1
00:00:02,520 --> 00:00:06,400
Speaker 1: This is Bloomberg Business Week from Bloomberg Radio. I'm Jason

2
00:00:06,480 --> 00:00:08,959
Speaker 1: Kelly and I'm Carol Master. Welcome to the Bloomberg Business

3
00:00:09,000 --> 00:00:11,440
Speaker 1: Week Extra. It's our weekly podcast bring you an in

4
00:00:11,480 --> 00:00:14,159
Speaker 1: depth interview you will not hear anywhere else. And this

5
00:00:14,200 --> 00:00:16,400
Speaker 1: week we caught up with Roger Lee. He's a general

6
00:00:16,400 --> 00:00:19,400
Speaker 1: partner over at Battery Ventures, an entrepreneur and operator in

7
00:00:19,520 --> 00:00:22,920
Speaker 1: his own right. He talked about the state of Silicon Valley,

8
00:00:22,960 --> 00:00:25,919
Speaker 1: the state of the marketplace. It's a place where they

9
00:00:25,960 --> 00:00:30,319
Speaker 1: have invested heavily. The world is different, and yet it

10
00:00:30,560 --> 00:00:34,199
Speaker 1: is rife with opportunity, Carol, So you know, life is

11
00:00:34,520 --> 00:00:37,840
Speaker 1: I'd say life is complicated. Uh, you know, I'd say

12
00:00:37,840 --> 00:00:40,720
Speaker 1: work from home has been pretty stable. School from homes

13
00:00:40,760 --> 00:00:42,919
Speaker 1: a lot trickier. So I've got three young kids and

14
00:00:42,960 --> 00:00:47,280
Speaker 1: so navigating all the challenges with with school work has

15
00:00:47,320 --> 00:00:50,320
Speaker 1: been has been a little complicated. But our our work

16
00:00:50,400 --> 00:00:52,880
Speaker 1: and what we're doing day to day as investors really

17
00:00:52,880 --> 00:00:55,640
Speaker 1: hasn't shifted that much. We're staying very active. Have a

18
00:00:55,920 --> 00:00:58,960
Speaker 1: bunch of themes were very excited about. These are themes

19
00:00:59,000 --> 00:01:01,640
Speaker 1: that we've been investing in a long time, you know,

20
00:01:01,800 --> 00:01:06,200
Speaker 1: ranging from cloud computing, to consumer marketplaces and and believes

21
00:01:06,240 --> 00:01:09,960
Speaker 1: either these are really durable opportunities, you know, kind of

22
00:01:09,959 --> 00:01:13,199
Speaker 1: pre COVID and post COVID. So we're continuing to stay

23
00:01:13,280 --> 00:01:16,200
Speaker 1: very active and uh and looking for for you know,

24
00:01:16,240 --> 00:01:19,880
Speaker 1: great entrepreneurs, building you know, transformative companies, and so we're

25
00:01:19,880 --> 00:01:23,880
Speaker 1: going to continue to invest even during you know, what

26
00:01:23,959 --> 00:01:27,800
Speaker 1: are you know, otherwise pretty challenging periods and the same

27
00:01:27,880 --> 00:01:30,800
Speaker 1: types of entrepreneurs sort of coming at you. Is it

28
00:01:30,880 --> 00:01:34,960
Speaker 1: a in the same flow or what's different about either

29
00:01:35,120 --> 00:01:38,560
Speaker 1: what you're seeing or who you're seeing? Rather Yeah, i'd

30
00:01:38,520 --> 00:01:40,520
Speaker 1: say that, you know, the one big question a lot

31
00:01:40,520 --> 00:01:43,840
Speaker 1: of us ask ourselves is, uh, you know, having meetings

32
00:01:43,880 --> 00:01:46,360
Speaker 1: in person is virtually impossible these days. So are are

33
00:01:46,400 --> 00:01:49,000
Speaker 1: we going to invest in an entrepreneur we've never met

34
00:01:49,080 --> 00:01:52,080
Speaker 1: in person before? We we haven't had to cross that

35
00:01:52,120 --> 00:01:54,800
Speaker 1: bridge just yet. There are a couple of opportunities we're

36
00:01:54,840 --> 00:01:57,760
Speaker 1: looking at right now where where we are asking ourselves

37
00:01:57,760 --> 00:02:01,800
Speaker 1: that question. All of the investments we've made since Shelter

38
00:02:01,920 --> 00:02:04,480
Speaker 1: in Place have been with companies that we we've known

39
00:02:04,560 --> 00:02:07,720
Speaker 1: for a long time. We've had relationships with the entrepreneurs.

40
00:02:07,880 --> 00:02:10,799
Speaker 1: They're part of themes we've been investigating for a while.

41
00:02:10,960 --> 00:02:14,239
Speaker 1: So so we haven't had to address that issue just yet.

42
00:02:14,480 --> 00:02:17,320
Speaker 1: But depending on how long this goes on, there's definitely

43
00:02:17,360 --> 00:02:19,480
Speaker 1: a scenario where that question won't come up and we'll

44
00:02:19,720 --> 00:02:22,320
Speaker 1: have to figure it out. But you know, the the

45
00:02:22,440 --> 00:02:25,480
Speaker 1: um in terms of the makeup and the composition of

46
00:02:25,520 --> 00:02:29,280
Speaker 1: the entrepreneurs and the themes that that part hasn't changed

47
00:02:29,320 --> 00:02:31,919
Speaker 1: too much. Again, we we tend to be a pretty

48
00:02:31,960 --> 00:02:35,919
Speaker 1: thematic firm, and so we have a handful of of

49
00:02:36,040 --> 00:02:38,960
Speaker 1: you know, product market spaces we we go very deep

50
00:02:39,000 --> 00:02:42,240
Speaker 1: into and and invest in and and we you know,

51
00:02:42,280 --> 00:02:44,560
Speaker 1: we're excited about the themes we've been investing in and

52
00:02:44,960 --> 00:02:48,160
Speaker 1: the entrepreneurs that are are building companies in those categories.

53
00:02:48,200 --> 00:02:51,320
Speaker 1: So so that part hasn't actually changed too much. It's

54
00:02:51,360 --> 00:02:54,600
Speaker 1: just the way we're you know, doing diligence and and

55
00:02:54,680 --> 00:02:57,400
Speaker 1: how we're interacting with them purely over video. That's been

56
00:02:57,440 --> 00:03:02,840
Speaker 1: the biggest, probably the biggest shift. It's X, right, So

57
00:03:02,960 --> 00:03:06,560
Speaker 1: it stinks or its sticks, well, depending on depending on

58
00:03:06,639 --> 00:03:10,399
Speaker 1: the day, if there's too many of them. But it's

59
00:03:10,440 --> 00:03:14,240
Speaker 1: like here's a little bit of both. Yeah, Well we're

60
00:03:14,480 --> 00:03:17,560
Speaker 1: you know, we're kind of professional meeting takers. You know,

61
00:03:17,800 --> 00:03:20,560
Speaker 1: if you look at the calendars of the average investor,

62
00:03:20,680 --> 00:03:24,880
Speaker 1: we're you know, spending many many hours a day, um,

63
00:03:24,919 --> 00:03:30,079
Speaker 1: you know, meeting with entrepreneurs doing diligence on those those investments. Um.

64
00:03:30,200 --> 00:03:32,799
Speaker 1: And so we spend huge portions of our of our

65
00:03:32,840 --> 00:03:35,640
Speaker 1: lives just literally sitting in conference rooms meeting with people.

66
00:03:36,240 --> 00:03:39,200
Speaker 1: And so that part has shifted a lot. And it's

67
00:03:39,240 --> 00:03:43,080
Speaker 1: hard for sure, because you know, there's um, you know,

68
00:03:43,120 --> 00:03:44,840
Speaker 1: there's a belief and I think there's a lot of

69
00:03:45,160 --> 00:03:48,560
Speaker 1: logic to this that um, you know, you you have

70
00:03:48,720 --> 00:03:52,960
Speaker 1: to develop a relationship, you have to have chemistry with

71
00:03:53,000 --> 00:03:56,160
Speaker 1: the entrepreneurshi're gonna work with, because we're typically in these

72
00:03:56,200 --> 00:03:59,440
Speaker 1: investments for eight ten years, it's not longer. And the

73
00:03:59,520 --> 00:04:02,760
Speaker 1: only way you can really navigate the inevitable ups and

74
00:04:02,800 --> 00:04:06,240
Speaker 1: downs what happens is if you have a really good,

75
00:04:06,360 --> 00:04:09,480
Speaker 1: you know, relationship and great chemistry with this person. I mean,

76
00:04:09,480 --> 00:04:11,680
Speaker 1: it's it's easier to get divorced than it is to

77
00:04:11,680 --> 00:04:15,520
Speaker 1: get rid of your investor. And so we take these

78
00:04:15,560 --> 00:04:19,280
Speaker 1: relationships very seriously. We only make a handful of investments

79
00:04:19,279 --> 00:04:22,719
Speaker 1: every year. Well, let's continue our conversation with Roger Lee,

80
00:04:22,720 --> 00:04:26,240
Speaker 1: general partner at battery ventures. Who I'm so glad it's

81
00:04:26,279 --> 00:04:28,720
Speaker 1: still with us because probably listening to us here about

82
00:04:28,800 --> 00:04:30,880
Speaker 1: thousand dollar haircuts, He's like, I thought this was a

83
00:04:30,920 --> 00:04:33,400
Speaker 1: serious radiation. I'm done with these two was joining these

84
00:04:33,400 --> 00:04:37,719
Speaker 1: two idiots, Jason. I can't believe you only spend a

85
00:04:37,760 --> 00:04:42,520
Speaker 1: thousand dollars and was great. I would expected a lot more. Yeah,

86
00:04:42,600 --> 00:04:47,000
Speaker 1: I appreciate that. Yeah, it sounds good. I'm just gonna say, Roger,

87
00:04:47,120 --> 00:04:49,800
Speaker 1: like almost what every week, every every other week, every

88
00:04:49,800 --> 00:04:51,479
Speaker 1: other week? Yeah, but I mean it's like I go

89
00:04:51,560 --> 00:04:54,520
Speaker 1: to Lenny, you know, like down the street on Third Avenue,

90
00:04:54,640 --> 00:04:59,880
Speaker 1: and many times all right, it's like twenty bucks a pop.

91
00:05:00,080 --> 00:05:02,800
Speaker 1: All right, let's bring in Rogers, all right. So Roger, Um,

92
00:05:02,839 --> 00:05:05,200
Speaker 1: I mean, you know, one of the things in all

93
00:05:05,240 --> 00:05:07,760
Speaker 1: series is like I haven't been to Lenny. I haven't

94
00:05:07,800 --> 00:05:09,680
Speaker 1: been doing all the normal things that I've been doing.

95
00:05:09,680 --> 00:05:12,200
Speaker 1: And you know, I do think about sort of where

96
00:05:12,200 --> 00:05:15,799
Speaker 1: our lives were, especially as consumers, and all the things

97
00:05:15,839 --> 00:05:18,160
Speaker 1: that we had done when we traveled, whether it was

98
00:05:18,279 --> 00:05:20,760
Speaker 1: me and my family staying in an airbnb, whether it

99
00:05:20,800 --> 00:05:22,719
Speaker 1: was Carol and I going to the airport and hopping

100
00:05:22,720 --> 00:05:25,480
Speaker 1: in an uber. You know, these marketplaces that we had

101
00:05:25,600 --> 00:05:28,800
Speaker 1: come to rely on so much. I do wonder, as

102
00:05:28,839 --> 00:05:32,160
Speaker 1: an investor in you know a lot of names around

103
00:05:32,720 --> 00:05:35,520
Speaker 1: this sector as well as someone who is thinking about

104
00:05:35,520 --> 00:05:38,280
Speaker 1: where to put future capital, how do you think of

105
00:05:38,320 --> 00:05:42,719
Speaker 1: that business model going forward? Yes, so, we we've been

106
00:05:42,760 --> 00:05:46,039
Speaker 1: active investors in marketplaces for a long time, over a

107
00:05:46,080 --> 00:05:49,840
Speaker 1: decade now, and continue to think that that marketplaces well,

108
00:05:49,960 --> 00:05:52,880
Speaker 1: you know, fundamentally changed the way consumers lived their lives

109
00:05:52,880 --> 00:05:55,159
Speaker 1: on a day to day basis. So we we are,

110
00:05:56,279 --> 00:05:59,120
Speaker 1: you know, very enthusiastic about these businesses. But I will

111
00:05:59,160 --> 00:06:02,520
Speaker 1: say the past year has been a really really interesting time.

112
00:06:02,560 --> 00:06:06,960
Speaker 1: There's been a real kind of Darwinian separation between between

113
00:06:07,000 --> 00:06:09,640
Speaker 1: the winners and the losers, and that's been you know

114
00:06:09,680 --> 00:06:12,880
Speaker 1: taking place in both the public markets and the private markets.

115
00:06:13,240 --> 00:06:17,039
Speaker 1: You're seeing you know, companies that um, you know, really

116
00:06:17,040 --> 00:06:21,440
Speaker 1: aren't aren't well known and aren't as well understood performing

117
00:06:21,520 --> 00:06:24,520
Speaker 1: extraordinarily well, whereas some of the really big successful ones

118
00:06:24,560 --> 00:06:27,200
Speaker 1: like the Ubers and the lifts that really have really struggled.

119
00:06:27,640 --> 00:06:29,680
Speaker 1: And so as investors, we spent a lot of time

120
00:06:29,720 --> 00:06:33,000
Speaker 1: trying to figure out what what is that recipe for success?

121
00:06:33,080 --> 00:06:35,400
Speaker 1: What it what is separating the winners and the losers.

122
00:06:35,400 --> 00:06:38,760
Speaker 1: So we we look a lot at the business model efficiency.

123
00:06:39,360 --> 00:06:43,520
Speaker 1: We think there's been a very strong investor change and

124
00:06:43,640 --> 00:06:46,960
Speaker 1: sentiment from growth at all costs. This was the era

125
00:06:47,080 --> 00:06:49,120
Speaker 1: of uber and lift, and we work a couple of

126
00:06:49,160 --> 00:06:53,360
Speaker 1: years ago to now in an era of really efficient growth. Uh,

127
00:06:53,400 --> 00:06:56,360
Speaker 1: and this is um you know, I think separated a

128
00:06:56,360 --> 00:06:59,400
Speaker 1: lot of the winning marketplaces from the losing marketplaces, and

129
00:06:59,400 --> 00:07:03,280
Speaker 1: the ones of adopted that mindset, the efficient growth mindset,

130
00:07:03,680 --> 00:07:05,640
Speaker 1: have performed a lot better. So we spent a lot

131
00:07:05,640 --> 00:07:08,280
Speaker 1: of time trying to find, you know, those companies and

132
00:07:08,400 --> 00:07:11,240
Speaker 1: trying to really focus on that. Do you think something

133
00:07:11,280 --> 00:07:14,200
Speaker 1: like an uber and left their viability longer term is

134
00:07:14,280 --> 00:07:17,600
Speaker 1: questionable or is it just a pause right now because

135
00:07:17,640 --> 00:07:22,400
Speaker 1: of the backdrop. No, there's definitely no existential question. They

136
00:07:22,680 --> 00:07:26,480
Speaker 1: will continue to survive. I just think that their business

137
00:07:26,520 --> 00:07:30,720
Speaker 1: model is harder to execute on and there's real questions

138
00:07:30,760 --> 00:07:34,240
Speaker 1: about how profitable it is long term, and and the

139
00:07:34,280 --> 00:07:37,200
Speaker 1: public markets have you know, have shown that to you know,

140
00:07:37,360 --> 00:07:39,960
Speaker 1: have ever reflected that in terms of their stock performance?

141
00:07:39,960 --> 00:07:42,600
Speaker 1: And there you know, the multiples they trade at our

142
00:07:42,600 --> 00:07:45,440
Speaker 1: a fraction of what some of their peers in in

143
00:07:45,800 --> 00:07:48,160
Speaker 1: you know, the marketplace world trade at that you know,

144
00:07:48,480 --> 00:07:50,960
Speaker 1: UM have performed much better over the past year and

145
00:07:51,600 --> 00:07:55,680
Speaker 1: traded much higher multiples because they're running far more profitable companies.

146
00:07:55,720 --> 00:07:57,240
Speaker 1: And so I don't I don't think they're going to

147
00:07:57,320 --> 00:07:59,560
Speaker 1: go away, but I just think they really need to

148
00:07:59,600 --> 00:08:03,080
Speaker 1: shift the operating model to be much more efficient businesses.

149
00:08:03,480 --> 00:08:05,920
Speaker 1: Talking about shifting models, Roger, you know, I do feel

150
00:08:05,960 --> 00:08:07,560
Speaker 1: like with retail, I do wonder if it's a bit

151
00:08:07,560 --> 00:08:11,040
Speaker 1: of a Barbell approach where people who can afford to

152
00:08:11,160 --> 00:08:15,560
Speaker 1: will pay for companies that UM coincide with their beliefs, right,

153
00:08:15,640 --> 00:08:18,080
Speaker 1: and whether it's their impact on the environment, who they hire,

154
00:08:18,720 --> 00:08:22,240
Speaker 1: you know, UM and so on, or who's doing their manufacturing.

155
00:08:22,240 --> 00:08:24,720
Speaker 1: And then at the low end, I mean, the last

156
00:08:24,720 --> 00:08:27,520
Speaker 1: couple of weeks, the last thirteen weeks with the virus,

157
00:08:27,600 --> 00:08:31,120
Speaker 1: you know, we've seen a reminder of the inequalities in

158
00:08:31,160 --> 00:08:33,360
Speaker 1: our world, and there's a lot of people who are

159
00:08:33,400 --> 00:08:37,120
Speaker 1: at the lower end of the wage spectrum, in the

160
00:08:37,160 --> 00:08:40,240
Speaker 1: economic spectrum, and so they need those retailers, whether it's

161
00:08:40,240 --> 00:08:43,080
Speaker 1: a Walmart or so on. Is that how you see

162
00:08:43,120 --> 00:08:45,800
Speaker 1: in terms of the consumer space, retail space, does it

163
00:08:45,800 --> 00:08:49,200
Speaker 1: continue to move along that line, I think so that

164
00:08:49,400 --> 00:08:52,280
Speaker 1: what we've really seen is the separation is much more

165
00:08:52,360 --> 00:08:56,480
Speaker 1: to do with how asset heavy the retail businesses and

166
00:08:56,559 --> 00:08:59,200
Speaker 1: the ones that have really struggled, the ones that are

167
00:08:59,200 --> 00:09:02,200
Speaker 1: the clearing bank or seeing the ones that that have

168
00:09:02,280 --> 00:09:06,719
Speaker 1: really underperformed publicly are the asset heavy retailers, the big

169
00:09:06,760 --> 00:09:10,280
Speaker 1: physical footprints and and um, you know, large kind of

170
00:09:10,280 --> 00:09:13,000
Speaker 1: fixed costs and how they operate, whereas the ones that

171
00:09:13,040 --> 00:09:17,440
Speaker 1: have thrived are really asset light, if not totally digital. Uh.

172
00:09:17,480 --> 00:09:19,920
Speaker 1: This is you know the obvious examples here Amazon and

173
00:09:19,960 --> 00:09:23,400
Speaker 1: Wayfair and businesses like that that have performed extraordinarily well

174
00:09:23,920 --> 00:09:28,240
Speaker 1: in this timeframe. Um, And so that that seems to

175
00:09:28,320 --> 00:09:30,840
Speaker 1: be the kind of the clearest dividing line. And these

176
00:09:30,880 --> 00:09:34,880
Speaker 1: were you know, trends we were already seeing over you know,

177
00:09:34,920 --> 00:09:37,480
Speaker 1: over the last you know, ten plus years. But what's

178
00:09:37,480 --> 00:09:40,160
Speaker 1: really interesting is that, you know, it took us ten years,

179
00:09:40,200 --> 00:09:43,120
Speaker 1: if not fifteen years, to get to ten percent you know,

180
00:09:43,240 --> 00:09:46,400
Speaker 1: penetration of e commerce and total retail, and in the

181
00:09:46,440 --> 00:09:51,600
Speaker 1: last twelve weeks alone, that numbers doubled. And so, uh,

182
00:09:51,720 --> 00:09:54,760
Speaker 1: if there's been one seismic shift that we've seen from

183
00:09:54,840 --> 00:09:58,520
Speaker 1: shelter in place. It's just the adoption of you know,

184
00:09:58,640 --> 00:10:02,199
Speaker 1: digital online s us is from e commerce to education

185
00:10:02,360 --> 00:10:06,400
Speaker 1: to telehealth, all of these things that's been really redefined

186
00:10:06,400 --> 00:10:08,400
Speaker 1: over the past couple of a couple of months here,

187
00:10:08,400 --> 00:10:11,320
Speaker 1: and we've we've taken five to ten years of of

188
00:10:11,600 --> 00:10:15,080
Speaker 1: you know, experimentation and shifted it into one quarter. And

189
00:10:15,120 --> 00:10:17,880
Speaker 1: so all the companies that were kind of digitally native

190
00:10:17,960 --> 00:10:20,240
Speaker 1: or really benefiting, the ones that that had you know,

191
00:10:20,280 --> 00:10:23,640
Speaker 1: old world assets, I think are really struggling. So Roger

192
00:10:23,920 --> 00:10:26,400
Speaker 1: want to close our conversation just by asking a question

193
00:10:26,440 --> 00:10:28,480
Speaker 1: We've been asking a lot of the smartest people we've

194
00:10:28,480 --> 00:10:31,200
Speaker 1: had on this program, uh, and we've talked a little

195
00:10:31,200 --> 00:10:33,719
Speaker 1: bit about sort of the practice of what you do

196
00:10:33,800 --> 00:10:36,680
Speaker 1: and and maybe the theory as well in terms of

197
00:10:36,760 --> 00:10:38,960
Speaker 1: your investment thesis. But I do wonder on the other

198
00:10:39,040 --> 00:10:41,400
Speaker 1: side of this, and this was a question we started

199
00:10:41,400 --> 00:10:43,800
Speaker 1: asking in the pandemic, but I think it's even more

200
00:10:43,840 --> 00:10:45,839
Speaker 1: relevant given what we've seen over the last couple of

201
00:10:45,880 --> 00:10:48,280
Speaker 1: weeks with some of the civil unrest and some of

202
00:10:48,320 --> 00:10:51,400
Speaker 1: the really deep thinking that we're doing about society. What

203
00:10:51,480 --> 00:10:54,120
Speaker 1: do you think changes permanently on the other side of

204
00:10:54,160 --> 00:10:56,560
Speaker 1: this as we get back to work or back to

205
00:10:56,600 --> 00:10:58,920
Speaker 1: the office as it were, and we get back into

206
00:10:59,040 --> 00:11:00,680
Speaker 1: sort of thinking about who we want to be in

207
00:11:00,720 --> 00:11:04,760
Speaker 1: what we want to be. What do you think sticks Well,

208
00:11:04,800 --> 00:11:07,319
Speaker 1: I think there's a macro and a micro to that.

209
00:11:07,440 --> 00:11:10,360
Speaker 1: I think on the macro you're going to see a

210
00:11:10,480 --> 00:11:14,840
Speaker 1: far greater distribution of opportunity and a far broader distribution

211
00:11:14,880 --> 00:11:20,359
Speaker 1: of capital. Historically, innovation, you know, is very closely correlated

212
00:11:20,360 --> 00:11:24,280
Speaker 1: to GDP, and so most of the capital was concentrated

213
00:11:24,720 --> 00:11:27,480
Speaker 1: in the big you know, kind of um, you know,

214
00:11:27,600 --> 00:11:31,000
Speaker 1: kind of GDP centers of the country, so you know,

215
00:11:31,040 --> 00:11:34,480
Speaker 1: Silicon Valley, New York City, places like that. And if

216
00:11:34,520 --> 00:11:36,959
Speaker 1: you look over time, that's shifting, and that's now being

217
00:11:37,000 --> 00:11:40,040
Speaker 1: accelerated by work from home and people being comfortable working

218
00:11:40,040 --> 00:11:43,160
Speaker 1: over video. So more and more opportunities are going to

219
00:11:43,240 --> 00:11:45,560
Speaker 1: shift out of those markets as people look for less

220
00:11:45,600 --> 00:11:48,840
Speaker 1: dense places to live, more affordable places to live. And

221
00:11:48,880 --> 00:11:51,400
Speaker 1: so I think you'll see you know, really really exciting

222
00:11:51,440 --> 00:11:54,120
Speaker 1: businesses being built all over the place and not just

223
00:11:54,320 --> 00:11:56,959
Speaker 1: in some of these kind of dense you know, GDP

224
00:11:57,200 --> 00:12:00,160
Speaker 1: and innovation quarters. I think that that's going to the

225
00:12:00,200 --> 00:12:03,080
Speaker 1: big macro shift, which which is very healthy, and I

226
00:12:03,080 --> 00:12:05,480
Speaker 1: think at the micro level, UM, what I hope and

227
00:12:05,520 --> 00:12:08,240
Speaker 1: what I expect is that every company will take a

228
00:12:08,360 --> 00:12:10,720
Speaker 1: very hard look at their own hiring products, at their

229
00:12:10,720 --> 00:12:13,640
Speaker 1: own kind of hiring and inclusion policies, and make a

230
00:12:13,640 --> 00:12:16,920
Speaker 1: really concerted effort towards, you know, finding more diverse candidates,

231
00:12:16,960 --> 00:12:20,800
Speaker 1: implementing the many rule UH and ensuring that people of

232
00:12:20,840 --> 00:12:23,719
Speaker 1: all color and backgrounds have the ability to be successful

233
00:12:23,760 --> 00:12:26,000
Speaker 1: inside their companies. And I think that will have an

234
00:12:26,000 --> 00:12:29,200
Speaker 1: equally profound impact. You've been listening to Bloomberg Business Week Extra,

235
00:12:29,320 --> 00:12:31,480
Speaker 1: and be sure to tune into Bloomberg Business Week Radio

236
00:12:31,559 --> 00:12:33,920
Speaker 1: Live Monday through Friday at two pm Wall Street Time

237
00:12:34,000 --> 00:12:37,079
Speaker 1: on Bloomberg Radio. I'm Carol Nasser and I'm Jason Kelly.

238
00:12:37,200 --> 00:12:37,920
Speaker 1: This is Bloomberg