1 00:00:01,680 --> 00:00:04,040 Speaker 1: I'm Will Lucas and this is black tech, green money. 2 00:00:05,440 --> 00:00:09,040 Speaker 1: Aaron Hark is the senior director of Investments at Pivotal Ventures, 3 00:00:09,280 --> 00:00:13,280 Speaker 1: a Melinda frisch Kate's company. She's focused on social progress 4 00:00:13,280 --> 00:00:16,400 Speaker 1: in the United States, specifically in a six hundred forty 5 00:00:16,440 --> 00:00:20,919 Speaker 1: eight billion dollar sector, the care economy, which includes childcare, 6 00:00:21,160 --> 00:00:25,040 Speaker 1: elder care, mental health, and woman's health. In the mainstream 7 00:00:25,200 --> 00:00:31,639 Speaker 1: technology landscape, do we care enough about the elderly or 8 00:00:31,680 --> 00:00:34,479 Speaker 1: disablers when you think about care? 9 00:00:35,280 --> 00:00:38,400 Speaker 2: Yeah, yeah, great question. 10 00:00:38,479 --> 00:00:38,680 Speaker 3: Will. 11 00:00:39,080 --> 00:00:42,320 Speaker 2: The short answer is no, and we're missing. 12 00:00:41,960 --> 00:00:47,320 Speaker 3: A big opportunity because we are not prioritizing those populations. 13 00:00:48,000 --> 00:00:50,640 Speaker 3: You know, We've done some work at Pivotal Ventures with 14 00:00:50,680 --> 00:00:54,280 Speaker 3: our partners to size the care economy. It's a six 15 00:00:54,360 --> 00:00:57,200 Speaker 3: hundred and forty eight billion dollar market. 16 00:00:58,200 --> 00:00:58,880 Speaker 2: I just like to. 17 00:00:58,840 --> 00:01:01,160 Speaker 3: Pause and like let that sit with you and with 18 00:01:01,560 --> 00:01:04,759 Speaker 3: our listeners, because it's huge. It's bigger than the pharmaceutical industry. 19 00:01:05,840 --> 00:01:09,440 Speaker 3: But a lot of that is or things that we 20 00:01:09,480 --> 00:01:12,520 Speaker 3: don't see right And you know, we're all, I like 21 00:01:12,560 --> 00:01:15,080 Speaker 3: to say, we're all caregivers at some point in our lives. 22 00:01:15,080 --> 00:01:17,920 Speaker 2: Whether you're a parent, you're caring for people. 23 00:01:17,640 --> 00:01:19,600 Speaker 3: That you know are meaningful to you in your life, 24 00:01:19,640 --> 00:01:22,680 Speaker 3: family members, parents, et cetera. And a lot of that 25 00:01:22,720 --> 00:01:27,200 Speaker 3: work is unseen, unappreciated, and much of it also falls 26 00:01:27,240 --> 00:01:31,360 Speaker 3: to women. So it's a huge opportunity that I think 27 00:01:31,440 --> 00:01:38,000 Speaker 3: is massively overlooked. And you know, particularly as we you know, 28 00:01:38,040 --> 00:01:41,920 Speaker 3: you mentioned the elderly and the aging population, we can 29 00:01:41,959 --> 00:01:45,280 Speaker 3: no longer ignore these demographic shifts around the globe, but 30 00:01:45,319 --> 00:01:48,440 Speaker 3: particularly here in the United States, we're in the midst 31 00:01:48,600 --> 00:01:51,440 Speaker 3: it's coming. It's the silver tsunami. It's a phrase that 32 00:01:51,440 --> 00:01:55,840 Speaker 3: I've heard many times, but there are over sixty million 33 00:01:55,880 --> 00:01:58,840 Speaker 3: Americans that are age sixty five. 34 00:02:00,040 --> 00:02:03,680 Speaker 2: Yes, baby boomers account for over thirty percent of our 35 00:02:03,800 --> 00:02:06,960 Speaker 2: nation's wealth. So it's huge spending power, huge part of 36 00:02:06,960 --> 00:02:12,000 Speaker 2: the population, and they need more innovation, right like, they're 37 00:02:12,040 --> 00:02:16,880 Speaker 2: going to be increasingly more and more elderly folks coming online, 38 00:02:17,240 --> 00:02:20,320 Speaker 2: you know, as the baby boomer. You know, I'm a millennial. 39 00:02:20,800 --> 00:02:23,120 Speaker 3: I realized I'm beginning to middle age, right Like, it's 40 00:02:23,400 --> 00:02:26,119 Speaker 3: just going to grow and increase, and so it's really 41 00:02:26,200 --> 00:02:30,520 Speaker 3: an economic imperative for us to innovate in this market 42 00:02:30,560 --> 00:02:34,560 Speaker 3: and create more opportunities to support caregivers and caregiving. 43 00:02:35,480 --> 00:02:38,400 Speaker 1: So I would define, you know, the care economy asy 44 00:02:38,440 --> 00:02:41,960 Speaker 1: and unless ask you to pick anything I didn't include. 45 00:02:42,000 --> 00:02:44,239 Speaker 1: But I think about childcare, I think about elder care, 46 00:02:44,280 --> 00:02:47,680 Speaker 1: I think about health technology. You know what criteria do 47 00:02:47,760 --> 00:02:51,560 Speaker 1: you use to determine which sectors you know or innovations 48 00:02:51,639 --> 00:02:52,520 Speaker 1: to invest in? 49 00:02:53,200 --> 00:02:55,880 Speaker 3: Yeah, all of those are in the frame for us 50 00:02:55,880 --> 00:02:58,640 Speaker 3: at Pivotal Ventures. As we think about the care economy, 51 00:02:59,080 --> 00:03:01,720 Speaker 3: we really start with our investment thesis in our direct 52 00:03:01,760 --> 00:03:05,960 Speaker 3: investments and care looking at tech solutions that reduce burdens 53 00:03:05,960 --> 00:03:09,400 Speaker 3: of care, lower cost of care, and improve access to care. 54 00:03:09,880 --> 00:03:13,160 Speaker 3: And that's everything you know, from as you said, beginning 55 00:03:13,240 --> 00:03:16,359 Speaker 3: to life to end of life, childcare, mental health for 56 00:03:16,440 --> 00:03:22,200 Speaker 3: youth and families, general health tech, women's health, aging, longevity space, 57 00:03:22,280 --> 00:03:26,840 Speaker 3: dementia care again, that full gamut, and it's it's for 58 00:03:27,000 --> 00:03:29,520 Speaker 3: us at least. We look to prioritize solutions that are 59 00:03:29,520 --> 00:03:31,600 Speaker 3: not just for the one percent, that are going to 60 00:03:31,639 --> 00:03:35,640 Speaker 3: reach ninety nine percent of Americans and really unlock you 61 00:03:35,840 --> 00:03:40,160 Speaker 3: better again care solutions for all of us. 62 00:03:41,040 --> 00:03:44,360 Speaker 1: So when you when you talk about how big the 63 00:03:44,400 --> 00:03:48,360 Speaker 1: opportunity is today, are there trends that tell you this 64 00:03:48,400 --> 00:03:48,920 Speaker 1: is going. 65 00:03:48,720 --> 00:03:49,560 Speaker 4: To only grow? 66 00:03:50,280 --> 00:03:52,520 Speaker 1: I say, what trends obviously is going to grow, but 67 00:03:52,560 --> 00:03:55,080 Speaker 1: what trends indicate that Yeah. 68 00:03:54,840 --> 00:03:56,400 Speaker 2: Yeah, yeah. 69 00:03:56,600 --> 00:03:59,600 Speaker 3: I point back to that stat I shared earlier about 70 00:04:00,040 --> 00:04:03,280 Speaker 3: the demographic shifts and just the graying and the aging 71 00:04:03,400 --> 00:04:06,880 Speaker 3: of our society. People are also living longer, you know, 72 00:04:06,920 --> 00:04:09,640 Speaker 3: we're hoping to see that convergence between the life span 73 00:04:09,720 --> 00:04:11,680 Speaker 3: and the health span. So as you live longer, hopefully 74 00:04:11,680 --> 00:04:15,440 Speaker 3: you're living healthier as well. I think, so those are 75 00:04:15,520 --> 00:04:18,600 Speaker 3: That's one trend I think, a greater focus you know, 76 00:04:18,640 --> 00:04:22,839 Speaker 3: amongst consumers about what they are putting, you know, into 77 00:04:22,839 --> 00:04:26,279 Speaker 3: their bodies, right, and the impacts that that has, you know, 78 00:04:26,480 --> 00:04:30,120 Speaker 3: on your lifestyle choices, how you're living, how long you're living, 79 00:04:30,600 --> 00:04:32,480 Speaker 3: you know, all of those. Those are probably two big 80 00:04:32,520 --> 00:04:36,040 Speaker 3: ones I point to. You know, another one too, is 81 00:04:36,120 --> 00:04:38,440 Speaker 3: just we're living in. 82 00:04:38,360 --> 00:04:40,400 Speaker 2: A more diverse society. 83 00:04:41,000 --> 00:04:45,640 Speaker 3: One of our partners in our fun portfolio, BBG Ventures, 84 00:04:45,760 --> 00:04:47,800 Speaker 3: has done some research with around what they call the 85 00:04:48,080 --> 00:04:50,360 Speaker 3: polycultural America. 86 00:04:50,760 --> 00:04:54,480 Speaker 2: You know, it's more multi racial, fifty three percent. 87 00:04:54,160 --> 00:04:58,040 Speaker 3: Of Americans under the age of eighteen or non non white, right, 88 00:04:58,120 --> 00:05:00,720 Speaker 3: and that number is also you know, only on a 89 00:05:00,760 --> 00:05:06,240 Speaker 3: continue to grow, and that wealth gap also continues to 90 00:05:06,279 --> 00:05:10,600 Speaker 3: widen across you race, age, worker type. So these are 91 00:05:10,640 --> 00:05:12,679 Speaker 3: all themes and trends that I think have a huge 92 00:05:12,720 --> 00:05:16,880 Speaker 3: impact on how we should be building innovation and building 93 00:05:16,920 --> 00:05:20,960 Speaker 3: more inclusive systems and ideas at the table to meet 94 00:05:20,960 --> 00:05:24,480 Speaker 3: the needs and demands of this incredibly rich and diverse 95 00:05:24,520 --> 00:05:27,400 Speaker 3: tapestry of a society that we have here in the 96 00:05:27,480 --> 00:05:28,760 Speaker 3: United States and around the globe. 97 00:05:28,839 --> 00:05:32,279 Speaker 1: Yeah, you know your work and you know pivotal ventures, 98 00:05:32,320 --> 00:05:35,640 Speaker 1: you know at large aims to don't do a lot 99 00:05:35,640 --> 00:05:39,479 Speaker 1: of work to advance women's power and influence. How do 100 00:05:39,520 --> 00:05:42,880 Speaker 1: you measure that? How do you define success in that regard? 101 00:05:43,520 --> 00:05:47,479 Speaker 3: Yeah, it's it's a great question, and it's one you know, 102 00:05:47,760 --> 00:05:50,800 Speaker 3: I spend a lot of time thinking about because it 103 00:05:50,880 --> 00:05:51,160 Speaker 3: is a. 104 00:05:51,120 --> 00:05:53,000 Speaker 2: Big, you know, lofty goal. 105 00:05:53,880 --> 00:05:57,520 Speaker 3: You know, we're on a mission, and our principle, Melinda Frenchgates, 106 00:05:57,520 --> 00:06:00,320 Speaker 3: has committed you know, her time and capital to this, 107 00:06:00,520 --> 00:06:04,800 Speaker 3: you know, advancing women's power and influence around the globe. 108 00:06:05,400 --> 00:06:08,799 Speaker 3: You know, what we're measuring is really wanting to see 109 00:06:08,839 --> 00:06:14,120 Speaker 3: women in positions to make decisions, control resources, shape the 110 00:06:14,160 --> 00:06:17,520 Speaker 3: policies and perspectives and our homes and our workplaces and. 111 00:06:17,440 --> 00:06:18,400 Speaker 2: In our communities. 112 00:06:18,839 --> 00:06:22,160 Speaker 3: So that's across you know, a variety of dimensions and levers, 113 00:06:23,000 --> 00:06:25,479 Speaker 3: you know, specific to the work that I lead in 114 00:06:25,480 --> 00:06:28,479 Speaker 3: our investment strategy. You know, we're hoping to change the 115 00:06:28,520 --> 00:06:32,560 Speaker 3: face of the investment industry and venture capital specifically when 116 00:06:32,600 --> 00:06:35,800 Speaker 3: we started Pivotal, you know, nine years ago or so, 117 00:06:35,920 --> 00:06:38,800 Speaker 3: and even rolling back the clock before that, you know, 118 00:06:39,080 --> 00:06:42,919 Speaker 3: about nine percent of decision makers and check writers at 119 00:06:43,040 --> 00:06:44,960 Speaker 3: US venture capital firms or women. 120 00:06:45,320 --> 00:06:47,000 Speaker 2: That number now sits closer to. 121 00:06:46,960 --> 00:06:51,200 Speaker 3: Eighteen percent, So, you know, a nice growth you know 122 00:06:51,200 --> 00:06:53,520 Speaker 3: in the last you know, couple of years. 123 00:06:53,720 --> 00:06:55,320 Speaker 2: We still have a ways to go, though, so we 124 00:06:55,400 --> 00:06:56,599 Speaker 2: have metrics. 125 00:06:56,120 --> 00:06:59,240 Speaker 3: And KPIs along those lines as it relates to tech, 126 00:06:59,360 --> 00:07:02,599 Speaker 3: to invest to the political spear, the number of women 127 00:07:02,720 --> 00:07:06,320 Speaker 3: running for office, holding office, retaining office. Those are all 128 00:07:06,360 --> 00:07:08,560 Speaker 3: things that we look at to you know, try and 129 00:07:08,640 --> 00:07:11,920 Speaker 3: drive and see the moving the needle in women's participation 130 00:07:12,040 --> 00:07:16,000 Speaker 3: in the most important places in our society. 131 00:07:17,360 --> 00:07:20,240 Speaker 1: Do you get a sense that people who may have 132 00:07:20,280 --> 00:07:23,680 Speaker 1: special needs, whether they be elderly, you know, actually any 133 00:07:23,680 --> 00:07:28,559 Speaker 1: special needs disability accessibility that they often get too often 134 00:07:28,560 --> 00:07:30,520 Speaker 1: get left out of the conversation of innovation. 135 00:07:31,840 --> 00:07:35,800 Speaker 3: I think they do because again it's they're perhaps unseen 136 00:07:36,600 --> 00:07:38,560 Speaker 3: if you just spoil it down to it. And you know, 137 00:07:39,320 --> 00:07:41,840 Speaker 3: venture is the engine for innovation. 138 00:07:41,920 --> 00:07:44,160 Speaker 2: Venture capitalist, I like to think of it that way. 139 00:07:44,040 --> 00:07:47,680 Speaker 3: Like that venture investors or who funds innovation in this 140 00:07:47,880 --> 00:07:50,560 Speaker 3: in our society, in this country for the most part, 141 00:07:50,640 --> 00:07:56,720 Speaker 3: right in the tech space. Venture capitalists are not a 142 00:07:56,800 --> 00:07:59,880 Speaker 3: diverse set of folks, you know, and we begin see. 143 00:07:59,760 --> 00:08:05,280 Speaker 2: Move and and again I'm speaking of diversity in all. 144 00:08:05,120 --> 00:08:10,880 Speaker 3: Aspects right gender, race, you know, socioeconomic background, you know, 145 00:08:11,360 --> 00:08:15,560 Speaker 3: sexual orientation, disability, all all of those things. And I 146 00:08:15,600 --> 00:08:18,560 Speaker 3: think if you the lived experience that you bring to 147 00:08:18,600 --> 00:08:21,240 Speaker 3: the table really matters, and that has an impact on 148 00:08:21,600 --> 00:08:26,200 Speaker 3: how you source, how you underwrite, you know, what ideas. 149 00:08:25,680 --> 00:08:27,200 Speaker 2: Get to the table and get funded. 150 00:08:27,560 --> 00:08:30,320 Speaker 3: So as you said, you know, the folks that you 151 00:08:30,360 --> 00:08:33,640 Speaker 3: know may look different, have a different set of challenges 152 00:08:33,679 --> 00:08:37,280 Speaker 3: and problems. Perhaps aren't you know, we're not building solutions 153 00:08:37,320 --> 00:08:40,080 Speaker 3: for them because the people that are funding it, you know, 154 00:08:40,080 --> 00:08:40,640 Speaker 3: don't live it. 155 00:08:40,640 --> 00:08:42,920 Speaker 2: They don't they don't see it. And I come back 156 00:08:42,920 --> 00:08:44,559 Speaker 2: to that often, you know, with caregiving. 157 00:08:44,640 --> 00:08:46,200 Speaker 3: Like I said, you know, as we look at some 158 00:08:46,240 --> 00:08:50,319 Speaker 3: of these companies and we've backed in our portfolio at pivotal, 159 00:08:50,320 --> 00:08:52,479 Speaker 3: but just even more broadly out in the ecosystem. 160 00:08:52,880 --> 00:08:55,000 Speaker 2: You know, as a mom and a caregiver myself. 161 00:08:54,679 --> 00:08:57,560 Speaker 3: I see like wow, Like you know, Summer Health, which 162 00:08:57,600 --> 00:08:59,839 Speaker 3: is a company that we invested in twenty four to seven, 163 00:09:00,000 --> 00:09:03,600 Speaker 3: three sixty five text pediatric care for families. 164 00:09:03,880 --> 00:09:07,400 Speaker 2: It's like I could use that. I remember times when 165 00:09:07,400 --> 00:09:08,720 Speaker 2: my kids were like very. 166 00:09:08,559 --> 00:09:11,559 Speaker 3: Small and I'm like googling stuff, thinking that they're literally. 167 00:09:11,320 --> 00:09:14,800 Speaker 2: About to die. It turns out it was something very minor. 168 00:09:14,880 --> 00:09:18,680 Speaker 3: But that's a real solution that leverages AI and other 169 00:09:18,760 --> 00:09:22,000 Speaker 3: aspects to you know, and you know, creates less burnout 170 00:09:22,000 --> 00:09:22,880 Speaker 3: for pediatricians. 171 00:09:22,880 --> 00:09:24,320 Speaker 2: It's a win win on both sides. 172 00:09:24,360 --> 00:09:27,760 Speaker 3: And so the founder of that company is a mom herself, 173 00:09:27,800 --> 00:09:31,560 Speaker 3: a mom of three, like acutely could appreciate the need 174 00:09:31,640 --> 00:09:34,200 Speaker 3: and the gap in that market. And so that's the 175 00:09:34,240 --> 00:09:36,000 Speaker 3: kind of stuff that I think really matters and that 176 00:09:36,400 --> 00:09:39,160 Speaker 3: you know, we need to build again just a greater 177 00:09:39,280 --> 00:09:43,120 Speaker 3: sense of inclusivity into the system and it'll drive you know, what, 178 00:09:43,240 --> 00:09:45,959 Speaker 3: I think, a ton more innovation and economic growth and 179 00:09:46,040 --> 00:09:47,920 Speaker 3: opportunity for all of us. 180 00:09:48,360 --> 00:09:52,280 Speaker 1: You know, there's these kind of two statements I'm going 181 00:09:52,360 --> 00:09:55,600 Speaker 1: to make, and it's interesting to me how. 182 00:09:55,440 --> 00:09:58,319 Speaker 4: They correlate to care because we say it's. 183 00:09:58,120 --> 00:10:00,360 Speaker 1: A nice thing to do, it's the right thing to do. 184 00:10:01,200 --> 00:10:04,040 Speaker 1: But we've also said that about investing in black founders. 185 00:10:04,160 --> 00:10:05,440 Speaker 1: You know, it's the nice thing to do with the 186 00:10:05,480 --> 00:10:10,720 Speaker 1: right thing to do, but we've had difficulty communicating or 187 00:10:10,760 --> 00:10:15,840 Speaker 1: getting results on that. The returns are there, and it's 188 00:10:15,920 --> 00:10:18,680 Speaker 1: proven that the returns are there for black founders or 189 00:10:18,720 --> 00:10:20,040 Speaker 1: diverse founding teams. 190 00:10:20,720 --> 00:10:22,240 Speaker 4: So you brought up these. 191 00:10:22,160 --> 00:10:27,960 Speaker 1: Huge numbers with the market opportunity, but still have a 192 00:10:28,040 --> 00:10:31,000 Speaker 1: more difficult time than you should getting people to pay 193 00:10:31,040 --> 00:10:33,320 Speaker 1: attention to the care economy. 194 00:10:33,559 --> 00:10:34,280 Speaker 4: Why is that? 195 00:10:35,920 --> 00:10:38,640 Speaker 2: It's a oh gosh, that's these are tough questions well. 196 00:10:40,520 --> 00:10:41,520 Speaker 3: But good but good to ones. 197 00:10:41,600 --> 00:10:46,160 Speaker 2: I love it, No, I mean it really comes back to. 198 00:10:48,760 --> 00:10:52,600 Speaker 3: You know, I think you you have to like you said, 199 00:10:52,679 --> 00:10:55,800 Speaker 3: you can make the case with data. You know that 200 00:10:55,800 --> 00:11:00,960 Speaker 3: that matters, But people have to see and I think, 201 00:11:01,320 --> 00:11:05,239 Speaker 3: have these opportunities feel and be more more tangible and 202 00:11:05,240 --> 00:11:07,360 Speaker 3: and real to them at the end of the day 203 00:11:07,480 --> 00:11:09,920 Speaker 3: at the end of the day too, and and and. 204 00:11:10,320 --> 00:11:12,440 Speaker 2: You know, I I agree with you. I think the 205 00:11:12,480 --> 00:11:13,400 Speaker 2: hearts and mind. 206 00:11:13,280 --> 00:11:16,480 Speaker 3: Arguments for why you should invest in these sectors that 207 00:11:16,520 --> 00:11:19,360 Speaker 3: we're talking about, you know, healthcare, women's health, mental health, 208 00:11:19,400 --> 00:11:19,839 Speaker 3: et cetera. 209 00:11:20,520 --> 00:11:21,640 Speaker 2: Or why you. 210 00:11:21,600 --> 00:11:25,880 Speaker 3: Should support diverse founders, black founders. You know, that's great, 211 00:11:26,080 --> 00:11:29,320 Speaker 3: but that's not going to move the needle, right like 212 00:11:29,800 --> 00:11:33,240 Speaker 3: you you have to, I think, really make it apparent 213 00:11:33,360 --> 00:11:36,120 Speaker 3: and tangible to folks. You know what they're missing, what 214 00:11:36,160 --> 00:11:38,559 Speaker 3: they're missing out on, and that and that proof. I 215 00:11:38,559 --> 00:11:41,280 Speaker 3: mean it takes a long time specifically in venture, but 216 00:11:41,360 --> 00:11:43,119 Speaker 3: that'll come through in the performance. 217 00:11:43,120 --> 00:11:43,720 Speaker 2: You know, we. 218 00:11:45,080 --> 00:11:48,400 Speaker 3: Investing a lot of times people rely, I think to 219 00:11:48,440 --> 00:11:52,960 Speaker 3: a fault too much on pattern recognition. And that's that's fine, right, 220 00:11:53,040 --> 00:11:55,559 Speaker 3: Like we all do that as humans, right, we all 221 00:11:55,600 --> 00:11:58,920 Speaker 3: have our biases. But I think stepping back to pause 222 00:11:59,000 --> 00:12:03,160 Speaker 3: and check some of them and just really interrogate, you know, 223 00:12:04,080 --> 00:12:06,120 Speaker 3: is this pattern the best pattern? 224 00:12:06,240 --> 00:12:08,440 Speaker 2: Right? Like or or I. 225 00:12:08,360 --> 00:12:11,000 Speaker 3: Often will say as well when people ask about our 226 00:12:11,000 --> 00:12:14,080 Speaker 3: diligence process at Pivotal, Oh, well you're you know, you're 227 00:12:14,120 --> 00:12:18,000 Speaker 3: just investing in women mostly or these themes like you know, 228 00:12:18,120 --> 00:12:19,000 Speaker 3: care economy. 229 00:12:19,880 --> 00:12:22,640 Speaker 2: It has to be lower return or you must be 230 00:12:22,720 --> 00:12:23,480 Speaker 2: lowering the bar. 231 00:12:23,960 --> 00:12:28,040 Speaker 3: I say, no, I would stack up our portfolio against 232 00:12:28,200 --> 00:12:31,160 Speaker 3: any other investors. I said, you know, we're not lowering 233 00:12:31,160 --> 00:12:33,360 Speaker 3: the bar, We're just reframing the bar. And so I 234 00:12:33,360 --> 00:12:37,760 Speaker 3: think it's it's shifting those mindsets, disrupting some of those 235 00:12:37,840 --> 00:12:42,280 Speaker 3: those those truisms and patterns is what's really needed to 236 00:12:42,440 --> 00:12:45,520 Speaker 3: drive that that change in the ecosystem in a in 237 00:12:45,559 --> 00:12:47,559 Speaker 3: a more sustainable way. 238 00:12:47,920 --> 00:12:48,680 Speaker 4: Very good, very good. 239 00:12:49,080 --> 00:12:51,400 Speaker 1: You know this is quote I found from you or 240 00:12:51,480 --> 00:12:54,600 Speaker 1: you said, we think if we're putting more capital in 241 00:12:54,600 --> 00:12:57,480 Speaker 1: the hands of women, they're going to unlock solutions to 242 00:12:57,559 --> 00:12:59,679 Speaker 1: some of the biggest problems that are facing. 243 00:12:59,400 --> 00:13:00,520 Speaker 4: Our society today. 244 00:13:02,360 --> 00:13:07,120 Speaker 1: So talk of awesome examples on what that idea concept. 245 00:13:06,760 --> 00:13:07,240 Speaker 4: Is based on. 246 00:13:07,920 --> 00:13:11,320 Speaker 3: Yeah, yeah, yeah, you know, it really comes back to 247 00:13:12,040 --> 00:13:14,320 Speaker 3: you know, I think some of what you know I 248 00:13:14,360 --> 00:13:17,840 Speaker 3: said before, and you know, the pace of sort of 249 00:13:17,880 --> 00:13:20,040 Speaker 3: gender equity is slow. 250 00:13:20,360 --> 00:13:20,560 Speaker 2: Right. 251 00:13:20,679 --> 00:13:24,280 Speaker 3: If at the current rate we're going, you know, it'll 252 00:13:24,280 --> 00:13:25,120 Speaker 3: take generations. 253 00:13:25,160 --> 00:13:25,920 Speaker 2: I'll be long. 254 00:13:25,760 --> 00:13:29,640 Speaker 5: Gone, my daughter might be logged on before before we 255 00:13:29,679 --> 00:13:30,120 Speaker 5: get there. 256 00:13:30,960 --> 00:13:34,920 Speaker 3: But that doesn't mean that we're not seeing the opportunity 257 00:13:35,200 --> 00:13:38,440 Speaker 3: as as you noted, and I think for us, I 258 00:13:38,440 --> 00:13:41,640 Speaker 3: can point to a couple of examples, you know, specifically 259 00:13:41,679 --> 00:13:43,679 Speaker 3: in our portfolio that I think, you know. 260 00:13:45,160 --> 00:13:47,120 Speaker 2: Have helped this ring true. 261 00:13:49,320 --> 00:13:52,480 Speaker 3: You know, these are funds, many of them that are 262 00:13:52,600 --> 00:13:55,040 Speaker 3: you know, again the funds that we invest in. There's 263 00:13:55,040 --> 00:13:57,559 Speaker 3: a two parts of our investment strategy fund investments and 264 00:13:57,600 --> 00:14:01,280 Speaker 3: then direct investment into companies. And these funds are all 265 00:14:01,360 --> 00:14:05,079 Speaker 3: women majority women owned and led, but they're investing across 266 00:14:05,120 --> 00:14:06,600 Speaker 3: a variety of themes and sectors. 267 00:14:06,640 --> 00:14:08,360 Speaker 2: Right, we have more generalist funds. 268 00:14:08,360 --> 00:14:11,280 Speaker 3: We have funds that are fintech focused, digital health focus, 269 00:14:12,600 --> 00:14:14,199 Speaker 3: investing in AI, you know. 270 00:14:14,240 --> 00:14:17,760 Speaker 2: You name it, it's it's in our portfolio, and I 271 00:14:17,800 --> 00:14:19,280 Speaker 2: think you know. 272 00:14:19,280 --> 00:14:23,360 Speaker 3: But they're all of these fund managers have in edge 273 00:14:23,400 --> 00:14:28,560 Speaker 3: and sort of how they're approaching and thinking about their sourcing, 274 00:14:28,600 --> 00:14:32,360 Speaker 3: their stewardship, you know, their strategy, how they add value 275 00:14:32,400 --> 00:14:33,920 Speaker 3: for their portfolio companies. 276 00:14:35,800 --> 00:14:38,320 Speaker 2: So again I mentioned VBG Ventures earlier. 277 00:14:38,560 --> 00:14:41,440 Speaker 3: They're investing in, you know, a broad set of diverse 278 00:14:41,800 --> 00:14:44,840 Speaker 3: you know founders really leaning into that thesis about the 279 00:14:45,160 --> 00:14:46,840 Speaker 3: polycultural America. 280 00:14:47,920 --> 00:14:48,080 Speaker 2: You know. 281 00:14:48,120 --> 00:14:50,760 Speaker 3: Rethink Impact is a fund that that we've invested in. 282 00:14:50,800 --> 00:14:54,320 Speaker 3: Now we're multiple fund cycles focusing on female and non 283 00:14:54,400 --> 00:14:59,600 Speaker 3: binary founders, but across a variety of different themes and sectors. Sustainability, 284 00:15:00,720 --> 00:15:04,920 Speaker 3: you know, education, healthcare, et cetera. And you know, many 285 00:15:05,000 --> 00:15:07,640 Speaker 3: of the companies that they've backed again are building. These 286 00:15:07,640 --> 00:15:11,960 Speaker 3: founders are building in spaces where they're real meaningful, meaningful 287 00:15:12,040 --> 00:15:14,880 Speaker 3: gaps you know, in the in the in the economy. 288 00:15:15,080 --> 00:15:19,000 Speaker 3: In our direct portfolio, you know, we've backed companies like 289 00:15:19,080 --> 00:15:22,120 Speaker 3: Tia that are promoting new models of care for for 290 00:15:22,200 --> 00:15:26,160 Speaker 3: women's well being and centering women the kind of whole 291 00:15:26,160 --> 00:15:29,640 Speaker 3: health experience for for women, and how they've built their 292 00:15:29,720 --> 00:15:33,160 Speaker 3: their platform and their and their clinics. Little Lotter provides 293 00:15:33,240 --> 00:15:37,160 Speaker 3: comprehensive you know, mental health care for children and their families, So, 294 00:15:37,240 --> 00:15:38,680 Speaker 3: you know, kind of I think a through line in 295 00:15:38,960 --> 00:15:42,520 Speaker 3: all of these examples is is a is a willingness 296 00:15:42,560 --> 00:15:44,520 Speaker 3: to sort of see, you know. 297 00:15:44,480 --> 00:15:46,800 Speaker 2: The needs of consumers a little bit different, you know. 298 00:15:47,360 --> 00:15:51,200 Speaker 3: One two The archetype of what a successful investor looks like, 299 00:15:51,680 --> 00:15:52,840 Speaker 3: you know, can be very different. 300 00:15:52,880 --> 00:15:53,880 Speaker 2: I think we're willing to. 301 00:15:54,480 --> 00:15:57,480 Speaker 3: You know, step in and take those risks and back people, 302 00:15:57,680 --> 00:16:01,160 Speaker 3: particularly on the fund manager side, very early, and partner 303 00:16:01,200 --> 00:16:03,680 Speaker 3: with them and support them as they build and scale 304 00:16:04,400 --> 00:16:07,840 Speaker 3: what will be the next generation of leading menture capital firms. 305 00:16:07,840 --> 00:16:09,480 Speaker 3: I mean, you asked one more thing, I'll say, well 306 00:16:09,480 --> 00:16:12,320 Speaker 3: about success yeah. You know, I think for our strategy, 307 00:16:12,800 --> 00:16:15,000 Speaker 3: you know, in ten or fifteen years, it's it's someone 308 00:16:15,080 --> 00:16:17,960 Speaker 3: looking at the funds that we've invested in at Pivotal 309 00:16:18,000 --> 00:16:21,600 Speaker 3: and say, wow, you know, the French Gates invested in 310 00:16:21,640 --> 00:16:24,200 Speaker 3: this firm and a fun one, and these are now 311 00:16:24,320 --> 00:16:29,320 Speaker 3: the platforms and the firms that are the leading in 312 00:16:29,440 --> 00:16:33,240 Speaker 3: you know, franchises, any venture, and they're going to be 313 00:16:33,360 --> 00:16:37,560 Speaker 3: more diverse let than they have been historically. You know, 314 00:16:37,600 --> 00:16:40,320 Speaker 3: the types of folks that are more women on the Midas. 315 00:16:39,960 --> 00:16:43,320 Speaker 2: List, all of those you know, metrics and lists and 316 00:16:43,920 --> 00:16:45,680 Speaker 2: criteria that we look at. 317 00:16:45,760 --> 00:16:48,440 Speaker 3: You know, success for us is that, you know, they 318 00:16:48,480 --> 00:16:52,400 Speaker 3: look and reflect a more diverse set of perspectives. 319 00:16:53,240 --> 00:16:55,360 Speaker 1: Love it, you know, and just looking at some of 320 00:16:55,400 --> 00:16:58,760 Speaker 1: your past work, I've seen that you've observed, you know, 321 00:17:00,040 --> 00:17:04,119 Speaker 1: the conversations around inclusion in VC have cooled a bit, 322 00:17:04,320 --> 00:17:08,920 Speaker 1: you know, amidst a lot of external forces and challenges. 323 00:17:09,240 --> 00:17:14,280 Speaker 1: So what strategies can industry leaders use to you know, 324 00:17:14,359 --> 00:17:18,399 Speaker 1: keep that alive, keep it ignited even in the face 325 00:17:18,560 --> 00:17:19,639 Speaker 1: of resistance. 326 00:17:20,320 --> 00:17:26,160 Speaker 2: Yeah, yeah, I mean our work matters now more than ever. 327 00:17:27,240 --> 00:17:29,440 Speaker 2: You know. I like to say we've perhaps had a 328 00:17:29,520 --> 00:17:32,399 Speaker 2: little bit of a wind in our sales and around 329 00:17:32,440 --> 00:17:35,760 Speaker 2: you know, in diversity and inclusion. Over the last few years, 330 00:17:37,119 --> 00:17:37,960 Speaker 2: that's changing. 331 00:17:38,720 --> 00:17:42,280 Speaker 3: But we're at least at pivotal going to continue to 332 00:17:42,520 --> 00:17:48,960 Speaker 3: highlight the inequities that exist across various industries, tech, finance, government, 333 00:17:49,280 --> 00:17:50,720 Speaker 3: the political spirit, et cetera. 334 00:17:52,920 --> 00:17:56,040 Speaker 2: And get the capital to those that are performing. 335 00:17:56,160 --> 00:17:58,040 Speaker 3: Right, Like I always say, like I'm not investing in 336 00:17:58,040 --> 00:18:00,400 Speaker 3: people that are in funds and in companies that are 337 00:18:00,480 --> 00:18:03,359 Speaker 3: that we don't underwrite and believe have an opportunity to 338 00:18:04,200 --> 00:18:08,040 Speaker 3: deliver you know, great results back to us and to 339 00:18:08,119 --> 00:18:12,160 Speaker 3: the other investors. And so, you know, I think in 340 00:18:11,640 --> 00:18:15,560 Speaker 3: the midst of these external challenges, you really have to 341 00:18:15,560 --> 00:18:19,480 Speaker 3: come back to, like I said, less of the heartstrings 342 00:18:19,520 --> 00:18:22,280 Speaker 3: and more the economic case, right, Like so much of 343 00:18:22,320 --> 00:18:26,200 Speaker 3: the discourse has turned to you know, anti this, anti that. 344 00:18:26,280 --> 00:18:29,159 Speaker 2: Well, let's be pro who's who's not pro economic growth? 345 00:18:29,200 --> 00:18:32,920 Speaker 3: Like the pie like me me or a black founder 346 00:18:33,040 --> 00:18:37,320 Speaker 3: or a woman leader. Getting an investment does not mean 347 00:18:37,320 --> 00:18:39,199 Speaker 3: that there's less for someone else. I think this is 348 00:18:39,240 --> 00:18:42,800 Speaker 3: going to create more opportunity for everyone. 349 00:18:42,840 --> 00:18:45,200 Speaker 2: And so I come back to like, those types. 350 00:18:44,960 --> 00:18:46,960 Speaker 3: Of arguments are the ones that I think we need 351 00:18:47,000 --> 00:18:50,280 Speaker 3: to be be making and more of the asset framing 352 00:18:50,400 --> 00:18:52,959 Speaker 3: versus the deficit framing, right, like like take it out 353 00:18:53,040 --> 00:18:56,040 Speaker 3: of the negative and have people see, you know, the 354 00:18:56,080 --> 00:19:00,320 Speaker 3: real expansiveness of the opportunity when you center you know, 355 00:19:00,760 --> 00:19:03,760 Speaker 3: diversity and inclusion in the work that you're doing. There's 356 00:19:03,760 --> 00:19:05,720 Speaker 3: been a ton of research Mackenzie and others that have 357 00:19:05,760 --> 00:19:09,360 Speaker 3: put out, you know, that show this, more diverse teams, 358 00:19:09,800 --> 00:19:13,600 Speaker 3: companies you know, perform better, have better results over time, 359 00:19:14,200 --> 00:19:18,960 Speaker 3: and we're holding back our GDP. If the gender gap 360 00:19:19,000 --> 00:19:22,360 Speaker 3: were narrowed, it would be like tens of trillions of dollars, 361 00:19:22,560 --> 00:19:24,679 Speaker 3: so it would be flowing in the economy, right, And 362 00:19:24,720 --> 00:19:29,280 Speaker 3: so I just encourage all of us to lean on 363 00:19:29,400 --> 00:19:32,800 Speaker 3: those stats and let that you know, sort of continue 364 00:19:32,800 --> 00:19:37,000 Speaker 3: to animate our work and just do the work right, 365 00:19:37,160 --> 00:19:41,000 Speaker 3: like find these great companies, these great fund managers, get 366 00:19:41,000 --> 00:19:42,960 Speaker 3: them the support that they need so that they can 367 00:19:43,280 --> 00:19:46,199 Speaker 3: build and be excellent. And we're committed to continuing to 368 00:19:46,240 --> 00:19:48,400 Speaker 3: do that at Pivotal Ventures. 369 00:19:49,160 --> 00:19:51,720 Speaker 1: Is this other quote I found where you said the 370 00:19:51,760 --> 00:19:55,200 Speaker 1: care economy, the need to create a modern caregiving system 371 00:19:55,240 --> 00:19:58,600 Speaker 1: that supports families of all types. That's where innovation starts. 372 00:19:58,920 --> 00:20:01,359 Speaker 1: We need to get more women to these technology roles, 373 00:20:01,400 --> 00:20:04,359 Speaker 1: into STEM, into education, so they can be founders of 374 00:20:04,400 --> 00:20:07,760 Speaker 1: tomorrow and the leaders in these tech businesses. So my 375 00:20:07,840 --> 00:20:09,680 Speaker 1: question is is two, it's two part. I hate to 376 00:20:09,720 --> 00:20:11,760 Speaker 1: ask two part questions, but this is yeah, okay. 377 00:20:11,560 --> 00:20:12,520 Speaker 4: Yeah, I know you can handle it. 378 00:20:12,760 --> 00:20:15,640 Speaker 1: So you've described as you know, you said, the care 379 00:20:15,680 --> 00:20:19,440 Speaker 1: economy is foundational to innovation and societal progress. So that's 380 00:20:19,480 --> 00:20:23,320 Speaker 1: one question, how is it foundational too, you know, innovation 381 00:20:23,520 --> 00:20:26,280 Speaker 1: and to side of progress. And then two, what systemic 382 00:20:26,400 --> 00:20:31,200 Speaker 1: changes do you believe are necessary to most urgently modernize 383 00:20:31,359 --> 00:20:35,280 Speaker 1: you know, our caregiving ecosystem and the opportunities for women. 384 00:20:35,840 --> 00:20:38,879 Speaker 3: Yeah, yeah, I'd say so the first part of the question. 385 00:20:39,800 --> 00:20:44,200 Speaker 3: You know, we we need to we need to make 386 00:20:44,240 --> 00:20:47,560 Speaker 3: life easier for caregivers in our countries. So to do that, 387 00:20:48,359 --> 00:20:51,400 Speaker 3: we need, you know, a more diverse set of entrepreneurs 388 00:20:51,520 --> 00:20:56,800 Speaker 3: and investors, like building sustainable business models that deliver these solutions. 389 00:20:58,280 --> 00:21:01,119 Speaker 2: Instead. I saw recently we look at a lot of 390 00:21:01,119 --> 00:21:02,480 Speaker 2: mini stats, but a. 391 00:21:02,600 --> 00:21:05,080 Speaker 5: Lot of the barriers, a lot of the barriers that 392 00:21:05,119 --> 00:21:11,359 Speaker 5: hold women back from reaching leadership positions, you know, starting businesses, 393 00:21:11,520 --> 00:21:16,119 Speaker 5: leadership positions in their companies, and caregiving is one of 394 00:21:16,160 --> 00:21:16,880 Speaker 5: the biggest ones. 395 00:21:16,960 --> 00:21:17,120 Speaker 2: Right. 396 00:21:17,160 --> 00:21:19,560 Speaker 3: So women spend an average of about twenty two hours 397 00:21:19,600 --> 00:21:23,960 Speaker 3: per week on unpaid care work. Men spend about fourteen, 398 00:21:24,119 --> 00:21:28,040 Speaker 3: So that delta is huge, right, And I think part 399 00:21:28,040 --> 00:21:28,600 Speaker 3: of what we're. 400 00:21:28,480 --> 00:21:30,760 Speaker 2: Trying to solve for is. 401 00:21:31,359 --> 00:21:36,320 Speaker 3: Again getting more of these innovation and ideas to unlock 402 00:21:36,400 --> 00:21:38,720 Speaker 3: that potential so that women and men too write can 403 00:21:38,800 --> 00:21:42,040 Speaker 3: spend more time. I mean that unpaid care work is 404 00:21:42,119 --> 00:21:45,000 Speaker 3: so important and so foundational, but there are ways that 405 00:21:45,040 --> 00:21:48,760 Speaker 3: we can make that less burdensome in some ways so 406 00:21:48,800 --> 00:21:53,080 Speaker 3: that women and men too write can go out and 407 00:21:53,160 --> 00:21:56,919 Speaker 3: fully participate in our you know, in the economic sphere. 408 00:21:57,040 --> 00:21:59,600 Speaker 2: Right, So that's why it's foundational. 409 00:22:00,119 --> 00:22:01,919 Speaker 3: The second part of our question will around like what 410 00:22:02,080 --> 00:22:07,960 Speaker 3: is it going to take too, you know, kind of spectemically, yeah, 411 00:22:08,119 --> 00:22:11,000 Speaker 3: to like drive this change, you know, part of it. 412 00:22:11,320 --> 00:22:14,840 Speaker 3: And this is what I really think is powerful about 413 00:22:14,880 --> 00:22:19,159 Speaker 3: our approach at Pivotal is we apply multiple levers to 414 00:22:19,440 --> 00:22:23,920 Speaker 3: advancing to advanced social progress in women's power investing is 415 00:22:24,119 --> 00:22:26,880 Speaker 3: one and a key one, but we also leverage philanthropy. 416 00:22:27,359 --> 00:22:30,160 Speaker 2: We also leverage policy and advocacy work. 417 00:22:30,600 --> 00:22:37,040 Speaker 3: And innovation investing is essential to create a more modern 418 00:22:37,080 --> 00:22:42,080 Speaker 3: caregiving system. We also need good policy around that too, 419 00:22:42,160 --> 00:22:44,480 Speaker 3: and so so I view that as like the key 420 00:22:45,400 --> 00:22:48,359 Speaker 3: a key unlock. You can have all the best ideas 421 00:22:48,640 --> 00:22:52,280 Speaker 3: and fund them, but if the government is not stepping 422 00:22:52,320 --> 00:22:56,000 Speaker 3: in to support that at the state, you know, local. 423 00:22:55,680 --> 00:22:57,280 Speaker 2: Federal levels, at all levels. 424 00:22:58,200 --> 00:22:59,879 Speaker 3: I mean, one example of this is some work we 425 00:23:00,080 --> 00:23:02,560 Speaker 3: done it Pivotal over the years to advance paid leave. 426 00:23:02,800 --> 00:23:04,280 Speaker 2: The United States is the only. 427 00:23:05,680 --> 00:23:09,480 Speaker 3: Advanced economy in the world that does not have paid 428 00:23:09,560 --> 00:23:11,879 Speaker 3: leave for caregivers. 429 00:23:12,359 --> 00:23:15,320 Speaker 2: And we got very close. We've gotten very close multiple times. 430 00:23:15,359 --> 00:23:18,480 Speaker 3: But I view policies like that, you know, the government 431 00:23:18,560 --> 00:23:21,160 Speaker 3: has to step in at a certain point and make 432 00:23:21,200 --> 00:23:25,960 Speaker 3: this a priority, these issues of priority to allow that innovation. 433 00:23:26,160 --> 00:23:29,240 Speaker 3: And then philanthropy too, addressing some of the market failures 434 00:23:29,240 --> 00:23:31,760 Speaker 3: that exists. So all three, and that's that's I think 435 00:23:31,800 --> 00:23:34,560 Speaker 3: what's incredibly powerful about how we show up at Pivotal 436 00:23:34,600 --> 00:23:38,200 Speaker 3: is that we're tackling these big and tractable, like systemic 437 00:23:38,240 --> 00:23:41,000 Speaker 3: problems with all the tools in our toolbox. 438 00:23:41,480 --> 00:23:45,800 Speaker 1: Yeah, and while technology has the potential to address some 439 00:23:45,840 --> 00:23:51,680 Speaker 1: of these gaps, you've recognized that it's not a standalone solution, 440 00:23:52,359 --> 00:23:54,879 Speaker 1: you know. So I think about AI, So how do 441 00:23:54,920 --> 00:23:59,720 Speaker 1: you how you envision AI working alongside policy changes or 442 00:24:00,200 --> 00:24:04,760 Speaker 1: you know, entrepreneurs, How does AI accelerate that progress? 443 00:24:05,520 --> 00:24:05,960 Speaker 4: Yeah? 444 00:24:06,119 --> 00:24:08,280 Speaker 2: AI is foundational. It's table stakes. 445 00:24:08,320 --> 00:24:10,679 Speaker 3: Now. I often joke and I'll say if I go 446 00:24:10,760 --> 00:24:12,880 Speaker 3: into a meeting or an event and I don't talk 447 00:24:12,880 --> 00:24:14,919 Speaker 3: about it AI, as I mentioned, I'm sort of like, well, 448 00:24:15,000 --> 00:24:19,400 Speaker 3: what's going on? But we need to ensure that we're 449 00:24:19,440 --> 00:24:24,040 Speaker 3: not that we're building it and leveraging it, using it responsibly, 450 00:24:25,240 --> 00:24:31,640 Speaker 3: and not perpetuating the same biases and issues it exists currently. 451 00:24:31,760 --> 00:24:35,639 Speaker 3: Right Like, to me, that's that would be a terrible 452 00:24:35,680 --> 00:24:39,080 Speaker 3: outcome as if we're sitting here having this conversation in two, five, ten, 453 00:24:39,160 --> 00:24:43,040 Speaker 3: twenty years and we're we've taken AI and put it 454 00:24:43,080 --> 00:24:47,520 Speaker 3: in a place you know, that's that's that's creating more 455 00:24:47,520 --> 00:24:48,800 Speaker 3: harm than good. 456 00:24:50,760 --> 00:24:53,119 Speaker 2: So that's where policy matters, I think again. 457 00:24:53,520 --> 00:24:56,159 Speaker 3: And you know, look, I'm not saying you don't you 458 00:24:56,200 --> 00:24:58,919 Speaker 3: want to you don't want to overregulate. You want to 459 00:24:58,920 --> 00:25:01,479 Speaker 3: make sure that there's space for innovation. But you have 460 00:25:01,560 --> 00:25:04,440 Speaker 3: to strike that balance I think with with AI to 461 00:25:04,440 --> 00:25:06,360 Speaker 3: to get to the to the spot where we where 462 00:25:06,400 --> 00:25:08,320 Speaker 3: we need to be to make sure that we're not 463 00:25:08,520 --> 00:25:13,360 Speaker 3: again just running back the same, the same old playbook. 464 00:25:13,840 --> 00:25:16,160 Speaker 3: But I get really excited about what you know, AI 465 00:25:16,280 --> 00:25:19,919 Speaker 3: can do specifically in the caregiving and kind of healthcare space, 466 00:25:20,440 --> 00:25:22,560 Speaker 3: just to advance research patient care. 467 00:25:23,840 --> 00:25:26,440 Speaker 2: You know, we see AI and the care economy intersecting 468 00:25:26,480 --> 00:25:27,040 Speaker 2: a ton. 469 00:25:28,560 --> 00:25:33,159 Speaker 3: Is you're as you're looking at that again kind of infrastructure, Uh, 470 00:25:33,200 --> 00:25:37,200 Speaker 3: that's needed to modernize and automate the caregiving and kind 471 00:25:37,200 --> 00:25:38,320 Speaker 3: of healthcare system. 472 00:25:38,880 --> 00:25:41,119 Speaker 2: You know, AI can can be a huge part of that. 473 00:25:41,240 --> 00:25:44,679 Speaker 3: So I mentioned summer Health earlier, one of our portfolio companies. 474 00:25:45,119 --> 00:25:47,840 Speaker 3: You know, they've been redesigning kind of their care operating 475 00:25:47,920 --> 00:25:52,760 Speaker 3: system to integrate you know, AI more into that platform, 476 00:25:53,520 --> 00:25:59,360 Speaker 3: to improve kind of efficiency patient interface AI use cases, 477 00:25:59,520 --> 00:26:01,720 Speaker 3: so sort of you know, different ways that they can 478 00:26:01,760 --> 00:26:05,040 Speaker 3: build AI into the product. And they're doing that sort 479 00:26:05,080 --> 00:26:07,199 Speaker 3: of from from day one. So it's hugely exciting, right, 480 00:26:07,240 --> 00:26:10,040 Speaker 3: and it'll make it probably a better user experience, more efficient, 481 00:26:10,760 --> 00:26:13,080 Speaker 3: and we're seeing you know, that's just one example, but 482 00:26:13,320 --> 00:26:15,680 Speaker 3: I think you know, one of many in our portfolio 483 00:26:15,720 --> 00:26:18,280 Speaker 3: and just you know, more generally we're seeing across the 484 00:26:18,880 --> 00:26:19,800 Speaker 3: tech landscape. 485 00:26:20,200 --> 00:26:22,640 Speaker 1: Yeah, you mentioned you know AI. At this point, it's 486 00:26:22,680 --> 00:26:25,200 Speaker 1: table stakes and for people like this is that means 487 00:26:24,920 --> 00:26:27,199 Speaker 1: it's got to be there. It's obvious, Like that's just 488 00:26:27,440 --> 00:26:30,680 Speaker 1: you're just doing the bare minimum almost. Yeah, and so 489 00:26:30,960 --> 00:26:34,680 Speaker 1: for that because it's so quickly table stakes, because most 490 00:26:34,720 --> 00:26:38,280 Speaker 1: of us to last eighteen months are just getting aware 491 00:26:38,320 --> 00:26:41,960 Speaker 1: of user facing AI, you know, CHATCHYPT like. 492 00:26:42,000 --> 00:26:43,879 Speaker 2: Now chat Gypt, I do you know. I'm like, I 493 00:26:43,960 --> 00:26:47,359 Speaker 2: put everything in a chat a year ago, I was like, 494 00:26:47,400 --> 00:26:49,400 Speaker 2: what is chatgy? 495 00:26:50,480 --> 00:26:52,439 Speaker 1: So with I mean, I still I still talk to 496 00:26:52,440 --> 00:26:54,920 Speaker 1: people every day who are not using which is baffling 497 00:26:54,960 --> 00:26:57,640 Speaker 1: to me. I'm like, I could say anybody four hours 498 00:26:57,680 --> 00:27:00,159 Speaker 1: out of their day just by using this stuff. But 499 00:27:00,200 --> 00:27:02,359 Speaker 1: I think about because so many people are still so 500 00:27:02,480 --> 00:27:04,840 Speaker 1: far behind. I mean, you and I we may live 501 00:27:04,880 --> 00:27:06,720 Speaker 1: in a bubble in some respects, Like we talk about 502 00:27:06,720 --> 00:27:09,639 Speaker 1: this stuff all the time, but how do we You 503 00:27:09,680 --> 00:27:11,600 Speaker 1: talked about policy, and I want you to go deeper 504 00:27:11,640 --> 00:27:14,120 Speaker 1: on this is how do we make sure that as 505 00:27:14,160 --> 00:27:19,080 Speaker 1: we integrate AI and other technologies into caregiving, how do 506 00:27:19,160 --> 00:27:21,320 Speaker 1: we not introduce new inequalities? 507 00:27:22,280 --> 00:27:26,240 Speaker 3: Yeah, no, I mean it's it's it's the well you 508 00:27:26,240 --> 00:27:28,400 Speaker 3: don't ask what keeps me up at night? But that's 509 00:27:28,400 --> 00:27:31,240 Speaker 3: sort of it in your question, right, it's it's it's 510 00:27:31,280 --> 00:27:34,480 Speaker 3: things of that nature, right, you know, how we're taking 511 00:27:34,600 --> 00:27:43,359 Speaker 3: and using tech and innovation that leaves people in populations, individuals, 512 00:27:43,440 --> 00:27:44,640 Speaker 3: communities behind. 513 00:27:46,200 --> 00:27:47,640 Speaker 2: That's unacceptable. 514 00:27:48,040 --> 00:27:50,520 Speaker 3: We do not want that as an as an outcome, 515 00:27:50,720 --> 00:27:53,720 Speaker 3: and so I think to address it, you know a 516 00:27:53,760 --> 00:27:55,560 Speaker 3: lot of it. And again in the work that we 517 00:27:55,600 --> 00:27:59,679 Speaker 3: do it at Pivotal, it's it's that education. It's figuring 518 00:27:59,720 --> 00:28:03,679 Speaker 3: out how to get these tools two more people on 519 00:28:03,800 --> 00:28:05,280 Speaker 3: the way in a way that they. 520 00:28:05,160 --> 00:28:08,720 Speaker 2: Can build trust and build knowledge around how to around 521 00:28:08,720 --> 00:28:09,359 Speaker 2: how to how. 522 00:28:09,200 --> 00:28:11,639 Speaker 3: To use it, because like you said, AI should just 523 00:28:11,680 --> 00:28:14,560 Speaker 3: not be for those of us that are you know, 524 00:28:14,600 --> 00:28:17,240 Speaker 3: the tech elite that sit in you know, New York 525 00:28:17,280 --> 00:28:19,920 Speaker 3: and San Francisco, a c or whatever your your your 526 00:28:19,960 --> 00:28:23,200 Speaker 3: big city and and kind of are already inclined to 527 00:28:23,600 --> 00:28:26,520 Speaker 3: use this stuff. So again I think it has to 528 00:28:26,600 --> 00:28:31,560 Speaker 3: go back to how we're setting this up, you in 529 00:28:31,640 --> 00:28:34,159 Speaker 3: for kids, right, like my kids are you know, the 530 00:28:34,200 --> 00:28:37,720 Speaker 3: stuff is like showing up in elementary school and like 531 00:28:37,800 --> 00:28:40,240 Speaker 3: how they're how they're using it, and so you know, 532 00:28:40,320 --> 00:28:44,360 Speaker 3: I think for for them and making sure that those 533 00:28:44,400 --> 00:28:47,800 Speaker 3: systems are you know, sort of fairly being set up, 534 00:28:48,240 --> 00:28:51,360 Speaker 3: uh that they would opportunity to learn and ask questions early, 535 00:28:51,960 --> 00:28:55,240 Speaker 3: but that there's opportunities in the in a community based 536 00:28:55,240 --> 00:28:58,600 Speaker 3: way for for others to to start to gain more 537 00:28:58,720 --> 00:29:01,840 Speaker 3: facility and understanding of how these things work. 538 00:29:01,880 --> 00:29:04,400 Speaker 2: Because yeah, a bad outcome. Another bad outcome is. 539 00:29:04,320 --> 00:29:06,760 Speaker 3: You know, you build kind of like the tools I 540 00:29:06,800 --> 00:29:09,280 Speaker 3: was describing with some of our portfolio companies at Leveraging 541 00:29:09,320 --> 00:29:12,320 Speaker 3: AI and then you have users again, it it becomes 542 00:29:12,360 --> 00:29:15,760 Speaker 3: a not a ninety nine percent solution, it's a one percent. 543 00:29:15,560 --> 00:29:17,840 Speaker 2: Solution, right if we're not bringing everyone along. 544 00:29:17,960 --> 00:29:20,680 Speaker 3: So we need to make sure that that education is there, 545 00:29:20,760 --> 00:29:25,640 Speaker 3: that opportunity is there to really leverage it from from 546 00:29:25,680 --> 00:29:26,200 Speaker 3: the beginning. 547 00:29:27,160 --> 00:29:31,320 Speaker 1: Yeah, you talked earlier, which it struck me because I'm 548 00:29:31,400 --> 00:29:33,320 Speaker 1: very interested in this. You said, you know, care also 549 00:29:33,360 --> 00:29:35,360 Speaker 1: includes things you put in your body, you know, so 550 00:29:35,520 --> 00:29:38,239 Speaker 1: we're having a growing conversation. 551 00:29:37,760 --> 00:29:40,560 Speaker 4: About the foods we eat, the et cetera. 552 00:29:40,600 --> 00:29:44,080 Speaker 1: All these things, and you know, what are some other 553 00:29:44,400 --> 00:29:46,520 Speaker 1: overlooked or you can go you can double down on that, 554 00:29:46,560 --> 00:29:48,800 Speaker 1: what are some overlooked opportunities within the. 555 00:29:48,680 --> 00:29:50,680 Speaker 4: Care space that you believe could. 556 00:29:51,080 --> 00:29:56,560 Speaker 1: Also drive significant societal and economic impact for that matter, Yeah. 557 00:29:57,600 --> 00:30:01,400 Speaker 3: I wouldn't necessarily well, maybe over but yeah, I don't 558 00:30:01,400 --> 00:30:03,600 Speaker 3: know if i'd say overlooked, but I think maybe under 559 00:30:04,160 --> 00:30:08,280 Speaker 3: or appreciated or complex perhaps the way to describe it. 560 00:30:08,600 --> 00:30:10,680 Speaker 3: You know, childcare is tough, uh. 561 00:30:11,160 --> 00:30:13,800 Speaker 2: I think it's tough for tech and venture sort of 562 00:30:13,840 --> 00:30:17,640 Speaker 2: scale ability. I haven't lost. 563 00:30:18,600 --> 00:30:24,040 Speaker 3: Faith or I'm still searching, hoping to find solutions to 564 00:30:24,280 --> 00:30:27,600 Speaker 3: sort of crack that that that nut, so to speak, 565 00:30:28,680 --> 00:30:31,680 Speaker 3: because of anything. You know that those early years, right 566 00:30:31,680 --> 00:30:35,400 Speaker 3: are again also foundational. You know, women stepping out of 567 00:30:35,400 --> 00:30:37,960 Speaker 3: the workforce to care for their for their kids or 568 00:30:38,000 --> 00:30:41,760 Speaker 3: family members. Again very important work, but there there there 569 00:30:41,800 --> 00:30:43,360 Speaker 3: has to be we have to find a way. And 570 00:30:43,360 --> 00:30:47,080 Speaker 3: this is again where policy could come into to tap 571 00:30:47,080 --> 00:30:49,640 Speaker 3: it on and unlock that. So so I think childcare 572 00:30:49,680 --> 00:30:52,160 Speaker 3: is tricky, but I still view it as a complex, 573 00:30:52,200 --> 00:30:54,960 Speaker 3: but I still view it as an opportunity. Yeah, I 574 00:30:55,000 --> 00:31:01,240 Speaker 3: think these acute kind of caregiving moments or spaces also 575 00:31:01,400 --> 00:31:07,040 Speaker 3: represent a big or complex but represent an opportunity. Maternal 576 00:31:07,040 --> 00:31:12,720 Speaker 3: health kind of that both pre and postpartum phase we 577 00:31:12,800 --> 00:31:15,959 Speaker 3: have in this country some of the worst maternal health outcomes, 578 00:31:15,960 --> 00:31:19,520 Speaker 3: particularly for black women, right, And so there's a there's 579 00:31:19,560 --> 00:31:21,720 Speaker 3: a huge gap and care there that that I think 580 00:31:21,720 --> 00:31:25,280 Speaker 3: we need to figure out how to solve in that 581 00:31:25,360 --> 00:31:28,200 Speaker 3: women's health and kind of care space to menopause. Right, Like, 582 00:31:28,280 --> 00:31:31,880 Speaker 3: I've been astounded as I've read and spent more time 583 00:31:31,920 --> 00:31:34,640 Speaker 3: with some companies building in this space, just how underfunded, 584 00:31:34,680 --> 00:31:38,960 Speaker 3: how under research. You know, people just doctors just brush 585 00:31:39,080 --> 00:31:45,000 Speaker 3: pasts like women who are really you know, struggling, right 586 00:31:45,160 --> 00:31:47,560 Speaker 3: is they as they move through that phase of life 587 00:31:47,600 --> 00:31:49,680 Speaker 3: and it has impacts on your eble to maybe work 588 00:31:49,760 --> 00:31:52,240 Speaker 3: or travel or take on as much responsibility when you're 589 00:31:52,240 --> 00:31:52,840 Speaker 3: going through that. 590 00:31:53,080 --> 00:31:54,480 Speaker 2: So that, as I. 591 00:31:54,440 --> 00:31:57,600 Speaker 3: Mentioned, dementia care kind of into life another kind of 592 00:31:57,640 --> 00:32:00,360 Speaker 3: acute moment mental health as well. So the those would 593 00:32:00,360 --> 00:32:03,840 Speaker 3: be a couple that I call out that again not 594 00:32:03,880 --> 00:32:07,760 Speaker 3: necessarily overlooked, but I think complex and I represent a 595 00:32:07,840 --> 00:32:09,920 Speaker 3: huge opportunity for more innovation. 596 00:32:11,560 --> 00:32:13,600 Speaker 1: Finally, one more quote from you, because there's a lot 597 00:32:13,680 --> 00:32:18,600 Speaker 1: of them. I'm like, these are really good. There's one 598 00:32:18,640 --> 00:32:22,800 Speaker 1: you said, instead of a demoralizing story about stalled progress, 599 00:32:23,120 --> 00:32:25,400 Speaker 1: we can and should tell a story about the women 600 00:32:25,440 --> 00:32:27,440 Speaker 1: of color across an industry. 601 00:32:27,000 --> 00:32:28,160 Speaker 4: Who have pushed ahead. 602 00:32:28,800 --> 00:32:32,840 Speaker 1: And so my question there is about framing and how 603 00:32:32,920 --> 00:32:38,000 Speaker 1: important is framing when we have issues You know, but 604 00:32:38,120 --> 00:32:40,320 Speaker 1: the storytelling you how you tell the story matters. But 605 00:32:40,320 --> 00:32:43,120 Speaker 1: the numbers are still the numbers. But how important is 606 00:32:43,160 --> 00:32:44,880 Speaker 1: the framing of that story? 607 00:32:45,840 --> 00:32:50,080 Speaker 2: The framing is is the key. That's it. 608 00:32:50,880 --> 00:32:55,959 Speaker 3: You said it will and that quote you referenced in 609 00:32:56,000 --> 00:33:00,320 Speaker 3: that piece part of what you know. In partner with 610 00:33:00,320 --> 00:33:02,400 Speaker 3: some of our fund managers that were highlighted, and they're 611 00:33:02,400 --> 00:33:05,600 Speaker 3: including Maria Rivera and Lulu Venture's Promise Fela and at 612 00:33:05,960 --> 00:33:07,000 Speaker 3: Groveoria Capital. 613 00:33:07,680 --> 00:33:11,880 Speaker 2: You know, they are just excellent investors, operators. 614 00:33:11,880 --> 00:33:14,560 Speaker 3: You know, Miriam was early at Google, She's been in 615 00:33:14,600 --> 00:33:16,920 Speaker 3: the game for a very long time, has built a 616 00:33:16,920 --> 00:33:20,960 Speaker 3: tremendous track record. And yes she's Afro Latina, but she's 617 00:33:21,080 --> 00:33:26,000 Speaker 3: just a badass investor, right. And part of it is 618 00:33:26,160 --> 00:33:29,080 Speaker 3: less of oh, we're helping them, oh they like No, 619 00:33:29,560 --> 00:33:32,680 Speaker 3: let's just talk about why they win and how they're good. 620 00:33:33,200 --> 00:33:36,920 Speaker 3: And that's where the storytelling and the framing matters. And 621 00:33:37,520 --> 00:33:40,440 Speaker 3: it's about the asset, not the deficit. That's what I 622 00:33:40,480 --> 00:33:43,200 Speaker 3: come back to, and I don't I'm kind of over 623 00:33:43,440 --> 00:33:47,240 Speaker 3: the let's just write a story about women of color being. 624 00:33:47,040 --> 00:33:48,800 Speaker 2: Women of you know, because they're women of color. 625 00:33:48,880 --> 00:33:51,200 Speaker 3: It's like, no, you should have a woman of color 626 00:33:51,520 --> 00:33:55,000 Speaker 3: on every story in every list because they're excellent and 627 00:33:55,040 --> 00:33:58,320 Speaker 3: they're great investors, or they're great founders and they're doing 628 00:33:58,320 --> 00:34:02,800 Speaker 3: something innovative, indifferent And the other thing I put to 629 00:34:02,920 --> 00:34:05,200 Speaker 3: is like, if you can't see it, you can't be 630 00:34:05,320 --> 00:34:09,080 Speaker 3: it right. So that representation, getting those examples out there 631 00:34:09,200 --> 00:34:13,440 Speaker 3: is so important, and it matters about the you know 632 00:34:13,480 --> 00:34:16,839 Speaker 3: who whose stories we tell, and so it's something that 633 00:34:16,920 --> 00:34:17,560 Speaker 3: I spend. 634 00:34:17,360 --> 00:34:18,319 Speaker 2: A lot of time thinking about. 635 00:34:19,000 --> 00:34:23,239 Speaker 3: Our team works really hard to make sure that our partners, 636 00:34:23,320 --> 00:34:27,040 Speaker 3: these fund managers and founders are being seen not just 637 00:34:27,080 --> 00:34:30,960 Speaker 3: because they're women, but because they're great investors who are 638 00:34:30,960 --> 00:34:31,600 Speaker 3: women too. 639 00:34:34,000 --> 00:34:36,799 Speaker 1: Black Tech Green Money is a production of Blavity, Afro Tech, 640 00:34:37,080 --> 00:34:40,160 Speaker 1: The Black Effect Podcast, Networking Night Hire Media. It's produced 641 00:34:40,160 --> 00:34:43,400 Speaker 1: by Morgan Debaun and me Well Lucas, with the additional 642 00:34:43,440 --> 00:34:46,760 Speaker 1: production support by Kate McDonald and Jada McGee. 643 00:34:46,920 --> 00:34:48,239 Speaker 4: Special thank you to Michael. 644 00:34:48,000 --> 00:34:50,680 Speaker 1: Davis and Lovebeach. Learn more about my Guess Other Tech. 645 00:34:50,680 --> 00:34:53,920 Speaker 1: This show is an innovators at afrotech dot Com. Video 646 00:34:54,000 --> 00:34:56,319 Speaker 1: version this episode will drop to Black Tech Green Money 647 00:34:56,360 --> 00:34:59,120 Speaker 1: on YouTube, So tap it in enjoy your Black Tech 648 00:34:59,160 --> 00:35:03,560 Speaker 1: Green Money, Shout us Somebody go get your money, peace 649 00:35:03,600 --> 00:35:03,919 Speaker 1: and love.