WEBVTT - Businessweek Talks- Box CEO Aaron Levie

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Masser and

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<v Speaker 1>Jason Kelly on Bloomberg Radio. Bloomberg Intelligence Analysis notes that

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<v Speaker 1>the virus outbreak has aided demand for cloud collaboration software

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<v Speaker 1>and that includes like that coming from Box. Let's get

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<v Speaker 1>more on what they are seeing and how they are

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<v Speaker 1>managing through the virus. Aaron Levy is chairman, CEO, and

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<v Speaker 1>co founder at the Redwood City base Box, and we

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<v Speaker 1>find him on the phone from that city on this Wednesday. Aaron,

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<v Speaker 1>great to have you here on Bloomberg Radio. How are

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<v Speaker 1>you doing. How is your team doing through the virus? Good? Yeah, yeah,

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<v Speaker 1>thanks for having me and UM and great to be here.

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<v Speaker 1>Um uh. So we've you know, we've been very very

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<v Speaker 1>focused as a company UM with our two thousand employees

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<v Speaker 1>on obviously first the health and safety of all of

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<v Speaker 1>our employees, but but but secondarily making sure that we

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<v Speaker 1>really helped support our customers during this time. So our

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<v Speaker 1>our platform is used by about a hundred thousand businesses globally,

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<v Speaker 1>including the fourth I have hundred UM really to help

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<v Speaker 1>them be able to securely access and share their data

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<v Speaker 1>from anywhere, and so any company that is UM uh

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<v Speaker 1>you know right now, and a work from home or

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<v Speaker 1>remote work environment obviously needs secure access to their data

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<v Speaker 1>and their information. Um, and our platform is is there

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<v Speaker 1>to help them with that. So um, so we're right

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<v Speaker 1>now we're just focused on our customers making sure that

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<v Speaker 1>they can get the most out of our technology right

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<v Speaker 1>now while they're in this new way of of working

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<v Speaker 1>from a work from home environment. Right. And so Aaron,

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<v Speaker 1>what are you learning? I mean with all those customers

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<v Speaker 1>and all those different businesses, and there's been I think

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<v Speaker 1>it's fair to say we certainly have experienced it first

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<v Speaker 1>and second hand a lot of scrambling out there like

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<v Speaker 1>what have you learned it? As you've talked to you know,

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<v Speaker 1>sort of folks on on the front lines. Is that

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<v Speaker 1>we're of trying to stand up their companies in a

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<v Speaker 1>different way. Yeah, I mean this is this is certainly

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<v Speaker 1>probably one of the most radical shifts in technology and

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<v Speaker 1>business operations in history. Um. The you know, the first

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<v Speaker 1>obviously the technology front, So being able to run your

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<v Speaker 1>company almost completely in the cloud, where you have to

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<v Speaker 1>have modern technologies, whether that Zoom or WebEx or Microsoft

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<v Speaker 1>Teams or Slack from a video conferencing and a chat

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<v Speaker 1>standpoint or being able to get access to your data

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<v Speaker 1>from applications and platforms like Box. So some companies were

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<v Speaker 1>already way ahead of the curve. They've been invested in

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<v Speaker 1>these in these technologies for three or five or ten

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<v Speaker 1>years UM, and other companies that I obviously had to

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<v Speaker 1>scramble much more rapidly UM and in some cases in

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<v Speaker 1>a much more disruptive way to be able to respond

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<v Speaker 1>to this. So the first is the big technology transformation

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<v Speaker 1>I think most companies are experiencing UM. And then as

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<v Speaker 1>soon as companies started to settle into this remote work

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<v Speaker 1>and work from home environment UM, really the next shift

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<v Speaker 1>has been actually how we work and UM and this

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<v Speaker 1>is probably gonna be the most profound part of the transformation,

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<v Speaker 1>which is how we're collaborating, what hours we're doing work,

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<v Speaker 1>how we moved our our our businesses and projects forward.

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<v Speaker 1>So we are seeing some pretty significant changes in the

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<v Speaker 1>underlying ways that people are working. So we're we're seeing

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<v Speaker 1>that that the days are actually longer in terms of

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<v Speaker 1>work is getting done more in off hours from our customers.

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<v Speaker 1>We're seeing that people are using more technology to be

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<v Speaker 1>able to do their jobs. So obviously we've shifted too

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<v Speaker 1>you know, much more virtual ways of working. And we're

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<v Speaker 1>seeing an increase in collaboration amongst industries, so um, in

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<v Speaker 1>businesses like media or life sciences or healthcare or education,

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<v Speaker 1>massive increases in the amount of collaboration and data sharing

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<v Speaker 1>that's happening in those markets. So UM, So the you know,

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<v Speaker 1>the certainly there's gonna be a lot of businesses and

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<v Speaker 1>business models that are under pressure right now. But for

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<v Speaker 1>those that aren't, or for those that are are responding

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<v Speaker 1>to this event, um, we're seeing um still significant levels

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<v Speaker 1>of a lot of these industries. So you know, it's interesting.

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<v Speaker 1>I'm listening to what you're talking about, and Jason and

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<v Speaker 1>I have been asking a lot of CEOs of various

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<v Speaker 1>companies from different industries about what's what's kind of the

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<v Speaker 1>longer term impact of the virus? So does how does

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<v Speaker 1>it change our world? So when we emerge, know from

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<v Speaker 1>this immediate crisis, what's the most important, in your view,

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<v Speaker 1>underappreciated way that the world will be different and at

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<v Speaker 1>least from your expertise, Yeah, yeah, no, great, great question.

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<v Speaker 1>I mean, I think I think there's so many things

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<v Speaker 1>that we've um just taken for granted in terms of

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<v Speaker 1>how we do our work. UM that you know, we

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<v Speaker 1>go into the office, we go into a meeting, We

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<v Speaker 1>you know, take a couple of hours, we get teams together,

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<v Speaker 1>we maybe take a while to make a decision. We

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<v Speaker 1>don't necessarily bring in all the voices from around our

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<v Speaker 1>company to make that decision. It happens to be whoever,

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<v Speaker 1>whoever could attend the meeting, you know, you know physically

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<v Speaker 1>in a lot of cases, UM. Or we we go

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<v Speaker 1>and we spend three days on a on a international

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<v Speaker 1>trip to do one or two meetings in a different country. UM.

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<v Speaker 1>I think what we're going to start to see is is,

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<v Speaker 1>you know, how productive we can do with technology and

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<v Speaker 1>how much more connected we can actually be with technology. UM.

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<v Speaker 1>In the past couple of weeks, I've I've spent probably

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<v Speaker 1>five times the amount of time I have historically with

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<v Speaker 1>international colleagues, UM, and even in international customers. And that's

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<v Speaker 1>because it's just so much easier where the expectation is

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<v Speaker 1>that we're going be much more communicative and we're gonna

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<v Speaker 1>be able to collaborate much more efficiently now. So I

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<v Speaker 1>think you're actually going to see in a very odd

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<v Speaker 1>way because of social distancing and increase in the level

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<v Speaker 1>of connection that that teams have, in the connection you

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<v Speaker 1>have with your customers, in the amount of collaboration that

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<v Speaker 1>you're doing on a global basis. Um, And there'll be

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<v Speaker 1>a lot of positives UM to that. I think you're

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<v Speaker 1>gonna see all new businesses emerge. You're gonna see all

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<v Speaker 1>new types of players be able to get customers that

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<v Speaker 1>previously wouldn't have been able to serve on a global basis.

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<v Speaker 1>And of course, at the same time, we're going to

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<v Speaker 1>see real, real and severe impact obviously the local economy, um,

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<v Speaker 1>you know, being right at the center of that. But um,

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<v Speaker 1>but I think there's gonna be new and novel innovative

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<v Speaker 1>approach is going to operate, and how work styles are

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<v Speaker 1>going to evolve, and how companies are gonna be able

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<v Speaker 1>to scale um, certainly because of the cloud and because

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<v Speaker 1>of these these new ways of working, Right, Aaron, we

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<v Speaker 1>just had a headline cross the Bloomberg about a company

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<v Speaker 1>you've heard of just down the street from you, Google

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<v Speaker 1>uh CEO Superpatrise, saying that they are going to slow

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<v Speaker 1>hiring for the rest the year. What do you see

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<v Speaker 1>in terms of your own business, especially given sort of

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<v Speaker 1>how busy it sounds like you are. How is it

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<v Speaker 1>changing the way you're thinking about expansion, hiring, all of

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<v Speaker 1>those things. Yeah, I mean I think, you know, first

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<v Speaker 1>of all, we want to be extremely imprudent just given

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<v Speaker 1>the economic environment that we're in, So we want to

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<v Speaker 1>be very thoughtful from a a cash flow standpoint and

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<v Speaker 1>a cash position standpoint. You know, we're fortunate that coming

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<v Speaker 1>into this year UM, you know, we've turned the corner

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<v Speaker 1>and becoming profitable. UM. We're obviously going to focus on

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<v Speaker 1>maintaining that and delivering on our bottom line results UM.

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<v Speaker 1>But that being said, we are seeing growth in UM

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<v Speaker 1>in certain sectors and in certain part industries that we

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<v Speaker 1>serve UM, and so we want to be thoughtful about

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<v Speaker 1>continue to expand to be able to serve our customers.

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<v Speaker 1>So I think there'll be certain areas that we we

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<v Speaker 1>grow in and other areas that we want to be

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<v Speaker 1>prudent and continue to drive efficiency around so UM. So

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<v Speaker 1>I think we'll see how the next couple of months

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<v Speaker 1>and quarters playoffs. But right now we're focused on growing

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<v Speaker 1>through this event, serving customers as successfully as possible, and

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<v Speaker 1>that will lead to certainly more UM. You know, hiring

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<v Speaker 1>in some areas UM and obviously, you know, continue to

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<v Speaker 1>be very focused on our our profitability overalls the company.

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<v Speaker 1>But let's continue our conversation with Aaron Levy, CEO of Box,

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<v Speaker 1>still with us on the phone from Redwood City, California,

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<v Speaker 1>And Aaron, you made some interesting comments before the break

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<v Speaker 1>about you know, being able to engage with some of

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<v Speaker 1>your international partners and customers. And I do wonder how

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<v Speaker 1>this has changed, maybe in different ways or in other ways,

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<v Speaker 1>I should say, sort of how you lead, how you manage.

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<v Speaker 1>Obviously it's a remote world we're living in, but but

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<v Speaker 1>I wonder what you've learned from from a leadership strategy perspective. Yeah,

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<v Speaker 1>I think you're going to see companies and leaders you know,

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<v Speaker 1>continue to have to evolve pretty pretty significantly. Right now,

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<v Speaker 1>i'd say, um, on the whole, I've actually seen um

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<v Speaker 1>in dramatic improvements across our organization in terms of how

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<v Speaker 1>we um, how we align, and and and how we

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<v Speaker 1>you know, stay engaged across the company. For instance, just

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<v Speaker 1>our ability to have conversations with dozens of people or

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<v Speaker 1>hundreds of people at a time where anybody has a

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<v Speaker 1>voice in that conversation has improved um by an order

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<v Speaker 1>of magnitude and UM, and so you get a lot

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<v Speaker 1>more two way dialogue, you get a lot more engagement

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<v Speaker 1>across the business. Everybody UM is in the exact same

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<v Speaker 1>you know situation UM uh. And as opposed to you know,

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<v Speaker 1>normal meanings of a few people in the office and

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<v Speaker 1>kind of owning the conversation and everybody else remote UM

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<v Speaker 1>who's sort of you know, secondary in the in the conversation.

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<v Speaker 1>This is you know, truly UM allows the company to

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<v Speaker 1>engage altogether. So so I think you're gonna see actually

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<v Speaker 1>more collaboration. You're going to see more communication in this

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<v Speaker 1>type of environment from companies UM. And I think some

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<v Speaker 1>of that will will necessarily carry through UM once we

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<v Speaker 1>you know, move beyond a shelter in place environment. And

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<v Speaker 1>I think there's gonna be a lot of aspects to business,

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<v Speaker 1>both in our work styles and then eventually our business

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<v Speaker 1>models that continue to evolve because of this, you know,

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<v Speaker 1>profound event So UM. So we do think that's going

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<v Speaker 1>to shift things a bit. Having a little fun here

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<v Speaker 1>if I may, um, Aaron is, I'm curious what's tough

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<v Speaker 1>for you know, leading in a time of a crisis

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<v Speaker 1>like the virus or leading when you've got pressure from

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<v Speaker 1>an activist investor, which you guys have had to deal

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<v Speaker 1>with and I know you figured some of it out,

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<v Speaker 1>but just you know, leadership and crisis it's not easy. Well,

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<v Speaker 1>you know, we've we've I don't know that we've ever

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<v Speaker 1>had a situation in box in our fifteen years where

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<v Speaker 1>where things have have been you know, you know, stable

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<v Speaker 1>and easy for for more than a couple quarters in

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<v Speaker 1>a row. But but you know, overall, I think, I

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<v Speaker 1>think you want to stay committed to the long term

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<v Speaker 1>mission of the company. You want to stay committed to

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<v Speaker 1>the culture. You want to stay you know, committed to

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<v Speaker 1>making sure that that we we're you know, treating our

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<v Speaker 1>employees as necessarily and uh and UM appropriately as possible

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<v Speaker 1>and building an organization that people have probed to work at.

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<v Speaker 1>So whether it's a you know, a stock market issue

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<v Speaker 1>or you know, a health event and crisis like this

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<v Speaker 1>or um you know, all of the competitive battles we've

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<v Speaker 1>had over the years. UM, you know, we've benefited by

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<v Speaker 1>just thinking around, you know, about the long run of

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<v Speaker 1>a business and making sure we're building um you know,

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<v Speaker 1>hopefully a rock solid organization in the process. But but

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<v Speaker 1>I think and in this event is certainly no no

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<v Speaker 1>exception to that in terms of needing to make sure

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<v Speaker 1>that you're you're able to guide the organization, um, you know,

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<v Speaker 1>to to what we're ultimately trying to achieve and what

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<v Speaker 1>we're ultimately trying to build, and there's going to be

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<v Speaker 1>blips on the way to doing that well, you know,

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<v Speaker 1>and it's interesting like talk to us about these blips

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<v Speaker 1>because you know, sometimes we've had you know, we've had

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<v Speaker 1>investors come on and say, crises is when we often see, unfortunately,

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<v Speaker 1>you know, the incredible innovation come out of it because

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<v Speaker 1>you have to write. And we're seeing that in the

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<v Speaker 1>medical community, we're seeing it in education because we don't

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<v Speaker 1>have a choice here. So I'm just curious those blips,

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<v Speaker 1>you know, or those mistakes, like what mistakes have you

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<v Speaker 1>kind of learned as a leader, whether it was you know,

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<v Speaker 1>because you know, Starboard the activist was about your heels,

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<v Speaker 1>or whether it's right now this environment, you know, what

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<v Speaker 1>have been the mistakes you've made and that you've learned from. Yeah,

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<v Speaker 1>I think I think you know, any type of either

0:11:11.559 --> 0:11:14.120
<v Speaker 1>mistake we've made or or you know, something we've had

0:11:14.120 --> 0:11:18.960
<v Speaker 1>to respond to as a business. Um ultimately uh. Ultimately,

0:11:18.960 --> 0:11:21.120
<v Speaker 1>the way to get through those events are are you know,

0:11:21.480 --> 0:11:24.120
<v Speaker 1>seeing really true to your principles as an organization and

0:11:24.240 --> 0:11:26.480
<v Speaker 1>as a as a business of of what what you're

0:11:26.480 --> 0:11:29.360
<v Speaker 1>trying to drive um uh and uh, and then being

0:11:29.400 --> 0:11:32.760
<v Speaker 1>decisive and being able to you know, call a decision um.

0:11:32.800 --> 0:11:34.719
<v Speaker 1>In some cases that means pivoting the business. So just

0:11:34.800 --> 0:11:36.800
<v Speaker 1>in the past two or three weeks, as an example,

0:11:36.880 --> 0:11:39.920
<v Speaker 1>we've actually had to literally pivot both our product strategy

0:11:40.120 --> 0:11:42.120
<v Speaker 1>and our go to market strategy so we could better

0:11:42.200 --> 0:11:45.160
<v Speaker 1>serve our customers during this environment. And there's there's so

0:11:45.280 --> 0:11:47.480
<v Speaker 1>many you know, amazing companies around the world that are

0:11:47.480 --> 0:11:49.360
<v Speaker 1>doing the exact same thing where they've had to say,

0:11:49.800 --> 0:11:52.319
<v Speaker 1>you know what, maybe we were doing one thing, but

0:11:52.480 --> 0:11:55.400
<v Speaker 1>that was a bit pre you know, social distancing world.

0:11:55.440 --> 0:11:57.240
<v Speaker 1>We have to change our entire business model. We have

0:11:57.320 --> 0:11:59.240
<v Speaker 1>to change the entire way that we serve customers. Do

0:11:59.280 --> 0:12:02.240
<v Speaker 1>you have some amazing um, you know innovation happening around

0:12:02.240 --> 0:12:04.599
<v Speaker 1>the world where companies maybe had a physical presence and

0:12:04.600 --> 0:12:07.360
<v Speaker 1>they've gone completely virtual to deliver that same experience and

0:12:07.559 --> 0:12:10.560
<v Speaker 1>had to make their their business model go digital really

0:12:10.640 --> 0:12:12.679
<v Speaker 1>in a matter of weeks. And so so I think

0:12:12.720 --> 0:12:14.840
<v Speaker 1>the companies that are are able to get through these

0:12:14.840 --> 0:12:17.520
<v Speaker 1>types of events are those that are certainly resilient in

0:12:17.679 --> 0:12:21.360
<v Speaker 1>terms of the foundational principles and and and and culture

0:12:21.400 --> 0:12:23.800
<v Speaker 1>that they're that they've built, but then able to make

0:12:23.880 --> 0:12:27.240
<v Speaker 1>these decisions quickly and able to recognize that the reality

0:12:27.360 --> 0:12:29.360
<v Speaker 1>is different and they have to respond to that reality

0:12:29.920 --> 0:12:32.559
<v Speaker 1>um as quickly and decisively as possible. And so you

0:12:32.600 --> 0:12:34.600
<v Speaker 1>know that that's at least our our goal in this event.

0:12:34.679 --> 0:12:36.679
<v Speaker 1>And I think there's there's amazing companies all around the

0:12:36.679 --> 0:12:38.400
<v Speaker 1>world that are that are doing and trying to do

0:12:38.480 --> 0:12:41.040
<v Speaker 1>the same thing. Well, and and we've only got about

0:12:41.040 --> 0:12:43.840
<v Speaker 1>a minute left, But it also feels like Silicon Valley

0:12:43.960 --> 0:12:45.959
<v Speaker 1>is having a little bit of a moment after a

0:12:46.040 --> 0:12:48.280
<v Speaker 1>couple of years of people being like, I'm not so

0:12:48.480 --> 0:12:52.079
<v Speaker 1>sure about this social media and tech lash and all

0:12:52.120 --> 0:12:54.360
<v Speaker 1>of this, but it does feel like some of the

0:12:54.440 --> 0:12:57.840
<v Speaker 1>good stuff is is uh maybe coming to the four there.

0:12:57.880 --> 0:13:00.640
<v Speaker 1>Are you seeing a different sort of vibe there in

0:13:00.720 --> 0:13:04.240
<v Speaker 1>the valley? Yeah, I mean I think you you uh,

0:13:04.559 --> 0:13:06.959
<v Speaker 1>I mean, it's it's no coincidence that in a world

0:13:07.040 --> 0:13:10.240
<v Speaker 1>of us being you know, physically separated, then everything has

0:13:10.280 --> 0:13:12.920
<v Speaker 1>to go digital. And so the digital platforms, whether it's

0:13:12.920 --> 0:13:15.960
<v Speaker 1>Google or Facebook or um or or Yelp or other

0:13:16.120 --> 0:13:18.280
<v Speaker 1>you know platforms, they have to respond very quickly and

0:13:18.360 --> 0:13:20.679
<v Speaker 1>be able to serve their customers in new ways and

0:13:20.800 --> 0:13:22.760
<v Speaker 1>so UM. So I think you're seeing a lot of

0:13:22.840 --> 0:13:26.400
<v Speaker 1>that ingenuity right now. And then it's it's completely changing society.

0:13:26.480 --> 0:13:29.559
<v Speaker 1>I mean, I've I've communicated with more family members just

0:13:29.640 --> 0:13:31.920
<v Speaker 1>in the past few weeks because of technology like Zoom

0:13:31.960 --> 0:13:35.400
<v Speaker 1>and FaceTime and um and and you know, these these

0:13:35.480 --> 0:13:38.800
<v Speaker 1>modern digital platforms are at the center of um of

0:13:38.880 --> 0:13:41.520
<v Speaker 1>how we're communicating, how we're working, how we're transacting, how

0:13:41.559 --> 0:13:44.080
<v Speaker 1>we're doing commerce globally. So that's gonna be with us

0:13:44.520 --> 0:13:46.959
<v Speaker 1>no matter what what happens next, um, I think for

0:13:47.040 --> 0:13:49.280
<v Speaker 1>the foreseeable future, because we've seen the impact of this

0:13:49.360 --> 0:13:51.640
<v Speaker 1>has in our lives, um and so you know, hopefully

0:13:51.720 --> 0:13:54.640
<v Speaker 1>that's one silver lining through this, through this whole precent

0:13:54.760 --> 0:13:56.559
<v Speaker 1>is that we're gonna be able to use technology for

0:13:56.640 --> 0:13:59.679
<v Speaker 1>good um and UM and then you know, hopefully get

0:13:59.720 --> 0:14:01.760
<v Speaker 1>back to get that to work and be able to

0:14:01.800 --> 0:14:05.760
<v Speaker 1>respond as an economy more broadly. All right, really good stuff.

0:14:05.760 --> 0:14:07.240
<v Speaker 1>Thank you so much for spending some time with this.

0:14:07.320 --> 0:14:09.959
<v Speaker 1>Aaron Levy is the CEO of Box, joining us on

0:14:10.040 --> 0:14:13.920
<v Speaker 1>the phone from Redwood City, California. Such a thoughtful guy,

0:14:14.200 --> 0:14:16.839
<v Speaker 1>and uh, listen as he laid out and as you

0:14:17.000 --> 0:14:20.720
<v Speaker 1>rightly questioned him about he's been through the Ringer, no question,

0:14:21.000 --> 0:14:22.440
<v Speaker 1>and I like what you know. He had to say

0:14:22.440 --> 0:14:24.160
<v Speaker 1>that sometimes you've got to pivot and you've got to

0:14:24.240 --> 0:14:26.320
<v Speaker 1>just that that's what you've got to do. Um, And

0:14:26.440 --> 0:14:28.200
<v Speaker 1>we've seen it. I feel like we've talked about that

0:14:28.280 --> 0:14:31.200
<v Speaker 1>with Mary Barr. Gam Like they realized, Okay, what's the future.

0:14:31.360 --> 0:14:34.280
<v Speaker 1>And it's gonna hurt, it's gonna be painful, um, but

0:14:34.440 --> 0:14:36.320
<v Speaker 1>you've got to be decisive. That was one thing that

0:14:36.400 --> 0:14:38.400
<v Speaker 1>he said that I thought was really stuck with me.

0:14:38.600 --> 0:14:42.200
<v Speaker 1>So good, Uh, A really good conversation with Aaron Levy