Speaker 1: Welcome to the Bloomberg pm L Podcast. I'm Pim Fox.
Speaker 1: Along with my co host Lisa Bramowitz. Each day we
Speaker 1: bring you the most important, noteworthy, and useful interviews for
Speaker 1: you and your money, whether you're at the grocery store
Speaker 1: or the trading floor. Find the Bloomberg p m L
Speaker 1: Podcast on Apple Podcasts, SoundCloud and Bloomberg dot com. Deutsche
Speaker 1: Bank has been having a terrible year and it has
Speaker 1: just gotten or. Joining us to discuss is Leonel Ronky
Speaker 1: is a Bloomberg opinion columnist. Let's talk about what happened
Speaker 1: officials rated Deutsche Bank offices. What were they looking for?
Speaker 1: Why now? And how much lower can these shairs go? Um? Well,
Speaker 1: I mean they can always go a lot lower, as
Speaker 1: we've seen over the past a few years in terms
Speaker 1: of what they were looking forward. Why now? I mean, look,
Speaker 1: there's a lot we don't know. But the fact is this,
Speaker 1: this seems to be linked to the Panama Papers scandal,
Speaker 1: the leaks a couple of years ago, a huge whate
Speaker 1: of documents detailing offshore accounts and assets you know, squirreled away, uh,
Speaker 1: and it seems to have caught up with Deutsche Bank
Speaker 1: and a couple of unnamed employees who seems to be
Speaker 1: part of the part of the probe. So I guess
Speaker 1: one more, one more thing to worry about on a
Speaker 1: long list of things to worry about, Leonel, the shares
Speaker 1: of Deutsche Bank. They are lower by more than five percent.
Speaker 1: They've lost more than fifty percent of their value this year,
Speaker 1: and just earlier today, as Lisa was referencing, six different
Speaker 1: Deutsche Bank properties were searched by police. Police vehicles lined
Speaker 1: up outside of Deutsche Bank's central Frankfort headquarters and according
Speaker 1: to a person who's familiar with the matter, one of
Speaker 1: the two people being probe by Frankfort prosecutors and the
Speaker 1: money laundering investigations works in the bank's anti financial crime section. Yeah,
Speaker 1: and look, bigger picture is right, money laundering, as we've
Speaker 1: seen at the Danska bank scandal. This, you know, money
Speaker 1: laundering is not something that's restricted to one bank or
Speaker 1: unique to one bank, and sadly, even banks that say
Speaker 1: they have the right controls often failed at the hurdle.
Speaker 1: I just think the bigger picture goes beyond the sort
Speaker 1: of the shot can or of this investigation. You know,
Speaker 1: Deutsche Bank is a bank that has had a lot
Speaker 1: of problems to do with its compliance and its controls
Speaker 1: even before this. It's the reason why it failed the
Speaker 1: US stress test. It's it's the reason why I had
Speaker 1: a bunch of fines. It's part of the reason why
Speaker 1: it's lost money for three years in a row. I
Speaker 1: think even if you, even if you didn't know about
Speaker 1: today's probe, you would really have reason to worry about
Speaker 1: the simple operational control at this institution. It's a it's
Speaker 1: a serious concern. Who is to blame for the institutional
Speaker 1: laps that seemed to be coming up again and again
Speaker 1: here at George Bank. So I think that's not wishing
Speaker 1: to point the finger anyone in particular, but you really
Speaker 1: have to question the board's the board's behavior, that the
Speaker 1: board's way of acting over the past couple of years.
Speaker 1: We had the previous CEO, John cry and do it
Speaker 1: do a pretty good job of at least trying to
Speaker 1: get the bank to survive in the face of fines
Speaker 1: and just trying to adapt to the post crisis world.
Speaker 1: And he did, he did, He did actually succeed in
Speaker 1: raising capital at the bank, and he was pushed out
Speaker 1: in a very messy, very hasty way, earlier this year
Speaker 1: and the new CEO seems to not be getting a
Speaker 1: handle on things at all, and there's now talk of
Speaker 1: a whole new round of executives being pushed out. And
Speaker 1: I think at some point, if if this keeps getting worse,
Speaker 1: people are going to have to look at the board
Speaker 1: and think what's happening? Why is the chairman still here?
Speaker 1: Why is the board the way it is? This clearly
Speaker 1: has got to stop. But the accountability goes way beyond
Speaker 1: the CEO and the current management. You know, does this
Speaker 1: create operation of paralysis at an institution such as Deutsche Bank?
Speaker 1: I think it's worse than paralysis. It's it just seems
Speaker 1: like it's completely disorderly. If you think about it, wouldn't
Speaker 1: it be worth a bit of paralysis just to control things?
Speaker 1: If if this is a control failure, wouldn't it be
Speaker 1: worth spending all You've got to at least throw a
Speaker 1: line under all this? Think of all of the trading
Speaker 1: mishaps that every year there's a risk management blow up.
Speaker 1: They try and protect against risk but also make money
Speaker 1: and it doesn't work, you know though, I mean to
Speaker 1: be fair, right, all banks are involved in different mixes
Speaker 1: of businesses and some are more risk prone than others, right,
Speaker 1: I mean, just let's get that out there. I mean,
Speaker 1: if you're dealing with for private wealth, for example, you
Speaker 1: have to be really careful not to be dealing with
Speaker 1: tax evasion or money laundering or other things like that.
Speaker 1: Correspondence banking similar risk issues here. So is joy to
Speaker 1: Bank unique in some of its transgressions or is this
Speaker 1: just the mix of businesses that it's got itself in
Speaker 1: higher risk and perhaps they didn't amp up the risk
Speaker 1: management as much as they should have. Let me put
Speaker 1: it this way, we we there is no secret to
Speaker 1: dorture banks issues. It has a gigantic balance sheet, it
Speaker 1: is primarily exposed to investment banking. But given that we
Speaker 1: have been in this downward spiral since do you not
Speaker 1: think that this goes beyond some kind of sectoral issue.
Speaker 1: Isn't it time that there was a question made about
Speaker 1: who is controlling this bank and what the operational control is.
Speaker 1: I genuinely don't see how the current situation where you
Speaker 1: have the old CEO pushed out in favor of a
Speaker 1: new CEO in a completely messy way, but the bard
Speaker 1: remains unchanged, and the current situation where you find the
Speaker 1: rate is one thing, but forget even the rate. The
Speaker 1: reports coming out that the CEO is considering replacing the
Speaker 1: head of regulation, the head of US banking, and the
Speaker 1: head of the investment bank potentially all in one go.
Speaker 1: And I just think that tells you that there is
Speaker 1: a complete lack of under standing of how to get control,
Speaker 1: how to get a grip on this. And I think
Speaker 1: this goes way beyond saying well, this is the business
Speaker 1: of banking. That's that's that's my view. Thanks very much
Speaker 1: for being with us, Leonel laurent Is Bloomberg Opinion columnists.
Speaker 1: He joins us from London speaking about Deutsche Bank and
Speaker 1: the raid that was initiated today on their Frankfort headquarters.
Speaker 1: Shares of Deutsche Bank are lower by five percent, and
Speaker 1: as we mentioned, they are lower by more than fifty
Speaker 1: percent so far this year. I want to bring in
Speaker 1: our own legal expert here at June Grosso or legal
Speaker 1: analyst and co host of Bloomberg Law, to tell us
Speaker 1: more about this rather extraordinary turn of events. Tell us
Speaker 1: a little bit about what the plea deal with Michael
Speaker 1: Cohen would involve, and why does pleading guilty to lying
Speaker 1: to the Senate Intelligence Committee in why is that a
Speaker 1: big deal? It's a big deal because of the significance
Speaker 1: of this to the Mueller investigation. When Michael Cohen pleaded
Speaker 1: earlier this year to federal charges, that was not that
Speaker 1: was at the Southern District of New York. It was
Speaker 1: not related to the Mueller investigation. In fact, Mueller had
Speaker 1: handed off Michael Cohen so to speak to the Southern District.
Speaker 1: So everyone assumed that, oh, he has nothing to contribute
Speaker 1: to the Mueller investigation. Then you remember that his attorney,
Speaker 1: Lannie Davis, went on TV several times and talked to
Speaker 1: different outlets and said he has a lot to give here.
Speaker 1: It was almost as a plea to the Special Council.
Speaker 1: Talked to Michael Cohen because we want to we want
Speaker 1: to deal Michael Cohen's other plea. There was no deal involved,
Speaker 1: which was sort of shocking to most lawyers. Why make
Speaker 1: a plea when you don't have a deal. This is
Speaker 1: now a cooperation agreement with the Special Counsel. He's pleading
Speaker 1: to new charges and it's about the statements that he made.
Speaker 1: And you heard President Trump referred to us refer to
Speaker 1: that statement that Michael Cohen well, Michael Cohn is now
Speaker 1: saying that was a lie. We didn't end negotiations for
Speaker 1: the Russia tower in Moscow in January. They continued until June,
Speaker 1: when he was the presumptive GOP nominee. Yeah. Well, let's
Speaker 1: let's find out more about that Russia deal that President
Speaker 1: Trump said everybody knew about. Let's bring in Larry Liebert,
Speaker 1: who is in Washington, d C. For Bloomberg News. Larry,
Speaker 1: thank you so much for being with us. Can you
Speaker 1: give us a sense of what this Moscow property deal
Speaker 1: was and how it's relevant to this whole ongoing discussion
Speaker 1: of conspiracy or collusion. I think, first of all, there's
Speaker 1: been a lot of talk that the Muller pro will
Speaker 1: peter out in regard to the President. You know, he
Speaker 1: doesn't really have anything direct on the President. He's about
Speaker 1: to close shop, not at all to suggests. Uh. And
Speaker 1: and the plea here uh indicates uh that there was
Speaker 1: an effort to cover up or at least minimize this
Speaker 1: talk of a Trump tower in Moscow as an issue
Speaker 1: that was indeed settled in January, when in fact it
Speaker 1: was June. And uh, you know, in his uh now
Speaker 1: erroneous Uh deceptive testimony to Congress. Uh. Cone had made
Speaker 1: a big point that we stopped talking about this way
Speaker 1: before the Iowa caucuses or any of the primaries. Uh,
Speaker 1: Today's saying no, the talks continued now. The President shrugged
Speaker 1: it off. He said, UH that first of all, that
Speaker 1: Cone is a liar, but secondly that Uh, there was
Speaker 1: nothing wrong about pursuing a deal. Uh. But mother may
Speaker 1: have different ideas on that. In terms of the reasons,
Speaker 1: he had said, is the motives to collude with Russia
Speaker 1: June Crosso. The President also during this impromptu news conference,
Speaker 1: said that one of the reasons why the conversations continued
Speaker 1: about the tower of the real estate project in Russia
Speaker 1: is he did not know, obviously the outcome of the U.
Speaker 1: S election, and that by foregoing the possibility of a
Speaker 1: business deal, he would be hurting his business. It's not
Speaker 1: about the deal. It's about what was said about the
Speaker 1: deal and what the intent was and what went on
Speaker 1: about the deal. So it's not the deal itself. That's
Speaker 1: sort of a diversion. You know, he could make a deal.
Speaker 1: It's a business. But in Michael the information for Cohen's plea,
Speaker 1: what he says, and this really goes to the heart
Speaker 1: of what you're asking. He said that he made false
Speaker 1: statements to minimize the links between the Moscow project and
Speaker 1: individual one that's President Trump, to give the false impression
Speaker 1: that the Moscow project ended before the Iowa Caucus. That's
Speaker 1: the first primary. And to limit in the hopes of
Speaker 1: limiting the ongoing Russia investigation. That's the key here, the
Speaker 1: hopes of limiting. And also for all the people who
Speaker 1: ask about you know, people say are speculating about what
Speaker 1: is President Trump's connection to Soviet President Vladimir Putin? Russian
Speaker 1: President Ladimir Putin. In this information, Cohen agreed to travel
Speaker 1: to Russia, and they mentioned that the conversations that were
Speaker 1: had between the press secretary for President Putin, he received
Speaker 1: response from the office of Russian official won the press
Speaker 1: secretary for the President of Russia. So and then there
Speaker 1: was an email where he said, it's about the President
Speaker 1: of Russia. They called today, So behind this is all
Speaker 1: the connections to Vladimir Putin. All right, Larry, can we
Speaker 1: take a step back and just talk about what you
Speaker 1: kind of initially said, which is any signs that Robert
Speaker 1: Mueller was winding down his investigation are probably misplaced, and
Speaker 1: this sort of shows that they're very deep in it.
Speaker 1: So what have we learned about the stage of the
Speaker 1: investigation when we'll get a final report? And you know,
Speaker 1: how much does this change the calculus about whether this
Speaker 1: ultimately does go back to President Trump and in some
Speaker 1: way imperil his presidency, because right, I mean, that's that's
Speaker 1: at the end of the day, what everybody is wondering, Well,
Speaker 1: we haven't heard any firm guidance that from sources that
Speaker 1: suggest that there's been a change in our early reporting
Speaker 1: that Mueller was closing in on some some of his
Speaker 1: major conclusions. Uh. But uh, you know, even if he
Speaker 1: issues conclusions, he's set uh in the course for prosecutions,
Speaker 1: for inquiries, uh, not only by his office, but but
Speaker 1: by other U S attorneys that may go on for
Speaker 1: a good while and and trials as well. So uh,
Speaker 1: this thing isn't ending in any case. Um. And the
Speaker 1: the ultimate question, uh, in part is how strongly he
Speaker 1: condemns the president knows around him, Uh, even if he
Speaker 1: finds this has been the general view that you can't
Speaker 1: indict a sitting president. So the plot is thinking now
Speaker 1: that we're past the elections and we will see a
Speaker 1: lot more happening, but exactly the pace and exactly how
Speaker 1: close to the president gets uh, you know, we don't
Speaker 1: yet know. But this is a clue. But it's not
Speaker 1: all over yet. June Grosso, you want to talk about timing,
Speaker 1: I do, because the timing of this is important and
Speaker 1: you might say peculiar. Remember that President Trump submitted answers
Speaker 1: under oath to the Special Counsel's office, and now he's
Speaker 1: locked into those answers, and now all of a sudden
Speaker 1: we have the Cohen Plate, which contradicts perhaps and we
Speaker 1: would say probably contradicts those answers. So the timing is
Speaker 1: really unusual. Also, the Manafort deal falling apart on Monday
Speaker 1: because of information the Special Counsel has. The timing is
Speaker 1: really important and the thing that President Trump is locked
Speaker 1: into those answers really interesting. And we will continue to
Speaker 1: tap both of you for more insight as this develops.
Speaker 1: June Grosso, legal analyst and co host of Bloomberg Law.
Speaker 1: Larry Leebert, national security editor for Bloomer, coming to us
Speaker 1: also from Washington, d C. Thank you very much for
Speaker 1: being with us. Our guest is the honorable Vic Fideli.
Speaker 1: He is the Finance Minister of Ontario. Ontario one of
Speaker 1: thirteen provinces and territories of Canada, and it is home
Speaker 1: to the largest manufacturing segment of the Canadian economy. More
Speaker 1: than fifty of manufacturing happens in Ontario. Minister, thank you
Speaker 1: very much for being here. Tell us currently, what are
Speaker 1: the finances and the economic health of Ontario? While I
Speaker 1: can say that Ontario, while we had a previous government
Speaker 1: in power for fifteen years, our conservative government has now
Speaker 1: been in for five months. And uh, the first thing
Speaker 1: that we did was begin with efficiencies, and we found
Speaker 1: three point two billion dollars worth of efficiencies in the
Speaker 1: last eleven weeks and returned two point seven billion dollars
Speaker 1: back to individuals, families and businesses. So Ontario is back
Speaker 1: and we're open for business. I'm just wondering a lot
Speaker 1: of people from the US when they think about Ontario
Speaker 1: right now here, about what we've heard about the Toronto
Speaker 1: housing market, how much is this on your radar and
Speaker 1: play into your day to day just the incredible surgeon pricing. Well,
Speaker 1: we ended up with what we'll call a soft landing.
Speaker 1: Two things happened over the last year. We put a
Speaker 1: foreign investment tax that the previous government put in and
Speaker 1: that helped to slow down the market. And the federal
Speaker 1: government changed the mortgage availability rules in January, so that
Speaker 1: also so affected the market. So between the two of them,
Speaker 1: it brought us in for a softer landing, so we
Speaker 1: didn't see any kind of abubble at all. Uh And
Speaker 1: now in our fall economic statement, we just announced that
Speaker 1: we will remove rent control for new developments, so it's
Speaker 1: opened up. The business community is now ready to invest
Speaker 1: because they can build and know that they've got a growing,
Speaker 1: a growing return. A rent control will stay for those
Speaker 1: existing owners are renters. Now, as I mentioned, Ontario is
Speaker 1: Canada's leading manufacturing province, accounting for more than fifty of
Speaker 1: total manufacturing shipments. That means a relationship with the state
Speaker 1: of Michigan. Can you tell us what trade confrontations and
Speaker 1: conciliations between the United States and Canada have meant for
Speaker 1: the province of Ontario. Well, I can tell you that
Speaker 1: our Premier, Doug Ford has been talking to all of
Speaker 1: the governors from the nineteen states where we are number
Speaker 1: one trading partner, and I think it's six states where
Speaker 1: we're the number two trading partner or nine other states
Speaker 1: where the number two trading partner. Uh. And you'll find
Speaker 1: a premier Ford. He's a business person and he's he's
Speaker 1: not an idealogue. It's not about being on the right
Speaker 1: or the left to him, It's all about pragmatism. If
Speaker 1: it's the right thing to do, let's do it now. Manufacturing,
Speaker 1: although we do account for, is really a twelve percent
Speaker 1: of our economy, and Ontario fintech and financial services are nine. Agriculture,
Speaker 1: while it's a smaller percentage, is still a huge employer,
Speaker 1: one of the largest employers in the province as well.
Speaker 1: So we have a truly a diversified economy right across
Speaker 1: the province of Ontario. We we do about three billion
Speaker 1: dollars worth of movies are filmed in Toronto and further north.
Speaker 1: I live about four hours north of Toronto, where there's
Speaker 1: two feet of snow today. Uh. And we do a
Speaker 1: lot of Hallmark Christmas movies that are filmed, a tremendous
Speaker 1: amount of film activity as well. I'm just wondering also
Speaker 1: about cannabis legalization in in Canada. I'm just wondering whether
Speaker 1: you've accounted for much higher revenues in taxes or anything
Speaker 1: else from the legalization of cannabis. You know, that's an
Speaker 1: excellent question. Uh. And what we decided to do uh
Speaker 1: that so that this is non at tax revenue play
Speaker 1: for the Province of Ontario. It's unlike the other we
Speaker 1: call them at home syntax is alcohol and tobacco that
Speaker 1: generally see an increase at budget in the budgets. This
Speaker 1: is not going to happen. This is all about Uh.
Speaker 1: This was federally regulated, so it's a law that was
Speaker 1: brought in by the federal government right across Canada. We
Speaker 1: opted to make our price point low so that we
Speaker 1: can First of all, it's all about the safety of
Speaker 1: our children, the safety on our roads, and crushing the
Speaker 1: illegal market. So that's really where we are. So it's
Speaker 1: not about a financial play. We're not going to make
Speaker 1: money at this in the first year of the second
Speaker 1: year at all. We're returning forty million dollars to the
Speaker 1: municipalities to help them with with the rollout of cannabis.
Speaker 1: Just real quick twenty seconds here, I'm wondering how much
Speaker 1: Toronto and the interior region has benefited from the crackdown
Speaker 1: on immigration in the United States. Uh. Given the fact
Speaker 1: that that you've been much more open. It's quite interesting.
Speaker 1: We we were at about one point eight percent of growth,
Speaker 1: will probably hit about one point five percent this year.
Speaker 1: So we've had a huge influx. More than two hundred
Speaker 1: thousand people have come into the Province of Ontario and uh,
Speaker 1: this we're we're encouraging this to happen. We we look
Speaker 1: forward to it and they're absolutely Uh the employees of
Speaker 1: the future. Thank you so much for being with us.
Speaker 1: That is Ontario Finance Minister, the honorable Vic Fidelli, talking
Speaker 1: about all things Canada as well as Ontario. Him. When
Speaker 1: I was fourteen, I did some things. I was into
Speaker 1: art and dance. I was not building robotic arms in
Speaker 1: my bedroom. But our next guest that this, our nice
Speaker 1: guest went beyond Lego sets Eastern Lasha Pale joins is
Speaker 1: now he's founder of Unlimited Tomorrow, which is based in Colorado,
Speaker 1: but he joins us here in our eleven three oh studios.
Speaker 1: So you're twenty three and you made your first prosthetic
Speaker 1: arm when you were fourteen. What inspired you to do that? Yeah,
Speaker 1: So I grew up in a very small town in
Speaker 1: Colorado named Mankus. Uh. There was a population about people.
Speaker 1: My graduating class in high school was twenty three kids,
Speaker 1: so you can imagine it's very limited resources. And that
Speaker 1: really made me excited, and I started learning outside my school,
Speaker 1: would run home, take things apart. I love curiosity and tinkering,
Speaker 1: and I came up with an idea to make a
Speaker 1: robotic hand and piece together legos. Fishing line plastic supports
Speaker 1: legos to piece it all together and turn this idea
Speaker 1: into reality. UM. A couple of years after that, I
Speaker 1: started advancing these designs using three D printing, making four
Speaker 1: robotic arms, and I met a small girl out of
Speaker 1: science for that had an eighty dollar prosthetic limb that
Speaker 1: I was simpler than what I was creating for a
Speaker 1: couple hundred dollars out of my bedroom, and that was
Speaker 1: my AHA moment. Tell us about how you met Tony Robbins,
Speaker 1: who was a founding partner of your company, and how
Speaker 1: did you demonstrate the ability to custom make prosthetics based
Speaker 1: on three D scan technology. Well, it was it was
Speaker 1: a busy year. When I was seventeen years old. I
Speaker 1: was I was doing an internship at NASA. I started
Speaker 1: creating these these arms and started getting national media attention.
Speaker 1: I was traveling around the world doing talks and speeches
Speaker 1: and I was invited to give a TED talk in
Speaker 1: Denver and that was a really big milestone for me.
Speaker 1: That's actually how Tony Robbins he he saw this TED talk.
Speaker 1: He gave me a call one day pretty much and said,
Speaker 1: I hope people around the world psychologically and I would
Speaker 1: love to help them physically. Let's partner together to make
Speaker 1: this a reality. And this is when I was just
Speaker 1: about to graduate from high school. I was seventeen years old.
Speaker 1: Right when I turned eighteen, we partnered together to form
Speaker 1: Unlimited Tomorrow and since then we've been refining the technology.
Speaker 1: This was almost four years ago now and UH and
Speaker 1: we just recently about two years ago, we partnered with
Speaker 1: Microsoft and they helped create the first procect device for
Speaker 1: a small tenual grow named Momo, and that really set
Speaker 1: the bar for us. So we sent scanners down to
Speaker 1: her in Florida. We scanned her arm that she's missing
Speaker 1: and her other arm, her full arm, and we used
Speaker 1: that data to make him your image. We included fingernails,
Speaker 1: custom skin to own. UH incorporated a lot of technology
Speaker 1: into this and it really highlights the enabling technology, which
Speaker 1: is three D printing for this technology, is it. I
Speaker 1: just want to know a little bit more about Unlimited Tomorrow,
Speaker 1: which can create these advanced prosthetics that even match the
Speaker 1: skin tone for about of the cost of the available
Speaker 1: prosthetics that are comfortable out there. Are you designing the prosthetics,
Speaker 1: do you work with designers? What sort of uh, the
Speaker 1: sort of function here that Unlimited Tomorrow place. Yeah, that's
Speaker 1: a great question. When I first started looking into this industry,
Speaker 1: there's I saw there's a lot of problems there. It's
Speaker 1: kind of a scattered uh kind of market where prosthetic
Speaker 1: manufactures up charges Celtic clinicians, they then sell to the amputee.
Speaker 1: It's an insurance game and into the end user. It's
Speaker 1: a really inefficient, expensive process that can take months on end.
Speaker 1: And so we really designed this from the ground up.
Speaker 1: We design every aspect from the software to custom electronics,
Speaker 1: all the mechanics. You do all that in house. And
Speaker 1: we've also introduced a new business model which is going
Speaker 1: directly to the consumer. And so we cut out all
Speaker 1: these middlemen that caused a lot of inefficiencies and cost
Speaker 1: and we find that we can produce a better result,
Speaker 1: that has increased functionality, It weighs less, it looks better
Speaker 1: um within a matter of days versus months, and for
Speaker 1: about five to ten thousand dollars versus about eighty thousand dollars.
Speaker 1: And so we've really hit the bar on on a
Speaker 1: lot of these problems. How are you raising money in
Speaker 1: order to keep the company afloat and expand manufacturing. So
Speaker 1: early on I made a I made a conscious decision
Speaker 1: to really turn to the people, you know, a limited tomorrow.
Speaker 1: We we affect people's lives around the world, and we
Speaker 1: were people business powered by people. Uh So we turned
Speaker 1: a crowdfunding and crowdfunding is a perfect application for for
Speaker 1: what we're doing. It's involving cutting edge technology, very humanitarian,
Speaker 1: philanthropic you know, mission behind this, and we're doing it
Speaker 1: in new ways. Early this year, we went through equity crowdfunding,
Speaker 1: which allows for accredited and unaccredited investors to invest in
Speaker 1: the company. We ended up raising one point six million
Speaker 1: dollars in about thirty days with investors, which actually broke
Speaker 1: reck and and and equity crowd funding world. Uh So,
Speaker 1: this is this is one step of of what we're
Speaker 1: doing today. About a couple weeks ago, we launched a
Speaker 1: new indieogal campaign which is more of a standard crowd
Speaker 1: funding campaign that you see on Kickstarter indigo Go, and
Speaker 1: the goal is to raise money to be able to
Speaker 1: donate the first one hundred devices to one hundred amazing
Speaker 1: amputees around the world, a lot of children and adults.
Speaker 1: Where we called the campaign one hundred Tomorrows. And as
Speaker 1: of right now, we have about sixty seven devices of
Speaker 1: the one hundred devices already raised, so about four hundred
Speaker 1: forty dollars. Uh, So we're we're we're working to meet
Speaker 1: the five thousand dollar goal and really start to start
Speaker 1: scaling from here. I find out really compelling when you
Speaker 1: start talking about the inefficiencies built into the whole prosthetics world.
Speaker 1: And I'm wondering whether during your explorations and the evolution
Speaker 1: of this business, you've seen other avenues or other aspects
Speaker 1: of the healthcare industry that you think some of the
Speaker 1: three D printing and the technology will could be applied to. Absolutely.
Speaker 1: I mean there's countless examples. Um a lot of them
Speaker 1: are physical medical device aces and really comes back to
Speaker 1: the philosophy of Unlimited Tomorrow. It's really augmenting the human body.
Speaker 1: We want to use technology to unlock someone's full potential.
Speaker 1: So this could be giving a child a procetic limb
Speaker 1: that they go to school very confident they can get
Speaker 1: past all these you know, physical limitations of just everyday life.
Speaker 1: I could also mean that you know someone who's paralyzed,
Speaker 1: and what are your options. It's either a wheel chair
Speaker 1: or a couple other devices out there for rehabilitation. When
Speaker 1: you look at this technology and and some of the
Speaker 1: technology that we've patented and developed, and we can easily
Speaker 1: accommodate for exoskeletons and other system devices. So essentially a
Speaker 1: robotic para legs. And it's a very similar process and
Speaker 1: industry with the with procetics that it's a very expensive,
Speaker 1: you know, hundred thousand dollar device. It's out of reach
Speaker 1: for you know, the people who really need to use
Speaker 1: it um but it's not it's not extreme. It doesn't
Speaker 1: need cost a hundred thousand dollars. We can produce it
Speaker 1: for far less, and by using three D printing a
Speaker 1: new manufacturing techniques, we can very can be very slim
Speaker 1: and you know, be a startup and compete with this
Speaker 1: large medical world. Well that competition obviously takes a lot
Speaker 1: of courage, and you've shown that by building this company
Speaker 1: from scratch. What are the challenges that you face to
Speaker 1: get people aware that this is an up an option
Speaker 1: for them rather than to go in a more traditional
Speaker 1: prosthetic direction. Well, we actually haven't had any any type
Speaker 1: of problem. We actually get emails probably hundreds of emails
Speaker 1: a day from people around the world, um from yeah, amazing,
Speaker 1: direct directly from people right right, and and it's it's
Speaker 1: a known problem, especially if you are on the other
Speaker 1: side of it, right you know, we you know, if
Speaker 1: we're sitting here, we've all seen people that are missing limbs.
Speaker 1: But you don't really know the process of what it
Speaker 1: takes to you know, if you were, you know, to
Speaker 1: get run over and and had an injury or or
Speaker 1: has it have a disease and you have you had
Speaker 1: your arm amputated, you wouldn't really a person want to
Speaker 1: know the whole process. So that's part of my job
Speaker 1: is also educated. You know, there's over thirty million amputees worldwide.
Speaker 1: Only five percent of the have acts to proceect devices
Speaker 1: and that's big problem. Uh, and not a lot of
Speaker 1: people realize that, and so part of this is educating,
Speaker 1: you know. Part of this is is creating a model
Speaker 1: that they can actually reach out and and uh, you know,
Speaker 1: get a device through us very easily, which is what
Speaker 1: we're solving with this new business model and technology. We actually,
Speaker 1: if you were to approaches today, we send you a
Speaker 1: three D scanner, so you can actually scan yourself in
Speaker 1: the comfort of your own home. We get that data remotely,
Speaker 1: we can process that, we three D print it, and
Speaker 1: uh and you're off to the races. It's a it's
Speaker 1: a really amazing process. Thanks very much for sharing this
Speaker 1: story with us. Eastern La Chapelle. He is the founder
Speaker 1: of Unlimited Tomorrow. They are based in Colorado. Thanks for
Speaker 1: listening to the Bloomberg P and L podcast. You can
Speaker 1: subscribe and listen to interviews at Apple podcast, SoundCloud, or
Speaker 1: whatever podcast platform you prefer. I'm Pim Fox. I'm on
Speaker 1: Twitter at pim Fox. I'm on Twitter at Lisa Abramo.
Speaker 1: It's one before the podcast. You can always catch us
Speaker 1: worldwide on Bloomberg Radio.