WEBVTT - Businessweek Extra - Rob LoCascio

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<v Speaker 1>This is Bloomberg Business Week with Carol Masser and Jason

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<v Speaker 1>Kelly from Bloomberg Radio. I'm Jason Kelly and I'm Carol Masser.

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<v Speaker 1>Welcome to the Bloomberg Business Week Extra. It's our weekly

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<v Speaker 1>podcast bringing you an in depth interview you will not

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<v Speaker 1>hear anywhere else. And this conversation, Jason, it's one that

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<v Speaker 1>went a lot of places I didn't expect. Absolutely, we

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<v Speaker 1>went into this. We were excited to talk to Rob

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<v Speaker 1>Lacatio because his company Live Person, it's been around for

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<v Speaker 1>a while. Obviously their business has changed a lot in

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<v Speaker 1>the pandemic. As we think about customer service, we think

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<v Speaker 1>about changing customer behavior. But then we sort of took

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<v Speaker 1>it down level in some ways because we started to

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<v Speaker 1>talk about his background as a lifelong New Yorker, as

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<v Speaker 1>an entrepreneur who has been very involved in the New

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<v Speaker 1>York scene, and also what he's done as a philanthropist

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<v Speaker 1>and someone who's really given a lot back to the

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<v Speaker 1>New York community. Check it out. You know, we build

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<v Speaker 1>platforms to allow consumers to communicate with their favorite brands,

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<v Speaker 1>and you know the contact center is which normally would

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<v Speaker 1>handle these communications, have been shut down because of social distancing,

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<v Speaker 1>and you know, I've always been we we've been providing

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<v Speaker 1>messaging platforms in AI, not voice platforms, like the eight

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<v Speaker 1>hundred numbers were against that, and the voice contact centers

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<v Speaker 1>really got shut down and there's been a real issue

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<v Speaker 1>with getting through the brands and getting your phone calls answered,

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<v Speaker 1>and it's gotten worse than it ever has. And so

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<v Speaker 1>we've just seen this massive shift into our platform and uh,

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<v Speaker 1>you know, it's just it's been a real ride over

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<v Speaker 1>the last couple of weeks, so the last couple of

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<v Speaker 1>months actually, Yeah, And so you know it's interesting, Rob

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<v Speaker 1>because you guys have such a widow into sort of

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<v Speaker 1>human behavior, I guess, and we're all wondering. You know,

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<v Speaker 1>we were talking, uh during one of our local fills

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<v Speaker 1>earlier in the show for our New York audience about

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<v Speaker 1>you know, Wall Street interns and how they're having to

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<v Speaker 1>sort of adjust the way that they deal with there

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<v Speaker 1>would be bosses because they're you know, having to set

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<v Speaker 1>up zoom calls instead of you know, being those eager

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<v Speaker 1>beaver go getters who are like fetching lunch and doing

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<v Speaker 1>all that stuff that interns do in normal times. I

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<v Speaker 1>do wonder, you know, like how have you seen people's

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<v Speaker 1>behavior change. Look, it's it's the Context Center REPS is

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<v Speaker 1>fifteen million of them around the world. We're sent home

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<v Speaker 1>and normally they're in these you know, fixed locations, sitting

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<v Speaker 1>two feet from each other. And now they're taking phone

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<v Speaker 1>calls in their home while they have kids running around

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<v Speaker 1>and you know, just dealing with the stresses of that

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<v Speaker 1>and it's not working out that well. So you know,

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<v Speaker 1>I think the stress on this group of people and

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<v Speaker 1>is really tough. Now once again, the alternative is what

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<v Speaker 1>we're providing them as a way to become bobmakers and

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<v Speaker 1>create automations and and and really jump into the digital

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<v Speaker 1>world because that's the world that's growing, uh and and

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<v Speaker 1>really scaling, versus sitting there and trying to handle fall

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<v Speaker 1>and calls while you're in your home with some angry

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<v Speaker 1>customer screaming at you. And now in your home, I mean,

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<v Speaker 1>they got to take the work home. It doesn't make sense.

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<v Speaker 1>So there's really an opportunity here to kind of change

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<v Speaker 1>how they work and get them into the future or

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<v Speaker 1>they're gonna lose their jobs. This is really what I

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<v Speaker 1>think that the challenges for them right now with they're

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<v Speaker 1>facing well so give us I don't know how specific

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<v Speaker 1>you can get because you work with a lot of

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<v Speaker 1>you know, certainly well known brands, But give us a

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<v Speaker 1>for instance that you know, um, maybe how a brand

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<v Speaker 1>has kind of tapped into what you're doing, especially in

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<v Speaker 1>the specific environment that we're in. Yeah. So you know,

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<v Speaker 1>Chapoult is one of our one of our customers and

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<v Speaker 1>and uh, obviously going into a store and picking ingredients

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<v Speaker 1>and building a burrito you may or may not want

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<v Speaker 1>to really do that right now with the challenges and virus.

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<v Speaker 1>So we built with them an automation. It's called Pepper,

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<v Speaker 1>and through Facebook, Messenger or SMS, you can you can

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<v Speaker 1>you can converse with Pepper, and Pepper helps you build

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<v Speaker 1>your burrito and then you show up at the store

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<v Speaker 1>and they hand it to you. You don't have to

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<v Speaker 1>come in, they just hand it to you. So there's

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<v Speaker 1>that going on right now. We were seeing massive amounts

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<v Speaker 1>of interest in demand in the retail well because they've

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<v Speaker 1>been turned upside down. How do you get a consumer

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<v Speaker 1>engage when they don't feel comfortable coming in a store

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<v Speaker 1>and and that's really where we see have them talk

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<v Speaker 1>to an automation. Uh, you know, do curbside delivery. Um

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<v Speaker 1>that that's a whole different thing because retail is not

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<v Speaker 1>going to go under, It just is going to shift

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<v Speaker 1>into something different, which is gonna be powered by AI

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<v Speaker 1>and automation. We talked to us a little bit more

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<v Speaker 1>about that shift, because I think we do, you know, Jason,

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<v Speaker 1>I were talking earlier just about kind of the real

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<v Speaker 1>estate story of of retail, because they're certainly seeing it

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<v Speaker 1>in New York City as more retailers are shutting down.

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<v Speaker 1>Not a new story, but I do wonder, you know

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<v Speaker 1>how much in times of crisis we see transformations. So

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<v Speaker 1>what else happens to the retail environment that might feel

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<v Speaker 1>new or will feel new soon, but we'll soon become

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<v Speaker 1>also the norm. Look in China right now, and we're

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<v Speaker 1>actually launching platform in a couple of weeks. That's in China,

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<v Speaker 1>they do streaming shopping. Some of the most popular biggest

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<v Speaker 1>services are streaming shopping. And this is really people in

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<v Speaker 1>their homes with products, and like someone's trying on address

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<v Speaker 1>and there are people in real time and video asking

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<v Speaker 1>questions and messaging in and this person is trying on

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<v Speaker 1>something to say, try that other address on do this,

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<v Speaker 1>and and so you can imagine a world in which

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<v Speaker 1>you have people that are are trying things on, they're

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<v Speaker 1>they're explaining the products that you want to buy, and

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<v Speaker 1>and by video you can go ahead and engage and

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<v Speaker 1>you can message them also. And it could be one

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<v Speaker 1>too many, but but that I think is going to

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<v Speaker 1>happen because we can solve we were right now. I'm

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<v Speaker 1>working with one of the large home improvement companies were

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<v Speaker 1>virtualizing a store as and when you walk in, you

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<v Speaker 1>don't have to find a sales rep. Next to every

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<v Speaker 1>product is a QR code. You basically start messaging. You

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<v Speaker 1>can talk to an automation or a human who's not

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<v Speaker 1>in the store, and you can ask questions. We we

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<v Speaker 1>and solve that problem. The issue is walking in the store,

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<v Speaker 1>right And I think when we look at um, you know,

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<v Speaker 1>how do you get people set don't bump into each other?

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<v Speaker 1>So I think that we'll see what's streaming shopping. And

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<v Speaker 1>I said, we're releasing a platform very shortly to go

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<v Speaker 1>after this. I think that's gonna be a way for

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<v Speaker 1>you to release, engage and ask questions in your home

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<v Speaker 1>and then you'll be able to buy or do a

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<v Speaker 1>curbside picked up and or you know, and I think

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<v Speaker 1>that's that's really where the future is going to be.

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<v Speaker 1>Later on this hour, we're gonna take you to Washington

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<v Speaker 1>for briefing from the President uh a coronavirus briefing, and

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<v Speaker 1>as Carol mentioned earlier, often much more especially given everything

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<v Speaker 1>that's going on in the world. Let's get back in

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<v Speaker 1>the meantime to our conversation with Robotcatio. He is founder

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<v Speaker 1>and CEO of Live Person. He joins us on the

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<v Speaker 1>phone from Connecticut, and Rob, I want to take this

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<v Speaker 1>in a slightly different direction if I can, because knowing

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<v Speaker 1>a bit about your background, you've been incredibly involved in

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<v Speaker 1>the New York City startups scene and understanding sort of

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<v Speaker 1>what drives entrepreneurship, especially in New York City. There are

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<v Speaker 1>a lot of big, kind of existential concerns right now

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<v Speaker 1>about New York City, rightly or wrongly, something they're overblown,

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<v Speaker 1>something that we're underestimating the impact that everything that we're

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<v Speaker 1>going through could have a New York City. What's your take.

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<v Speaker 1>I mean, I think there's gonna be some major challenges,

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<v Speaker 1>and it starts with this is that, like we decided

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<v Speaker 1>a few weeks ago that we will not be returning

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<v Speaker 1>to our offices, and our corporate headquarters is in New

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<v Speaker 1>York City. Although we have fourteen offices around the world

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<v Speaker 1>and at about employees, only about fifty or in New York.

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<v Speaker 1>But we decided as a company not to go back

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<v Speaker 1>to offices and because they're not safe and and I

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<v Speaker 1>know I've talked to many other CEO who are friends

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<v Speaker 1>of mine in New York City and they're thinking, you know,

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<v Speaker 1>we can't force our employees back. Plus, we're doing very well.

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<v Speaker 1>You know, we had our best quarter in our history

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<v Speaker 1>this path quarters. So we're all doing very well. If

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<v Speaker 1>you're in tech and and you're part of the shift,

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<v Speaker 1>and that's happening in the world. So here's what I

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<v Speaker 1>think it's gonna have. People are gonna move out. I mean,

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<v Speaker 1>I'm seeing now some of our employees are like, look,

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<v Speaker 1>if if I'm not working in New York, I'm not

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<v Speaker 1>going to be in a small apartment. And I think,

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<v Speaker 1>you know, people are gonna start to leave. And I

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<v Speaker 1>don't think it's just tech. Um, it's gonna be other

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<v Speaker 1>industries because it's very expensive to work in New York. Um.

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<v Speaker 1>You know, it does have a great lifestyle if you

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<v Speaker 1>can actually engage with people, and so I think for

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<v Speaker 1>especially our younger employees, UM, I think they're gonna tend

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<v Speaker 1>to want to go someplace else. And so, um I

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<v Speaker 1>think this will have an impact, especially in the startup world,

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<v Speaker 1>because people may go other places to go start businesses

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<v Speaker 1>because New York, once again, it's not the the cheapest

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<v Speaker 1>place to to start a business. I started there. I

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<v Speaker 1>slept on a couch for two years. Now. That was

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<v Speaker 1>back twenty five years ago. It was cheap. It was

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<v Speaker 1>cheap to do that. Now it's not. You can't sleep

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<v Speaker 1>in a couch in New York City down Tribeca. That's

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<v Speaker 1>what I did, and I paid for bucks a month.

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<v Speaker 1>You're not going to do that anymore. So I think

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<v Speaker 1>it's a little hard to be a startup in New York.

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<v Speaker 1>So Rob, when you say we decided you're not going

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<v Speaker 1>to go back to your New York offices at all,

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<v Speaker 1>you're done all off no globally, not just New York,

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<v Speaker 1>but all offices now, we're done. Wow. So so is

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<v Speaker 1>it hybrid or is it everybody working at home? You're

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<v Speaker 1>just going to continue that or you'll get offices outside

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<v Speaker 1>major cities. We don't. We're gonna We're gonna push the

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<v Speaker 1>We spend ten to twelve million a year on rent,

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<v Speaker 1>and a landlords cannot cannot make the offices safe. I

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<v Speaker 1>mean I went back to New York and I looked

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<v Speaker 1>at our office. I mean, it's a joke to think

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<v Speaker 1>that four people can be in an elevator and they're

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<v Speaker 1>trying to space. It just doesn't make sense, and they're

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<v Speaker 1>not doing the work to make them safe. I'd rather

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<v Speaker 1>take that money, push it down to my employees and

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<v Speaker 1>say you figure out what to do. And what's happening

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<v Speaker 1>now is some of them want to get together for

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<v Speaker 1>a couple of months. Six of them will get together

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<v Speaker 1>and get some space, maybe a we work or something else,

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<v Speaker 1>but we will not be committing to fixed office space.

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<v Speaker 1>Things are working really well right now for us. And

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<v Speaker 1>you know, it's not about working from home or remote.

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<v Speaker 1>It's about giving people the flexibility to work the way

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<v Speaker 1>they think they can at the best they can be.

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<v Speaker 1>And even for me, like I don't miss the office

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<v Speaker 1>a percent. I miss seeing people, and I do visit

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<v Speaker 1>people and I'll take a nature walk with my some

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<v Speaker 1>of my my my reports and we'll we'll talk for

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<v Speaker 1>two hours. And we're changing the way we work, but

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<v Speaker 1>I don't see office as being the central location anymore,

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<v Speaker 1>at least not for us. Interesting, I do want to

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<v Speaker 1>ask you before we let you go about some of

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<v Speaker 1>you or some of your philanthropic work as well, and

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<v Speaker 1>especially something you've done also related to New York City

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<v Speaker 1>called feeding nyc UM, and it's all about sort of

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<v Speaker 1>feeding families who who otherwise not be able to fully

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<v Speaker 1>feed themselves, especially around Thanksgiving. We are at a moment,

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<v Speaker 1>a critical moment right now in New York City. In

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<v Speaker 1>many other places, we're talking about millions of people being evicted.

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<v Speaker 1>We're talking about unemployment rates we haven't seen since recessions

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<v Speaker 1>or even depressions. How should we be thinking as leaders

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<v Speaker 1>about how to bridge that gap philanthropically? This is you know,

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<v Speaker 1>this is gonna be a really I think, a focal

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<v Speaker 1>point for UM people like myself and my company and others.

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<v Speaker 1>There are a lot of people who are who are

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<v Speaker 1>hurting previous to COVID and now, like you said, they're unemployed.

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<v Speaker 1>We work with women in need mostly is a big

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<v Speaker 1>shelter system that helps women who are in battered relationships

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<v Speaker 1>and they leave with their families and they get back

0:11:35.440 --> 0:11:38.440
<v Speaker 1>on their feet. You know, there's just there's not enough

0:11:38.840 --> 0:11:42.400
<v Speaker 1>supply for the demand of people who are homeless, and

0:11:42.480 --> 0:11:46.840
<v Speaker 1>especially families and children, and we have to step up

0:11:46.880 --> 0:11:50.080
<v Speaker 1>now and help them. And there's more people who are

0:11:50.120 --> 0:11:52.760
<v Speaker 1>going to need to go into the shelter system. So

0:11:52.880 --> 0:11:56.000
<v Speaker 1>I started this foundation after nine eleven and I wanted

0:11:56.040 --> 0:11:58.760
<v Speaker 1>to give something back to the to the to New York.

0:11:59.200 --> 0:12:02.439
<v Speaker 1>We started, we've fed seventy families at that time. Last year,

0:12:02.600 --> 0:12:06.360
<v Speaker 1>we've we've fed next to close to over four thousand

0:12:06.440 --> 0:12:09.920
<v Speaker 1>families and then we've set about eighty thousand since nine eleven.

0:12:10.440 --> 0:12:13.280
<v Speaker 1>And all I can say is that you'd be surprised

0:12:13.440 --> 0:12:15.800
<v Speaker 1>people who live next door to you. It's very funny

0:12:15.840 --> 0:12:18.040
<v Speaker 1>that the shelters are all around New York City. They

0:12:18.080 --> 0:12:21.280
<v Speaker 1>maybe three blocks from you. In there they're suffering and

0:12:21.679 --> 0:12:24.360
<v Speaker 1>uh and we have to help them. So in my cause,

0:12:24.760 --> 0:12:27.599
<v Speaker 1>you go to feeding NYC dot org sign up. We

0:12:28.080 --> 0:12:29.880
<v Speaker 1>even though we got to think about how we're gonna

0:12:29.880 --> 0:12:32.200
<v Speaker 1>pack turkeys and deliver them, this year, we will do that.

0:12:32.240 --> 0:12:34.360
<v Speaker 1>We will feed him. We're going to target eight thousand

0:12:34.400 --> 0:12:38.000
<v Speaker 1>families this year, almost double what we did last year,

0:12:38.040 --> 0:12:40.280
<v Speaker 1>because we got to step up and help those meat

0:12:40.600 --> 0:12:42.760
<v Speaker 1>that was Rob Lacasio, he's the founder and CEO of

0:12:42.880 --> 0:12:46.480
<v Speaker 1>Live Person and Jason, as we all just heard, I mean,

0:12:46.559 --> 0:12:48.439
<v Speaker 1>he is a die hard New Yorker and the one

0:12:48.480 --> 0:12:50.240
<v Speaker 1>thing that really stayed with us, I mean a lot

0:12:50.280 --> 0:12:52.880
<v Speaker 1>of things because he really dug deep into the retail industry,

0:12:53.040 --> 0:12:56.000
<v Speaker 1>but that whole idea that his team at Live Person

0:12:56.120 --> 0:12:57.800
<v Speaker 1>they're not going to be heading back to their offices

0:12:57.800 --> 0:13:00.400
<v Speaker 1>in New York City at all. It's a game change,

0:13:00.480 --> 0:13:02.720
<v Speaker 1>and it really made me rethink about kind of what

0:13:02.760 --> 0:13:05.679
<v Speaker 1>the future looks like, especially for some of these big cities. Yeah,

0:13:05.679 --> 0:13:07.920
<v Speaker 1>because this is not a Johnny come Lately to New York, right.

0:13:08.200 --> 0:13:10.320
<v Speaker 1>This is a guy who has invested a lot of

0:13:10.360 --> 0:13:13.440
<v Speaker 1>his time and energy into building up the entrepreneurial scene.

0:13:14.080 --> 0:13:16.120
<v Speaker 1>He's been involved with a partnership for New York City,

0:13:16.240 --> 0:13:19.040
<v Speaker 1>so he's been a player. And so if he's thinking

0:13:19.200 --> 0:13:21.559
<v Speaker 1>these sorts of things, it does make you think that

0:13:21.880 --> 0:13:23.640
<v Speaker 1>the future is going to be pretty different when it

0:13:23.640 --> 0:13:25.920
<v Speaker 1>comes to New York. You've been listening to Bloomberg Business Week,

0:13:25.960 --> 0:13:28.559
<v Speaker 1>extra sure to tune into Bloomberg Business Week Radio Live

0:13:28.559 --> 0:13:30.720
<v Speaker 1>Monday through Friday at two pm Wall Street Time on

0:13:30.760 --> 0:13:33.800
<v Speaker 1>Bloomberg Radio I'm Carol Masser and I'm Jason Kelly. This

0:13:33.840 --> 0:13:34.439
<v Speaker 1>is Bloomberg