WEBVTT - Bloomberg Businessweek Weekend - September 8th, 2023 0:00:01.360 --> 0:00:05.720 This is Bloomberg business Week Inside from the reporters and 0:00:05.880 --> 0:00:09.440 editors who bring you America's most trusted business magazine, plus 0:00:09.520 --> 0:00:13.680 global business, finance and tech news. The Bloomberg Business Week 0:00:13.720 --> 0:00:19.000 Podcast with Carol Messer and Tim Stenebeck from Bloomberg Radio. 0:00:19.760 --> 0:00:22.759 Hi, everyone, Welcome to the Bloomberg Business Week Weekend Podcast. 0:00:23.000 --> 0:00:25.880 Bloomberg News Deputy team leader for US Equities Jess Metton, 0:00:26.040 --> 0:00:28.640 Carol and I are sharing the hosting duties this week 0:00:29.080 --> 0:00:31.200 and head on the program. We're going to continue with 0:00:31.240 --> 0:00:34.559 our coverage of the Bloomberg Business Week Cities issue. Our 0:00:34.560 --> 0:00:37.080 magazine team breaks down how New York City is spending 0:00:37.159 --> 0:00:39.879 big to reform its bail system and bucking a two 0:00:40.040 --> 0:00:42.920 billion dollar industry in the process, and the CEO of 0:00:42.960 --> 0:00:46.760 Creatio explains how her platform can help people automate workflows 0:00:46.760 --> 0:00:49.840 at the enterprise level with little to no coding knowledge. 0:00:50.159 --> 0:00:53.280 And the CEO of digital marketplace Flash Food details his 0:00:53.360 --> 0:00:57.000 strategy for connecting consumers to heavily discounted food and thereby 0:00:57.040 --> 0:01:00.480 reducing waste and saving money. Plus a look back at 0:01:00.480 --> 0:01:02.760 some of our special coverage from the twenty twenty three 0:01:02.840 --> 0:01:07.960 US Open, including a conversation with former USTA CEO Katrina Adams, 0:01:08.160 --> 0:01:10.080 all of that to come. We begin this hour on 0:01:10.120 --> 0:01:12.559 a somber note, though, as Monday will mark the twenty 0:01:12.560 --> 0:01:15.880 second anniversary of the September eleven attacks on the United States. 0:01:16.080 --> 0:01:18.480 To help us reflect on one of the darkest moments 0:01:18.480 --> 0:01:21.320 in our nation's history and pay tribute to the thousands 0:01:21.360 --> 0:01:23.399 of lives lost on that day in two thousand and one, 0:01:23.680 --> 0:01:26.880 Jess and I welcome in Joseph Pfeiffer, the first FDNY 0:01:27.000 --> 0:01:29.320 chief to respond to the attacks. He's also the author 0:01:29.319 --> 0:01:32.720 of Ordinary Heroes, a memoir of nine to eleven. He's also, 0:01:32.800 --> 0:01:37.000 i should note, unretired, having been appointed FDNY First Deputy 0:01:37.000 --> 0:01:39.840 Commissioner back in March. Chief, it's good to have you 0:01:39.880 --> 0:01:40.240 with us. 0:01:40.400 --> 0:01:42.080 Oh, it's good to be here with you today. 0:01:42.480 --> 0:01:45.480 You know, every year around this time, I wonder what 0:01:45.560 --> 0:01:48.000 people think about who were there that day, and you were, 0:01:48.000 --> 0:01:50.240 of course one of the first people who were there 0:01:50.280 --> 0:01:52.480 that day. What does this time of year mean to you. 0:01:53.800 --> 0:01:56.520 It's a time to remember. It's a time to remember 0:01:57.160 --> 0:01:59.760 the tragedy of that day, but it is also a 0:01:59.760 --> 0:02:06.120 time to remember how how firefighters ran into danger to 0:02:06.160 --> 0:02:10.040 save lives. And there's Another thing that we need to 0:02:10.080 --> 0:02:15.240 remember is that the global community came together and we 0:02:15.280 --> 0:02:19.799 supported each other in one voice against terrorism. 0:02:21.400 --> 0:02:24.359 You were the first fire chief at the World Trade 0:02:24.400 --> 0:02:27.040 Center on that day, and remarkably, you already had a 0:02:27.080 --> 0:02:31.680 documentary film crew with you filming another instance, as far 0:02:31.720 --> 0:02:34.160 as when you were dealing with a routine gas leak. 0:02:34.280 --> 0:02:36.640 What kind of goes through your mind whenever you think 0:02:36.720 --> 0:02:39.239 back to that moment, having already been down there before 0:02:39.280 --> 0:02:39.960 everything began. 0:02:41.680 --> 0:02:46.919 I remember it was a beautiful summer morning with bright sunshine, 0:02:47.080 --> 0:02:50.959 and we were standing in the street at an ordinary emergency, 0:02:52.040 --> 0:02:54.920 and then all of a sudden, we heard a loud 0:02:54.960 --> 0:02:59.040 noise of planes coming overhead, and as you know, we 0:02:59.080 --> 0:03:03.000 never hear planes because of the tall buildings. And then 0:03:03.040 --> 0:03:06.080 I see this plane flying on a very low altitude, 0:03:06.680 --> 0:03:11.480 so low I could read on the fuselage American, and 0:03:11.520 --> 0:03:16.880 it raced past us at fast speed, and I saw 0:03:16.919 --> 0:03:20.800 the plane aim and crashed into the World Trade Center, 0:03:22.280 --> 0:03:26.519 And in that moment, I knew that this was no accident, 0:03:27.280 --> 0:03:30.560 that this was a direct attack, and that's the message 0:03:30.600 --> 0:03:35.560 I gave on the radio. And really, in that moment, 0:03:36.320 --> 0:03:41.480 our entire world changed. And the next one hundred and 0:03:41.480 --> 0:03:49.080 two minutes would evolve with a traumatic memories of what 0:03:49.200 --> 0:03:49.720 took place. 0:03:50.560 --> 0:03:53.600 You must have replayed those moments in your head countless 0:03:53.640 --> 0:03:55.640 times at this point. 0:03:56.320 --> 0:03:57.320 I do. 0:03:57.880 --> 0:04:03.240 And one of the moment I remember is that as 0:04:03.280 --> 0:04:06.000 we pulled up to the World Trade Center, we saw 0:04:06.160 --> 0:04:11.640 smoke coming out of the top, flames coming out, and 0:04:11.800 --> 0:04:17.360 people started to gather by the windows, and we knew 0:04:17.400 --> 0:04:22.840 that at that time there would be like twenty thousand 0:04:22.920 --> 0:04:29.360 people within the World Trade sent the complex, and every firefighter, 0:04:29.400 --> 0:04:35.600 every paramedic, every fire marshal, every police officer, every responder 0:04:37.160 --> 0:04:41.720 looked at the burning buildings and they knew they were 0:04:41.720 --> 0:04:45.599 going to the most dangerous fire of the lives and 0:04:45.640 --> 0:04:49.440 they made a personal choice to go in. And even 0:04:49.480 --> 0:04:51.240 though this is our job, this is what we do, 0:04:52.560 --> 0:04:56.320 it still was a personal choice to run into danger. 0:04:57.600 --> 0:05:01.080 And your brother Kevin was amongst those that went up. 0:05:01.080 --> 0:05:03.599 And it was interesting that the documentary crew that you 0:05:03.640 --> 0:05:05.839 were with actually had a moment where the two of 0:05:05.839 --> 0:05:08.680 you were talking and he went up there. When you 0:05:08.720 --> 0:05:10.960 think back to that moment, how do you feel. 0:05:13.000 --> 0:05:15.520 I think back to the moment when he came up 0:05:15.560 --> 0:05:19.600 to me without saying a word, and we looked at 0:05:19.600 --> 0:05:24.799 each other, wondering if we're both going to be okay. 0:05:24.920 --> 0:05:28.719 And then I ordered him to go up to evacuate 0:05:28.760 --> 0:05:31.600 and to rescue those that were trapped. And it was 0:05:31.640 --> 0:05:36.400 the same order I gave many fire offices. And I 0:05:36.440 --> 0:05:42.239 think back to that moment, which was a special moment 0:05:45.560 --> 0:05:48.440 that we saw each other. And then I saw him 0:05:48.440 --> 0:05:52.919 take his Unit Engine thirty three in turn to climb 0:05:53.200 --> 0:05:55.359 the narrow stairs of the World Trade Center. 0:05:56.120 --> 0:05:59.600 So whenever you talk about in your memoir called ordinary heroes, 0:05:59.839 --> 0:06:02.760 is that the ordinary hero that you're talking about. 0:06:02.880 --> 0:06:03.520 That is. 0:06:05.360 --> 0:06:07.320 And as my brother went up, I know the firefighters 0:06:07.360 --> 0:06:12.400 went up. People were coming down, and the firefighters said 0:06:12.400 --> 0:06:14.440 to people, don't. 0:06:14.160 --> 0:06:16.040 Stop, keep going. 0:06:16.720 --> 0:06:20.680 You can make it out of here. Some simple words, 0:06:22.400 --> 0:06:26.080 and those words we know from people who survived. Those 0:06:26.120 --> 0:06:31.720 words made a difference because they made it out. 0:06:32.839 --> 0:06:35.320 When I think about nine to eleven, I remember where 0:06:35.360 --> 0:06:38.039 I was, along with many other the people who are 0:06:38.080 --> 0:06:40.600 around my age and older, they remember where they were, 0:06:40.600 --> 0:06:43.640 they remember what they were experiencing. It was sort of 0:06:43.680 --> 0:06:46.400 like a you know, talking to my parents that moment 0:06:46.440 --> 0:06:48.760 that John F. Kennedy was killed, or talking to my 0:06:48.760 --> 0:06:54.120 grandparents that moment that Pearl Harbor was attacked. Since nine eleven, 0:06:54.200 --> 0:06:57.760 tens of millions of Americans have been born people who 0:06:58.240 --> 0:07:01.240 only heard about nine to eleven as stories. They didn't 0:07:01.279 --> 0:07:05.080 live through it, they didn't experience it. How do you 0:07:05.200 --> 0:07:10.240 keep the memory of these ordinary heroes, keep the legacy 0:07:10.280 --> 0:07:13.880 of them in a world where it's increasingly becoming a 0:07:13.880 --> 0:07:16.480 distant memory. 0:07:16.920 --> 0:07:19.760 The memory of nine to eleven is part of history, 0:07:20.360 --> 0:07:23.640 and certainly are young people many of them weren't even born, 0:07:24.880 --> 0:07:29.520 and they can read about it, But they also can 0:07:29.560 --> 0:07:33.600 see documentaries, and I think that's a different experience that 0:07:33.680 --> 0:07:39.400 they actually looking at a documentary experience it again. And 0:07:40.520 --> 0:07:43.960 the question for us, I think, is what do we 0:07:44.000 --> 0:07:47.440 want them to learn from it. Is this just an 0:07:47.440 --> 0:07:53.920 event that they look at it on a program or 0:07:54.040 --> 0:07:59.520 is there more meaning to it? And I believe that 0:08:00.600 --> 0:08:05.720 we want our young people to understand what took place 0:08:05.720 --> 0:08:10.560 that day, and we do it with our probationary firefighters. 0:08:11.120 --> 0:08:13.760 We bring them to the nine to eleven museum and 0:08:14.600 --> 0:08:17.600 for them to walk around and see the burnt out 0:08:17.640 --> 0:08:23.880 fire trucks. We want them to experience what took place. 0:08:25.360 --> 0:08:28.880 But I think as they look at this event as 0:08:28.920 --> 0:08:33.440 part of history and they see our firefighters and first 0:08:33.480 --> 0:08:41.160 responders running in they see them as superheroes running into danger. 0:08:42.520 --> 0:08:47.880 And you know, it can never be a superhero. It's 0:08:48.040 --> 0:08:54.400 just too difficult to to to do those things. And 0:08:54.760 --> 0:08:59.800 what I tell them is that on that day, our 0:08:59.840 --> 0:09:07.520 heroes did ordinary things, but at an extraordinary time. And 0:09:07.600 --> 0:09:09.600 I think when they think of nine to eleven as 0:09:09.760 --> 0:09:15.200 that as ordinary heroes, they can start to imagine themselves 0:09:14.960 --> 0:09:19.040 as being one of those heroes. And we need that 0:09:19.120 --> 0:09:24.400 today more than anything else. We need our new generation, 0:09:25.080 --> 0:09:28.360 our young generation, to tackle some of the problems that 0:09:28.360 --> 0:09:32.040 we're experiencing. Not only do we have to deal with 0:09:32.120 --> 0:09:39.800 acts of violence and terrorism and homeland security issues, but 0:09:40.640 --> 0:09:44.920 we have issues of climate change or what I'm referring 0:09:44.920 --> 0:09:49.679 to now as climate security. How do we deal with 0:09:50.880 --> 0:09:58.520 the heat, the wildfires that we saw in Mali, the storms. 0:09:59.800 --> 0:10:07.080 I I think that's what our new generation, our young generation, 0:10:07.679 --> 0:10:14.040 should see themselves as part of the solution to those problems. 0:10:15.200 --> 0:10:18.319 Earlier this year, you actually came out of retirement to 0:10:18.360 --> 0:10:21.720 take on a new job as the nation's largest fire 0:10:21.760 --> 0:10:25.160 department here and you were named first Deputy Commissioners. That's 0:10:25.200 --> 0:10:28.360 the second highest civilian rank in the department managing those 0:10:28.480 --> 0:10:31.959 day to day operations, So very impressive. What motivated you 0:10:32.000 --> 0:10:35.000 to do this after you did retire from the FDNY 0:10:35.400 --> 0:10:36.440 in twenty eighteen. 0:10:37.640 --> 0:10:40.240 It's coming back to the fire department that I love, 0:10:40.520 --> 0:10:45.080 that there's so much part of my life and saying, yeah, 0:10:45.080 --> 0:10:49.360 I got some more work to do. There's other things 0:10:49.400 --> 0:10:53.400 that I can do now. As I mentioned, it's not 0:10:53.440 --> 0:10:57.760 only responding to emergencies here, but how do we shape 0:10:58.280 --> 0:11:05.000 the department to deal with lithium battery fires and to 0:11:05.880 --> 0:11:13.800 deal with the climate change safety issues. So it's it's 0:11:13.840 --> 0:11:16.120 for me, it's exciting going to work every day. 0:11:17.200 --> 0:11:20.880 It's pretty remarkable that in the last twenty years, twenty 0:11:20.920 --> 0:11:24.200 two years and moving forward, we'll probably see more people 0:11:24.240 --> 0:11:28.079 die as a result of the toxins the pollutants at 0:11:28.080 --> 0:11:32.160 Ground Zero than who were actually killed in the attacks, 0:11:32.440 --> 0:11:34.840 and continue we continue to see members of the FDN 0:11:35.000 --> 0:11:39.199 Y die each year as a result of this. How 0:11:39.200 --> 0:11:44.040 do we keep those heroes in our memory even though 0:11:45.120 --> 0:11:47.559 they're dealing with the health effects decades later. 0:11:48.160 --> 0:11:52.240 It's hard to believe that twenty two years later, we're 0:11:52.320 --> 0:11:59.200 approaching the number of our firefighters that died on nine 0:11:59.240 --> 0:12:03.000 to eleven lost three hundred and forty three of our members, 0:12:04.200 --> 0:12:09.400 and we're approaching that number. We're at three hundred and 0:12:09.480 --> 0:12:14.480 forty one that died from Post nine to eleven diseases 0:12:14.840 --> 0:12:21.000 from from the toxics that that you've mentioned. And we 0:12:21.120 --> 0:12:27.840 keep those memories alive by in the FDN Y by 0:12:28.400 --> 0:12:32.160 putting their names up on a on a wall, and 0:12:32.160 --> 0:12:37.840 and we're putting up for this year forty three names 0:12:38.760 --> 0:12:40.760 that have just died in the in the in the 0:12:40.840 --> 0:12:45.320 last year. So we have at our fire Department headquarters 0:12:46.000 --> 0:12:48.880 a plaque of with the names of all the firefighters 0:12:48.880 --> 0:12:53.240 that have died since the beginning of the FDNY and 0:12:53.360 --> 0:12:58.400 opposite including the nine to eleven nine eleven firefighters, and 0:12:58.480 --> 0:13:02.280 opposite that are the fire fighters and our members and 0:13:02.840 --> 0:13:07.440 our medical ems folks that died post. 0:13:07.280 --> 0:13:07.920 Nine to eleven. 0:13:08.520 --> 0:13:12.040 As we come to this twenty second anniversary, whenever you're 0:13:12.080 --> 0:13:14.760 speaking with family members of those who are going to 0:13:14.840 --> 0:13:17.960 have their names added, how are they feeling at this moment. 0:13:18.360 --> 0:13:22.160 There's a level of sadness, but at the same time, 0:13:23.679 --> 0:13:29.520 there's a sense that we're supporting each other and they're 0:13:29.520 --> 0:13:34.200 not alone. Coming together as department and other family members 0:13:34.440 --> 0:13:39.439 that have lost loved ones. We stand arm in arm, 0:13:40.720 --> 0:13:43.840 and we stand arm with the City of New York 0:13:44.760 --> 0:13:48.600 and the country and even the world, and in that sense, 0:13:49.400 --> 0:13:50.360 we can make it through it. 0:13:51.640 --> 0:13:53.920 Do you think there's more work to be done in 0:13:54.000 --> 0:13:56.880 taking care of those not just members of the FDN Y, 0:13:57.000 --> 0:13:58.920 but those who are living with the effects of nine 0:13:58.960 --> 0:14:01.079 to eleven More that Congress can do. 0:14:02.160 --> 0:14:05.720 There's definitely more that Congress can do. They could continue 0:14:06.559 --> 0:14:13.400 to fund our medical programs, and we're dependent on that 0:14:13.640 --> 0:14:18.199 in FDN Y. For the people who have got sick 0:14:20.280 --> 0:14:25.800 that they've survived, actually eighty five percent of them survived 0:14:26.160 --> 0:14:30.000 longer than what was expected because of our medical programs, 0:14:30.400 --> 0:14:38.080 and those medical programs aren't cheap and seeing physicians and treatment. 0:14:38.680 --> 0:14:46.520 So Congress has a responsibility to care for the victims, 0:14:47.560 --> 0:14:50.640 not just from that day, but the victims that we're 0:14:50.680 --> 0:14:55.960 seeing now. And so I would I would ask Congress 0:14:56.000 --> 0:15:02.600 for our families and our future, your families who are 0:15:04.560 --> 0:15:09.840 suffering from from nine to eleven cancer, to to continue 0:15:10.400 --> 0:15:11.400 to help those families. 0:15:13.040 --> 0:15:15.840 What motivates you to keep serving? As Jess mentioned, you 0:15:16.360 --> 0:15:19.760 unretired after nearly forty years with the FDNY, and I 0:15:19.760 --> 0:15:22.400 think a lot of people in your position would would say, hey, 0:15:22.440 --> 0:15:25.240 that was that was a great career. A lot of 0:15:25.240 --> 0:15:27.000 people probably said to you, that was a great career. 0:15:27.520 --> 0:15:36.920 I like the term unretired. It's actually fun being unretired, 0:15:37.800 --> 0:15:41.840 going back and looking at new challenges and looking at 0:15:41.880 --> 0:15:46.960 the complexity. So we have to deal with and bringing 0:15:47.040 --> 0:15:51.960 together our experienced people and our young people coming in 0:15:52.640 --> 0:15:57.160 and saying Okay, we can do this together. We can 0:15:57.240 --> 0:16:04.600 protect the city. We can deal with new challenges, new disasters, 0:16:06.480 --> 0:16:09.280 and we can do it together. Which is the secret. 0:16:09.360 --> 0:16:12.440 And it's not just with an FD and Y. I 0:16:12.560 --> 0:16:19.960 work closely with NYPD and emergency management and the city 0:16:20.040 --> 0:16:24.200 should be proud. There's some good people serving New York City. 0:16:24.720 --> 0:16:26.920 Well, Chief Ffiffer, thank you so much for joining us. 0:16:26.920 --> 0:16:28.280 Really appreciate you taking the time. 0:16:29.160 --> 0:16:32.720 You're listening to the Bloomberg Business Week podcast. Catch us 0:16:32.760 --> 0:16:36.239 live weekday afternoons from three to six Eastern Listen. 0:16:36.000 --> 0:16:39.480 On Bloomberg dot com, the iHeartRadio app, and the Bloomberg 0:16:39.520 --> 0:16:42.200 Business App, or watch us live on YouTube. 0:16:43.560 --> 0:16:47.400 America's pre trial detention system is actually a global outlier. 0:16:47.800 --> 0:16:49.960 It's set apart by an emphasis on cash bill and 0:16:50.000 --> 0:16:52.880 the for profit infrastructure that supports it. So if you 0:16:52.920 --> 0:16:55.040 can't afford your bail, a company in the two billion 0:16:55.080 --> 0:16:57.520 dollar commercial bailbond industry will cover it for a fee. 0:16:57.920 --> 0:17:00.280 And if you don't qualify for bail bonds or can't 0:17:00.320 --> 0:17:03.160 afford them, you go to jail. You eight months or 0:17:03.200 --> 0:17:06.800 even years for a trial. Sarah Holder and Fulla Kenne 0:17:06.840 --> 0:17:09.399 Bey their City Lab reporters here at Bloomberg News. Fuller 0:17:09.440 --> 0:17:12.199 and Sarah writing about the success and challenges of New 0:17:12.280 --> 0:17:15.040 York City's supervised release program and the current issue of 0:17:15.080 --> 0:17:18.119 Bloomberg BusinessWeek. It's the annual Cities double issue. It's on 0:17:18.160 --> 0:17:20.960 newsstands now, it's online at Bloomberg dot com, Slash BusinessWeek, 0:17:21.040 --> 0:17:23.280 and it's on the Bloomberg terminal. Full is here in 0:17:23.320 --> 0:17:25.720 the studio. Sarah's on zoom in New York. Also here 0:17:25.760 --> 0:17:28.560 the editor of Bloomberg BusinessWeek, Joel Webber, in our Bloomberg 0:17:28.600 --> 0:17:32.040 Interactive at Brokers Studio. Joel, good to have you with us. 0:17:32.320 --> 0:17:36.159 The supervised release program here in New York City. I 0:17:36.160 --> 0:17:38.280 can't really call it experimental anymore. 0:17:38.359 --> 0:17:40.199 I didn't know about it, though, Did you know about it? 0:17:40.240 --> 0:17:42.879 I had heard of it, okay, in terms of you 0:17:42.880 --> 0:17:45.720 know when we voted for it, yeah, but or voted 0:17:45.720 --> 0:17:48.680 against it, depending on how people voted. But I didn't 0:17:48.720 --> 0:17:50.280 know about the successes and failures of it. 0:17:50.480 --> 0:17:52.199 So one of the things as we were kind of 0:17:52.200 --> 0:17:54.680 putting together the city's issue, we really wanted to take 0:17:54.760 --> 0:17:58.959 like this, look at where cities are three plus years 0:17:59.000 --> 0:18:04.560 after the pandemic, and this idea from Fulla and Sarah 0:18:04.600 --> 0:18:06.840 I thought was a really interesting way to talk about 0:18:07.840 --> 0:18:11.200 criminal justice and this experiment that's happened in New York 0:18:11.800 --> 0:18:15.960 that I think has been worthy of more national attention 0:18:16.200 --> 0:18:20.320 than it's perhaps received, and as you mentioned, us huge 0:18:20.359 --> 0:18:26.600 outlier in terms of incarceration numbers. What the program has 0:18:26.640 --> 0:18:32.120 shown is this interesting success already. And part of this 0:18:32.200 --> 0:18:35.960 is the burden that is put on people who are 0:18:36.000 --> 0:18:38.760 and it's until proven guilty, but they cannot be on 0:18:38.800 --> 0:18:42.440 the street unless they have money for bail. And this 0:18:42.640 --> 0:18:46.840 has really challenged that assumption. And Fulla talk to us 0:18:46.840 --> 0:18:52.920 about who are the instrumental people who are helping make 0:18:52.960 --> 0:18:53.880 this pilot a thing. 0:18:54.119 --> 0:18:57.760 Thanks Joil, and so I guess, first of all, the 0:18:57.840 --> 0:19:03.400 jail system in the US have been it's greatly expanded 0:19:03.440 --> 0:19:05.760 since the seventies and so there are four times as 0:19:05.840 --> 0:19:07.440 many people behind bars. 0:19:07.240 --> 0:19:09.879 Pre trial on four times four times and pre trial. 0:19:09.720 --> 0:19:13.320 Yeah, pre trial, so so you know, accused but not 0:19:13.400 --> 0:19:16.440 convictive of any crime than there were in the seventies. 0:19:16.920 --> 0:19:21.399 And so these systems have sprung up in jurisdictions across 0:19:21.400 --> 0:19:23.440 the US, New York having one of the most expansive 0:19:23.480 --> 0:19:27.320 ones to address this ballooning population of folks that are 0:19:27.359 --> 0:19:30.480 being held before they've been convicted. And so here in 0:19:30.520 --> 0:19:34.440 New York we have this supervised Release program. And so 0:19:35.000 --> 0:19:38.440 each borough has a provider, well Brooklyn shares Brooklyn and 0:19:38.440 --> 0:19:41.800 Staten Island share provider. But basically the intend is to 0:19:42.920 --> 0:19:46.080 divert people from jail and keep them from having to 0:19:46.119 --> 0:19:51.520 pay bail that in many cases they can afford, and 0:19:52.240 --> 0:19:55.760 instead give them programming, give them, you know, job interview, 0:19:55.800 --> 0:19:59.840 help give them access to housing, give them access to food, 0:20:00.040 --> 0:20:01.760 and give them access to things that they need to 0:20:02.560 --> 0:20:04.560 ensure that they don't end up back in front of 0:20:04.560 --> 0:20:07.879 a judge or back you know, in the criminal legal system. 0:20:08.040 --> 0:20:10.560 And so that's sort of what this program sprung about 0:20:10.600 --> 0:20:13.400 of and it's what it's meant to address to keep 0:20:13.400 --> 0:20:16.680 people out of jail. I note that twenty seven people 0:20:16.720 --> 0:20:19.280 have died at Rikers since the beginning of twenty twenty two. 0:20:19.320 --> 0:20:25.120 And just so our listeners and viewers know, Rikers here 0:20:25.160 --> 0:20:26.800 in New York is a place where people are held, 0:20:26.840 --> 0:20:27.800 a pre trial place. 0:20:27.840 --> 0:20:28.000 Yes. 0:20:28.200 --> 0:20:29.920 Yes, it's just like people who are waiting trial. 0:20:29.920 --> 0:20:32.080 People who are waiting trial. Most of them, I think, 0:20:32.119 --> 0:20:32.880 like ninety percent. 0:20:32.720 --> 0:20:35.240 Of the folks were I want to bring Sarah into 0:20:35.280 --> 0:20:38.399 this conversation to get your insight on also the politics 0:20:38.400 --> 0:20:41.440 when it comes to letting people walk through, walk us through, 0:20:41.600 --> 0:20:43.720 as far as what the issues are there and the 0:20:43.760 --> 0:20:45.080 politics behind that. 0:20:45.680 --> 0:20:50.639 Yeah, I mean, bail reform as a policy change has 0:20:51.800 --> 0:20:54.440 you know, attracted a lot of attention nationwide. It's kind 0:20:54.440 --> 0:20:57.159 of a new boogeyman. After the defund the police movement, 0:20:57.400 --> 0:21:00.359 people were talking about sort of diverting funds from police 0:21:00.400 --> 0:21:03.679 departments and reforming the practices of police. Now we're talking 0:21:03.720 --> 0:21:06.440 more broadly about the criminal legal system that fulla laid 0:21:06.480 --> 0:21:10.119 out for us, trying to think about new ways to 0:21:11.400 --> 0:21:16.560 hold people responsible for crimes, but also sort of understand 0:21:16.600 --> 0:21:20.159 that the current system as it is right now, lets 0:21:20.240 --> 0:21:22.920 people who have the means walk free while others who 0:21:22.920 --> 0:21:25.200 do not have the means who are just as innocent 0:21:25.240 --> 0:21:28.840 before proven guilty have to go to places like Rikers. 0:21:28.920 --> 0:21:32.240 So bail reform as a national movement has been tried 0:21:32.240 --> 0:21:36.359 in places across the US. Illinois, Washington, d C. And 0:21:36.440 --> 0:21:38.800 New York City are trying to look at different ways 0:21:38.840 --> 0:21:44.480 to allow people to await trial outside of jails like Wrigers. 0:21:45.359 --> 0:21:51.040 But obviously politicians that engage and try to exert these 0:21:51.080 --> 0:21:54.120 policy changes face a lot of political tax It's a 0:21:54.160 --> 0:21:57.959 hot button issue across the left and the right, and 0:21:58.040 --> 0:22:00.440 so programs like this are kind of trying to actually 0:22:00.760 --> 0:22:03.880 set up the infrastructure in place for cities that take 0:22:03.920 --> 0:22:07.080 on this politically fraught challenge of bail reform, like what 0:22:07.720 --> 0:22:10.960 do people who are no longer eligible for bail? 0:22:11.720 --> 0:22:12.320 What do they do? 0:22:13.000 --> 0:22:16.960 And so Supervisor releases sort of like a programming change 0:22:17.000 --> 0:22:21.240 that attacks this or addresses this more political church political issue. 0:22:21.280 --> 0:22:24.439 And Fuller can talk a little bit more about, you 0:22:24.440 --> 0:22:26.960 know what politicians face when they do take on bill reform. 0:22:27.040 --> 0:22:29.440 Well, before we let him do that, let's talk about 0:22:29.440 --> 0:22:32.639 what this looks like in practice. And there's a character 0:22:32.680 --> 0:22:37.600 in the story, Kevin, which is a pseudonym, But let's 0:22:37.600 --> 0:22:42.080 talk about what Kevin faced and how the program affected 0:22:42.160 --> 0:22:43.119 him personally. 0:22:43.680 --> 0:22:47.080 Yeah, So, at a basic level, when you're arrested in 0:22:47.080 --> 0:22:51.640 New York City, your process, your booked, and then eventually, 0:22:51.920 --> 0:22:54.160 usually after twenty four hours or so, you're in front 0:22:54.200 --> 0:22:57.280 of a judge. And you know, in reporting out of 0:22:57.280 --> 0:22:58.680 the story, Sarah and I spent a lot of time 0:22:58.720 --> 0:23:01.520 in court watching watch these arraiements, watching this happen, right, 0:23:01.560 --> 0:23:04.760 and and and these these hearings take You wouldn't guess 0:23:04.760 --> 0:23:06.600 five minutes no matter what their charges are. And so 0:23:07.320 --> 0:23:09.280 at that point a judge is going to decide, well, 0:23:09.320 --> 0:23:10.919 are you going to get bail or are they going 0:23:10.960 --> 0:23:12.920 to release you and say come back to your coordinate, 0:23:13.000 --> 0:23:13.720 or are they going to. 0:23:13.640 --> 0:23:14.639 Give you supervised release. 0:23:14.760 --> 0:23:16.600 And so, once you're diverted to a program like this, 0:23:17.160 --> 0:23:20.000 someone like Kevin is is being connected with a social 0:23:20.040 --> 0:23:23.159 worker immediately and they'll have to meet. Depending on the 0:23:23.160 --> 0:23:26.680 severity of the charges, they'll have to meet a certain 0:23:26.760 --> 0:23:29.160 number of times a month. For him, it's it's four 0:23:29.160 --> 0:23:34.080 times a month, and essentially it looks like a therapy session. 0:23:34.960 --> 0:23:37.360 You know, he talks to his caseworker about issues he's 0:23:37.359 --> 0:23:39.600 facing and what he's trying to do. He's looking for 0:23:39.600 --> 0:23:42.160 a job maybe, or he's looking for you know, help 0:23:42.200 --> 0:23:44.920 finding housing, and they hook him up with with services 0:23:44.960 --> 0:23:47.920 and and and so in his life it's it's helped him. 0:23:48.040 --> 0:23:50.240 It's helped connect him with services, helped get him a job, 0:23:50.240 --> 0:23:52.520 and help, you know, make him feel help helped him 0:23:52.560 --> 0:23:55.280 navigate the system that can be so complicated. 0:23:54.920 --> 0:23:57.320 Even you know, one of the most interesting things I 0:23:57.359 --> 0:24:03.760 thought was reminded of is the economic toll that being 0:24:03.800 --> 0:24:06.520 in jail and not being able to afford bail actually is. 0:24:06.720 --> 0:24:09.240 Talk about what Kevin based on that front. 0:24:09.640 --> 0:24:12.440 So when he was standing in front of the judge 0:24:12.640 --> 0:24:16.040 waiting to hear what his fate would be, you know, 0:24:17.080 --> 0:24:19.639 city prosecutors had asked for a million dollars bail, and 0:24:19.680 --> 0:24:23.840 that's something he could never could never afford or can 0:24:23.880 --> 0:24:26.639 never pay. And so this program allowed for another way, right, 0:24:26.760 --> 0:24:28.120 sort of a midway. 0:24:28.160 --> 0:24:28.320 Right. 0:24:28.359 --> 0:24:31.639 They don't have to let him go walk free, or 0:24:31.760 --> 0:24:33.479 they're not letting him walk free, but they're also not 0:24:33.520 --> 0:24:35.960 going to make him go to Rikers, right, And so 0:24:36.400 --> 0:24:38.280 he's able to do this programming. He's able to still 0:24:38.320 --> 0:24:41.720 go home, but he has this responsibility to come and 0:24:42.040 --> 0:24:46.399 participate in supervise release and he's been going he'do weekly 0:24:46.440 --> 0:24:48.840 for six months as his case winds to the system. 0:24:48.880 --> 0:24:51.440 That's six months he would have spent in rikers. 0:24:51.280 --> 0:24:54.880 It's incredible that story full on its own. But Sarah, 0:24:54.880 --> 0:24:56.240 I want to bring you back in here and talk 0:24:56.280 --> 0:24:59.760 about how the city and advocates for this measure success 0:25:00.280 --> 0:25:02.000 on the larger term. How do we know if it's 0:25:02.040 --> 0:25:03.879 successful here in New York City. 0:25:05.320 --> 0:25:07.680 Yeah, I mean it's a really interesting question. I think 0:25:07.720 --> 0:25:11.320 case workers are grappling with that as well. Like one 0:25:11.359 --> 0:25:17.000 of the biggest takeaways, like when we were at arraignment's court, 0:25:17.160 --> 0:25:19.439 was that people were not getting sent to rikers and 0:25:19.440 --> 0:25:21.480 they were getting sent to supervis release. And I think 0:25:21.480 --> 0:25:24.160 for caseworkers that's a measure of success. You know, are 0:25:24.200 --> 0:25:28.120 you diverting one more person away from that notorious jail. 0:25:28.160 --> 0:25:31.560 And we saw, as you know, sometimes prosecutors would ask 0:25:31.600 --> 0:25:34.439 for a million dollars bail or we saw, you know, 0:25:34.520 --> 0:25:38.320 even fifteen thousand dollars bill something that defendants just could 0:25:38.320 --> 0:25:41.960 not pay. And we saw judges and public defenders and 0:25:42.000 --> 0:25:45.400 even prosecutors in some instances say, you know, why don't 0:25:45.400 --> 0:25:47.600 we do supervisor release instead? This person is not a 0:25:47.600 --> 0:25:50.280 flight risk, they will return to court. So we saw 0:25:50.280 --> 0:25:53.680 in real time people getting diverted from from wrekers. So 0:25:53.720 --> 0:25:56.399 that's one measure of success. Another is how many times 0:25:56.400 --> 0:25:59.000 people are showing up for court again. You know, places 0:25:59.000 --> 0:26:02.040 like DC seen you know, people release pre trial come 0:26:02.080 --> 0:26:03.760 back to court, you know, more than eighty percent of 0:26:03.760 --> 0:26:04.160 the time. 0:26:04.480 --> 0:26:05.320 And that's that's. 0:26:05.200 --> 0:26:07.159 Really what bill is supposed to do. It's supposed to 0:26:07.480 --> 0:26:09.600 ensure that people, you know, face their day in court 0:26:09.640 --> 0:26:12.920 and don't disappear. Supervised release is another way of making 0:26:12.960 --> 0:26:14.760 sure that people do that, that they show back up. 0:26:15.320 --> 0:26:18.240 And then another way of thinking about this is whether 0:26:18.280 --> 0:26:21.280 people are getting re arrested while they're awaiting their day 0:26:21.280 --> 0:26:24.760 in court. You know, people out on supervised release in 0:26:24.800 --> 0:26:27.240 the city get re arrested less than ten percent of 0:26:27.280 --> 0:26:29.679 the time, less than two percent of the time for 0:26:29.720 --> 0:26:33.639 a violent felony. And you know, people are looking at 0:26:33.640 --> 0:26:36.119 those numbers and trying to understand how to get those 0:26:36.200 --> 0:26:38.640 even lower and how to work with some folks who 0:26:38.680 --> 0:26:43.160 are recommitting violent acts or even other offenses and giving 0:26:43.160 --> 0:26:46.040 them a lot more attention within this program. 0:26:46.280 --> 0:26:48.640 Hey full of Something I'm curious about is how does 0:26:48.680 --> 0:26:51.320 the approach when it comes to the US differ than 0:26:51.440 --> 0:26:53.680 what typically is seen more internationally. 0:26:54.480 --> 0:26:56.520 So in other jurisdictions I mean, cash bi able are 0:26:56.520 --> 0:26:59.320 seen as a last resort. I mean the UK and Canada, 0:26:59.400 --> 0:27:03.040 and in the EU cash bail is sort of like 0:27:03.040 --> 0:27:07.240 the last last resort, and bail bondser illegal in most jurisdictions. 0:27:07.240 --> 0:27:09.119 I think it's just the US and I believe the 0:27:09.160 --> 0:27:10.120 Philippines that. 0:27:10.119 --> 0:27:12.320 Allow the US being more of an outlier. 0:27:12.359 --> 0:27:15.760 Clearly, the US is definitely an outlier, but New York 0:27:16.000 --> 0:27:18.959 is also not totally an outlier, right, Like there is 0:27:19.520 --> 0:27:22.280 It's not like I want to get in the politics 0:27:22.280 --> 0:27:25.280 of this still, but like, who else is following New 0:27:25.359 --> 0:27:26.120 York's lead here? 0:27:26.240 --> 0:27:28.960 And where else should we be watching to see what 0:27:29.000 --> 0:27:31.199 the programs how those programs unfold. 0:27:31.359 --> 0:27:33.560 So there are quite a few jurisdictions, or I guess 0:27:33.600 --> 0:27:35.560 not quite a few, but there are some jurisdictions that 0:27:35.600 --> 0:27:38.399 are trying to address the same issue, right trying to 0:27:38.440 --> 0:27:42.520 reduce geo populations. Because we have to remember that jailing 0:27:42.520 --> 0:27:46.240 people is expensive for a jurisdiction, For municipality, what's the 0:27:46.240 --> 0:27:48.280 cost of New York. In New York, it's like fifteen 0:27:48.359 --> 0:27:50.600 hundred a day. I think per person, and so I 0:27:50.600 --> 0:27:55.400 mean it's pricey. Yeah, it's like a I think it's 0:27:55.880 --> 0:27:57.720 sort of like a college tuition or something like that. Right, 0:27:57.760 --> 0:28:02.240 Like you're talking about annually jailing people, and so there's 0:28:02.000 --> 0:28:04.800 a there's an extreme cost for municipalities and then on 0:28:04.840 --> 0:28:06.720 the other hand, there's an extreme cost for the folks 0:28:06.760 --> 0:28:08.720 who are going to jail. Right, you're not working, you're 0:28:08.720 --> 0:28:11.960 not paying rent, you're not you know, watching your kids, 0:28:11.960 --> 0:28:13.359 you're not you're not doing all of these things that 0:28:13.520 --> 0:28:16.000 contribute to society as well. 0:28:16.160 --> 0:28:17.880 And so there are those costs. 0:28:18.040 --> 0:28:20.920 Okay, So I said, we talked about the politics. Let's 0:28:20.920 --> 0:28:21.840 talk about the politics. 0:28:21.960 --> 0:28:23.840 What's the city line on this? 0:28:24.000 --> 0:28:26.120 And what about where the state comes in? 0:28:26.440 --> 0:28:29.080 So this is a city it's a city funded program, right, 0:28:29.160 --> 0:28:31.520 So the city spends about sixty seven million dollars a 0:28:31.600 --> 0:28:33.679 year on this and in the last budget cycle we 0:28:33.760 --> 0:28:36.960 saw more money set aside for this program. 0:28:37.160 --> 0:28:38.720 Is that a lot of money or not a lot 0:28:38.720 --> 0:28:39.080 of money? 0:28:39.080 --> 0:28:42.320 It's more than the pre K. Wow. 0:28:43.520 --> 0:28:46.240 As we reported before, I will be off Thursday taking 0:28:46.240 --> 0:28:48.880 my son his first day pre K. So you did 0:28:48.880 --> 0:28:50.920 the great story on pre K earlier this year about 0:28:51.240 --> 0:28:53.520 Eric Adams not providing funding to those PreK centers. 0:28:53.600 --> 0:28:55.320 And so I guess in the grand scheme of thing, 0:28:55.360 --> 0:28:57.520 the New York City budget is one hundred and seven 0:28:57.560 --> 0:29:00.239 million dollars, so it's not that much money, but it 0:29:00.280 --> 0:29:02.000 is for a program like this, quite a bit of it. 0:29:02.360 --> 0:29:03.680 It's quite a quite an investment. 0:29:04.080 --> 0:29:06.400 And just keep in mind and also the economic side 0:29:06.400 --> 0:29:09.280 of this, right, like instead of paying fifteen hundred dollars 0:29:09.320 --> 0:29:13.600 per person per day, we're allowing those same people who 0:29:14.040 --> 0:29:14.400 you know. 0:29:14.920 --> 0:29:16.640 Might not be even violent. 0:29:16.280 --> 0:29:20.560 Offenders to basically like be able to be having you know, 0:29:20.680 --> 0:29:23.840 keep their normal the feeling right, and be in their community. 0:29:24.000 --> 0:29:28.000 So I think it's really interesting. So what about the 0:29:28.800 --> 0:29:34.240 how does how do other jurisdictions? How is this going 0:29:34.280 --> 0:29:35.360 over elsewhere? 0:29:35.440 --> 0:29:35.600 Right? 0:29:35.640 --> 0:29:39.080 Because clearly we brought up to defund the police as 0:29:39.080 --> 0:29:42.600 a talking point, like this is a charged idea because 0:29:43.000 --> 0:29:46.560 it goes against some conventional, long standing wisdom. 0:29:46.600 --> 0:29:49.120 Definitely, And I think the New York City program is 0:29:49.120 --> 0:29:51.400 a great example of of the challenges that programs like 0:29:51.440 --> 0:29:55.120 these fates. Right, Like, on one end, the program seems 0:29:55.120 --> 0:29:57.760 to be working and it seems like it's it's getting support, right, 0:29:57.760 --> 0:30:01.360 and so it's ramped up and so the caseworkers have 0:30:01.440 --> 0:30:02.080 a ton of cases. 0:30:02.160 --> 0:30:02.280 Right. 0:30:02.280 --> 0:30:04.760 We've met some people that have seventy cases on their plate. 0:30:05.440 --> 0:30:07.440 On the other hand, they have to worry about the 0:30:07.440 --> 0:30:09.560 politics of this, right like New York has rolled back. 0:30:09.680 --> 0:30:12.960 New York State has rolled back it's bail reforms, I 0:30:12.960 --> 0:30:14.120 think three times at this point. 0:30:14.200 --> 0:30:14.360 Right. 0:30:15.000 --> 0:30:18.480 In other jurisdictions, we've seen campaign ads sort of demonizing 0:30:18.520 --> 0:30:21.520 bail reform leaves out in last year, ran ads right 0:30:21.720 --> 0:30:24.360 saying that he would, you know, reverse the bail laws. 0:30:24.360 --> 0:30:27.280 And so the politics of this are fraud to say 0:30:27.280 --> 0:30:30.440 the least. And we see this in juristictions across country. 0:30:30.560 --> 0:30:34.760 Full of fantastic story, Sarah, A great story. Sarah Holder, 0:30:34.800 --> 0:30:38.200 city Lab reporter at Bloomberg News, on the phone from 0:30:38.240 --> 0:30:41.000 our bureau. Full of Kenneby, city Lab reporter here at 0:30:41.000 --> 0:30:43.200 Bloomberg News with us in the Bloomberg INTERACTI Brokers Studio, 0:30:43.200 --> 0:30:45.280 along with Joe Webber, the editor of Bloomberg BusinessWeek. This 0:30:45.280 --> 0:30:47.440 story and more in the City's issue, the Double Issue 0:30:47.480 --> 0:30:48.280 a business Week. 0:30:55.600 --> 0:30:59.200 You're listening to the Bloomberg Business Week podcast. Catch us 0:30:59.200 --> 0:31:02.280 live afternoons from three to six Eastern. 0:31:02.120 --> 0:31:05.680 On Bloomberg Radio. The Bloomberg Business app and YouTube. 0:31:05.800 --> 0:31:08.640 You can also listen live on Amazon Alexa from our 0:31:08.680 --> 0:31:13.160 flagship New York station, Jo Say Alexa play Bloomberg eleven thirty. 0:31:15.040 --> 0:31:17.120 There was a story if you saw this tim by 0:31:17.120 --> 0:31:19.240 our Ed Ludlow. It was about how to start it 0:31:19.280 --> 0:31:21.160 back by Microsoft, you know, the company that got us 0:31:21.160 --> 0:31:23.520 all nuts about next level AI. 0:31:23.680 --> 0:31:26.040 Yeah, I think in videos I'm milcha, you know, hey, 0:31:26.080 --> 0:31:27.160 thank you exactly. 0:31:27.960 --> 0:31:30.640 Well, we're talking about open AI and notes how it's 0:31:30.640 --> 0:31:32.959 on track for one billion dollars of annual revenue as 0:31:33.000 --> 0:31:36.520 businesses adopt the technology behind chat ChiPT, which is the 0:31:36.600 --> 0:31:39.920 generative AI bot. You know this that ignited that wave 0:31:39.960 --> 0:31:43.160 of artificial intelligence investment, I mean, and just set us 0:31:43.200 --> 0:31:44.600 all off and running. 0:31:45.120 --> 0:31:47.760 Yeah, especially those in video shareholders. 0:31:47.960 --> 0:31:49.600 Yeah. Yeah, it's all pretty good. 0:31:49.680 --> 0:31:51.600 Yeah, with some thoughts on AI and what it means 0:31:51.640 --> 0:31:53.520 to our workflow and our world with us as the 0:31:53.560 --> 0:31:57.600 CEO and founder of Creatio, Katherine Costa Riva. Good to 0:31:57.640 --> 0:32:00.560 have you with us, Catherine. Creatio is a CVRM. It's 0:32:00.560 --> 0:32:05.240 a customer relationship manager and it sells software that automates workflows. 0:32:05.480 --> 0:32:08.360 Catherine joins us on Zoom from Boston. When I hear CRM, 0:32:08.400 --> 0:32:10.400 I think Salesforce, So talk to us a little bit 0:32:10.440 --> 0:32:13.200 about what you do that's different than Salesforce, especially as 0:32:13.200 --> 0:32:15.360 Salesforce comes out with their numbers today and says, you know, 0:32:15.400 --> 0:32:16.480 we're going all in on AI. 0:32:17.640 --> 0:32:21.280 Yes, happy to what Creation does. We're doing no code platforms. 0:32:21.320 --> 0:32:23.360 So this is a little bit different type of software, 0:32:24.240 --> 0:32:28.240 the no code platform for workflow automation and CRM off 0:32:28.280 --> 0:32:30.880 top of it. But the whole idea of Creation is 0:32:30.920 --> 0:32:35.080 actually no code capabilities to automate workflow not being a 0:32:35.080 --> 0:32:40.600 professional software developer. Let me share some numbers with you. 0:32:40.840 --> 0:32:43.440 Point, but break that down. Before we share numbers, what 0:32:43.480 --> 0:32:45.240 does that mean no code? 0:32:45.320 --> 0:32:47.680 Yeah, for that was exactly what I want to do. Yes, 0:32:48.800 --> 0:32:52.760 these numbers will explain what no code actually means. In 0:32:52.800 --> 0:32:57.080 the world, there are twenty five million software developers. The 0:32:57.160 --> 0:33:02.120 demand for workflow automation today, Carol is five hundred million 0:33:02.520 --> 0:33:06.520 apps in the world. There are one point seven billion 0:33:06.720 --> 0:33:11.440 knowledge workers who can easily use the new code platform 0:33:11.520 --> 0:33:14.880 to automate those apps. Because the mass is very clear, 0:33:15.280 --> 0:33:19.440 twenty five million software developers is not enough to automate 0:33:19.720 --> 0:33:24.160 five hundred million apps, which is a demand for enterprise 0:33:24.440 --> 0:33:28.360 workflow automation today. So what Creation does and what no 0:33:28.440 --> 0:33:32.080 code platforms in general? What they do They give tools 0:33:32.120 --> 0:33:36.840 to those one point seven billion knowledge workers to build 0:33:36.960 --> 0:33:42.360 and automate their own workflows like CRM like Customer Relationship management, 0:33:42.440 --> 0:33:46.880 so CRM like sales automation, marketing automation, service automation. This 0:33:47.040 --> 0:33:51.040 is just an example of the workflows in the companies 0:33:51.160 --> 0:33:55.840 in different enterprises that can be automated with no code platforms. 0:33:55.960 --> 0:33:58.240 So this is the big think about it, Like like 0:33:58.320 --> 0:34:02.320 a Minecraft. You all know Minecraft, That's that's a popular game. 0:34:03.560 --> 0:34:08.160 All kids in the worldplay Minecraft. Just just think about Minecraft. 0:34:08.560 --> 0:34:12.240 But in the world of enterprise software, when you design 0:34:12.400 --> 0:34:16.839 and build your own software, your own workflows, not being 0:34:16.880 --> 0:34:18.960 a professional software developer. 0:34:19.480 --> 0:34:22.040 It sounds like why wouldn't everybody use it? So give 0:34:22.040 --> 0:34:24.719 me an idea of the growth of your business so 0:34:24.760 --> 0:34:27.760 that we get an idea and who who are your partners, 0:34:27.760 --> 0:34:29.680 who are your clients, who are you working with? 0:34:30.800 --> 0:34:35.080 Happy to happy to Creation? Despite the economic slowdown and 0:34:35.160 --> 0:34:38.600 everything happening in the world right now, Creatio continues to 0:34:38.640 --> 0:34:43.319 grow at fifty sixty percent. Yeah over, yeah, is that 0:34:43.440 --> 0:34:47.680 top line? What exactly is that inn is the top line. Okay, 0:34:47.920 --> 0:34:51.440 and you mentioned Salesforce in the beginning, so Creation is 0:34:51.520 --> 0:34:57.480 together with Salesforce in those Gardner Magic quadrants for Salesforce automation, 0:34:57.760 --> 0:35:01.440 like the best software for Salesforce autom for marketing automation, 0:35:01.680 --> 0:35:05.880 service automation. Although we are a much smaller company, but 0:35:06.360 --> 0:35:10.800 thanks to these capabilities of no code platform and ability 0:35:10.840 --> 0:35:15.000 of our clients to automate to build their own products, 0:35:15.320 --> 0:35:19.080 not being software developers, we see this demand from the 0:35:19.160 --> 0:35:23.000 market and we get all the recognition from industry analysts 0:35:23.040 --> 0:35:26.840 because this is the next era of enterprise software. 0:35:26.920 --> 0:35:29.400 Talk a little bit about the funders, how you're supported 0:35:30.560 --> 0:35:32.120 venture capitally you've raised. 0:35:34.160 --> 0:35:37.640 Listen, we wouldstrap the company in twenty fourteen. We founded 0:35:37.640 --> 0:35:41.560 the company here in Boston. We bootstrapped for many years 0:35:41.920 --> 0:35:44.080 and then were raised caple two and a half years 0:35:44.080 --> 0:35:46.240 ago for the first time in the history of the company. 0:35:46.480 --> 0:35:49.920 That was a minority investment of sixty eight million dollars 0:35:50.320 --> 0:35:53.480 and again just just to speed up, to accelerate the 0:35:53.520 --> 0:35:56.600 growth of the company and to deliver the message of 0:35:56.960 --> 0:36:00.200 no code to as many people in the world as possible. 0:36:00.520 --> 0:36:04.279 I can tell you that that my my peer right 0:36:04.280 --> 0:36:06.680 now just came to the office here here in Bossy. 0:36:06.680 --> 0:36:09.560 He just came from his tree. Literally all over the world. 0:36:09.800 --> 0:36:12.239 He was in Australia. We had a huge event No 0:36:12.360 --> 0:36:16.120 Code Days Australia, then in Indonesia, then in Malaysia, then 0:36:16.160 --> 0:36:18.560 in Dubai. So we have spread in the world and 0:36:18.800 --> 0:36:22.439 evangelize in this new new technology. This this is new 0:36:22.480 --> 0:36:26.719 for the enterprise software world, new technology of no code software. 0:36:26.760 --> 0:36:30.120 And you were talking about janey I and AI in general. 0:36:30.400 --> 0:36:35.120 That's definitely a big part of of the Creatia platform 0:36:35.480 --> 0:36:38.879 and it does accelerate software development as well. 0:36:39.400 --> 0:36:44.560 So you mentioned about working with salesforce, So are you 0:36:45.680 --> 0:36:49.160 could you be at some point a company their acquisitive 0:36:49.640 --> 0:36:52.320 that they take on and bring you into the fold. 0:36:52.400 --> 0:36:53.440 Or is your goal to. 0:36:53.480 --> 0:36:55.200 Kind of do it? 0:36:55.280 --> 0:36:56.840 Is your goal to do it alone? 0:36:57.440 --> 0:36:58.279 You go as you go? 0:36:58.760 --> 0:36:59.840 Is your goal to do it alone? 0:36:59.840 --> 0:37:04.160 And I'm just curious we're doing it together with our 0:37:04.320 --> 0:37:08.400 partners all over the world system integrators. There are seven 0:37:08.520 --> 0:37:12.719 hundred organizations in one hundred countries of the world who 0:37:12.840 --> 0:37:17.880 evangelize Creatia as a no code platform and implement Creative 0:37:18.320 --> 0:37:22.520 to our clients in those one hundred countries. So we're 0:37:22.520 --> 0:37:26.279 not alone. We have amazing clients and amazing partners all 0:37:26.280 --> 0:37:30.000 over the world. But this is just the next generation 0:37:30.120 --> 0:37:34.640 of software. Let's talk about like, let me compare with 0:37:34.760 --> 0:37:38.560 Salesforce twenty years ago, even more than twenty twenty five 0:37:38.680 --> 0:37:43.879 years ago, to be precise, when Salesforce was founded, that 0:37:44.080 --> 0:37:48.480 was a complete era of enterprise software, the cloud era, right, 0:37:48.560 --> 0:37:50.680 You remember that time when the cloud. 0:37:50.480 --> 0:37:53.640 Just came and so many people. 0:37:53.360 --> 0:37:56.560 Didn't believe actually at that time that cloud is going 0:37:56.600 --> 0:38:00.279 to be the future and all the software products will 0:38:00.320 --> 0:38:03.560 be in the cloud. What we're building here at Creation 0:38:03.800 --> 0:38:08.280 today is the next generation of software. We're saying that 0:38:08.640 --> 0:38:13.040 the future of enterprise software is no code, and in 0:38:13.120 --> 0:38:16.840 ten years from now, we're seeing that all enterprise products 0:38:17.120 --> 0:38:21.880 will have those no code capabilities when knowledge workers without 0:38:22.000 --> 0:38:27.080 technical skills can automate their workflows and can automate their processes. 0:38:27.400 --> 0:38:30.799 So that's what Creature is building right now, and yes 0:38:30.920 --> 0:38:33.560 it is. It is a new era of software, and 0:38:33.600 --> 0:38:36.160 not so many people heard about it yet. 0:38:36.400 --> 0:38:40.640 I'm wondering what you're hearing from the sales your own salesforce, 0:38:40.760 --> 0:38:43.320 the folks that you have around the country, around the 0:38:43.320 --> 0:38:47.520 world selling your product right now in terms of what 0:38:47.520 --> 0:38:49.719 it tells you, what it tells us about the economy, 0:38:50.040 --> 0:38:53.160 because we've heard about softness, especially when it comes to 0:38:53.200 --> 0:38:54.160 software as a service. 0:38:55.280 --> 0:39:00.399 Yes, that's that's a brilliant question, Kim, and listen, that's 0:39:00.400 --> 0:39:03.719 a very interesting topic because the demand is there. We 0:39:03.880 --> 0:39:07.400 clearly hear from each and every prospect and client of 0:39:07.520 --> 0:39:12.719 Creation that despite everyone is cutting budgets, everyone is cutting budgets. 0:39:13.480 --> 0:39:18.280 Digital transformation and investment into the technology and workflow automation 0:39:18.400 --> 0:39:21.280 tools like Creation is still on the top of the agenda. 0:39:21.520 --> 0:39:24.680 So that would be the last budgets that will be cut. 0:39:25.040 --> 0:39:28.440 People still invest into, not still, but continue to invest 0:39:28.719 --> 0:39:33.719 into workflow automation and applications like Creation. So what we 0:39:33.880 --> 0:39:39.040 hear from from the salesforce globally, we hear that it's 0:39:39.080 --> 0:39:43.080 a lot of scrutiny from the procurement offices. Everyone is 0:39:44.120 --> 0:39:47.279 very very attentive to details what kind of technology they 0:39:47.280 --> 0:39:50.480 want to acquire. But at the same time, the demand 0:39:50.600 --> 0:39:52.799 is there. Everyone needs digital transformation. 0:39:53.000 --> 0:39:56.720 So if no code is meaning that you can design 0:39:56.920 --> 0:40:01.080 software that even non technical people can execute, do we 0:40:01.120 --> 0:40:03.279 still need we still need a lot of coders to 0:40:03.360 --> 0:40:06.120 do this because we keep telling everybody go learn how 0:40:06.160 --> 0:40:07.280 to code? Is that wrong? 0:40:07.760 --> 0:40:08.720 And just very quickly? 0:40:08.840 --> 0:40:11.040 Yes, that's a great question. We do need a lot 0:40:11.040 --> 0:40:14.440 of software developers. The population of software developers is growing 0:40:14.680 --> 0:40:17.640 just four percent year over year. We need more and 0:40:17.719 --> 0:40:21.640 more of them to build deep platform itself. But workflows 0:40:21.840 --> 0:40:24.560 have to be built by knowledge workers. The platform D 0:40:24.719 --> 0:40:28.640 technology needs to be built by software professional software coders 0:40:28.680 --> 0:40:29.360 and developers. 0:40:29.560 --> 0:40:33.680 Really fascinating stuff. Come back soon. We really appreciate it. 0:40:34.560 --> 0:40:38.000 Katherine costera reva. She is the CEO and founder of Creatio. 0:40:38.640 --> 0:40:40.520 Joining us on zoom from Boston. 0:40:40.920 --> 0:40:44.480 You're listening to the Bloomberg Business Week podcast. Catch us 0:40:44.520 --> 0:40:47.880 live weekday afternoons from three to six Eastern Listen. 0:40:47.760 --> 0:40:50.759 On Bloomberg dot com, the iHeartRadio app, and the. 0:40:50.719 --> 0:40:54.520 Bloomberg Business app, or watch us live on YouTube. 0:40:55.239 --> 0:40:58.040 John Wortheim is with US, executive editor and senior writer 0:40:58.080 --> 0:41:01.120 at Sports Illustrated, contributing course on it for sixty minutes. 0:41:01.719 --> 0:41:03.239 I'm gonna be a little bit of a fangirl, John, 0:41:03.239 --> 0:41:06.160 I love your pieces on sixty minutes. But he's here 0:41:06.200 --> 0:41:08.160 with us to talk about the US Open. He's on 0:41:08.200 --> 0:41:10.680 the phone in Los Angeles. John, welcome back, How are 0:41:10.719 --> 0:41:11.319 you good? 0:41:11.480 --> 0:41:11.840 How are you? 0:41:11.880 --> 0:41:14.600 I want to zam that intro music? What a great 0:41:14.640 --> 0:41:16.399 tennis on core? 0:41:17.440 --> 0:41:19.520 We might be able to get you the information on that. 0:41:19.880 --> 0:41:23.320 I think pauls All to our team at Bloomberg Business. 0:41:22.800 --> 0:41:27.560 Skaream it's cream? How about that? I didn't recognize that either. Hey, John, 0:41:28.160 --> 0:41:29.920 So let's talk tennis. What are you looking forward to 0:41:29.960 --> 0:41:32.719 this year? It's an interesting year and it's a packed year. 0:41:32.760 --> 0:41:34.000 I'm just warning you from. 0:41:33.840 --> 0:41:34.680 When you're here. 0:41:36.440 --> 0:41:38.640 Yeah, you know, I'll play any funny. This is the 0:41:38.680 --> 0:41:42.200 first US Open after Roger Federer and Serena Williams and 0:41:42.239 --> 0:41:43.920 for years and years tennis. And what are we going 0:41:43.960 --> 0:41:46.040 to do when these two titans are no longer around? 0:41:46.080 --> 0:41:49.160 What's going to happen at tennis? And I think three 0:41:49.200 --> 0:41:53.120 of the last five sessions attendance records. Someone was telling 0:41:53.160 --> 0:41:55.480 you about the the secondary ticket from from the secondary 0:41:55.480 --> 0:41:58.560 market for tickets is off the chart. There are a 0:41:58.600 --> 0:42:01.480 lot of good storylines on them. Is the abundance of 0:42:01.520 --> 0:42:04.120 American players who are who are still left in the draw. 0:42:04.800 --> 0:42:07.760 Is this Coco Goffs year to win? On the women's side, 0:42:08.120 --> 0:42:11.640 is Novak Djokovis and Carlos Alcarez, This great new tennis rivalry. 0:42:11.719 --> 0:42:14.560 Are they going to have another installment for the third 0:42:14.600 --> 0:42:18.120 straight Major in New York? We missed Roger Feeder, we 0:42:18.120 --> 0:42:21.000 missed Serena Williams, But there is the show goes on. 0:42:21.040 --> 0:42:22.680 There's plenty of plenty of tennis to watch. 0:42:22.760 --> 0:42:24.680 Yeah. I love the Tiapos story as well, and he's 0:42:24.719 --> 0:42:27.000 currently battling it out right now in the third set, 0:42:27.120 --> 0:42:31.319 in the fourth set, actually right now. So who else 0:42:31.320 --> 0:42:33.200 are the big names that you're watching this year? 0:42:33.600 --> 0:42:35.640 Oh? I, you know, some of them are the big 0:42:35.719 --> 0:42:38.799 names that we're used to. When Niga schwanhek won last 0:42:38.880 --> 0:42:42.280 year and is really establishing herself as this generational player 0:42:42.360 --> 0:42:45.400 and his Coco Goffin emerge his a rival, and Jesse 0:42:45.480 --> 0:42:48.520 Pegula is in fact the highest ranked American male or 0:42:48.640 --> 0:42:51.960 female of She's an interesting character with a much different 0:42:52.000 --> 0:42:55.799 backstory than than other players. But I also think the 0:42:55.920 --> 0:42:58.480 fact that sort of the fields are wide or open, 0:42:58.640 --> 0:43:01.000 and you know, I think it will be it's either 0:43:01.080 --> 0:43:05.160 Djokovic or Alcarez don't win, but there's still a lot 0:43:05.200 --> 0:43:08.279 of space on stage for other players to make their move. 0:43:08.880 --> 0:43:11.600 Taylor Fritz, who's the highest rank American male, but he 0:43:11.640 --> 0:43:14.880 hasn't had great success in a major. Is this the 0:43:14.880 --> 0:43:19.040 tournament where he finally breaks through. There's a lot of 0:43:19.080 --> 0:43:22.000 we're sort of we're used to these three players on 0:43:22.040 --> 0:43:25.200 the men's side better than all Djokovic who absolutely dominated. 0:43:25.280 --> 0:43:29.120 We were used to Serena doing her ritual run. And 0:43:29.320 --> 0:43:31.640 it's much different to cover the sport now that the 0:43:31.680 --> 0:43:35.640 fields are wider open. You know, Ka Djokovic is obviously 0:43:35.680 --> 0:43:39.439 still as relevant as ever, but it's kind of fun 0:43:39.840 --> 0:43:42.520 not being able to pencil four players through to the 0:43:42.520 --> 0:43:45.839 final weekend and you have this capacity for surprise, keeping us. 0:43:45.760 --> 0:43:47.640 All on our toes. It's interesting, John, I always think 0:43:47.680 --> 0:43:49.719 about we talked about this a lot with golf, right, 0:43:49.840 --> 0:43:52.840 you know, golf after Tiger Woods. You know, in tennis, 0:43:52.960 --> 0:43:55.040 we've had a lot of conversations with the USTA over 0:43:55.080 --> 0:43:57.760 the years about, you know, making sure there's their interest 0:43:57.840 --> 0:44:02.080 with the younger generation. And we see it continuing and 0:44:02.080 --> 0:44:05.960 we do see younger, newer, interesting players come out. What 0:44:06.040 --> 0:44:08.400 is it about tennis that you think that continues to 0:44:09.280 --> 0:44:11.080 be a really popular sport. 0:44:11.320 --> 0:44:13.560 I would love to see some sort of mess some 0:44:13.600 --> 0:44:16.279 sort of data on how many people are at the 0:44:16.400 --> 0:44:18.880 US Open, because it's fun at an event and you 0:44:18.920 --> 0:44:21.759 walk around and you eat good food, and they're guys, 0:44:21.840 --> 0:44:26.879 you know, juggling versus the actual tennis. I'm never quite 0:44:27.560 --> 0:44:29.279 I'd always sort of just for my own and it's 0:44:29.360 --> 0:44:33.280 just interesting to see. I think tennis is actually getting 0:44:33.320 --> 0:44:35.839 a little bit of above from pickleball. I mean there's 0:44:35.880 --> 0:44:38.080 sort of this this existential fear in tennis that all 0:44:38.080 --> 0:44:40.160 the tennis courts are going to be turned into pickleball 0:44:40.200 --> 0:44:43.359 courts and players are retiring to go try their hand 0:44:43.440 --> 0:44:45.279 at pickleball. But I think it goes the other way, 0:44:45.320 --> 0:44:47.839 and I think all these millions of people that are 0:44:47.840 --> 0:44:51.480 playing pickleball have a new found appreciation for this, this 0:44:51.640 --> 0:44:55.680 other racket sport. I think tennis is Globalization is a 0:44:55.680 --> 0:44:58.520 little problematic in the US, right. I mean, in golf, 0:44:59.120 --> 0:45:01.320 all the events are pretretty much held in one of 0:45:01.400 --> 0:45:04.239 three time zones, and the majority of the tour they're all, 0:45:04.440 --> 0:45:08.120 you know, mostly American and certainly English speaking. Kennis doesn't 0:45:08.120 --> 0:45:10.120 have that, right, I Mean, You've got the player from 0:45:10.160 --> 0:45:13.239 Tunisia's playing the Colombian and a lot of times the 0:45:13.280 --> 0:45:16.680 events aren't in the US, They're not on the US 0:45:16.680 --> 0:45:21.040 friendly time schedules. But I think overall this is a 0:45:21.280 --> 0:45:24.280 really really global sport, and I think big picture especially 0:45:24.320 --> 0:45:26.839 you look at how many other businesses would love this 0:45:26.920 --> 0:45:29.560 kind of a footprint. You know, I was saying, it's 0:45:29.560 --> 0:45:31.360 like stepping out a balloon, right. So it was a 0:45:31.360 --> 0:45:33.920 lot healthier and easier in the US when all the 0:45:33.960 --> 0:45:36.319 events were sort of between California and Florida and the 0:45:36.320 --> 0:45:39.239 players came from here. It's a lot trickier where you've 0:45:39.239 --> 0:45:41.759 got Serbs and you've got Tunisians. But I think it's 0:45:41.800 --> 0:45:43.000 healthier for the sport overall. 0:45:43.360 --> 0:45:44.879 You know, it's funny that you say that we talked 0:45:44.880 --> 0:45:49.799 with the folks over at IBM yesterday and talking specifically 0:45:50.000 --> 0:45:52.680 about trying to bring some of the content from some 0:45:52.760 --> 0:45:56.520 of the other matches that aren't either at ASH or 0:45:56.560 --> 0:45:58.440 you know, the main you know, kind of the main focus, 0:45:58.440 --> 0:46:01.080 if you will, here at the open to make sure 0:46:01.120 --> 0:46:04.440 that maybe some lesser well known and even you know, 0:46:05.000 --> 0:46:08.000 global players at least get their time and that their 0:46:08.040 --> 0:46:10.600 fan base gets to see them. But it's also there's 0:46:10.640 --> 0:46:14.799 an AI artificial intelligence component where AI is doing the 0:46:14.840 --> 0:46:18.960 commentary voice, you know, and talking about the players and 0:46:19.000 --> 0:46:19.839 so on and so forth. 0:46:19.920 --> 0:46:21.919 They got a long way to go, though, John, don't worry. 0:46:21.920 --> 0:46:25.080 I watched a little bit last night. It's not anywhere 0:46:25.080 --> 0:46:27.080 close to what you do. It's not close to what 0:46:27.239 --> 0:46:28.680 we hear from the Macnrope brothers. 0:46:28.719 --> 0:46:31.359 But is it good giving you know, some of these 0:46:31.360 --> 0:46:35.120 players who might not get attention and their matches some time. 0:46:35.320 --> 0:46:37.560 But is it also a little worrisome? I don't know. 0:46:37.880 --> 0:46:44.000 With the AI component, Yeah, it's wear of AI. 0:46:44.200 --> 0:46:47.800 We all recognize some of the outside of the potential. 0:46:47.840 --> 0:46:52.120 I'm not sure AI's most urgent need is for sports commentary. 0:46:52.600 --> 0:46:56.160 I mean, I've heard things that like, it's still whatever. 0:46:56.200 --> 0:46:57.960 We won't think, we don't bout AI. It gets better, 0:46:58.040 --> 0:47:01.040 right it sort of learns from its suma rapidly. But 0:47:02.120 --> 0:47:05.160 I've heard it's pretty cringey right now, and they're, you know, 0:47:05.600 --> 0:47:09.040 using terms that aren't real tennis terms. Suspect that will 0:47:09.040 --> 0:47:11.000 improve it. I got to think there are other ways 0:47:11.000 --> 0:47:16.640 to excentuate players from other countries from AI. But you know, 0:47:16.680 --> 0:47:19.920 I guess I give the USCA and IBM credit for 0:47:20.160 --> 0:47:23.120 at least experimenting. But I think I think we got 0:47:23.120 --> 0:47:23.359 to wait. 0:47:23.719 --> 0:47:27.040 Yeah, Hey, John, I love I love every year the 0:47:27.040 --> 0:47:28.160 tips that you write. 0:47:28.440 --> 0:47:31.080 I have been dying off air going. 0:47:30.920 --> 0:47:31.399 Through the list. 0:47:31.480 --> 0:47:32.799 I mean, it's not just the ones that you write, 0:47:32.800 --> 0:47:35.200 but you also crowdsource them this year with you know, 0:47:35.239 --> 0:47:38.439 help from people on Twitter x whatever you call it. Okay, 0:47:38.440 --> 0:47:39.640 a couple of things that I have a couple of 0:47:39.680 --> 0:47:41.640 things I want to ask now, I'm not going to 0:47:41.680 --> 0:47:44.520 take yours. What's the deal with how loud the crowd 0:47:44.640 --> 0:47:46.799 is this year? And I've noticed it too watching TV 0:47:46.880 --> 0:47:48.760 when I'm not here and watching the matches on TV, 0:47:49.200 --> 0:47:52.160 you have the commentators complaining that, hey, they are too 0:47:52.400 --> 0:47:54.879 there are crowds and ash are being too loud while 0:47:54.920 --> 0:47:55.720 the players are playing. 0:47:56.160 --> 0:47:57.680 I think it's healthy and I think, you know, at 0:47:57.719 --> 0:48:01.000 first level, I feel like crowds take their hue from players. 0:48:01.200 --> 0:48:04.359 And we talked before about Francisciajo. He will say very 0:48:04.440 --> 0:48:06.719 openly he wants crowds to be louder, he wants them 0:48:06.760 --> 0:48:08.200 to move around. Why I can't tell us to be 0:48:08.280 --> 0:48:11.000 more like the NBA. I think there's a sense that, 0:48:11.719 --> 0:48:13.879 you know, I go to a sporting event, I act 0:48:13.920 --> 0:48:17.480 a certain way. I get it. It's tennis, it's not Nastar. 0:48:17.680 --> 0:48:19.800 I'm not gonna you know, we're not going to go 0:48:19.800 --> 0:48:21.759 go Topla, you know, men aren't going to remove the 0:48:21.960 --> 0:48:26.160 first but they're they're I think before I think, you know, 0:48:26.400 --> 0:48:28.360 you know, I think you could keep decorum and also 0:48:28.440 --> 0:48:30.799 have fun and be loud. But I also, honestly, I 0:48:30.800 --> 0:48:33.799 think that crowds take their cue from the athlete, and 0:48:34.120 --> 0:48:36.680 if it doesn't bother the players and father's the ESPN 0:48:36.719 --> 0:48:38.879 booth when not the players though, that's that's not much 0:48:38.880 --> 0:48:39.279 to turn. 0:48:41.000 --> 0:48:42.160 I totally agree with you. 0:48:43.040 --> 0:48:45.560 I got I saw daggers. I saw daggers from the 0:48:45.560 --> 0:48:48.920 player she looked at she looked out my way one 0:48:48.960 --> 0:48:50.239 of the matches earlier this week. 0:48:50.480 --> 0:48:50.920 I love this. 0:48:51.080 --> 0:48:53.080 Unless you have a match that day, there's no excuse 0:48:53.080 --> 0:48:55.160 for dressing like a player when you attend the US Open. 0:48:55.239 --> 0:48:57.480 You don't wear stirrups to a Yankees game and hint 0:48:57.480 --> 0:49:00.640 guards and leotards to the LA leave the ristbands home jam. 0:49:01.080 --> 0:49:03.080 It's so true. It is really funny to kind of 0:49:03.120 --> 0:49:05.080 look around the crowds and there are people, you know, 0:49:05.120 --> 0:49:07.680 who were just fans and they're dressed like a tennis player. 0:49:07.960 --> 0:49:10.799 I don't get. I kind of sort of sometimes want 0:49:10.840 --> 0:49:13.200 to approach those people and say, listen, no judgment, but 0:49:13.280 --> 0:49:16.279 can you just explain that they can here, and I 0:49:16.320 --> 0:49:21.239 don't know if blaze me when you've got these you know, 0:49:21.680 --> 0:49:24.440 sixty year old Postelli guys with wristbands on to go 0:49:24.640 --> 0:49:27.200 to go watch. You know, I don't get it. 0:49:27.560 --> 0:49:29.600 All right, there's another one we have to do because 0:49:29.640 --> 0:49:31.720 I felt like where is that one tent? Tim, because 0:49:31.719 --> 0:49:34.080 I felt like this happened to me because I did 0:49:34.080 --> 0:49:35.879 take that l I R R to go back home 0:49:35.880 --> 0:49:39.120 to Manhattan. Oh here it is. Your fund is crushing 0:49:39.120 --> 0:49:41.600 it and the Hamptons were amazing, and your kids left 0:49:41.600 --> 0:49:43.880 camp and your buddy got you these tickets. If you 0:49:43.880 --> 0:49:46.240 insist on a change over conversations, keep it down, Tiger. 0:49:46.480 --> 0:49:48.520 It's so true. I'm the l R. Like they're coming 0:49:48.560 --> 0:49:50.279 back from here and they're like, hey, you know the 0:49:50.320 --> 0:49:53.840 investments and there they name dropped so many different people 0:49:53.840 --> 0:49:55.120 and fun and fun. 0:49:55.160 --> 0:49:56.920 Godness, it could have been a source for you, Carol. 0:49:57.640 --> 0:49:59.120 But it gets a little crazy, right John. 0:50:00.360 --> 0:50:03.080 Yeah, it's a certain type and you certainly see that 0:50:03.200 --> 0:50:06.359 type at the US Open. And you know, we all 0:50:07.000 --> 0:50:10.600 love we all love full markets, and we all love 0:50:11.280 --> 0:50:13.480 you know, and when we close on a high, as 0:50:13.520 --> 0:50:15.560 we seem to be close to doing. But yeah, I 0:50:15.560 --> 0:50:17.520 don't need to hear about that, and neither does the 0:50:17.560 --> 0:50:18.000 person of the. 0:50:18.000 --> 0:50:19.640 See before you go. 0:50:19.840 --> 0:50:21.440 One thing I did want to ask you, and getting 0:50:21.480 --> 0:50:23.200 back to just a little bit more serious, is the 0:50:23.280 --> 0:50:27.719 role of Saudi Arabia in sports specifically overall. You saw 0:50:27.719 --> 0:50:34.560 it with LIV, golf, WTA, stuff's percolating. How are you 0:50:34.600 --> 0:50:36.560 seeing it as somebody who's covered this industry for a 0:50:36.560 --> 0:50:37.919 long time or covered this world. 0:50:38.239 --> 0:50:40.480 Oh man, we could do a whole hour on that. 0:50:41.680 --> 0:50:43.320 I did a piece a few months ago for sixteen 0:50:43.360 --> 0:50:45.239 minutes when I went. I went to Riatt and sort 0:50:45.280 --> 0:50:47.359 of saw what it was like on the ground, and 0:50:48.239 --> 0:50:54.040 I'm clearly the Saudis sports as a place to get involved. 0:50:54.520 --> 0:50:58.239 Their economics are much different from conventional sports economics, which 0:50:58.280 --> 0:51:01.600 is not about media rights deals and selling tickets and 0:51:01.680 --> 0:51:05.080 sweet and merchandise. I think this is about rebranding a country. 0:51:06.160 --> 0:51:10.600 And you know, we saw in golf that took it 0:51:10.640 --> 0:51:13.560 took one shape in golf, it's taken others. In soccer, 0:51:14.160 --> 0:51:16.680 you know, you'll do football slash soccer. You'll notice, you know, 0:51:16.840 --> 0:51:19.680 there are big time offers and athletes are being paid 0:51:20.160 --> 0:51:22.920 a clear premium to come play in Saudi Arabia. Some 0:51:22.960 --> 0:51:24.600 of them are accepting it, some of them are not. 0:51:24.680 --> 0:51:27.120 I mean, it's interesting to me. There now is a 0:51:27.160 --> 0:51:30.279 bid on the table for the Women's Tennistry to hold 0:51:30.320 --> 0:51:32.320 their final events, which is sort of their big showcase 0:51:32.320 --> 0:51:34.799 of things. They're big money, the great money maker in 0:51:34.880 --> 0:51:38.600 Saudi Arabia, and I think, you know, we can have 0:51:38.680 --> 0:51:41.600 a debate about this is the tour of Billy g 0:51:41.680 --> 0:51:45.520 and King that's just left China for ethical reasons because 0:51:45.520 --> 0:51:48.719 it didn't want sort of to be compromised on principles, 0:51:48.760 --> 0:51:50.919 and they left China. If it's strange that they would 0:51:50.920 --> 0:51:53.880 then you know, pitch their attentions in Saudi Arabia. The 0:51:53.880 --> 0:51:58.960 flip side is, listen, we're all creatures of incentives. And 0:51:59.080 --> 0:52:02.840 if Sawnie Ray is offering top dollar, who are we 0:52:03.000 --> 0:52:06.160 to tell soccer players or golfers or female tennis players 0:52:06.200 --> 0:52:08.839 not to get taken. It's a story that I think 0:52:08.920 --> 0:52:12.080 is only going to accelerate because I think it's clearly working. 0:52:12.880 --> 0:52:16.200 And you know, the Saudi Private and Veil the Peah 0:52:16.320 --> 0:52:18.080 have the private and that's the fun. They've had billions 0:52:18.120 --> 0:52:20.960 and billions of dollars to lavish on this sort of 0:52:21.000 --> 0:52:24.640 soft power, and sports are clearly going to benefit and 0:52:24.680 --> 0:52:26.080 athletes are going to have a real decision. 0:52:26.120 --> 0:52:29.279 To me, but it's tennis different. I mean, you mentioned 0:52:29.320 --> 0:52:31.520 China several times there, and what they did in China 0:52:31.640 --> 0:52:32.560 is tennis different. 0:52:34.520 --> 0:52:36.520 You know, I think a couple of things. First, they 0:52:37.080 --> 0:52:41.360 the WTA left China citing these ethical concerns, so you 0:52:41.480 --> 0:52:45.239 sort of set a precedent for you know, ethics and 0:52:45.320 --> 0:52:47.840 morals and human rights that matters to us. It's a 0:52:48.080 --> 0:52:50.440 little strange to then say, actually, you know what, make 0:52:50.480 --> 0:52:54.239 that back. It doesn't. I think the Women's Tennis Tour 0:52:54.360 --> 0:52:57.239 sort of has this strand and has for for decades 0:52:57.920 --> 0:53:01.719 of activism and social and fairness and equality. And this 0:53:01.760 --> 0:53:04.040 is more than just about four hands and backhands and 0:53:04.080 --> 0:53:07.240 a bouncing ball. This is a movement. A little strange 0:53:07.280 --> 0:53:09.759 to then go to a country where women are not 0:53:10.360 --> 0:53:12.759 given equal rights. And we saw this week somebody was 0:53:12.760 --> 0:53:17.920 playing some guests for retweeting something that was unflattering to NBA. Right, 0:53:19.360 --> 0:53:22.320 And yet I think you could argue just as easily. 0:53:22.480 --> 0:53:25.800 You know, look, Chris John and Ronaldo can make whatever 0:53:25.800 --> 0:53:27.920 you see, a quarter of a billion dollars playing soccer. 0:53:28.680 --> 0:53:32.239 Why can't women athletes avail themselves to that money the 0:53:32.239 --> 0:53:36.560 same way men can. So it's really complex and thorny. 0:53:37.040 --> 0:53:39.640 Yeah, we got to rude. Come back into the hour 0:53:39.640 --> 0:53:41.759 in Saudi Arabia. We would love to you name the 0:53:41.840 --> 0:53:43.879 date at the time, John, you are here, John Wroth, 0:53:43.920 --> 0:53:46.400 I'm of Sports Illustrated of sixty minutes. 0:53:51.719 --> 0:53:55.279 You're listening to the Bloomberg Business Week Podcast. Catch us 0:53:55.320 --> 0:53:59.320 live weekday afternoons from three to six Eastern on Bloomberg Radio, 0:53:59.480 --> 0:54:02.439 the Bloomer Work Business app, and YouTube. You can also 0:54:02.520 --> 0:54:05.680 listen live on Amazon Alexa from our flagship New York 0:54:05.760 --> 0:54:09.560 station Just Say Alexa. Play Bloomberg eleven thirty. 0:54:11.200 --> 0:54:13.399 Plenty ahead in our second hour of the weekend edition 0:54:13.400 --> 0:54:16.319 of Bloomberg Business Week, including a Bloomberg Big take on 0:54:16.400 --> 0:54:19.480 the one aspect of post pandemic life that just can't 0:54:19.480 --> 0:54:22.040 seem to get back to normal. Returning to the office 0:54:22.080 --> 0:54:24.719 full time. Plus, we'll go back to the US Open 0:54:24.800 --> 0:54:26.520 for a pulse check on the growth of tennis in 0:54:26.560 --> 0:54:30.040 America with former pro and former CEO of the United 0:54:30.040 --> 0:54:33.960 States Tennis Association Katrina Adams. First up this hour, a 0:54:34.000 --> 0:54:37.440 conversation with Josh Dominga's He's the founder and CEO of 0:54:37.480 --> 0:54:40.560 flash Food. It's the digital marketplace that connects consumers to 0:54:40.600 --> 0:54:43.840 heavily discounted food. His company is helping grocers around the 0:54:43.960 --> 0:54:47.880 US and Canada reduce food waste well simultaneously enabling shoppers 0:54:47.880 --> 0:54:50.720 to save on their food. Josh recently spoke with Carol 0:54:50.719 --> 0:54:53.479 and Bloomberg News Deputy team leader for US Equities Jess 0:54:53.480 --> 0:54:55.280 Metton in our New York studios. 0:54:55.360 --> 0:54:58.560 Hey, so a story poptin on my radar while reading 0:54:58.560 --> 0:55:00.960 in for our next guest. It was from Dive. They're 0:55:01.000 --> 0:55:03.880 a business to business news organization. They wrote, as grocers 0:55:03.920 --> 0:55:06.200 dial up their efforts to reduce food waste, a key 0:55:06.280 --> 0:55:10.120 area of focus within sustainability, artificial intelligence and other digital 0:55:10.160 --> 0:55:14.080 innovations are helping food retailers improve their data processes and 0:55:14.160 --> 0:55:17.759 workforce efficiencies. So I'm curious what our next guest has 0:55:17.800 --> 0:55:19.520 to say about that, and so delighted to have back 0:55:19.520 --> 0:55:21.520 with them. Earlier this year, he was named one of 0:55:21.600 --> 0:55:24.520 Canada's most Influential change Makers by the Globe and Mails 0:55:24.600 --> 0:55:29.040 Report on Business magazine. Josh Domingis founded flash Food, the 0:55:29.080 --> 0:55:33.400 digital marketplace that connects consumers to heavily discounted food. I 0:55:33.480 --> 0:55:36.360 always feel like I was thinking about you again, is 0:55:36.400 --> 0:55:38.400 that why the heck where we'ren't doing this sooner? 0:55:38.440 --> 0:55:38.800 Anyway? 0:55:38.840 --> 0:55:42.600 Welcome back, welcome back. And Jess was reminded like this. 0:55:42.600 --> 0:55:44.440 The first time we had she was here. 0:55:44.480 --> 0:55:47.879 She's in for tim but like nice to have this continuity. 0:55:48.800 --> 0:55:49.279 How are you. 0:55:49.880 --> 0:55:50.560 I'm doing well. 0:55:50.640 --> 0:55:53.960 I mean, congratulations you have a bigger family now, yeah. 0:55:53.840 --> 0:55:54.120 Thank you. 0:55:54.160 --> 0:55:56.560 We had another one, so our newness is now three 0:55:56.560 --> 0:55:58.920 months old. And I was joking that, like I go 0:55:59.040 --> 0:56:01.560 from all all things crazy at home to all things 0:56:01.600 --> 0:56:04.800 crazy at work, but just on a journey, and it's 0:56:04.840 --> 0:56:06.520 so grateful to be in the position that we're at. 0:56:06.600 --> 0:56:09.600 We're really excited with what's happening stateside, Like. 0:56:09.880 --> 0:56:12.239 Well, tell us about the journey and what's happened since 0:56:12.280 --> 0:56:14.359 April A lot. I mean you said to me, how's 0:56:14.480 --> 0:56:16.640 the world going on? Like it's crazy, it's not stopping. 0:56:16.760 --> 0:56:20.239 It has just been so busy. Even with questions about 0:56:20.280 --> 0:56:24.120 the outlook and all these problems, there's growth, people are 0:56:24.120 --> 0:56:28.520 doing things. What's changed since April A lot of things. 0:56:28.600 --> 0:56:30.680 But I'll say the first thing is like the reliance 0:56:31.000 --> 0:56:34.200 on from shoppers on flash foot now like we've become 0:56:34.239 --> 0:56:36.560 a lifeline for some of our customers, some of our 0:56:36.600 --> 0:56:40.160 shoppers where like they're not feeding their kids or their 0:56:40.200 --> 0:56:43.000 families as affordably as they would read or as healthily 0:56:43.480 --> 0:56:45.520 without the app, and we're seeing that just play out 0:56:45.560 --> 0:56:48.000 in more and more communities. And there was a story 0:56:48.000 --> 0:56:50.959 I was telling Estraur Director of Commons before we sat 0:56:51.000 --> 0:56:53.160 in here, and me and my president stopped at a 0:56:53.160 --> 0:56:56.680 store in the Midwest last week and we went to 0:56:56.719 --> 0:56:58.600 the store. It was one of our newer stores that 0:56:58.640 --> 0:57:01.640 we had partnered with and still in like kind of 0:57:01.640 --> 0:57:03.680 the pilot phase, and so we weren't going to go 0:57:03.719 --> 0:57:05.840 in and like talk to anybody. We weren't planning on 0:57:05.880 --> 0:57:07.160 doing that. Really, we were just going to kind of 0:57:07.160 --> 0:57:09.319 see how people were doing in the store. We ended 0:57:09.400 --> 0:57:11.879 up meeting the assistant store manager. She's like, you need 0:57:11.880 --> 0:57:14.239 to go talk to the store manager. He pulled in 0:57:14.480 --> 0:57:17.400 the meat department manager who was the one running flash 0:57:17.400 --> 0:57:19.760 food at the store, and he just pulls us society. 0:57:19.760 --> 0:57:22.560 He's like, I've reduced the amount of food that I'm 0:57:22.600 --> 0:57:25.680 throwing out like a ridiculous amount. And then he called 0:57:25.680 --> 0:57:28.000 over the seafood manager who was just like walking by, 0:57:28.040 --> 0:57:29.440 and he stopped and he's like I just want to 0:57:29.440 --> 0:57:32.520 say thank you, Like what you're allowing us to do 0:57:32.640 --> 0:57:35.280 is so impactful. And we left that meeting. We were 0:57:35.280 --> 0:57:37.320 going to another dinner with a couple of other executives 0:57:37.360 --> 0:57:40.080 at Admire in the Midwest and the store that we left, 0:57:40.080 --> 0:57:42.120 and I was talking my president and I'm just like, 0:57:42.560 --> 0:57:45.800 this is not like a it's not like a surprise factor. 0:57:45.840 --> 0:57:49.120 It's not like a reinvigoration. It's more like confirmatory to me, 0:57:49.360 --> 0:57:51.440 it just is so obvious that this is going to 0:57:51.480 --> 0:57:53.600 continue to happen, and the scale is going to keep happening, 0:57:53.680 --> 0:57:56.120 and we're going to be in every community in America, 0:57:56.160 --> 0:57:59.680 like it's just a matter of time. So it's balancing 0:57:59.720 --> 0:58:02.960 that with I guess the headwinds that are the grocery sector, 0:58:02.960 --> 0:58:04.160 that are the food sector that. 0:58:04.240 --> 0:58:06.120 Like and I want to give you, but give me 0:58:06.280 --> 0:58:08.200 give me we are bloomberg. So we get a little 0:58:08.280 --> 0:58:10.880 like number crazy, but give me an idea in terms 0:58:10.880 --> 0:58:12.360 of like we'll go ahead, good. 0:58:12.360 --> 0:58:14.240 Well, the size and scope that he threw out the 0:58:14.320 --> 0:58:16.080 last time he was here, he was talking about how 0:58:16.120 --> 0:58:18.560 it's about five to ten thousand dollars of food every 0:58:18.640 --> 0:58:21.120 day of stores throwing out and that really stuck out 0:58:21.160 --> 0:58:21.360 to me. 0:58:21.800 --> 0:58:25.280 Yeah, we've now saved shoppers. So one number that comes 0:58:25.280 --> 0:58:27.080 to mind is like, we've now saved shoppers over two 0:58:27.160 --> 0:58:30.840 hundred million dollars in the groceries, Like, and we're in 0:58:31.680 --> 0:58:34.240 just under two thousand stores. There's so what does that mean? 0:58:34.280 --> 0:58:36.959 So when somebody shop, tell me what that number means. 0:58:36.960 --> 0:58:39.240 So the average the average discount on flash food is 0:58:39.240 --> 0:58:42.880 about fifty percent off. Okay, So like we've saved shoppers 0:58:42.920 --> 0:58:46.280 in total across the entire platform over two hundred million 0:58:46.320 --> 0:58:50.080 dollars now, and that number is like we're in nineteen 0:58:50.160 --> 0:58:54.080 hundred stores. There's forty or fifty thousand grocery stores in America. Like, 0:58:54.800 --> 0:58:57.680 we're still just scratching the surface. There's still so much opportunity. 0:58:57.680 --> 0:58:59.560 Who's shopping? Who is your shopper? 0:59:00.280 --> 0:59:03.240 I was talking about this earlier, Like there's a small 0:59:03.680 --> 0:59:05.840 cohort of people that don't have to ever think about 0:59:05.880 --> 0:59:08.600 how much their grocery their groceries are, And. 0:59:08.560 --> 0:59:11.200 There's a cohort increasingly, not because I feel like, but 0:59:12.560 --> 0:59:15.680 to be fair, to be fair, there's people who are 0:59:16.160 --> 0:59:16.600 on It's a. 0:59:16.680 --> 0:59:18.640 Very small number and it's getting smaller, and there's a 0:59:18.680 --> 0:59:21.480 small number of people who just like are on the 0:59:21.480 --> 0:59:25.320 other spectrum, and our shoppers are the mass market that's 0:59:25.360 --> 0:59:29.160 in between. Like, it's not just people who need to 0:59:29.160 --> 0:59:31.320 save money on their groceries. People need to save money 0:59:31.360 --> 0:59:35.160 anywhere now. So in terms of the shopper, it's typically 0:59:35.520 --> 0:59:38.360 young moms that are our main shopper. But it runs 0:59:38.400 --> 0:59:41.920 the gamut, like across the spectrum economically. 0:59:42.200 --> 0:59:45.480 How does it work exactly? If you go to the store. 0:59:45.400 --> 0:59:47.400 Remind everybody else, I know you went through this last time. 0:59:47.440 --> 0:59:50.720 But yeah, so you usually check the app, So I'll 0:59:50.720 --> 0:59:52.800 talk the flow. You check the app in the morning, 0:59:52.800 --> 0:59:54.440 you see what a store posts, you buy it. So 0:59:54.520 --> 0:59:56.120 let's say you buy a pack of chicken rest and 0:59:56.160 --> 0:59:59.160 it's fifty percent off. Anytime that day, you go to 0:59:59.200 --> 1:00:01.440 the store and you go to the flash Food zone, 1:00:01.480 --> 1:00:04.320 which is by the customer service desk usually, and they 1:00:04.320 --> 1:00:05.960 have a device with the list of names of people 1:00:06.000 --> 1:00:07.880 that are coming to pick up. You just say I'm Jess, 1:00:07.880 --> 1:00:10.480 I bought this chicken through flash Food. They click your name, 1:00:10.640 --> 1:00:12.840 click confirm, pick up, grab your item for you, give 1:00:12.840 --> 1:00:15.720 it to you, and you're done. So the transaction happens 1:00:15.720 --> 1:00:17.200 in the app, and that way you know that your 1:00:17.200 --> 1:00:19.360 food's going to be waiting for you there anytime in 1:00:19.400 --> 1:00:21.439 the day. We actually have stories of people who will 1:00:21.440 --> 1:00:25.600 like buy from multiple stores and they'll send their father 1:00:25.640 --> 1:00:27.520 in law, their mother in law, whoever's coming home from 1:00:27.520 --> 1:00:29.280 work that day, like, Hey, stop at the store, you 1:00:29.320 --> 1:00:31.440 got to grab my order. That's actually becoming more of 1:00:31.480 --> 1:00:32.920 the thing as we add more locations. 1:00:32.960 --> 1:00:34.600 Are they restrictions on how much you can buy? 1:00:34.880 --> 1:00:36.000 No? 1:00:36.000 --> 1:00:39.600 No, do you typically sell out? It's the purple fridge. 1:00:39.280 --> 1:00:41.440 Right, Yeah, we're selling like depending on the store, but 1:00:41.480 --> 1:00:43.680 we're selling seventy five to eighty percent of all the 1:00:43.680 --> 1:00:45.560 food that makes its way on the flash food platform. 1:00:45.760 --> 1:00:47.480 Some of the markets, some of the stores, as we 1:00:47.640 --> 1:00:50.720 like have been on for a while, more shoppers know 1:00:50.720 --> 1:00:51.080 about them. 1:00:51.120 --> 1:00:51.760 When we launched. 1:00:51.760 --> 1:00:54.680 There's some like education to let shoppers know. For example, 1:00:54.720 --> 1:00:56.600 like from the last time I was here, we went 1:00:56.640 --> 1:00:58.880 from I think it was like ten or fifteen stores 1:00:58.920 --> 1:01:02.120 with Stopping Shop to now over three hundred stores live 1:01:02.160 --> 1:01:04.800 with them across New England, New Jersey, New York. So 1:01:04.840 --> 1:01:07.760 Stopping Shop is our biggest expansion in the last quarter 1:01:07.800 --> 1:01:08.320 that we've had. 1:01:08.920 --> 1:01:12.320 So in context as far as if something is two 1:01:12.360 --> 1:01:14.880 to three days before the expiration date is due or 1:01:14.880 --> 1:01:17.760 even weak out. What causes that to happen? Are people 1:01:17.840 --> 1:01:20.680 just going in not if it's Saints Suitor? Are they 1:01:20.720 --> 1:01:22.360 not wanting to grab that and they're trying to buy 1:01:22.440 --> 1:01:24.560 something that's going to last a little bit longer. So 1:01:24.600 --> 1:01:26.520 that's why stores end up having to throw this out. 1:01:26.640 --> 1:01:29.920 That's exactly it. It's consumer habits. Specifically in North America. 1:01:29.960 --> 1:01:32.080 When we go grocery shopping, we're always reaching at the 1:01:32.080 --> 1:01:35.160 back for whatever has Yeah, we're all guilty of it, 1:01:35.240 --> 1:01:37.040 and the near dated stuff moves to the front. 1:01:36.880 --> 1:01:39.640 And we think that there's not quite as many items left. 1:01:39.680 --> 1:01:42.920 I'm kind of questioning why those things might be there. 1:01:43.000 --> 1:01:44.760 That's exactly the next point. If you go buy a 1:01:44.760 --> 1:01:46.920 watermelon and there's one on the shelf, consumer is the 1:01:47.000 --> 1:01:49.200 worst one. So the retailer has to stalk the shelves. 1:01:49.360 --> 1:01:51.720 So it's a combination so that we get selection. It's 1:01:51.720 --> 1:01:54.960 a combination of like inventory getting into the store, but 1:01:55.000 --> 1:01:59.160 also consumer habits that drives to this like dual sided problem. 1:01:59.200 --> 1:02:01.680 I guess someone who's created this business, Josh, do you 1:02:01.720 --> 1:02:04.160 think about, like you know so much when we talk 1:02:04.160 --> 1:02:07.480 about retail or some other markets you know, managing your 1:02:07.480 --> 1:02:10.840 supply chain is crucial, right, and I do wonder do 1:02:10.880 --> 1:02:13.160 you think that there is a moment in time where 1:02:14.080 --> 1:02:17.960 food or supermarkets are better at managing their food purchases 1:02:18.000 --> 1:02:20.919 so that there isn't waste that you can't tap into 1:02:21.160 --> 1:02:23.920 or is it not it's not the way this market works. 1:02:24.720 --> 1:02:26.520 I mean, I mean, I'm just curious if you yeah, 1:02:26.520 --> 1:02:28.960 it's not. It's not serving to the business. But I mean, 1:02:29.000 --> 1:02:31.600 I would love if that were the case from personally, 1:02:31.680 --> 1:02:33.920 from like an environmental perspective, I would love if that 1:02:33.960 --> 1:02:34.439 were the case. 1:02:34.480 --> 1:02:36.840 But is there something about it that almost makes it impossible. 1:02:36.880 --> 1:02:38.560 It's it's not ever going to get there. It's so 1:02:38.840 --> 1:02:42.440 hard to manage inventory and fresh food. Like we're in 1:02:42.480 --> 1:02:44.440 New York City and you can get a banana at 1:02:44.480 --> 1:02:47.200 any time of the year. Like people forget how just 1:02:47.440 --> 1:02:50.320 much of a miracle that is, Like you're not they're 1:02:50.360 --> 1:02:52.120 not growing down the road. You got to get that 1:02:52.120 --> 1:02:55.000 across the world basically, and take that for any item 1:02:55.080 --> 1:02:57.720 like and avocado. The same thing. So as long as 1:02:57.840 --> 1:03:00.320 our habits are as they are, which they will tinue 1:03:00.360 --> 1:03:03.919 to be, it's basically impossible to be perfect on your inventory. 1:03:03.600 --> 1:03:06.160 Isn't that funny? Like I think about growing up. I'm 1:03:06.160 --> 1:03:08.680 older than both of you, but it's like peaches were 1:03:08.680 --> 1:03:12.560 in season, like this was in season corn, and you know, 1:03:12.720 --> 1:03:14.600 there was just certain things that we would have and 1:03:14.640 --> 1:03:17.520 it was kind of fun. But it's not that way anymore. 1:03:17.640 --> 1:03:19.880 It's gone away very different. And now if they don't 1:03:19.880 --> 1:03:22.240 have something at one store, your competitor has it down 1:03:22.280 --> 1:03:25.000 the road. So like because of that reason, in addition 1:03:25.040 --> 1:03:27.040 to supply chain, in addition to moving food, and in 1:03:27.080 --> 1:03:29.720 addition to every time you touch food like it degrades 1:03:29.760 --> 1:03:32.920 its quality a little bit, it's just really really difficult 1:03:32.960 --> 1:03:38.200 to get fresh food right forecasting. So my belief is, 1:03:38.240 --> 1:03:39.640 no matter what, we're going to have a surplus in 1:03:39.680 --> 1:03:41.600 North America food at the grocery stores. I think it's 1:03:41.600 --> 1:03:44.440 going to reduce over time, but I think it's always 1:03:44.440 --> 1:03:47.240 going to be there. And I say that having friendships 1:03:47.240 --> 1:03:49.400 close ties with some of these companies that are doing 1:03:49.480 --> 1:03:52.200 what you're saying, like using AI and leveraging the best 1:03:52.200 --> 1:03:54.120 way you can order, the best way you like, you 1:03:54.160 --> 1:03:57.880 can adopt your systems to being perfect. 1:03:58.080 --> 1:04:01.520 Where's the Whole Foods? The Walmart, Cosco, the Kroger, the Wegmans, 1:04:01.520 --> 1:04:05.440 the Albertson's, the all d to partner with you. What's 1:04:05.480 --> 1:04:09.200 what's the conversations you're having. Yeah, I'm assuming you are. 1:04:09.560 --> 1:04:11.600 Yeah. Yeah, And if anybody knows any of them, like 1:04:11.600 --> 1:04:13.960 give them a call. No, we're speaking to uh, We're 1:04:14.000 --> 1:04:15.800 speaking to basically everybody in America. 1:04:16.800 --> 1:04:17.760 Do they want to do it? 1:04:18.480 --> 1:04:18.800 Yes? 1:04:18.960 --> 1:04:22.240 And you have different levels within these big companies, decision 1:04:22.240 --> 1:04:24.720 making from different people. It depends who you get in through. 1:04:26.080 --> 1:04:28.360 With some of the like we are, what I'll say 1:04:28.400 --> 1:04:31.360 is we're very focused on being national in America and 1:04:31.400 --> 1:04:36.000 that is something that we continuously are focusing on. And 1:04:36.040 --> 1:04:38.080 then with some of those companies like I think it's 1:04:38.080 --> 1:04:41.760 a matter of time, like I just for whatever reason, bring. 1:04:41.600 --> 1:04:43.760 Them revenue, you potentially bring them new customers. 1:04:44.040 --> 1:04:46.480 We will absolutely drive in new shoppers that'll spend more 1:04:46.480 --> 1:04:48.919 money in their stores. We'll help produce the waistline, drive 1:04:48.960 --> 1:04:51.120 in like a contract of their waistline. So it's just 1:04:51.120 --> 1:04:53.560 found money in a lot of ways. But the challenge 1:04:53.600 --> 1:04:55.720 with big companies, and this is not just grocery, is 1:04:56.360 --> 1:04:58.720 you have a strategic priority list. What do you pull 1:04:58.760 --> 1:05:01.680 out to put some new in front of and who's 1:05:01.720 --> 1:05:04.440 owning it, Who in the organization, who's allowed at speaker, 1:05:04.480 --> 1:05:07.440 who has the most like opportunity to do it? And 1:05:07.480 --> 1:05:10.080 that is the hard part of selling anything into a 1:05:10.120 --> 1:05:12.560 massive company. It's not whether somebody wants to do a 1:05:12.560 --> 1:05:15.200 thing or not, because a lot of folks and a 1:05:15.200 --> 1:05:17.760 lot of companies are excited about new ideas. It's really like, 1:05:18.080 --> 1:05:19.880 how do you get to the heart of what the 1:05:19.920 --> 1:05:22.920 other person cares about enough to really drive something through. 1:05:23.280 --> 1:05:25.800 And I think one thing I'll say is like we 1:05:25.800 --> 1:05:28.640 were founded in Canada, Canadian company based in Toronto. Now 1:05:28.680 --> 1:05:31.840 we predominantly American in terms of the store accountant and 1:05:32.080 --> 1:05:35.040 a lot of our staff. But we had a pandemic 1:05:35.120 --> 1:05:37.640 where I couldn't cross the border for two years. So, 1:05:37.840 --> 1:05:40.120 like you, if you take away that block of time 1:05:40.160 --> 1:05:41.800 and if I just happened to be stateside, I think 1:05:41.840 --> 1:05:43.800 we would have had more of those names on sooner. 1:05:44.400 --> 1:05:46.760 Now saying that we're in a very good position with 1:05:46.760 --> 1:05:48.480 a lot of names that you're shared and we're really 1:05:48.520 --> 1:05:53.000 focused on I think I think here in a couple 1:05:52.960 --> 1:05:55.160 of months again and we'll have another update. I think 1:05:55.160 --> 1:05:56.440 that's I think that's the right way to go. 1:05:56.560 --> 1:05:59.760 Okay, So what different verticals are you thinking about next? 1:06:00.320 --> 1:06:02.840 So one of the most exciting things that we're actually 1:06:02.960 --> 1:06:07.000 doing right now with a third party delivery company one 1:06:07.040 --> 1:06:09.440 of our grocery partners. All of our grocery partners have 1:06:09.520 --> 1:06:13.880 distribution centers that have waste because they can't get through 1:06:13.920 --> 1:06:16.880 so they bring all this food into these centralized locations 1:06:16.920 --> 1:06:18.200 and then they try to send it out to their 1:06:18.240 --> 1:06:21.240 stores and for whatever reason, there could be a breakdown. 1:06:21.280 --> 1:06:23.080 There could be a snowstorm, there could be a flood, 1:06:23.080 --> 1:06:24.760 and they can't get the food to their stores in time. 1:06:25.080 --> 1:06:27.920 So at the distribution centers there happens to be a 1:06:28.040 --> 1:06:31.560 higher amount than normal of fresh food waste. And what 1:06:31.640 --> 1:06:34.120 we've done with one of our partners is partnered with 1:06:34.160 --> 1:06:38.080 a third party delivery company and put a flash food storefront. 1:06:38.120 --> 1:06:42.080 So they took a location on that distribution center's facility 1:06:42.680 --> 1:06:45.160 and they retrofitted it. It was like an old guard shed. 1:06:45.200 --> 1:06:46.800 They retrofitted it, cleaned it up, put a bunch of 1:06:46.840 --> 1:06:49.520 fridges in and it's now a flash food storefront. And 1:06:49.560 --> 1:06:53.280 we actually have a flash food by Meyer storefront in Lansing, 1:06:53.360 --> 1:06:56.520 Michigan on the door dash app So if you're in Lansing, Michigan. 1:06:56.560 --> 1:06:59.400 You can order groceries at up to fifty percent off 1:06:59.440 --> 1:07:00.320 delivered to your door. 1:07:00.560 --> 1:07:03.800 That's great. And what's the business been like with that model? 1:07:05.040 --> 1:07:05.120 Right? 1:07:05.240 --> 1:07:08.560 It's early and Lancing is the university town, so without 1:07:08.600 --> 1:07:13.040 having the university in town, it's just there was yeah, no, no, 1:07:13.080 --> 1:07:16.280 it's fine. There were just kinks to for example, like 1:07:16.320 --> 1:07:19.400 at the beginning there was only five mile radius for delivery, 1:07:19.480 --> 1:07:21.880 and just so happens at these facilities that are going 1:07:21.920 --> 1:07:24.760 to be with every CpG or every food company are 1:07:24.800 --> 1:07:26.040 going to be in places that not a lot of 1:07:26.080 --> 1:07:28.720 people live. So you just you learn things as you go. 1:07:28.800 --> 1:07:31.080 It's a brand new vertical for us, but that has 1:07:31.120 --> 1:07:33.560 sense almost tripled in terms of like the coverage and 1:07:33.600 --> 1:07:34.120 the radius. 1:07:34.320 --> 1:07:36.480 What's the delivery time though, or the delivery is it 1:07:36.520 --> 1:07:37.640 a long distance no? 1:07:38.000 --> 1:07:39.720 Same day same same day delivery? 1:07:39.800 --> 1:07:39.920 Ok? 1:07:40.320 --> 1:07:42.919 And the cost for the delivery I. 1:07:42.840 --> 1:07:45.720 Think it's five dollars depending on the order size, but 1:07:45.760 --> 1:07:47.280 it's like between five and ten dollars. 1:07:47.280 --> 1:07:48.720 But your order is up. 1:07:48.560 --> 1:07:50.800 To fifty percent off the food that you're getting. So 1:07:51.360 --> 1:07:54.600 this is a model that we're testing out now it's 1:07:54.640 --> 1:07:56.680 going well, it's going better than we anticipated. At the 1:07:56.680 --> 1:07:59.120 stage better than the original model. I think it can 1:07:59.160 --> 1:08:00.840 be bigger than our origine a model in terms of 1:08:00.880 --> 1:08:04.080 the amount of food waste production. I think it's different. 1:08:04.120 --> 1:08:06.640 I think it adds a whole bunch of different partners. 1:08:06.640 --> 1:08:11.200 I think all of these CpG companies have locations across America. Yeah, 1:08:11.240 --> 1:08:13.880 consumer product good companies have I know that they have 1:08:14.000 --> 1:08:18.280 locations across America that have wasted their facilities. Like, there's 1:08:18.360 --> 1:08:20.479 a there's a scenario here where this could be a 1:08:20.520 --> 1:08:21.800 really big vertical for us. 1:08:21.920 --> 1:08:23.760 You also mentioned you have a bit of a reach 1:08:23.840 --> 1:08:24.560 on TikTok. 1:08:24.880 --> 1:08:29.960 Now, yeah, so the Joshtok no no, no, no, the 1:08:30.000 --> 1:08:32.240 flash food brand, we would not we would not have 1:08:32.320 --> 1:08:37.519 any reach if it was the Josh we're getting, like, yeah, 1:08:37.640 --> 1:08:38.880 exactly and the kids. 1:08:39.000 --> 1:08:41.400 That'll probably be more exciting as people are on boxing 1:08:41.439 --> 1:08:43.799 and shoppers aren't boxing. So on flash fed, you buy 1:08:44.640 --> 1:08:47.120 a box of produce and you see a picture of 1:08:47.120 --> 1:08:48.120 what's going to be in it. But a lot of 1:08:48.160 --> 1:08:50.519 times people are opening this box and they're seeing items 1:08:50.520 --> 1:08:52.680 that they never tried before. So there's been like a 1:08:52.720 --> 1:08:56.160 pretty big unboxing theme on TikTok where people are sharing 1:08:56.160 --> 1:08:58.519 what they're getting and then they're also sharing. For example, 1:08:58.600 --> 1:09:01.400 like one person getting one hundred bananas for five dollars, 1:09:01.600 --> 1:09:03.760 they'll unbox it and they'll be like They'll know they're 1:09:03.760 --> 1:09:06.080 getting a bunch of bananas, but they're like, Okay, what 1:09:06.120 --> 1:09:07.439 am I going to do with all these bananas? And 1:09:07.439 --> 1:09:09.800 then you'll see them share that. They'll be content going 1:09:09.840 --> 1:09:12.400 back and people saying, try this, try this. And so 1:09:13.160 --> 1:09:14.960 this is the other side of it, like we've built 1:09:15.000 --> 1:09:18.840 a platform that's helping retailers make more money, reduce waste, 1:09:18.960 --> 1:09:21.120 drive in new shoppers. But there's also a whole angle 1:09:21.160 --> 1:09:23.719 here on like the origination of what are you making? 1:09:23.880 --> 1:09:25.320 What are you doing in the kitchen? Like what are 1:09:25.360 --> 1:09:28.800 you trying? What are you cooking? And it's becoming a 1:09:28.840 --> 1:09:30.960 fun part of the process in a way that I 1:09:31.120 --> 1:09:32.839 personally didn't anticipate when we started. 1:09:34.439 --> 1:09:37.680 What's the most difficult part of the business. 1:09:37.760 --> 1:09:42.680 Getting more retailers on board faster? That's it because I'll 1:09:42.680 --> 1:09:45.400 sit down with an executive and share all the things 1:09:45.400 --> 1:09:47.920 that I've shared on the show, and they're just there's 1:09:47.960 --> 1:09:51.000 one executive of a big retailer who has whatever, almost 1:09:51.000 --> 1:09:53.920 two thousand locations, and I was like, why don't you 1:09:53.960 --> 1:09:55.519 just do this in all your stories. He's like, what 1:09:55.560 --> 1:09:59.240 people don't realize is we have, however, many thousand employees, 1:09:59.280 --> 1:10:01.720 however many undreds of thousands of shoppers that come into 1:10:01.720 --> 1:10:03.960 the stores every day, and there was a coffee mug 1:10:04.040 --> 1:10:05.400 in front of them. He's like, for me to get 1:10:05.439 --> 1:10:08.439 this coffee mug, move from here to there in one 1:10:08.439 --> 1:10:12.519 of our stores in Unison consistently on a daily basis 1:10:12.960 --> 1:10:16.439 is a monumental task. And so as he was saying 1:10:16.439 --> 1:10:17.960 it that way, I was like, Okay, Yeah, these are 1:10:17.960 --> 1:10:22.200 big numbers. So the challenge is like getting scale faster 1:10:22.280 --> 1:10:25.960 because we are tightly embedded with our grocery partners. We 1:10:25.960 --> 1:10:27.839 don't have a business if it's not for our partners. 1:10:28.200 --> 1:10:30.240 And that's unique in a lot of tech companies. And 1:10:30.280 --> 1:10:31.920 we're not trying to come at this and be smarter 1:10:32.000 --> 1:10:35.000 than them, because we're not. We just have one vertical 1:10:35.040 --> 1:10:36.880 that can solve one part of the problem in a 1:10:36.920 --> 1:10:40.559 really meaningful financial way. And just yeah, that's been it. 1:10:40.920 --> 1:10:43.200 I gotta say, Son of a great interview is that 1:10:43.240 --> 1:10:45.599 you're leaving and I still have like a dozen questions 1:10:45.600 --> 1:10:46.920 I want to ask you. So you're going to have 1:10:46.920 --> 1:10:48.720 to come back. It sounds like there's going to be 1:10:49.200 --> 1:10:52.599 in the future. Just Imanus, he's founder in CEO flash Food. 1:10:52.640 --> 1:10:55.600 Congratulations on the family and good to see you. 1:10:55.720 --> 1:10:56.840 This be so much for happening. 1:10:57.960 --> 1:11:01.519 You're listening to the Bloomberg Business Week podcast. Catch us 1:11:01.560 --> 1:11:05.040 live weekday afternoons from three to six Eastern Listen on. 1:11:04.960 --> 1:11:07.800 Bloomberg dot com, the iHeartRadio app and the. 1:11:07.760 --> 1:11:11.799 Bloomberg Business App, or want just live on YouTube. 1:11:12.640 --> 1:11:15.320 As Matt Boyle, Senior Management and Workplace Reporter rights in 1:11:15.320 --> 1:11:19.120 today's Big Take, it's hard to cast entire continents as monolithic. 1:11:19.200 --> 1:11:22.040 That is, Asian workers are coming back, European nations are 1:11:22.080 --> 1:11:26.360 adopting new policies, and US employers are fending for themselves. 1:11:26.560 --> 1:11:28.840 We've got Matt with us right now. Once again, it 1:11:28.880 --> 1:11:32.000 is Bloomberg, the Bloomberg Big Take. Matt's with us in 1:11:32.000 --> 1:11:35.120 the Bloomberg Interactive Brookers Studio right now. So, Matt, I 1:11:35.160 --> 1:11:37.800 gotta be honest with you. I've totally been thinking about 1:11:37.840 --> 1:11:39.120 this from the US perspective. 1:11:39.479 --> 1:11:41.880 Yeah, we all along. That's the problem that none of 1:11:41.960 --> 1:11:44.960 us are stepping back. We see headlines, you know, Google 1:11:45.000 --> 1:11:48.280 says this. Elon Musk says that you know, what's Goldman 1:11:48.360 --> 1:11:50.320 Sacks up to. Oh they've gone to five days, and 1:11:50.360 --> 1:11:52.840 we all sort of freak out about every individual. I'm 1:11:52.840 --> 1:11:55.759 not to say those companies are not big, influential, blue 1:11:55.800 --> 1:11:58.559 chip employers, but they're only a very small part of 1:11:58.640 --> 1:12:00.559 the picture. So what we wanted to do the story 1:12:00.760 --> 1:12:04.320 step back, what's going on in London versus Lisbon, what's 1:12:04.360 --> 1:12:07.280 going on in Munich, you know, versus Mumbai for example. 1:12:07.600 --> 1:12:09.439 Find the data. And the good thing now that we're 1:12:09.439 --> 1:12:11.719 three and a half years into the pandemic, we finally 1:12:11.800 --> 1:12:15.639 have some data coming out, some pretty reliable data on 1:12:15.800 --> 1:12:18.479 you know, what are the different office attendance rates? And 1:12:18.520 --> 1:12:20.240 then you've got to dig deeper though and figure out, Okay, 1:12:20.320 --> 1:12:23.400 what's behind that is? What is shifting that shaping that? 1:12:23.800 --> 1:12:25.960 Is it the way the city is laid out, is 1:12:26.000 --> 1:12:28.839 it how long the commute is is it corporate culture 1:12:29.080 --> 1:12:31.280 in that particular part of the world. And that's when 1:12:31.280 --> 1:12:32.200 it gets really interesting. 1:12:32.479 --> 1:12:34.479 What do you think we're the main catalysts when you're 1:12:34.520 --> 1:12:36.800 looking at some of the counterparts in Europe as well 1:12:36.800 --> 1:12:39.240 as Asia being able to return to the office faster 1:12:39.360 --> 1:12:40.400 than us over here. 1:12:40.439 --> 1:12:42.400 Well, just to start with Europe. One thing you're not 1:12:42.439 --> 1:12:45.639 seeing here in the US is policy makers are playing 1:12:45.680 --> 1:12:48.759 a huge role. In at least a half dozen European countries. 1:12:48.840 --> 1:12:52.479 You have either remote work laws or what's called right 1:12:52.560 --> 1:12:56.200 to disconnect laws where managers are not allowed to contact 1:12:56.200 --> 1:13:00.240 certain types of workers after normal business hours, and has 1:13:00.280 --> 1:13:03.200 a remote work law. The Netherlands has got one coming 1:13:03.200 --> 1:13:05.880 in as soon as the Dutch Senate passes it any 1:13:05.960 --> 1:13:08.080 day now. And then, you know, then you've got to 1:13:08.080 --> 1:13:11.080 have a little counterpart between the employers who are probably 1:13:11.120 --> 1:13:14.200 not too thrilled about the government coming and saying you 1:13:14.280 --> 1:13:17.320 have to give your workers the right to lobby and 1:13:17.479 --> 1:13:19.360 you know, make a proposal to say I should be 1:13:19.360 --> 1:13:21.639 able to work remotely. I mean, could you imagine that 1:13:22.040 --> 1:13:24.040 in New York? Imagine that in Texas? 1:13:24.640 --> 1:13:25.679 I know I'm from Texas. 1:13:26.080 --> 1:13:27.559 Yeah, I definitely can't imagine that. 1:13:28.160 --> 1:13:30.799 No, I mean, Matt, you write about it in Europe, 1:13:31.080 --> 1:13:34.000 not just the right to disconnect laws, but Unilever, for example, 1:13:34.120 --> 1:13:36.400 doing a four day work week. I mean, that's something 1:13:36.439 --> 1:13:38.480 that's completely foreign to US Americans. 1:13:38.560 --> 1:13:41.280 Yes, although there they were doing it, not in Europe, 1:13:41.280 --> 1:13:44.479 but in New Zealand and Australia and those are two 1:13:44.520 --> 1:13:46.360 of the countries where you see some of the highest 1:13:46.479 --> 1:13:49.160 rates of remote work and some of the more English 1:13:49.200 --> 1:13:51.599 speaking countries you do see more. So it makes sense 1:13:51.640 --> 1:13:53.439 for them to try it there. Are they going to 1:13:53.439 --> 1:13:56.240 bring it to the Netherlands and the UK, we'll see. 1:13:56.400 --> 1:13:59.240 Okay, you've got some just absolutely great data in this story. 1:13:59.280 --> 1:14:02.559 You point to McKinsey study that said by the year 1:14:02.640 --> 1:14:07.759 twenty thirty, we could actually see one point three trillion 1:14:07.800 --> 1:14:10.040 dollars of real estate value in big cities around the 1:14:10.040 --> 1:14:14.280 world erased as a result of differing remote work policies. 1:14:15.840 --> 1:14:20.000 That's bad. We know that. That's bad. What do policymakers 1:14:20.040 --> 1:14:22.360 say about that? And what do companies are What are 1:14:22.400 --> 1:14:23.360 companies doing to try to. 1:14:23.280 --> 1:14:25.840 Well, there's what landlords are saying about it. First, Yes, 1:14:25.960 --> 1:14:28.560 that is bad if you are a landlord, or if 1:14:28.600 --> 1:14:31.240 you're a landlord with Class B and Class C real estate, 1:14:31.320 --> 1:14:33.759 you know, the Class A stuff seems to be doing okay. 1:14:34.040 --> 1:14:36.519 But again, what's really struck me was that how differently 1:14:36.560 --> 1:14:39.120 that's playing out in New York and San Francisco a 1:14:39.240 --> 1:14:43.080 much deeper impact because you have you know, downtown business districts. 1:14:43.120 --> 1:14:45.600 Let's say, right here in Manhattan, where you don't have 1:14:45.840 --> 1:14:48.680 as many people living and working and playing as you do, 1:14:48.760 --> 1:14:51.960 and let's say a European city, which are much more intermixed, 1:14:52.000 --> 1:14:55.200 so you have less of an impact on workers, you 1:14:55.240 --> 1:14:57.679 have more of an impact on real estate landlords in 1:14:57.760 --> 1:14:59.040 some of these cities like New York. 1:14:59.120 --> 1:15:00.840 But I wonder if what the sh shift, if there's 1:15:00.880 --> 1:15:03.640 a shift happening here, like if the pie doesn't necessarily 1:15:03.680 --> 1:15:05.760 change sizes, but if different slices get bigger. And I 1:15:05.760 --> 1:15:08.000 can give you my anecdotal example, Matt, that I've talked about. 1:15:08.080 --> 1:15:09.680 I mean, people listening to this have been tired of 1:15:09.720 --> 1:15:12.599 hearing this. But you know, when I was on a 1:15:12.640 --> 1:15:17.880 parental leave earlier this summer, I noticed that restaurants in 1:15:17.920 --> 1:15:21.479 my neighborhood of Brooklyn were like as as crowded as 1:15:21.479 --> 1:15:24.400 they were on weekends because remote workers were actually now 1:15:24.439 --> 1:15:26.000 going to them during the day. And I just thought 1:15:26.000 --> 1:15:28.000 about the way that exact ending his shift. 1:15:28.080 --> 1:15:30.160 That's why Sweet Green is opening in the suburbs. That's 1:15:30.160 --> 1:15:33.360 why Pretemage is opening outside of city centers. 1:15:33.120 --> 1:15:33.679 In the UK. 1:15:33.800 --> 1:15:35.800 I mean, businesses are not dumb. They're going to go 1:15:35.880 --> 1:15:39.160 where the customers are certainly so, Yes, if you're living 1:15:39.160 --> 1:15:42.280 in Brooklyn or by me and Westchester. In my town 1:15:42.320 --> 1:15:46.000 in Westchester, sleepy suburban town now has a flex work 1:15:46.400 --> 1:15:48.880 center right next to the train station. So I'm going 1:15:48.920 --> 1:15:50.360 to try it out and just like hang out in 1:15:50.400 --> 1:15:52.120 the flex work center to do it for work in 1:15:52.160 --> 1:15:54.720 the middle of west I mean, why not would this 1:15:54.760 --> 1:15:58.559 have happened in twenty nineteen? Of course not so, Yes, 1:15:58.600 --> 1:16:01.280 the pie is being Redistris did. But if you're not 1:16:01.439 --> 1:16:04.160 moving with the times and realizing that the way we 1:16:04.200 --> 1:16:06.680 work is different now and that you know, work is 1:16:06.720 --> 1:16:08.840 no longer a place we go it is it is 1:16:08.880 --> 1:16:11.559 a thing we do, some people are going to get 1:16:11.600 --> 1:16:12.719 some very hard lessons here. 1:16:12.880 --> 1:16:15.720 So when you're speaking with your sources, because this is Bloomberg, 1:16:15.760 --> 1:16:17.640 obviously we're going to talk about what this means for 1:16:17.680 --> 1:16:20.160 the economy. How does that offset when you're talking about 1:16:20.200 --> 1:16:23.000 consumers and spending versus obviously the issues we continue to 1:16:23.000 --> 1:16:24.800 talk about when it comes to real estate and trying 1:16:24.840 --> 1:16:26.320 to get people back into offices. 1:16:26.560 --> 1:16:28.439 Well, I mean what struck me as a former retail 1:16:28.560 --> 1:16:30.200 reporter was that some of you know, some of these 1:16:30.240 --> 1:16:33.040 changes really echo you know, the what we used to 1:16:33.080 --> 1:16:35.519 call the retail apocalypse, right, you know, when all the 1:16:35.600 --> 1:16:38.400 malls were dying, and what we're going to do about malls, well, 1:16:38.640 --> 1:16:42.040 maybe repurpose them people, you know, and you had started 1:16:42.040 --> 1:16:45.799 to see that certainly. And I know you cannot convert 1:16:45.880 --> 1:16:49.360 every single office building into condos, we know how hard 1:16:49.400 --> 1:16:49.840 that is. 1:16:49.960 --> 1:16:50.840 But could they be. 1:16:50.800 --> 1:16:54.639 Converted into other uses? Certainly? I think we do very 1:16:54.640 --> 1:16:57.040 well here at Bloomberg as we follow the money, and 1:16:57.120 --> 1:16:59.160 you know, right now, the money and the spending, as 1:16:59.240 --> 1:17:01.720 you know, as Tim saying, is sometimes being spent in 1:17:01.800 --> 1:17:04.519 more residential neighborhood. So is that where you should be 1:17:04.600 --> 1:17:06.759 opening up if you're selling sandwiches and salads? 1:17:06.800 --> 1:17:07.240 Probably? 1:17:07.479 --> 1:17:11.920 Okay, let's talk about the most important thing for employers, productivity, 1:17:11.920 --> 1:17:13.800 because they're you know, every few weeks we get this 1:17:13.840 --> 1:17:17.080 new study and you said a couple of them. Remote 1:17:17.120 --> 1:17:20.160 workers are more productive in some countries. Remote workers are 1:17:20.280 --> 1:17:24.840 less less productive when doing other tasks in other countries. Holistically, 1:17:24.840 --> 1:17:26.479 taken together, what does the data tell us. 1:17:26.800 --> 1:17:31.559 It's tough because productivity is vastly misunderstood, and everybody loves 1:17:31.600 --> 1:17:34.200 to take their favorite bit of research that supports whatever 1:17:34.240 --> 1:17:36.519 their conclusion is and wave it around, you know, and 1:17:36.560 --> 1:17:37.240 saying I. 1:17:37.240 --> 1:17:39.920 Was right, I was right, there was. 1:17:40.040 --> 1:17:42.959 But there were studies on remote work even before the pandemic. 1:17:42.960 --> 1:17:45.280 One of the most famous one was about Chinese call 1:17:45.320 --> 1:17:49.879 center workers who when they went remote were just as productive, 1:17:49.920 --> 1:17:53.599 if not more, and happier, more satisfied. That's what we 1:17:53.640 --> 1:17:55.920 often fail to realize with a lot of these a 1:17:56.000 --> 1:17:59.080 lot of these studies, tim is that regardless of where 1:17:59.120 --> 1:18:02.200 productivity goes, and productivity is often in the eye that beholder. 1:18:02.479 --> 1:18:04.599 Is it how many emails did you send out today? 1:18:04.840 --> 1:18:07.000 And if so, why are you measuring productivity by how 1:18:07.040 --> 1:18:08.240 many emails you sent out? 1:18:08.280 --> 1:18:08.479 You know? 1:18:08.600 --> 1:18:11.040 Or how many hours were you in the office? Remember 1:18:11.080 --> 1:18:13.320 the workaholics of the nineties, or were the last guy 1:18:13.400 --> 1:18:16.040 to leave the office? Where are they now? Maybe some 1:18:16.080 --> 1:18:18.519 of them are CEOs, but you know, do they regret 1:18:18.560 --> 1:18:20.240 being the last guy in the office every day? Were 1:18:20.240 --> 1:18:22.960 they most Were they the most productive? Though probably not? 1:18:23.120 --> 1:18:25.559 Were they Were they the most satisfied? Probably not? 1:18:25.960 --> 1:18:26.040 So. 1:18:26.080 --> 1:18:27.479 I think we need to take a little bit more 1:18:27.479 --> 1:18:30.640 holistic view of productivity and realize that you have to 1:18:30.680 --> 1:18:32.960 look at employee engagement. You have to look at whether 1:18:33.600 --> 1:18:36.640 your employees are being challenged, they're doing the test they 1:18:36.680 --> 1:18:38.680 want to do with the people that they want to 1:18:38.720 --> 1:18:40.360 do it with. You know, are they coming in on 1:18:40.439 --> 1:18:42.559 the right days. Don't have to be in five days 1:18:42.560 --> 1:18:44.479 a week, but are you coming on the days that matter? 1:18:45.439 --> 1:18:48.040 Where there's intentionality, when you have something to do, a 1:18:48.200 --> 1:18:51.320 reason to be in the office, you know, mentoring for example, 1:18:51.520 --> 1:18:54.360 a brainstorming session that is better done in person. And 1:18:54.400 --> 1:18:56.840 when you're home you're doing your heads down focused work. 1:18:57.000 --> 1:18:59.679 Now you're going to help me build this incredible Bloomberg 1:18:59.680 --> 1:19:02.200 studio at my two better apartment. 1:19:02.400 --> 1:19:04.400 Yeah, okay, cool, we have a butch you for it. 1:19:04.479 --> 1:19:06.280 Let's do it perfect, Let's do it. Hey, this is 1:19:06.320 --> 1:19:08.240 a great piece. I encourage everybody to check out. It 1:19:08.280 --> 1:19:10.160 is Today's a big take, a great one to read 1:19:10.600 --> 1:19:12.519 just right after Labor Day as well. Matt Boyle is 1:19:12.600 --> 1:19:15.400 senior Management and workplace reporter. You got to read everything 1:19:15.400 --> 1:19:17.400 that he and his team are right. It is a 1:19:17.400 --> 1:19:19.400 great story. He's of course with our colleague here at 1:19:19.400 --> 1:19:24.880 Bloomberg News. He's with us in the Bloomberg Interactive Brookers Studio. 1:19:29.400 --> 1:19:32.960 You're listening to the Bloomberg Business Week podcast. Catch us 1:19:33.000 --> 1:19:37.000 live weekday afternoons from three to six Eastern on Bloomberg Radio, 1:19:37.200 --> 1:19:40.479 the Bloomberg Business App and YouTube. You can also listen 1:19:40.600 --> 1:19:43.679 live on Amazon Alexa from our flagship New York station, 1:19:44.160 --> 1:19:46.920 Just Say Alexa Play Bloomberg eleven thirty. 1:19:48.680 --> 1:19:51.240 Katrina Adams for President, Chairman and c. You have the 1:19:51.320 --> 1:19:54.519 US Tennis Association, Chair of the US Open, as well 1:19:54.560 --> 1:19:56.640 as the chair of the International Tennis Federation Cup and 1:19:56.720 --> 1:20:01.160 Gender Quality and Tennis committees. Former pro tennis pro double specialist, 1:20:02.240 --> 1:20:05.040 and I could go on and on and on. You're amazing, 1:20:05.200 --> 1:20:07.120 Thank you, thank you for coming back and finding time, and. 1:20:07.120 --> 1:20:09.280 You're busy, always excited to be here with you guys. 1:20:09.320 --> 1:20:11.160 Well, tell us about what you're excited about this year 1:20:11.200 --> 1:20:11.679 at the Open. 1:20:11.760 --> 1:20:12.640 Oh my goodness to see you. 1:20:12.640 --> 1:20:13.080 What's open? 1:20:13.200 --> 1:20:17.160 It's facular, right, I mean, everything that's happening here. I mean, 1:20:17.200 --> 1:20:19.360 you know, obviously you just mentioned Venus Williams. Just to 1:20:19.400 --> 1:20:22.080 see her back on the court again, you know, since 1:20:22.160 --> 1:20:25.280 nineteen ninety four. I was sitting in her box in 1:20:25.320 --> 1:20:27.760 nineteen ninety seven when she played her first final and 1:20:27.800 --> 1:20:30.639 lost to Ortina Hingis. I was here when she played 1:20:30.720 --> 1:20:34.920 the final against Serena Serena, her sister. Yeah, when Serena 1:20:34.960 --> 1:20:37.320 won in ninety nine. But you know when you look 1:20:37.360 --> 1:20:42.160 at the emergence of Cococa Off and Francis Tifo and 1:20:42.240 --> 1:20:46.240 Jess Pagoula, and and you know, Michael Moe look what 1:20:46.280 --> 1:20:48.840 he did today taking out John Isner and so many 1:20:48.880 --> 1:20:53.280 young players, Ben Shelton. It's exciting for the American players, 1:20:53.320 --> 1:20:56.320 Tommy Paul. There's so many I can't even name them 1:20:56.360 --> 1:20:58.040 all right now, And you know there was a time 1:20:58.080 --> 1:20:59.880 I could I could name them all on one hand? 1:21:00.200 --> 1:21:03.000 Does it feel like we're sort of in a you know, 1:21:03.320 --> 1:21:06.679 Andrea AGAs, see Pete Sampress, Jim Curry or Michael Chang 1:21:06.840 --> 1:21:08.880 sort of era where we have these Americans. 1:21:09.040 --> 1:21:11.560 Let's not get ahead of ourselves. 1:21:11.640 --> 1:21:12.599 Let's let's yeah. 1:21:12.600 --> 1:21:15.639 I think that we have the ability to get there, 1:21:15.680 --> 1:21:18.479 because when you talk about Taylor Fritz and tifone in 1:21:18.520 --> 1:21:21.479 the top ten, and Paul, Tommy Paul and knocking on 1:21:21.479 --> 1:21:24.479 the door and Ben Shelton, those guys are knocking on 1:21:24.520 --> 1:21:27.280 the door. Yes, we'll get there. But until they start 1:21:27.280 --> 1:21:30.719 winning majors like Pete Samprass and Andrea Agassi and Jim 1:21:30.720 --> 1:21:33.639 Curry and Michael Chang, then it's it's a different it's 1:21:33.640 --> 1:21:34.360 a different story. 1:21:34.400 --> 1:21:38.000 But it's a long time. It's good, but it's a long. 1:21:37.800 --> 1:21:40.040 Time coming to be able to talk about these guys 1:21:40.600 --> 1:21:43.600 being in these majors, get into the second weeks consistently 1:21:44.400 --> 1:21:46.400 and then having some new names to join that on 1:21:46.439 --> 1:21:48.599 the men's side. We've always been down on women's side, 1:21:48.720 --> 1:21:51.080 but to be able to talk about these these men 1:21:51.600 --> 1:21:52.559 is really exciting. 1:21:52.640 --> 1:21:54.519 Gudrida. What is it that kind of keeps the younger 1:21:54.520 --> 1:21:55.920 generation coming back to tennis? 1:21:57.360 --> 1:21:59.800 I think being able to see players like we just 1:22:00.600 --> 1:22:02.479 on the court week in and week out, you know, 1:22:02.520 --> 1:22:05.080 and at these majors going deep to motivate the young 1:22:05.200 --> 1:22:07.880 kids to want to get into the sport. So when 1:22:07.920 --> 1:22:12.040 you talk about Fritz and TFO and Paul, you know 1:22:12.040 --> 1:22:14.400 who were they watching when they were young kids, who 1:22:14.479 --> 1:22:17.360 motivated them to get into the sport. And for them, 1:22:17.400 --> 1:22:19.400 I think when they came up through the USC Player 1:22:19.439 --> 1:22:23.280 Development program where they really got to travel together, train together, 1:22:23.479 --> 1:22:26.639 motivate one another, push one another. They're still doing that 1:22:27.680 --> 1:22:29.880 and they were looking up to the John Isners of 1:22:29.920 --> 1:22:32.280 the world, the Jack Socks of the world, both who 1:22:32.360 --> 1:22:35.800 are retiring here. John isn't played his last singles match 1:22:35.840 --> 1:22:38.400 here and he and Jack are playing doubles later today 1:22:38.680 --> 1:22:42.240 it's this Jack's last tournament where he'll be retiring. So 1:22:43.120 --> 1:22:45.680 I think it's generational. You know, Mike and Bob they 1:22:45.720 --> 1:22:49.040 retired last year, two years ago. Now Mike and Bob 1:22:49.120 --> 1:22:53.280 Ryan and so I think, you know, each generation inspires 1:22:53.320 --> 1:22:57.440 the next generation, and it's fun to watch these brotherhoods 1:22:57.439 --> 1:22:59.920 and sisterhoods form and develop. 1:23:00.120 --> 1:23:03.200 I still have this question about access. You know, tennis 1:23:03.200 --> 1:23:04.960 for a lot of people looked at as like a 1:23:05.000 --> 1:23:08.719 country club sport. Still it's very expensive to get courts 1:23:08.720 --> 1:23:10.960 and cities, especially during the winter if you live somewhere 1:23:10.960 --> 1:23:15.880 where it snows, I mean Tiapo for example. Let's look 1:23:15.880 --> 1:23:18.200 at his story. Would he be a pro tennis player 1:23:18.200 --> 1:23:20.360 if his dad didn't work at a tennis center. I 1:23:20.360 --> 1:23:22.080 don't know if the answer to that good. 1:23:22.360 --> 1:23:24.920 Because he grew up in an njtail program. So the 1:23:24.960 --> 1:23:28.680 program itself was accessible, The program itself was free. The 1:23:28.720 --> 1:23:31.320 program itself, you know, provided opportunity. 1:23:31.360 --> 1:23:32.120 I run a. 1:23:32.040 --> 1:23:34.479 Program like that here in harlanm the Harlem Junior Tennis, 1:23:34.520 --> 1:23:38.840 an education program which provides access and opportunity for inner 1:23:38.840 --> 1:23:41.840 city youth. There are over two hundred those types of 1:23:41.920 --> 1:23:45.960 chapters in jtail chapters around the country in addition to 1:23:46.040 --> 1:23:50.400 after school program so access is available. It's not about 1:23:50.400 --> 1:23:53.799 having access. It's not about learning the sport. It's about 1:23:53.840 --> 1:23:56.920 once you develop to be a player and you become competitive, 1:23:57.479 --> 1:23:58.880 that's where the cost comes. 1:23:58.960 --> 1:24:02.120 Okay, here's my concern. Every tennis court I see is 1:24:02.160 --> 1:24:03.599 being turned into a pickleball court. 1:24:03.840 --> 1:24:05.960 Not every tennis court. Let's not. Let's not put that 1:24:06.000 --> 1:24:06.479 out there now. 1:24:06.520 --> 1:24:09.280 This is this is driving me crazy. Thank you. 1:24:09.800 --> 1:24:10.040 I know. 1:24:10.200 --> 1:24:11.639 This is when you when you speak to a serious 1:24:11.640 --> 1:24:13.679 tennis player and you ask them about pickleball, that's the answer. 1:24:14.280 --> 1:24:15.400 So what's the challenge? 1:24:15.439 --> 1:24:17.639 So I think the challenge where you're looking at those 1:24:17.720 --> 1:24:21.799 courts are probably at clubs because clubs are about making money. 1:24:22.000 --> 1:24:24.160 So our club is looking at taking a court, one 1:24:24.240 --> 1:24:27.360 tennis court and turn into four pickleball courts where they 1:24:27.360 --> 1:24:30.280 can try. Now they've they've got sixteen players on a 1:24:30.320 --> 1:24:33.760 court versus four, right, So they're looking at the opportunity 1:24:33.800 --> 1:24:37.360 to be able to make more money. To you know, 1:24:37.400 --> 1:24:41.000 it's about monetization. But I also think, listen, I have 1:24:41.040 --> 1:24:43.400 nothing against pickleball. I think it's a great opportunity for 1:24:43.439 --> 1:24:47.679 people to get out and get exercise, to have fun, 1:24:48.160 --> 1:24:51.719 to be social. I think it's fantastic. There's a great 1:24:51.760 --> 1:24:55.639 buzz out there, but it's about longevity. Where where where 1:24:55.680 --> 1:24:59.839 will it go? I think it's growing, But I also 1:25:00.240 --> 1:25:02.320 I don't want to say it's a fad because you 1:25:02.840 --> 1:25:05.799 want it. You want all the racket sports to succeed. 1:25:05.920 --> 1:25:08.240 It's a racket sport. We are a racket sport in tennis. 1:25:08.800 --> 1:25:12.280 But what I do want is that it's done right 1:25:12.360 --> 1:25:15.240 in that people are staying healthy. It's also a sport 1:25:15.280 --> 1:25:19.360 where the highest injuries are coming because everybody thinks they 1:25:19.400 --> 1:25:22.240 can go out and play pickleball, and you know, they're 1:25:22.320 --> 1:25:24.960 running their knees and ankles and they're falling and this 1:25:25.000 --> 1:25:27.320 and that, and so I think there just has to 1:25:27.320 --> 1:25:29.799 be a little more structured to it. You know, tennis 1:25:29.880 --> 1:25:33.080 is a skilled sport and it's a mechanical sport. So 1:25:33.280 --> 1:25:36.080 is pickleball. But people aren't realizing that they're able to 1:25:36.120 --> 1:25:38.719 go out and learn and make you know, hand eye 1:25:38.760 --> 1:25:43.120 coordination quickly without really understanding the mechanics of it or 1:25:43.160 --> 1:25:45.600 the footwork of it, and that's where they're starting to 1:25:45.600 --> 1:25:46.120 get injured. 1:25:46.280 --> 1:25:47.960 What do you love that people talk about when it 1:25:48.000 --> 1:25:50.160 comes to tennis generally, what do you hate that they 1:25:50.200 --> 1:25:50.719 talk about? 1:25:51.479 --> 1:25:54.240 What I love is that it's an individual sport where 1:25:54.280 --> 1:25:57.479 you can just go out and build your own self 1:25:57.600 --> 1:26:01.160 esteem and your self confidence. Right you're figuring out Oh 1:26:01.200 --> 1:26:02.040 my gosh, yes. 1:26:01.960 --> 1:26:02.240 I mean. 1:26:02.320 --> 1:26:07.160 I love to compete. I'm a natural, boring competitor. So 1:26:07.200 --> 1:26:09.479 for me, it was about competing not just against you, 1:26:09.560 --> 1:26:13.240 but against myself and getting better, pushing myself to hit 1:26:13.280 --> 1:26:16.200 one extra ball, pushing myself to go one more rally, 1:26:16.240 --> 1:26:19.599 pushing myself to do one more drill, and pushing myself 1:26:19.640 --> 1:26:22.360 to get better. Every single day I went on the court, 1:26:22.880 --> 1:26:26.120 learning a new shot, learning a new spin, And I 1:26:26.120 --> 1:26:29.719 think that's the thrill that I had that hopefully everybody 1:26:29.760 --> 1:26:32.080 else is having. You know, even I speak to a 1:26:32.160 --> 1:26:35.400 lot of older women that may not be started until 1:26:35.400 --> 1:26:37.800 they're at forty, and they're going out and they're learning 1:26:37.800 --> 1:26:41.040 at forty fifty and they're becoming these three point zero 1:26:41.120 --> 1:26:43.519 level players and having so much fun, and just a 1:26:43.600 --> 1:26:46.920 thrill that excites me the fact that you could start 1:26:47.040 --> 1:26:49.639 so late and have so much fun. It's not going 1:26:49.640 --> 1:26:52.000 out there being you know, playing here at the US 1:26:52.080 --> 1:26:55.240 Open for everybody, but just to go out and have 1:26:55.280 --> 1:26:58.680 fun and build a camaraderie with people and still have 1:26:58.920 --> 1:27:02.920 a competitive drive and natural competitive drive in yourself. So 1:27:03.080 --> 1:27:04.559 there's nothing that I hate about the sport. 1:27:04.680 --> 1:27:06.439 Okay, So then what I want to ask you is, 1:27:06.479 --> 1:27:08.640 I'm thinking about Michelle Obama who at the beginning of 1:27:08.680 --> 1:27:11.160 the week was talking about just equality and pay. And 1:27:11.240 --> 1:27:13.240 here we are, and you know, Tim knows we talk 1:27:13.280 --> 1:27:14.640 about this all the time, that we continue to have 1:27:14.720 --> 1:27:17.000 these conversations and it's the same thing with women in 1:27:17.200 --> 1:27:20.080 you know, the CEO role. How do you feel about it? 1:27:20.120 --> 1:27:22.160 Why does it take so long for their baby parody 1:27:22.240 --> 1:27:22.639 with pay? 1:27:24.040 --> 1:27:26.479 I think it's it's life, right, it's parody. There's no 1:27:26.560 --> 1:27:30.599 parody in plant paid anything that we have. So fifty 1:27:30.720 --> 1:27:32.840 years of equal pay here at the US Open, I 1:27:32.880 --> 1:27:35.640 mean that that says a lot. Yeah, we finally have 1:27:36.320 --> 1:27:40.040 parody and in pay at all of the Grand Slam events. 1:27:40.280 --> 1:27:42.400 Fifty years here, we have it at all of the 1:27:42.400 --> 1:27:47.400 Grand Slams in Australian Roland girls and Wimbledon. Wimbledon was 1:27:47.400 --> 1:27:52.120 the last one two thousand and two, but or twelve. 1:27:52.800 --> 1:27:57.400 But when we look at the tours and we have 1:27:57.479 --> 1:28:01.000 our joint events, and the mind the eighth event is 1:28:01.000 --> 1:28:04.360 still getting paid more than the women at the same event, the. 1:28:04.320 --> 1:28:06.120 Same week, significant location. 1:28:06.800 --> 1:28:11.160 That's where it's challenging. It's getting better, but it's about sponsorship. 1:28:11.200 --> 1:28:13.920 You know, why are we not getting the same level 1:28:13.920 --> 1:28:16.960 of sponsorship for the WCA or for the women events 1:28:17.360 --> 1:28:19.920 that the men are And so, you know, thank God 1:28:19.960 --> 1:28:23.040 for villaging Kings fifty years ago. So go out and 1:28:23.080 --> 1:28:28.160 find a sponsor to throw in the pot to make 1:28:28.280 --> 1:28:31.360 the prize money equal here at the US Open. That's 1:28:31.400 --> 1:28:35.240 because of her and Bristol Myers, who added fifty five 1:28:35.280 --> 1:28:38.640 thousand dollars to the women's prize money to make it 1:28:38.680 --> 1:28:41.160 equal to the men. And then they never look back. 1:28:41.240 --> 1:28:43.960 They realized how much of a great thing it was, 1:28:44.920 --> 1:28:47.840 and we were fortunate enough to be able to do 1:28:47.880 --> 1:28:48.679 that going forward. 1:28:48.720 --> 1:28:50.439 What's wild to me is that it's fifty years of 1:28:50.479 --> 1:28:52.479 equal pay here at the US Open. But there are 1:28:52.479 --> 1:28:55.719 so many other sports today where there's not even close 1:28:55.760 --> 1:28:56.320 to parody. 1:28:56.479 --> 1:28:58.639 Oh no, I mean when you look at the women's 1:28:58.680 --> 1:28:59.920 soccer US. 1:29:00.120 --> 1:29:02.839 W women's national team. 1:29:02.640 --> 1:29:07.680 Women's women's national soccer team, it's it's it's crazy that 1:29:07.680 --> 1:29:10.240 that just happened, you know, And they fought for years 1:29:10.280 --> 1:29:13.080 when they were the better team with their better results 1:29:13.360 --> 1:29:17.200 at World Cup, better recomition, right exactly, and now you know, 1:29:17.320 --> 1:29:22.200 now we have a professional women's hockey team. It's we're 1:29:22.280 --> 1:29:26.760 constantly fighting. And you look at the Women's NBA, the 1:29:26.920 --> 1:29:30.519 w n b A not yet do they have parody, 1:29:30.520 --> 1:29:33.760 even though it's a shorter season, but just look at 1:29:34.640 --> 1:29:36.720 when you look at the amenities. They don't even have 1:29:36.760 --> 1:29:40.120 their own private jets yet. It's crazy to travel from 1:29:40.640 --> 1:29:42.360 from game to game. 1:29:43.120 --> 1:29:45.320 And it says something about whether people say, oh, we 1:29:45.360 --> 1:29:47.360 still think you're valuableth No, it says something about your 1:29:47.439 --> 1:29:48.240 value and your worth. 1:29:48.600 --> 1:29:49.840 It says a lot. 1:29:50.040 --> 1:29:51.960 And so we still have a long way to go, 1:29:53.120 --> 1:29:55.880 and it's something that we as professional athletes have been 1:29:55.920 --> 1:29:59.799 fighting for for a very long time, longer than fifty years, 1:30:00.280 --> 1:30:03.000 and hopefully we can get there. 1:30:03.400 --> 1:30:06.920 Hey, Katrina, one thing I wanted to ask you. You 1:30:06.960 --> 1:30:09.960 talked a little bit about earlier about what it took 1:30:10.040 --> 1:30:13.760 to be a professional tennis player all to practice you 1:30:13.800 --> 1:30:16.720 wanted having the desire to keep going. Tennis is a 1:30:16.760 --> 1:30:19.840 sport that drives individuals completely insane. I mean, you watch 1:30:19.840 --> 1:30:22.839 some of these players on the court and they're screaming 1:30:22.840 --> 1:30:24.600 at it, at themselves. And if you were watching with 1:30:24.640 --> 1:30:26.559 some one of those, so was I. If you're walking 1:30:26.560 --> 1:30:27.960 down the street and you were to see this person 1:30:27.960 --> 1:30:29.519 in the context of like the middle of the street, 1:30:29.520 --> 1:30:31.519 you would say that person actually needs help. So you 1:30:31.520 --> 1:30:34.760 see them on a tennis court and it's like totally normalized. 1:30:34.240 --> 1:30:35.599 And you're like, I get that. I get that. 1:30:36.240 --> 1:30:39.919 I'm wondering, though, how you take that after you retire 1:30:40.520 --> 1:30:43.439 and you use that energy in your professional career, Like 1:30:43.520 --> 1:30:46.360 does that keep going, that mental toughness that you built up? 1:30:47.160 --> 1:30:47.599 It does? 1:30:47.640 --> 1:30:52.320 And I think you know we are. We build ourselves 1:30:52.360 --> 1:30:56.080 to be perfectionists in everything that we do, and so 1:30:56.800 --> 1:31:01.400 there is no room for failure quote unquote failure, but 1:31:01.479 --> 1:31:05.599 only for improvement. So whatever we're doing and whatever profession 1:31:05.640 --> 1:31:08.599 that is, we want to be the best. And I 1:31:08.680 --> 1:31:12.160 know for a fact there are people that hire former 1:31:12.600 --> 1:31:19.080 professional tennis players or athletes because they understand winning. They 1:31:19.120 --> 1:31:23.200 know that they want to win, but they understand what 1:31:23.280 --> 1:31:26.439 losing feels like. So they want to hire them because 1:31:26.439 --> 1:31:28.080 they know that they're going to give it their all 1:31:28.160 --> 1:31:30.840 because they don't like the feeling of losing. So they 1:31:30.880 --> 1:31:33.040 know that they're going to make sure that they're successful. 1:31:33.479 --> 1:31:36.880 And so I think that is those our qualities and 1:31:36.920 --> 1:31:40.040 the life skills that we have that make us great 1:31:40.080 --> 1:31:44.040 in business, no matter what the business is, and you 1:31:44.160 --> 1:31:46.400 learn how to work as a team. Even though tennis 1:31:46.439 --> 1:31:48.920 is an individual sport, I still have a team. I 1:31:48.920 --> 1:31:50.680 got to work with my coach, I gotta work with 1:31:50.680 --> 1:31:52.800 my physio, I got to work with whomever it is. 1:31:52.800 --> 1:31:54.920 I got to work with whoever my practice partner is 1:31:54.960 --> 1:31:56.840 on the other side of the net to make sure 1:31:56.880 --> 1:31:59.360 that our drills are going properly right. 1:31:59.600 --> 1:32:00.519 So, yeah, that's an. 1:32:00.400 --> 1:32:03.439 Individual sport when you're out there competing, but when you're training, 1:32:03.920 --> 1:32:07.679 it is teamwork. And so when you go into business, 1:32:07.840 --> 1:32:11.000 into the professional world outside of sport, or it could 1:32:11.040 --> 1:32:13.840 be business in sport, it's still working with a team 1:32:13.920 --> 1:32:17.200 and you're still driven to do and prepare. It's all 1:32:17.240 --> 1:32:20.080 about preparation. So for me to be the best on 1:32:20.120 --> 1:32:23.320 the court for my match, how well did I prepare? 1:32:23.800 --> 1:32:27.519 For me to do a presentation for you know, some 1:32:28.400 --> 1:32:31.639 some job or to get some deal, how well did 1:32:31.640 --> 1:32:35.400 I prepare? And I think that's what people are hiring 1:32:36.200 --> 1:32:39.639 or looking for in the qualities of individuals. 1:32:39.320 --> 1:32:43.360 You only have about thirty seconds left here, any predictions here? 1:32:43.479 --> 1:32:44.320 Yeah, an American. 1:32:44.640 --> 1:32:46.559 Let's go on the men's and women's side. 1:32:46.640 --> 1:32:47.640 Let's go American. 1:32:47.920 --> 1:32:50.639 All right, go you think so, let's go. So we're 1:32:50.640 --> 1:32:52.120 back to we are back to the nineties. 1:32:52.320 --> 1:32:53.360 There we go, There we go. 1:32:55.520 --> 1:32:58.040 Do you still play? I do very little, but I 1:32:58.040 --> 1:32:59.320 do double singles. 1:32:59.800 --> 1:33:00.360 I just hit. 1:33:00.439 --> 1:33:03.280 I all compete, just well, I compete on the golf course. 1:33:03.479 --> 1:33:04.120 Oh that's right. 1:33:04.240 --> 1:33:06.760 Oh are you screaming yourself on the golf course? 1:33:06.760 --> 1:33:07.160 Absolutely? 1:33:07.320 --> 1:33:08.479 Okay, good, That's what I'd like to hear. 1:33:08.720 --> 1:33:10.000 You know what we really want to notice? Do you 1:33:10.080 --> 1:33:15.400 throw clubs? But you're definitely hit though here. Thank you 1:33:15.439 --> 1:33:18.200 so much, awesod likely to everything. Thank you, Katrina Adams, 1:33:18.240 --> 1:33:21.200 former president, chairman, CEO of the US Tennis Association, former 1:33:21.240 --> 1:33:24.240 pro so much more so inspiring and so much fun. 1:33:25.080 --> 1:33:25.840 Thank you so much. 1:33:26.280 --> 1:33:29.840 You're listening to the Bloomberg Business Week podcast. Catch us 1:33:29.880 --> 1:33:33.240 live weekday afternoons from three to six Eastern Listen on 1:33:33.280 --> 1:33:36.120 Bloomberg dot com, the iHeartRadio app, and the. 1:33:36.080 --> 1:33:40.120 Bloomberg Business App, or watch us live on YouTube. 1:33:41.120 --> 1:33:43.000 Let's get to the guy who's behind it, the man 1:33:43.080 --> 1:33:45.040 behind it all is Chris Studley. He's senior director of 1:33:45.040 --> 1:33:48.439 Event Services at the ust A. Welcome. Nice to have 1:33:48.479 --> 1:33:49.080 you here again. 1:33:49.280 --> 1:33:50.040 Thank you for having me. 1:33:50.120 --> 1:33:51.400 Is it again we told you last year? 1:33:51.439 --> 1:33:51.760 Did we? 1:33:51.960 --> 1:33:56.120 I think briefly, Okay, briefly one year, one year. We've 1:33:56.160 --> 1:33:56.639 had you before. 1:33:56.720 --> 1:33:57.960 I was just gonna say so, I know we always 1:33:57.960 --> 1:33:59.840 talk about food because it's such a big part of it. 1:34:00.680 --> 1:34:01.000 Chris. 1:34:01.040 --> 1:34:03.000 First of all, I can't believe you didn't bring us 1:34:03.000 --> 1:34:03.439 any food. 1:34:04.320 --> 1:34:06.400 I'm sorry about that. I'll grab it after the segment. 1:34:06.439 --> 1:34:08.439 No, no, no, I'm just kidding. But like, talk to us 1:34:08.439 --> 1:34:10.880 about what goes into it, because you do, Tim is right, 1:34:10.920 --> 1:34:12.519 as you walk around, that is such a big part 1:34:12.520 --> 1:34:14.840 of the experience. I've eaten here, Tim is eating here. 1:34:15.600 --> 1:34:18.200 Tell us about how you think about it as what 1:34:18.280 --> 1:34:20.000 you want to offer up to the people who come. 1:34:20.080 --> 1:34:21.960 Well, I can tell you, first of all, I look 1:34:21.960 --> 1:34:24.160 at this tournament as a food and wine festival. And 1:34:24.200 --> 1:34:26.720 by the way, there's tennis. So much to what you 1:34:26.720 --> 1:34:29.240 were describing before. People are walking around eating and drinking. 1:34:29.360 --> 1:34:31.400 And what we want to bring in the names you 1:34:31.439 --> 1:34:34.879 mentioned is the best quality that there is in sports. 1:34:34.880 --> 1:34:36.360 We don't want you to come to a sporting event 1:34:36.360 --> 1:34:38.080 and say, oh I have to eat. We want you 1:34:38.160 --> 1:34:40.080 to come here and say what a great meal you 1:34:40.200 --> 1:34:42.639 had and I got to watch the tennis. So from 1:34:42.640 --> 1:34:45.639 our offerings that you described to our champion steakhouse run 1:34:45.680 --> 1:34:49.320 by Benjamin's right from Manhattan to Aces bringing the best chefs. 1:34:50.320 --> 1:34:54.120 We partnered with Tatiana chef Kwame and Aces to do 1:34:54.160 --> 1:34:55.280 some special dishes for us. 1:34:55.320 --> 1:34:57.559 So, I mean it's really about the food to me 1:34:58.040 --> 1:34:58.439 for sure. 1:34:58.479 --> 1:35:00.320 How do you make sure that the quality is what 1:35:00.400 --> 1:35:03.559 you get in you know, the year round establishment. 1:35:03.720 --> 1:35:06.840 So great question. We meet with these chefs throughout the year. 1:35:06.840 --> 1:35:08.760 I can tell you right now we've been talking to 1:35:08.760 --> 1:35:11.360 people even during this tournament saying I want in next year. 1:35:11.920 --> 1:35:13.519 I'm not going to give you any names today, but 1:35:14.080 --> 1:35:16.200 we will evaluate each and every one. We look at 1:35:16.200 --> 1:35:19.120 what sells, what do our fans want, what's the quality. 1:35:19.320 --> 1:35:21.400 We'll meet with these chefs throughout the year. I can 1:35:21.439 --> 1:35:23.120 tell you you know a number of chefs that we 1:35:23.120 --> 1:35:26.639 brought in, from James Kennet, Crown Shy to Melboy's of Harlem. 1:35:26.680 --> 1:35:27.840 We've been there in the off season. 1:35:27.920 --> 1:35:30.640 We sit with them, we talk to them, and you know, 1:35:30.800 --> 1:35:32.880 to some the menus might not lend themselves to a 1:35:32.920 --> 1:35:35.280 concession stand necessarily, but we'll work with the team to 1:35:35.320 --> 1:35:37.360 bring that item into that environment for our fan. 1:35:37.680 --> 1:35:39.640 How important is it from year to year, Chris, in 1:35:39.720 --> 1:35:42.760 terms of some consistency so that people come back and 1:35:42.760 --> 1:35:43.920 they're like, I know this is going to be here, 1:35:43.920 --> 1:35:44.960 and then also bring in some. 1:35:44.960 --> 1:35:47.720 New It's very important, right. Our fans always want to 1:35:47.720 --> 1:35:50.080 see us innovate. It's the name of the game and 1:35:50.120 --> 1:35:52.960 food especially Obviously, trends change over years and we want 1:35:52.960 --> 1:35:53.599 to be right there. 1:35:54.120 --> 1:35:55.519 But you need to have the staples right. 1:35:55.760 --> 1:35:58.040 Everybody talks about our lobster role as being one of 1:35:58.080 --> 1:36:00.200 the one of the iconic foods of the USO and 1:36:00.560 --> 1:36:01.559 it's also our hamburger. 1:36:01.560 --> 1:36:02.080 Believe it or not. 1:36:02.080 --> 1:36:03.720 They're all Patla free to even though his name might 1:36:03.720 --> 1:36:05.479 not be on that stand. It's all Paler free to 1:36:05.479 --> 1:36:08.240 meet Pat stand over here too. The stak sandwich has 1:36:08.240 --> 1:36:11.640 almost become just as famous as the lobster. Also, you know, 1:36:11.680 --> 1:36:13.639 we try to find what our fans love and really 1:36:13.640 --> 1:36:14.880 gravitate towards and work with it. 1:36:15.280 --> 1:36:15.960 We talked a little bit. 1:36:16.000 --> 1:36:18.080 Go ahead, girl, I'm gonna just what about price point, Like, 1:36:18.120 --> 1:36:20.000 how do you think about that as part of the experience. 1:36:20.040 --> 1:36:22.559 Absolutely. You know, listen, we're in New York City. 1:36:23.120 --> 1:36:25.800 Obviously we're a temporary event, but we were very price 1:36:25.840 --> 1:36:28.559 sensitive in a regard. You know, we would put ourselves 1:36:28.600 --> 1:36:30.599 up against any other New York City venue and say 1:36:30.680 --> 1:36:33.439 that we are probably not the most expensive. We may 1:36:33.439 --> 1:36:35.360 not be the least expensive, but we're right in that 1:36:35.600 --> 1:36:37.320 in that sweet spot because we want to have value 1:36:37.320 --> 1:36:39.759 for our fans. I would tell you that our quality 1:36:39.800 --> 1:36:43.559 though surpasses our peers here. So we know that the 1:36:43.600 --> 1:36:46.120 prices sometimes can be healthy, but we know that we're 1:36:46.160 --> 1:36:47.880 giving you the best quality you can possibly have at 1:36:47.920 --> 1:36:48.559 a sporting event. 1:36:48.760 --> 1:36:51.479 So are you seeing what's the typical markup from an 1:36:51.560 --> 1:36:55.000 established restaurant that you'd experienced in Manhattan and the same 1:36:55.040 --> 1:36:55.920 dish that you'd get here. 1:36:56.840 --> 1:36:57.599 Is there a mark up? 1:36:57.800 --> 1:36:58.439 It's not. 1:36:58.760 --> 1:37:01.519 There's no direct correlation in that regard. You know, a 1:37:01.520 --> 1:37:03.160 concession stand, you're not going to really be able to 1:37:03.160 --> 1:37:05.720 compare directly to the items. I can tell you in 1:37:05.720 --> 1:37:08.080 some of our restaurants there's a slight markup just for 1:37:08.600 --> 1:37:10.720 you know, bringing the team out here and operating, but 1:37:10.960 --> 1:37:12.240 there's no set percentage. 1:37:12.280 --> 1:37:14.920 Say hey, one thing you had brought up. We were 1:37:14.920 --> 1:37:16.559 thinking on this job's day, right. 1:37:16.640 --> 1:37:19.760 Yeah, I mean it's pretty incredible. Hospitality one of the 1:37:19.800 --> 1:37:22.320 continued bright spots when it comes to the US labor market, 1:37:22.360 --> 1:37:26.000 and the biggest gains in August were in healthcare hospitality 1:37:26.040 --> 1:37:29.960 as well leasion hospitality. How is it getting employees right now? 1:37:30.360 --> 1:37:32.680 You know, our team did a fantastic job. I mean 1:37:32.720 --> 1:37:34.920 I oversee our front of house services as well, and 1:37:34.960 --> 1:37:37.240 this was probably the earliest we were ever fully committed 1:37:37.240 --> 1:37:39.400 for all of our seasonal staff that we bring in, 1:37:39.920 --> 1:37:42.519 which is it's wild to think about with the lowest 1:37:42.560 --> 1:37:45.720 unemployment rate, right, but people want to come work here. 1:37:45.720 --> 1:37:48.160 We have people that take vacation to come work here. 1:37:48.880 --> 1:37:51.320 You know, you could be a server in a restaurant 1:37:51.360 --> 1:37:53.519 and you're saying to your New York City restaurant, hey, 1:37:53.560 --> 1:37:54.840 I want to go out to the open work there. 1:37:54.920 --> 1:37:57.960 Do people who work for one establishment get paid the 1:37:57.960 --> 1:38:01.280 same hourly wage that work for an their establishment. 1:38:01.200 --> 1:38:01.800 Most of the time. 1:38:01.840 --> 1:38:03.800 I mean, there is some different levels depending on how 1:38:03.800 --> 1:38:06.320 many years you've been here, who you're with, what restaurant 1:38:06.360 --> 1:38:08.960 in particular, but you know it varies. You interview for 1:38:08.960 --> 1:38:11.200 the position just like you would at a restaurant in 1:38:11.439 --> 1:38:12.080 New York City. 1:38:13.000 --> 1:38:16.000 How difficult is it to settle this up? I love 1:38:16.080 --> 1:38:19.760 logistics because we come here and it just looks like 1:38:19.840 --> 1:38:23.040 it's been here forever and we know it goes away. 1:38:23.120 --> 1:38:24.880 I love getting asked those questions. 1:38:24.960 --> 1:38:28.960 I'd say the truth, the logistics behind it is mind blowing, to. 1:38:28.880 --> 1:38:31.240 Say the least. How early do you start the day 1:38:31.240 --> 1:38:34.040 after it ends? I mean we're here figuring it. 1:38:34.000 --> 1:38:37.320 Out, okay with that part, but building this and building 1:38:37.320 --> 1:38:40.479 everything that's in your world to make this happen. When 1:38:40.520 --> 1:38:41.200 does that start? 1:38:42.080 --> 1:38:45.000 The planning goes into place right away. The build up 1:38:45.040 --> 1:38:46.960 I mean by the springtime, you'll see a lot of 1:38:47.000 --> 1:38:50.439 movement here and things getting physically set up, aside from 1:38:50.439 --> 1:38:53.160 any new buildings we're going to build right you know. 1:38:53.200 --> 1:38:55.439 Obviously we went under this massive renovation that was all 1:38:55.520 --> 1:38:57.400 year for a number of years, and we stopped for 1:38:57.439 --> 1:38:59.400 the open and we went back into it. But in 1:38:59.479 --> 1:39:02.599 terms of the general repeat business that we're doing, we'll 1:39:02.600 --> 1:39:03.439 start in the spring. 1:39:04.560 --> 1:39:06.920 We're speaking right now with Chris Studley. He's senior director 1:39:07.160 --> 1:39:09.680 of Events Services here at the USTA. We're live at 1:39:09.720 --> 1:39:11.439 the twenty twenty three US open. 1:39:11.640 --> 1:39:14.000 But on that in terms of the food part of it, 1:39:14.080 --> 1:39:16.800 like what's involved logistically with building that out. 1:39:17.640 --> 1:39:20.880 So we'll have trucks showing up in early August. You know, 1:39:21.080 --> 1:39:23.519 with the volume of food and beverage we do here, 1:39:23.680 --> 1:39:25.439 we have trucks coming in every single day. But we'll 1:39:25.439 --> 1:39:28.880 build out a temporary warehouse facility essentially to house everything. 1:39:28.960 --> 1:39:31.559 I mean, you mentioned some of our drinks, the Honeyduce 1:39:31.880 --> 1:39:32.519 we sold for. 1:39:32.560 --> 1:39:35.000 The Honey Duce cup at home, Well, we had a 1:39:35.040 --> 1:39:35.240 lot of. 1:39:35.240 --> 1:39:37.120 People walking around like seven Honey Duce cups. 1:39:37.120 --> 1:39:40.200 Okay, So to think about the logistics behind that, four 1:39:40.320 --> 1:39:42.599 hundred thousand cups are sitting behind the scenes right now. 1:39:42.920 --> 1:39:45.479 You know, they're ready to go, and the team's moving 1:39:45.479 --> 1:39:47.760 them about getting them all over the site. So, I mean, 1:39:47.800 --> 1:39:49.679 the logistics behind it is massive. 1:39:49.720 --> 1:39:51.400 So, speaking of the Honey Duce, one of the reasons 1:39:51.439 --> 1:39:53.599 I asked about labor was because as I was leaving 1:39:53.680 --> 1:39:57.400 yesterday after doing our broadcast, the lines for some of 1:39:57.439 --> 1:40:00.799 these concession stands we're so low, Chris, and I couldn't 1:40:00.800 --> 1:40:03.200 help think to myself, there must be people who see 1:40:03.200 --> 1:40:04.960 these lines and say to themselves, I don't want to 1:40:04.960 --> 1:40:07.240 wait in this line and you know, therefore the USTA 1:40:07.360 --> 1:40:09.080 is not going to get my twenty two dollars for 1:40:09.640 --> 1:40:12.759 the honeyduce. How do you control for lines here? 1:40:12.960 --> 1:40:14.800 It's a great question, and I'm glad you mentioned the 1:40:14.800 --> 1:40:18.479 honey Duce on that one. So innovation, right, So this 1:40:18.600 --> 1:40:20.479 is the first year we're actually able to batch some 1:40:20.520 --> 1:40:21.720 of the Honeyduce. 1:40:21.280 --> 1:40:22.280 To try to speed those up. 1:40:22.560 --> 1:40:24.439 We rolled it out in somewhat of a pilot program 1:40:24.439 --> 1:40:26.680 this year at ten different locations around the site, and 1:40:26.720 --> 1:40:29.840 we're seeing that we're able to increase service. So our 1:40:29.840 --> 1:40:32.720 goal here is let's roll it out all over next year. 1:40:32.760 --> 1:40:35.240 What does that mean that so we are able to 1:40:35.280 --> 1:40:39.240 prepare part of the drink in a ready to mix container, 1:40:39.280 --> 1:40:42.240 and we can control the quality most importantly. You know, 1:40:42.280 --> 1:40:43.360 if you go to a bar and you get a 1:40:43.439 --> 1:40:45.240 drink made and you may not like that one. Here, 1:40:45.320 --> 1:40:47.960 we can actually do the quality testing behind the scenes, 1:40:48.360 --> 1:40:51.080 know the exact precise measurements, and then also deliver to 1:40:51.080 --> 1:40:53.560 you faster. So innovation is key and we're going to 1:40:53.600 --> 1:40:54.679 speed those lines up for sure. 1:40:54.720 --> 1:40:57.439 But so that's the question. Is it then forgive the 1:40:57.520 --> 1:41:00.160 terminology here, but is it a failure to you you 1:41:00.160 --> 1:41:02.000 walk around and see huge lines and people waiting. 1:41:02.120 --> 1:41:03.679 It's disappointing for sure. 1:41:03.840 --> 1:41:05.519 I mean, we want to be able to service every 1:41:05.560 --> 1:41:08.040 customer as quickly as possible, but we also want to 1:41:08.040 --> 1:41:11.160 deliver that excellent experience. So it's a fine balance for 1:41:11.280 --> 1:41:13.080 you know, for sure. But we're trying to make sure 1:41:13.120 --> 1:41:13.880 that we innovate. 1:41:13.640 --> 1:41:15.280 As much as this are. There areas are down here 1:41:15.320 --> 1:41:17.200 where you walk around this year and you say, okay, 1:41:17.200 --> 1:41:19.759 well we could do another of this type of concession 1:41:19.840 --> 1:41:21.800 right here and ease the demand a little bit. 1:41:22.200 --> 1:41:24.360 Yeah, I mean, and you know, it's surprising because each year, 1:41:24.400 --> 1:41:26.240 I mean, we know there's some things that never fade. Right, 1:41:26.240 --> 1:41:28.400 The honey Juice is not fading. It is the most popular, 1:41:28.439 --> 1:41:31.640 is it, really? It is by far. But you know, 1:41:31.800 --> 1:41:33.120 sometimes they're surprising. 1:41:32.960 --> 1:41:36.479 That's honey juice lovers. No, it's actually a matt sorry 1:41:36.520 --> 1:41:36.920 for sure. 1:41:37.040 --> 1:41:37.559 For sure. 1:41:37.960 --> 1:41:40.120 Yeah, No, it's it's always interesting to see what's going 1:41:40.160 --> 1:41:41.080 to be the top seller. 1:41:40.880 --> 1:41:41.280 Of the year. 1:41:42.400 --> 1:41:43.960 Are you adding more drinks that are. 1:41:43.960 --> 1:41:46.120 Like, well, we have this year. We have the Aperol 1:41:46.160 --> 1:41:49.400 Sprits as well. Right, and Dobell has joined us with 1:41:49.439 --> 1:41:52.479 their Ace Piloma cocktail and they're both delicious. I encourage 1:41:52.520 --> 1:41:53.519 you to try them before you leave. 1:41:53.920 --> 1:41:58.040 What's interesting, too, is are there workers that you needed 1:41:58.040 --> 1:41:59.559 that you couldn't hire or you said you could get 1:41:59.560 --> 1:42:00.320 everybody wanted. 1:42:00.560 --> 1:42:02.640 I think we're pretty well staffed. I would say that 1:42:02.680 --> 1:42:05.000 we're really well staffed. And you know, we benefit from 1:42:05.000 --> 1:42:07.080 the folks that come back every year and they help 1:42:07.160 --> 1:42:08.840 us really make the operation home. 1:42:09.080 --> 1:42:11.000 Here, Carol, I got a number for you. What one 1:42:11.040 --> 1:42:14.960 point two million? Okay, that's one point two million mellon 1:42:15.000 --> 1:42:17.480 balls that the USTAS. 1:42:17.520 --> 1:42:18.360 I get a number for you. 1:42:18.800 --> 1:42:22.920 What ninety pounds of beef? Did you have a Hamberger today? 1:42:23.000 --> 1:42:25.720 I did have a Hamberg surprise. 1:42:26.240 --> 1:42:27.200 And I ain't done yet. 1:42:27.600 --> 1:42:29.759 We're going to come back with Chris Dudley, Senior Director 1:42:29.800 --> 1:42:32.080 of Event Services at USDA. He's got a big job here, 1:42:32.080 --> 1:42:34.320 he's getting it done. And we're still here with Chris Dudley, 1:42:34.520 --> 1:42:38.360 Senior director of Event Services at USTA. And I know 1:42:38.439 --> 1:42:40.680 the answer because we were talking about it before we 1:42:40.880 --> 1:42:43.559 got going again. But supply chains were you know, you 1:42:43.600 --> 1:42:45.960 go back a few years coming off the pandemic nightmare. 1:42:46.600 --> 1:42:49.920 Are you getting everything you want and at decent costs? 1:42:50.200 --> 1:42:52.720 Or you've got enough lobster, would I think so? 1:42:52.920 --> 1:42:54.639 Okay, I think so. I think we're in good shape 1:42:54.640 --> 1:42:57.360 this year. Vodka. No, Fortunately, it's one of those things. 1:42:58.320 --> 1:43:00.800 Let's get to the priority. For sure. Fortunately, it's one 1:43:00.840 --> 1:43:02.320 of those things that's kind of been in the past 1:43:02.320 --> 1:43:02.559 for us. 1:43:02.640 --> 1:43:05.400 Now thankfully not an issue, but it wasn't issue. 1:43:05.439 --> 1:43:07.559 It was an issue a while back. Yeah, for sure. 1:43:07.600 --> 1:43:09.400 I mean I think everybody fought through the same thing, 1:43:09.479 --> 1:43:11.280 and I think we're on the other side of the 1:43:11.280 --> 1:43:13.559 supply chain in terms of our business right now. 1:43:13.840 --> 1:43:16.840 What were the challenges this year? If it wasn't employees, 1:43:16.960 --> 1:43:19.280 if it wasn't supply chains, what's the what's the big 1:43:19.360 --> 1:43:20.080 challenge this year? 1:43:21.040 --> 1:43:23.000 Weather? Who can control the weather? 1:43:23.040 --> 1:43:26.599 But look at us, I know kind of day right here, 1:43:26.640 --> 1:43:27.240 it's amazing. 1:43:27.360 --> 1:43:29.000 That's the biggest concern we have right now. I think 1:43:29.000 --> 1:43:29.639 we're doing okay. 1:43:29.760 --> 1:43:32.240 I do wonder though, you said while we were off air, 1:43:32.400 --> 1:43:34.920 you know, I'm here before everybody else and I leave 1:43:34.960 --> 1:43:37.640 after everybody. I mean, what's what are the calls that 1:43:37.720 --> 1:43:41.080 you get? Is it that way? You know, electricity isn't 1:43:41.120 --> 1:43:44.559 working or we ran out of burger or something. What 1:43:44.720 --> 1:43:46.320 is it? What's the stress points for you? 1:43:46.360 --> 1:43:49.120 Doing this, you know, to your point earlier lines and things. 1:43:49.160 --> 1:43:50.200 You know, you want to make sure everybody has a 1:43:50.240 --> 1:43:52.120 good experience. So we're trying to send people out. Like 1:43:52.200 --> 1:43:54.200 during the typical day, I might hear that we might 1:43:54.240 --> 1:43:55.760 have an issue with a line over here, a line 1:43:55.800 --> 1:43:59.360 over there in terms of food. If one of those 1:43:59.400 --> 1:44:01.400 facilities isues pops up. We have a great team here. 1:44:01.439 --> 1:44:01.800 One of my. 1:44:01.760 --> 1:44:04.480 Counterparts on the back house side helps me out tremendously. 1:44:05.040 --> 1:44:06.800 Give a quick call and we get everything right back on. 1:44:06.920 --> 1:44:08.559 So those are the little pain point. 1:44:08.640 --> 1:44:10.439 How do you how do you alleviate a line? 1:44:11.320 --> 1:44:13.360 Well, you can send more people over to help out, right, 1:44:13.400 --> 1:44:15.040 I mean if you get a honeydusee line, you try 1:44:15.040 --> 1:44:16.639 to get a couple more bartenders over there too. 1:44:16.880 --> 1:44:19.000 Yeah. Yeah, I mean we've done everything we can. 1:44:19.080 --> 1:44:21.960 I mean, pos is always one thing that we look at, 1:44:22.000 --> 1:44:24.320 and we've upgraded our systems over the years to try 1:44:24.360 --> 1:44:25.400 to process those transactions. 1:44:25.439 --> 1:44:27.479 We met some folks from American Express earlier today. If 1:44:27.479 --> 1:44:29.400 you want to talk to them, they know a thing 1:44:29.479 --> 1:44:30.599 or two about our processing. 1:44:30.840 --> 1:44:33.040 They're fantastic action. They are a good partner. 1:44:33.240 --> 1:44:35.160 Well, I think about like a Disney right, you have 1:44:35.240 --> 1:44:38.080 apps and you can like kind of guide people. Do 1:44:38.160 --> 1:44:40.120 you think about that the role of technology is it's 1:44:40.160 --> 1:44:41.960 a big thing here. Do you say, listen, I know 1:44:42.000 --> 1:44:42.760 there's lines here, but. 1:44:42.920 --> 1:44:44.960 You know what, so I have a great point on that. 1:44:45.040 --> 1:44:48.400 I mean, we tried out mobile ordering. We did it 1:44:48.439 --> 1:44:50.840 so that you could order anything from the food village 1:44:50.840 --> 1:44:52.439 and then you could grab it and go to your table. 1:44:53.280 --> 1:44:54.960 And what happened was our customers said. 1:44:54.800 --> 1:44:57.280 We don't really want to do that seriously, And I'll 1:44:57.280 --> 1:44:57.720 tell you why. 1:44:57.720 --> 1:44:59.960 I mean, you know, when you come here, because you're 1:45:00.040 --> 1:45:01.800 coming here once a year, you want to walk around 1:45:01.840 --> 1:45:03.760 and check out everything. To your point, we were talking 1:45:03.760 --> 1:45:05.760 about what's new. They want to see what's new. They 1:45:05.760 --> 1:45:07.120 want to go look at that menu. They want to 1:45:07.120 --> 1:45:08.960 pick what item they want. They don't really want to 1:45:08.960 --> 1:45:10.519 do it on a small phone screen. They want to 1:45:10.520 --> 1:45:12.080 see the kitchen. They want to know what's going on. 1:45:12.160 --> 1:45:15.879 So, okay, one point two million mellon balls are are created. 1:45:16.520 --> 1:45:20.360 Are bald from melon's. I think that's the proper terminology 1:45:20.400 --> 1:45:22.519 here for sure. Each year, I guess. So I'm going 1:45:22.600 --> 1:45:25.000 to go ahead and say that it's Friday afternoon. I'm 1:45:25.000 --> 1:45:26.639 not making stuff up. I think that's how it goes 1:45:26.920 --> 1:45:29.160 a little bit. We talked to the folks at Chipole 1:45:29.200 --> 1:45:33.200 about quarterly and they've started to invest in technology that 1:45:33.280 --> 1:45:37.439 automates guacamole making so they can free up employees who 1:45:37.800 --> 1:45:40.920 spend time doing that laborious task of actually cutting up 1:45:40.920 --> 1:45:44.720 avocados and getting the guak out. Can you do that 1:45:44.760 --> 1:45:46.880 with with mes mellon ball? 1:45:47.240 --> 1:45:50.639 We actually get them pre bald. Okay, well we bring 1:45:50.680 --> 1:45:53.120 them in. We've done that. We started in the very beginning, right, 1:45:53.160 --> 1:45:56.160 interview's over. Got nothing, I'm telling you for you. We 1:45:56.200 --> 1:45:58.800 look for every way to make as comes to us 1:45:58.800 --> 1:46:00.960 from the supplier pre Ball. But we do have people 1:46:00.960 --> 1:46:03.320 that skewer each one till we get three. Because if 1:46:03.360 --> 1:46:05.400 you notice the drink, it's got three melon balls to 1:46:05.400 --> 1:46:07.920 indicate the same number, and a tennis ball cans. 1:46:08.000 --> 1:46:09.400 That's the tie there. 1:46:09.439 --> 1:46:10.519 I never knew why I was three. 1:46:10.680 --> 1:46:11.720 Yeah. 1:46:11.800 --> 1:46:15.280 What was interesting too, is I think about more broadly 1:46:15.439 --> 1:46:18.240 the things that you guys are doing here from the 1:46:18.360 --> 1:46:20.880 USTA and using this incredible space. I mean, it is 1:46:20.920 --> 1:46:24.120 obviously about tennis and this is your big event, rightfully so, 1:46:24.240 --> 1:46:25.360 but you're doing other things. 1:46:25.600 --> 1:46:28.040 Yeah, absolutely, I mean tennis is number one. I got 1:46:28.040 --> 1:46:29.000 to say that off the top, I. 1:46:28.960 --> 1:46:31.200 Had to stop talking about mellon balls. I'm just I'm 1:46:31.240 --> 1:46:33.000 just gonna say, ooops, I threw my pen on that one. 1:46:33.960 --> 1:46:37.520 I was a little but anyway. 1:46:36.680 --> 1:46:37.080 Yeah, I know. 1:46:37.200 --> 1:46:39.080 Obviously tennis is number one for us, but we're always 1:46:39.080 --> 1:46:41.400 looking for new ways to use the facility. It's great 1:46:41.960 --> 1:46:44.200 we can bring staff in. They can work with us along, 1:46:44.400 --> 1:46:46.720 you know, throughout the year, which is critical for us. 1:46:46.800 --> 1:46:49.120 Like a concert venue, we would love to if you 1:46:49.160 --> 1:46:50.680 know somebody wants to play here, you let me know. 1:46:51.439 --> 1:46:54.439 But Taylor Taylor Swift as long as I can get 1:46:54.439 --> 1:46:54.840 it taken out. 1:46:54.840 --> 1:46:56.599 But do you I mean, are you talking with people 1:46:56.840 --> 1:46:59.120 who have you know, whether it's Barkley's or other like, 1:46:59.479 --> 1:47:02.000 they definitely relationships and they do of course. 1:47:01.800 --> 1:47:03.680 Of course, and we do have some people talking to 1:47:03.680 --> 1:47:07.240 other people. Yeah, to put it very vaguely, but no, 1:47:07.360 --> 1:47:09.439 we would love to host a show for sure. 1:47:10.200 --> 1:47:10.680 I can tell you. 1:47:10.720 --> 1:47:12.679 Ten days after the Open this year, we'll be converting 1:47:12.760 --> 1:47:15.759 the tennis court into a wrestling ring for AW Wrestling 1:47:16.640 --> 1:47:20.160 on September twentieth. So it's gonna be our third show here. 1:47:20.200 --> 1:47:25.280 They call it AW Grand Slam appropriately. Yeah, so it's 1:47:25.360 --> 1:47:27.519 drawn about eighteen thousand people you're over here. 1:47:27.720 --> 1:47:30.160 That's quite a few for sure. You said twenty four 1:47:30.200 --> 1:47:31.120 thousand is capacity. 1:47:31.160 --> 1:47:33.640 Twenty four thousand's capacity. We've got about eighteen thousand in 1:47:33.680 --> 1:47:34.559 the house for the show. 1:47:34.960 --> 1:47:36.960 Is it Do you typically do it with the roof 1:47:37.000 --> 1:47:38.559 open or does it depending weather? 1:47:38.640 --> 1:47:40.240 We actually keep the roof closed for all of our 1:47:40.240 --> 1:47:42.759 outside events. It makes things so much easier, less worry 1:47:42.760 --> 1:47:43.720 whether there's gonna be weather. 1:47:43.960 --> 1:47:45.640 Yeah, I'm thinking about the dogs that we're here. They 1:47:45.680 --> 1:47:47.479 spend a lot of time getting their hair done. Talk 1:47:47.479 --> 1:47:50.040 to us about the Westminster I've seen it. I'm a 1:47:50.040 --> 1:47:52.439 dog lover. I've been to the Westminster dog Show. There's 1:47:52.479 --> 1:47:55.519 a lot of you know, primping, but you guys have 1:47:55.640 --> 1:47:56.000 done it. 1:47:56.080 --> 1:47:57.880 We have, we have. We got one under our belts. 1:47:57.880 --> 1:48:00.839 We got them coming back again next May. We're super excited. 1:48:01.080 --> 1:48:03.280 They took over Arthur ash Stadium, all the player areas, 1:48:03.320 --> 1:48:05.080 you name it. We had three thousand dogs here over 1:48:05.120 --> 1:48:06.599 three days. It was wild. 1:48:06.720 --> 1:48:09.519 Okay, what's the one event that you haven't gotten to 1:48:09.560 --> 1:48:12.920 host here that you want to host? What's on that's 1:48:12.920 --> 1:48:13.599 aid your wish list? 1:48:14.160 --> 1:48:14.639 My wish list. 1:48:14.760 --> 1:48:17.200 I'll take a concert I'll take a concert, give us 1:48:17.200 --> 1:48:20.920 a name, I call me, let's talk about it. 1:48:21.040 --> 1:48:23.120 But you do think about the exclusivity. First of all, 1:48:23.200 --> 1:48:24.960 it is a great venue and it is a little 1:48:24.960 --> 1:48:27.559 bit smaller, which I like to go to smaller places, right, 1:48:27.880 --> 1:48:30.639 I mean, otherwise they get too big, so you could 1:48:30.640 --> 1:48:31.920 really do some really cool things. 1:48:32.120 --> 1:48:35.040 I agree, I agree, all right, So easy to get 1:48:35.040 --> 1:48:37.200 to yeah, which I think people forget. 1:48:37.439 --> 1:48:39.439 Just jump on the seven train or the l R R, 1:48:39.800 --> 1:48:40.679 which is where I did. 1:48:42.520 --> 1:48:45.760 Someone's coming here, they're coming for a night. What would 1:48:45.800 --> 1:48:47.519 you advise that they do. They're going to watch tennis. 1:48:47.560 --> 1:48:50.000 But okay, you got to explore. 1:48:50.320 --> 1:48:52.600 You know, part of hosting all these other events is 1:48:52.640 --> 1:48:55.040 getting people out here that may not have been here before. 1:48:55.439 --> 1:48:57.000 And I can't tell you how many people come to 1:48:57.000 --> 1:48:59.320 one of our events, whether it be Westminster or a 1:48:59.479 --> 1:49:01.920 w wrestling and when they walk through the gates, I 1:49:01.960 --> 1:49:03.840 didn't even realize this place was here because they may 1:49:03.880 --> 1:49:05.920 not be a tennis fan. So I invite everybody that's 1:49:05.960 --> 1:49:08.080 not a tennis fan to really explore. And if you 1:49:08.120 --> 1:49:09.920 are and you've never been here before, make sure you're 1:49:09.920 --> 1:49:12.200 walking around to check out all the secrets behind the scenes. 1:49:12.240 --> 1:49:12.680 And what we got. 1:49:12.760 --> 1:49:13.519 What would you go eat? 1:49:14.400 --> 1:49:16.559 I would probably grab some gelato from the card over 1:49:16.600 --> 1:49:19.599 here right now is also really goodnest and Van Luin 1:49:19.640 --> 1:49:21.519 ice cream. Can we have our own flavor? This year 1:49:21.720 --> 1:49:25.400 they created our own us open. It's a honeycomb fudge slam. 1:49:25.439 --> 1:49:26.080 Of course it is. 1:49:26.240 --> 1:49:27.320 So this sounds pretty good. 1:49:27.400 --> 1:49:28.720 Yeah, that actually sounds really good. 1:49:29.240 --> 1:49:31.280 Thank you so much, my pleasure, good luck, good luck, 1:49:31.320 --> 1:49:32.360 and I hope you get a little bit of a 1:49:32.360 --> 1:49:35.040 break between your next events. Chris Dudley, of course, Senior 1:49:35.040 --> 1:49:37.160 director of Event Services at USTA. 1:49:38.479 --> 1:49:41.719 This is the Bloomberg Business Week podcast. I'll a little 1:49:41.880 --> 1:49:45.320 of Apple, Spotify and anywhere else you can get your podcast. 1:49:45.800 --> 1:49:49.360 Listen live weekday afternoons from three to six Easterning on 1:49:49.479 --> 1:49:52.840 Bloomberg dot com, the iHeartRadio app, tune In, and the 1:49:52.840 --> 1:49:55.840 Bloomberg Business app. You can also watch us live every 1:49:55.840 --> 1:49:59.479 weekday on YouTube and always on the Bloomberg terminal alone.