WEBVTT - Raftr CEO Sees Universities Adapting to Technology

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<v Speaker 1>This is Bloomberg Business Week with Carol Masser and Jason

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<v Speaker 1>Kelly on Bloomberg Radio. Let's head out to San Francisco.

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<v Speaker 1>Now check in with Sue Decker. She's the founder, chief

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<v Speaker 1>executive officer of rafter. It works in the higher ed

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<v Speaker 1>technology space. You'll know Sue's name, I'm sure from her

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<v Speaker 1>tenure at Yahoo, as well as a number of other

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<v Speaker 1>very prominent boards and whatnot that she sits on. She

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<v Speaker 1>worked on Wall Street back in the day. We're gonna

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<v Speaker 1>talk about all of it, but we got to talk

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<v Speaker 1>about colleges to start. First of all. Sue, thank you

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<v Speaker 1>so much for being with Carol myself. Yes, I can.

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<v Speaker 1>It's it's nice to be here. Thank you. Great, um,

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<v Speaker 1>great to hear your voice. So tell us what's going

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<v Speaker 1>on in the world of higher ed. You've got a

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<v Speaker 1>window like a few others, because you guys are providing

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<v Speaker 1>uh technology to colleges and universities at a time when

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<v Speaker 1>they are very reliant on technology no school. Yes, it's

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<v Speaker 1>it's in a really challenging time in many ways for

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<v Speaker 1>many people all over the world right now, and I

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<v Speaker 1>think universities and students in particular are facing a reality

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<v Speaker 1>that no one really anticipated. You have to commend the

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<v Speaker 1>universities for how quickly they were able to get people

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<v Speaker 1>and students home and faculty transition to online learning UH

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<v Speaker 1>in such a short amount of time. But I think

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<v Speaker 1>it's been a lot of triage and weekly, daily emergency

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<v Speaker 1>meetings trying to figure out how to make that work.

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<v Speaker 1>Most of them are, that I speak with, our focused

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<v Speaker 1>the first time getting through the spring semester, spring quarter,

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<v Speaker 1>depending on how they organize themselves. And then the next

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<v Speaker 1>focus is how they handled the summer and UM and

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<v Speaker 1>will be finding out in May how many people are

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<v Speaker 1>enrolling and sending checks in. That's going to be important.

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<v Speaker 1>And then for the next phase will be during the fall,

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<v Speaker 1>do they do they need a plan B that is

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<v Speaker 1>starting school online again, UM and many of them are

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<v Speaker 1>talking about that right now. We're going to continue this conversation.

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<v Speaker 1>So many industries are being impacted. We just want to

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<v Speaker 1>mention a headline crossing the Bloomberg terminal pork in airlines

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<v Speaker 1>to get four point one billion dollars in direct support

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<v Speaker 1>from the government. It includes it looks like UM or

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<v Speaker 1>maybe in addition a one point seven billion dollar alone.

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<v Speaker 1>This is again that a chord that we just reported

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<v Speaker 1>on that the Treasury reach with the airline industry shares

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<v Speaker 1>of American are up about five point six percent. Here

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<v Speaker 1>in the after hours um Our conversation with Sue Decker,

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<v Speaker 1>That's who we're talking with, founder and CEO at Rafter. So, Sue,

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<v Speaker 1>you know, tell us a little bit about what what

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<v Speaker 1>are some of the specific programs that or or some

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<v Speaker 1>of the outreach that you've done with universities as a

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<v Speaker 1>result or colleges as a result of the virus. What

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<v Speaker 1>kinds of things are going on? Sure, well, we we

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<v Speaker 1>announced in mid March that we would offer our platform

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<v Speaker 1>and our our solutions for free for the rest of

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<v Speaker 1>this academic You're recognizing that these schools are having to

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<v Speaker 1>handle things that they've never planned on handling before and

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<v Speaker 1>so having once you move online, it's more difficult to

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<v Speaker 1>create a sense of community, to have a platform where

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<v Speaker 1>people can find events, can connect with one another, can

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<v Speaker 1>keep up the groups that they had in physical form

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<v Speaker 1>on campus in an electronic form. So since that time,

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<v Speaker 1>we had a lot of incoming and we've been hosting

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<v Speaker 1>a webinar once a week with UM roughly twenty universities

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<v Speaker 1>on it. Last week, we had two different ones, UM,

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<v Speaker 1>primarily focused on how they're going to handle orientation coming up.

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<v Speaker 1>Sometimes sometimes many of them in the summer are having

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<v Speaker 1>to figure out an online way to orient parents and students. Uh.

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<v Speaker 1>And as well if the faculty faculty has three needs.

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<v Speaker 1>When they have to broadcast their lectures, which Zoom and

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<v Speaker 1>Zoom equivalence can do, they also have to have a

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<v Speaker 1>learning management system of electronically students can submit assignments and

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<v Speaker 1>grades and there are systems like Canvas and blackboard that

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<v Speaker 1>do that. And they also the third part is what

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<v Speaker 1>rafter does, which is a communication um and an event

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<v Speaker 1>hub so that one tap access to students can find

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<v Speaker 1>their Zoom links to get into their classes, or they

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<v Speaker 1>can find their lecture notes for tomorrow. Then the professor

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<v Speaker 1>can set up a group or rafts so they can

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<v Speaker 1>easy access to the students for online office hours things

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<v Speaker 1>like that. So, UM, those are the kinds of things

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<v Speaker 1>we've been offering to support the community. You know, it's funny, Sue,

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<v Speaker 1>in part UH just serendipitously, I was connected earlier today

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<v Speaker 1>with the dean of a of a journalism school, UH,

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<v Speaker 1>and I was saying to her, you know it feels

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<v Speaker 1>like university higher ed is going to be radically changed

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<v Speaker 1>by this. And her response was interesting, and she said

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<v Speaker 1>she said yes and no. She said yes obviously based

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<v Speaker 1>on a lot of the technology that that you and

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<v Speaker 1>your folks are are working on. But she said, on

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<v Speaker 1>the other side, you know, we also have to appreciate

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<v Speaker 1>that higher education is about convening students and sort of

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<v Speaker 1>taking them through in a very personal way a really

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<v Speaker 1>critical stage of their life, and so much of that

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<v Speaker 1>happens in person, and so much of the community has

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<v Speaker 1>to be, or at least traditionally has been in person.

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<v Speaker 1>How do you sort of sent the size and rectify

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<v Speaker 1>all of that as we look at this very uncertain future. Yeah, well,

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<v Speaker 1>I would just say that makes total sense to me.

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<v Speaker 1>I think when we when I started rafter, it was

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<v Speaker 1>based on the experience I saw my daughter having when

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<v Speaker 1>she started university. She's now graduated, but um, it was

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<v Speaker 1>it was because of how I saw the communication happening

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<v Speaker 1>on campuses that I felt there could be a much

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<v Speaker 1>more authenticated network where like a Slack but for universities

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<v Speaker 1>or next door. For universities, it's private, it's curated, everybody

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<v Speaker 1>on it is at your school, you can discover things

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<v Speaker 1>that it makes students feel like they belong and it's

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<v Speaker 1>a more welcoming experience. So our product was designed as

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<v Speaker 1>an online adjunct for an offline experience, and I think

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<v Speaker 1>the offline experience is fantastic. UM. It's hard to know

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<v Speaker 1>how long this will go. Some people I talked to

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<v Speaker 1>think this is accelerating a trend toward online learning where

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<v Speaker 1>only three percent of online learning three percent of curriculum

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<v Speaker 1>was delivered online in the past, and some people think

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<v Speaker 1>it'll move much more quickly to that UM than it

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<v Speaker 1>otherwise would have. But I don't, I don't know. I

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<v Speaker 1>don't have a crystal ball on that front. I think

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<v Speaker 1>our our products sort of work to support physical communities. UM,

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<v Speaker 1>but I think it becomes even harder to connect and

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<v Speaker 1>stay feeling like a part of that membership if you're

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<v Speaker 1>if you're away from your physical community. Our guest right

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<v Speaker 1>now is Sue Deck, our founder and chief executive officer

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<v Speaker 1>at Rafter, on the phone from San Francisco. And before

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<v Speaker 1>the break, we were talking you know about you know,

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<v Speaker 1>what are some of the lasting impact of online learning.

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<v Speaker 1>You know, once we get on the other side of

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<v Speaker 1>the virus, do I do wonder. You know, we've had

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<v Speaker 1>some conversations Jason myself with guests about how times a

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<v Speaker 1>crisis lead to a lot of collaboration, co ordination between

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<v Speaker 1>kind of enemies in the corporate world UM and often

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<v Speaker 1>lead to innovation. And I do wonder when we get

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<v Speaker 1>on the other side of this, what do you think

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<v Speaker 1>will be some of the biggest changes, our biggest impact

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<v Speaker 1>as a result of the virus on our world. You know,

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<v Speaker 1>it's it's so hard to say. I think the I'm

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<v Speaker 1>a believer that the crisis will in some ways it

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<v Speaker 1>exaggerate trends that we're already in place. So at least

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<v Speaker 1>as far as online learning goes, I think that's been

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<v Speaker 1>an ongoing trend that more and more universities are offering

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<v Speaker 1>online courses, both to extend their reach to students that

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<v Speaker 1>are in a place where they can't afford to necessarily

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<v Speaker 1>be on campus and don't have the UM to pay

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<v Speaker 1>for the whole infrastructure, but can take classes one by one.

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<v Speaker 1>So I think that that trend has been underway for

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<v Speaker 1>a while, and I think this probably accelerates it. But

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<v Speaker 1>I also think it's it's easy to assume that everything

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<v Speaker 1>is going to change, and I don't think that. I

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<v Speaker 1>think over time, you know, humans are largely social animals,

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<v Speaker 1>and once we get UH the testing in place and

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<v Speaker 1>the ability to trace people, over time, things will slowly

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<v Speaker 1>come back to more social oriented culture. UM. It may

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<v Speaker 1>take a while, but I think I think, UM the

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<v Speaker 1>universities will continue to exist as they are and also

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<v Speaker 1>offer a lot of online opportunities. I think they'll probably

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<v Speaker 1>have to become a little bit more technology savvy. Most

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<v Speaker 1>people don't go into administration of universities because they want

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<v Speaker 1>to be on the forefront of tech and UM, and

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<v Speaker 1>I think that many of the systems they have today

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<v Speaker 1>are antiquated and integrated, and they have for rules about

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<v Speaker 1>student privacy of GDPR rules as well, and so it's

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<v Speaker 1>just it's made change slow on that front. But I

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<v Speaker 1>do think that the universities may move a little quicker

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<v Speaker 1>on the technology front going forward. Although, and I was

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<v Speaker 1>listening to your Zoom your zoom comment that it's so funny,

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<v Speaker 1>I think what I hear from from a lot of

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<v Speaker 1>students is just because we can zoom doesn't mean we

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<v Speaker 1>have to we have to do a video every single time.

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<v Speaker 1>It's a cool technology. And although why can't we just

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<v Speaker 1>chat or something where I don't have to be on

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<v Speaker 1>the on this camera the whole time I had a

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<v Speaker 1>number of dealing. Somebody text me today and say like

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<v Speaker 1>when are we going to have a you know, like

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<v Speaker 1>when are we going to get together on zoom? And

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<v Speaker 1>I was like, wherever I could just call you? Like

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<v Speaker 1>I'm to call you? Like that sounds great to me

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<v Speaker 1>right now? So so I gotta ask you, you you know

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<v Speaker 1>what I mean, It's like, you start your career on

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<v Speaker 1>Wall Street. You you know, had a career at at Yahoo.

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<v Speaker 1>You serve on the boards of Berkshire, Hathaway and and

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<v Speaker 1>cost Go as well, I mean, as well as a

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<v Speaker 1>number of other boards, including a survey Monkey and Veil Resorts.

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<v Speaker 1>I mean, if there is one person who is sort

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<v Speaker 1>of seeing the world very holistically right now and seeing

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<v Speaker 1>all sorts of consumer behavior changing, it's you. What jumps

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<v Speaker 1>out at you as you sort of go through your

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<v Speaker 1>day and I can only imagine the emails and conversations

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<v Speaker 1>that that you're having. What's surprising you right now? Well,

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<v Speaker 1>I think it's uh surprising in some ways that we've

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<v Speaker 1>all gotten used to this new normal. I think about

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<v Speaker 1>three weeks ago most people I talked to felt like

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<v Speaker 1>their world was upside down, like there was almost this

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<v Speaker 1>um feeling of dizziness from one headline after another being

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<v Speaker 1>so consequential and changing everything that we know in our world,

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<v Speaker 1>like sports stopping and school stopping, people going home. And

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<v Speaker 1>I think now, you know, I think people are like, yeah,

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<v Speaker 1>I can do this. I don't really want to do

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<v Speaker 1>it forever, but I could, you know, I could. I

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<v Speaker 1>could live like this. And I think as part of that,

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<v Speaker 1>back to the prior conversation of accelerating changes that were

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<v Speaker 1>already underway, I think the idea of um home delivery

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<v Speaker 1>of groceries. For example, you know, I'm on the board

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<v Speaker 1>of Costco and we have a two day delivery that

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<v Speaker 1>we do internally in an instant delivery that instant art

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<v Speaker 1>helps with. And uh, you know, I think all over

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<v Speaker 1>people are I think we'll have a little more sensitivity

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<v Speaker 1>to doing things like shaking hands in the future, and

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<v Speaker 1>they have a greater demand for things being delivered UM

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<v Speaker 1>just a higher level of dermophobia for a while. So

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<v Speaker 1>I think there's certain trends that may not have been

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<v Speaker 1>underway for that reason, but I think that they're likely

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<v Speaker 1>to accelerate, and I think you can see that in

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<v Speaker 1>the numbers of everything that you look at. I mean,

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<v Speaker 1>I'm on the board of Costco, of course, which has

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<v Speaker 1>been indispensable for people during this period. And then as

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<v Speaker 1>well Veiled Resorts, which I just shut down a month early,

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<v Speaker 1>um in a in a business that's already season. Also,

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<v Speaker 1>you know, there's an extreme Different companies are obviously being

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<v Speaker 1>hit in different ways, but does everybody Does every company

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<v Speaker 1>now have to have the virus playbook? Like is this

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<v Speaker 1>just part of our society now in terms of fighting

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<v Speaker 1>viruses as a you know, I don't know, is that

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<v Speaker 1>part of it? I think I think having an online

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<v Speaker 1>playbook is critical for your employees um and also for

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<v Speaker 1>your customers in certain circumstances where your customers can be online.

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<v Speaker 1>They can't really do that for availed resorts, but certainly

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<v Speaker 1>for the employees. Is there needs to be an online playbook?

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<v Speaker 1>And I think our government, I mean, this was this

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<v Speaker 1>is an unprecedented situation, and no one was really ready.

0:11:41.760 --> 0:11:45.400
<v Speaker 1>Everybody's pointing fingers and looking backward about whether we could

0:11:45.440 --> 0:11:47.480
<v Speaker 1>have been or should have been, but the fact is

0:11:47.520 --> 0:11:50.040
<v Speaker 1>we weren't. And I think it's very unlikely in the

0:11:50.080 --> 0:11:52.679
<v Speaker 1>next ten years that we won't be very ready with

0:11:52.880 --> 0:11:57.920
<v Speaker 1>testing and the ability to UM handle tracing contact tracing

0:11:57.960 --> 0:12:00.680
<v Speaker 1>in a very different way. A friend of mine from Singapore,

0:12:00.760 --> 0:12:03.199
<v Speaker 1>she sends me the daily reports and it's like unbelievable

0:12:03.200 --> 0:12:06.640
<v Speaker 1>how they run that place. It just daily reports, emails

0:12:06.640 --> 0:12:10.599
<v Speaker 1>the entire city and knowing exactly where each case came from.

0:12:10.679 --> 0:12:13.160
<v Speaker 1>You know, we're nowhere near that, so UM and you

0:12:13.200 --> 0:12:15.040
<v Speaker 1>know it has to work within our freedoms and our

0:12:15.480 --> 0:12:17.920
<v Speaker 1>in our government, which is obviously very different from Singapore.

0:12:17.960 --> 0:12:20.280
<v Speaker 1>But I think all governments around the world of major

0:12:21.040 --> 0:12:24.360
<v Speaker 1>UM nations will be much more prepared and take it seriously.

0:12:24.400 --> 0:12:26.440
<v Speaker 1>And Bill, Bill Gates, many people had said that this

0:12:26.480 --> 0:12:29.480
<v Speaker 1>was going to come, and uh, it's nothing like having

0:12:29.559 --> 0:12:32.560
<v Speaker 1>it happened to to really change the way preparedness will

0:12:32.600 --> 0:12:35.120
<v Speaker 1>be looked at going forward. I mean, look, we haven't

0:12:35.160 --> 0:12:37.280
<v Speaker 1>at nine and eleven, all the all the airport security

0:12:37.320 --> 0:12:39.640
<v Speaker 1>that happens to stay and that stayed with us, and

0:12:39.679 --> 0:12:41.920
<v Speaker 1>I think I think this is this virus will have

0:12:42.280 --> 0:12:44.880
<v Speaker 1>elements to stay with us too. All Right, We're gonna

0:12:44.960 --> 0:12:46.480
<v Speaker 1>leave it there. What a treat for us to talk

0:12:46.480 --> 0:12:49.040
<v Speaker 1>to you. Thank you so much. We'll definitely keep in touch.

0:12:49.080 --> 0:12:51.079
<v Speaker 1>We'd love to have you back. Sue Decker, founder, chief

0:12:51.080 --> 0:12:54.080
<v Speaker 1>executive user of rafter h Jonius on the phone from

0:12:54.080 --> 0:12:57.000
<v Speaker 1>San Francisco. Man, she's in the middle of a lot