WEBVTT - The Future of Work from NJIT 0:00:00.480 --> 0:00:02.960 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:03.040 --> 0:00:05.520 Jason Kelly. We're here every day bringing you the latest 0:00:05.559 --> 0:00:09.800 news from the world's of business and finance, plus technology, politics, economics, 0:00:09.880 --> 0:00:13.480 all harnessing the power of Bloomberg Business Week recorders and editors, 0:00:13.520 --> 0:00:16.560 not to mention our hundred journalists and analysts and more 0:00:16.560 --> 0:00:19.000 than a hundred and twenty countries. You can download Bloomberg 0:00:19.040 --> 0:00:22.079 Business Week on iTunes, SoundCloud, or Bloomberg dot com. You 0:00:22.079 --> 0:00:24.200 can also listen to our radio show weekdays at two 0:00:24.280 --> 0:00:32.760 pm Eastern only on Bloomberg Radio. Yeah, we do want 0:00:32.760 --> 0:00:34.440 to talk about startups. We want to talk about a 0:00:34.440 --> 0:00:36.960 lot of things, science and innovation and entrepreneurship, all at 0:00:36.960 --> 0:00:39.839 work at the New Jersey Innovation Institute and adventures link 0:00:39.920 --> 0:00:42.239 here with more on the work that n j i 0:00:42.320 --> 0:00:45.680 T is doing to really facilitate the startups coming out 0:00:46.240 --> 0:00:49.919 of it into the real world. Dr Don Sebastian, he's 0:00:49.960 --> 0:00:53.120 president of n j i T New Jersey Innovation Institute 0:00:53.120 --> 0:00:55.400 and he's here with us at nj i T at 0:00:55.400 --> 0:00:57.680 their Newark campus. So nice to talk with you. I 0:00:57.720 --> 0:01:00.560 told you I was reading about your zation a little 0:01:00.560 --> 0:01:02.760 bit last night, tell us a little bit about for 0:01:02.800 --> 0:01:04.520 our audience kind of some of the work you're doing. 0:01:04.560 --> 0:01:07.679 Sure so. Nji is is an unusual organization where a 0:01:07.720 --> 0:01:12.280 nonprofit created under the university and and the expression of 0:01:12.319 --> 0:01:16.360 the university's economic development mission, meaning what we're a tech university, 0:01:16.480 --> 0:01:19.200 how do we help build a tech based economy? And 0:01:19.840 --> 0:01:24.560 having spent many years at this interface between university and industry, 0:01:25.080 --> 0:01:26.800 as they say in the commercial, we know a lot 0:01:26.840 --> 0:01:28.399 of things because we've seen a lot of things. There 0:01:28.440 --> 0:01:30.560 are a lot of models that just don't work when 0:01:30.560 --> 0:01:34.120 we try to graft academic research onto the needs of industry, 0:01:34.120 --> 0:01:36.840 and so we've arrived at a model that really focuses 0:01:36.840 --> 0:01:40.120 on how can we begin together bring together companies that 0:01:40.160 --> 0:01:44.440 are birds of a feather, small companies, startups, entrepreneurs, faculty students, 0:01:44.480 --> 0:01:48.880 whatever the source of the innovation is in technology specific 0:01:49.280 --> 0:01:53.200 clusters and help them not just grow with specialized facilities 0:01:53.200 --> 0:01:56.720 and coaching, but really make early stage matches between the 0:01:56.720 --> 0:01:59.840 big companies who need them now as a source of innovation. 0:02:00.160 --> 0:02:02.200 We all grew up in the era of large scale 0:02:02.200 --> 0:02:04.280 corporate R and D, and all the great technology we 0:02:04.320 --> 0:02:07.360 know came out of Bell Labs and Sarnoff, R C 0:02:07.520 --> 0:02:09.360 A Labs E C, R and D. They go through 0:02:09.400 --> 0:02:13.080 the whole catalog of industry. Those enterprises have to the 0:02:13.160 --> 0:02:16.640 large case atrophied or even disappeared completely. And M and 0:02:16.639 --> 0:02:19.880 A has replaced R and D in many, many industrial sectors. 0:02:20.320 --> 0:02:23.160 But then that's an inefficient process, you know, it's not 0:02:23.320 --> 0:02:26.960 like every tech these days can be done in the garage, 0:02:27.280 --> 0:02:29.320 and you do, well, wonder what's lost in the process 0:02:29.400 --> 0:02:31.880 with all of that R and D at those big 0:02:31.919 --> 0:02:34.000 facilities going away. Someone's going to do it right, right, 0:02:34.160 --> 0:02:35.680 all right, And if you're depending on the small guy 0:02:35.720 --> 0:02:37.240 to do it, there's only so much you can do. 0:02:37.280 --> 0:02:40.000 Apps in your basement and then you can, you do 0:02:40.000 --> 0:02:43.280 do some simple stuff, but when you get into nanotechnology, 0:02:43.600 --> 0:02:47.440 gene splicing, you know, AI, advanced AI and robotics, you 0:02:47.480 --> 0:02:49.480 can't do that as a one or two person operation 0:02:49.520 --> 0:02:52.440 in a garage. Well. Well, one of the things that 0:02:52.480 --> 0:02:55.080 we're obviously focused on throughout the course of this entire show, 0:02:55.080 --> 0:02:57.040 in our visit here is the future of work, in 0:02:57.080 --> 0:03:00.520 the future of jobs, but so much of that feels 0:03:00.600 --> 0:03:05.320 like from your perspective, needs to be proactive rather than reactive. 0:03:05.400 --> 0:03:09.520 You need to be helping sort of create companies, but 0:03:09.600 --> 0:03:13.160 also certain types of companies and cultures that that sort 0:03:13.160 --> 0:03:17.480 of dictate or help sort of shape the future of work, right, yeah, yeah, 0:03:17.560 --> 0:03:19.600 And if we don't do it, guess what the rest 0:03:19.639 --> 0:03:22.680 of the world is organized. Right, So, whether it's China 0:03:22.760 --> 0:03:25.960 Dot Com or it's the front offer models in Germany, 0:03:25.960 --> 0:03:29.079 there are other places in which there are very well 0:03:29.160 --> 0:03:32.720 oiled public private partnerships that try to help small, mid 0:03:32.840 --> 0:03:37.240 size and merging businesses come together and ultimately connect to 0:03:37.280 --> 0:03:39.480 the big O E M s and and bring products 0:03:39.520 --> 0:03:42.160 to market. So for every one company that maybe the 0:03:42.200 --> 0:03:45.040 next Apple that does start in the garage, they're probably 0:03:45.040 --> 0:03:47.440 a thousand who have a better destiny if they were 0:03:47.440 --> 0:03:49.640 to develop into some product that could be brought by 0:03:49.640 --> 0:03:52.360 a larger company or be part of a supply chain done. 0:03:52.360 --> 0:03:54.960 I think so much of this and startups is about 0:03:55.000 --> 0:03:57.400 future growth for this country, right, And if you take it, 0:03:57.480 --> 0:03:59.760 you know, certainly future growth globally if you take it 0:03:59.760 --> 0:04:01.920 on a mobile perspective. But I do think about so 0:04:01.960 --> 0:04:04.720 where is the US when it comes to being leading 0:04:04.840 --> 0:04:07.240 as startups? I mean, I think everybody for so long 0:04:07.520 --> 0:04:09.840 were so jealous of Silicon Valley, but I feel like 0:04:10.200 --> 0:04:12.280 China certainly on a mission, and there are other parts 0:04:12.320 --> 0:04:14.200 of the world too, So where is the US in 0:04:14.240 --> 0:04:16.080 that standard? So I just came back from a weak 0:04:16.160 --> 0:04:19.839 trade mission that the state sponsored Israel startup Nation, Yeah, oh, 0:04:19.880 --> 0:04:22.160 he is a place from innovation size of New Jersey 0:04:22.200 --> 0:04:25.160 and you look at the volume of startups to go there. 0:04:25.560 --> 0:04:29.560 So I think what's more important is how do we 0:04:29.640 --> 0:04:32.520 get them to the next phase, right from startup into 0:04:32.560 --> 0:04:35.080 something that can be functionally A startup is a business plan, 0:04:35.800 --> 0:04:40.000 angel investment at least, but what about actually producing enough 0:04:40.400 --> 0:04:42.880 for proof of concept? Doesn't make technical sense, but doesn't 0:04:42.880 --> 0:04:44.919 make dollars and sense. How do you get into that 0:04:44.960 --> 0:04:47.640 pilot stage? That's the big barrier for many of these 0:04:47.680 --> 0:04:50.680 small companies. If you have a thick drug, for example, 0:04:50.760 --> 0:04:53.640 a new pharmaceutical, if the big company says, well, come 0:04:53.680 --> 0:04:57.120 back when you've had clinical trials, we'll phase three clinical trials. 0:04:57.120 --> 0:04:59.280 That could be a ten year hald and even a 0:04:59.360 --> 0:05:02.200 multi billion dollar investment. Right, So what are we doing 0:05:02.240 --> 0:05:07.480 about a don Yeah? Well, so in each important industrial sector, 0:05:07.760 --> 0:05:11.280 we're trying to put together these expensive facilities. I use 0:05:11.320 --> 0:05:15.120 cell engine for example. We've invested in creating a pilot 0:05:15.160 --> 0:05:19.920 manufacturing facility as sterile manufacturing is called cGMP. We're inventors 0:05:19.960 --> 0:05:23.040 of these next generation of cart and gene spicing type 0:05:23.080 --> 0:05:28.920 technologies can come and create produce UH clinical trial arts. 0:05:29.080 --> 0:05:32.120 Right and and at the same time the big companies 0:05:32.120 --> 0:05:34.400 are coming for us. Tax is the same thing, right, 0:05:34.480 --> 0:05:37.360 because these are pivots. This is another important thing. Most 0:05:37.400 --> 0:05:41.440 of our anchor industries are facing true disruptive technology threats 0:05:41.720 --> 0:05:43.480 and either they're going to figure out how to become 0:05:43.520 --> 0:05:45.640 their own disruptor or they're going to go the way 0:05:45.640 --> 0:05:48.239 of the gas company. When when Edison strung up electric 0:05:48.279 --> 0:05:49.840 lights just got about a minute left. So what's a 0:05:49.880 --> 0:05:54.359 success story. So so this this model is emerging. I 0:05:54.360 --> 0:05:57.880 think in healthcare I T space really wonderful example where 0:05:57.920 --> 0:06:01.160 we begin in this transformation to digital health. About ten 0:06:01.240 --> 0:06:04.600 years ago when UH the Affordable Care Act created funding 0:06:04.640 --> 0:06:08.280 to create the transformation of doctors from paper to electronic 0:06:08.320 --> 0:06:12.359 medical records and the technology to interconnect. In that context, 0:06:12.440 --> 0:06:15.359 we transformed seven thousand physicians here in the state and 0:06:15.400 --> 0:06:18.080 then went on to show she's a hundred and seventy 0:06:18.120 --> 0:06:21.440 five million a year in cost savings by using that 0:06:21.520 --> 0:06:26.560 technology to achieve outcomes driven healthcare delivery. Now we run 0:06:26.600 --> 0:06:30.440 the state's healthcare information exchange and with that that's attracted right, 0:06:30.480 --> 0:06:34.080 So that's the honey that attracted bears. Yeah. We brought 0:06:34.080 --> 0:06:35.920 in a lot of small companies who want to plug 0:06:35.960 --> 0:06:37.840 into that infrastructure, and we've shown that we can then 0:06:37.839 --> 0:06:41.000 do the business coaching specific to the industry that's helped 0:06:41.040 --> 0:06:45.320 them grow as as small enterprises into thriving companies. All right, 0:06:45.720 --> 0:06:48.159 thank you so much for joining us and for having 0:06:48.240 --> 0:06:51.280 us here in Nework, doctor Don Sebastian, president of the 0:06:51.279 --> 0:06:55.200 New Jersey Innovation Institute here on the campus of n 0:06:55.279 --> 0:06:57.720 j I T n j I. I think I might 0:06:57.760 --> 0:07:00.520 have sent in, well, the president g I D will 0:07:00.560 --> 0:07:06.280 get angry about violence they find a pink slip in 0:07:06.320 --> 0:07:09.920 a novel. Thanks so much for the opportunity to talk 0:07:10.160 --> 0:07:12.920 technology and innovation. Man, they're impacting just about everything in 0:07:12.920 --> 0:07:15.480 our world, whether at home, at work, and at play. 0:07:15.480 --> 0:07:18.200 At work is one that is garnering more attention thanks 0:07:18.240 --> 0:07:20.920 to a lot of different technologies. And someone who knows 0:07:20.920 --> 0:07:22.840 about that as Robert co and he's vice president of 0:07:22.840 --> 0:07:25.880 Global R and D in Chief Technology Officer at Striker 0:07:26.000 --> 0:07:29.320 Joint Replacement graduate of n j I t UH and 0:07:29.400 --> 0:07:30.680 so we want to bring him in and talk a 0:07:30.720 --> 0:07:33.840 little bit about how innovations are changing how we work. 0:07:33.880 --> 0:07:35.640 He's joining us on site here at nj I t 0:07:35.800 --> 0:07:37.560 Nice to see you again. Oh thanks for having me 0:07:37.600 --> 0:07:40.520 in a proud Yeah, this like old home week? Are 0:07:40.520 --> 0:07:42.560 you like sort of like you know, walking through me 0:07:42.600 --> 0:07:45.239 like I remember that place, picking up some T shirts 0:07:45.280 --> 0:07:50.560 and sweatshirts, no comments. So I feel like there's more 0:07:50.640 --> 0:07:54.720 momentum when it comes to technology innovation impacting the work 0:07:54.720 --> 0:07:57.160 for his workforce. And I don't know whether it's because 0:07:57.160 --> 0:07:58.960 all of a sudden AI is picking up some speed. 0:07:59.040 --> 0:08:02.000 Tell me how you see well, actually between AI, between 0:08:02.040 --> 0:08:05.920 connectivity if you really look at at a division that 0:08:06.000 --> 0:08:08.400 I represent, like a striker where we do total hips 0:08:08.400 --> 0:08:10.520 and total needs. You know, we're trying to still to 0:08:10.560 --> 0:08:14.320 improve patient outcomes, make patients return to work faster, have 0:08:14.440 --> 0:08:19.160 patients leave an operating room, manage expectations, patient satisfied, remove 0:08:19.200 --> 0:08:21.400 their offstere arthritis, but they get them back to a 0:08:21.440 --> 0:08:24.160 normal level of functions. So innovation needs to be strong. 0:08:24.760 --> 0:08:27.360 And we're living in a global world right now, and 0:08:27.400 --> 0:08:30.360 that works for R and D as well. So and 0:08:30.480 --> 0:08:32.959 necessary for R and D globally, like it's going to 0:08:33.040 --> 0:08:35.160 be a global take, does it not? Oh? Absolutely? If 0:08:35.160 --> 0:08:37.480 you look at the innovation across the United States, by 0:08:37.520 --> 0:08:39.800 the way, where you have a geography difference, you go 0:08:39.880 --> 0:08:41.719 to go to where the talent is. So whether it's 0:08:41.720 --> 0:08:44.480 in Australia, whether it's in Japan, whether it's in Europe. 0:08:44.840 --> 0:08:47.520 It's really the combination. And as you look for this 0:08:47.559 --> 0:08:50.679 technology and you look at where the people are who 0:08:50.760 --> 0:08:54.839 are smart, the universities that that dwell upon this, you 0:08:54.920 --> 0:08:57.160 want to go where they are. You want to connectivity 0:08:57.160 --> 0:09:01.680 and connectivity will allow a rate of innovation that incorporates 0:09:01.920 --> 0:09:05.640 that technology. And so does that change not just how 0:09:05.679 --> 0:09:08.240 you hire, but also once people are on board sort 0:09:08.240 --> 0:09:11.280 of how they work where they are Like with play 0:09:11.280 --> 0:09:13.719 play it out for us, right, So if you're to 0:09:13.960 --> 0:09:15.840 go after let's say a new technology, so let's use 0:09:15.880 --> 0:09:21.360 your your augmented reality example, right, artificial intelligence. There are universities, 0:09:21.400 --> 0:09:23.760 by the way, such as nj I T that that 0:09:23.800 --> 0:09:27.000 focus on that. Now that labor force may be local 0:09:27.080 --> 0:09:30.719 to that college. For me to say, hey, labor force, uh, 0:09:30.760 --> 0:09:34.120 you're a university in Germany, you come to Northern Bergen County, 0:09:34.160 --> 0:09:37.120 New Jersey. The likelihood of that may not be all 0:09:37.160 --> 0:09:39.720 that great, But if you really think about it, why 0:09:39.760 --> 0:09:42.560 can't people feel that they're all working together? Why can't 0:09:42.600 --> 0:09:46.640 through video conferencing, through augmented reality, through all the computer 0:09:46.720 --> 0:09:49.840 simulation and that power that can merge people together in 0:09:49.880 --> 0:09:52.080 ways that never could before. Well, I think about the 0:09:52.080 --> 0:09:54.640 medical community. So does that mean I mean maybe we're 0:09:54.640 --> 0:09:57.720 already doing it, that you could have an expert surgeon 0:09:57.880 --> 0:10:04.040 in Australia who operates robotically possibly on somebody in New York. 0:10:04.559 --> 0:10:06.160 I mean, can we get you know, I don't know 0:10:06.160 --> 0:10:10.120 if it's there yet. Is that where we're going? Yeah, well, 0:10:10.160 --> 0:10:12.320 maybe the world gets there eventually, but but I don't 0:10:12.320 --> 0:10:14.440 think we're there right now. So we're not practicing medicine. 0:10:14.480 --> 0:10:16.959 So we will get more data. But the purpose right 0:10:16.960 --> 0:10:19.319 now of a company like Striker to gain more data 0:10:19.679 --> 0:10:23.040 is to make that surgeon smarter about that patient. The 0:10:23.120 --> 0:10:26.480 more data we can help give that surgeon on that 0:10:26.679 --> 0:10:30.280 individual patient that's unique to that patient, we will win. 0:10:30.320 --> 0:10:32.800 But the data can come from many places. So why 0:10:32.800 --> 0:10:36.400 don't we look at, say, say large medical centers that 0:10:36.640 --> 0:10:39.120 are well known, and why don't we capture the way 0:10:39.160 --> 0:10:42.160 they do worthpedic surgery. Why don't we learn from those surgeons, 0:10:42.200 --> 0:10:45.160 their technique, their approach, where they place an implant, how 0:10:45.200 --> 0:10:48.240 they do physical therapy, when their patients go back to work, 0:10:48.280 --> 0:10:51.480 what's their rehab procedure. And now we could track patients 0:10:51.880 --> 0:10:54.920 through artificial intelligence, through data like never before. And that 0:10:54.960 --> 0:10:57.160 means the pool of patients right gets bigger, right because 0:10:57.160 --> 0:11:00.800 you can share information with everybody who's doing a particular 0:11:00.840 --> 0:11:03.839 procedure or dealing with a certain implant. Correct. Well, So 0:11:04.040 --> 0:11:06.760 it's a striker with robotic surgery if you really think 0:11:06.800 --> 0:11:09.760 about it. We're sitting here now and we're analyzing CT 0:11:09.960 --> 0:11:14.160 scans on last year over a hundred twenty thousand patients, 0:11:14.679 --> 0:11:18.319 and we're checking checking to see what their operative condition 0:11:18.480 --> 0:11:21.920 was when they returned to work, what their pharmaceutical use was, 0:11:22.520 --> 0:11:25.880 very patient satisfaction. You can out pool data in massive 0:11:25.960 --> 0:11:29.160 quantities that you never could before. Stratify that. So let 0:11:29.160 --> 0:11:31.280 me give you an example. If you're a sixty four 0:11:31.360 --> 0:11:33.720 year old woman and your b m I of thirty 0:11:33.720 --> 0:11:37.480 four rheumatory darthritis, what's the best implant for you? Now 0:11:37.559 --> 0:11:39.960 we can help answer that question. Should you go to 0:11:40.000 --> 0:11:42.319 a hospital home from the hospital same day, or should 0:11:42.320 --> 0:11:44.800 you stay in the hospital for four days? What is 0:11:44.800 --> 0:11:47.360 your expectation for when you return to work? When will 0:11:47.400 --> 0:11:49.600 you walk upstairs better? When we get up a car better? 0:11:49.679 --> 0:11:51.679 All right, so let's talk about in the minute or 0:11:51.679 --> 0:11:53.480 so we have left, let's talk about the patient side 0:11:53.480 --> 0:11:56.200 of this, because a lot of people listening watching, they're 0:11:56.240 --> 0:11:59.480 probably your current customers or future customers. Let's be honest, 0:11:59.520 --> 0:12:01.800 like this is something I hang out with a bunch 0:12:01.800 --> 0:12:04.199 of runners, and you know we're of a certain age, 0:12:04.200 --> 0:12:06.280 and like, this is the sort of thing that you 0:12:06.280 --> 0:12:09.920 know is very relevant to folks going forward. Tell us 0:12:09.920 --> 0:12:11.640 about the market out there right now. So the market 0:12:11.720 --> 0:12:14.680 right now, the patient's expectations have changed so much in 0:12:14.679 --> 0:12:17.400 the last ten years. No longer do people not want 0:12:17.400 --> 0:12:19.120 to play golf. No longer do they not want to 0:12:19.120 --> 0:12:22.400 walk in No longer they want to have have pain 0:12:22.679 --> 0:12:25.439 and be staying home six months after surgery. They want 0:12:25.480 --> 0:12:27.800 to be able to walk faster, they want to return 0:12:27.880 --> 0:12:30.599 to a normal sense of quality of life. That's a 0:12:30.720 --> 0:12:34.560 higher and higher expectations. Robotic assistant surgery allows us to 0:12:34.600 --> 0:12:38.160 do that. But eventually we will learn in the hundreds 0:12:38.160 --> 0:12:40.840 and hundreds of thousands of patients across the globe with 0:12:40.920 --> 0:12:43.240 digital health and be able to look at that data 0:12:43.280 --> 0:12:47.400 and make recommendations on patient care and implants like never before. 0:12:47.440 --> 0:12:51.840 Customization to right, It's exciting, it's exciting stuff. Um, thank you, 0:12:51.880 --> 0:12:54.280 thank you so much to come by you. Are you 0:12:54.400 --> 0:12:57.920 thinking about like a knee replacement? Yeah, yeah, but I 0:12:57.960 --> 0:13:00.240 just I'm looking down the road. You can have the road. 0:13:00.280 --> 0:13:03.040 Want to keep running? All right? Robert Cohen, Chieftain, technology 0:13:03.080 --> 0:13:05.720 officer of the Joint Replacement Division over at Striker And 0:13:05.840 --> 0:13:14.760 as he pointed out, produm of this fine institution. All right, 0:13:14.840 --> 0:13:17.600 our next guest. We love talking to him. And if 0:13:17.600 --> 0:13:20.320 you're talking about science and technology, he's gotta be talking to. 0:13:20.360 --> 0:13:24.320 Dean Kennedy is the founder of First for Inspiration and 0:13:24.400 --> 0:13:27.079 Recognition of Science and Technology, joining us on the phone 0:13:27.400 --> 0:13:31.120 from Manchester, New Hampshire. Dean, Carol and I were talking 0:13:31.160 --> 0:13:33.160 before we came on about the last time you visit 0:13:33.280 --> 0:13:36.920 us in New York City. You brought that amazing the 0:13:37.040 --> 0:13:40.600 rugged terrain robotic wheelchair. It was so cool, so great 0:13:40.640 --> 0:13:43.520 to catch up with you. It's great to be back 0:13:43.559 --> 0:13:46.120 with you. And since I saw you last we delivered 0:13:46.160 --> 0:13:49.840 for those machines to a couple of our a few 0:13:49.960 --> 0:13:53.800 incredible Americans, including Medal of Honor recipients that left their 0:13:53.880 --> 0:13:58.480 legs in places like Afghanistan and Iraq and one of 0:13:58.480 --> 0:14:02.760 the early one in Vietnam, and we're changing their lives 0:14:02.840 --> 0:14:07.760 and it's great. That's amazing. Congratulations. Well, we look forward 0:14:07.760 --> 0:14:09.040 to catching up for you next time you're in New 0:14:09.120 --> 0:14:12.000 York City. But let's talk about STEM education right now. 0:14:12.080 --> 0:14:14.560 That's the core of everything we're talking about. When we 0:14:14.600 --> 0:14:17.560 think about the future of work, it starts with education. 0:14:18.360 --> 0:14:21.840 Tell us what you are working on right now in 0:14:22.840 --> 0:14:25.760 that will soon sort of be making its way through 0:14:25.800 --> 0:14:30.520 the educational system. So there's two paths for that. In 0:14:30.560 --> 0:14:33.160 my day job, as you know, I build medical equipment. 0:14:33.200 --> 0:14:35.960 And we just received, believe it or not, another grant 0:14:36.640 --> 0:14:39.920 in excess of fifty million dollars from Health and Human 0:14:40.000 --> 0:14:43.440 Services to accelerate the pace at which we're building the 0:14:43.440 --> 0:14:48.880 core technologies to manufacture replacement human organs, which would be 0:14:48.920 --> 0:14:52.120 a huge wind for patients that need chronic care like 0:14:52.280 --> 0:14:56.440 dialysis because the kidneys don't work, or insulin pumps because 0:14:57.000 --> 0:15:00.360 they are pancreas doesn't work, and since I do pumps 0:15:00.440 --> 0:15:03.480 and dialysis machines, I can't wait to put myself out 0:15:03.480 --> 0:15:07.400 of all those businesses by manufacturing the organs to replace 0:15:07.920 --> 0:15:11.600 replace them. But by the way, the theme here is 0:15:11.680 --> 0:15:14.680 I already have eight hundred engineers on all these projects, 0:15:14.720 --> 0:15:18.000 and my little company has got a hundred open positions, 0:15:18.040 --> 0:15:21.960 so as you know, everything, but my day job consumes 0:15:22.000 --> 0:15:26.280 first and uh and at first, we're trying to create 0:15:26.320 --> 0:15:29.680 the next generation of the workforce that will solve the 0:15:29.680 --> 0:15:34.160 problems we're all worried about today. Whether it's manufacturing organs, 0:15:34.160 --> 0:15:38.440 solving the healthcare system, solving the global warming issues with 0:15:38.560 --> 0:15:42.560 better ways to make use, transports, store energy, you name it. 0:15:42.600 --> 0:15:46.360 There are almost an unlimited number of incredibly important problems 0:15:46.400 --> 0:15:48.400 that need to be solved. They all need to be 0:15:48.440 --> 0:15:51.640 solved by a generation of people that have better technologies 0:15:51.640 --> 0:15:53.960 than the one we're leaving them with. And the only 0:15:53.960 --> 0:15:56.560 way we're going to get there is to dramatically increase 0:15:56.640 --> 0:15:59.480 the number of kids that have the skill sets and 0:15:59.520 --> 0:16:03.840 the ambition and the judgment and the courage to go 0:16:03.960 --> 0:16:07.400 and do bold new things with technology to solve these problems. 0:16:08.400 --> 0:16:13.280 I can also tell you go ahead, no no, no, 0:16:13.480 --> 0:16:16.400 please finish, Please finish. I was gonna say that I 0:16:16.440 --> 0:16:18.720 listened to some I must say, I don't want to 0:16:18.720 --> 0:16:22.640 insult anybody, but some silly people that seems to think 0:16:22.680 --> 0:16:25.920 there's a credible debate about whether science and technology and 0:16:25.960 --> 0:16:29.600 engineering and robotics are going to eliminate jobs. I wonder 0:16:29.640 --> 0:16:32.760 if those people are around, you know, a hundred years 0:16:32.760 --> 0:16:34.880 ago and two hundred years ago, when the steam engine 0:16:34.920 --> 0:16:38.160 came around, or when the first you know, uh, you 0:16:38.240 --> 0:16:40.160 know bulldoz who was built saying, oh my god, that 0:16:40.240 --> 0:16:42.720 Bulldoz that can do the job of a hundred ditch diggers. 0:16:43.040 --> 0:16:45.400 That machine is gonna put everybody out of work. Well, 0:16:45.480 --> 0:16:49.400 actually it'll take work away from the people that are 0:16:49.440 --> 0:16:52.480 doing backbreaking work now will have a limited time in 0:16:52.480 --> 0:16:54.840 their life to do it. It's not a fun job. 0:16:54.920 --> 0:16:57.120 It's a dangerous job at the boring job at a 0:16:57.160 --> 0:17:01.720 low paying up. But the idea that the the caterpillar, 0:17:02.240 --> 0:17:04.880 that the Bulldoz who would do the work of all 0:17:04.960 --> 0:17:06.920 the van bag figgers, and there would there'd be no 0:17:07.000 --> 0:17:09.679 work for them. No, once you raise the bar and 0:17:09.760 --> 0:17:11.920 you can make that many more holes, you can move 0:17:11.960 --> 0:17:15.040 that much more stuff, you just build super highways, not 0:17:15.119 --> 0:17:19.720 just little houses, and every single technology ever developed creates 0:17:19.760 --> 0:17:22.920 way more jobs than eliminates because it creates way more 0:17:22.920 --> 0:17:25.920 opportunities for everybody to share a better standard of living. 0:17:27.680 --> 0:17:30.359 Dean just got about forty seconds. We are sitting or 0:17:30.440 --> 0:17:33.000 at n J I T. I'm Jason, and I are 0:17:33.080 --> 0:17:37.800 in a room full of students who are studying engineering, science, technology. 0:17:38.000 --> 0:17:41.080 Given that six students entering school today will work in 0:17:41.160 --> 0:17:44.400 jobs that don't currently currently exist, you got forty seconds. 0:17:44.440 --> 0:17:47.840 What's your advice to these students. My advice to them 0:17:47.960 --> 0:17:50.560 is to get about learning what's in the textbook today 0:17:50.640 --> 0:17:53.680 about solving today's problems. By the time they graduate, those 0:17:53.720 --> 0:17:56.320 problems will be solved. But don't worry. There'll be new, better, 0:17:56.440 --> 0:17:59.400 more exciting problems that have more pressing needs to be solved. 0:18:00.000 --> 0:18:02.560 The world is moving so quickly now that educator from 0:18:02.560 --> 0:18:04.520 the has to be preparing you to learn how to 0:18:04.640 --> 0:18:07.760 learn and relearn and stay current. And kids that have 0:18:07.880 --> 0:18:11.000 those skill sets will never have a shortage of opportunities 0:18:11.000 --> 0:18:13.880 and careers. But kids that don't learn how to learn 0:18:13.920 --> 0:18:16.720 and don't learn how to embrace technology are going to 0:18:16.800 --> 0:18:22.160 be under the bus on it period. Be nimble. That's 0:18:22.200 --> 0:18:25.040 what's important. Dean came in. Thank you so much, founder 0:18:25.080 --> 0:18:29.200 of First the Robotics competitions that he does to encourage girls, 0:18:29.280 --> 0:18:32.639 boys at all ages to be involved in STEM is 0:18:32.720 --> 0:18:37.359 just remarkable, really wonderful to see. You're listening to Bloomberg 0:18:37.400 --> 0:18:44.399 Business Week with Carol Masser and Jason Kelly on Bloomberg Radio. Yes, indeed, everyone, 0:18:44.440 --> 0:18:47.399 this is a special hour of Bloomberg Business Week in 0:18:47.440 --> 0:18:49.280 the next sixty minutes live from n j i T, 0:18:49.440 --> 0:18:53.159 New Jersey Institute of Technology. We are also streaming on YouTube, 0:18:53.440 --> 0:18:55.640 and we're focusing on the future of work because there's 0:18:55.640 --> 0:18:57.639 so many different things going on, and I think a 0:18:57.720 --> 0:19:00.000 lot of folks were filled with a room of student 0:19:00.480 --> 0:19:02.520 here at n j i T wondering about, you know, 0:19:02.600 --> 0:19:04.720 what will work look like, what kind of jobs will 0:19:04.760 --> 0:19:07.400 be needed? And our guests for the hour Marcus Weldon, 0:19:07.680 --> 0:19:10.520 he's president of Bell Labs and corporate Chief Technology Officer 0:19:10.560 --> 0:19:13.879 and Nokia. Also Virginie Mallard, who is head of Corporate 0:19:13.880 --> 0:19:17.160 Technology for the US at the German engineering and manufacturing 0:19:17.200 --> 0:19:19.760 giant you know them, Semens. She also heads up the 0:19:19.760 --> 0:19:24.000 global research activities of Semens, Head of Technology, Field, Simulation 0:19:24.080 --> 0:19:26.240 and Digital twin. I had to actually look up and 0:19:26.800 --> 0:19:29.520 understand which digital twin is one of the coolest things 0:19:29.520 --> 0:19:32.160 that we're going to talk about. Love love this, Love 0:19:32.240 --> 0:19:35.119 this and Joe Millitichi's senior vice president of R and 0:19:35.440 --> 0:19:38.680 D at Mark former senior vice president of R and 0:19:38.800 --> 0:19:41.240 D at embdin. So what's really wonderful about this panel 0:19:41.320 --> 0:19:45.160 up here is that they're looking at technology innovation what 0:19:45.200 --> 0:19:48.120 it means for the workforce in some different perspectives. So 0:19:48.480 --> 0:19:50.919 first up, what I just say, I'm also excited to 0:19:51.080 --> 0:19:52.679 have all these students in the room because they're going 0:19:52.720 --> 0:19:55.320 to keep us honest, Like you know, we're gonna look 0:19:55.320 --> 0:19:57.040 out and see if they're paying attention or not, and 0:19:57.040 --> 0:19:59.960 if it gets boring, they're gonna flag and they're gonna 0:20:00.119 --> 0:20:04.800 start waving their hands the more interesting and more interesting. 0:20:05.359 --> 0:20:07.160 Um No, it's gonna be very interesting. And I want 0:20:07.160 --> 0:20:10.200 to start with I think talking about the technologies that 0:20:10.240 --> 0:20:13.119 really are front and center for you and you know, Marcus, 0:20:13.200 --> 0:20:15.800 let me start with you, um what are the technologies 0:20:15.840 --> 0:20:17.760 that you guys are really spending a lot of time 0:20:17.800 --> 0:20:20.919 on knowing that it's going to change your industry and 0:20:20.960 --> 0:20:23.040 potentially change the types of jobs you're going to need 0:20:23.080 --> 0:20:26.119 in the future. That's a great question. I mean, we 0:20:26.119 --> 0:20:28.800 were in a weird business because we're in the networking business. 0:20:28.800 --> 0:20:31.880 So to some extent, our job is to connect all 0:20:31.920 --> 0:20:35.040 the technologies, and because of the way things become interconnected, 0:20:35.359 --> 0:20:37.080 we have a role in all of them. So the 0:20:37.160 --> 0:20:40.000 digital twin concept we talked about earlier, we think about 0:20:40.040 --> 0:20:43.160 how to create digital twins. Why would we do that 0:20:43.600 --> 0:20:45.520 because that seems like more of a semens thing. But 0:20:45.600 --> 0:20:48.440 of course part of digital twinning is getting the information 0:20:48.440 --> 0:20:50.360 in and out of that digital twin over a network. 0:20:50.680 --> 0:20:52.720 And then the outcome of digital twin is to move 0:20:52.720 --> 0:20:55.600