WEBVTT - Lonsdale Says Tech Is Stepping up in Pandemic 0:00:00.160 --> 0:00:03.760 This is Bloomberg Business Week with Carol Messer and Jason 0:00:03.840 --> 0:00:07.960 Kelly on Bloomberg Radio. You're listening to Bloomberg Business Week, 0:00:07.960 --> 0:00:08.960 and I have to say this is one of the 0:00:08.960 --> 0:00:12.560 conversations I've been looking forward to all week. And we've 0:00:12.600 --> 0:00:15.120 talked to some big names, and fewer bigger in the 0:00:15.160 --> 0:00:17.639 world of venture capital, in the world of techn Silicon 0:00:17.720 --> 0:00:20.320 Valley than Joe Lonsdale. He's a partner now at eight 0:00:20.400 --> 0:00:23.200 v C, a co founder of Palenteer joins us on 0:00:23.200 --> 0:00:26.360 the phone from Palo Alto, California. Joe, it's really nice 0:00:26.440 --> 0:00:29.360 to have you here with Carolin myself. Thanks Jason for 0:00:29.360 --> 0:00:33.240 having me on. All Right, so you're there in the 0:00:33.280 --> 0:00:38.840 hotbed of innovation and you look at things from all angles. 0:00:39.040 --> 0:00:42.480 I gotta start by asking you, how did we get here? 0:00:42.520 --> 0:00:45.839 What went wrong that we miss judged this or or 0:00:46.040 --> 0:00:49.199 just sort of misplayed it as it were? You know, 0:00:49.320 --> 0:00:51.760 these these these these these things are hard. I'm inspired 0:00:51.880 --> 0:00:53.760 by a lot of them, seeing coming out of the 0:00:53.840 --> 0:00:56.680 entpreneurs of the business world. I'm I'm someone disheartened by 0:00:56.720 --> 0:00:59.280 seeing how our government works. One of my friends, Bob 0:00:59.320 --> 0:01:01.840 Nelson told the end of January, so there's a sixty 0:01:02.240 --> 0:01:04.480 chances of the pandemic. And he's a great bio investor. 0:01:04.560 --> 0:01:07.000 He talks people in China and here, and so the 0:01:07.120 --> 0:01:11.039 the experts really knew this was coming. Late January, started February, 0:01:11.120 --> 0:01:13.120 and you know, I've been trying to look at the 0:01:13.120 --> 0:01:16.039 government pandemic response. There's about eighteen plans we've made over 0:01:16.080 --> 0:01:18.839 the last twenty years. There's hundreds of pages of unreadable PDF. 0:01:19.080 --> 0:01:21.640 It's clear our federal government as a giant pledgeocracy that 0:01:21.680 --> 0:01:25.160 doesn't really know how to function with these sorts of plans. Okay, 0:01:25.200 --> 0:01:31.400 so that's fair enough. Um so what needs to change? Well, 0:01:31.440 --> 0:01:33.360 you know, I think number one, you need you need 0:01:33.440 --> 0:01:35.880 competent leaders who have already gained these things ahead of time. 0:01:35.920 --> 0:01:39.360 I think there's there's plans, and there's actually practicing ahead 0:01:39.360 --> 0:01:41.880 of time and doing doing gamification and really following up 0:01:41.880 --> 0:01:43.760 and what you learn. And so no matter what five 0:01:43.840 --> 0:01:46.120 year plans, pen your plans you make, I think they 0:01:46.120 --> 0:01:48.640 should actually run some simulations. Now, unfortunately this is a 0:01:48.680 --> 0:01:50.840 world simulation, We're gonna learn a lot. There should be 0:01:50.880 --> 0:01:53.760 one group in charge. There should be accountability. You know, 0:01:53.760 --> 0:01:56.160 the FDA is not set up to make decisions quickly. 0:01:56.240 --> 0:01:58.760 We need a special group at the FDA that has 0:01:58.800 --> 0:02:00.720 to make decisions much more put clear, I mean, they're 0:02:00.720 --> 0:02:02.920 still test sitting at home on shelves right now, hundreds 0:02:02.960 --> 0:02:05.480 of thousands of testing, these labs for at home testing, 0:02:05.520 --> 0:02:07.560 and it's it drives me crazy how slow these things 0:02:07.560 --> 0:02:10.040 are going. And to be fair, I mean, there were 0:02:10.360 --> 0:02:13.600 administrations on both sides of the aisle that some would say, 0:02:13.760 --> 0:02:16.000 you know that we've ignored this kind of situation. I 0:02:16.000 --> 0:02:18.000 think part of the problem, though, Joe, is we don't 0:02:18.000 --> 0:02:21.120 do a lot of long term planning, certainly not um 0:02:21.160 --> 0:02:24.799 in this government. Well, it's it's it's it's fascinating. I mean, 0:02:25.040 --> 0:02:28.000 I think Congress passed the Pandemic and All Hazzard's Preparedness 0:02:28.080 --> 0:02:31.000 and Advancing Innovation Act nineteen six months ago. There was 0:02:31.040 --> 0:02:33.720 a Pandemic Act six months ago that was passed. They're 0:02:33.720 --> 0:02:36.600 they're literally hundreds of pages of planning sitting in pds 0:02:36.600 --> 0:02:39.359 and bureaucracies with acronyms that I don't know how to 0:02:39.360 --> 0:02:41.239 play the opposite sup game in Washington, d C. But 0:02:41.240 --> 0:02:43.600 there's hundreds of these acronyms. And so so it's funny 0:02:43.600 --> 0:02:45.840 because some people are doing the planning, but it's clears 0:02:45.880 --> 0:02:48.000 not tied to leadership and accountability in terms of how 0:02:48.000 --> 0:02:50.360 you actually got these things done. You know, Joe, one 0:02:50.360 --> 0:02:52.760 of the things that's been interesting to us, I think 0:02:52.840 --> 0:02:55.160 watching all of this, and you've had a front row seat, 0:02:55.160 --> 0:02:58.280 I believe they're in California to this, is, you know, 0:02:58.400 --> 0:03:00.720 governor is really stepping to the four you know, you 0:03:00.720 --> 0:03:03.640 think about Gavin Newsom, you think about Mario Cuomo, you 0:03:03.680 --> 0:03:06.440 think about some other governors who who have really stepped 0:03:06.440 --> 0:03:09.320 in pretty aggressively here, taken the bull by the horns, 0:03:09.320 --> 0:03:11.919 however you want to describe it. What do you make 0:03:11.960 --> 0:03:14.480 of that sort of this being handled at the state level. 0:03:14.800 --> 0:03:17.360 Is that what needed to happen? Is that what should 0:03:17.360 --> 0:03:20.360 happen going forward? What's the sort of federal versus state 0:03:20.480 --> 0:03:24.480 versus local approach here? Well, that's a that's a great question. 0:03:24.639 --> 0:03:26.760 You do have different situations on the ground locally. I 0:03:26.760 --> 0:03:28.880 think federalism is one of the great things about how 0:03:28.880 --> 0:03:31.360 our country works. And you have had governors stuff up. 0:03:31.360 --> 0:03:33.120 You know, what I was really impressed by is the 0:03:33.160 --> 0:03:35.720 big technology companies here in Silicon Valley. A lot of 0:03:35.760 --> 0:03:37.640 them stepped up even a week two weeks ahead of 0:03:37.640 --> 0:03:40.400 the governor have people working from home. My firm only 0:03:40.440 --> 0:03:42.160 works only work from home. So we've learned that from 0:03:42.200 --> 0:03:44.480 some of the bigger firms where the people they're figured 0:03:44.560 --> 0:03:46.360 out ahead of time, and that that that was really 0:03:46.400 --> 0:03:49.720 often to see. So let's talk about Silicon Valley. Um. 0:03:49.760 --> 0:03:52.960 You know, we often look to you guys for innovation, 0:03:53.000 --> 0:03:58.160 and rightly so across all sorts of aspects of technology 0:03:58.280 --> 0:04:01.360 and life and et cetera. Uh, what have you seen 0:04:01.400 --> 0:04:04.360 on the ground Take a steeper in there? Sure, Well, 0:04:04.360 --> 0:04:05.880 you know, I'm really proud of a lot of what 0:04:05.880 --> 0:04:08.360 I'm seeing, or you're seeing the kind of classic innovation 0:04:08.880 --> 0:04:11.200 entreprenial energy really stuff up you have. You know, one 0:04:11.240 --> 0:04:13.000 of the things I was most inspired by is an 0:04:13.000 --> 0:04:15.800 engineer bloom Energy figured out with his team how to 0:04:15.840 --> 0:04:18.480 fix these ventilators that were broken were since to Los Angeles. 0:04:18.520 --> 0:04:20.680 They're supposed to take a month to fix for the manufacturer. 0:04:20.720 --> 0:04:22.760 They fix them in days, but the governor sent them 0:04:22.760 --> 0:04:24.599 back over. And you've seen a lot of things like 0:04:24.680 --> 0:04:27.039 that where people are working hard to get supplies. My 0:04:27.320 --> 0:04:28.880 you know, my team and a bunch of my friends 0:04:28.880 --> 0:04:32.279 started Operation maths dot org, which has brought over a million, sorry, 0:04:32.320 --> 0:04:34.240 over a billion masks into the country in the last month, 0:04:34.360 --> 0:04:37.479 partnering with FEMA and with logistics groups all over the world. 0:04:37.680 --> 0:04:39.279 So you see a lot of people step up and 0:04:39.360 --> 0:04:41.640 use their networks, use their innovation to really help out here. 0:04:43.240 --> 0:04:45.760 And why are they able to do that? I mean why, 0:04:45.920 --> 0:04:48.040 I mean, I guess I'm taking you into sort of 0:04:48.080 --> 0:04:51.000 the ethos of Silicon Valley here, But you know, why 0:04:51.040 --> 0:04:53.800 does it happen there in a way or at a 0:04:53.920 --> 0:04:57.599 velocity maybe that it doesn't happen elsewhere. Well, you know, 0:04:57.680 --> 0:04:59.359 most people what they do for a living is what 0:04:59.400 --> 0:05:02.000 they do for a in Silicon Valley. What you do 0:05:02.040 --> 0:05:04.760 for living is we build new companies, We create new organizations. 0:05:04.760 --> 0:05:06.760 We we reach out to people all over the world 0:05:06.760 --> 0:05:09.279 to get feedback and help. Every time we're creating something new, 0:05:09.560 --> 0:05:11.599 My team launches two to three new companies a year. 0:05:11.640 --> 0:05:13.760 So that these guys who are used to watching companies, 0:05:13.880 --> 0:05:15.880 they've gone on the phone with their logistics contacts in 0:05:15.960 --> 0:05:19.200 China and Mexico, in Brazil with people who run these companies. 0:05:19.279 --> 0:05:21.040 They've gone the phone with our friends who are very 0:05:21.080 --> 0:05:23.640 wealthy and successful over there and know who the manufacturers are, 0:05:23.839 --> 0:05:26.599 and we started making phone calls, started sourcing things, and 0:05:26.600 --> 0:05:28.840 and and you know, there's these global networks exist that 0:05:28.920 --> 0:05:31.000 are tied to the heart of Silicon Valley, to the 0:05:31.040 --> 0:05:33.160 entrepreneurial part of our country where we're able to get 0:05:33.200 --> 0:05:36.520 things done quickly. So what what access has you know, 0:05:36.600 --> 0:05:39.440 either you and your company or other members of Silicon 0:05:39.520 --> 0:05:41.760 Valley really had to the administration and helping to deal 0:05:41.800 --> 0:05:45.600 with this virus. You know, they've they've they've reached out 0:05:45.680 --> 0:05:47.520 on what I wouldn't say they have very good connections 0:05:47.680 --> 0:05:50.040 Silicon Valley. I'm friends with a lot of the cool 0:05:50.120 --> 0:05:51.800 see people. There are a lot of my friends who 0:05:51.800 --> 0:05:55.280 are on the boards of Stanford Hospital, UCSF Hospital UM 0:05:55.600 --> 0:05:58.080 as you guess, the very skeptical of the Trump's administration. 0:05:58.320 --> 0:05:59.839 I've been able to put some of them together and 0:05:59.839 --> 0:06:02.240 they had some really good conversations. As much as they're 0:06:02.240 --> 0:06:04.480 still skeptical of the administration, that a lot of them 0:06:04.480 --> 0:06:06.560 have really appreciated working with the people in the White 0:06:06.600 --> 0:06:09.760 House to coordinate various supplies or to help with technology. 0:06:09.839 --> 0:06:11.159 Right now, I think we're still trying to solve a 0:06:11.200 --> 0:06:13.520 lot of problems at the White House right now about 0:06:13.520 --> 0:06:15.160 how people are going to get back to work, and 0:06:15.360 --> 0:06:16.760 you know, there's there's a role for us to play 0:06:16.760 --> 0:06:19.680 out here, and Joe, what are the interesting elements of all? 0:06:19.800 --> 0:06:22.800 This is something that's not new at all. You know, 0:06:22.800 --> 0:06:24.400 it goes back to the last century, which is the 0:06:24.440 --> 0:06:28.120 Defense Production Act and sort of being invoked not being invoked. 0:06:28.320 --> 0:06:31.880 It feels like there's misunderstanding even in the administration about 0:06:31.920 --> 0:06:34.280 what it should do, what it can do. What's your 0:06:34.279 --> 0:06:37.440 read on that, and how that interaction should take place 0:06:37.520 --> 0:06:41.760 between the government and private industry. You know, I think 0:06:41.800 --> 0:06:43.479 if it gets to a point where the industry is 0:06:43.520 --> 0:06:46.560 not cooperating for some reason, it makes sense to invoke it. 0:06:46.760 --> 0:06:48.600 I think the best way to work with people, just 0:06:48.640 --> 0:06:50.160 from what I found out over the years, the way 0:06:50.160 --> 0:06:53.120 authority really works well is you is you is you 0:06:53.200 --> 0:06:55.240 inspire them and you give them the goals and you 0:06:55.279 --> 0:06:56.760 make sure they're a hunter per cent a line and 0:06:56.800 --> 0:06:59.240 if they are, uh, you don't really need force. If anything, 0:06:59.240 --> 0:07:00.880 force gets in the way at that point. So I 0:07:00.920 --> 0:07:03.200 think the mistakes though that was made. They should have 0:07:03.200 --> 0:07:05.080 had very clear intensive They should have said the government's 0:07:05.080 --> 0:07:07.800 willing to pay this much for working ventilator, this much 0:07:07.800 --> 0:07:10.320 per mask and coordinated and just and just start getting 0:07:10.360 --> 0:07:12.520 people to be confident to invest in building these four 0:07:12.560 --> 0:07:14.520 or five six weeks ago, because when you put out 0:07:14.520 --> 0:07:16.760 the call to everyone, there's a lot of people bottom 0:07:16.840 --> 0:07:18.200 up who will do things. I think it's a mistake 0:07:18.240 --> 0:07:20.040 to only work with the big companies, which has really 0:07:20.080 --> 0:07:21.800 been what they've been doing is mostly focusing on those 0:07:21.800 --> 0:07:24.600 film productive companies, right, But it's about leadership and being 0:07:24.680 --> 0:07:27.600 very clear about what's going on, um to create, to 0:07:27.640 --> 0:07:30.080 be able to create programs so that everybody understands what's 0:07:30.120 --> 0:07:32.080 going on. We're going to come back and talk with 0:07:32.440 --> 0:07:35.600 somewhere with Joe Lonsdale, he's partnered at eight VC, co 0:07:35.720 --> 0:07:38.560 founder of Palanteer, on the phone from Oakland, California, so 0:07:38.560 --> 0:07:41.640 we'll continue that in just a moment. Jason, Yeah, it's 0:07:41.640 --> 0:07:45.120 really interesting to hear all those perspectives and you know, 0:07:45.160 --> 0:07:48.080 really going down to level understanding kind of how Silicon 0:07:48.160 --> 0:07:50.000 Valley works in a lot of ways. I think we 0:07:50.160 --> 0:07:54.640 know it intuitively, but hearing him explain it so specifically 0:07:54.680 --> 0:07:57.960 about picking up the phone and calling and also moving 0:07:58.000 --> 0:08:00.640 with that sense of urgency that I feel like obviously 0:08:00.920 --> 0:08:04.400 we certainly need right now and was missing at the beginning, 0:08:04.520 --> 0:08:07.000 also understanding you know where this started, and still with 0:08:07.080 --> 0:08:10.400 us Joe Lonsdale, partner at eight VC, co founder of 0:08:10.440 --> 0:08:13.320 Palanteer and a number of other companies. We're going to 0:08:13.400 --> 0:08:16.080 get into some of that as we continue our conversation. 0:08:16.160 --> 0:08:19.320 He's joining us on the phone from Palo Alto right 0:08:19.760 --> 0:08:22.720 smack in the middle of Silicon Valley. Joe, great to 0:08:22.760 --> 0:08:26.000 have you still with us. So I gotta ask you. 0:08:26.000 --> 0:08:28.160 You have started a bunch of companies, you invest in 0:08:28.200 --> 0:08:30.760 companies you mentioned in the earlier part of the conversation, 0:08:30.840 --> 0:08:32.840 you know, standing up two to three companies a year. 0:08:33.640 --> 0:08:36.720 This is a time obviously have a lot of uncertainty, 0:08:36.800 --> 0:08:39.200 but it's got to be at least in part, a 0:08:39.280 --> 0:08:42.440 time of opportunity to think about what's next. What are 0:08:42.440 --> 0:08:45.560 you thinking about now? You know, there's there's a lot 0:08:45.559 --> 0:08:48.319 of areas that we're working on that happened to overlap 0:08:48.360 --> 0:08:50.680 with this. The one I'm most excited about is, you know, 0:08:50.679 --> 0:08:52.800 there's a renaissance and biology going on out here in 0:08:52.800 --> 0:08:55.640 Silicon Valley, and we happened to start a company last 0:08:55.679 --> 0:08:58.839 year with some technology out of Cornell and Northwestern University 0:08:59.160 --> 0:09:02.440 that helps produce antibodies really quickly, and there's technology lets 0:09:02.440 --> 0:09:03.920 you do it in a self free way. And you've 0:09:03.920 --> 0:09:07.560 probably heard people who recovered from COVID nineteen. There's antibodies 0:09:07.559 --> 0:09:09.720 in their blood that would cure other people, and we 0:09:09.720 --> 0:09:11.680 can actually use blood from those people to cure people. 0:09:11.679 --> 0:09:13.560 There's not enough of it around, but what you can do, 0:09:13.600 --> 0:09:15.319 and you can take using antibodies and produce them and 0:09:15.360 --> 0:09:17.560 scale them up. So this company is partnering with other 0:09:17.559 --> 0:09:20.040 antibody companies, were trying to rush the therapeutic to market, 0:09:20.240 --> 0:09:21.880 hoping he tested in the next month or two. So 0:09:21.920 --> 0:09:23.840 that's a really cool example of something going on on here. 0:09:23.880 --> 0:09:26.360 Maybe maybe you can contribute. Yeah, that's actually something we've 0:09:26.400 --> 0:09:28.760 been talking about a lot this week. There's a team 0:09:28.800 --> 0:09:31.679 up at Columbia University working on this um. There's several 0:09:31.720 --> 0:09:33.920 groups and thinking that this is a key step in 0:09:34.000 --> 0:09:36.360 kind of getting the virus under control. I do feel 0:09:36.360 --> 0:09:39.360 like biotech in particular, this whole world of medicine. There's 0:09:39.400 --> 0:09:41.520 just so much we talk about disruption, we throw around 0:09:41.520 --> 0:09:44.360 the world casually, but there is so much still in 0:09:44.440 --> 0:09:47.960 medicine and science Joe that has yet to be figured out. 0:09:48.520 --> 0:09:50.560 It's a it's a real bright spot in our civilization 0:09:50.559 --> 0:09:52.640 because you know, there's always big break through's Jennifer down 0:09:52.760 --> 0:09:55.280 out here at Berkeley helps over Christopher. You know, just 0:09:55.360 --> 0:09:57.600 eight years ago, all these things that used to be 0:09:57.720 --> 0:09:59.920 really slow and six months of work in a lab 0:10:00.080 --> 0:10:01.920 you can now do in a day and tests and learn, 0:10:02.040 --> 0:10:04.400 so the the pace of learning is so fast, and 0:10:04.520 --> 0:10:05.839 I really hope a lot of this is going to 0:10:05.880 --> 0:10:07.520 be applied to what's going on right now. There's a 0:10:07.559 --> 0:10:10.560 lot of promising cures, a lot of promising vaccines. You 0:10:10.559 --> 0:10:12.079 know that this is what we really need to help here. 0:10:12.600 --> 0:10:14.760 And Joe, you know, it brings me to something that 0:10:14.800 --> 0:10:18.640 we've talked with a bunch of those aforementioned researchers about, 0:10:18.679 --> 0:10:23.000 including down Johns Hopkins as well, this notion that because 0:10:23.040 --> 0:10:27.280 of the sense of urgency, maybe folks are maybe a 0:10:27.320 --> 0:10:29.839 little more willing to let their guard down, collaborate a 0:10:29.880 --> 0:10:32.000 little bit more. Are you seeing that or is that 0:10:32.080 --> 0:10:35.240 a little Bollyanna I should be to think definitely. Maybe 0:10:35.280 --> 0:10:37.840 about three weeks ago now, I put something up on 0:10:37.880 --> 0:10:40.040 Twitter about how this company could help Pardner with other 0:10:40.040 --> 0:10:43.000 companies for antibio therapeutics and said, here's the help we need, 0:10:43.240 --> 0:10:45.160 and I must have gotten a hundred and twenty notes 0:10:45.160 --> 0:10:47.920 from people mostly in Silicon Valley saying I have the 0:10:47.920 --> 0:10:49.839 best expert on this. I have the best expert on that, 0:10:50.120 --> 0:10:52.040 and it's just been really awesome to see people get 0:10:52.040 --> 0:10:54.480 together and collaborate, and it's it's made it go a 0:10:54.480 --> 0:10:56.120 lot faster than it ever would have. So it's so, 0:10:56.600 --> 0:10:58.559 you know, I definitely think then spirative America as we 0:10:58.600 --> 0:11:00.840 all get together and we work on problems together, mom 0:11:00.920 --> 0:11:03.120 we need to. So does it slow down though after 0:11:03.160 --> 0:11:05.040 we get on the other side. I asked that because 0:11:05.080 --> 0:11:09.600 I mentioned that team up at Colombia who back during Stars. 0:11:10.000 --> 0:11:12.400 They said they needed like about a twenty million dollars, 0:11:12.400 --> 0:11:14.200 not a lot of money in terms of research money, 0:11:14.280 --> 0:11:16.200 and they could have figured out how to deal with 0:11:16.240 --> 0:11:18.600 that virus, but they said after it was dealt with, 0:11:18.720 --> 0:11:22.079 after the kind of the hysteria calmed down, nobody was 0:11:22.160 --> 0:11:25.400 interested in committing money to it. Does that happen when 0:11:25.400 --> 0:11:26.880 we get on the other side of this, or has 0:11:26.960 --> 0:11:30.520 something dramatically changed because of the extent of this virus? 0:11:31.320 --> 0:11:33.079 I mean, I hope, I'd hope that this changes. You 0:11:33.120 --> 0:11:35.240 know that it's a great question that you can go 0:11:35.320 --> 0:11:37.240 back to the pandemic plans. We were talking about. The 0:11:37.240 --> 0:11:39.800 government had a bunch of ventilators they're supposed to produce, 0:11:39.880 --> 0:11:42.000 and the way the contracting was done is they just 0:11:42.040 --> 0:11:43.880 never got them done it. You can blame the company, 0:11:43.880 --> 0:11:45.680 you can blame the government, but really what it was 0:11:45.760 --> 0:11:48.080 is a lack of focused, lack of competent people who 0:11:48.120 --> 0:11:50.160 cared enough to follow up. I don't think you're gonna 0:11:50.160 --> 0:11:51.680 see that this time around. I think people are going 0:11:51.720 --> 0:11:53.400 to really care to be on top of this for 0:11:53.480 --> 0:11:56.040 next time, you know, Joe. One of the questions we've 0:11:56.080 --> 0:11:59.200 been asking all of our big, big guests this week 0:11:59.240 --> 0:12:03.360 across our network, across the entire Bloomberg News empire is 0:12:03.920 --> 0:12:07.040 what changes on the other side of this in the world, 0:12:07.120 --> 0:12:09.440 Like literally, just think as big as you possibly can. 0:12:09.800 --> 0:12:13.800 Maybe that's being underappreciated here. It is literally something I 0:12:13.840 --> 0:12:15.920 know you you've got to be thinking about. What do 0:12:15.920 --> 0:12:18.280 you make of that? You know? The thing? The thing 0:12:18.320 --> 0:12:20.120 the thing a lot about is how the nature of 0:12:20.200 --> 0:12:22.640 works in hiring changes. I think a lot of people 0:12:22.640 --> 0:12:24.960 are being forced to use these tools that have been 0:12:25.000 --> 0:12:27.360 created to work from home for the first time, and 0:12:27.400 --> 0:12:29.440 they're realizing that works. I think I think this is 0:12:29.440 --> 0:12:32.080 embarrassed commercial real estate. That's the obvious one. The other one, 0:12:32.160 --> 0:12:34.559 know that I'm a little curious about, is does this 0:12:34.720 --> 0:12:37.960 change how we hire around the world. Unfortunately, it probably 0:12:38.000 --> 0:12:40.440 pushes outsourcing a lot more for certain types of jobs 0:12:40.440 --> 0:12:42.120 in the US as well, because you can hire someone 0:12:42.160 --> 0:12:44.520 just as well who doesn't have to necessarily live in 0:12:44.559 --> 0:12:46.520 your town. So in some ways it's positive for the 0:12:46.520 --> 0:12:49.000 world more dynamic economy. In other ways, it could be 0:12:49.000 --> 0:12:50.760 another pressure on the middle class, which is which I'm 0:12:50.760 --> 0:12:53.280 a little bit worried about well, and I do wonder 0:12:53.320 --> 0:12:55.280 about that if we can go a little bit deeper 0:12:55.320 --> 0:12:58.560 on that, because we we are also sort of seeing 0:12:59.280 --> 0:13:04.600 inequality of the which we knew existed, maybe even more 0:13:04.679 --> 0:13:08.600 starkly than than we did before. Do do you think 0:13:08.679 --> 0:13:12.559 this causes action on that or does it further exacerbate 0:13:12.600 --> 0:13:16.960 before it gets better? You know, I agree that we're 0:13:17.000 --> 0:13:19.200 definitely seeing in equality of of how people are are 0:13:19.200 --> 0:13:20.840 being able to whether it is or not. To me, 0:13:20.960 --> 0:13:23.720 the biggest causes of inequality is really sailing here in 0:13:23.720 --> 0:13:25.920 the Bay Area. It's cost of living, whether or not 0:13:25.960 --> 0:13:28.600 you want to say it's education, healthcare, or just even 0:13:28.600 --> 0:13:31.040 rents and to live around here in these high growth areas. 0:13:31.280 --> 0:13:33.360 I really hope it gets us to focus on cost 0:13:33.400 --> 0:13:36.200 of living and you make your obvious reforms to fix 0:13:36.240 --> 0:13:38.760 these things, to allow more building in the Bay Area 0:13:38.880 --> 0:13:41.000 and in other areas like this, to really figure it out, 0:13:41.000 --> 0:13:43.319 and healthcare and education. So I would hope this is 0:13:43.679 --> 0:13:45.400 focus on those issues. These are issues that are all 0:13:45.440 --> 0:13:48.400 long overdo and being tackles. Hopefully there's positive some ways 0:13:48.400 --> 0:13:50.560 to go after them. So I got to ask you 0:13:50.600 --> 0:13:53.160 just to wrap up here, Um, Joe, how does our 0:13:53.200 --> 0:14:00.240 world change as a result of the coronavirus pandemic out? 0:14:00.280 --> 0:14:02.920 You know, my my biggest hope is that is that 0:14:03.040 --> 0:14:05.600 a year from now, we've confronted it and we're ready 0:14:05.640 --> 0:14:08.920 for anything like this next time, and we're we're addressing 0:14:08.960 --> 0:14:11.240 some of these issues around costs of living, We're addressing 0:14:11.559 --> 0:14:13.719 some of these some of these issues around around you know, 0:14:13.760 --> 0:14:16.160 people dying from the flu in general, and viruses in general, 0:14:16.160 --> 0:14:17.599 and open areas, which I think we're all gonna be 0:14:17.640 --> 0:14:20.360 going after right now. So hopefully hopefully brings our society 0:14:20.360 --> 0:14:22.960 closer together, gets us to recognize some of what the 0:14:22.960 --> 0:14:25.040 great people can do in the technology innovation world to 0:14:25.080 --> 0:14:27.280 help and lets us solve challenges. That would be the 0:14:27.320 --> 0:14:30.120 optimistic take. And can I ask you wait thirty seconds, 0:14:30.400 --> 0:14:34.040 what what will be different? Well, you know, I think 0:14:34.080 --> 0:14:35.600 it's gonna be I think I think there's gonna be 0:14:35.640 --> 0:14:37.840 some industries that are really gonna struggle for a long time. 0:14:37.880 --> 0:14:39.480 I think people realize they don't need to be on 0:14:39.520 --> 0:14:41.800 planes all the time. I think people realize that they 0:14:41.800 --> 0:14:43.760 don't need to rent out. You know, as many of 0:14:43.800 --> 0:14:46.520 these Smig Crush and John commercial real estate areas, Um, 0:14:46.520 --> 0:14:49.000 it could mean construction and other industries are gonna are 0:14:49.000 --> 0:14:50.280 gonna have a little bit of a tougher time for 0:14:50.360 --> 0:14:53.320 the next five or ten years. Um. So it's there's 0:14:53.320 --> 0:14:56.840 definitely gonna be big, big changes in the economy. All right, Well, 0:14:56.840 --> 0:14:59.680 we really appreciate your time here on a Friday afternoon, 0:14:59.760 --> 0:15:03.120 chilled on sale, partner at a VC, co founder of Palentteer, 0:15:03.120 --> 0:15:05.400 and a number of other companies you have heard of 0:15:05.480 --> 0:15:08.800 and used watch this space because these are the folks 0:15:08.840 --> 0:15:11.000 who you really want to keep an eye on as 0:15:11.120 --> 0:15:14.920 things evolved and the fast twitch of Silicon Valley. It 0:15:15.000 --> 0:15:18.240 is coming to the four here for sure, uh Carol, 0:15:18.400 --> 0:15:22.840 And you know well and also hearing him talk about 0:15:22.880 --> 0:15:25.520 the antibodi's thing, having heard it, you know, from a 0:15:25.520 --> 0:15:29.720 couple of doctors. Uh, that is really really interesting to me. 0:15:29.920 --> 0:15:32.640 And you do wonder if that's the accelerant that we need, 0:15:32.800 --> 0:15:35.760 and especially if we continue to get viruses of this 0:15:35.920 --> 0:15:38.640 magnitude um, this is a way to deal with them 0:15:38.680 --> 0:15:39.320 going forward,