WEBVTT - Bowdoin College Launches Digital Excellence Commitment

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Messer and

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<v Speaker 1>Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Well, the

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<v Speaker 1>two thirty year old Bowden College counts in a ray

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<v Speaker 1>of influential figures among its alumni, from Netflix founder Read

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<v Speaker 1>Hastings to poet Henry Wadsworth Longfellow. And as this elite

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<v Speaker 1>liberal arts college really looks to the future, Tim, it's

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<v Speaker 1>enlisting the world's most valuable company, Apple in its mission

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<v Speaker 1>to create digital equity across the student body. Clayton Rose

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<v Speaker 1>is president of Bowden College. He joins us on the

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<v Speaker 1>phone from Brunswick Main. Mr President Clayton, how are you.

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<v Speaker 1>I'm very well, Tim. It's great to be with you

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<v Speaker 1>and Carol today. It's great to be with you as well. Um.

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<v Speaker 1>So I'm not going to hold it against you. I

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<v Speaker 1>went to Colby College, but I think we should get

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<v Speaker 1>that out there, you know, right at the beginning, because

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<v Speaker 1>we have this like rivalry. At least at least you're

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<v Speaker 1>not from Bates. Okay, that's all I can say. Um,

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<v Speaker 1>but it's pretty remarkable what you guys are doing at Bowden. Uh.

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<v Speaker 1>The Digital Excellence commitment provides every student with a thirteen

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<v Speaker 1>inch MacBook Pro and I had many and an Apple pencil. UM.

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<v Speaker 1>Talk to us about how this partnership came to be well,

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<v Speaker 1>We began working with Apple in in earnest a few

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<v Speaker 1>years ago before the pandemic um UH with respect to

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<v Speaker 1>technology on campus and how to think about the future

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<v Speaker 1>of the use of technology and higher education. During the pandemic,

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<v Speaker 1>we made the decision to provide every one of our

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<v Speaker 1>students and any faculty member that wanted one with an

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<v Speaker 1>iPad pro and a pencil UH. And we did that

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<v Speaker 1>UM during the academic year when a number of our

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<v Speaker 1>students were operating remotely and many of our classes were

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<v Speaker 1>operating remotely, so that every single student would have access

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<v Speaker 1>to precisely the same hardware and be able to experience

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<v Speaker 1>software in exactly the same way UM, and that faculty

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<v Speaker 1>would be able to rely on very good technology to

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<v Speaker 1>be able to deliver their classes and to work with

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<v Speaker 1>their students in real time, and for the students to

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<v Speaker 1>work with each other in study groups and offline and

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<v Speaker 1>so forth. And that that proved to be a very

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<v Speaker 1>powerful tool for making sure that we were able to

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<v Speaker 1>deliver a great education during the pandemic. Last, I want

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<v Speaker 1>to jump into where we have some time with you. Now,

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<v Speaker 1>we're gonna do some news in a few minutes and

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<v Speaker 1>we'll come back with even more time. But I'm wondering

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<v Speaker 1>why Apple and rather than a less expensive provider of PCs,

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<v Speaker 1>because when we talk Apple, we're talking premium products here.

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<v Speaker 1>I guess I would turn to the old phrase that

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<v Speaker 1>you get what you pay for. It's Apple has built

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<v Speaker 1>fantastic products, both in the notebook version and in the

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<v Speaker 1>iPad version, and they do different things, which is why

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<v Speaker 1>we're providing our students with both of those tools UH

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<v Speaker 1>and the pencil as well. UH. Also the ability to

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<v Speaker 1>provide the kind of software that we need to offer

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<v Speaker 1>our students to be able to have the educational experience

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<v Speaker 1>they have both general UM productivity software but also very

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<v Speaker 1>core specific software across the range of disciplines really drove

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<v Speaker 1>us to Apple. I would also say that UM the

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<v Speaker 1>UH in addition to the quality of the product, the

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<v Speaker 1>service relationship that we have with Apple was also very

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<v Speaker 1>important to us to make sure that students would have

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<v Speaker 1>little if any downtime. If UM, they know something got broken,

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<v Speaker 1>they needed to get something repaired, and so forth well,

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<v Speaker 1>and this really gets into something we talked about here

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<v Speaker 1>UM Clayton a lot at Bloomberg about inequity of access

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<v Speaker 1>or just inequalities that are out there as well. What

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<v Speaker 1>were you seeing that was potentially holding back some students

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<v Speaker 1>because they did not have that same access. Yeah, thanks

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<v Speaker 1>for that, Carol. UH. The issue of access and opportunity

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<v Speaker 1>is a central part of our mission, and we can

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<v Speaker 1>spend some time if you want, talking about our financial

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<v Speaker 1>aid program. But to the to the question you asked,

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<v Speaker 1>what we were seeing is that students would come to

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<v Speaker 1>campus with a wide variety of hardware. Everyone would a row.

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<v Speaker 1>I've pretty much everyone would arrive with some kind of

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<v Speaker 1>a laptop or tablet. But the wide variety of laptops

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<v Speaker 1>and tablets, the wide variety of the quality of the age,

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<v Speaker 1>the power of the memory UH was making it increasingly

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<v Speaker 1>difficult for our faculty to be able to rely on

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<v Speaker 1>the ability for our students to be able to do

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<v Speaker 1>the work UH in a way that UM was going

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<v Speaker 1>to provide them with an excellent education. And many of

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<v Speaker 1>our students who had UH lower quality and older products

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<v Speaker 1>were not able to do the same kind of things

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<v Speaker 1>in the same way as students who had the very

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<v Speaker 1>best products for us. We really came to realize, and

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<v Speaker 1>this was driven home during the pandemic that to be

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<v Speaker 1>able to deliver the education that we want and act

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<v Speaker 1>and to prepare our students for the digital world that

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<v Speaker 1>we're going into, they all need to be working off

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<v Speaker 1>of an excellent hardware platform and have access to excellent

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<v Speaker 1>software and to be and to and to have a

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<v Speaker 1>kind of homogeneous experience, to be able to all be

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<v Speaker 1>working with the same tool UH. And that that that

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<v Speaker 1>drove us. Otherwise, you've got students who are who are

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<v Speaker 1>operating in a very different, lower quality environment, and we

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<v Speaker 1>were seeing that this is for us table stakes for

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<v Speaker 1>a great education. Sit tight for a second. I'm Clayton.

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<v Speaker 1>We're gonna do a little bit of news and as

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<v Speaker 1>you know, a lot going on in the world, and

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<v Speaker 1>they will come back and continue the conversation. We are

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<v Speaker 1>talking with Clayton Rose. He's President Bowden College, on the

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<v Speaker 1>phone from the school at Brunswick, Maine. Trile Master Tim

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<v Speaker 1>Stanovick here. We are talking with Bowden College President Clayton Rose.

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<v Speaker 1>He's on the phone from Brunswick, Maine. We've been talking

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<v Speaker 1>about UH, their plan to give all students a suite

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<v Speaker 1>of the latest Apple technology and access to a full

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<v Speaker 1>range of software to really smooth out the inequities when

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<v Speaker 1>it comes to an inequities of access when it comes

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<v Speaker 1>to technology and tools. Clayton, UM, glad you're still with us.

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<v Speaker 1>Tim and I were talking in the break about the

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<v Speaker 1>cost of this to you guys and where the money

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<v Speaker 1>specifically is coming. Um. Was it a gift from a donor? Like,

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<v Speaker 1>how are you doing this? So this, UH, the funding

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<v Speaker 1>for this GARLD will come from our operating budget. We

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<v Speaker 1>concluded that it was so important that we do this

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<v Speaker 1>that we needed to make room in our normal operating

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<v Speaker 1>budget um to cover the cost of doing this. So

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<v Speaker 1>it's not a specific gift, it's not a limited time UM.

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<v Speaker 1>My guess is that we'll have UH donors who find

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<v Speaker 1>this interesting and we'll be able to help us over time.

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<v Speaker 1>But UM, out of the box here we're covering out

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<v Speaker 1>of our operating budget. Well, okay, will it Will it

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<v Speaker 1>lead to an increase in tuition costs going forward? No,

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<v Speaker 1>We're very disciplined about our our our budget, so we

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<v Speaker 1>make choices about what's important and this is very much

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<v Speaker 1>at the top of the list and some of the

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<v Speaker 1>other things that we might not have done. We'll get

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<v Speaker 1>too later. But um, but work our way into the

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<v Speaker 1>budget later. Can you give us an idea of how

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<v Speaker 1>much it costs it's costing for student? Sure, it's it's

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<v Speaker 1>been reported that this per student that have to do

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<v Speaker 1>the math. But the total program on an annual basis

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<v Speaker 1>is about a million and a half dollars. So if

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<v Speaker 1>we divide that by the two thousand students, I don't

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<v Speaker 1>know my calculator, and it's higher math, so I'm going

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<v Speaker 1>to miss onthing. I mean in the greater scheme of

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<v Speaker 1>operating expenses, it's it's it's not really really significant right now.

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<v Speaker 1>A million and a half is real money. But that's

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<v Speaker 1>that's correct. Our our operating budget is about a hundred

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<v Speaker 1>and eighty million dollars in a given year. Um and uh.

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<v Speaker 1>And again, this is such an important part of ensuring

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<v Speaker 1>that all of our students receive a great mode and

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<v Speaker 1>education that you know, it's it's it's hard to argue

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<v Speaker 1>that we shouldn't be doing it. So real money, but um,

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<v Speaker 1>but manageable in the context of the budget that we have.

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<v Speaker 1>An incredibly important in terms of our priorities. We did

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<v Speaker 1>the math calculator, Thank you so much for app seven

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<v Speaker 1>fifty dollars per per student. Um I get it though,

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<v Speaker 1>because we don't do an interview Clayton, where somehow it

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<v Speaker 1>doesn't matter what industry you're talking about, what leader you

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<v Speaker 1>are talking to, that somehow the conversation gets back to

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<v Speaker 1>technology in some ways. And so um, I get it.

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<v Speaker 1>I get it where you come from. Yeah, yeah, And

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<v Speaker 1>the combination of the of the notebook and the iPad

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<v Speaker 1>is really quite powerful, and it's very interesting. When we

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<v Speaker 1>first started, we were thinking about either or and we

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<v Speaker 1>came to the conclusion that what you really need is

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<v Speaker 1>to put both of these tools into our students hands.

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<v Speaker 1>They do different things, they complement each other in very

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<v Speaker 1>powerful ways and turning in terms of the teaching and

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<v Speaker 1>the learning that we do here. And it doesn't matter

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<v Speaker 1>what discipline, right, you're saying, every student gets this. If

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<v Speaker 1>that's exactly right, it's really interesting. I mean, you can naturally,

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<v Speaker 1>your mind naturally moves to stem oriented kinds of and

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<v Speaker 1>quantitatively oriented kinds of fields. But in art as an example,

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<v Speaker 1>one of our proposals from one of our faculty is

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<v Speaker 1>to a craft on the iPad a three D version

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<v Speaker 1>of an object, and then to create that object in

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<v Speaker 1>a three D printer that we have in our our

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<v Speaker 1>our department, and then to make a clay model of

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<v Speaker 1>that and to imagine these, um, the sculptures that they're

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<v Speaker 1>doing in different media. UM, it's it's really interesting. Our

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<v Speaker 1>theater and Dance department learned over the course of the

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<v Speaker 1>pandemic that the camera and the editing tools provide very

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<v Speaker 1>powerful compliments to the work that they do on stage.

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<v Speaker 1>And they're continuing to do that now that we're back

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<v Speaker 1>in person and doing all of our work together as

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<v Speaker 1>we've traditionally done. Hey, languages, we don't how much time

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<v Speaker 1>left and I want to make sure we get to

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<v Speaker 1>everything that we want to talk about. The performance of

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<v Speaker 1>bode in Colleges endowment has been absolutely remarkable, according to

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<v Speaker 1>day in the Bloomberg terminal, fourteen four point five percent

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<v Speaker 1>annual return over the last ten years UM beating out

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<v Speaker 1>only well not evenly beat not even beating out, but

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<v Speaker 1>tied with M I T for for number one according

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<v Speaker 1>to data in the Bloomberg. Are you able to do

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<v Speaker 1>this program because of that that performance of the of

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<v Speaker 1>the endowment, well, that certainly helps Tim. The endowment has

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<v Speaker 1>done incredibly well over the short, medium and long term.

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<v Speaker 1>And we've been blessed with great people on our investment

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<v Speaker 1>department and our investment committee, And we have amazing alumni

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<v Speaker 1>and parents that give to the college. Our participation rate

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<v Speaker 1>for our annual funds from alumni is among the very

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<v Speaker 1>top in the nation. Uh. And so we're we're really

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<v Speaker 1>very fortunate tests Uh. You know, a great endowment and

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<v Speaker 1>and folks that support us on an annual basis and

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<v Speaker 1>in an endowed basis. So we need to ask you

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<v Speaker 1>about Russia. Uh. And this is certainly as you could

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<v Speaker 1>understand as a news organization, global news organization, just really

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<v Speaker 1>as a global citizen, our focus on and I'm sure

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<v Speaker 1>you have in your student body has as well. What

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<v Speaker 1>are you hearing from our What are the conversations you

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<v Speaker 1>all are having at Bowden surrounding the Russian invasion against Ukraine,

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<v Speaker 1>especially as we're seeing companies push back, nations push back increasingly.

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<v Speaker 1>I'm also curious what your student body is saying. So

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<v Speaker 1>I think the the most honest thing we can say

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<v Speaker 1>right now is that we're all taking this in and

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<v Speaker 1>trying to understand what's going on um UH, and we're

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<v Speaker 1>we're approaching this from perhaps the three different directions, Carol.

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<v Speaker 1>The first is, in particular order, UH, the the educational aspect.

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<v Speaker 1>On last Friday of several faculty or experts in various

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<v Speaker 1>areas that relate to this held a teaching that was,

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<v Speaker 1>as you can imagine, incredibly well attended by members of

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<v Speaker 1>the community, and I suspect we will continue to do

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<v Speaker 1>these over time. The second is that UH, we've we're

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<v Speaker 1>putting together through UH work in our student affairs and

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<v Speaker 1>with others, opportunities for students to come together in groups

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<v Speaker 1>to talk about how they're processing all of this is

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<v Speaker 1>an incredibly challenging thing to understand on the back of,

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<v Speaker 1>you know, being in a kit pandemic and with a

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<v Speaker 1>number of the other things that have been going on

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<v Speaker 1>in the world. And then the third is that we

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<v Speaker 1>UH for students that UM require, we have individual outreach

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<v Speaker 1>and and UH and conversations with our deans and so forth.

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<v Speaker 1>It's a small call which we know everyone. We paid

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<v Speaker 1>deep attention to how everyone is doing. So there's the

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<v Speaker 1>intellectual academic engagement, there's the group and the collective community

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<v Speaker 1>coming together, and then there's individual outreach that we do.

0:12:12.720 --> 0:12:15.520
<v Speaker 1>All right, yeah, no, UM, and we really appreciate you

0:12:15.559 --> 0:12:19.000
<v Speaker 1>weighing in on that and and just so much more. Listen, Clayton,

0:12:19.000 --> 0:12:20.840
<v Speaker 1>thank you so much. Hope we can reach on you

0:12:20.880 --> 0:12:23.160
<v Speaker 1>again in the future, and good luck with the program.

0:12:23.480 --> 0:12:26.520
<v Speaker 1>Clayton Rose, he's president of Bowden College, on the phone

0:12:26.559 --> 0:12:28.560
<v Speaker 1>from Brunswick, Maine. I know, I don't want to sound

0:12:28.600 --> 0:12:29.960
<v Speaker 1>like an old man here, but Carol, you and I

0:12:30.000 --> 0:12:32.360
<v Speaker 1>were talking during the break and I said to you,

0:12:32.360 --> 0:12:34.080
<v Speaker 1>you know, I graduated from college in two thousand and six,

0:12:34.240 --> 0:12:37.000
<v Speaker 1>not that long ago. It was a big we got.

0:12:37.160 --> 0:12:39.720
<v Speaker 1>We didn't have WiFi on campus until the summer between

0:12:39.720 --> 0:12:42.000
<v Speaker 1>my junior and senior year. And it's pretty remarkable to

0:12:42.040 --> 0:12:46.400
<v Speaker 1>see the way that technology has just transformed education so quickly,

0:12:46.440 --> 0:12:49.520
<v Speaker 1>and I think increasingly you do see the technology community

0:12:49.600 --> 0:12:54.800
<v Speaker 1>reaching out, UM and educational institutions really understand the importance

0:12:54.840 --> 0:12:57.640
<v Speaker 1>of kids having technology in their hands. It's just the

0:12:57.720 --> 0:13:00.880
<v Speaker 1>way we operate and making it each wall is really important.

0:13:00.880 --> 0:13:04.360
<v Speaker 1>You're smiling. Why, It's just I can't believe everything's getting

0:13:04.360 --> 0:13:07.240
<v Speaker 1>an iPad. It's pretty incredible. All right, have a safe

0:13:07.280 --> 0:13:09.120
<v Speaker 1>and good evening, everybody. This is Bloomberg,