:24,640
Speaker 1: the more you appreciate them. Seventy five years of pen

880
00:48:24,719 --> 00:48:29,120
Speaker 1: files range, once tasted, never forgotten. Let's keep going.

881
00:48:29,880 --> 00:48:36,360
Speaker 2: Red Balloon early days, the millionth customer, Oh wow, just

882
00:48:36,840 --> 00:48:39,000
Speaker 2: you know, now we serve millions of customers a year.

883
00:48:39,040 --> 00:48:42,720
Speaker 2: But when we got to that million milestone and people

884
00:48:43,440 --> 00:48:46,400
Speaker 2: had heard of Red Balloon more than they hadn't, that

885
00:48:46,880 --> 00:48:49,160
Speaker 2: was amazing, like really amazing.

886
00:48:49,280 --> 00:48:55,879
Speaker 1: Just that first million, Yeah, that would have been extremely satisfying.

887
00:48:56,000 --> 00:48:58,200
Speaker 2: It took ten years, ten years and now we do

888
00:48:58,280 --> 00:49:03,440
Speaker 2: that in like not months. But yeah, now the velocity

889
00:49:03,600 --> 00:49:08,160
Speaker 2: is so wonderful and building that, but that was just

890
00:49:08,200 --> 00:49:11,239
Speaker 2: a milestone of my gosh, I think we're going to

891
00:49:11,320 --> 00:49:13,720
Speaker 2: make it. And I guess that's one of the things

892
00:49:15,200 --> 00:49:18,080
Speaker 2: we never really have. If you start your own show,

893
00:49:18,160 --> 00:49:20,600
Speaker 2: you remember your first customer. You remember when there was

894
00:49:20,640 --> 00:49:24,680
Speaker 2: none custom no customers, and at any point somebody could

895
00:49:24,680 --> 00:49:26,880
Speaker 2: take the whole thing away, and we are always in

896
00:49:26,920 --> 00:49:27,400
Speaker 2: that fear.

897
00:49:27,960 --> 00:49:31,200
Speaker 1: Jerry Harvey Tom exactly the same thing. One day he

898
00:49:31,239 --> 00:49:34,040
Speaker 1: said to me that what he fears most is something

899
00:49:34,480 --> 00:49:36,440
Speaker 1: what's going to happen that he doesn't even know what's

900
00:49:36,440 --> 00:49:39,279
Speaker 1: going to happen. It could just take everything away, and

901
00:49:39,840 --> 00:49:42,560
Speaker 1: someone as successful as he's been. And by the way,

902
00:49:42,600 --> 00:49:44,680
Speaker 1: I think the same way, because when you've come from nothing,

903
00:49:44,719 --> 00:49:46,719
Speaker 1: you always think something's going to happen, something's going to

904
00:49:46,719 --> 00:49:50,879
Speaker 1: come and take it all away. Wenami Simpson thinks you're

905
00:49:50,880 --> 00:49:54,040
Speaker 1: in the you're own the experiences business. But importantly, thanks

906
00:49:54,040 --> 00:49:59,160
Speaker 1: for sharing your personal experience without audience. It's been really good,

907
00:49:59,200 --> 00:50:00,080
Speaker 1: really great to catch up.

908
00:50:00,640 --> 00:50:02,239
Speaker 2: Great to see Thanks for having me. Mark