1 00:00:00,080 --> 00:00:06,080 Speaker 1: M This is Mesters in Business with Very Renaults on 2 00:00:06,240 --> 00:00:11,240 Speaker 1: Bluebird Radio. This week on the podcast, I have yes 3 00:00:11,520 --> 00:00:15,560 Speaker 1: an extra special guest, John dor of the famed venture 4 00:00:15,600 --> 00:00:19,960 Speaker 1: capital firm Climate Perkins UH is here to discuss all 5 00:00:20,040 --> 00:00:23,440 Speaker 1: things venture capital and climate related. He has a new 6 00:00:23,440 --> 00:00:27,840 Speaker 1: book out that's really quite interesting. We talk about everything 7 00:00:27,880 --> 00:00:33,880 Speaker 1: from crypto to Tesla UH to beyond Meat, to all 8 00:00:33,920 --> 00:00:39,840 Speaker 1: of the opportunities that exist in order to help moderate 9 00:00:40,520 --> 00:00:44,360 Speaker 1: and reduce carbon in the atmosphere, and the potential climate 10 00:00:44,479 --> 00:00:47,960 Speaker 1: crisis that awaits us if we don't change our ways. 11 00:00:48,000 --> 00:00:50,960 Speaker 1: So Dora is a venture capitalist. He invests money in 12 00:00:51,040 --> 00:00:55,480 Speaker 1: order to generated return. These aren't just finger wagging b 13 00:00:55,680 --> 00:00:59,720 Speaker 1: green for green sake. He describes their venture fund, which 14 00:01:00,120 --> 00:01:03,400 Speaker 1: they put nearly a billion dollars into it ten years 15 00:01:03,400 --> 00:01:06,440 Speaker 1: ago and now it's worth over three billion UH. That's 16 00:01:06,440 --> 00:01:10,920 Speaker 1: how successful the returns have been. He describes the climate 17 00:01:11,520 --> 00:01:15,759 Speaker 1: crisis as a multi trillion dollar opportunity. Yes, we need 18 00:01:15,840 --> 00:01:17,880 Speaker 1: to do something in order to make sure we leave 19 00:01:17,920 --> 00:01:22,000 Speaker 1: our children and grandchildren a habitable earth. At the same time, 20 00:01:22,280 --> 00:01:26,760 Speaker 1: there is a massive opportunity in everything from food to 21 00:01:26,920 --> 00:01:31,039 Speaker 1: electrical grid to transportation, on and on and on. It 22 00:01:31,120 --> 00:01:34,920 Speaker 1: really is quite fascinating. Somebody like him sees the world 23 00:01:35,480 --> 00:01:39,000 Speaker 1: from both perspectives. From the hey, we want to make 24 00:01:39,000 --> 00:01:41,800 Speaker 1: sure we have a habitable place to live, but he 25 00:01:41,840 --> 00:01:45,000 Speaker 1: can't take off his VC hat, and he sees just 26 00:01:45,280 --> 00:01:52,760 Speaker 1: massive opportunities to do well by doing good. Uh. Really 27 00:01:52,800 --> 00:01:56,880 Speaker 1: a fascinating conversation with no further ado. My interview with 28 00:01:56,960 --> 00:02:03,360 Speaker 1: Clara Perkins John Dor. This is Mesters in Business with 29 00:02:03,520 --> 00:02:09,080 Speaker 1: Very Results on Bloomberg Radio. My extra special guest this 30 00:02:09,160 --> 00:02:13,359 Speaker 1: week is John Dor. He is the fame venture capitalist 31 00:02:13,520 --> 00:02:17,400 Speaker 1: known for his work at Klina Perkins, Coalfield and Buyers. 32 00:02:17,440 --> 00:02:20,919 Speaker 1: The venture capital firm operates thirty two funds. They've made 33 00:02:20,960 --> 00:02:26,200 Speaker 1: more than six seventy five investments, including such early stage 34 00:02:26,240 --> 00:02:30,920 Speaker 1: fundings for companies like Google, Twitter, Amazon, and too many 35 00:02:31,000 --> 00:02:35,040 Speaker 1: others to list. Door still holds a substantial steak in 36 00:02:35,200 --> 00:02:39,080 Speaker 1: his initial investment in Google. His most recent book is 37 00:02:39,200 --> 00:02:44,880 Speaker 1: Speed and Scale, An Action Plan for Solving Our Climate Crisis. Now, 38 00:02:45,520 --> 00:02:49,240 Speaker 1: John Door, Welcome to Bloomberg. It's a thrilled to be 39 00:02:49,320 --> 00:02:51,359 Speaker 1: here with you. Very thank you, and I'm thrilled to 40 00:02:51,400 --> 00:02:54,040 Speaker 1: talk to you. Let's let's go back to the early 41 00:02:54,080 --> 00:02:56,720 Speaker 1: parts of your career. Before we start to uh get 42 00:02:56,760 --> 00:03:01,120 Speaker 1: get current, you originally joined into else because you couldn't 43 00:03:01,200 --> 00:03:04,040 Speaker 1: land a gig as a venture capitalist. To tell us 44 00:03:04,040 --> 00:03:06,960 Speaker 1: a little bit about that. So I came to Silicon 45 00:03:07,040 --> 00:03:11,639 Speaker 1: Valley with no job, no place to live in incidentally, 46 00:03:11,680 --> 00:03:16,720 Speaker 1: no girlfriend. The lady I had been dating decided I 47 00:03:16,800 --> 00:03:22,320 Speaker 1: was too persistent and dumped me. So I, Uh, my 48 00:03:22,440 --> 00:03:25,520 Speaker 1: real goal was to win my way back into her 49 00:03:25,560 --> 00:03:28,720 Speaker 1: heart and to join with some friends to start a company. 50 00:03:28,760 --> 00:03:31,400 Speaker 1: I wanted to start a company, and I heard the 51 00:03:31,520 --> 00:03:33,760 Speaker 1: venture capital had something to do with that. So I 52 00:03:34,360 --> 00:03:38,200 Speaker 1: cold called all the venture capitalists and some of them 53 00:03:38,200 --> 00:03:45,080 Speaker 1: returned my call in the mid seventies, and uh, they 54 00:03:45,160 --> 00:03:48,600 Speaker 1: looked at my experience and uniformly concluded that I should 55 00:03:48,640 --> 00:03:52,080 Speaker 1: go get a real job. That was their advice. I 56 00:03:52,120 --> 00:03:57,160 Speaker 1: remember Dick Cramley said, we just backed small new chip 57 00:03:57,200 --> 00:04:00,520 Speaker 1: company called Intel. Why don't you of view for a 58 00:04:00,640 --> 00:04:05,960 Speaker 1: job there? And I did, and uh lo and behold, 59 00:04:06,040 --> 00:04:10,440 Speaker 1: unbeknownst to me, my former girlfriend in Holland now and 60 00:04:10,600 --> 00:04:14,800 Speaker 1: Holland Door had gotten a job at Intel. I got 61 00:04:14,800 --> 00:04:20,359 Speaker 1: a job there, and when I arrived at first summer day, uh, 62 00:04:20,440 --> 00:04:22,800 Speaker 1: I was surprised to see her there, and she was 63 00:04:22,839 --> 00:04:27,960 Speaker 1: not happy to see me, so uh it took the 64 00:04:28,000 --> 00:04:30,640 Speaker 1: rest of the summer to put our relationship back together again. 65 00:04:31,240 --> 00:04:34,520 Speaker 1: But I loved Intel. It was a dynamic place. They 66 00:04:34,960 --> 00:04:40,800 Speaker 1: just invented the microprocessor, and I seriously considered abandoning my 67 00:04:40,960 --> 00:04:45,160 Speaker 1: graduate education in business as it turns out, to just 68 00:04:45,160 --> 00:04:48,719 Speaker 1: stay at Intel. But I returned there after graduating and 69 00:04:48,839 --> 00:04:55,359 Speaker 1: worked for I guess four or five years helping democratized 70 00:04:55,360 --> 00:04:59,359 Speaker 1: computing as to get microprocessors used in everything from traffic 71 00:04:59,440 --> 00:05:08,880 Speaker 1: lights to defibrillators to nuclear residents, magnetic imaging systems. And uh, 72 00:05:09,120 --> 00:05:13,200 Speaker 1: it was all because I've wanted to be part of new, 73 00:05:13,320 --> 00:05:16,839 Speaker 1: rapidly growing companies. How did you work you away from 74 00:05:16,920 --> 00:05:20,000 Speaker 1: Intel to venture investing? How would you find your way 75 00:05:20,000 --> 00:05:22,040 Speaker 1: to client a Perkins? Well? I got a phone call 76 00:05:22,120 --> 00:05:25,120 Speaker 1: one day from a friend who said, Hey, John, I 77 00:05:25,240 --> 00:05:30,679 Speaker 1: just finished interviewing uh for a job at a ventry 78 00:05:30,680 --> 00:05:34,760 Speaker 1: capital firm Kleiner Perkins, Caufield and Buyers. It sounded to 79 00:05:34,800 --> 00:05:37,400 Speaker 1: me like a law firm. I really didn't know them, 80 00:05:37,560 --> 00:05:41,159 Speaker 1: but he said you should go interview there because what 81 00:05:41,279 --> 00:05:45,799 Speaker 1: they want to add to their team is someone a younger, 82 00:05:46,600 --> 00:05:50,880 Speaker 1: younger professional with a strong technical background, a good network 83 00:05:50,960 --> 00:05:56,160 Speaker 1: in Silicon Valley, and a passion for startups. I think 84 00:05:56,200 --> 00:06:01,119 Speaker 1: you and they would make a great fit, so I didn't. 85 00:06:01,160 --> 00:06:03,200 Speaker 1: They ran an ad actually in the Wall Street Journal 86 00:06:03,279 --> 00:06:07,120 Speaker 1: for this position, which I didn't see, but I called up, 87 00:06:07,800 --> 00:06:13,120 Speaker 1: I interviewed, and and got a job. There is an 88 00:06:13,279 --> 00:06:18,800 Speaker 1: entry level professional, a gopher. I did everything, carried people's bags, 89 00:06:18,880 --> 00:06:22,880 Speaker 1: I read business plans. Uh. But there was one important 90 00:06:23,800 --> 00:06:26,680 Speaker 1: condition that I had, and that is I made them 91 00:06:26,680 --> 00:06:29,919 Speaker 1: promise that they would back me with my friends in 92 00:06:30,000 --> 00:06:33,160 Speaker 1: starting a company if I went to work there, because honestly, 93 00:06:33,200 --> 00:06:37,240 Speaker 1: I wasn't interested in venture capital, wanted to be an 94 00:06:37,240 --> 00:06:42,840 Speaker 1: early eighties entrepreneur, and they had. They agreed to that 95 00:06:43,200 --> 00:06:47,240 Speaker 1: and pointed out that they had backed other young partners 96 00:06:47,279 --> 00:06:50,960 Speaker 1: at Kleiner in writing business plans. Bob Swanson had written 97 00:06:50,960 --> 00:06:54,280 Speaker 1: the business plan for Genentech that led to the whole 98 00:06:54,320 --> 00:06:57,719 Speaker 1: biotech industry, and Jimmy Travig had done the same thing 99 00:06:57,800 --> 00:07:03,960 Speaker 1: with Tandem computers. My current partner, Brooke Buyers, as a 100 00:07:03,960 --> 00:07:06,800 Speaker 1: young partner at Kleiner, wrote the business plan for for 101 00:07:06,920 --> 00:07:12,040 Speaker 1: hybrid Tech. So Eugene Kleiner and Tom Perkins were unusual, 102 00:07:12,200 --> 00:07:17,040 Speaker 1: and I'd even say mythic or epic figures, and that 103 00:07:17,120 --> 00:07:20,080 Speaker 1: they had technical backgrounds. They had started their own companies 104 00:07:20,760 --> 00:07:24,200 Speaker 1: and they felt that was part of what their venture 105 00:07:24,240 --> 00:07:27,040 Speaker 1: capital firm ought to do. So here's the key question, 106 00:07:27,320 --> 00:07:30,880 Speaker 1: how come you never left Kleiner Perkins. Why didn't you 107 00:07:31,000 --> 00:07:34,800 Speaker 1: launch your own start up? Well, I did. They backed 108 00:07:34,800 --> 00:07:37,720 Speaker 1: me in doing it. The first was one called Silicon Compilers. 109 00:07:38,520 --> 00:07:42,080 Speaker 1: I became the full time CEO founder of that with 110 00:07:42,440 --> 00:07:48,000 Speaker 1: Caltech professor Carver meat H. Then as I've worked with 111 00:07:48,040 --> 00:07:53,360 Speaker 1: companies like Compact and Sun Microsystems that were growing really rapidly, 112 00:07:53,760 --> 00:07:57,080 Speaker 1: I realized I was not at all qualified to advise 113 00:07:57,120 --> 00:08:01,120 Speaker 1: these entrepreneurs. So I took another month leave of absence 114 00:08:01,160 --> 00:08:06,920 Speaker 1: from Kleiner to run the desktop division of Sun, and 115 00:08:07,800 --> 00:08:11,200 Speaker 1: almost left Kleiner permanently to do that. But and I 116 00:08:11,240 --> 00:08:13,760 Speaker 1: wanted to start a family, and she said, you know, 117 00:08:14,520 --> 00:08:18,440 Speaker 1: you're doing this some thing and keeping involved in Kleiner. 118 00:08:18,880 --> 00:08:20,840 Speaker 1: It's just not going to work. We have to make 119 00:08:20,880 --> 00:08:27,400 Speaker 1: some choices here, and so I left my operating role 120 00:08:27,440 --> 00:08:31,480 Speaker 1: at its son, but never gave up an interest in 121 00:08:31,560 --> 00:08:34,760 Speaker 1: starting new companies and did that again at a later 122 00:08:34,800 --> 00:08:40,640 Speaker 1: time with a company called at Home. You may remember 123 00:08:40,679 --> 00:08:47,120 Speaker 1: that they standardized and commercialized the cable modem to access 124 00:08:47,200 --> 00:08:51,720 Speaker 1: the Internet. Before the at home venture, access to the 125 00:08:51,760 --> 00:08:56,440 Speaker 1: Internet was really very slow, and cable modems swept the 126 00:08:56,520 --> 00:09:01,880 Speaker 1: United States, and our company was key in making that happen. 127 00:09:02,880 --> 00:09:06,240 Speaker 1: So so I like this quote from you. If you 128 00:09:06,320 --> 00:09:09,560 Speaker 1: can invent the future, the next best thing is to 129 00:09:09,679 --> 00:09:12,640 Speaker 1: fund it, And so I guess that helps to explain 130 00:09:12,679 --> 00:09:17,439 Speaker 1: your move from sun Over back to Klina Perkins exactly. 131 00:09:18,880 --> 00:09:25,640 Speaker 1: You know, it was Alan Kay, the chief scientists at Apple, 132 00:09:25,760 --> 00:09:28,840 Speaker 1: who said the best way to predict the future is 133 00:09:28,920 --> 00:09:33,199 Speaker 1: to invent it. And well, I've made some inventions, their 134 00:09:33,280 --> 00:09:39,760 Speaker 1: modest My my better fortune has been to find amazing entrepreneurs, 135 00:09:39,800 --> 00:09:44,440 Speaker 1: identify them, and then help fund and accelerate their success. 136 00:09:45,320 --> 00:09:50,720 Speaker 1: Quite interesting, Amazon, Netscape, applied material Citrix into a genentech 137 00:09:50,800 --> 00:09:54,560 Speaker 1: e a sports compact, Slack, Uber, Square, Spotify, robin Hood. 138 00:09:55,000 --> 00:09:59,880 Speaker 1: That is just an amazing, amazing list of startups that 139 00:10:00,040 --> 00:10:03,360 Speaker 1: you guys were fairly early investors in. Any of them 140 00:10:03,400 --> 00:10:08,800 Speaker 1: stand out as as uniquely memorable to you? Well to 141 00:10:09,040 --> 00:10:13,400 Speaker 1: two of the standouts have got to be Amazon and Google. 142 00:10:14,320 --> 00:10:18,920 Speaker 1: Now alphabet because what are they there there two of 143 00:10:19,040 --> 00:10:22,240 Speaker 1: the four or five most valuable companies in the world, 144 00:10:22,920 --> 00:10:26,680 Speaker 1: and I think both of them have profoundly changed the 145 00:10:26,720 --> 00:10:32,480 Speaker 1: way that we live, communicate, educate, and form conduct commerce 146 00:10:33,520 --> 00:10:38,760 Speaker 1: see the world. They both what they both have in 147 00:10:38,880 --> 00:10:44,720 Speaker 1: common is exceptional founders and really strong management teams who 148 00:10:44,800 --> 00:10:49,400 Speaker 1: have a sense of urgency and a focus on either 149 00:10:49,640 --> 00:10:55,800 Speaker 1: large new markets or large existing markets that deserved and 150 00:10:55,840 --> 00:11:00,800 Speaker 1: have benefited from disruption. So I remember when I was 151 00:11:00,840 --> 00:11:03,920 Speaker 1: first offered a position at Kleiner Perkins. I told them 152 00:11:03,960 --> 00:11:06,240 Speaker 1: that I thought it was kind of unfair that they 153 00:11:06,240 --> 00:11:08,160 Speaker 1: would pay me to do the job that I would 154 00:11:08,200 --> 00:11:11,400 Speaker 1: pay them for the privilege of working with these amazing 155 00:11:11,520 --> 00:11:15,040 Speaker 1: entrepreneurs and founders. So when you're thinking about putting money 156 00:11:15,200 --> 00:11:20,160 Speaker 1: into Amazon in the mid nineties or Google in the 157 00:11:20,240 --> 00:11:25,040 Speaker 1: late nineties, at any point in that process, are you thinking, oh, sure, 158 00:11:25,120 --> 00:11:30,320 Speaker 1: these can become two trillion dollar companies soon. Well, I 159 00:11:30,400 --> 00:11:32,760 Speaker 1: had no really good idea how big they could be, 160 00:11:33,000 --> 00:11:38,320 Speaker 1: so um I put the question to Jeff Bezos and 161 00:11:38,600 --> 00:11:42,199 Speaker 1: his response was, well, John, I don't know, but we're 162 00:11:42,200 --> 00:11:46,000 Speaker 1: going to get big fast. At the time, I kicked 163 00:11:46,080 --> 00:11:50,600 Speaker 1: up something of a firestorm by proclaiming that the Internet 164 00:11:50,640 --> 00:11:53,959 Speaker 1: had been under hyped. It might be the largest legal 165 00:11:54,040 --> 00:11:57,320 Speaker 1: creation of wealth in our our lifetimes. But I was 166 00:11:57,400 --> 00:12:01,080 Speaker 1: more clear and explicit with Larry Page when I met 167 00:12:01,240 --> 00:12:06,199 Speaker 1: with him and Sergey, and I asked Larry how big 168 00:12:06,280 --> 00:12:11,079 Speaker 1: Google would get. I'll never forget this, Verry, he responded 169 00:12:11,080 --> 00:12:17,160 Speaker 1: to me without missing a beat, ten billion. I said, 170 00:12:19,440 --> 00:12:23,479 Speaker 1: Just to test myself, I said, surely you mean market capitalization, 171 00:12:23,520 --> 00:12:28,520 Speaker 1: don't you. He said, no, John, I mean revenues. We're 172 00:12:28,600 --> 00:12:32,640 Speaker 1: just beginning in the field of search, and you cannot 173 00:12:32,640 --> 00:12:36,319 Speaker 1: imagine how much better it's going to get over time. 174 00:12:37,320 --> 00:12:40,199 Speaker 1: And sure enough he was. He was more than right 175 00:12:40,920 --> 00:12:42,839 Speaker 1: to say the very least. So so let's talk a 176 00:12:42,880 --> 00:12:47,560 Speaker 1: bit about Google. You're known for introducing to both Larry 177 00:12:47,559 --> 00:12:52,520 Speaker 1: and Serge your concept of okay RS, objectives and key results. 178 00:12:53,080 --> 00:12:56,200 Speaker 1: What was the impact of that on Google? How did 179 00:12:56,200 --> 00:13:01,080 Speaker 1: they respond to to your suggestion on come up with 180 00:13:01,120 --> 00:13:04,839 Speaker 1: objectives and come up with ways to measure your progress. So, 181 00:13:05,720 --> 00:13:09,960 Speaker 1: for everyone in your audience, objectives and key Results or 182 00:13:10,000 --> 00:13:13,920 Speaker 1: okay RS is a goal setting system that Andy Grove 183 00:13:14,000 --> 00:13:18,360 Speaker 1: invented an Intel And that's because in the semiconductor industry, 184 00:13:18,640 --> 00:13:21,719 Speaker 1: I'm a refugee from the semiconductor industry. You've got to 185 00:13:21,760 --> 00:13:24,240 Speaker 1: get tens of thousands of people to get lines that 186 00:13:24,320 --> 00:13:28,480 Speaker 1: are a millionth of a meter one micron wide exactly right, 187 00:13:28,800 --> 00:13:34,360 Speaker 1: or nothing works, the chips fail. So you need exceptional discipline, 188 00:13:34,440 --> 00:13:39,480 Speaker 1: attention to detail, focus and execution. And so Andy came 189 00:13:39,559 --> 00:13:42,240 Speaker 1: up with this system. I was so enamored of it 190 00:13:42,440 --> 00:13:45,040 Speaker 1: when I left Intel. I took it everywhere I went 191 00:13:45,320 --> 00:13:49,720 Speaker 1: from not nonprofits to startups to large companies. Uh, the 192 00:13:49,760 --> 00:13:53,720 Speaker 1: Gates Foundation in the early days, for example, how they 193 00:13:54,120 --> 00:13:59,680 Speaker 1: they were. They were very large nonprofit startup, an important 194 00:13:59,720 --> 00:14:03,120 Speaker 1: one of the planet. So I took Andy Groves system 195 00:14:03,160 --> 00:14:06,400 Speaker 1: to Larry and Sergey, the founders of Google in the 196 00:14:06,520 --> 00:14:08,680 Speaker 1: very early days, and I went through it with them 197 00:14:08,760 --> 00:14:11,320 Speaker 1: and at the end of it asked them, so, guys, 198 00:14:11,360 --> 00:14:15,000 Speaker 1: what do you think would you use this in in 199 00:14:15,160 --> 00:14:21,600 Speaker 1: growing Google? And Larry it was, had no comment whatsoever. 200 00:14:21,680 --> 00:14:24,920 Speaker 1: But Sergey, who was more rebulliant. I'd like to tell you, 201 00:14:25,000 --> 00:14:27,880 Speaker 1: Barry that he said, we love this, We're going to 202 00:14:28,240 --> 00:14:32,160 Speaker 1: adopt it poleheartedly. Well, the truth of the matter is 203 00:14:32,200 --> 00:14:34,440 Speaker 1: what he said was, we don't have any better way 204 00:14:34,480 --> 00:14:38,360 Speaker 1: to manage this Google company, so we'll give it a try, 205 00:14:38,440 --> 00:14:41,880 Speaker 1: which I took as a ringing endorsement because what's happened 206 00:14:41,880 --> 00:14:46,640 Speaker 1: since then to this day, every Googler every quarter writes 207 00:14:46,720 --> 00:14:50,600 Speaker 1: down her objectives and key results and publishes them for 208 00:14:50,640 --> 00:14:54,120 Speaker 1: the entire company to see. And interestingly, they've never leaked. 209 00:14:54,320 --> 00:14:58,200 Speaker 1: So there's a hundred and forty Googlers who are doing 210 00:14:58,240 --> 00:15:02,440 Speaker 1: this four times a year. They're graded, but at the 211 00:15:02,560 --> 00:15:05,680 Speaker 1: end of each quarter they're swept aside because they're not 212 00:15:05,800 --> 00:15:09,080 Speaker 1: used for bonuses or promotions. They serve a higher purpose, 213 00:15:09,640 --> 00:15:14,320 Speaker 1: and that's a collective social contract to get everybody focused 214 00:15:14,320 --> 00:15:18,960 Speaker 1: and aligned and and committed and tracking their progress to 215 00:15:19,440 --> 00:15:24,080 Speaker 1: stretch for almost impossible to achieve goals. And I'm telling 216 00:15:24,080 --> 00:15:27,520 Speaker 1: you this story because the same system that Andy Grove 217 00:15:28,320 --> 00:15:33,160 Speaker 1: invented has now spread pretty broadly through the technology and 218 00:15:33,240 --> 00:15:36,200 Speaker 1: other sectors of the economy. And it's at the heart 219 00:15:36,680 --> 00:15:40,000 Speaker 1: of this plan that we have called speed and Scale 220 00:15:40,400 --> 00:15:44,800 Speaker 1: to deal with the climate crisis. Quite quite interesting. I'm 221 00:15:44,880 --> 00:15:47,440 Speaker 1: I'm going to stick with some of the early investments 222 00:15:48,080 --> 00:15:51,520 Speaker 1: that you made and and ask a really broad general question, 223 00:15:52,120 --> 00:15:55,080 Speaker 1: how likely is it that a company you made an 224 00:15:55,080 --> 00:15:59,160 Speaker 1: early stage investment in ends up looking like the company 225 00:15:59,240 --> 00:16:03,160 Speaker 1: you thought you were vesting in. Meaning how often do 226 00:16:03,320 --> 00:16:07,440 Speaker 1: companies iterate or pivot into something totally different from what 227 00:16:07,480 --> 00:16:12,000 Speaker 1: you thought you were getting involved with. Well, I was 228 00:16:12,040 --> 00:16:17,000 Speaker 1: gonna say not often if it's totally different, But if 229 00:16:17,040 --> 00:16:21,720 Speaker 1: it's meaningfully different, that happens all the time. And that's 230 00:16:21,720 --> 00:16:26,120 Speaker 1: why in the venture capital work that we do, it's 231 00:16:26,200 --> 00:16:30,440 Speaker 1: so important to back to find fund and and build 232 00:16:30,440 --> 00:16:34,960 Speaker 1: a relationship with the right people because the people in 233 00:16:35,040 --> 00:16:38,880 Speaker 1: the quality of the team is going to affect how 234 00:16:38,920 --> 00:16:43,280 Speaker 1: they pivot, how they adapt their their business plan to 235 00:16:43,640 --> 00:16:49,800 Speaker 1: changing markets, changing technologies, changing opportunity. Very interesting. So you 236 00:16:49,840 --> 00:16:56,120 Speaker 1: mentioned Amazon and Google as just uniquely memorable startups. What 237 00:16:56,200 --> 00:16:58,960 Speaker 1: about some memorable ones that you thought would work out 238 00:16:59,000 --> 00:17:03,280 Speaker 1: that didn't or I know vcs love to talk about, 239 00:17:04,480 --> 00:17:06,800 Speaker 1: Look how silly we are. We had an opportunity to 240 00:17:06,800 --> 00:17:11,280 Speaker 1: invest in X and we passed and now excess fabulously successful. 241 00:17:11,600 --> 00:17:15,199 Speaker 1: What stands out in that space, Well, the standout in 242 00:17:15,240 --> 00:17:19,280 Speaker 1: that space is the bad decision we made to invest 243 00:17:19,320 --> 00:17:24,960 Speaker 1: in Fisker instead of in Tesla. And at at the 244 00:17:25,000 --> 00:17:30,280 Speaker 1: time they had similar strategies, which was to enter the 245 00:17:30,359 --> 00:17:37,280 Speaker 1: electric vehicle market with high end luxury, pretty expensive car 246 00:17:37,760 --> 00:17:40,480 Speaker 1: and then to drive the costs of that vehicle down 247 00:17:40,640 --> 00:17:46,520 Speaker 1: over time. Both companies were struggling to raise money. One 248 00:17:46,560 --> 00:17:52,120 Speaker 1: of them had experienced the executive from the automobile industry, 249 00:17:52,119 --> 00:17:57,160 Speaker 1: fundamentally a designer by the name of Henrik Fisker, as 250 00:17:57,200 --> 00:18:01,640 Speaker 1: its founder and CEO. The other had Evon Musk, who 251 00:18:01,680 --> 00:18:06,840 Speaker 1: had no automo industry experience. But I was determined to 252 00:18:06,960 --> 00:18:11,640 Speaker 1: reinvent every part of the automotive car, viewing it more 253 00:18:11,760 --> 00:18:16,520 Speaker 1: as a machine to run software than a collection of 254 00:18:16,520 --> 00:18:20,280 Speaker 1: of subsystems procured from the automobile industry. We made the 255 00:18:20,280 --> 00:18:24,520 Speaker 1: wrong call, and the rest is history. That that Fisker, 256 00:18:24,520 --> 00:18:28,879 Speaker 1: that first Fisker car, was just a gorgeous design, and 257 00:18:28,960 --> 00:18:33,879 Speaker 1: at the time, Tesla was taking old Lotus convertibles and 258 00:18:34,080 --> 00:18:37,960 Speaker 1: filling them with laptop batteries. Between the two, it's pretty 259 00:18:37,960 --> 00:18:43,520 Speaker 1: easy to see how the Fisker Um opportunity really looked 260 00:18:43,560 --> 00:18:48,040 Speaker 1: more intriguing than Tesla did way back when. How typical 261 00:18:48,119 --> 00:18:51,040 Speaker 1: is that for the world of venture It happens all 262 00:18:51,040 --> 00:18:55,640 Speaker 1: the time, all the time. That's what makes the job 263 00:18:55,680 --> 00:18:59,880 Speaker 1: of finding funding and accelerating the success of entrepreneurs hard, 264 00:19:00,560 --> 00:19:03,760 Speaker 1: to say the very least. So there was just a 265 00:19:03,840 --> 00:19:06,879 Speaker 1: new report that came out and said renewable energy in 266 00:19:06,920 --> 00:19:11,080 Speaker 1: the US has quadrupled over the past decade. So we're 267 00:19:11,080 --> 00:19:13,119 Speaker 1: all good, right, there's nothing else to worry about with 268 00:19:13,160 --> 00:19:18,240 Speaker 1: the climate. Oh I wish that was true. No. I 269 00:19:18,359 --> 00:19:24,240 Speaker 1: came to this book, this project, this passion back in 270 00:19:24,280 --> 00:19:26,960 Speaker 1: two thousand and six, when Al Gore's movie You Remember 271 00:19:26,960 --> 00:19:31,919 Speaker 1: an Inconvenient Truth Shore and I took my family and 272 00:19:32,000 --> 00:19:34,240 Speaker 1: friends to see it, and we came back for a 273 00:19:34,240 --> 00:19:38,760 Speaker 1: dinner conversation, and uh, I went around the table to 274 00:19:38,760 --> 00:19:43,200 Speaker 1: see what people thought. When it came turned for my 275 00:19:43,960 --> 00:19:49,320 Speaker 1: sixteen year old daughter Mary door, she said, I'm scared 276 00:19:49,480 --> 00:19:54,480 Speaker 1: and I'm angry. He said, Dad, your generation created this problem. 277 00:19:54,640 --> 00:19:58,800 Speaker 1: You better fix it, and very I was speechless. I 278 00:19:58,840 --> 00:20:03,000 Speaker 1: had no idea what So I set out with partners 279 00:20:03,000 --> 00:20:06,879 Speaker 1: of my Kleiner Perkins to understand the extent of the 280 00:20:06,920 --> 00:20:10,359 Speaker 1: climate crisis, even hired Al Gore as a partner, and 281 00:20:11,440 --> 00:20:16,000 Speaker 1: over time, over three funds invested a third up to 282 00:20:16,119 --> 00:20:20,720 Speaker 1: a half of the funds total about a billion dollars 283 00:20:20,760 --> 00:20:26,359 Speaker 1: in some seventy climate ventures, most of which failed. And 284 00:20:26,400 --> 00:20:29,240 Speaker 1: in fact, it's hard, it's very hard to grow a 285 00:20:29,280 --> 00:20:33,399 Speaker 1: climate tech or green tech venture. It's pretty lonely in 286 00:20:33,440 --> 00:20:36,879 Speaker 1: the early days of doing that, and we almost lost 287 00:20:36,920 --> 00:20:39,560 Speaker 1: all of our investments. But we stood by these entrepreneurs 288 00:20:40,160 --> 00:20:44,520 Speaker 1: and they produced companies like Beyond Meat or nd Phase 289 00:20:44,840 --> 00:20:50,040 Speaker 1: or the Nest smart thermostats, and today are are worth 290 00:20:50,240 --> 00:20:54,280 Speaker 1: some three billion dollars. But that was then. This is now. 291 00:20:55,000 --> 00:21:00,520 Speaker 1: I think what's important about now is we need way 292 00:21:00,560 --> 00:21:09,600 Speaker 1: greater ambition and speed two avert catastrophic irreversible climate crisis. 293 00:21:09,840 --> 00:21:12,359 Speaker 1: I mean, the evidence is all around us. We've we've 294 00:21:12,359 --> 00:21:19,159 Speaker 1: got devastating hurricanes and floods and wildfires and and uh 295 00:21:19,880 --> 00:21:25,960 Speaker 1: ten million climate refugees. H The I p c C 296 00:21:26,280 --> 00:21:30,280 Speaker 1: says that if we don't reduce our carbon emissions by 297 00:21:32,200 --> 00:21:40,520 Speaker 1: by fifty we will see global warming overshoot by more 298 00:21:40,560 --> 00:21:45,600 Speaker 1: than two degrees celsius nearly four degrees fahrenheit. And the 299 00:21:45,680 --> 00:21:52,200 Speaker 1: Paris Accords, which were agreed to in twenty if we 300 00:21:52,200 --> 00:21:56,120 Speaker 1: were achieving them, would still cause us to land head 301 00:21:56,160 --> 00:21:59,919 Speaker 1: around two degrees celsius. The bad news is we're not 302 00:22:00,080 --> 00:22:03,479 Speaker 1: close to achieving any of those schools. So the latest 303 00:22:03,480 --> 00:22:06,960 Speaker 1: report from the u N said this is a code 304 00:22:07,000 --> 00:22:12,600 Speaker 1: read problem. And and I also see all problems as opportunities. 305 00:22:13,040 --> 00:22:15,960 Speaker 1: Very I think this, this is going to be the 306 00:22:16,000 --> 00:22:25,040 Speaker 1: greatest opportunity, human opportunity, social opportunity, economic opportunity of the century. 307 00:22:25,480 --> 00:22:28,880 Speaker 1: So let's talk a little bit about that opportunity. You're 308 00:22:28,880 --> 00:22:32,800 Speaker 1: talking the book about cutting emissions in half by and 309 00:22:32,960 --> 00:22:39,879 Speaker 1: net zero by, and you reference six main areas of 310 00:22:39,920 --> 00:22:47,119 Speaker 1: attack transportation, the electrical grid, food, protecting nature, cleaning up industry, 311 00:22:47,320 --> 00:22:51,480 Speaker 1: and then removing carbon from the atmosphere. Let's let's talk 312 00:22:51,480 --> 00:22:53,520 Speaker 1: a little bit about each of those, because they're all 313 00:22:53,960 --> 00:22:58,359 Speaker 1: quite fascinating. We were talking about Tesla. How quickly do 314 00:22:58,480 --> 00:23:02,200 Speaker 1: we think that we're going to be passed internal combustion 315 00:23:02,280 --> 00:23:07,840 Speaker 1: engines with a fully electrified transportation network. Well, that's a 316 00:23:07,880 --> 00:23:10,399 Speaker 1: great question, and we can. I want to put this 317 00:23:10,480 --> 00:23:16,080 Speaker 1: in context. Every year we dumped fifty nine gigatons of 318 00:23:16,320 --> 00:23:21,200 Speaker 1: carbon greenhouse gas emissions in the atmosphere as if it's 319 00:23:21,200 --> 00:23:25,480 Speaker 1: some kind of free and open sewer. And so the 320 00:23:25,560 --> 00:23:28,960 Speaker 1: book and the research behind it has built a plan 321 00:23:29,680 --> 00:23:33,680 Speaker 1: in electrifying transportation and the other five for which each 322 00:23:33,760 --> 00:23:39,360 Speaker 1: of the objectives has three to five key results. These 323 00:23:39,359 --> 00:23:46,600 Speaker 1: are HANDI Grove Intel style, very measurable, specific steps in transportation. 324 00:23:47,080 --> 00:23:52,160 Speaker 1: It says that electric vehicles will achieve parity price, performance 325 00:23:52,160 --> 00:23:58,520 Speaker 1: parity with combustion engines. In the US, it says one 326 00:23:58,560 --> 00:24:03,640 Speaker 1: of two new personal vehicles purchased worldwide are electric vehicles 327 00:24:03,680 --> 00:24:07,240 Speaker 1: by So, what I'm trying to say is this is 328 00:24:07,240 --> 00:24:10,560 Speaker 1: a global plan. We've seen some nations of the world, 329 00:24:11,080 --> 00:24:14,280 Speaker 1: some states like California, say they're going to ban the 330 00:24:14,400 --> 00:24:19,440 Speaker 1: sale of internal combustion vehicles. And there's also key results 331 00:24:19,480 --> 00:24:23,960 Speaker 1: for buses, for trucks, for miles driven, for airplanes in maritime. 332 00:24:24,480 --> 00:24:28,399 Speaker 1: And this whole plan is available for free. You can 333 00:24:28,480 --> 00:24:33,040 Speaker 1: download it at the website speed and scale dot com. 334 00:24:33,080 --> 00:24:39,520 Speaker 1: So it's it's pragmatic, it's ambitious, it's almost unachievable. It's 335 00:24:39,520 --> 00:24:44,600 Speaker 1: a total of fifty key results for the world numeric 336 00:24:44,760 --> 00:24:47,800 Speaker 1: time bound, and we've got to get after them all 337 00:24:47,840 --> 00:24:50,480 Speaker 1: at once. We can't take turns. We're not going to 338 00:24:50,600 --> 00:24:55,159 Speaker 1: achieve all of these very It's uh. But if we 339 00:24:55,280 --> 00:24:59,400 Speaker 1: fall short on one, we can make ground faster in others. Now, 340 00:24:59,720 --> 00:25:05,560 Speaker 1: I don't want to intimidate people by how big, how tall? 341 00:25:05,600 --> 00:25:09,840 Speaker 1: In order this is The book also includes thirty five 342 00:25:10,359 --> 00:25:17,840 Speaker 1: stories from entrepreneurs and policymakers and leaders, innovators, leaders of 343 00:25:17,880 --> 00:25:25,359 Speaker 1: indigenous tribes that describing their own words, their struggle, their successes, 344 00:25:25,880 --> 00:25:31,600 Speaker 1: their their journey. H two two Change the World. One 345 00:25:31,640 --> 00:25:35,240 Speaker 1: of my favorites is of across country team who got 346 00:25:35,240 --> 00:25:39,600 Speaker 1: together to position to petition their their school district to 347 00:25:39,680 --> 00:25:43,639 Speaker 1: go to cleaner buses. They were sick entirely running behind 348 00:25:43,800 --> 00:25:48,840 Speaker 1: diesel buses with polluted air. And it shows that something 349 00:25:48,880 --> 00:25:52,760 Speaker 1: that I deeply believe, and that is we're fast running 350 00:25:52,840 --> 00:25:57,480 Speaker 1: out of time. And and so yes, we need individuals 351 00:25:57,520 --> 00:26:04,200 Speaker 1: to take individual action to eat less meat, use photovoltake solar, 352 00:26:04,240 --> 00:26:07,040 Speaker 1: and buy an electric vehicle if you can afford it. 353 00:26:07,440 --> 00:26:11,000 Speaker 1: But I've really written this book for the leader inside 354 00:26:11,000 --> 00:26:14,480 Speaker 1: of everyone, their inner leader, and that's their ability to 355 00:26:14,600 --> 00:26:18,920 Speaker 1: influence others to act as a group, like this cross 356 00:26:19,000 --> 00:26:23,959 Speaker 1: country team of runners in Maryland who uh got their 357 00:26:24,000 --> 00:26:27,080 Speaker 1: schools are strict to adopt electric buses. But the book 358 00:26:27,119 --> 00:26:31,280 Speaker 1: shows is that we can get this job done. But 359 00:26:32,160 --> 00:26:34,399 Speaker 1: as I said, we're faster running out of time. So 360 00:26:34,800 --> 00:26:36,680 Speaker 1: let's let's talk a little bit about that. By the way. 361 00:26:36,680 --> 00:26:39,399 Speaker 1: By the way, the bus discussions in the book are 362 00:26:39,480 --> 00:26:44,520 Speaker 1: quite fascinating, not just because China leapt out to a 363 00:26:44,520 --> 00:26:49,800 Speaker 1: big lead and have been very aggressively replacing diesel buses 364 00:26:49,840 --> 00:26:53,280 Speaker 1: with electric buses. But you helped fund an entrepreneur in 365 00:26:53,320 --> 00:26:56,440 Speaker 1: the US that's gone around and has done a great 366 00:26:56,520 --> 00:27:02,960 Speaker 1: job getting cities to purchase electric buses. The transportation grid 367 00:27:03,200 --> 00:27:06,600 Speaker 1: is clearly an issue, but as you point out, that's 368 00:27:06,640 --> 00:27:10,639 Speaker 1: only six gigatons. A bigger issue is the grid, the 369 00:27:10,680 --> 00:27:15,480 Speaker 1: electric grid, which produces twenty one gigatons of emissions. Tell 370 00:27:15,560 --> 00:27:18,639 Speaker 1: us about what we need to do to decarbonize the 371 00:27:18,720 --> 00:27:23,959 Speaker 1: electrical grid. You're you're right. If we move to electric 372 00:27:24,040 --> 00:27:28,840 Speaker 1: vehicles but we still use coal to generate electricity, we 373 00:27:28,920 --> 00:27:33,159 Speaker 1: won't have reduced emissions. And the biggest opportunity is to 374 00:27:33,200 --> 00:27:37,520 Speaker 1: decarbonize the grid and and and that's to take today's 375 00:27:37,560 --> 00:27:43,719 Speaker 1: twenty four gigatons of emissions mostly from coal also natural 376 00:27:43,800 --> 00:27:47,760 Speaker 1: gas to generate electricity, take that twenty four down to 377 00:27:47,840 --> 00:27:51,480 Speaker 1: three giga tons. So the first key result, the biggest 378 00:27:51,520 --> 00:27:56,080 Speaker 1: of them, is to get our electricity from zero emission 379 00:27:56,160 --> 00:28:04,119 Speaker 1: sources globally by and get it down to get an 380 00:28:05,240 --> 00:28:11,720 Speaker 1: get that would save us sixteen and a half gigatons. 381 00:28:11,760 --> 00:28:15,119 Speaker 1: Simply put, we need to move to renewable sources like 382 00:28:15,200 --> 00:28:20,480 Speaker 1: wind and solar and invest in longer term, durable storage 383 00:28:20,920 --> 00:28:23,560 Speaker 1: so that we have reliable energy when the wind isn't 384 00:28:23,560 --> 00:28:26,720 Speaker 1: blowing and the sun isn't shining. So so let's talk 385 00:28:26,720 --> 00:28:30,760 Speaker 1: about that battery technology a little bit. We've seen a 386 00:28:30,800 --> 00:28:36,200 Speaker 1: series of incremental improvements over time, but nothing has been 387 00:28:36,240 --> 00:28:40,600 Speaker 1: like an order of magnitude improvement. Will we be able 388 00:28:40,640 --> 00:28:43,640 Speaker 1: to get there soon enough? Do we need a Manhattan 389 00:28:43,680 --> 00:28:48,240 Speaker 1: Project for batteries or are all those incremental improvements compounding 390 00:28:48,280 --> 00:28:52,240 Speaker 1: and we'll get there eventually. Much much of the improvement 391 00:28:53,400 --> 00:28:58,800 Speaker 1: that is needed in all these technologies is lowering their costs, 392 00:28:59,520 --> 00:29:04,000 Speaker 1: and so of batteries today are still too expensive for 393 00:29:04,160 --> 00:29:10,200 Speaker 1: electric vehicles in India and in China. They're barely affordable 394 00:29:10,320 --> 00:29:13,520 Speaker 1: in the US marketplace. And so the book tells the 395 00:29:13,560 --> 00:29:18,040 Speaker 1: story of quantum escape. I'll disclose the public companies that 396 00:29:18,240 --> 00:29:21,000 Speaker 1: I've invested in and serve on the board of. And 397 00:29:21,160 --> 00:29:24,320 Speaker 1: an entrepreneur by the name of jag Deep Singh, and 398 00:29:24,480 --> 00:29:29,200 Speaker 1: he is going for a quantum improvement in batteries to 399 00:29:29,400 --> 00:29:34,120 Speaker 1: more than double their energy density. The energy density of 400 00:29:34,160 --> 00:29:37,800 Speaker 1: a battery is how much energy you'll get out of 401 00:29:37,840 --> 00:29:41,360 Speaker 1: it for a pound of weight of a battery. And 402 00:29:41,400 --> 00:29:46,080 Speaker 1: it's especially important in electric vehicles because the most expensive 403 00:29:46,120 --> 00:29:50,160 Speaker 1: part of the vehicle is the battery, and it's the 404 00:29:50,160 --> 00:29:52,880 Speaker 1: heaviest part, and you've got to use energy to move 405 00:29:52,880 --> 00:29:55,920 Speaker 1: the weight around. So if you double the energy density 406 00:29:55,920 --> 00:29:58,960 Speaker 1: of a battery, you can get a three or four 407 00:29:59,000 --> 00:30:08,640 Speaker 1: times systems improvement in the vehicle itself. I'm I'm not expecting. 408 00:30:08,840 --> 00:30:12,520 Speaker 1: I don't think anyone is forecasting in order of magnitude improvement. 409 00:30:12,960 --> 00:30:17,720 Speaker 1: And we've seen considerable lowering costs of batteries over time, 410 00:30:18,240 --> 00:30:22,480 Speaker 1: but the quantum scape innovation, which is an all solid 411 00:30:22,520 --> 00:30:26,960 Speaker 1: state battery, would be a genuine breakthrough. Let's let's talk 412 00:30:27,000 --> 00:30:31,160 Speaker 1: a little bit about food, another key source of emissions. 413 00:30:31,280 --> 00:30:34,360 Speaker 1: How can we become more efficient in growing the food, 414 00:30:35,000 --> 00:30:40,040 Speaker 1: affecting the menu of what we eat, and reducing enough 415 00:30:40,080 --> 00:30:43,560 Speaker 1: food waste to make a difference. But there's there's three 416 00:30:43,600 --> 00:30:47,920 Speaker 1: big things to do about food. The first is to 417 00:30:48,120 --> 00:30:51,880 Speaker 1: reduce the meat and dairy in our diets, and I'm 418 00:30:51,880 --> 00:30:55,400 Speaker 1: not saying cut them out entirely, but to replace some 419 00:30:55,560 --> 00:31:00,480 Speaker 1: of that with delicious, healthy, plant based proteins. And the 420 00:31:00,480 --> 00:31:06,120 Speaker 1: book tells the story of Beyond Me and the crusade 421 00:31:06,680 --> 00:31:10,720 Speaker 1: of its founder his struggles. He mortgaged his house two 422 00:31:11,160 --> 00:31:16,200 Speaker 1: lead the revolution in plant based protein. It turns out 423 00:31:16,240 --> 00:31:19,320 Speaker 1: that there's a billion cows on the planet, and the 424 00:31:19,320 --> 00:31:21,880 Speaker 1: book tells you their story as well. If they were 425 00:31:21,920 --> 00:31:25,880 Speaker 1: in nation, it would be the third largest country in 426 00:31:26,000 --> 00:31:28,760 Speaker 1: terms of the emissions. The second big thing to do 427 00:31:28,840 --> 00:31:34,800 Speaker 1: about food is to reduce food waste. Globally, of the 428 00:31:34,840 --> 00:31:40,000 Speaker 1: food that we produce is wasted, and taking some straightforward measures, 429 00:31:40,000 --> 00:31:42,280 Speaker 1: we think that can be reduced. Our goal is to 430 00:31:42,360 --> 00:31:45,640 Speaker 1: reduce it to ten of the food that we produce, 431 00:31:46,120 --> 00:31:49,360 Speaker 1: particularly when you consider the population will grow to ten 432 00:31:49,440 --> 00:31:53,920 Speaker 1: billion by the end of the century. Finally, we've got 433 00:31:53,920 --> 00:31:56,720 Speaker 1: to get more efficient with how we grow food, and 434 00:31:56,800 --> 00:32:00,800 Speaker 1: we can, for example, apply fertilizer much more are precisely 435 00:32:01,320 --> 00:32:05,960 Speaker 1: with new technologies. All in all, the food sector is 436 00:32:06,000 --> 00:32:09,040 Speaker 1: a way for us to reduce nine giga tons of 437 00:32:09,080 --> 00:32:14,520 Speaker 1: emissions to two gigatons by or a net gain of 438 00:32:14,680 --> 00:32:18,280 Speaker 1: seven out of the fifty nine gigatons that we've got 439 00:32:18,280 --> 00:32:21,320 Speaker 1: to drive to zero. So we we spend a lot 440 00:32:21,360 --> 00:32:25,400 Speaker 1: of time talking about beef and agriculture generally, but let's 441 00:32:25,400 --> 00:32:30,640 Speaker 1: talk about commercial fishing. What's the impact of our fishing 442 00:32:31,000 --> 00:32:36,360 Speaker 1: practices on the health of the oceans and its ability 443 00:32:36,400 --> 00:32:43,720 Speaker 1: to absorb carbon and reflect heat well. Over fishing, together 444 00:32:43,760 --> 00:32:47,160 Speaker 1: with over drilling and over development, have released huge amounts 445 00:32:47,160 --> 00:32:51,720 Speaker 1: of carbon from the ocean floor and life. And if 446 00:32:51,760 --> 00:32:55,320 Speaker 1: we prevented the destruction of mangroves and other ocean life, 447 00:32:55,440 --> 00:32:58,400 Speaker 1: we could prevent a gigat ton of emissions from entering 448 00:32:58,440 --> 00:33:02,960 Speaker 1: the atmosphere every year. Our plan calls to eliminate deep 449 00:33:03,040 --> 00:33:07,760 Speaker 1: sea bottom trawling, which is an especially destructive practice. Bottom 450 00:33:07,800 --> 00:33:11,000 Speaker 1: tralling releases one and a half giga tons of c 451 00:33:11,200 --> 00:33:15,360 Speaker 1: O two equivalent emissions. It also calls for increasing the 452 00:33:15,400 --> 00:33:22,720 Speaker 1: protection of oceans toy and I want to call out 453 00:33:22,760 --> 00:33:26,800 Speaker 1: this is an area of climate ambition that Walmart is 454 00:33:26,960 --> 00:33:31,560 Speaker 1: staking out an important and powerful leadership position. Not only 455 00:33:31,560 --> 00:33:33,560 Speaker 1: have they said they're going to have their supply chain 456 00:33:34,120 --> 00:33:39,320 Speaker 1: to be carbon neutral by but they are going to 457 00:33:39,960 --> 00:33:44,280 Speaker 1: preserve protect millions of acres of land and ocean water 458 00:33:44,760 --> 00:33:49,000 Speaker 1: in the effort to become the first scale regenerative company. 459 00:33:50,200 --> 00:33:56,200 Speaker 1: Really really interesting. So very often the average person listening 460 00:33:56,200 --> 00:33:59,560 Speaker 1: to a conversation like this things, well, what can I do. 461 00:34:00,160 --> 00:34:04,360 Speaker 1: I'm just one person. What's the balance of responsibility between 462 00:34:04,920 --> 00:34:09,520 Speaker 1: individuals on one side and government and institutions on the other. 463 00:34:10,920 --> 00:34:14,520 Speaker 1: But what we need all the forces in our economy, 464 00:34:14,760 --> 00:34:17,200 Speaker 1: in our society to come together and work on this. 465 00:34:18,000 --> 00:34:24,200 Speaker 1: We need innovators, we need entrepreneurs, we need policymakers, we 466 00:34:24,280 --> 00:34:28,160 Speaker 1: need investors. We need to hear more from impassioned youth. 467 00:34:29,000 --> 00:34:33,120 Speaker 1: You know, in Gretta Thunberg was a single high school 468 00:34:33,200 --> 00:34:38,680 Speaker 1: student skipping school on Fridays. A year later, in in December, 469 00:34:39,000 --> 00:34:43,440 Speaker 1: she'd organized a million person march in a hundred cities 470 00:34:43,480 --> 00:34:50,160 Speaker 1: around the world, and specifically, she made the climate crisis 471 00:34:50,640 --> 00:34:54,120 Speaker 1: a top two voting issue in the nations in Europe. 472 00:34:55,000 --> 00:34:58,200 Speaker 1: Very it is not a top voting issue in the US. 473 00:34:59,239 --> 00:35:02,040 Speaker 1: It's not a top issue in China or even in India. 474 00:35:02,560 --> 00:35:04,920 Speaker 1: So we have work to do, and that's one of 475 00:35:04,960 --> 00:35:07,920 Speaker 1: our accelerants the ways we get all this done faster, 476 00:35:08,440 --> 00:35:13,400 Speaker 1: and that's the turn movements into specific actions. We really 477 00:35:13,480 --> 00:35:18,840 Speaker 1: need individuals to lead others in powerful ways. That's for example, 478 00:35:18,920 --> 00:35:23,680 Speaker 1: employees pushing your employers to make net zero commitments, or 479 00:35:23,760 --> 00:35:28,480 Speaker 1: shareholders and investors demanding changes in the boardroom it turns 480 00:35:28,480 --> 00:35:31,000 Speaker 1: out that changing the light bulbs and eating less meat 481 00:35:31,080 --> 00:35:34,399 Speaker 1: is important. But we've got to go further. We've got 482 00:35:34,400 --> 00:35:37,400 Speaker 1: to change our laws or even our lawmakers in order 483 00:35:37,440 --> 00:35:42,879 Speaker 1: to avert this climate crisis. Quite quite fascinating. I want 484 00:35:42,920 --> 00:35:45,880 Speaker 1: to talk about some of the things you've said in 485 00:35:45,880 --> 00:35:51,960 Speaker 1: the book that apply everywhere, but are especially applicable to 486 00:35:52,880 --> 00:35:56,480 Speaker 1: the climate crisis. Let's start with quote, it seems every 487 00:35:56,560 --> 00:36:03,359 Speaker 1: dozen years we witness magical for exponentially larger waves of innovation. 488 00:36:03,560 --> 00:36:08,040 Speaker 1: So so let's start first with climate. How and where 489 00:36:08,080 --> 00:36:12,040 Speaker 1: are those waves of innovation coming that will help ameliorate 490 00:36:12,239 --> 00:36:19,879 Speaker 1: the climate crisis. Well, the innovations are happening on many fronts, materials, sciences, 491 00:36:20,000 --> 00:36:27,959 Speaker 1: electro chemistry, biology. There the opportunity that the climate transition 492 00:36:28,080 --> 00:36:32,360 Speaker 1: to a clean energy economy represents is the largest of 493 00:36:32,400 --> 00:36:36,360 Speaker 1: our lifetimes. It's a bigger mobilization than even the effort 494 00:36:36,480 --> 00:36:40,919 Speaker 1: of the Allies to defeat the Nazi axis in World 495 00:36:40,960 --> 00:36:44,439 Speaker 1: War Two. You'll remember then we shut down for four 496 00:36:44,520 --> 00:36:50,320 Speaker 1: years all manufacturing of automobiles and appliances and instead created 497 00:36:50,680 --> 00:36:59,440 Speaker 1: two sixty thousand fighter aircraft twenty battleships. It was it 498 00:36:59,520 --> 00:37:04,480 Speaker 1: was a monumental effort dealing with an existential threat, and 499 00:37:04,840 --> 00:37:10,239 Speaker 1: that same level of innovation and ambition is required to 500 00:37:10,400 --> 00:37:16,879 Speaker 1: win in this climate campaign other areas of breakthroughs or innovations. 501 00:37:18,160 --> 00:37:21,760 Speaker 1: I'm even becoming a believer that will see nuclear fusion 502 00:37:22,400 --> 00:37:25,399 Speaker 1: that's the kind of clean energy that comes from the sun, 503 00:37:26,000 --> 00:37:31,400 Speaker 1: practical within a decade. Concrete and steal that's carbon free, 504 00:37:31,760 --> 00:37:38,000 Speaker 1: long duration storage. The opportunities to reimagine and reinvent how 505 00:37:38,200 --> 00:37:43,880 Speaker 1: we create, share, transmit, and use energy in every facet 506 00:37:43,920 --> 00:37:48,120 Speaker 1: of our lives is as big an opportunity as we'll 507 00:37:48,160 --> 00:37:50,799 Speaker 1: see in our lifetimes. So let's stay focused on that 508 00:37:50,840 --> 00:37:54,960 Speaker 1: opportunity for a minute. This isn't a charity or or 509 00:37:55,000 --> 00:37:58,440 Speaker 1: a foundation that's doing this for free, when when we 510 00:37:58,480 --> 00:38:02,560 Speaker 1: look around there are actual venture investments that you've been 511 00:38:02,600 --> 00:38:06,400 Speaker 1: making successfully. All right, So you passed on Tesla, but 512 00:38:06,480 --> 00:38:11,200 Speaker 1: somebody put money into Tesla, wind turbines, Solar Beyond Meat 513 00:38:11,640 --> 00:38:14,960 Speaker 1: is now public company. You were an early investor into that. 514 00:38:15,640 --> 00:38:19,000 Speaker 1: You're looking at this as more than just hey, we 515 00:38:19,120 --> 00:38:21,439 Speaker 1: have to do this in order to make sure that 516 00:38:21,760 --> 00:38:25,239 Speaker 1: we don't have runaway greenhouse effect and earth turns into 517 00:38:25,320 --> 00:38:29,719 Speaker 1: venus and becomes uninhabitable. But there are also very legitimate 518 00:38:29,960 --> 00:38:35,520 Speaker 1: economic opportunities here also expound on those a little bit. Well, UH, 519 00:38:36,040 --> 00:38:41,160 Speaker 1: there's no better example than Tesla, which has gone from 520 00:38:41,200 --> 00:38:47,920 Speaker 1: a struggling company reliant on loans, thank you United States taxpayers, UH, 521 00:38:47,960 --> 00:38:51,319 Speaker 1: to the seventh most valuable company in the world, and 522 00:38:51,400 --> 00:38:54,759 Speaker 1: by some measures, Elon Musk is the most. This is 523 00:38:54,800 --> 00:38:58,200 Speaker 1: the richest individual in the world. He took on huge 524 00:38:58,320 --> 00:39:03,200 Speaker 1: risks and he delivered for his customers, at shareholders, his country, 525 00:39:03,200 --> 00:39:06,040 Speaker 1: and his planet. And the best of the work that 526 00:39:06,080 --> 00:39:12,200 Speaker 1: Ellen has done is inspired, perhaps through fear, but certainly 527 00:39:12,239 --> 00:39:16,439 Speaker 1: by example the rest of the automobile industry to accelerate 528 00:39:16,480 --> 00:39:24,239 Speaker 1: their shift to clean and electric vehicles. So this is UH, 529 00:39:24,680 --> 00:39:27,399 Speaker 1: I like to say, the mother of all markets. It's 530 00:39:27,400 --> 00:39:31,359 Speaker 1: a monster market. Batteries alone, the batteries to move from 531 00:39:31,440 --> 00:39:36,000 Speaker 1: internal conduct bustion vehicles to electric vehicles are estimated to 532 00:39:36,040 --> 00:39:41,680 Speaker 1: be four hundred billion dollars per year. Barry, for twenty years, 533 00:39:42,400 --> 00:39:49,200 Speaker 1: we were going to we must recreate all the infrastructure 534 00:39:49,880 --> 00:39:53,479 Speaker 1: that we use to power our planet. Let's talk about 535 00:39:53,520 --> 00:39:56,480 Speaker 1: something we haven't gotten to when we were talking about 536 00:39:56,520 --> 00:40:00,000 Speaker 1: those larger waves of innovation. Lots of folks are excited 537 00:40:00,320 --> 00:40:03,799 Speaker 1: about blockchain and crypto and web three point oh, but 538 00:40:03,880 --> 00:40:06,520 Speaker 1: when we look at things like bitcoin, it's a big 539 00:40:06,600 --> 00:40:11,080 Speaker 1: energy hog. How do we reconcile all the wealth that's 540 00:40:11,120 --> 00:40:17,879 Speaker 1: being created there with it's massive electricity consumption. It's electricity 541 00:40:17,920 --> 00:40:21,359 Speaker 1: consumption is not sustainable. And so we're going to have 542 00:40:21,400 --> 00:40:26,960 Speaker 1: to move to clean bitcoin, green bitcoin. Uh and and 543 00:40:26,960 --> 00:40:30,400 Speaker 1: we'll get there by regulation, if not by other market forces, 544 00:40:30,760 --> 00:40:35,319 Speaker 1: I would predict today. I believe that bitcoin uses as 545 00:40:35,400 --> 00:40:40,960 Speaker 1: much energy as the entire nation of Sweden. So Bitcoin, 546 00:40:41,040 --> 00:40:44,320 Speaker 1: I believe is here to stay, but it it's we 547 00:40:44,680 --> 00:40:50,120 Speaker 1: can't peel it through dirty electricity. You mentioned concrete earlier, 548 00:40:50,440 --> 00:40:53,279 Speaker 1: um and I also read the book that you want 549 00:40:53,320 --> 00:40:58,520 Speaker 1: to um end single use plastics. What does the world's 550 00:40:58,640 --> 00:41:03,920 Speaker 1: material science prom sus for replacing things in those spaces? 551 00:41:03,960 --> 00:41:06,480 Speaker 1: How do you replace concrete? How do you replace single 552 00:41:06,600 --> 00:41:10,800 Speaker 1: use plastic? Concrete is probably the hardest problem of all 553 00:41:10,960 --> 00:41:16,120 Speaker 1: because in the production of the concrete you almost must 554 00:41:16,960 --> 00:41:21,160 Speaker 1: create carbon emissions. Uh. We can reduce the energy used 555 00:41:21,200 --> 00:41:24,600 Speaker 1: to make concrete. There are some concrete innovations that absorb 556 00:41:24,719 --> 00:41:28,040 Speaker 1: the CO two into the material, but that's an area 557 00:41:28,040 --> 00:41:31,640 Speaker 1: where we need more innovation. What was your second area, 558 00:41:32,200 --> 00:41:38,320 Speaker 1: single use plastics? Single use plastics. Uh. The plan calls 559 00:41:38,400 --> 00:41:44,560 Speaker 1: for the banning and really the replacement of single use plastics, 560 00:41:44,600 --> 00:41:47,719 Speaker 1: the banning of single use plastics and in general to 561 00:41:47,800 --> 00:41:56,399 Speaker 1: replace plastics with compostable materials that can be recycled. And 562 00:41:56,600 --> 00:42:00,160 Speaker 1: I am confident that with investment and hot for or 563 00:42:00,200 --> 00:42:03,640 Speaker 1: at work, we can get that done. So we haven't 564 00:42:03,640 --> 00:42:07,720 Speaker 1: really talked about um pulling carbon out of the atmosphere. 565 00:42:08,280 --> 00:42:11,239 Speaker 1: I get the sense from some people that they're expecting 566 00:42:11,400 --> 00:42:16,360 Speaker 1: some technological magic bullet that's going to solve climate change. 567 00:42:16,480 --> 00:42:21,319 Speaker 1: Tell us about how we can remove carbon from the atmosphere, 568 00:42:21,400 --> 00:42:24,560 Speaker 1: and is there a magic bullet coming, you know? Our 569 00:42:26,280 --> 00:42:29,800 Speaker 1: the Speed and Scale Plan calls for us to remove 570 00:42:29,920 --> 00:42:34,680 Speaker 1: ten gigatons of carbon dioxide per year. I emphasize removed. 571 00:42:35,200 --> 00:42:38,280 Speaker 1: These will be giga tons of c O two emissions 572 00:42:38,280 --> 00:42:41,360 Speaker 1: that we were not able to eliminate, we were not 573 00:42:41,440 --> 00:42:44,600 Speaker 1: able to cut, we were not able to slash. There 574 00:42:44,600 --> 00:42:48,520 Speaker 1: will be some uses of aviation fuels as an example, 575 00:42:48,600 --> 00:42:53,080 Speaker 1: or or other stubborn carbon to approaches to this, one 576 00:42:53,080 --> 00:42:58,359 Speaker 1: of which is two innovate around nature based ways of 577 00:42:58,560 --> 00:43:05,560 Speaker 1: removing CEO two, for example, growing greater kelp forests in 578 00:43:05,640 --> 00:43:10,040 Speaker 1: the oceans. But the other that has captured a lot 579 00:43:10,080 --> 00:43:14,640 Speaker 1: of attention is called direct air captured or that's engineered 580 00:43:14,800 --> 00:43:18,440 Speaker 1: removal of carbon. Think of them as kind of mechanical 581 00:43:18,600 --> 00:43:23,560 Speaker 1: trees and and this technology works today, but only at 582 00:43:24,080 --> 00:43:27,239 Speaker 1: small scale. It it sucks the c O two out 583 00:43:27,280 --> 00:43:29,920 Speaker 1: of the air. It requires a lot of electricity in 584 00:43:30,040 --> 00:43:33,800 Speaker 1: order to do that, and so it's it's very expensive today. 585 00:43:33,920 --> 00:43:39,400 Speaker 1: Some uh s per ton. If we've got to remove 586 00:43:40,080 --> 00:43:43,839 Speaker 1: five giga tons per year at six dollars per ton, 587 00:43:44,560 --> 00:43:48,840 Speaker 1: that's three trillion dollars a year, and it's hard to 588 00:43:48,880 --> 00:43:52,799 Speaker 1: see how that's affordable. So entrepreneurs are hard at work 589 00:43:52,880 --> 00:43:57,600 Speaker 1: to lower those costs, and I hope they do. So. 590 00:43:58,360 --> 00:44:00,960 Speaker 1: There's a quote I like from another venture capitalists who 591 00:44:01,080 --> 00:44:06,359 Speaker 1: said venture capital, properly deployed, can solve the biggest problems, 592 00:44:06,480 --> 00:44:10,920 Speaker 1: filling a void left by shrinking scientific ambitions of governments, 593 00:44:11,320 --> 00:44:15,800 Speaker 1: foundations and international organizations. What are your thoughts on that approach. 594 00:44:16,080 --> 00:44:20,600 Speaker 1: How crucial is venture capital to our future and can 595 00:44:20,840 --> 00:44:26,759 Speaker 1: replace these other entities. Venture capital is crucial and it's 596 00:44:26,920 --> 00:44:31,040 Speaker 1: stepping up to the challenge. They will be an estimated 597 00:44:31,280 --> 00:44:36,080 Speaker 1: thirty billion dollars invested of venture capital in climate technologies 598 00:44:36,080 --> 00:44:39,320 Speaker 1: this year. Our plan calls for fifty billion this year. 599 00:44:39,800 --> 00:44:41,919 Speaker 1: But venture capital is not going to get this job 600 00:44:41,960 --> 00:44:46,600 Speaker 1: done on its own. We need government funded research and 601 00:44:46,680 --> 00:44:50,880 Speaker 1: development to grow in the US alone to forty billion 602 00:44:50,920 --> 00:44:53,640 Speaker 1: a year. Other countries have got to triple their funding. 603 00:44:54,200 --> 00:44:58,440 Speaker 1: We need project financing, We need philanthropic investing. Jeff Bezis's 604 00:44:58,520 --> 00:45:02,640 Speaker 1: commitment of ten billion dollars to the Bazos Earth Fund 605 00:45:03,239 --> 00:45:08,200 Speaker 1: is the largest philanthropic commitment to climate the climate crisis 606 00:45:08,200 --> 00:45:14,160 Speaker 1: that we've ever witnessed or enjoyed. Uh. There's really four 607 00:45:14,320 --> 00:45:17,480 Speaker 1: accelerators that will get this job done. One of them 608 00:45:17,520 --> 00:45:21,960 Speaker 1: is investing, another is innovation, the work of entrepreneurs. But 609 00:45:22,040 --> 00:45:24,279 Speaker 1: I think the hardest are going to be to turn 610 00:45:24,320 --> 00:45:28,600 Speaker 1: our movements into actions so we get the politics and 611 00:45:28,680 --> 00:45:33,560 Speaker 1: the policy correct, because it's going to take a massive, collective, 612 00:45:33,640 --> 00:45:39,759 Speaker 1: coordinated effort to achieve our ultimate okay are and that's 613 00:45:39,800 --> 00:45:42,920 Speaker 1: to take fifty nine giga tons of emissions to net zero. 614 00:45:45,040 --> 00:45:49,800 Speaker 1: That's an ambitious target. Uh. And if we miss that target, 615 00:45:50,040 --> 00:45:53,839 Speaker 1: what are the ramifications we'll leave our kids and our 616 00:45:53,880 --> 00:45:58,200 Speaker 1: grandkids an uninhabitable planet. We'll see the Arctic sea ice 617 00:45:58,800 --> 00:46:04,080 Speaker 1: surely melts away. We'll have the estimates are up to 618 00:46:04,200 --> 00:46:09,560 Speaker 1: a billion climate refugees. There's ten million of them already. 619 00:46:09,880 --> 00:46:14,839 Speaker 1: Hundreds of millions of people will start. It's uh, it's unthinkable, 620 00:46:15,480 --> 00:46:19,200 Speaker 1: and so we must get this done. So so let 621 00:46:19,200 --> 00:46:21,759 Speaker 1: me turn this back to to what's going on in 622 00:46:21,840 --> 00:46:26,520 Speaker 1: the world of venture Now. When the early decades of 623 00:46:26,880 --> 00:46:31,000 Speaker 1: your work at Clina Perkins was into a very friendly 624 00:46:31,239 --> 00:46:37,520 Speaker 1: I P O market, how much does timing matter? Broadly, meaning, hey, 625 00:46:37,560 --> 00:46:40,759 Speaker 1: if if there's an exit available, if there's a big 626 00:46:40,800 --> 00:46:45,000 Speaker 1: I p O market, that makes it more likely people 627 00:46:45,040 --> 00:46:48,480 Speaker 1: whore gonna invest in these companies and have a successful exit. 628 00:46:48,560 --> 00:46:53,600 Speaker 1: Tell us a little bit about timing. Well, you know, investors, 629 00:46:53,640 --> 00:46:57,759 Speaker 1: myself included, will stop at nothing to copy success. So 630 00:46:58,440 --> 00:47:02,919 Speaker 1: the timing of today's markets for climate technologies, whether it's 631 00:47:03,040 --> 00:47:09,320 Speaker 1: Tesla or Ribban or better Batteries or beyond me, is good. 632 00:47:09,360 --> 00:47:12,000 Speaker 1: And I would say, in the long run is going 633 00:47:12,000 --> 00:47:15,239 Speaker 1: to continue to be good because the size of the 634 00:47:15,280 --> 00:47:21,680 Speaker 1: markets and and and the need, the economic need, the opportunity, 635 00:47:21,800 --> 00:47:27,120 Speaker 1: and the planetary pressures. So if a younger venture capitalist 636 00:47:27,239 --> 00:47:30,760 Speaker 1: or a newfound venture fund came to you and asked 637 00:47:30,760 --> 00:47:36,760 Speaker 1: for advice. What would you tell them about this opportunity. Oh, 638 00:47:37,040 --> 00:47:40,880 Speaker 1: there's so many different venture firms and the strategies. I 639 00:47:40,880 --> 00:47:45,200 Speaker 1: would say to them that this is the greatest opportunity 640 00:47:45,239 --> 00:47:49,400 Speaker 1: of the twenty one century. Uh, that they should be 641 00:47:49,520 --> 00:47:54,400 Speaker 1: strategic about their contribution. Is it to work with early 642 00:47:54,480 --> 00:47:59,320 Speaker 1: stage entrepreneurs in removing technical risks, or at the other extreme, 643 00:47:59,400 --> 00:48:04,759 Speaker 1: is it to be smart and sharp about project financing. 644 00:48:06,120 --> 00:48:10,880 Speaker 1: But the the overall costs of the transition from a 645 00:48:10,920 --> 00:48:15,840 Speaker 1: dirty fossil economy to a clean new energy economy is 646 00:48:15,920 --> 00:48:20,520 Speaker 1: four trillion dollars per year per year. That sounds like 647 00:48:20,560 --> 00:48:24,440 Speaker 1: a big number until you compare it with the costs 648 00:48:25,040 --> 00:48:31,360 Speaker 1: of dirty energy, the social costs, the disruption, the premature depths. 649 00:48:31,360 --> 00:48:36,360 Speaker 1: One in five deaths are premature due to carbon pollution. 650 00:48:36,920 --> 00:48:39,640 Speaker 1: Those come in at about ten billion dollars per year. 651 00:48:40,320 --> 00:48:45,919 Speaker 1: So it's it's literally cheaper to save the Earth than 652 00:48:45,960 --> 00:48:49,239 Speaker 1: it is to ruin it. Uh. And and there's just 653 00:48:49,360 --> 00:48:53,920 Speaker 1: seems to be endless amounts of cash pouring into the 654 00:48:54,040 --> 00:48:57,520 Speaker 1: venture capital sector. Arguably it's never been higher. What are 655 00:48:57,520 --> 00:48:59,839 Speaker 1: your thoughts on this? Does it worry you what, what's 656 00:48:59,840 --> 00:49:02,839 Speaker 1: the driver of all this money slashing around? Uh. Some 657 00:49:02,880 --> 00:49:06,800 Speaker 1: people say that that we're experiencing a bubble, a bubble 658 00:49:06,880 --> 00:49:12,120 Speaker 1: and fintech or bitcoin or climate technologies. I see it 659 00:49:12,239 --> 00:49:16,760 Speaker 1: very differently. I think it's a boom. And historically, whether 660 00:49:16,800 --> 00:49:21,280 Speaker 1: it was the advent of transcontinental railroads or the automobiles, 661 00:49:21,800 --> 00:49:28,400 Speaker 1: we saw booms which lead to full employment, over investment, 662 00:49:28,800 --> 00:49:33,120 Speaker 1: rapid innovation. And no, not all of those car companies survived, 663 00:49:33,719 --> 00:49:37,920 Speaker 1: but I think the same will be true of the 664 00:49:38,000 --> 00:49:41,320 Speaker 1: other fields of innovation. I think one of the things 665 00:49:41,360 --> 00:49:45,360 Speaker 1: that gives me great hope is the power of human ingenuity. 666 00:49:45,480 --> 00:49:49,720 Speaker 1: We got ourselves into this fix, and very I'm betting 667 00:49:49,719 --> 00:49:52,040 Speaker 1: we're going to figure a way out. So what do 668 00:49:52,080 --> 00:49:55,920 Speaker 1: you say to people who sort of pasture Silicon Valley's 669 00:49:55,960 --> 00:49:58,360 Speaker 1: best days are are behind it? Do you have a 670 00:49:58,400 --> 00:50:01,640 Speaker 1: response to any of those folks? Oh, I think they're wrong. 671 00:50:02,719 --> 00:50:07,600 Speaker 1: I think provided we deal with this existential threat, the 672 00:50:07,680 --> 00:50:11,960 Speaker 1: climate crisis, and that is not guaranteed, but provided we 673 00:50:12,040 --> 00:50:15,680 Speaker 1: do that and we get a reduction in the next decade, 674 00:50:16,600 --> 00:50:24,480 Speaker 1: I think we're on track for a wonderful, prosperous, healthy planet. 675 00:50:25,239 --> 00:50:27,719 Speaker 1: Can I tell you and I should have mentioned this earlier, 676 00:50:27,760 --> 00:50:30,400 Speaker 1: but you know, I read a ton of books for 677 00:50:31,840 --> 00:50:35,000 Speaker 1: the show, and I found the book really quite fascinating, 678 00:50:35,560 --> 00:50:38,799 Speaker 1: and it's pretty obvious to me that an engineer was 679 00:50:38,840 --> 00:50:42,839 Speaker 1: behind this. There's just a lot of great slides and 680 00:50:43,920 --> 00:50:47,440 Speaker 1: um charts and graphs, and it's not just all texted. 681 00:50:48,000 --> 00:50:50,759 Speaker 1: Parts of it are narrative and parts of it are historical, 682 00:50:51,440 --> 00:50:54,399 Speaker 1: and it reminds me of a well made slide deck. 683 00:50:54,520 --> 00:50:58,280 Speaker 1: So um that I want to send you a bound 684 00:50:58,400 --> 00:51:01,040 Speaker 1: version of the book if you'll email me your physical 685 00:51:01,120 --> 00:51:04,000 Speaker 1: mailing address. There's one other thing, one other story I 686 00:51:04,080 --> 00:51:07,000 Speaker 1: might tell you about the book. I was talking the 687 00:51:07,000 --> 00:51:09,759 Speaker 1: other day with the reader, a mom who told me 688 00:51:09,840 --> 00:51:13,759 Speaker 1: that every night she takes two or three pages of 689 00:51:13,760 --> 00:51:16,880 Speaker 1: the book and she reads them together with her daughter, 690 00:51:17,560 --> 00:51:21,360 Speaker 1: and then they talk about together what that means for 691 00:51:21,440 --> 00:51:25,040 Speaker 1: the world her daughter is going to inherit. And I thought, Wow, 692 00:51:25,120 --> 00:51:27,680 Speaker 1: that's the use of the book I never imagined, and 693 00:51:28,080 --> 00:51:33,520 Speaker 1: one one that I'm honestly proud of. How it looks 694 00:51:33,560 --> 00:51:36,120 Speaker 1: like this was the work of a lot of different people. 695 00:51:36,400 --> 00:51:40,719 Speaker 1: How did you end up researching and writing this? We 696 00:51:40,800 --> 00:51:50,320 Speaker 1: talked to a hundred different leaders in in the field policymakers, researchers, modelers, activists, 697 00:51:51,480 --> 00:51:56,480 Speaker 1: UH and and from those selected some thirty five stories, 698 00:51:56,960 --> 00:52:00,160 Speaker 1: we ended up with a thousand different data points we 699 00:52:00,200 --> 00:52:05,000 Speaker 1: needed to verify and collected those into five notes which 700 00:52:05,040 --> 00:52:07,879 Speaker 1: are in the book. And I did it with an 701 00:52:07,880 --> 00:52:13,880 Speaker 1: amazing small team of three or four on the research 702 00:52:13,920 --> 00:52:17,840 Speaker 1: and writing staff. I'm I'm an engineer, as you know, 703 00:52:18,160 --> 00:52:21,280 Speaker 1: and and so I'm I'm not so good with words, 704 00:52:22,040 --> 00:52:25,040 Speaker 1: and I had the benefit of a writing team that 705 00:52:25,880 --> 00:52:29,760 Speaker 1: helped make this much more readable. Well, well it shows 706 00:52:29,840 --> 00:52:32,680 Speaker 1: you can see the book is a fast read. I 707 00:52:32,760 --> 00:52:36,120 Speaker 1: sat down with a bunch of stickies and a highlighter 708 00:52:36,680 --> 00:52:39,840 Speaker 1: and found myself just plowing through a chapter after chapter. 709 00:52:39,920 --> 00:52:43,480 Speaker 1: It was. It was a relatively quick read and and 710 00:52:43,719 --> 00:52:45,840 Speaker 1: very easy to put down and then pick back up again. 711 00:52:46,480 --> 00:52:50,520 Speaker 1: Each chapter is very distinct, and you've really laid out 712 00:52:51,239 --> 00:52:56,960 Speaker 1: um a plan to UH prevent climate catastrophe from taking place. 713 00:52:57,000 --> 00:52:59,759 Speaker 1: So thank you for that. But one thing I want 714 00:52:59,800 --> 00:53:02,120 Speaker 1: to make sure your audience knows they can get a 715 00:53:02,280 --> 00:53:07,120 Speaker 1: free infographic. It's a single poster sized piece of paper 716 00:53:07,640 --> 00:53:10,640 Speaker 1: that has on both sides of it all the objectives, 717 00:53:10,760 --> 00:53:16,000 Speaker 1: all the key results, all the measures and it's reassuring 718 00:53:16,120 --> 00:53:18,839 Speaker 1: for people who are fearful that there is a plan 719 00:53:19,560 --> 00:53:21,560 Speaker 1: and that if we do these things, we can find 720 00:53:21,600 --> 00:53:25,000 Speaker 1: a way to a habitable planet. That's what we've got 721 00:53:25,000 --> 00:53:27,920 Speaker 1: to do. So I know I only have you for 722 00:53:27,960 --> 00:53:30,440 Speaker 1: a limited amount of time. Let me jump to my 723 00:53:30,520 --> 00:53:34,160 Speaker 1: favorite questions that I ask all of my guests, starting 724 00:53:34,160 --> 00:53:37,440 Speaker 1: with tell us what you've been streaming these days? Give 725 00:53:37,480 --> 00:53:42,080 Speaker 1: us your favorite Netflix or Amazon Prime or whatever podcast 726 00:53:42,160 --> 00:53:45,480 Speaker 1: you're listening to. Well, so I haven't had time for 727 00:53:45,640 --> 00:53:52,520 Speaker 1: streaming on netplace, doing research, reading books and papers on 728 00:53:52,520 --> 00:53:58,440 Speaker 1: on on the climate crisis itself. But getting this word 729 00:53:58,560 --> 00:54:03,280 Speaker 1: out I've listened to. I started listening to a couple 730 00:54:03,280 --> 00:54:07,920 Speaker 1: of new podcasts, John Hilman's Hell and High Water and 731 00:54:08,080 --> 00:54:12,080 Speaker 1: Tim Ferris's Show, both of which I think have a 732 00:54:12,160 --> 00:54:17,720 Speaker 1: distinctive imprint from their hosts. Tell us about your mentors 733 00:54:17,719 --> 00:54:22,040 Speaker 1: who helped to shape your career. So the biggest influence 734 00:54:22,080 --> 00:54:25,960 Speaker 1: in my life was my dad, Ludor, an engineer, entrepreneur, 735 00:54:26,840 --> 00:54:31,080 Speaker 1: and and hero. And I've been blessed by a number 736 00:54:31,120 --> 00:54:35,480 Speaker 1: of mentors, perhaps most notable of them Andy Grove, and 737 00:54:35,640 --> 00:54:38,239 Speaker 1: what I learned from him at Intel prompted me to 738 00:54:38,280 --> 00:54:42,200 Speaker 1: write a first book called Measure What Matters, and that 739 00:54:43,000 --> 00:54:49,000 Speaker 1: tells stories of a dozen different organizations using okay rs, 740 00:54:49,400 --> 00:54:51,880 Speaker 1: which is what then I applied to the climate crisis. 741 00:54:52,400 --> 00:54:56,120 Speaker 1: I will tell you Al Gore is a hero of mine. Ah. 742 00:54:56,800 --> 00:55:06,280 Speaker 1: He's wonderfully resolute man who's impassioned, effective, and and and funny. 743 00:55:06,320 --> 00:55:08,840 Speaker 1: He and I, he and I talked regularly about the 744 00:55:08,840 --> 00:55:12,000 Speaker 1: climate crisis. Tell us about some of your favorite books. 745 00:55:12,080 --> 00:55:14,040 Speaker 1: What are your all time favorites and what are you 746 00:55:14,080 --> 00:55:19,560 Speaker 1: reading right now? So my current reading, No Surprises, is 747 00:55:19,640 --> 00:55:24,680 Speaker 1: largely around the climate crisis. I love Elizabeth Colbert's Under 748 00:55:24,800 --> 00:55:29,040 Speaker 1: a White Sky, which described the climate futures. And two 749 00:55:29,040 --> 00:55:33,040 Speaker 1: other books are How to Avoid a Climate Disaster by 750 00:55:33,080 --> 00:55:36,560 Speaker 1: Bill Gates, a very accessible book, and a profile of 751 00:55:37,000 --> 00:55:40,920 Speaker 1: a new profile of Winston Churchill called The Splendid and 752 00:55:41,080 --> 00:55:45,960 Speaker 1: the Vial two good recommendations. Uh, what sort of advice 753 00:55:46,000 --> 00:55:49,040 Speaker 1: would you give to a recent college grad who wanted 754 00:55:49,080 --> 00:55:53,959 Speaker 1: to pursue a career inventor investing. I would, I would say, 755 00:55:54,000 --> 00:56:00,040 Speaker 1: to her gain experience as an entrepreneur. I repeat the 756 00:56:00,120 --> 00:56:02,759 Speaker 1: advice that I was given early in my career, which 757 00:56:02,800 --> 00:56:05,840 Speaker 1: was go get a real job in a real growing 758 00:56:06,520 --> 00:56:14,359 Speaker 1: tech company and sharpen your skills in the real hard 759 00:56:14,800 --> 00:56:19,600 Speaker 1: world of business knocks, and then take that experience to 760 00:56:19,680 --> 00:56:24,279 Speaker 1: help other entrepreneurs succeed. And our final question, what do 761 00:56:24,280 --> 00:56:27,040 Speaker 1: you know about the world of venture investing today that 762 00:56:27,120 --> 00:56:32,360 Speaker 1: you wish you knew forty years ago? I wish I 763 00:56:32,400 --> 00:56:37,440 Speaker 1: knew forty years ago. How important the team is. The 764 00:56:37,560 --> 00:56:40,600 Speaker 1: leadership of the team, the recruiting of the team, the 765 00:56:40,719 --> 00:56:45,919 Speaker 1: growing of the team. Because in the end, it's it's 766 00:56:45,960 --> 00:56:50,120 Speaker 1: more than large markets, It's more than than compelling technologies. 767 00:56:50,840 --> 00:56:56,040 Speaker 1: It's teams who know how to execute well, really really 768 00:56:56,080 --> 00:57:00,440 Speaker 1: fascinating stuff. Thanks John for being so generous with you time. 769 00:57:01,080 --> 00:57:03,880 Speaker 1: We have been speaking with John Dore. He is a 770 00:57:03,920 --> 00:57:07,920 Speaker 1: partner at famed venture firm Climate Perkins and the author 771 00:57:08,040 --> 00:57:11,439 Speaker 1: of the new book Speed and Scale, an Action Plan 772 00:57:11,600 --> 00:57:15,680 Speaker 1: for solving our Climate Crisis. Now. If you enjoy this conversation, 773 00:57:15,760 --> 00:57:18,800 Speaker 1: be sure and check out all of our previous discussions. 774 00:57:18,840 --> 00:57:23,960 Speaker 1: You can find those wherever you find your favorite podcasts, iTunes, Spotify, 775 00:57:24,120 --> 00:57:28,280 Speaker 1: a cast wherever. We love your comments, feedback and suggestions 776 00:57:28,400 --> 00:57:32,080 Speaker 1: right to us at m IB podcast at Bloomberg dot net. 777 00:57:32,720 --> 00:57:36,360 Speaker 1: Sign up for my Daily reads at rid Halts dot com. 778 00:57:36,480 --> 00:57:39,400 Speaker 1: Follow me on Twitter at rid Halts. I would be 779 00:57:39,520 --> 00:57:41,760 Speaker 1: remiss if I did not thank our crack staff that 780 00:57:41,800 --> 00:57:46,360 Speaker 1: helps quit these conversations together each week. Michael Batnick is 781 00:57:46,480 --> 00:57:50,760 Speaker 1: my head of research. A ticket Albron is our project manager. 782 00:57:51,240 --> 00:57:55,080 Speaker 1: Paris Wold is our producer. I'm Barry Bridhalts. You've been 783 00:57:55,160 --> 00:57:58,320 Speaker 1: listening to Masters and Business on Bloomberg Radio.