WEBVTT - Fidji Simo 0:00:00.040 --> 0:00:01.600 It's been eight months since you've been to you know, 0:00:01.639 --> 0:00:04.560 how are you feeling? Are you settled? I feel great, 0:00:05.200 --> 0:00:08.440 you know. It's it's been a very fun year of 0:00:08.520 --> 0:00:11.680 a lot of learnings and getting to know the teams, 0:00:11.720 --> 0:00:14.400 getting to North Faulkners and it's been awesome. Is it? 0:00:14.560 --> 0:00:17.400 Every day? Is day one? Like an Amazon or moving 0:00:17.480 --> 0:00:20.759 fast and breaking things like Facebook. We don't want to 0:00:20.800 --> 0:00:25.759 break anything, but we're very much at the beginning of 0:00:25.800 --> 0:00:28.120 a long journey and we think that the vision for 0:00:28.200 --> 0:00:31.360 the company is incredibly exciting and we're just getting started 0:00:31.440 --> 0:00:34.800 with this big digital transformation we're seeing in the industry. 0:00:34.840 --> 0:00:37.160 Do you have your own motto? Like your own sort 0:00:37.159 --> 0:00:40.600 of mantra that's too I really really like in particular, 0:00:40.720 --> 0:00:43.840 one is grows up Pie. We like the food funds, 0:00:44.640 --> 0:00:48.720 but is that we make everyone better, like the entire 0:00:48.760 --> 0:00:51.000 industry better. And the other ones I really like is 0:00:51.040 --> 0:00:53.480 pretty dull on the table, because I think it's really 0:00:53.520 --> 0:00:56.880 important to have like transparency and like tell it like 0:00:56.920 --> 0:00:59.280 it is, so it's a good value to to follow. 0:01:02.120 --> 0:01:04.440 Hi everyone, I'm Emily Chang, and welcome to this edition 0:01:04.440 --> 0:01:07.760 of the Bloomberg Studio One point Oh Podcast. Today's Guest 0:01:07.840 --> 0:01:10.880 was one of Mark Zuckerberg's top lieutenants who decided to 0:01:11.080 --> 0:01:14.280 end her ten year career at Facebook to take the 0:01:14.319 --> 0:01:17.080 top job at a rising power player in a totally 0:01:17.120 --> 0:01:21.640 different industry, instat Cart. Her goal to become the tech 0:01:21.720 --> 0:01:25.600 platform for the grocery business and take on Amazon. But 0:01:25.720 --> 0:01:28.920 with Uber, Door, Dash and more competing for gig shoppers 0:01:28.959 --> 0:01:33.319 and customers, will Fiji Seemos strategy give Instacart the edge 0:01:33.319 --> 0:01:35.880 on the retail front lines. Joining me now on this 0:01:36.040 --> 0:01:38.800 edition of Bloomberg Studio one point Oh insta Cart CEO 0:01:39.280 --> 0:01:56.120 vig Seemog, It's so great to be with you here 0:01:56.200 --> 0:01:59.800 in person, so great to be What is your re 0:02:00.480 --> 0:02:05.160 right now on how the pandemic has changed the grocery industry. Well, 0:02:05.240 --> 0:02:10.280 I think it has massively accelerated to move towards online 0:02:10.280 --> 0:02:14.160 grocery and this transformation is very much here to stay. 0:02:14.200 --> 0:02:16.600 But the thing that's really interesting is that now that 0:02:16.639 --> 0:02:19.280 we look forward to the next kind of decade of growth, 0:02:19.600 --> 0:02:22.920 we still see massive opportunity. Where right now the industry 0:02:23.000 --> 0:02:26.040 is still under ten percent penetrated online, we think it's 0:02:26.040 --> 0:02:28.320 going to go towards thirty percent, maybe in the next 0:02:28.360 --> 0:02:31.360 five to ten years. You know, when I arrived at CEO, 0:02:31.480 --> 0:02:34.639 that was this interesting narratives that if people go back 0:02:34.639 --> 0:02:38.000 to Stolles, Instacot loses, and that can be the case 0:02:38.120 --> 0:02:41.600 because our goal is to really be aligned with our 0:02:41.639 --> 0:02:44.760 retail partners, and our retail partners just want to address 0:02:44.880 --> 0:02:47.600 customer needs whatever customers are. Was that its online, was 0:02:47.600 --> 0:02:49.680 that it's install My son was very impressed, but I 0:02:49.680 --> 0:02:52.120 told him I was interviewing the video of insta car. 0:02:52.600 --> 0:02:55.040 He also said, you should tell them to stock up 0:02:55.080 --> 0:02:58.560 because they're replacing a lot of things. Talk to us 0:02:58.560 --> 0:03:02.320 about the food shortages and how bad it is right now. Yeah, 0:03:02.320 --> 0:03:07.200 we've certainly seen a lot of um issues with supply 0:03:07.360 --> 0:03:10.480 chain obviously, and we're working handing and with all grocers 0:03:10.560 --> 0:03:14.200 to really address that. We have the best replacement technology 0:03:14.200 --> 0:03:16.960 in the industry so that when something's missing, we can 0:03:17.040 --> 0:03:20.840 really replace it with something appropriate. There's concerned that the 0:03:20.840 --> 0:03:24.040 war in Ukraine will drive up food prices even more. 0:03:24.120 --> 0:03:27.440 This is on top of rising inflation. Ukraine is a 0:03:27.440 --> 0:03:30.320 big producer of weed, a big producer of seed oils. 0:03:30.360 --> 0:03:34.600 What are you expecting, so we have seen inflation definitely 0:03:34.639 --> 0:03:37.440 heat uh, you know, on on instacles The model on 0:03:37.480 --> 0:03:40.600 instacles is that grocers sets the price and so we 0:03:40.680 --> 0:03:43.880 reflect that price back to the customer. And we have 0:03:43.960 --> 0:03:46.960 certain missing and increase in food prices. We are tracking 0:03:47.000 --> 0:03:50.240 that closely. We think that customers are for now kind 0:03:50.280 --> 0:03:54.400 of adapting by adjusting their baskets and really focusing on 0:03:54.480 --> 0:03:57.400 essentral items. You grew up in France. What's it like 0:03:57.760 --> 0:04:01.680 watching this happen to another European kind tree. It's you know, 0:04:01.800 --> 0:04:07.040 absolutely hot breaking. I think, you know, uh, it shows 0:04:07.040 --> 0:04:10.080 a little surreal that to realize that this can be happening, 0:04:10.160 --> 0:04:12.960 you know, in this day and age. Um. But you know, 0:04:13.400 --> 0:04:16.120 we are trying to support our employees that have that 0:04:16.160 --> 0:04:19.000 have families over their friends over there are and and 0:04:19.080 --> 0:04:22.360 do a part to uh, to help people to this crisis. 0:04:22.640 --> 0:04:25.200 I know you're kind of a newcomer to the grocery business, 0:04:25.240 --> 0:04:27.760 but not to food culture. You were raised in a 0:04:27.800 --> 0:04:30.440 small town in France, in a fishing village, and I 0:04:30.480 --> 0:04:35.599 believe three generations of fisherman in your family. Well, uh, 0:04:35.640 --> 0:04:38.880 you know, I wasn't destined to end depth in Soulian Valley. Clearly, 0:04:39.839 --> 0:04:42.960 I grew up in a very big when Buckcher's Sicilian 0:04:43.040 --> 0:04:46.320 family where food was always at the center of everything 0:04:46.400 --> 0:04:48.520 we did. And so, you know, it's kind of going 0:04:48.600 --> 0:04:51.520 back to my roots to to go back into into 0:04:51.560 --> 0:04:53.839 a food business. I'm curious of growing up that way 0:04:53.880 --> 0:04:56.760 and you know, sort of walking around, you know, with 0:04:56.839 --> 0:04:59.719 your with your grandfather through the fishing village. Did it 0:04:59.760 --> 0:05:03.840 in still the sort of builder mentality, absolutely, I mean, 0:05:04.279 --> 0:05:08.120 my grandfather always told me, you know, I can't forgive anything. 0:05:08.200 --> 0:05:11.160 The one thing I wouldn't forgive if you're lazy. And 0:05:11.240 --> 0:05:15.120 so the work ethic was like deeply, deeply ingrained in 0:05:15.160 --> 0:05:18.200 my family, and they always made me feel like everything 0:05:18.320 --> 0:05:20.320 was possible if you worked hard at it and you 0:05:20.400 --> 0:05:22.479 brought your heart and soul into it. You were the 0:05:22.520 --> 0:05:24.679 first one in your family to graduate from high school. 0:05:24.680 --> 0:05:26.960 I just want to finger on that for a moment. 0:05:27.000 --> 0:05:30.120 That's incredible. You know. The fishing industry was interesting in 0:05:30.200 --> 0:05:33.240 that they take enormous pride in what they do, and 0:05:33.320 --> 0:05:35.840 so that reminds me a lot of what I've seen 0:05:35.880 --> 0:05:39.520 with grocers, uh in the industry right now, reaching every 0:05:39.520 --> 0:05:42.159 customer at the door like that, reminding me of the 0:05:42.200 --> 0:05:44.200 pride that I saw in my family for a job 0:05:44.240 --> 0:05:47.279 well done, and you know, making sure that the food 0:05:47.360 --> 0:05:50.640 was perfect and fresh. Uh and and so these are 0:05:50.720 --> 0:05:52.919 things that you know, I take to heart and I 0:05:52.960 --> 0:05:55.400 want I want my job to be excellent. So how 0:05:55.400 --> 0:05:58.240 did you get to Silicon Valley? So I got to 0:05:58.400 --> 0:06:01.560 selic Ado about fifteen years. I started my career at eBay, 0:06:01.920 --> 0:06:04.760 and then I moved to Facebook and spent ten years 0:06:04.760 --> 0:06:07.160 on Facebook. There were a lot of people who took 0:06:07.279 --> 0:06:10.240 bets on me, even though I didn't look on paper 0:06:10.520 --> 0:06:13.000 that I was a perfect person for the job. But 0:06:13.120 --> 0:06:16.480 I had enormous grid and I worked very hard and 0:06:16.760 --> 0:06:19.760 uh and I think that that really helped h you know, 0:06:20.120 --> 0:06:23.640 call the path and U and here we are. You 0:06:23.800 --> 0:06:27.200 rose up through the ranks, working in almost every corner 0:06:27.240 --> 0:06:29.640 of the business. You became one of Mark Zuckerberg's top 0:06:29.680 --> 0:06:33.039 lieutenants in product. What did you learn there about what 0:06:33.120 --> 0:06:37.239 to do and what not to do as a leader? Yeah? 0:06:37.360 --> 0:06:41.599 You know, watching Marc operate for ten years was kind 0:06:41.640 --> 0:06:45.000 of one of the best CEO schools you can You 0:06:45.040 --> 0:06:48.800 can never imagine because the thing it does incredibly well 0:06:48.920 --> 0:06:51.640 is that things had he Sing's long term, and he 0:06:52.040 --> 0:06:55.320 tries to balance out the execution in the short term 0:06:55.360 --> 0:06:58.159 with a very long term view. I also learned that, 0:06:58.240 --> 0:07:00.880 you know, you need to be proactive and there's risks 0:07:00.880 --> 0:07:03.719 in your business and we've seen that with Facebook. Mark 0:07:03.800 --> 0:07:09.000 Zuckerberg maybe one of the most scrutinized, most criticized founders ever. 0:07:09.440 --> 0:07:13.360 Facebook now matter is one of the most criticized companies ever. 0:07:13.560 --> 0:07:17.920 Is that warranted? I think the scrutinies warranted because they 0:07:17.960 --> 0:07:21.800 have such, you know, tremendous impact on the world. However, 0:07:22.120 --> 0:07:26.120 when people talk about Facebook, they expect very easy answers 0:07:26.160 --> 0:07:29.840 to very complex problems. Was that its content, motivation was 0:07:29.880 --> 0:07:33.680 that its policy and I trust these problems do not 0:07:33.840 --> 0:07:36.560 have easy answers. They require a lot of nuance, a 0:07:36.560 --> 0:07:39.240 lot of understanding. I imagine Mark tried really hard to 0:07:39.280 --> 0:07:43.040 get you to stay. Well. I really wasn't expecting to 0:07:43.160 --> 0:07:45.480 leave Facebook last year, and I joined the board of 0:07:45.520 --> 0:07:49.040 Instacle to really to learn more about a different industry 0:07:49.080 --> 0:07:51.480 and and take my skills and applies them somewhere else. 0:07:51.840 --> 0:07:53.880 And I kind of fell in love with the company. 0:07:53.960 --> 0:07:57.240 I fell in love with the opportunity and um and 0:07:57.280 --> 0:07:59.840 you know, for Mark, obviously, you know we had a 0:08:00.360 --> 0:08:03.520 long conversation about the so well the courst of many weeks, 0:08:04.280 --> 0:08:07.920 but ultimately understood that I wanted to spread my wings. 0:08:08.040 --> 0:08:10.960 How did a Porva Matta, the founder of insta cart, 0:08:11.080 --> 0:08:15.280 approach you? And when did CEO become the ask I 0:08:15.320 --> 0:08:18.280 sinkle Prova to his credit, Uh, and that's really hard 0:08:18.280 --> 0:08:21.360 for a founder to do. Started to realize that, you know, 0:08:21.680 --> 0:08:24.680 given my my skill set, and might be better position 0:08:24.800 --> 0:08:28.400 to go execute on that vision um than you would. 0:08:28.680 --> 0:08:31.760 And and so you know, during this conversation it became 0:08:31.840 --> 0:08:34.240 clear that you know, my vision was actually quite different 0:08:34.320 --> 0:08:37.600 from his, but he was excited to see what could 0:08:37.640 --> 0:08:52.920 have happened with mine. You're listening to Bloomberg Studio at 0:08:52.920 --> 0:08:56.680 one point with insta Carts, Fiji Sema up next taking 0:08:56.720 --> 0:09:00.600 on Amazon? How will instacart compete with the e commerce 0:09:00.640 --> 0:09:04.559 juggernaut that's just decided to double down on grocery stay 0:09:04.600 --> 0:09:20.760 with us. Some of the big moves you made right away. 0:09:20.880 --> 0:09:23.240 You started building out your executive team. You brought in 0:09:23.280 --> 0:09:26.840 women executives, You added strong women to the board. You 0:09:26.880 --> 0:09:31.040 brought in Carolyn Everson, your former colleague at Facebook. Um, 0:09:31.040 --> 0:09:32.920 that didn't work out. Why didn't it work out? That 0:09:33.000 --> 0:09:36.880 didn't quite work out? When some things are not working 0:09:36.920 --> 0:09:39.079 out and it's pretty obvious or not. The best thing 0:09:39.120 --> 0:09:41.800 you can do is kind of you know, move, move quickly. 0:09:42.000 --> 0:09:43.880 And so the fact that Karen and I had a 0:09:43.960 --> 0:09:47.520 tenure relationship made it easier to have the kind of 0:09:47.520 --> 0:09:50.440 held conversation and like, hey, this isn't what what we 0:09:50.480 --> 0:09:53.200 wanted on either side. Uh, And I think it's actually 0:09:53.440 --> 0:09:56.720 created a very big opportunity. Were now the team in 0:09:56.840 --> 0:10:00.679 charge of relationship with retailers reports directly to and that 0:10:00.720 --> 0:10:04.240 has allowed me to go much much deeper into that 0:10:04.320 --> 0:10:07.000 which is so critical for this business. Instacot is now 0:10:07.040 --> 0:10:10.680 a major player in the grocery industry seventy stores, but 0:10:10.800 --> 0:10:14.240 you want to go bigger. Layout the vision for us. 0:10:14.280 --> 0:10:16.840 So when I when I arrived at the company, it 0:10:17.000 --> 0:10:20.400 was so obvious to me that um, Instacott wasn't just 0:10:20.600 --> 0:10:23.760 an online grocery delivery company. I see, the company is 0:10:23.840 --> 0:10:27.840 really the operating system for grocery where we can work 0:10:27.880 --> 0:10:30.520 with our retailers who have you know, all of the 0:10:30.600 --> 0:10:34.200 experts is craft and care of retail and marries out 0:10:34.200 --> 0:10:37.640 with our technology and fulfillment assets to really help them 0:10:37.840 --> 0:10:42.600 embrace us. Is digital transformation. Amazon is shutting down a 0:10:42.600 --> 0:10:45.040 lot of its physical stores it's four Star stores, but 0:10:45.080 --> 0:10:47.760 it's doubling down on grocery with Whole Foods, and it's 0:10:47.800 --> 0:10:52.920 Amazon Go stores. You want to take on Amazon, how well, 0:10:53.200 --> 0:10:56.080 we want to help our grocers of all of the 0:10:56.160 --> 0:10:59.400 technologies in need in order to compete with Amazon. To 0:10:59.480 --> 0:11:03.080 your pin into, Amazon is investing very heavily in grocery 0:11:03.160 --> 0:11:05.840 and they have a ton of technological abilities. And that 0:11:05.960 --> 0:11:08.200 was a big part of why in my first week 0:11:08.240 --> 0:11:11.520 in the job, I decided to acquire a caper and 0:11:11.600 --> 0:11:14.240 which is a smart card technology, because I want all 0:11:14.240 --> 0:11:16.040 of the grocers we work who is to have the 0:11:16.200 --> 0:11:20.040 same edge that Amazon has, and so I see I 0:11:20.120 --> 0:11:22.560 see it as my responsibility to build all of the 0:11:22.640 --> 0:11:26.120 technologies that they need to compete with Amazon so that 0:11:26.160 --> 0:11:29.560 we can be busy and for for them. Then there's 0:11:29.679 --> 0:11:32.160 Uber and door Dash and Go Puff and Go outside 0:11:32.160 --> 0:11:33.920 of the United States, and the list goes on. How 0:11:33.920 --> 0:11:37.120 does instacar stand out from all of these different players 0:11:37.160 --> 0:11:39.319 that are competing for a piece of that pie. These 0:11:39.320 --> 0:11:44.160 players fundamentally compete with our grocers. They want to attack 0:11:44.240 --> 0:11:48.640 the market by being first body retailer owning their ornamentory. 0:11:48.920 --> 0:11:52.960 And so that's another approach at all approaches really building 0:11:52.960 --> 0:11:56.160 technology and fulsom and to help all grocers. The second 0:11:56.160 --> 0:11:59.120 thing is that these players are very focused on one 0:11:59.240 --> 0:12:02.880 particular piece of the market, which is quick commerce and 0:12:02.920 --> 0:12:05.880 what that's really important. And we've certainly seen our own 0:12:05.880 --> 0:12:09.959 convenience business double in the last six months. We actually 0:12:10.000 --> 0:12:12.679 address all of the needs that consumers have. We are 0:12:12.800 --> 0:12:15.880 not just quick commerce. Were also the weekly shop. Were 0:12:15.920 --> 0:12:18.920 also your monthly bulk stock up, and that's what we 0:12:19.000 --> 0:12:23.160 tailers want now. Inevitably, after I interview you or dark 0:12:23.200 --> 0:12:26.200 Houser shop here, uber Tony Shoe at door Dash, I 0:12:26.200 --> 0:12:29.720 will get feedback on social media from shoppers and drivers 0:12:29.760 --> 0:12:33.160 who are not happy. Um. One instac cart shopper posted 0:12:33.160 --> 0:12:36.440 a picture of an order show they delivered fifty one items, 0:12:36.520 --> 0:12:41.040 got paid seven dollars and not tip. Is that representative? No, 0:12:41.200 --> 0:12:45.160 that's very much not representative. And I think you know, fundamentally, 0:12:45.640 --> 0:12:50.079 shoppers care about their earnings. They really want flexible earnings 0:12:50.120 --> 0:12:53.160 whenever they want to, and so our job is to 0:12:53.200 --> 0:12:55.240 make sure that they have more access to work. So 0:12:55.320 --> 0:12:57.960 what is representative? What is a normal wage for a 0:12:58.040 --> 0:13:01.840 delivery like that? We're very much in line with kind 0:13:01.840 --> 0:13:05.559 of industry average for these kinds of jobs, and so 0:13:05.640 --> 0:13:08.520 that's something that we always try to kind of nudge 0:13:08.520 --> 0:13:10.880 the consumer of like, hey, your shopper did a really 0:13:10.880 --> 0:13:12.760 good job, can you can you keep a little more? 0:13:13.480 --> 0:13:15.920 What if they don't, though, right, I mean that you're 0:13:15.960 --> 0:13:18.839 leaving it up to the customer. We actually and some 0:13:18.840 --> 0:13:21.880 customers think well you should build this enteor price. We 0:13:22.160 --> 0:13:25.600 make it very transparent to the shopper before they accept 0:13:25.640 --> 0:13:28.240 an order, what the order is going to look like, 0:13:28.280 --> 0:13:30.560 how much we're going to pay them, and how much 0:13:30.840 --> 0:13:33.400 like the consumer is paying them, and so they can 0:13:33.480 --> 0:13:35.960 decide whether they take an order or whether they refuse it. 0:13:36.080 --> 0:13:38.640 And that's the kind of flexibility that or shoppers really 0:13:39.040 --> 0:13:41.640 value and the kind of transparency that they want. Are 0:13:41.640 --> 0:13:44.520 you seeing a labor shortage right now? And what are 0:13:44.520 --> 0:13:48.560 you doing to combat that? It's different in different places. 0:13:48.720 --> 0:13:52.480 Or demographic of shoppers is completely different from food delivery 0:13:52.559 --> 0:13:56.640 and a right sharing where seven women and half of 0:13:56.679 --> 0:13:59.120 them are moms. And that's because a lot of the 0:13:59.240 --> 0:14:02.080 Java Instagram is very different than just being in the 0:14:02.120 --> 0:14:05.040 car with strangers. It's about like going to the store, 0:14:05.160 --> 0:14:08.480 doing a good job of customer service, of really picking 0:14:08.520 --> 0:14:11.480 the right products for the consumer, and we are seeing 0:14:11.480 --> 0:14:14.840 that being very appealing to women. The instant delivery space 0:14:14.920 --> 0:14:17.160 or you know, fifteen minute delivery space, is that something 0:14:17.200 --> 0:14:19.960 that you want to double down on. It's something that 0:14:20.040 --> 0:14:23.240 we absolutely want to offer because again, we really think 0:14:23.280 --> 0:14:26.760 that our customers want the full range of option. Fifting 0:14:26.840 --> 0:14:29.280 met delivery is not going to be relevant for everything. 0:14:29.320 --> 0:14:31.440 I mean, it's going to be very relevant on Thursday 0:14:31.520 --> 0:14:34.600 night when I'm craving chocolate ice cream and I it's 0:14:34.640 --> 0:14:38.640 really an emergency when that happens, like cooking over me. 0:14:39.240 --> 0:14:42.400 You've made some strategic acquisitions, as you've mentioned, what about 0:14:42.440 --> 0:14:46.440 in the rapid delivery space, Joker Gorilla, No, we haven't, 0:14:46.520 --> 0:14:50.240 and the main reason is because all of these players 0:14:50.520 --> 0:14:54.800 are doing very much first party grocery, so that means 0:14:54.840 --> 0:14:59.000 the ornamentory uh, and so it's not it's not something 0:14:59.080 --> 0:15:01.600 that's interesting to us because our approach is really build 0:15:01.640 --> 0:15:05.760 the infrastructure so that our grocers can do uh, certainly 0:15:05.800 --> 0:15:09.120 minute delivery or fifty minute delivery, whereas uh, these players 0:15:09.120 --> 0:15:12.120 are doing it kind of on their own bypassing the grocers. 0:15:12.320 --> 0:15:15.480 Do you think retailers trust you? Do they trust instat 0:15:15.480 --> 0:15:17.760 cart So you know, when I when I took on 0:15:17.920 --> 0:15:21.040 the job, I was surprised by the strength of our 0:15:21.040 --> 0:15:24.440 retailer relationships, but there was always this kind of lingering 0:15:24.560 --> 0:15:27.280 questions that retailer has had for me, which was, you know, 0:15:28.200 --> 0:15:30.960 what are your long term intentions? Are you planning on 0:15:31.040 --> 0:15:33.160 becoming a retailer at some point? And I had to 0:15:33.240 --> 0:15:36.400 kind of address that head on and explain to them 0:15:36.440 --> 0:15:39.200 in great detail why you would make no sense for 0:15:39.320 --> 0:15:42.360 us to really go in that direction, and why we 0:15:42.360 --> 0:15:44.560 were going to be able to build a much bigger 0:15:44.600 --> 0:15:47.960 company if we just focused on what we're good at. 0:15:48.400 --> 0:15:50.400 Many of your shoppers are women, as you say, as 0:15:50.400 --> 0:15:52.880 a woman's CEO, are you taking a different strategy and 0:15:52.920 --> 0:15:56.800 a different approach to shoppers that you think might help 0:15:56.840 --> 0:16:00.200 restore trust with them. I've spent a lot of time 0:16:00.200 --> 0:16:03.520 with shoppers ever since I got started, because I really 0:16:03.560 --> 0:16:06.840 wanted to understand their needs and what they were expecting 0:16:06.880 --> 0:16:09.640 from us as a company. And you know, I do 0:16:09.680 --> 0:16:12.280 a lot of these like one on one conversation and 0:16:12.320 --> 0:16:16.200 so what I learned is that us these shoppers take 0:16:16.480 --> 0:16:20.240 enormous pride in their work, but they really want flexibility 0:16:20.520 --> 0:16:24.080 and what we want to do in our approaches mary 0:16:24.160 --> 0:16:27.520 the flexibility that they crave with the protections that we 0:16:27.600 --> 0:16:30.120 think they also very much deserve. And these two things 0:16:30.200 --> 0:16:31.960 don't have to be at ult Have you ever shopped 0:16:32.040 --> 0:16:35.440 yourself or follow the shopper around? Yes, uh and and 0:16:35.600 --> 0:16:38.840 it's really hard. Let me tell you a lot of 0:16:38.840 --> 0:16:42.920 shoppers were asking for life support from our care agents 0:16:43.040 --> 0:16:45.920 on the phone while they are doing another because when 0:16:45.960 --> 0:16:48.680 something goes wrong, they're trying to get this older delivered 0:16:48.720 --> 0:16:51.640 to the customer in the best possible way. Initially we 0:16:51.640 --> 0:16:54.480 were just doing chat support. Now we've launched a fund 0:16:54.480 --> 0:16:56.560 support to be able to support them during that time. 0:16:56.640 --> 0:17:00.440 What products are you making on international expansion where grocery 0:17:00.480 --> 0:17:03.840 delivery competition is only escalating, so we want to be 0:17:03.840 --> 0:17:05.960 your global company at some point. We think that's the 0:17:06.040 --> 0:17:09.240 service we provide is very much universal. At the same time, 0:17:09.440 --> 0:17:12.439 the North American market is so big and still so 0:17:12.640 --> 0:17:14.840 end up in it traded that we still want to 0:17:14.880 --> 0:17:31.080 focus on that for the fallcy world future. This is 0:17:31.080 --> 0:17:33.399 Bloomberg Studio at one point, oh with instat Cart CEO 0:17:33.640 --> 0:17:36.480 fij SMO. She rose through the ranks in the tech 0:17:36.520 --> 0:17:39.600 industry as an outsider. Her advice on how to turn 0:17:39.680 --> 0:17:44.440 differences into superpowers. That's next, and this is Bloomberg Studio 0:17:44.440 --> 0:18:01.160 at one point. Oh, there's a lot of speculation about 0:18:01.200 --> 0:18:04.320 Insta Carts IPO and when that will happen, When will 0:18:04.359 --> 0:18:08.040 that happen, How far out is it. I'm not I'm 0:18:08.080 --> 0:18:11.359 not going to give your timing, Emily, you know, do 0:18:11.440 --> 0:18:13.560 I want the company to become a public company at 0:18:13.560 --> 0:18:15.760 some point, of course, but I really want to make 0:18:15.800 --> 0:18:18.040 sure that the company that we do take public is 0:18:18.040 --> 0:18:22.440 a company that's reflective of this new Bold division. You 0:18:22.520 --> 0:18:26.840 started a women's healthcare startup last year. What about healthcare? 0:18:26.880 --> 0:18:29.800 Is that something that could somehow be adjacent to insta 0:18:29.840 --> 0:18:32.920 carts business? You know, I see more actually already in 0:18:33.040 --> 0:18:37.000 the health business, Like we fundamentally are at the center 0:18:37.040 --> 0:18:40.119 of people's diets. Just to give you a couple of examples, 0:18:41.000 --> 0:18:44.720 We've rolled out a the ability for people to buy 0:18:44.800 --> 0:18:48.960 grosser using EBQ snap, you know, the nutrition Assistance program, 0:18:49.240 --> 0:18:53.800 and that has been incredibly impactful and it allows millions 0:18:53.800 --> 0:18:56.520 of people across the US to get access to food 0:18:56.560 --> 0:18:58.119 in a way that they wouldn't have been able to 0:18:58.119 --> 0:19:02.480 get access to otherwise. You've been very public and courageous 0:19:02.560 --> 0:19:06.560 about sharing your own health issues, health issues which affect 0:19:06.800 --> 0:19:11.200 mostly only women. Were you always that courageous or did 0:19:11.240 --> 0:19:14.200 that take time to get comfortable? That's very a lot 0:19:14.280 --> 0:19:18.159 of time, you know, I think, Um, I think I 0:19:18.240 --> 0:19:21.880 felt like I had a responsibility to do that because um, 0:19:21.920 --> 0:19:24.280 it's such a taboo, like health is just such a 0:19:24.280 --> 0:19:27.240 taboo in the workplace, and so I felt like I 0:19:27.280 --> 0:19:31.520 really needed to speak up. And especially when I started 0:19:31.520 --> 0:19:34.359 doing it kind of at the time inside Facebook, I 0:19:34.400 --> 0:19:37.080 got so much feedback from women saying, oh my god, 0:19:37.480 --> 0:19:40.800 we never thought that a woman in this position was 0:19:40.840 --> 0:19:44.960 struggling with those challenges. What's your advice to founders? Eos? 0:19:44.960 --> 0:19:50.439 Are really anyone who is struggling, worried about being discriminated against, 0:19:50.440 --> 0:19:53.760 worried about being judged. A lot of what makes you 0:19:53.880 --> 0:19:58.600 different can be your superpower. I spent a lot of 0:19:58.640 --> 0:20:01.440 time trying to shoot it in. I even took accent 0:20:01.520 --> 0:20:04.959 reduction classes at Stanfold, and as you can tell, it 0:20:05.000 --> 0:20:09.960 didn't work. And so you know, after a while, I 0:20:10.000 --> 0:20:13.520 was like, you know what, I'm gonna stop trying desperately 0:20:13.560 --> 0:20:16.240 to shoot in and I'm gonna like spend a lot 0:20:16.280 --> 0:20:18.560 more time thinking about what do I bring to the 0:20:18.600 --> 0:20:20.960 tables that's different. And I come from a very different 0:20:21.000 --> 0:20:23.639 background than most people in Slicon Valley. I have a 0:20:23.680 --> 0:20:27.080 different perspective. Even my health issues have made me a 0:20:27.200 --> 0:20:30.360 much better leader because, like I developed much more empathy 0:20:30.400 --> 0:20:33.000 for my teams. My biggest advice is, like, think about 0:20:33.040 --> 0:20:35.480 what makes you different and turn it to your advantage. 0:20:36.119 --> 0:20:39.600 Knowing your superpower is perfect for a segue into um, 0:20:39.600 --> 0:20:41.440 this is like a little rapid fire. What is the 0:20:41.480 --> 0:20:43.800 secret power that you have that people don't know about? 0:20:43.960 --> 0:20:48.040 I think I am able to connect the dots between 0:20:48.280 --> 0:20:51.600 a lot of different ideas, uh in a way that 0:20:51.680 --> 0:20:55.600 helps me set a vision that's that's more compelling than 0:20:55.680 --> 0:20:57.880 just to some of the parts. Who are your most 0:20:57.880 --> 0:21:02.520 powerful mentors? You know, I don't like the world mentors. 0:21:02.800 --> 0:21:06.480 I like the world sponsor. I think mentors are people 0:21:06.520 --> 0:21:09.199 who like sit down with you and give you advice 0:21:09.200 --> 0:21:11.480 of a nice cup of coffee, and that's nice. But 0:21:11.600 --> 0:21:14.399 sponsors other people who puts our reputation on the table 0:21:14.440 --> 0:21:17.520 to open doors for you. UM. And so I would 0:21:17.560 --> 0:21:21.080 say Mark Zuckerberg has been obviously one of these people. 0:21:21.160 --> 0:21:23.520 Do you still talk to him? I mean, when do 0:21:23.560 --> 0:21:25.320 you call him? What kind of counsel do you seek 0:21:25.359 --> 0:21:28.000 from him? Well, I think it's uh, you know, in 0:21:28.080 --> 0:21:32.639 the tough times when I'm realizing that the CEO job 0:21:33.040 --> 0:21:37.600 is obviously very hard and lonely, and realizing how much 0:21:37.680 --> 0:21:40.680 I learned from him about that, you know, opinion him 0:21:40.680 --> 0:21:42.720 and telling him like, hey, am I doing this right? 0:21:42.880 --> 0:21:45.920 Is this normal? Speaking of advice, best advice for someone 0:21:45.960 --> 0:21:50.439 in their twenties, always give everything your best advice for 0:21:50.520 --> 0:21:54.439 women in particular about how to survive and thrive in 0:21:54.480 --> 0:21:57.879 the tech industry. Surround yourself with people who see the 0:21:57.960 --> 0:22:01.120 magic in him. People would know what makes you unique 0:22:01.280 --> 0:22:04.280 and reflect that back to you, and sometimes believe in 0:22:04.280 --> 0:22:06.359 you in times where you don't believe in yourself. Did 0:22:06.400 --> 0:22:08.920 you ever find it hard yourself? You know, it's interesting 0:22:09.000 --> 0:22:12.199 because in hindsight, when you look at all of the 0:22:12.359 --> 0:22:15.040 hoops I had to jump through, of course it was hard, 0:22:15.440 --> 0:22:18.399 But in the in the moment, I kind of never 0:22:18.440 --> 0:22:22.359 thought about it as like he being hard. I always say, 0:22:22.440 --> 0:22:25.520 you know, you need to be very inflexible in the destination, 0:22:25.640 --> 0:22:28.600 but very flexible on the journey. And so in my 0:22:28.640 --> 0:22:31.399 mind I was kind of clearing kind of one branch 0:22:31.440 --> 0:22:33.960 after the other to get to the end state and 0:22:34.000 --> 0:22:36.760 trying to be flexible on how to get there. Uh, 0:22:36.760 --> 0:22:40.359 And I think that actually helps me because if you 0:22:40.440 --> 0:22:43.919 focus so much on the obstacles, that's all you can see. 0:22:44.400 --> 0:22:47.440 And and so it was there, you know, was our bias, 0:22:47.480 --> 0:22:49.840 was our discrimination around me? Of course, like we all 0:22:49.880 --> 0:22:52.960 know it exists, and ideally, you know, we're going to 0:22:53.040 --> 0:22:56.240