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Speaker 1: From the heart of where innovation, money and power. CALLI

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Speaker 1: in Silicon Valley and Beyon this is Bloomberg Technology with

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Speaker 1: Emily Jay. I'm Caroline Hyde in New York in for

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Speaker 1: Emily Chang, and this is Bloomberg Technology coming up in

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Speaker 1: the next hour. One week later, Twitter is no longer

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Speaker 1: getting a new board member on el Mask might have

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Speaker 1: changed the biggest shareholder of the company's mind blast rising

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Speaker 1: inflation with the war in Ukraine still raging on, We'll

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Speaker 1: see how it's felt across the pond and how crypto

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Speaker 1: could potentially help. And we'll go to the floor of

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Speaker 1: the NAZDAC for a conversation with the head of the

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Speaker 1: US Listings and Revenue to get a look at the

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Speaker 1: current I p O market how all this volatility is

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Speaker 1: affecting filings while amid the war in Ukraine rages on.

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Speaker 1: Consumers on both sides of the Atlantic currently turning their

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Speaker 1: belts due to the rising cost this on them, particularly

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Speaker 1: at the gas pump for example. A key question that

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Speaker 1: many have been talking about is whereas the store of

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Speaker 1: value is it gold is a digital goal for example.

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Speaker 1: Let's talk about all of that with our next guest,

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Speaker 1: John Glenn UK Economic Secretary to the Treasury of course, MP,

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Speaker 1: and it's one of sort of wonderful to have you here, minister.

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Speaker 1: And I'm interested first and foremost about what are some

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Speaker 1: people have said as the red carpet being rolled out

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Speaker 1: in the United Kingdom at the moment too, cryptocurrencies to

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Speaker 1: innovation of that sort. Why, well, I think we've got

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Speaker 1: to accept that this is going to be a great opportunity.

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Speaker 1: We've got to regulate to innovate those. So we've gripped

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Speaker 1: it in the UK. I made a speech last Monday

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Speaker 1: and I announced a number of interventions. We want to

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Speaker 1: bring industry together with our regulator, with government so we

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Speaker 1: can work out the best steps to take this interesting

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Speaker 1: phenomena forward because it has many applications both for financial

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Speaker 1: services and to the wider economy. And so I'm excited

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Speaker 1: about that and I'm pleased that we're able to get

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Speaker 1: that engagement with industry both here and in London in

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Speaker 1: order to drive it forward. Let's talk about here in

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Speaker 1: New York and the meetings you're having with SEC Federal Reserve.

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Speaker 1: This has got to be a cross atlantic regulation because

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Speaker 1: this is a global asset class well, every jurisdiction will

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Speaker 1: have a slightly different take on it that I was

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Speaker 1: here in the autumn and I'm back here now, as

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Speaker 1: you say, in Washington this week as well, talking to regulators,

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Speaker 1: talking to government for talking to industry as well, to

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Speaker 1: ensure that we meet expectations, that we think creatively about

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Speaker 1: what we need to do to get this into the

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Speaker 1: right place, so that consumers have certainty that any risks

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Speaker 1: are dealt with and faced up to, and we can

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Speaker 1: actually come to terms of some of these challenges in

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Speaker 1: terms of how do we tax or do we tax

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Speaker 1: in what way? And how do we create a regulatory

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Speaker 1: framework that is reliable and gives innovators some assurance about

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Speaker 1: the future. What do you make of talent? And in particular,

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Speaker 1: I think of what the Bank of England have been

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Speaker 1: worrying about the scams that are involved within the crypto space,

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Speaker 1: Andrew Bailey speaking out about that, the head of the

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Speaker 1: Bank of England. Meanwhile, I think it was the Magavinglens fintech.

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Speaker 1: How be leaving to a crypto job, are you seeing

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Speaker 1: more jobs being grown there and you see how do

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Speaker 1: you see the sort of tension between institutional finance moving

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Speaker 1: into the world of the well in the UK we've

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Speaker 1: been a global hub of fintech and we've seen that

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Speaker 1: to be very resilient and I see in cryptocurrency and

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Speaker 1: the exchanges that are developing in the UK a great opportunity. Yes,

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Speaker 1: it's right that we've got to get the right regulatory

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Speaker 1: framework in place, and Andrew Bailey has been very clear

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Speaker 1: on that. We've got to come to terms with the

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Speaker 1: promotions regime that protects consumers, but we've also got to

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Speaker 1: embrace the opportunities of new technologies and new phenomena and

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Speaker 1: how it will apply to markets. Let's talk about the phenomenon,

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Speaker 1: the sensationalism in many ways some people would say of

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Speaker 1: non fungible tokens and f t s. We've seen, of

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Speaker 1: course some valuations take a nose dive, but still a

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Speaker 1: lot of interest. And what I mean, we've got the

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Speaker 1: Royal Mint looking to create an f T. Just tell

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Speaker 1: us our audience a bit about that. Well, that was

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Speaker 1: part of the announcement last week that the Chancellor wants

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Speaker 1: us to create an n f T in partnership with

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Speaker 1: the Royal Mint. And it's important that we pick up

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Speaker 1: on the emblems of change that exist here and the

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Speaker 1: opportunities that will exist in the future. So we've asked

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Speaker 1: the Royal Mint to develop that n f T and

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Speaker 1: we look forward to that happening by this summer. Of course,

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Speaker 1: look at a time in the United Kingdom where my

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Speaker 1: family on the phone talks day in day out about

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Speaker 1: the inflation, the cost of gas, electricity, what's happening in

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Speaker 1: terms of the ramifications in many ways, of course antagonized

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Speaker 1: by the invasion of Russia into Ukraine. But talk to

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Speaker 1: us about you know, how the UK feels right now.

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Speaker 1: I'm looking at February north point one pc growth, the

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Speaker 1: economy being stifled, and that's before you even factor in

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Speaker 1: the implications of the Russia Ukraine invasion. Well, clearly, these

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Speaker 1: are incredibly challenging times. I think we all hope that

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Speaker 1: we've come out of COVID and we get to brighter times,

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Speaker 1: but that hasn't happened. What's happened in the Ukraine has

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Speaker 1: had a very difficult has a very difficult impact on

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Speaker 1: the economy, and we are we are seeing that we

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Speaker 1: also had global pressures in terms of inflationary pressures, and

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Speaker 1: that's playing out, its playing out here in the US,

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Speaker 1: it's playing out in the UK and across the globe,

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Speaker 1: and these are challenging times for for British consumers. Challenging

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Speaker 1: times for British consumers where they're being asked to burden

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Speaker 1: heavier taxes. I mean, in particular, perhaps the largest overall

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Speaker 1: tax burn in the UK since the nineteen fifties, and

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Speaker 1: a time where they look to their own Chancellor of

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Speaker 1: the Exchequer and feel he Rashi Sunak is perhaps out

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Speaker 1: of touch with some of the burdens they're having to share.

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Speaker 1: You are, of course within the team of Reshisu Snax,

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Speaker 1: and I'm wondering how how he is dealing with the

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Speaker 1: pressure that is currently upon him upon his family when

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Speaker 1: of course many are warring that his own family members

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Speaker 1: haven't been paying their own tax that they should have

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Speaker 1: been doing. And and we look in particular at his wife,

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Speaker 1: who of course has is billionaire super rich in her

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Speaker 1: own right, but many field didn't pay UK taxes on

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Speaker 1: her overseas earnings. How is that being digested? Well? I

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Speaker 1: think the chance is absolute professional in the way he's

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Speaker 1: worked over these last two years. He was parachuted into

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Speaker 1: this role as the start of a global pandemic, and

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Speaker 1: he's worked tirelessly to provide interventions to support the British economy.

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Speaker 1: I recognize these are challenging times for him and his family,

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Speaker 1: but he will come through them. But his focus is

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Speaker 1: on doing what it takes to get the British economy

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Speaker 1: into the right place through these very, very difficult times,

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Speaker 1: and he's made a number of interventions dealing with the

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Speaker 1: thresholds of when you start to pay national insurance and

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Speaker 1: tax support for the least well off in society. Of course,

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Speaker 1: there will be many who will say there's more to

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Speaker 1: be done, and he will look to the future fiscal

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Speaker 1: events to address some of those concerns. How do you

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Speaker 1: feel when as a member of you know, Conservative party,

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Speaker 1: looking at really what ethically it's being judged at by

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Speaker 1: at the moment when we think of that that the

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Speaker 1: party gave the leader of your party went underwent. When

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Speaker 1: we look at the Chancellor of Exchecker who seeming lea

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Speaker 1: just doesn't seem to be in touch with the reality,

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Speaker 1: many people feel that. And he's holding a green card

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Speaker 1: at the same time as being chance to the Exchequer.

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Speaker 1: What sort of really tethering he has in the longer

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Speaker 1: term to the country. And then you of course, I

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Speaker 1: mean nothing to do with you, I realized, but certain

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Speaker 1: you know today just the unseating of an MP and

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Speaker 1: and a crisis election because of you know, previous misdemeanors

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Speaker 1: when it comes to sexual abuse. I mean, how does

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Speaker 1: it make you feel when you're trying to stand up

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Speaker 1: here in the US and defend your Conservative Party. Well,

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Speaker 1: I've been in this post for nearly four and a

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Speaker 1: half years. I'm the longest serving Economic secretary we've had

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Speaker 1: in the UK. It's great privileged to do this job,

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Speaker 1: and I like the Chancellor focus on the task in hand.

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Speaker 1: I've done that through three chancellors, and I've always been

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Speaker 1: impressed by the professionalism of the people I've worked under.

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Speaker 1: And there's no difference with Rishi Sunach who's a first

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Speaker 1: rate boss of first rate Chancellor, and I have absolute

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Speaker 1: confidence in that he will come through these difficult moments

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Speaker 1: and we will see what can be done in terms

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Speaker 1: of future fiscal events of the budget. Well, come back,

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Speaker 1: tell us the story I'm following in the UK, and

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Speaker 1: indeed how you continue to embrace some change and certainly

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Speaker 1: in the world of technology, the UK Economic Sectuary to

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Speaker 1: the Treasury that is John Glenn Well. Week feels like

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Speaker 1: a month, doesn't it? With Elon Musk and Twitter. Just

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Speaker 1: take a quick look at where things stood just one

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Speaker 1: week ago. Because last Monday, it was of course revealed

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Speaker 1: the Musk held nine stake and Twitter, making him the

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Speaker 1: company's biggest shareholder. While the next day Musk was invited

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Speaker 1: to join Twitter's board of directors, which accepted. We then

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Speaker 1: learned Musk was delayed in reporting his new steak and

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Speaker 1: Twitter and concerns that the sec might start looking around.

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Speaker 1: Twitter employees also started voicing concerns about having Musk's involvement

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Speaker 1: and the influence he might have on the company. And

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Speaker 1: then over the weekend, when you've been tweeting about Twitter

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Speaker 1: quote dying, then tweeted the Jeff Beys also about turning

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Speaker 1: Twitter's headquarters into a homeless shelter. And on Sunday night,

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Speaker 1: we learned that Twitter the CEO Pagal that Musk won't

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Speaker 1: be joining the board after all after some pretty bad

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Speaker 1: jokes on Twitter as well, Buy a Musk. So we're

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Speaker 1: going to dive into all of this, and the first

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Speaker 1: angle we're going to look at is why Musk might

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Speaker 1: have rejected the offer. In particular, to be on the

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Speaker 1: board joining me now John C. Coffee, Junior Professor Law

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Speaker 1: at Columbia University Law School. And what's an extraordinary story

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Speaker 1: to be unfolding? And I'm interested at the moment, professor,

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Speaker 1: about first and foremost what you think is behind all

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Speaker 1: of this, what is initially perhaps a rejection about well,

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Speaker 1: on one level, this looks like deja vu all over again,

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Speaker 1: or Elin being Ela. He did this, said Tesla. When

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Speaker 1: he didn't disclose or he falsely disclosed that he had

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Speaker 1: an offer to take the company private, that Saudi Arabia

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Speaker 1: was standing behind, you didn't have it. And when the

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Speaker 1: sec sued, he agreed that he put in the general

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Speaker 1: counsel of the company is an intermediary between him and

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Speaker 1: any public statement about the company. Now, he's never been

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Speaker 1: happy with that, he's never really obeyed that. But now

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Speaker 1: we're over at Twitter and he's doing the same thing.

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Speaker 1: He's under a legal duty to disclose when he crosses

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Speaker 1: five percent. He eventually got up to near ten percent.

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Speaker 1: Think about all the people who sold in that interval

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Speaker 1: between five percent and ten percent, which could be a

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Speaker 1: hundred million or more in terms of shares. Now, those

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Speaker 1: people would have sold at a much higher price if

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Speaker 1: he had disclosed that he was buying and that he

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Speaker 1: was going on the board, whether it was just becoming

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Speaker 1: the largest shore of the company. Because he is basically

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Speaker 1: the world's richest band it can buy what he was.

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Speaker 1: When he didn't disclose, they sold at a lower price

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Speaker 1: than they would have gotten with fair disclosure. And some

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Speaker 1: of those people may sue in a class action claiming

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Speaker 1: that they were cheated by effectively insider trading when he

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Speaker 1: brought the stock with disclosing information that he was required

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Speaker 1: by lawder's clothes. You can debate both sides of that,

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Speaker 1: but it is likely to get either a private lawson

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Speaker 1: or the SEC suing on behalf of those shareholders has

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Speaker 1: been concerned they were concerned about some trading activities at

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Speaker 1: Tesla when he was traded heavily, when he was an

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Speaker 1: effect paging the shareholders, pulling them to see if they

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Speaker 1: wanted him to change his ownership levels. There could be

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Speaker 1: the SEC and the SEC is mind a recurring pattern

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Speaker 1: of close to the line or over the line inside

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Speaker 1: of trading violations, and that could bring a very serious lawsuit. Professor,

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Speaker 1: talk to us about produciary duty here because many felt

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Speaker 1: perhaps it was in any way many ways defensive of

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Speaker 1: Twitter to a broad him onto the board. At least

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Speaker 1: it stops him perhaps building up the stake further than

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Speaker 1: any further than for example, however, what limitations would have

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Speaker 1: it put on a mask to his own communications, his

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Speaker 1: own tweeting, if he indeed had joined the board. Of course,

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Speaker 1: I think the reason he did not go on the

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Speaker 1: board which partly that the CEO really couldn't tolerate some

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Speaker 1: of the statements he was making. He for example, tweeted

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Speaker 1: the world that he would like to have Twitter stopped

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Speaker 1: selling advertising. Now that must have stunned the CEO because

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Speaker 1: Twitter makes about nine of its revenues from advertising. If

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Speaker 1: you're the CEO, you just can't have anyone, including this

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Speaker 1: richer man as a director, making statements for that having

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Speaker 1: them cleared by management counsel or anywhere. So that was

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Speaker 1: one about a half business, and I don't think the

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Speaker 1: CEO could focus on long term planning where he's going

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Speaker 1: to get a daily barrage of comments in all directions

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Speaker 1: from Elon Musk. So just to walk us through again

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Speaker 1: the legal ramification saying you're expecting a sec an indeed

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Speaker 1: path private lawsuits currently. I mean it's something thatferent different

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Speaker 1: things that have There could be a class action by

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Speaker 1: investors who sold during the period when he had not

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Speaker 1: closed what he was supposed to disclose is greater than

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Speaker 1: five percent ownership, which went up to ten percent. The

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Speaker 1: SEC could say, also, uh, these statements really a due

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Speaker 1: amount to a material omission. You didn't disclose that you

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Speaker 1: own over five percent. You breached your legal duty, and

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Speaker 1: we say that also could amount to insider trading. Or

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Speaker 1: they could just say you made false and reckless statements.

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Speaker 1: I think fines, professor, would that be what comes in it?

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Speaker 1: I'm sorry? And would the ramifications be fines or something worse? Oh,

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Speaker 1: if you are well. First of all, inside of trading

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Speaker 1: can be a criminal offense. The SEC can't charge your crime,

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Speaker 1: but the Department of Joctors conceivably could beyond that. The

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Speaker 1: SEC can sue for damages equal to as much as

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Speaker 1: three times the game made or the laws subverdict. Here

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Speaker 1: would be a game when he bought this stock, he

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Speaker 1: didn't disclose at the asset when he crossed five percent

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Speaker 1: what he was doing, and the SEC could see three

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Speaker 1: times the game on the staff between the five percent

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Speaker 1: level and the ten percent level. He's the richest man

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Speaker 1: in the world. That won't bankrupt him, but painful amount

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Speaker 1: to pay. John Coffee, Jr. Columbia Law School Professor, fascinating conversation.

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Speaker 1: Thank you very much. I want to stick with Musk

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Speaker 1: and with the internal issues he was of course facing

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Speaker 1: from Twitter and welcome in when Securities managing director Dan

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Speaker 1: ives for what is another extraordinary story involving you know

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Speaker 1: Musk and from your perspective, what happens now if he's

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Speaker 1: not on the board? Ok? I think you know him

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Speaker 1: being on the board that was almost a Cinderella's story

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Speaker 1: to the point that he'd be on the board, they'd

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Speaker 1: women his ownership to fift and your strategically could help

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Speaker 1: the company. Now it's a total different situation. I view

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Speaker 1: it as more hostile. I think the opposit ste going forward.

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Speaker 1: And now the question is does he team up with

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Speaker 1: private equity and how active does he get? I mean

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Speaker 1: for Twitter. I think this goes from a Cinderella's story

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Speaker 1: to the potentially game of Thrones with uh, you know,

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Speaker 1: Musk and Twitter and the board clearly gonna lock heads.

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Speaker 1: Great analogies that what if they're gonna lock heads? Do

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Speaker 1: you anticipate Well, first and foremost is your number one

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Speaker 1: perspective that we do see some sort of buyout just

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Speaker 1: Twitter eventually get bored or go private. What do you expect, Look,

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Speaker 1: I mean, before Musk is involved, I mean, Twitter as

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Speaker 1: a stock's been a significant on the performer. Advertising has

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Speaker 1: been extremely disappointing, which is why he's sort of the

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Speaker 1: night and shining armor at least for investors in Twitter.

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Speaker 1: You know, I think now the next step is going

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Speaker 1: to be he's going to be allowed for us. I

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Speaker 1: do not expect that he's gonna go home, reduce his steak,

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Speaker 1: and now there's gonna be a bright spot on Twitter

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Speaker 1: and from the strategy advertising that obviously have a key

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Speaker 1: quarter coming up. And for Twitter, for you know, for

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Speaker 1: the board, it's their worst nightmare because Musk in the

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Speaker 1: boardroom is contained Musk outside the boardroom. Now this becomes

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Speaker 1: a soap opera, get out the copform. I mean, he's

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Speaker 1: an activist in STI with eight million who follow him

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Speaker 1: on Twitter. And I'm interested as to what therefore you

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Speaker 1: think can be damaged imitations here? What what will be

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Speaker 1: the product innovations that potentially start happening. Look, I think

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Speaker 1: eventually this is gonna sort of end with some sort

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Speaker 1: of strategic initiatives and know whether that ends with an

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Speaker 1: ultimate sell, if that ends with maybe sunsetting some products

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Speaker 1: focus on some of the subscriber and advertising side, because

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Speaker 1: that's that's the issue right now. I mean, they're losing Instagram,

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Speaker 1: TikTok and others in social media. Must that's not necessary

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Speaker 1: as expertise, but I mean, this is really gonna over

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Speaker 1: the coming months, and you know, I think year you're

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Speaker 1: really gonna be I think very tough situation for Twitter

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Speaker 1: and Spoard if they somehow, you know, miss execute again

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Speaker 1: over the coming quarters. Before you go, we've got time

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Speaker 1: to just also think about the world of cybersecurity from him,

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Speaker 1: because I caught my attention was your note that you

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Speaker 1: put out about sale Point. Of course, the deal being

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Speaker 1: done there in the purchase. What do you make of

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Speaker 1: the focus and where to be putting your money at

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Speaker 1: the moment in terms of cybersecurity. I think it's a

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Speaker 1: golden age from cybersecurity. It's a defensive area of tech.

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Speaker 1: Look at sale Point getting bought and you know, Manny

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Speaker 1: and got bought by Google, and I looked at names

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Speaker 1: like Tennable, pal out those cyber arc Checkpoint among others,

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Speaker 1: and I think in it really just shows the value

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Speaker 1: of cybersecurity. Public investors will sell of the stocks the

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Speaker 1: strategic and financials will buy them. Dan, I'm it is

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Speaker 1: always so great to catch up with you with all

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Speaker 1: the analogies of whe Bush. We thank you so much. Well,

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Speaker 1: I'm more X. This is bringing back I'm Caroline Hyde

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Speaker 1: and new or this is Blombog technology. Here are a

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Speaker 1: few of the other stories that we've been following in

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Speaker 1: Canadian e commerce software firm that's Shopify, plans at ten

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Speaker 1: for one stock split. Now will we're giving CEO Toby

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Speaker 1: Looker a special founder share that will preserve his voting

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Speaker 1: power as long as he's at the company now shares

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Speaker 1: a Shopify And they've been under pressure and what by

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Speaker 1: half this year, but ending the day as you can

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Speaker 1: see a little bit higher. Sony and the owner of

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Speaker 1: Lego Group. Now those two companies have invested two billion

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Speaker 1: dollars and Epic Games, the maker a Fortnite. The investment

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Speaker 1: values Epic at thirty one and a half billion. The

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Speaker 1: video GameMaker is one of the five most valuable startups

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Speaker 1: in the US. It's currently waging, of course, though a

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Speaker 1: costly legal battle with Apple and Alphabet of a fees

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Speaker 1: charged by app stores. China meanwhile has approved the first

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Speaker 1: batch of new video game licenses. Since July, Bluebugs learned

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Speaker 1: that regulators have distributed a list of approved titles to developers.

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Speaker 1: Last August, China's far reaching tech crackdown spread to online gaming.

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Speaker 1: The government introduced measures capping playtime for minors and new

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Speaker 1: requirements aimed at curving addiction. This is Bloomberg Technology. I'm

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Speaker 1: Caroline Hyde in Family Chang with several big names, of

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Speaker 1: course expected to go public this year. Some are kind

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Speaker 1: of decelerating their efforts with a volatile market upon our hands.

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Speaker 1: Joining us now to discuss all of this in the pipeline.

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Speaker 1: How solid it is, Karen Snow, Senior vice president ahead

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Speaker 1: of us listings and revenue for the NAZZAC. Some fantastic

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Speaker 1: to have some time with you, Karen and talk to

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Speaker 1: us about the solidity of the pipeline. How are we

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Speaker 1: seeing companies? Are they just hunkering down weathering until we

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Speaker 1: do see an ease up in volatility? Is it something different? Yeah,

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Speaker 1: I think companies are really preparing to go public. I

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Speaker 1: think this year is going to be a situation where

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Speaker 1: you see windows of opportunity uh, and they want to

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Speaker 1: be able to hit the market when that window opens.

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Speaker 1: We are starting to see signs of life. What I

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Speaker 1: would say is that we're very focused on the VIX,

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Speaker 1: which is the volatility index UH, and when that um

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Speaker 1: is between a really below twenty five, which is really

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Speaker 1: where we like to see it. Ent of companies go

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Speaker 1: public when it's below that level, So we're very focused

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Speaker 1: on that as a lead indicator, as well as a

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Speaker 1: convertible market, which has started to open up. The VIX

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Speaker 1: has stayed below twenty five for the past eighteen sessions,

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Speaker 1: which I think is a good sign uh. And we're

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Speaker 1: starting to get inbound calls from companies that are looking

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Speaker 1: to go public at the end of April early May.

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Speaker 1: What kind of companies come, uh, Well, there are a

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Speaker 1: lot of interest from consumer companies. That's about thirty seven

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Speaker 1: percent of the pipeline tent or tech companies. Nineteen percent

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Speaker 1: are healthcare companies, about ten percent are financial companies, and

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Speaker 1: the remainder are industrial and energy companies. So really good

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Speaker 1: breath and depth from and representation from the entire economy.

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Speaker 1: And when you're thinking about how it would be taken

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Speaker 1: down by the market. It feels as though everyone's offer

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Speaker 1: an inflation headge at the moment, and these companies sort

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Speaker 1: of an analyzing how they can tell that story in

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Speaker 1: some way. Yeah, I think it's important. Um. You know,

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Speaker 1: valuations have adjusted for that inflation. Um. You know, companies

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Speaker 1: have to address the current pipeline situation UM with you know,

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Speaker 1: all the disruption um. So they definitely have to have

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Speaker 1: their ducks in a row. Uh. And I think there's

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Speaker 1: no rush to go to the public markets at the moment.

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Speaker 1: There's plenty of ways to raise capital UM, so people

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Speaker 1: really want to make sure that they're ready. What I

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Speaker 1: would say is that we see a very healthy pipeline.

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Speaker 1: The pipeline for companies is greater than it was this

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Speaker 1: time last year, So we're very optimistic about that. Talk

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Speaker 1: to us about whether or not there is a disconnect

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Speaker 1: between the public markets and the private markets at the moment,

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Speaker 1: I think we're starting to see that close. Uh. You know,

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Speaker 1: what I would say is that, you know, public markets

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Speaker 1: tell you exactly where they think things belong um, and

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Speaker 1: private markets respond a little bit more slowly to that.

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Speaker 1: I don't think that's a bad thing, but that is,

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Speaker 1: you know, one of the key differences between the public

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Speaker 1: and the private markets. I think companies that are looking

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Speaker 1: to go public understand that, um, and they've gotten their

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Speaker 1: heads around their current valuations and what the market expectations

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Speaker 1: might be. We've had, of course, a fascinating story in

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Speaker 1: whichever way you want to slice it with what's happening

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Speaker 1: between Elon Musk and indeed Twitter, and what many have

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Speaker 1: looked at is perhaps a lack of a controlling state

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Speaker 1: by a founder, whereas we look at a Shopify for

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Speaker 1: example today that's doing a stock split and and making

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Speaker 1: sure that the founder continues to maintain some sort of

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Speaker 1: level of control. When companies are coming to the market

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Speaker 1: at the moment, how are they looking at those sorts

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Speaker 1: of narratives in the way in which companies are structured. Yeah, well,

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Speaker 1: what I would say is that E s G has

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Speaker 1: become much more topical for private companies coming to the market.

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Speaker 1: We're spending a lot more time with companies on the

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Speaker 1: private side as they're preparing. Governance has always been very

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Speaker 1: topical UM and UM. You know, it's really up to

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Speaker 1: the company how they want to structure their business. UM.

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Speaker 1: You know, investors I think will assign a discount or

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Speaker 1: a premium based on what they feel as the right structure.

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Speaker 1: You of course saw an expert on the E and

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Speaker 1: the S as well as as the G, and I'm

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Speaker 1: interested in the social path at the moment that now

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Speaker 1: is a time more than any that we're thinking about

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Speaker 1: humanity really when we're looking at Russia, Ukraine, when we're

432
00:23:40,320 --> 00:23:42,760
Speaker 1: thinking about all the stakeholders, the way which employees want

433
00:23:42,760 --> 00:23:44,760
Speaker 1: to see their companies stand for something, when they see

434
00:23:44,800 --> 00:23:47,359
Speaker 1: the customers want to see their companies stand for things.

435
00:23:47,600 --> 00:23:51,080
Speaker 1: How you seeing that being sort of exercised by businesses

436
00:23:51,080 --> 00:23:53,600
Speaker 1: and looking to list as well. Yeah, well there's a

437
00:23:53,640 --> 00:23:58,240
Speaker 1: lot more conversation around UM stakeholder capitalism because of that.

438
00:23:58,400 --> 00:24:02,320
Speaker 1: It's the entire ecosystem m UM that is focused on it.

439
00:24:02,359 --> 00:24:06,639
Speaker 1: And I think companies are recognizing that their customers, that

440
00:24:06,680 --> 00:24:11,560
Speaker 1: their employees, that their investors are all focused on these

441
00:24:11,600 --> 00:24:14,720
Speaker 1: issues and want to make sure that UM, wherever they work,

442
00:24:14,800 --> 00:24:19,480
Speaker 1: wherever they shop, UM, that those brands and companies are

443
00:24:19,520 --> 00:24:23,439
Speaker 1: doing the right thing, whatever that may be. And how

444
00:24:23,480 --> 00:24:27,560
Speaker 1: about the the environmental because suddenly it feels as though

445
00:24:27,760 --> 00:24:30,679
Speaker 1: a country with an administration that was so focused on

446
00:24:30,840 --> 00:24:34,160
Speaker 1: energy transition is suddenly having to think about well digging

447
00:24:34,320 --> 00:24:37,000
Speaker 1: oil gas what we usually depend on for our energy.

448
00:24:37,040 --> 00:24:39,080
Speaker 1: And I'm interested is to what companies you're coming through.

449
00:24:39,119 --> 00:24:41,120
Speaker 1: You said about what ten per cent will there? About

450
00:24:41,240 --> 00:24:45,360
Speaker 1: what energy businesses, what kinds of energy businesses? Yeah, well

451
00:24:45,359 --> 00:24:48,200
Speaker 1: we're seeing a lot of new energy. We're actually, um,

452
00:24:48,240 --> 00:24:52,200
Speaker 1: you know, experiencing a lot of transfers to NASDAC and

453
00:24:52,240 --> 00:24:56,800
Speaker 1: the utility sector as that UM, whole sector transitions to

454
00:24:57,080 --> 00:25:00,560
Speaker 1: new energy. UM. So we've been seeing this for quite

455
00:25:00,640 --> 00:25:04,880
Speaker 1: some time. UM. I think that the current climate UM

456
00:25:04,920 --> 00:25:09,639
Speaker 1: has really raised people's awareness UM as it relates to

457
00:25:09,720 --> 00:25:13,840
Speaker 1: our dependency on carbon UH. And then of course you

458
00:25:13,880 --> 00:25:18,679
Speaker 1: have the sec SEC out with their climate change proposal.

459
00:25:18,800 --> 00:25:21,800
Speaker 1: So there's a lot going on in the space. UM.

460
00:25:22,000 --> 00:25:25,080
Speaker 1: This is a lot of bobbing and weaving and threading needles.

461
00:25:25,080 --> 00:25:27,879
Speaker 1: But I don't think there's any doubt that our economy

462
00:25:27,960 --> 00:25:32,360
Speaker 1: is transitioning to new energy. Well, Karen Snow has been

463
00:25:32,359 --> 00:25:33,679
Speaker 1: great to have some time with you and let you

464
00:25:33,680 --> 00:25:35,439
Speaker 1: get back to the healthy pipeline and see as and

465
00:25:35,440 --> 00:25:38,000
Speaker 1: when the company's come back, and I that vixed level

466
00:25:38,119 --> 00:25:42,200
Speaker 1: currently sub we thank you so much, Karen snow off NASDAC. Meanwhile,

467
00:25:42,640 --> 00:25:44,760
Speaker 1: and it's been a while since Jeff Bezels pledged to

468
00:25:44,800 --> 00:25:47,639
Speaker 1: fill the skies with a fleet of delivery drones zipping

469
00:25:47,680 --> 00:25:51,320
Speaker 1: parcels to customers homes in thirty minutes. Now almost actually

470
00:25:51,320 --> 00:25:54,920
Speaker 1: a decade after that promise, Amazon's drones have mostly technical

471
00:25:55,000 --> 00:25:58,119
Speaker 1: challenges to show for themselves. Amazon Prime Air co founder

472
00:25:58,400 --> 00:26:02,560
Speaker 1: Conchi giving even a video posting it on LinkedIn showing

473
00:26:02,600 --> 00:26:05,120
Speaker 1: a package being delivered in the middle of well nowhere,

474
00:26:05,880 --> 00:26:08,320
Speaker 1: let's talk about all of this and more when Spencer

475
00:26:08,359 --> 00:26:12,080
Speaker 1: Soaper with his big take. Of course, a key story

476
00:26:12,119 --> 00:26:14,560
Speaker 1: that dropped on the Bloomberg for our terminal uses today

477
00:26:14,680 --> 00:26:19,199
Speaker 1: and Spencer will have been the main issue. Well, the

478
00:26:19,240 --> 00:26:23,400
Speaker 1: main issue is this design where Amazon wanted to combine

479
00:26:23,480 --> 00:26:26,320
Speaker 1: the new verability of a helicopter that go up and

480
00:26:26,359 --> 00:26:29,960
Speaker 1: down with a plane that could fly forward, and that's

481
00:26:29,960 --> 00:26:32,760
Speaker 1: a really difficult design to pull off. They wanted it

482
00:26:32,880 --> 00:26:35,800
Speaker 1: for the payload that it can carry up to five pounds,

483
00:26:36,160 --> 00:26:39,880
Speaker 1: which represents about eighty five of Amazon's deliveries, as well

484
00:26:39,920 --> 00:26:42,680
Speaker 1: as the range they wanted to be up the drone

485
00:26:42,720 --> 00:26:44,760
Speaker 1: to be able to do a fifteen mile round trip,

486
00:26:45,160 --> 00:26:47,800
Speaker 1: which they see as being critical to serve a big

487
00:26:47,880 --> 00:26:51,360
Speaker 1: enough population um and so that design has been tricky,

488
00:26:51,440 --> 00:26:53,800
Speaker 1: and you know, last summer they had a really bad

489
00:26:53,880 --> 00:26:57,520
Speaker 1: incident when the drone was transitioning from that up and

490
00:26:57,600 --> 00:27:01,399
Speaker 1: down flight pattern to the forward pattern, where one of

491
00:27:01,440 --> 00:27:05,240
Speaker 1: the motors failed. There's there's six propellers on the drawn.

492
00:27:05,680 --> 00:27:08,320
Speaker 1: One of the motors failed and it completely disabled the thing.

493
00:27:08,760 --> 00:27:11,160
Speaker 1: All of these safety mechanisms that were supposed to kick

494
00:27:11,160 --> 00:27:13,440
Speaker 1: in failed as well, and you ended up with a

495
00:27:14,560 --> 00:27:18,520
Speaker 1: pound drone dropping from the sky to the ground. And

496
00:27:18,600 --> 00:27:21,480
Speaker 1: it's this hot lithium battery on board that powers it,

497
00:27:21,800 --> 00:27:25,399
Speaker 1: creating a brush fire that spread. And so that was

498
00:27:25,440 --> 00:27:29,119
Speaker 1: alarming to federal aviation officials who are worried about the

499
00:27:29,119 --> 00:27:31,280
Speaker 1: airworthiness of this thing. You know, we're gonna have this

500
00:27:31,400 --> 00:27:35,280
Speaker 1: flying over roads and people and and schools. You know,

501
00:27:35,320 --> 00:27:38,520
Speaker 1: how safe is it? And yet despite all those headwinds,

502
00:27:38,560 --> 00:27:41,919
Speaker 1: despite the issues that the engineering issues, the safety issues,

503
00:27:42,119 --> 00:27:43,960
Speaker 1: this seems to be an area that still committed to

504
00:27:44,119 --> 00:27:46,600
Speaker 1: Is Is it because of the supply chain headaches, the costs?

505
00:27:46,600 --> 00:27:49,520
Speaker 1: What is it that makes it still so attractive? Yeah, well,

506
00:27:49,520 --> 00:27:54,320
Speaker 1: you figure thirty minutes that's really a critical window where

507
00:27:54,320 --> 00:27:56,680
Speaker 1: you think, you know what, that's fast probably than me

508
00:27:57,440 --> 00:27:59,640
Speaker 1: leaving my house and going to the store and coming back,

509
00:28:00,040 --> 00:28:02,200
Speaker 1: whereas a lot of their other options like two hour

510
00:28:02,440 --> 00:28:05,080
Speaker 1: delivery or same day delivery, a lot of times you're

511
00:28:05,080 --> 00:28:07,280
Speaker 1: still just quick to run out to the store. In fact,

512
00:28:07,359 --> 00:28:10,440
Speaker 1: So that's really that trying to match that instant gratification.

513
00:28:10,960 --> 00:28:12,840
Speaker 1: Um is where drones fit in as well as some

514
00:28:12,880 --> 00:28:15,359
Speaker 1: of the things you talk about like costs and you know,

515
00:28:15,400 --> 00:28:19,320
Speaker 1: dispatching drivers. Is that uh, you know, robotic drones are

516
00:28:19,320 --> 00:28:22,199
Speaker 1: the ultimate solution to that, to that quick delivery challenge.

517
00:28:22,720 --> 00:28:26,640
Speaker 1: So they continue to deploy capital there. Invest it's all

518
00:28:26,680 --> 00:28:28,520
Speaker 1: about R and D. We know that with Amazon, they've

519
00:28:28,560 --> 00:28:31,639
Speaker 1: also of course has been raising some extra debt to

520
00:28:31,720 --> 00:28:35,240
Speaker 1: be able to finance general corporate purposes. But a massive

521
00:28:35,320 --> 00:28:38,040
Speaker 1: one sale coming from Amazon talked to us about what

522
00:28:38,080 --> 00:28:41,360
Speaker 1: we think it will be useful. Yeah, they haven't given

523
00:28:41,400 --> 00:28:43,880
Speaker 1: a whole lot of clarity on it other than like

524
00:28:43,880 --> 00:28:48,280
Speaker 1: the unity's general corporate expenses. And so with Amazon, they

525
00:28:48,360 --> 00:28:52,920
Speaker 1: keep expanding capacity, They keep expanding um uh, you know,

526
00:28:52,960 --> 00:28:56,040
Speaker 1: trying to get closer to customers. Uh. And so we're

527
00:28:56,040 --> 00:28:57,760
Speaker 1: going to see see more of that, you know, the

528
00:28:58,760 --> 00:29:00,719
Speaker 1: creep of the Amazon where house is going to get

529
00:29:00,760 --> 00:29:03,280
Speaker 1: closer and closer to you, and the facilities get more

530
00:29:03,320 --> 00:29:06,880
Speaker 1: and more specialized to to be more efficient and and

531
00:29:06,920 --> 00:29:09,920
Speaker 1: really from your perspective, the safety concerns that workers I'm

532
00:29:09,920 --> 00:29:15,240
Speaker 1: in telling their inside stories, you think they're surmountable potentially.

533
00:29:15,240 --> 00:29:17,320
Speaker 1: I mean a lot of the workers believe in the technology,

534
00:29:17,440 --> 00:29:19,280
Speaker 1: just think that there's a little bit of too much

535
00:29:19,280 --> 00:29:22,360
Speaker 1: haste to bring this to uh uh, you know, to

536
00:29:22,440 --> 00:29:24,840
Speaker 1: people's homes to actually try to deploy it where they

537
00:29:25,000 --> 00:29:26,720
Speaker 1: feel like maybe this needs to come back to the

538
00:29:26,840 --> 00:29:30,400
Speaker 1: R and D cycle and more tinkering and more um

539
00:29:30,480 --> 00:29:34,160
Speaker 1: learning before before they're trying to prove the airworthiness of

540
00:29:34,440 --> 00:29:39,600
Speaker 1: these machines. Spencer soaper, great reporting and it's amazing, big take.

541
00:29:39,640 --> 00:29:41,440
Speaker 1: I urge every want to go and see it online

542
00:29:41,440 --> 00:29:43,360
Speaker 1: and on the Bringing Bag terminal. Thank you so much.

543
00:29:54,920 --> 00:29:58,560
Speaker 1: Time now for our crypto report with our crypto contributor.

544
00:29:58,640 --> 00:30:02,760
Speaker 1: That is a question Anni Bassa Bitcoin while declining again

545
00:30:03,040 --> 00:30:05,880
Speaker 1: in the last twenty four hours under pressure, but it's

546
00:30:05,880 --> 00:30:09,560
Speaker 1: not actually the underperformer, right, Yeah, very interesting here we

547
00:30:09,560 --> 00:30:12,160
Speaker 1: have all coins that have really dropped a lot more

548
00:30:12,280 --> 00:30:14,600
Speaker 1: now looking at a seven day decline of more than

549
00:30:14,640 --> 00:30:18,520
Speaker 1: twenty percent for for for first stable coins and alt

550
00:30:18,560 --> 00:30:21,520
Speaker 1: coins such as Cardono to Luna, as we know that

551
00:30:21,560 --> 00:30:24,440
Speaker 1: these companies are already kind of buying each other's reserves.

552
00:30:24,440 --> 00:30:26,479
Speaker 1: When you look at terror, Luna for example, buying not

553
00:30:26,560 --> 00:30:30,080
Speaker 1: just Bitcoin but also Avalanche was down more than on

554
00:30:30,120 --> 00:30:33,760
Speaker 1: the seven day period here, Caroline, So you're looking at correlations.

555
00:30:34,000 --> 00:30:36,640
Speaker 1: While some are dropping more than others, It's important to

556
00:30:36,680 --> 00:30:40,880
Speaker 1: recognize now how much this entire community is related to

557
00:30:40,920 --> 00:30:43,280
Speaker 1: each other. So if you're buying Bitcoin, what happens to

558
00:30:43,320 --> 00:30:45,400
Speaker 1: the terror price, if you're buying Avalanche, or what happens

559
00:30:45,400 --> 00:30:49,120
Speaker 1: to the terror price? Um, what else is bitcoin related to?

560
00:30:49,200 --> 00:30:52,520
Speaker 1: I think it's very interesting you're seeing this intensifying correlation

561
00:30:52,880 --> 00:30:54,680
Speaker 1: with the NAZAC one d. If you take a look

562
00:30:54,720 --> 00:30:57,360
Speaker 1: at this chart, it's greater than really it's ever been.

563
00:30:57,920 --> 00:31:02,000
Speaker 1: So Nazac sells off, so does bit coin. How important

564
00:31:02,080 --> 00:31:05,840
Speaker 1: is that to market participants because many every now and

565
00:31:05,880 --> 00:31:08,880
Speaker 1: then sort of send out full tweets saying, like the

566
00:31:08,880 --> 00:31:11,240
Speaker 1: corronations putting back a little bit, but do they want

567
00:31:11,320 --> 00:31:13,680
Speaker 1: to see it dislocate somewhat from the nast act I

568
00:31:13,720 --> 00:31:16,640
Speaker 1: guess that means that it's deemed a risk asset. Yeah.

569
00:31:16,640 --> 00:31:18,600
Speaker 1: I had a conversation with the hedge fund manager who

570
00:31:18,640 --> 00:31:21,240
Speaker 1: is typically invested in a lot of other hedge funds,

571
00:31:21,280 --> 00:31:24,720
Speaker 1: and asked if this is now a diversifier and he

572
00:31:24,760 --> 00:31:27,520
Speaker 1: said he was able to hold stable because or generally

573
00:31:27,560 --> 00:31:29,680
Speaker 1: stable because he had Bitcoin rather than a lot of

574
00:31:29,680 --> 00:31:32,560
Speaker 1: other risk assets. So to your point, there's some traditional

575
00:31:32,560 --> 00:31:35,240
Speaker 1: money managers that do take a look at this and say, okay,

576
00:31:35,440 --> 00:31:38,480
Speaker 1: we still want a diversifying asset here, but most people

577
00:31:38,560 --> 00:31:41,560
Speaker 1: who are so bitcoin believers in buying bitcoin don't look

578
00:31:41,600 --> 00:31:44,440
Speaker 1: at the volatility here. And again we are down below

579
00:31:44,680 --> 00:31:48,160
Speaker 1: forty dollars again on bitcoin, right, So what we're back

580
00:31:48,200 --> 00:31:51,120
Speaker 1: to asking what is that floor? They're still looking to

581
00:31:51,160 --> 00:31:54,720
Speaker 1: what that three hundred thousand or five hundred thousand per

582
00:31:54,800 --> 00:31:58,320
Speaker 1: bitcoin price target looks like over the next five years.

583
00:31:58,600 --> 00:32:01,160
Speaker 1: The question is if this or is it dud, then

584
00:32:01,200 --> 00:32:04,040
Speaker 1: how quickly do we get to five thousand? And indeed,

585
00:32:04,080 --> 00:32:07,640
Speaker 1: what it means for the nasson interests coming from institutional

586
00:32:07,680 --> 00:32:11,120
Speaker 1: colims right exactly? Because what is it correlated to? They

587
00:32:11,120 --> 00:32:13,400
Speaker 1: are still gonna have that question. We are getting more

588
00:32:13,440 --> 00:32:15,960
Speaker 1: answers and they're definitely quants out there that are doing

589
00:32:15,960 --> 00:32:19,040
Speaker 1: the math on this, because even beyond Nazdak the you

590
00:32:19,080 --> 00:32:21,040
Speaker 1: and I had spoken to somebody a little earlier making

591
00:32:21,040 --> 00:32:24,240
Speaker 1: that correlation with the dollar. If the dollar weakens, that

592
00:32:24,320 --> 00:32:27,040
Speaker 1: gives you a case for bitcoin as an alternative currency,

593
00:32:27,120 --> 00:32:31,160
Speaker 1: doesn't it. Or if inflation rises that's another correlation that

594
00:32:31,640 --> 00:32:34,880
Speaker 1: used to be there now that is breaking down more dramatically.

595
00:32:35,160 --> 00:32:38,320
Speaker 1: So again, early days of an asset class a fun

596
00:32:38,320 --> 00:32:41,160
Speaker 1: Wall Street strategist thing to do to figure out what

597
00:32:41,200 --> 00:32:44,800
Speaker 1: it is really related to and geographical demand. We have

598
00:32:44,840 --> 00:32:47,680
Speaker 1: any breakdown on that of late, that's an interesting question,

599
00:32:47,800 --> 00:32:50,360
Speaker 1: especially because Tara has been such a big buyer. There's

600
00:32:50,360 --> 00:32:52,120
Speaker 1: a lot of questions about what it means to have

601
00:32:52,440 --> 00:32:56,480
Speaker 1: one buyer being such a big base here to the asset.

602
00:32:56,600 --> 00:32:59,920
Speaker 1: But yeah, beyond that, unclear as to how much more

603
00:33:00,120 --> 00:33:04,440
Speaker 1: or after a Bitcoino and Salt Bahamas coming up around

604
00:33:04,440 --> 00:33:07,000
Speaker 1: the corner, how much interest is being drum up among

605
00:33:07,040 --> 00:33:09,440
Speaker 1: new investors around the world. We brace ourselves for a

606
00:33:09,520 --> 00:33:12,120
Speaker 1: whole load of headlines coming out of assault actual we

607
00:33:12,200 --> 00:33:15,480
Speaker 1: just digest what was well a whole load of expersions

608
00:33:15,480 --> 00:33:19,040
Speaker 1: being cast towards some older participants in Wall Street. Coming

609
00:33:19,040 --> 00:33:23,520
Speaker 1: from one Peter till At, of course the overall Bitcoin

610
00:33:23,680 --> 00:33:27,600
Speaker 1: two over in Miami Bloom Shanali Brassak, where the breakdown

611
00:33:27,600 --> 00:33:31,120
Speaker 1: and correlations. We thank her meanwhile coming up using wigs

612
00:33:31,440 --> 00:33:33,600
Speaker 1: to help solve the problem of bias in a I.

613
00:33:33,800 --> 00:33:36,640
Speaker 1: This is going to be a fascinating conversation with the

614
00:33:36,680 --> 00:33:39,760
Speaker 1: co founders of Parfait about how they're really looking at

615
00:33:39,840 --> 00:33:42,840
Speaker 1: data sets, open source data sets that they're helping to

616
00:33:42,880 --> 00:33:56,280
Speaker 1: improve the people of color. This is blom Back disrupting AI. Indeed,

617
00:33:56,320 --> 00:33:59,200
Speaker 1: it's data sets. It's the ultimate goal of parfe It's

618
00:33:59,200 --> 00:34:02,360
Speaker 1: a company fan of two sisters and some other co founders,

619
00:34:02,400 --> 00:34:04,640
Speaker 1: and they're doing it by getting into the rapidly growing

620
00:34:04,640 --> 00:34:06,960
Speaker 1: wig market. Now they have the backing of some of

621
00:34:06,960 --> 00:34:09,920
Speaker 1: the pretty big names already, including Serena Ventures. But by

622
00:34:09,960 --> 00:34:12,920
Speaker 1: of course Serna Williams joining me. Now are two women

623
00:34:13,000 --> 00:34:15,200
Speaker 1: behind this happened to be sisters, as we just mentioned,

624
00:34:15,360 --> 00:34:17,920
Speaker 1: a sony for Igmanadian and it's great to have some

625
00:34:18,000 --> 00:34:20,960
Speaker 1: time with both of you and as first and foremost

626
00:34:21,360 --> 00:34:23,560
Speaker 1: talk to us about what inspired you to would want

627
00:34:23,600 --> 00:34:25,680
Speaker 1: to take in what is a rapidly growing market in

628
00:34:25,719 --> 00:34:30,439
Speaker 1: a large one in terms of total addressable market. Yeah,

629
00:34:30,640 --> 00:34:33,960
Speaker 1: so the origins of Parfrey really started with an experienced

630
00:34:34,840 --> 00:34:37,640
Speaker 1: a problem experienced by many women, which is managing and

631
00:34:37,680 --> 00:34:40,840
Speaker 1: caring for our textured hair. The journey for me started

632
00:34:40,880 --> 00:34:43,240
Speaker 1: at ten years old when I had a very terrible

633
00:34:43,280 --> 00:34:45,880
Speaker 1: experience with a chemical actor that made all of my

634
00:34:45,960 --> 00:34:48,839
Speaker 1: natural hair fall out, and so I really started using

635
00:34:48,840 --> 00:34:51,040
Speaker 1: hair wigs and extensions to give my hair a break

636
00:34:51,040 --> 00:34:53,520
Speaker 1: and then a chance to regrow and have essentially spent

637
00:34:53,600 --> 00:34:57,840
Speaker 1: the last twenty years navigating the friction field market of

638
00:34:57,880 --> 00:35:01,520
Speaker 1: hair wigs and extensions. So real. From our collective experience

639
00:35:01,560 --> 00:35:04,080
Speaker 1: solving technical challenges during our times and some of the

640
00:35:04,120 --> 00:35:06,880
Speaker 1: largest tech companies in the world, we were really inspired

641
00:35:06,920 --> 00:35:10,440
Speaker 1: to leverage AI and computer vision to improve the lives

642
00:35:10,440 --> 00:35:13,239
Speaker 1: of people in our communities. And with black hair at

643
00:35:13,280 --> 00:35:16,160
Speaker 1: the top of our list of problems that needed real

644
00:35:16,239 --> 00:35:19,200
Speaker 1: investment for a better solution, PARTE was really born with

645
00:35:19,239 --> 00:35:22,279
Speaker 1: a mission to develop products and services with technology that

646
00:35:22,360 --> 00:35:25,360
Speaker 1: recognize and prioritize all people, starting with people of color.

647
00:35:25,680 --> 00:35:27,719
Speaker 1: And if we talk to us about how you're going

648
00:35:27,800 --> 00:35:30,839
Speaker 1: to be using facial recognition skin coloring to be able

649
00:35:30,840 --> 00:35:33,239
Speaker 1: to match people to the correct wig for example. And

650
00:35:33,280 --> 00:35:37,960
Speaker 1: when you're looking at servicing your direct to consumer, what

651
00:35:37,960 --> 00:35:39,799
Speaker 1: what was missing in the data in the open soul

652
00:35:39,840 --> 00:35:43,600
Speaker 1: stage already? Yeah, you know, our world continues to be

653
00:35:43,680 --> 00:35:47,000
Speaker 1: more informed and shape our artificial intelligence, and as we

654
00:35:47,040 --> 00:35:49,680
Speaker 1: think about the future, we really have to start prioritizing

655
00:35:49,880 --> 00:35:52,680
Speaker 1: and final solutions to make it much more equitable. And

656
00:35:52,719 --> 00:35:56,040
Speaker 1: so the training data using based recognition technology currently are

657
00:35:56,120 --> 00:35:59,520
Speaker 1: largely imbalanced and it often relies on data it's very

658
00:35:59,520 --> 00:36:02,640
Speaker 1: similar in makeup, and thus the visual makeup of those

659
00:36:02,680 --> 00:36:05,880
Speaker 1: faces do not represent the composition of faces worldwide. So

660
00:36:06,160 --> 00:36:08,759
Speaker 1: this often results in very poor performance for people of

661
00:36:08,760 --> 00:36:11,200
Speaker 1: color who don't fit into that data set. And so

662
00:36:11,280 --> 00:36:13,440
Speaker 1: the impact of this can be seen in the innovations

663
00:36:13,440 --> 00:36:17,680
Speaker 1: and compumor facing a I that caused negative external experiences

664
00:36:17,680 --> 00:36:19,680
Speaker 1: for people of color. You know. One study by the

665
00:36:19,680 --> 00:36:23,560
Speaker 1: Georgia Insue Technology soft findings autonomous driving systems that have

666
00:36:23,760 --> 00:36:27,799
Speaker 1: more difficulty in detecting pedestrians with darker skin. Um you know,

667
00:36:27,960 --> 00:36:30,479
Speaker 1: another studies showed that you know, non white test taker

668
00:36:30,560 --> 00:36:33,760
Speaker 1: is taking exam proper and software imported issues would attempting

669
00:36:33,800 --> 00:36:36,279
Speaker 1: to verify their identities and so at part they were

670
00:36:36,280 --> 00:36:39,280
Speaker 1: really trying to tackle these problems to make major progress

671
00:36:39,320 --> 00:36:42,640
Speaker 1: in improving the product and service outcomes for marginalized communities,

672
00:36:42,960 --> 00:36:45,879
Speaker 1: starting by building bacial recognition technology for women and people

673
00:36:45,880 --> 00:36:49,080
Speaker 1: of color. So, so five million already raised. I mean,

674
00:36:49,120 --> 00:36:51,440
Speaker 1: of course, you've got a product that you want to unfold.

675
00:36:51,480 --> 00:36:53,600
Speaker 1: You've got a list of what ten thousand at least

676
00:36:53,640 --> 00:36:56,080
Speaker 1: people that signed up to be starting to buy their

677
00:36:56,080 --> 00:36:58,799
Speaker 1: wigs by you. And but you're looking at, of course

678
00:36:58,800 --> 00:37:01,520
Speaker 1: improving manufacturing when it comes to wigs, but also, as

679
00:37:01,560 --> 00:37:03,640
Speaker 1: you say, building up the data set, making aim more

680
00:37:03,680 --> 00:37:06,600
Speaker 1: fit for purpose less bias. Start to tell us how

681
00:37:06,640 --> 00:37:11,080
Speaker 1: you go about doing that from the ground up. Yeah,

682
00:37:11,480 --> 00:37:14,440
Speaker 1: from the many apologies I said so too earlier, So

683
00:37:14,560 --> 00:37:19,440
Speaker 1: this one was aimed at you. Yeah, so um, right now,

684
00:37:19,520 --> 00:37:22,920
Speaker 1: manufacturing this industry hasn't seen innovation in quite some time.

685
00:37:23,440 --> 00:37:25,600
Speaker 1: You're the raw hair and lace products that are used

686
00:37:25,640 --> 00:37:29,880
Speaker 1: to construct these wigs really require significant time and manual intervention,

687
00:37:29,920 --> 00:37:32,280
Speaker 1: which is a large reason for the exorbit price tag.

688
00:37:32,520 --> 00:37:35,279
Speaker 1: And so really our goal is to fundamentally change the

689
00:37:35,320 --> 00:37:38,319
Speaker 1: way that these products are produced from the source, making

690
00:37:38,360 --> 00:37:42,720
Speaker 1: it faster and cheaper to produce customized wigs at scale, okay,

691
00:37:42,800 --> 00:37:45,640
Speaker 1: And I'm interested in therefore also if we're code, when

692
00:37:45,640 --> 00:37:48,480
Speaker 1: you're looking at the manufacturing revolutionizing that getting people a

693
00:37:48,520 --> 00:37:52,879
Speaker 1: more valuable product, but are more consumer sensitive price point

694
00:37:52,920 --> 00:37:55,880
Speaker 1: in particular on perhaps something that usually will cost thousands

695
00:37:55,920 --> 00:37:58,840
Speaker 1: coming down to the hundreds. If we're I'm interested in,

696
00:37:59,040 --> 00:38:00,960
Speaker 1: what also you need to do in terms of bringing

697
00:38:01,760 --> 00:38:04,000
Speaker 1: less biased within the data that you're using. How are

698
00:38:04,000 --> 00:38:07,200
Speaker 1: you going out and ensuring that you're making it better

699
00:38:07,360 --> 00:38:10,239
Speaker 1: and a more efficient AI? You know, you know, we

700
00:38:10,280 --> 00:38:12,920
Speaker 1: can't ever say that our visual intelligence is going to

701
00:38:12,960 --> 00:38:15,680
Speaker 1: be perfect. And while we take those precautions, you know,

702
00:38:15,840 --> 00:38:18,759
Speaker 1: going out and collecting law data ourselves, making sure that

703
00:38:18,920 --> 00:38:21,520
Speaker 1: our data sets are valves when it comes to annotations

704
00:38:21,560 --> 00:38:24,360
Speaker 1: and gender and all those types of things, we also

705
00:38:24,400 --> 00:38:27,759
Speaker 1: have a very human focused pipeline in which our silas

706
00:38:27,760 --> 00:38:30,040
Speaker 1: and our you know, live team members are going in

707
00:38:30,120 --> 00:38:32,719
Speaker 1: and correcting and annitating any data that doesn't that the

708
00:38:32,760 --> 00:38:35,920
Speaker 1: customers needs. And ASA briefly, I mean, of course, your

709
00:38:35,960 --> 00:38:39,319
Speaker 1: product is for people of all colors, and therefore very

710
00:38:39,400 --> 00:38:41,279
Speaker 1: much you can see that from your marketing and the

711
00:38:41,280 --> 00:38:43,400
Speaker 1: way in which you're focus. But talk to us about

712
00:38:43,560 --> 00:38:45,759
Speaker 1: just how big a market this is. Remind the people

713
00:38:45,840 --> 00:38:48,080
Speaker 1: have been putting money in there that this is sizeable,

714
00:38:48,120 --> 00:38:53,520
Speaker 1: this is scaling. Yeah, this is a thirteen billion dollar market.

715
00:38:53,560 --> 00:38:56,799
Speaker 1: It's expected to grow by thirteen percent thirteen point two

716
00:38:56,840 --> 00:39:01,360
Speaker 1: billion by six and so women have been largely underserved

717
00:39:01,760 --> 00:39:05,360
Speaker 1: in the core pieces of wig wearing that require you

718
00:39:05,480 --> 00:39:07,960
Speaker 1: to be able to wear these products to look natural

719
00:39:08,200 --> 00:39:11,920
Speaker 1: and confident, and that's true customization. And so what we're

720
00:39:11,920 --> 00:39:15,000
Speaker 1: really doing is creating a way for these women to

721
00:39:15,040 --> 00:39:18,239
Speaker 1: be able to customize their wigs and extensions without all

722
00:39:18,280 --> 00:39:21,840
Speaker 1: of that manual friction. And quite frankly, what we have

723
00:39:21,880 --> 00:39:24,720
Speaker 1: found is because of the way the manufacturing process is today,

724
00:39:25,040 --> 00:39:26,839
Speaker 1: it's going to be required for us to be able

725
00:39:26,880 --> 00:39:30,359
Speaker 1: to scale this to the thirteen billion dollar market that

726
00:39:30,440 --> 00:39:34,160
Speaker 1: needs it um we would require AI and technical intervention

727
00:39:34,280 --> 00:39:36,120
Speaker 1: and that's what we're working on today with this round

728
00:39:36,120 --> 00:39:38,960
Speaker 1: of funding. Well you and Live today, we thank you

729
00:39:39,000 --> 00:39:40,560
Speaker 1: so much for coming out of Beater and coming on

730
00:39:40,600 --> 00:39:43,040
Speaker 1: this program. So if we're co Igmanadian, we thank you

731
00:39:43,080 --> 00:39:46,160
Speaker 1: so much. Co founders of Parfit a fascinating story, go

732
00:39:46,280 --> 00:39:48,440
Speaker 1: check it out and all their marketing. Meanwhile, that does

733
00:39:48,480 --> 00:39:50,640
Speaker 1: it for this edition. Of bloom bag technology. We'll joined

734
00:39:50,680 --> 00:39:53,239
Speaker 1: tomorrow by the like so Matthew Ball from Billy and Co.

735
00:39:54,160 --> 00:39:54,920
Speaker 1: This is Bloomberg