1
00:00:04,160 --> 00:00:08,480
Speaker 1: Broadcasting live to New York Bloomberg eleventh Rio to Washington,

2
00:00:08,560 --> 00:00:13,600
Speaker 1: d C. Bloomberg Night, Roston Bloomberg twelve hundred to San Francisco,

3
00:00:13,720 --> 00:00:18,159
Speaker 1: Bloomberg to the country, Shies at Damn General one, and

4
00:00:18,280 --> 00:00:22,120
Speaker 1: around the globe the Bloomberg Radio plus David Bloomberg got gone.

5
00:00:22,440 --> 00:00:26,120
Speaker 1: This is taking Stock. Coming up on taking Stock. We're

6
00:00:26,160 --> 00:00:29,680
Speaker 1: gonna take stock of the death of the office telephone.

7
00:00:29,760 --> 00:00:34,000
Speaker 1: You know, Kathleen. Office telephones were once ubiquitous, but now

8
00:00:34,200 --> 00:00:37,320
Speaker 1: we see them disappearing. And we're gonna talk to Craig Walker,

9
00:00:37,520 --> 00:00:40,280
Speaker 1: the chief executive of dial Pad, all about that a

10
00:00:40,479 --> 00:00:44,240
Speaker 1: pure cloud phone taking down the forty two billion dollars

11
00:00:44,240 --> 00:00:48,159
Speaker 1: communications market. Craig Walker has some big ideas and he's

12
00:00:48,200 --> 00:00:51,120
Speaker 1: taking some big steps in that direction. Now let's take

13
00:00:51,159 --> 00:00:54,120
Speaker 1: a big step towards the Bloomberg business. Flash to Katherine

14
00:00:54,120 --> 00:00:57,120
Speaker 1: Cowdery in the newsroom. Thank you, Kathleene Well Bloomberg. Taking

15
00:00:57,120 --> 00:00:59,400
Speaker 1: Stock is brought to you by National Realty Managers of

16
00:00:59,440 --> 00:01:02,200
Speaker 1: New York City cash Flow real Estate, providing you twelve

17
00:01:02,240 --> 00:01:06,520
Speaker 1: percent annualized returned with immediate monthly distributions. See them at

18
00:01:06,640 --> 00:01:09,240
Speaker 1: n r I a dot net. The stock market is

19
00:01:09,280 --> 00:01:12,760
Speaker 1: declining as earlier games fade. Utilities and real estate companies

20
00:01:12,760 --> 00:01:15,800
Speaker 1: are down. The most is bond yields RALLY. Investors now

21
00:01:15,840 --> 00:01:18,920
Speaker 1: see a sixty one chance of the Federal Reserve raising

22
00:01:19,000 --> 00:01:22,600
Speaker 1: rates in December. That's up ten percentage points from last week.

23
00:01:23,080 --> 00:01:26,360
Speaker 1: David Zervo's at Jeffreys discussed the Federal Reserve on Bloomberg

24
00:01:26,360 --> 00:01:29,399
Speaker 1: TV earlier today. In a lot of ways, they're searching

25
00:01:29,440 --> 00:01:32,759
Speaker 1: for what they're doing, so I think they're flying sometimes

26
00:01:32,760 --> 00:01:36,280
Speaker 1: as blind as we are. They want to be attentive,

27
00:01:36,600 --> 00:01:39,280
Speaker 1: they want to feel like they've got their pulse on everything,

28
00:01:39,640 --> 00:01:41,920
Speaker 1: but they're kind of as confused as the market, and

29
00:01:41,959 --> 00:01:45,440
Speaker 1: their models don't generally work. They don't exactly understand what

30
00:01:45,480 --> 00:01:48,840
Speaker 1: the markets sort of stay saying back to them when

31
00:01:48,840 --> 00:01:52,040
Speaker 1: they stay We checked the markets every fifteen minutes throughout

32
00:01:52,040 --> 00:01:54,480
Speaker 1: the trading day. Down Industrial average is currently down one

33
00:01:54,600 --> 00:01:56,720
Speaker 1: hundred six points. That's the loss of six tents of

34
00:01:56,760 --> 00:02:00,640
Speaker 1: a percent trading at eighteen thousand, one forty seven. SMP

35
00:02:00,680 --> 00:02:03,200
Speaker 1: five foundered down thirteen point six tents of a percent

36
00:02:03,240 --> 00:02:06,440
Speaker 1: at twenty eight, then AZDAC is down twenty points four

37
00:02:06,480 --> 00:02:08,960
Speaker 1: tens of a percent at fifty two eighty west SIPs

38
00:02:09,000 --> 00:02:11,560
Speaker 1: of Intermedia Crude oil down at seventeen cents a barrel,

39
00:02:11,600 --> 00:02:13,760
Speaker 1: a third of a percent at forty eight sixty four.

40
00:02:14,120 --> 00:02:16,880
Speaker 1: Speckled is down three percent right now, a drop of

41
00:02:16,919 --> 00:02:19,520
Speaker 1: thirty eight dollars ninety cents. The ounced trading at twelve

42
00:02:19,600 --> 00:02:23,079
Speaker 1: seventy eight. The ten Your Treasury it down seventeen thirty seconds,

43
00:02:23,120 --> 00:02:25,800
Speaker 1: striving to yield up to one point sixty eight twelve.

44
00:02:26,240 --> 00:02:29,680
Speaker 1: Among today's top business stories, Google embarking on a wholesale

45
00:02:29,680 --> 00:02:33,160
Speaker 1: revamp of its mobile phone strategy that's unveiled a pair

46
00:02:33,240 --> 00:02:36,400
Speaker 1: of slick and powerful handsets for the first time will

47
00:02:36,440 --> 00:02:40,640
Speaker 1: go head to head with Apple's iconic iPhone. And now

48
00:02:40,720 --> 00:02:42,280
Speaker 1: let's get an update of some of the other stories

49
00:02:42,320 --> 00:02:45,960
Speaker 1: were following today. I'm Bloomberg Radio. Thank you Katherine from

50
00:02:45,960 --> 00:02:49,639
Speaker 1: the Bloomberg newsroom. I'm John Mauder. Vice presidential candidates Mike

51
00:02:49,680 --> 00:02:52,200
Speaker 1: Pence and Tim Caine will square off tonight in Virginia.

52
00:02:52,320 --> 00:02:55,360
Speaker 1: Bloomberg's Michael Barr has a preview Pens during a rally

53
00:02:55,400 --> 00:02:58,560
Speaker 1: in Ashland, Virginia. Gave a preview of what he might

54
00:02:58,600 --> 00:03:01,760
Speaker 1: talk about or his record on foreign affairs alone could

55
00:03:01,760 --> 00:03:04,919
Speaker 1: take out the whole ninety minutes and it would be

56
00:03:05,000 --> 00:03:08,080
Speaker 1: pretty picture. Jane says he's been preparing for tonight's debate,

57
00:03:08,280 --> 00:03:10,800
Speaker 1: so it's good. I mean, you just gotta just gotta

58
00:03:10,840 --> 00:03:14,079
Speaker 1: beat myself. A recent Bloomberg Politics national poll found that

59
00:03:14,160 --> 00:03:16,959
Speaker 1: about a quarter of likely voters we're not sure how

60
00:03:17,000 --> 00:03:21,120
Speaker 1: they feel about either VP candidate Michael Barr. Bloomberg Radio

61
00:03:21,400 --> 00:03:23,600
Speaker 1: and join us for live coverage of tonight's debate beginning

62
00:03:23,600 --> 00:03:25,760
Speaker 1: at eight thirty pm Mall Street Time on both Bloomberg

63
00:03:25,800 --> 00:03:28,799
Speaker 1: Television and radio. The US has ended peace talks with

64
00:03:28,880 --> 00:03:32,320
Speaker 1: Russia over a ceasefire in Syria. Speaking in Brussels today,

65
00:03:32,400 --> 00:03:35,680
Speaker 1: Secretary of State John Kerry expressed his frustration Russia has

66
00:03:35,720 --> 00:03:39,680
Speaker 1: turned a blind eye to US odds the florable use

67
00:03:41,000 --> 00:03:44,600
Speaker 1: of these weapons of war that he has chosen carry.

68
00:03:44,640 --> 00:03:47,800
Speaker 1: Criticized Russia for ignoring the Assad regime's use of chlorine

69
00:03:47,800 --> 00:03:50,920
Speaker 1: gas and barrel bombs against its own citizens. There was

70
00:03:50,960 --> 00:03:53,760
Speaker 1: some surprising testimony in the so called Bridgegate scandal trial

71
00:03:53,840 --> 00:03:56,240
Speaker 1: in New Jersey. The star witness said the New Jersey

72
00:03:56,280 --> 00:03:59,240
Speaker 1: Governor Chris Christi and New York Governor Andrew Cuomo agree

73
00:03:59,280 --> 00:04:01,400
Speaker 1: that the agency owning the bridge should issue a false

74
00:04:01,400 --> 00:04:04,560
Speaker 1: report and a potential race for New York State lawmakers

75
00:04:04,560 --> 00:04:07,280
Speaker 1: has become a campaign issue in this fall's elections, with

76
00:04:07,360 --> 00:04:10,360
Speaker 1: many challengers saying lawmakers don't deserve more money following a

77
00:04:10,400 --> 00:04:13,800
Speaker 1: wave of corruption arrests, and appointed commission is now considering

78
00:04:13,800 --> 00:04:17,400
Speaker 1: whether to recommend an increase for legislators who seventy nine thousand,

79
00:04:17,400 --> 00:04:20,000
Speaker 1: five hundred dollar a year salary has stayed flat since

80
00:04:21,200 --> 00:04:23,280
Speaker 1: Global News twenty four hours a day, power by more

81
00:04:23,320 --> 00:04:26,000
Speaker 1: than twenty six hundred journalists and analysts and more than

82
00:04:26,000 --> 00:04:30,039
Speaker 1: a hundred and twenty countries. I'm John Mauder, this is Bloomberg. Catherine,

83
00:04:31,680 --> 00:04:33,400
Speaker 1: thank you, and now let's get a quick update of

84
00:04:33,440 --> 00:04:36,320
Speaker 1: those benchmarks. Down Dustrial leverage down ninety nine point at

85
00:04:36,320 --> 00:04:39,440
Speaker 1: eighteen thousand, one hundred fifty four, smp F founder down

86
00:04:39,440 --> 00:04:43,320
Speaker 1: twelve point eight, NASTAC lowered by eighteen points, trading at

87
00:04:43,320 --> 00:04:46,880
Speaker 1: fifty two eighty two. And that's a Bloomberg business flash.

88
00:04:47,080 --> 00:04:50,560
Speaker 1: You're listening, you're taking stock with pin box at Kathleen

89
00:04:50,680 --> 00:04:55,520
Speaker 1: Hayes on Bloomberg Radio. More than one hundred seventy one

90
00:04:55,560 --> 00:05:01,160
Speaker 1: thousand registered attendees from eighty three countries in San Francisco

91
00:05:01,320 --> 00:05:07,240
Speaker 1: this week to attend dream Force. It's about a very

92
00:05:07,320 --> 00:05:11,120
Speaker 1: important event where a very important guest that we're going

93
00:05:11,160 --> 00:05:14,400
Speaker 1: to talk to now is coming up with some big announcements.

94
00:05:14,400 --> 00:05:18,159
Speaker 1: Of course, this is an event sponsored by Salesforce. Craig

95
00:05:18,160 --> 00:05:21,640
Speaker 1: Walker is a founder and CEO of dial Pad, and

96
00:05:22,040 --> 00:05:25,640
Speaker 1: he is introducing some products this week that he thinks

97
00:05:25,640 --> 00:05:28,560
Speaker 1: will start his plan to take down the forty two

98
00:05:28,600 --> 00:05:33,080
Speaker 1: billion dollar communications market. Craig, Welcome to the show. Yeah, hey,

99
00:05:33,120 --> 00:05:37,320
Speaker 1: thanks for having me. So let's start with what exactly

100
00:05:37,400 --> 00:05:41,680
Speaker 1: it is that you envision this is You've got a

101
00:05:41,680 --> 00:05:44,200
Speaker 1: you've got a strategy that's simple and also very complicated.

102
00:05:44,200 --> 00:05:46,040
Speaker 1: What are you introducing and why is it so important

103
00:05:46,040 --> 00:05:49,320
Speaker 1: to Salesforce in the world. Sure thing, Our our entire

104
00:05:49,360 --> 00:05:53,200
Speaker 1: business is built around kind of a future modern workers,

105
00:05:53,320 --> 00:05:57,480
Speaker 1: so meaning getting away from deast phones. There's adon deast

106
00:05:57,480 --> 00:06:00,320
Speaker 1: phones and U asked that no one is using anymore.

107
00:06:00,360 --> 00:06:03,680
Speaker 1: So we've built at bal Pad, a cloud based unified

108
00:06:03,720 --> 00:06:06,680
Speaker 1: communication system that works with your cell phone, your tablet,

109
00:06:06,839 --> 00:06:09,960
Speaker 1: your desktop, your laptop. And so what we're announcing a

110
00:06:10,080 --> 00:06:14,400
Speaker 1: dream Force is building that directly into their new Lightning interface.

111
00:06:14,600 --> 00:06:17,680
Speaker 1: So if you're a sales rep using using Salesforce all

112
00:06:17,760 --> 00:06:21,120
Speaker 1: day long, you have all your call PDX phone features

113
00:06:21,120 --> 00:06:24,400
Speaker 1: built right into the dream Force interface for the Salesforce interface,

114
00:06:25,040 --> 00:06:28,640
Speaker 1: and you write the software for this. Yeah. So my

115
00:06:28,760 --> 00:06:31,000
Speaker 1: co founders and I used to run the Google Voice team,

116
00:06:31,120 --> 00:06:34,960
Speaker 1: so we left to go build basically Google Voice for enterprises,

117
00:06:35,080 --> 00:06:37,720
Speaker 1: and we built the entire back end platform as well

118
00:06:37,720 --> 00:06:40,760
Speaker 1: as the front end software that that the end user sees.

119
00:06:41,240 --> 00:06:44,560
Speaker 1: So you have been at this for some time. What

120
00:06:44,760 --> 00:06:48,000
Speaker 1: is the what is the in a nutshell, the technology,

121
00:06:48,640 --> 00:06:50,760
Speaker 1: how it's developed, or what the what is the key

122
00:06:50,760 --> 00:06:54,720
Speaker 1: advance now that is moving all of this forward? Yeah,

123
00:06:54,720 --> 00:06:57,520
Speaker 1: So the key advances, like just in the industry in general,

124
00:06:57,680 --> 00:06:59,880
Speaker 1: is businesses are moving to the cloud. They're moving to

125
00:06:59,920 --> 00:07:02,520
Speaker 1: the cloud for their email, whether it's Google Apps or

126
00:07:02,520 --> 00:07:06,840
Speaker 1: Office three. They're using things like Salesforce for their sales

127
00:07:06,880 --> 00:07:11,120
Speaker 1: tracking or their customer relationship management stuff. And that frees

128
00:07:11,160 --> 00:07:13,480
Speaker 1: the worker from having to sit at their desk in

129
00:07:13,560 --> 00:07:15,840
Speaker 1: the office doing their work. So now they can work

130
00:07:15,880 --> 00:07:18,360
Speaker 1: from anywhere on any device. And if that's the case,

131
00:07:18,640 --> 00:07:20,280
Speaker 1: they need to have a phone system that goes with

132
00:07:20,360 --> 00:07:23,200
Speaker 1: them to do that. Having said that, I'm wondering if

133
00:07:23,240 --> 00:07:25,600
Speaker 1: you can explain a little bit more about the front

134
00:07:25,720 --> 00:07:28,600
Speaker 1: end and the back end, because as you described at

135
00:07:28,600 --> 00:07:32,480
Speaker 1: the very beginning, there are the sea of phones sitting

136
00:07:32,640 --> 00:07:37,440
Speaker 1: on desks all over the world that never ring, at

137
00:07:37,480 --> 00:07:42,360
Speaker 1: least you don't hear them. Bring anymore to your exactly right.

138
00:07:42,400 --> 00:07:45,080
Speaker 1: And even when an employee sitting at their desk, usually

139
00:07:45,080 --> 00:07:46,600
Speaker 1: if they're on the phone, they'll pull out their own

140
00:07:46,600 --> 00:07:48,720
Speaker 1: cell phone to do it, even with a thousand dollar

141
00:07:48,840 --> 00:07:51,480
Speaker 1: Cisco phone in front of them. So the technology that

142
00:07:51,520 --> 00:07:54,440
Speaker 1: we use is what's called weber TC and it was

143
00:07:54,560 --> 00:07:59,000
Speaker 1: this communications technology that Google open sourced a few years ago.

144
00:07:59,400 --> 00:08:01,320
Speaker 1: And so the nice thing is we get voice and

145
00:08:01,480 --> 00:08:06,520
Speaker 1: video and all this great technology effectively for free from Google,

146
00:08:07,000 --> 00:08:10,400
Speaker 1: and anyone can use it. And they improve that every

147
00:08:10,440 --> 00:08:12,480
Speaker 1: six weeks when they push a new version of their

148
00:08:12,600 --> 00:08:15,280
Speaker 1: Chrome browser. So you end up being built on a

149
00:08:15,320 --> 00:08:18,240
Speaker 1: platform that just gets better and better the more the

150
00:08:18,280 --> 00:08:21,000
Speaker 1: older it gets. And so that that really fits in

151
00:08:21,040 --> 00:08:24,200
Speaker 1: well to the dynamic of people being able to work

152
00:08:24,240 --> 00:08:26,920
Speaker 1: from their laptop or anywhere they have an Internet connection.

153
00:08:27,240 --> 00:08:29,000
Speaker 1: Now they can just have their phone system with them

154
00:08:29,040 --> 00:08:31,040
Speaker 1: wherever they go. I just want to repeat just a

155
00:08:31,080 --> 00:08:34,840
Speaker 1: second that what it is web rt C and it

156
00:08:35,000 --> 00:08:41,880
Speaker 1: stands for real time communications capabilities, right, which is interesting

157
00:08:41,880 --> 00:08:44,640
Speaker 1: to me too because the phone, for example, before we

158
00:08:44,640 --> 00:08:47,280
Speaker 1: had phones, we didn't have text messages, right. And now

159
00:08:47,360 --> 00:08:49,200
Speaker 1: so many people much actually to my chagrin too a

160
00:08:49,200 --> 00:08:51,440
Speaker 1: certain extent, are so loath to make a phone call

161
00:08:51,520 --> 00:08:53,120
Speaker 1: that I think a phone call has become a very

162
00:08:53,120 --> 00:08:55,560
Speaker 1: powerful thing to do. Wow, somebody actually called me on

163
00:08:55,600 --> 00:08:58,600
Speaker 1: my phone, right, Um, So this is part of the

164
00:08:58,600 --> 00:09:01,680
Speaker 1: whole thing that the nature of keem ndication is changing

165
00:09:01,920 --> 00:09:05,880
Speaker 1: because of of these these devices that we carry. I mean,

166
00:09:05,880 --> 00:09:08,880
Speaker 1: they're changing our lives. They have changed well in they

167
00:09:09,040 --> 00:09:11,400
Speaker 1: in your your traditional phone call. You think about it,

168
00:09:11,400 --> 00:09:13,960
Speaker 1: it has to do much more than just voice. Like that,

169
00:09:14,080 --> 00:09:17,040
Speaker 1: fundamer should your work. Fundamers should be able to receive

170
00:09:17,040 --> 00:09:19,040
Speaker 1: a text, it should be able to receive a picture.

171
00:09:19,080 --> 00:09:21,920
Speaker 1: There's no reason you'd have to give out your personal

172
00:09:21,960 --> 00:09:24,160
Speaker 1: cell number to be able to get a text from

173
00:09:24,160 --> 00:09:27,120
Speaker 1: a customer. And if you look at like incoming freshmen

174
00:09:27,160 --> 00:09:33,160
Speaker 1: in college today, we're born in they're they're made for texting.

175
00:09:33,200 --> 00:09:35,000
Speaker 1: They won't read emails and they won't get on the

176
00:09:35,000 --> 00:09:37,400
Speaker 1: phone to talk. So we have a in fact, We're

177
00:09:37,440 --> 00:09:40,960
Speaker 1: just deployed at Dennison University, Ohio, where now the professors

178
00:09:40,960 --> 00:09:43,160
Speaker 1: and all the employees of the school can use their

179
00:09:43,200 --> 00:09:46,320
Speaker 1: work number to text with their students. So it really

180
00:09:46,360 --> 00:09:48,280
Speaker 1: needs to do much more than just what a phone

181
00:09:48,320 --> 00:09:50,960
Speaker 1: number used to be able to do. Craig, I got

182
00:09:50,960 --> 00:09:52,800
Speaker 1: to get a lot into a little bit of time here.

183
00:09:52,840 --> 00:09:55,120
Speaker 1: Can you give us a cost comparison and then tell

184
00:09:55,160 --> 00:09:58,320
Speaker 1: me one of the company that's doing web RTC really well,

185
00:09:59,400 --> 00:10:03,559
Speaker 1: um so cost comparison against a traditional like TBX vendor

186
00:10:03,640 --> 00:10:06,079
Speaker 1: like a Cisco orro Va, we probably save you about

187
00:10:06,640 --> 00:10:11,360
Speaker 1: seventy a month just because you have lower lower operating costs,

188
00:10:11,440 --> 00:10:14,080
Speaker 1: lower I T cost and then just lower to lefty

189
00:10:14,160 --> 00:10:18,560
Speaker 1: costs as well. Alright, and if someone else yes, and

190
00:10:18,559 --> 00:10:20,800
Speaker 1: then someone else who does it, well, you know we

191
00:10:20,800 --> 00:10:23,600
Speaker 1: were we were the first to adopt webert you see,

192
00:10:23,600 --> 00:10:26,719
Speaker 1: in a commercial sense, back in and so we've been

193
00:10:26,880 --> 00:10:29,600
Speaker 1: only on it for the last five years. I don't

194
00:10:29,640 --> 00:10:32,560
Speaker 1: really know anyone else who's adopted it that well. There

195
00:10:32,600 --> 00:10:35,600
Speaker 1: are some video some video folks out there using it,

196
00:10:35,679 --> 00:10:37,880
Speaker 1: but I really I really don't know who does it

197
00:10:37,920 --> 00:10:41,120
Speaker 1: well on the left side. Thanks very much, Craig, Walker

198
00:10:41,240 --> 00:10:44,480
Speaker 1: is the founder and the chief executive of dial Pad.

199
00:10:45,040 --> 00:10:48,720
Speaker 1: He was the creator of Google Voice and he is

200
00:10:48,800 --> 00:10:52,000
Speaker 1: now the chief executive company that's trying to remake the

201
00:10:52,120 --> 00:11:01,720
Speaker 1: telephone business. This is Bloomberg taking Stock. Bloomber taking Stock

202
00:11:01,840 --> 00:11:04,839
Speaker 1: is brought to you by Sector Spider ETFs. Why by

203
00:11:04,880 --> 00:11:07,480
Speaker 1: a single stock when you can invest in the entire sector.

204
00:11:07,840 --> 00:11:11,080
Speaker 1: Visit sector spdrs dot com or call one eighth six

205
00:11:11,160 --> 00:11:13,520
Speaker 1: six very busy time at eleven forty one