WEBVTT - Businessweek Extra - Stewart Butterfield (Podcast)

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<v Speaker 1>This is Bloomberg Business Week from Bloomberg Radio. I'm Jason

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<v Speaker 1>Kelly and I'm Carol Master. Welcome to the Bloomberg Business

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<v Speaker 1>Week Extra. It's our weekly podcast bringing an in depth

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<v Speaker 1>interview you will not hear anywhere else. And this week

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<v Speaker 1>we caught up with Stewart Butterfield. He's the chairman CEO

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<v Speaker 1>of Slack, well known to lots of folks, especially in

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<v Speaker 1>this age of working from home. We're figuring out new

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<v Speaker 1>in different ways to work together remotely, to collaborate using technology.

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<v Speaker 1>We're doing well, I would say overall. I mean, so

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<v Speaker 1>there's a couple of things that threads to separate here. Um.

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<v Speaker 1>Demand on the business is great, UM, and it's you know,

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<v Speaker 1>it's very encouraging and energizing and kind of UM. Certainly

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<v Speaker 1>in the first couple of weeks of March was like

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<v Speaker 1>a big shot of adrenaline for the team. On the

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<v Speaker 1>other hand, UM, we have a lot of customers, you know,

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<v Speaker 1>more or less every country in the world, there's a

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<v Speaker 1>hundred ten thousand of them. Some of them are are

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<v Speaker 1>really struggling. And I think also when you look at employees,

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<v Speaker 1>it can be difficult to make this transition. Not so

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<v Speaker 1>much the distributed work or working from home or remote

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<v Speaker 1>work stuff. UM, but the uncertainty, you know that, the

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<v Speaker 1>fear about the economic impact, the health impacts. UM. Also

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<v Speaker 1>just the practical reality of being, um, suddenly the primary

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<v Speaker 1>caretaker through the day and the teacher of your three

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<v Speaker 1>year old and five year old if you have young

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<v Speaker 1>kids at home. Right. So it's just it's kind of

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<v Speaker 1>all of the above. It's everything all about. Yeah, it's interesting, Stuart.

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<v Speaker 1>I mean, so much of this and this is dealt

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<v Speaker 1>within the story. And I know you've talked about this

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<v Speaker 1>a little bit. I mean some of what we are

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<v Speaker 1>doing now in many ways, you guys anticipated, like in

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<v Speaker 1>terms of how we need to communicate, what's natural in

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<v Speaker 1>terms of communication, and and yet still I feel like

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<v Speaker 1>we're all being tested and you know, both as humans

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<v Speaker 1>and the technology that we use to to their to

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<v Speaker 1>their very limits. What has surprised in terms of sort

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<v Speaker 1>of synthesizing or maybe bringing those two threads to get

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<v Speaker 1>threads together about our human behavior and technology. UM, those

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<v Speaker 1>are exactly that you treads that what's really been interesting is, UM,

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<v Speaker 1>we wrote in our S one, the document you file

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<v Speaker 1>on your path to becoming a public about the kind

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<v Speaker 1>of the reason we thought we existed and our our

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<v Speaker 1>role in the world, and that was really to help

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<v Speaker 1>organization that achieve greater degree of agility, because in you

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<v Speaker 1>we didn't have a global pandemic in mind when we

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<v Speaker 1>wrote this, but we're talking about just the um ever

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<v Speaker 1>quickening pace of technological change and the changes that has

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<v Speaker 1>consumer behavior, which can cause changes in competitive behavior, or

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<v Speaker 1>which can cause macroeconomic changes. And the common challenge to

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<v Speaker 1>all organizations is the ability to kind of maintain alignment

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<v Speaker 1>in the face of changing conditions and to be responsive enough.

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<v Speaker 1>So this is, you know, again not the example that

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<v Speaker 1>we had in mind, but it's a great frustration of that.

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<v Speaker 1>And um, I kind of it's not funny, I guess,

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<v Speaker 1>but it's it's really interesting to me to think back

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<v Speaker 1>over the last twenty five years and how many large

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<v Speaker 1>organizations had um set up with consultants or had their

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<v Speaker 1>internal strategy teams come up with, you know, here's our

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<v Speaker 1>plan for a talent community, here's what a world of

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<v Speaker 1>work from home would look like, you know, maybe every

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<v Speaker 1>eighteen months or every couple of years over the last

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<v Speaker 1>twenty five years. And if you looked at those plans,

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<v Speaker 1>they would say we would be an eighteen month period

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<v Speaker 1>of pre planning and a multiple year rollout. No one

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<v Speaker 1>if they were asked three months ago what it said, Yeah,

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<v Speaker 1>we can, we can transition our person company to be

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<v Speaker 1>working from all right, but when something is absolutely required,

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<v Speaker 1>what what had appeared to be impossible is suddenly possible.

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<v Speaker 1>And I think what's really interesting about that is I

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<v Speaker 1>think it will cause some second order and third order

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<v Speaker 1>and even fourth order effects of questioning UM, the assumptions

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<v Speaker 1>that people had about what else was possible, what else

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<v Speaker 1>was limiting their organization UM, and particularly for those UM

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<v Speaker 1>companies or organizations that have been more resistant to digital

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<v Speaker 1>transformation generally, including the demonstration that hey they can do

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<v Speaker 1>it UM and you know, be uh there there's real benefits.

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<v Speaker 1>I mean, in this case, the benefit is survival, but

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<v Speaker 1>but there's other opportunities that I bet we can discover

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<v Speaker 1>if we are have a little bit more of an

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<v Speaker 1>open minded approction stuff. Well, because Stewart and and it's

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<v Speaker 1>interesting to hear you say that, because part of what

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<v Speaker 1>I think we're adjusting to is this notion of you

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<v Speaker 1>can sort of do anything for a week or two.

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<v Speaker 1>But you know, for me, I'm on week six at

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<v Speaker 1>this point, and you can't sort of like fake it

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<v Speaker 1>or kind of pull it all together with like chicken

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<v Speaker 1>wire and duct tape once you're into week six, like

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<v Speaker 1>you sort of got to figure it out because you've

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<v Speaker 1>got to run an organization, which I guess leads me

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<v Speaker 1>to my next question. We only got about a minute

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<v Speaker 1>left and then we're gonna continue the conversation a few

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<v Speaker 1>minut It's like, what sticks here, you know, in terms

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<v Speaker 1>of our our behavior and our expectation. Yeah, it's a

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<v Speaker 1>great question. And um, in some respects too soon to say,

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<v Speaker 1>I think. Um. In other respects though, UM, I think that,

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<v Speaker 1>you know, an open mindedness and increased not reliance on,

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<v Speaker 1>but increased willingness to take advantage of software solutions. And

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<v Speaker 1>of course, you know, one of a software company solve

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<v Speaker 1>like expecting to say that, but you know, But what

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<v Speaker 1>I mean is software and technology generally have automated away

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<v Speaker 1>those things that are most amenable to automation, which tend

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<v Speaker 1>to be those things which are most repetitive, kind of

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<v Speaker 1>mind numbing um or areas where computers are just plainly

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<v Speaker 1>better than people. Computers are better remembrance stuff, they're better

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<v Speaker 1>doing arithmetic very quickly. Um, and that frees up humans

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<v Speaker 1>to do those things that humans are uniquely well qualified to,

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<v Speaker 1>things that require intelligence and creativity, and so um, well,

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<v Speaker 1>there's always some resistance to to change in the backdrop

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<v Speaker 1>of this kind of incredible, global, unprecedented change. Um. The CEO,

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<v Speaker 1>as I've been talking to you, suddenly realize, well, geez,

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<v Speaker 1>that reorder that I had been planning for the last

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<v Speaker 1>six months but I was apprehensive about implementing, Maybe now

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<v Speaker 1>was a good time, you know, maybe that was a

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<v Speaker 1>good time to make some of the changes that would

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<v Speaker 1>have seemed more difficult and normal ends and suddenly it's

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<v Speaker 1>been easy by comparison. Right. Well, we're here with the

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<v Speaker 1>Stewart Butterfield co founder, chief executive officer Slack on the

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<v Speaker 1>phone from San Francisco. Sister. One thing I was curious about,

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<v Speaker 1>because you know, we heard from Netflix last night and

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<v Speaker 1>we know they've had to jump into man with everybody

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<v Speaker 1>streaming you guys, I'd love to get an idea of

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<v Speaker 1>how how many more people are on your platform and

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<v Speaker 1>the kind of growth you've seen. And I know, from

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<v Speaker 1>what I understand from reading, your attention rate tends to

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<v Speaker 1>be well over I'm curious how much of that you

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<v Speaker 1>expect to stay with you on the other side of

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<v Speaker 1>the virus. Unfortunately, got to be a little bit careful

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<v Speaker 1>because we're in our quiet period of leading up to earning.

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<v Speaker 1>Oh no, no problem. We have made some public statements

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<v Speaker 1>there UM and you know, one of the things we

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<v Speaker 1>saw was a huge increase in net new customers. So

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<v Speaker 1>as of last report, we had UM a hundred and

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<v Speaker 1>ten thousand customers around the world. Obviously there's you know,

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<v Speaker 1>five hundred and fortune five hundreds, so at least a

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<v Speaker 1>hundred nine thousand, five hundred. These are not fortunate five

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<v Speaker 1>hunding companies, their small businesses UM and we saw surge

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<v Speaker 1>in Japan and South Korea earlier, followed by Italy and

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<v Speaker 1>then UM the rest of Western Europe UM and then

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<v Speaker 1>the US. So obviously kind of coincident with the spread

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<v Speaker 1>of the virus and the spread of concerns around it.

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<v Speaker 1>We also saw an enormous increase in utilization among our

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<v Speaker 1>gust and users, so UM around increase and message ascenter

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<v Speaker 1>user per day. We saw expansion among existing customers. But

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<v Speaker 1>you know, looking a little bit more forward, we try

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<v Speaker 1>to be really pragmatic. We had to do our earnings

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<v Speaker 1>on March eleven. I think it was maybe March to

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<v Speaker 1>all it was. It was the day, you know, the

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<v Speaker 1>kind of the morning after the Tom Hanks NBA Trump

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<v Speaker 1>travel band kind that kind of moment that really that

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<v Speaker 1>perfect storm where everybody realized, oh boy, this is happening. Yeah, yeah, exactly.

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<v Speaker 1>I mean, and the numbers were so small then I

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<v Speaker 1>feel like we were so naive, but it did shift

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<v Speaker 1>the psychology pretty dramatically, and we're still we're still concerned

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<v Speaker 1>long run about the macro impact here and what that's

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<v Speaker 1>going to mean in it. So some are easy to tell.

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<v Speaker 1>The travel and hospitality obviously is very severely impacted. But

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<v Speaker 1>if you know, if so many people being out of

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<v Speaker 1>work for two weeks might not be that big of

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<v Speaker 1>a challenge, um, being out of work for two months

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<v Speaker 1>or longer can be a really significant challenge. And now

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<v Speaker 1>we're talking about tens of millions of people. So we

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<v Speaker 1>don't want to you know, certainly seems a little coolish

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<v Speaker 1>to be excited about the business prospects in the overall environment.

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<v Speaker 1>We also want to temper the enthusiasm there um, just

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<v Speaker 1>because of the uncertaintyment what we're going to see in

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<v Speaker 1>the in the back of the year. Well that that

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<v Speaker 1>certainly echoes what we heard from Netflix to Carol. You know,

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<v Speaker 1>Jason and I talked with Meg Whitman m on the

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<v Speaker 1>Lonch of Quimby, and you know, she said to us,

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<v Speaker 1>here she is, she's worked at her worked at the

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<v Speaker 1>office for like forty plus years, and and she's like,

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<v Speaker 1>I'm working at home and I'm getting stuff done. And

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<v Speaker 1>she you know, made her maybe rethink about this whole

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<v Speaker 1>idea of working from home. Has the notion of a

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<v Speaker 1>workplace changed forever in your view? I think so it's

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<v Speaker 1>a little too reallysed to tell again, um, but I

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<v Speaker 1>don't know how it's changed. You know, there's definitely it's

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<v Speaker 1>a conversation that we're having because we had something around

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<v Speaker 1>five percent of our employees worked from the home before

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<v Speaker 1>they started. But that's a very different setup. You know.

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<v Speaker 1>That means people had a home office set up, they

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<v Speaker 1>had a good interact connection, they had childcare. When they

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<v Speaker 1>felt like taking a break, they could you know, walk

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<v Speaker 1>down to their local cafe and sit outside on the

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<v Speaker 1>sidewalk and enjoy a coffee or something. This is very different.

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<v Speaker 1>You can't get it haircut and childcare challenges being locked

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<v Speaker 1>up and all the anxiety. So it's a little bit

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<v Speaker 1>hard to know what happens when we're on the other

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<v Speaker 1>side of those things. But it is um, you know,

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<v Speaker 1>for our customer success team, they work with customers after

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<v Speaker 1>that the sails them to kind of ensure the implementation

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<v Speaker 1>is mooved, work on change management. They're more effective than before.

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<v Speaker 1>I mean the first office customers are really paying attention

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<v Speaker 1>because this is you know, obviously important, um, but also

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<v Speaker 1>because you cut out you know, sixteen hours of travel

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<v Speaker 1>on either side of the engagement. But I think about

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<v Speaker 1>I put a couple of TVs. I'm actually on Family

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<v Speaker 1>Show immediately after this, so stay tuned if you're in

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<v Speaker 1>arranging of the TV. But um, you know a lot

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<v Speaker 1>of those. If I'm in our New York office, it's

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<v Speaker 1>forty five minutes left uptown and then moving around and

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<v Speaker 1>it's like hours and hours of overhead. Now it's just

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<v Speaker 1>like boom, um, you can knock them up and I

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<v Speaker 1>get great, uh great meetings with executives at other companies

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<v Speaker 1>on short notice. So there's there's some real advantages here

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<v Speaker 1>and that I think we'll we that flock of the company.

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<v Speaker 1>But I think the people broadly will be off the

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<v Speaker 1>ponistic about what you retain here UM and what we

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<v Speaker 1>want to bring back about the old culture. Yeah. No,

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<v Speaker 1>absolutely well, and I only got about a minute left

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<v Speaker 1>here is Stewart, and we know you've got to get

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<v Speaker 1>onto your next engagement, which is of course, as you

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<v Speaker 1>said with our our colleague Emily Chang, so tune into

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<v Speaker 1>Blueberg technology as as you mentioned. But I do wonder,

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<v Speaker 1>as you've sort of stress tested the product through all this,

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<v Speaker 1>what have you learned that you may implement sooner than

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<v Speaker 1>maybe you anticipated into in terms of new products or features,

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<v Speaker 1>or what have you learned about maybe customers behavior. Only

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<v Speaker 1>got about a minute. Yeah, um, So we've been seeing

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<v Speaker 1>a lot of demands for everything and that deeper integration

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<v Speaker 1>is on the top of the side and something that

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<v Speaker 1>we've been very engaged in the very successful in so far.

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<v Speaker 1>You know one thing that I'm personally thinking about UM

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<v Speaker 1>quite a bit. It's like easier UM and simpler forms

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<v Speaker 1>of video communications and not video call just per se um,

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<v Speaker 1>but more asynchronous video. And you're seen a lot of

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<v Speaker 1>interesting startups doing stuff in those spaces. Were excited about

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<v Speaker 1>what we see there and making it easier for people

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<v Speaker 1>to kind of record your clips. Um key, I want

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<v Speaker 1>to be conscious of time, but I'll leave it there.

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<v Speaker 1>And that was Stewart Butterfield, the chairman and CEO of Slack,

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<v Speaker 1>and really interesting to catch up with him. Silicon Valley

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<v Speaker 1>it's been a place we keep going back to, Carol

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<v Speaker 1>to understand how they are assessing all of this and

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<v Speaker 1>how technology may help us. And interestingly, at a time

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<v Speaker 1>or coming off of the time, I should say, where

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<v Speaker 1>people were a little skeptical about tech, now we're all

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<v Speaker 1>embracing it. Right. We've been talking a lot about how

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<v Speaker 1>innovation often comes out of crisis, and we're seeing a

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<v Speaker 1>lot of those tech companies, you know, formerly competitors, now

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<v Speaker 1>coordinating and working together, collaborating to help figure out solutions

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<v Speaker 1>for this crisis. All Right, you've been listening to Bloomberg

0:12:45.720 --> 0:12:48.160
<v Speaker 1>Business Week Extra. Be sure to tune into Bloomberg Buiness

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<v Speaker 1>Week Radio Live Monday through Friday at two pm Wall

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<v Speaker 1>Street Time on Bloomberg Radio. I'm Jason Kelly and I'm

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<v Speaker 1>Carol Masser. This is Bloomberg