WEBVTT - Okta CEO Introduces New ID Innovations

0:00:00.040 --> 0:00:03.600
<v Speaker 1>You're listening to Bloomberg Business Week with Carol Messer and

0:00:03.680 --> 0:00:08.440
<v Speaker 1>Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Actor shares

0:00:08.520 --> 0:00:11.520
<v Speaker 1>they rallied over eight percent today, taking part in the

0:00:11.560 --> 0:00:13.920
<v Speaker 1>overall jump that we saw in the equity markets today.

0:00:13.960 --> 0:00:17.640
<v Speaker 1>Stock though still under pressure, roughly lower by maybe eighty

0:00:17.680 --> 0:00:19.880
<v Speaker 1>percent lit a bit less than that. The seven point

0:00:19.960 --> 0:00:22.119
<v Speaker 1>eight billion dollar market cap company is an identity and

0:00:22.160 --> 0:00:25.720
<v Speaker 1>access management software firm working in the Club and Googgenheim

0:00:25.800 --> 0:00:28.520
<v Speaker 1>upgrade the stock just on Monday, saying the company's valuation

0:00:28.560 --> 0:00:31.640
<v Speaker 1>is quote too compelling to ignore despite challenges that will

0:00:31.680 --> 0:00:33.559
<v Speaker 1>take several quarters to sort out. So we want to

0:00:33.600 --> 0:00:35.960
<v Speaker 1>talk about the business and what is the way forward.

0:00:36.000 --> 0:00:39.000
<v Speaker 1>Todd McKinnon is the chairman, CEO, and co founder of Octa.

0:00:39.120 --> 0:00:41.600
<v Speaker 1>He joins us via Zoom in San Francisco from the

0:00:41.680 --> 0:00:45.199
<v Speaker 1>company's Octane twenty two event. Todd, nice to have you

0:00:45.240 --> 0:00:48.320
<v Speaker 1>here on Bloomberg. How are you. I'm good, Carol, thanks

0:00:48.320 --> 0:00:49.400
<v Speaker 1>for having me on. It's great to be here on

0:00:49.440 --> 0:00:51.720
<v Speaker 1>Bloomberg Radio and TV. Well, it's great to have you here.

0:00:51.760 --> 0:00:53.680
<v Speaker 1>Lots of talk about I gotta ask you though, I

0:00:53.680 --> 0:00:55.760
<v Speaker 1>want to get into the business and about the event

0:00:55.760 --> 0:00:57.520
<v Speaker 1>and some of the news that you guys, you are

0:00:57.600 --> 0:01:01.040
<v Speaker 1>though in the heart of Silicon Valley. Have to ask you,

0:01:01.120 --> 0:01:04.360
<v Speaker 1>is everybody talking about the recent cryptomolies that we saw

0:01:04.400 --> 0:01:07.120
<v Speaker 1>with SPF and f t X. I think we're all

0:01:07.200 --> 0:01:10.080
<v Speaker 1>watching it and we're all trying to figure out what

0:01:10.120 --> 0:01:12.560
<v Speaker 1>it means for the broader ecosystem. But one thing is

0:01:12.680 --> 0:01:15.360
<v Speaker 1>for sure, Silicon Valley is in a different world than

0:01:15.400 --> 0:01:17.680
<v Speaker 1>it was a year ago. Everyone is making sure that

0:01:17.720 --> 0:01:20.640
<v Speaker 1>we're doubling down on our most strategic and important initiatives

0:01:20.640 --> 0:01:22.680
<v Speaker 1>and maybe some of the things we were doing last

0:01:22.720 --> 0:01:25.240
<v Speaker 1>year that maybe it wasn't necessary, We're we're not focusing

0:01:25.360 --> 0:01:26.959
<v Speaker 1>on that as much as we are all of our

0:01:27.000 --> 0:01:29.440
<v Speaker 1>core strengths. And that's why work so excited about this

0:01:29.520 --> 0:01:31.840
<v Speaker 1>conference and what we can bring to the whole technology

0:01:31.880 --> 0:01:36.200
<v Speaker 1>market with our world class identity products. So, Todd, I'm

0:01:36.200 --> 0:01:38.240
<v Speaker 1>just looking at the f A functional on the Bloomberg

0:01:38.280 --> 0:01:40.760
<v Speaker 1>terminal and I it looks like Wall Street analysts have

0:01:40.880 --> 0:01:44.520
<v Speaker 1>you know, thirty growth revenue for the next few years.

0:01:44.560 --> 0:01:49.920
<v Speaker 1>Top line for you guys, what's driving that growth? Well,

0:01:50.000 --> 0:01:54.080
<v Speaker 1>every industry across the world is trying to do more technology,

0:01:54.360 --> 0:01:57.880
<v Speaker 1>whether that's adopt the innovation in the cloud, or keep

0:01:57.960 --> 0:02:01.520
<v Speaker 1>secure and stop the risk of data reaches, or transformed

0:02:01.560 --> 0:02:04.800
<v Speaker 1>digitally and build better customer experiences through the world world

0:02:04.880 --> 0:02:07.600
<v Speaker 1>beating websites and mobile apps and identity is at the

0:02:07.640 --> 0:02:09.520
<v Speaker 1>heart of that. You need to log on employees at

0:02:09.520 --> 0:02:11.720
<v Speaker 1>work and do it securely and make sure there's no

0:02:12.000 --> 0:02:13.800
<v Speaker 1>fishing or any data breaches. And you need to make

0:02:13.800 --> 0:02:16.240
<v Speaker 1>sure you give your customers. You're building that great new

0:02:16.280 --> 0:02:18.360
<v Speaker 1>app at your company. You're getting your subscribers or your

0:02:18.360 --> 0:02:21.320
<v Speaker 1>customers or your citizens online to connect to you directly.

0:02:21.320 --> 0:02:22.440
<v Speaker 1>And you have to have a great app, and that

0:02:22.480 --> 0:02:24.360
<v Speaker 1>starts with a great logging experience. And we have our

0:02:24.520 --> 0:02:27.720
<v Speaker 1>help our customers and organizations around the world do just that.

0:02:27.880 --> 0:02:29.440
<v Speaker 1>You know, I seek some of that top line growth,

0:02:29.480 --> 0:02:31.160
<v Speaker 1>and then I see your stock is down seventies some

0:02:31.480 --> 0:02:33.960
<v Speaker 1>percent year to date. Is this just a tech washout

0:02:34.440 --> 0:02:36.760
<v Speaker 1>or what's the street concerned about with with your name?

0:02:37.520 --> 0:02:39.840
<v Speaker 1>I think there's a couple of things there. There's definitely

0:02:40.040 --> 0:02:43.360
<v Speaker 1>valuations across the border technology you're down. And also we

0:02:43.400 --> 0:02:45.680
<v Speaker 1>took a pretty big, bold step a couple of years

0:02:45.720 --> 0:02:48.600
<v Speaker 1>ago to branch out into this important new market. For US,

0:02:48.600 --> 0:02:51.920
<v Speaker 1>it's called the customer identity management market, which is we

0:02:52.000 --> 0:02:55.280
<v Speaker 1>serve with our customer identity cloud and that acquisition. Over

0:02:55.320 --> 0:02:57.799
<v Speaker 1>the past couple of quarters, there have been some some

0:02:57.960 --> 0:03:01.320
<v Speaker 1>execution stumbles in terms of integrating that, and we're working

0:03:01.320 --> 0:03:03.240
<v Speaker 1>through those now and really excited to talk about our

0:03:03.280 --> 0:03:05.160
<v Speaker 1>long term products. You're talking about that six and a

0:03:05.200 --> 0:03:09.480
<v Speaker 1>half billion dollar deal, right AUTHO and zero excuse me,

0:03:09.720 --> 0:03:11.920
<v Speaker 1>so tell me about like how what kind of you

0:03:11.960 --> 0:03:14.800
<v Speaker 1>know through put if you will, that you're seeing already

0:03:14.800 --> 0:03:16.960
<v Speaker 1>on that acquisition. I know it's early, but tell us

0:03:16.960 --> 0:03:19.560
<v Speaker 1>about that. Well. It's, like I said, it's a really

0:03:19.600 --> 0:03:22.839
<v Speaker 1>important strategic part of the market for US because traditionally,

0:03:22.919 --> 0:03:26.320
<v Speaker 1>identity management has been sold as part of a monolithic platform.

0:03:26.320 --> 0:03:29.000
<v Speaker 1>You got it when you bought Microsoft applications or you

0:03:29.080 --> 0:03:31.760
<v Speaker 1>got it when you bought applications from IBM. But there's

0:03:31.840 --> 0:03:34.880
<v Speaker 1>and that's the workforce identity market, which is employee logging

0:03:34.880 --> 0:03:38.200
<v Speaker 1>in and employees being secure. But on the customer identity side,

0:03:38.440 --> 0:03:42.040
<v Speaker 1>there's this huge untapped potential where engineers and developers and

0:03:42.040 --> 0:03:46.040
<v Speaker 1>product people they're building identity themselves. They're spending their valuable

0:03:46.080 --> 0:03:49.640
<v Speaker 1>time creating log in pages and password reset functionality and

0:03:49.720 --> 0:03:52.720
<v Speaker 1>multi factor authentication. But there's a better way. Every hour

0:03:52.800 --> 0:03:54.960
<v Speaker 1>they spend on identity as an hour they're not spending

0:03:55.040 --> 0:03:58.200
<v Speaker 1>on innovation. So we have this product, Customer Identity Cloud,

0:03:58.200 --> 0:04:01.200
<v Speaker 1>which is the technology from the off zero acquisition that

0:04:01.240 --> 0:04:02.720
<v Speaker 1>can do it for them and free them up to

0:04:02.760 --> 0:04:05.400
<v Speaker 1>spend every hour and every calory they expend on great

0:04:05.400 --> 0:04:08.000
<v Speaker 1>innovation and their products and not on identity. Which were

0:04:08.040 --> 0:04:10.360
<v Speaker 1>the experts and we're talking about Tom McKinnon, co founder

0:04:10.400 --> 0:04:12.960
<v Speaker 1>and CEO at Octa via Zoom from San Francisco. Just

0:04:12.960 --> 0:04:16.040
<v Speaker 1>want to mention a headlined Charlie Pellett talked about a

0:04:16.040 --> 0:04:19.080
<v Speaker 1>little bit earlier. This is coming from information a couple

0:04:19.080 --> 0:04:22.080
<v Speaker 1>of sources, Musk Elon Musk saying the Twitter bank that

0:04:22.120 --> 0:04:25.279
<v Speaker 1>a Twitter bankruptcy is not out of question. So again

0:04:25.320 --> 0:04:27.960
<v Speaker 1>this is crossing the Bloomberg terminal here on this late

0:04:28.000 --> 0:04:31.440
<v Speaker 1>Thursday afternoon. So todd Um in terms of let's take

0:04:31.440 --> 0:04:33.760
<v Speaker 1>a step back, if if we, if we may the

0:04:33.800 --> 0:04:37.320
<v Speaker 1>macro environment right now on the outlook for your business, UM,

0:04:37.360 --> 0:04:41.240
<v Speaker 1>it feels like a lot of enthusiasm, barring the crypto side, UM,

0:04:41.360 --> 0:04:44.279
<v Speaker 1>certainly the equity side of things, because of that softer

0:04:44.360 --> 0:04:46.640
<v Speaker 1>inflation print. How do you see the economy and the

0:04:46.680 --> 0:04:48.480
<v Speaker 1>outlook for your business, let's say over the next six

0:04:48.520 --> 0:04:52.880
<v Speaker 1>to twelve months. Well, we've started oct fourteen years ago,

0:04:52.920 --> 0:04:56.800
<v Speaker 1>and over the past fourteen years, we've seen unprecedented growth

0:04:56.839 --> 0:05:00.320
<v Speaker 1>across cloud computing. Now cloud computing is the you fault

0:05:00.800 --> 0:05:03.720
<v Speaker 1>computing platform for every organization in the world. We've seen

0:05:03.800 --> 0:05:07.760
<v Speaker 1>security risks and the how you could avoid risks with

0:05:07.880 --> 0:05:10.880
<v Speaker 1>great cyber posture. We've seen that become as important as ever,

0:05:11.200 --> 0:05:13.560
<v Speaker 1>and we've seen every organization want to connect with their

0:05:13.560 --> 0:05:17.960
<v Speaker 1>customers online. And the macro, the macro economic environment is

0:05:18.040 --> 0:05:21.839
<v Speaker 1>changing money. A year ago, zero interest rates, investments weren't

0:05:21.839 --> 0:05:24.360
<v Speaker 1>weren't as focused and as scrutinized as they are now.

0:05:24.839 --> 0:05:28.240
<v Speaker 1>And so no company, no organization, no industry is immune

0:05:28.279 --> 0:05:31.240
<v Speaker 1>to that. But what's really giving us a very bright

0:05:31.279 --> 0:05:34.120
<v Speaker 1>outlook for the over the long term is these trends continue.

0:05:34.160 --> 0:05:36.760
<v Speaker 1>Everyone is figuring out how they can adopt the latest

0:05:36.760 --> 0:05:39.039
<v Speaker 1>technology for their workforce. They want to do it in

0:05:39.040 --> 0:05:41.520
<v Speaker 1>a secure way. They want to build world beating customer

0:05:41.600 --> 0:05:45.360
<v Speaker 1>apps because in the time of economic uncertainty, it's many

0:05:45.360 --> 0:05:47.600
<v Speaker 1>times it's the best time to double down on innovation

0:05:47.680 --> 0:05:49.880
<v Speaker 1>so you can leap ahead of your competitors. We know

0:05:49.960 --> 0:05:52.599
<v Speaker 1>this in two thousand nine when I started Octa, we

0:05:52.720 --> 0:05:55.039
<v Speaker 1>took that time. There was an economic problem, but that

0:05:55.160 --> 0:05:58.120
<v Speaker 1>the Great Recession, and we started Octa in this downturn,

0:05:58.400 --> 0:06:00.560
<v Speaker 1>and it was a good time to focus on innovation,

0:06:00.640 --> 0:06:04.039
<v Speaker 1>and we we built the industry leading company because of that.

0:06:04.720 --> 0:06:07.520
<v Speaker 1>So Todd, how would you characterize the risk appetite in

0:06:07.560 --> 0:06:09.840
<v Speaker 1>Silicon Valley these days? If I had a really cool

0:06:09.880 --> 0:06:12.880
<v Speaker 1>idea and I go to Sandhill Road looking for some

0:06:13.240 --> 0:06:17.000
<v Speaker 1>venture capital, how would it be now versus a year ago?

0:06:18.600 --> 0:06:22.520
<v Speaker 1>I think it's I think for the top end of

0:06:22.600 --> 0:06:28.640
<v Speaker 1>the VC market, the premier funds, the the most entrepreneurs

0:06:28.680 --> 0:06:31.279
<v Speaker 1>going out there with the strongest backgrounds and the strongest

0:06:31.320 --> 0:06:34.320
<v Speaker 1>track record. It's as strong as ever. The overall amount

0:06:34.360 --> 0:06:36.359
<v Speaker 1>of funding is way down, and you see that happening

0:06:36.480 --> 0:06:40.320
<v Speaker 1>happen in these cycles. But great entrepreneurs have great ideas.

0:06:40.839 --> 0:06:43.159
<v Speaker 1>They might have to work a little harder to raise

0:06:43.240 --> 0:06:45.880
<v Speaker 1>that round, and the valuation certainly isn't going to be

0:06:45.960 --> 0:06:49.040
<v Speaker 1>as high, but the best ideas and the best entrepreneurs

0:06:49.080 --> 0:06:51.039
<v Speaker 1>they're gonna be funding. I think that's will always be

0:06:51.040 --> 0:06:53.920
<v Speaker 1>true because there's so much potential in technology. At OCTA,

0:06:54.240 --> 0:06:57.599
<v Speaker 1>we are technology enthusiasts. We believe that over the next

0:06:57.640 --> 0:07:01.440
<v Speaker 1>five years you're gonna see amazing innovation and collaboration technology

0:07:01.480 --> 0:07:04.880
<v Speaker 1>and the ways to more more work more effectively, and

0:07:04.920 --> 0:07:08.600
<v Speaker 1>collaborate with teammates remotely. Especially on the security side as well.

0:07:08.640 --> 0:07:10.720
<v Speaker 1>We think there's going to be security breakthroughs that make

0:07:10.720 --> 0:07:13.720
<v Speaker 1>companies ten times more productive, Which is why one of

0:07:13.760 --> 0:07:16.320
<v Speaker 1>our core beliefs is that we believe in this world

0:07:16.520 --> 0:07:19.640
<v Speaker 1>an open ecosystem of innovation. We don't believe. We don't

0:07:19.640 --> 0:07:22.560
<v Speaker 1>believe that a monolithic platform should lock you in and

0:07:22.560 --> 0:07:25.800
<v Speaker 1>and choose and make you choose subpar applications and services

0:07:26.400 --> 0:07:28.760
<v Speaker 1>at the you know, just because they think it's more

0:07:28.800 --> 0:07:31.880
<v Speaker 1>integrated or more secured. We think this open ecosystem, where

0:07:31.880 --> 0:07:34.520
<v Speaker 1>the best innovation can be used by any company, that's

0:07:34.520 --> 0:07:36.720
<v Speaker 1>the right way forward, and that's what we're trying to build. Hey, Todd,

0:07:36.760 --> 0:07:38.559
<v Speaker 1>I think people are listening and they're like, Okay, wait,

0:07:38.600 --> 0:07:40.679
<v Speaker 1>what are you talking about? So how does it affect

0:07:40.840 --> 0:07:44.880
<v Speaker 1>you know, people in their workspaces and everyday lying living

0:07:44.920 --> 0:07:47.600
<v Speaker 1>break it down for us? Well, I think I think

0:07:47.840 --> 0:07:50.400
<v Speaker 1>we've been through the last three years with so many

0:07:50.400 --> 0:07:53.680
<v Speaker 1>people working remotely, and we we've been as an industry

0:07:53.760 --> 0:07:56.160
<v Speaker 1>and as a as a collective workforce. We we've done

0:07:56.160 --> 0:07:58.600
<v Speaker 1>a good job collaborating and communicating. But I think the

0:07:58.600 --> 0:08:01.760
<v Speaker 1>tools that we use, whether it's chat or email or

0:08:01.880 --> 0:08:05.720
<v Speaker 1>video conferencing, that they they weren't designed for this world

0:08:05.760 --> 0:08:08.960
<v Speaker 1>where remote is almost the default, and working in a

0:08:09.040 --> 0:08:11.880
<v Speaker 1>hybrid way in the office and remotely is the way

0:08:11.920 --> 0:08:14.720
<v Speaker 1>every organization, every company operates. So I think when we

0:08:14.760 --> 0:08:17.240
<v Speaker 1>get together in five years and we talk, we're gonna

0:08:17.280 --> 0:08:19.680
<v Speaker 1>be amazed at some of the new technologies. Maybe it's

0:08:20.120 --> 0:08:22.400
<v Speaker 1>virtual reality headsets, or maybe it's a new kind of

0:08:22.400 --> 0:08:25.600
<v Speaker 1>collaboration software that can mix a hybrid meeting where some

0:08:25.640 --> 0:08:28.120
<v Speaker 1>people are remote and some people in the From the metaverse,

0:08:28.200 --> 0:08:29.920
<v Speaker 1>and I'm not making you a joke, like I feel

0:08:29.920 --> 0:08:31.920
<v Speaker 1>like it creeps into every conversation. Is this where the

0:08:31.960 --> 0:08:35.199
<v Speaker 1>metaverse maybe has a real world application. I think what

0:08:35.480 --> 0:08:39.120
<v Speaker 1>I think about the metaverse is really an evolution of

0:08:39.120 --> 0:08:41.920
<v Speaker 1>the Internet. So today we use the Internet on phones

0:08:42.000 --> 0:08:45.360
<v Speaker 1>and computers, but we're going to access the Internet on

0:08:45.440 --> 0:08:49.040
<v Speaker 1>these VR headsets and these augmented reality devices. It's I

0:08:49.040 --> 0:08:52.240
<v Speaker 1>think that's inevitable. I think thinking it's a totally discrete

0:08:52.240 --> 0:08:54.680
<v Speaker 1>thing that's independent of the Internet, or a whole new

0:08:54.800 --> 0:08:56.360
<v Speaker 1>version of the Internet, is probably the wrong way to

0:08:56.360 --> 0:08:58.360
<v Speaker 1>think about it. I think it's it's a new way

0:08:58.360 --> 0:09:00.880
<v Speaker 1>to interact with people, and more people over time we'll

0:09:00.960 --> 0:09:03.720
<v Speaker 1>use these new devices, but it's the same Internet, the

0:09:03.760 --> 0:09:05.640
<v Speaker 1>same way to work, the same way to collaborate, the

0:09:05.640 --> 0:09:09.040
<v Speaker 1>same way to socialize, as we've seen in the past. Todd,

0:09:09.360 --> 0:09:11.800
<v Speaker 1>you're in San Francisco. San Francisco, like a lot of

0:09:11.800 --> 0:09:15.520
<v Speaker 1>tech companies, give us your overview how things are in

0:09:15.559 --> 0:09:18.079
<v Speaker 1>San Francisco these days. A lot of people are saying

0:09:18.400 --> 0:09:20.520
<v Speaker 1>it's best days are behind it. Um, they've got some

0:09:20.600 --> 0:09:23.600
<v Speaker 1>issues here. How do you think about it? I love

0:09:23.600 --> 0:09:25.920
<v Speaker 1>San Francisco. We started locked in San Francisco. We've been

0:09:25.920 --> 0:09:29.120
<v Speaker 1>here headquarters for nearly fourteen years. I've lived in San

0:09:29.120 --> 0:09:32.800
<v Speaker 1>Francisco's I've lived in San Francisco since the late nineties.

0:09:33.040 --> 0:09:34.959
<v Speaker 1>It's a great city, and I think every great city

0:09:35.000 --> 0:09:38.360
<v Speaker 1>has challenges and opportunities in San Francisco's trying to work

0:09:38.400 --> 0:09:40.880
<v Speaker 1>through things. But San Francisco and the Bear has given

0:09:40.880 --> 0:09:42.760
<v Speaker 1>a lot to me. And a lot to Octa, So

0:09:42.800 --> 0:09:46.120
<v Speaker 1>we're focused on giving back and helping it prosper through

0:09:46.200 --> 0:09:48.199
<v Speaker 1>these times, which you know, for a lot of a

0:09:48.240 --> 0:09:50.600
<v Speaker 1>lot of cities these days, is a little used to be,

0:09:50.760 --> 0:09:53.800
<v Speaker 1>all right. Mr Elon Musk his first email to his

0:09:54.160 --> 0:09:56.760
<v Speaker 1>remaining employees was, you got to come in every day.

0:09:56.880 --> 0:10:02.120
<v Speaker 1>What's the work policy at Octa? We're I think we're hybrid,

0:10:02.160 --> 0:10:05.400
<v Speaker 1>so we we give employees the choice to work where

0:10:05.400 --> 0:10:07.520
<v Speaker 1>they think it's most effective for them to work. One

0:10:07.520 --> 0:10:09.920
<v Speaker 1>thing we are learning, and the entire company is learning,

0:10:09.960 --> 0:10:12.920
<v Speaker 1>that there are many things that are done better in person,

0:10:12.920 --> 0:10:15.400
<v Speaker 1>whether it's collaborating on that next great innovation or that

0:10:15.440 --> 0:10:17.319
<v Speaker 1>next great strategy that has to have a lot of

0:10:17.520 --> 0:10:19.319
<v Speaker 1>back and forth, and you have to be able to

0:10:19.360 --> 0:10:22.120
<v Speaker 1>read the body language and build relationships. And that's another

0:10:22.160 --> 0:10:24.200
<v Speaker 1>thing we're learning. As you hire a lot of people

0:10:24.280 --> 0:10:26.920
<v Speaker 1>and as people change roles and work on new initiatives,

0:10:27.200 --> 0:10:29.680
<v Speaker 1>building that trust and that bonding early in the in

0:10:29.720 --> 0:10:32.400
<v Speaker 1>the team work process is really vital, especially when you

0:10:32.400 --> 0:10:34.200
<v Speaker 1>get down the road and you have to deal with

0:10:34.320 --> 0:10:37.280
<v Speaker 1>conflict and deal with controversy. Having that bond that can

0:10:37.320 --> 0:10:41.040
<v Speaker 1>be built from in person working relationship is super valuable.

0:10:41.080 --> 0:10:43.200
<v Speaker 1>So I think the industry we're learning and we're getting

0:10:43.240 --> 0:10:45.520
<v Speaker 1>better at it. Well, last question on that vein um

0:10:45.520 --> 0:10:48.839
<v Speaker 1>really quick twenty seconds in terms of the job jobs

0:10:48.880 --> 0:10:51.560
<v Speaker 1>that are out there, are you hiring, are you going

0:10:51.600 --> 0:10:53.680
<v Speaker 1>to keep your workforce as it is or might you

0:10:53.679 --> 0:10:55.679
<v Speaker 1>have to let some people go depending on the outlook

0:10:55.679 --> 0:10:58.600
<v Speaker 1>were we we are growing and we are investing. We

0:10:58.679 --> 0:11:01.319
<v Speaker 1>definitely are making sure our investments are doubled down on

0:11:01.360 --> 0:11:03.439
<v Speaker 1>the highest priority things we have to do. And I

0:11:03.440 --> 0:11:05.840
<v Speaker 1>think this is an industry wide thing. I think many

0:11:05.880 --> 0:11:08.600
<v Speaker 1>companies that are doing these layoffs, it's it's more about

0:11:08.600 --> 0:11:11.640
<v Speaker 1>focusing their investments on what they think are their most

0:11:11.679 --> 0:11:15.400
<v Speaker 1>strategic differentiators versus I think in the past few years,

0:11:15.480 --> 0:11:18.360
<v Speaker 1>I think we got a little we spread ourselves industry

0:11:18.360 --> 0:11:21.040
<v Speaker 1>wide too widely, and we weren't focused enough on the

0:11:21.600 --> 0:11:23.320
<v Speaker 1>core things that are going to move our companies forward.

0:11:23.360 --> 0:11:26.120
<v Speaker 1>And that's I think what folks are doing. So appreciate

0:11:26.200 --> 0:11:27.760
<v Speaker 1>checking in with you, and I know it's been a

0:11:27.760 --> 0:11:31.080
<v Speaker 1>busy week. Todd McKinnon, thank you. He is the chairman, CEO,

0:11:31.120 --> 0:11:33.120
<v Speaker 1>and co founder of Octa, joining s VA Zoom in

0:11:33.160 --> 0:11:35.880
<v Speaker 1>San Francisco from the company's Octaan twenty two events