WEBVTT - Businessweek Extra - Susan Lyne

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<v Speaker 1>This is Bloomberg Business Week from Bloomberg Radio. I'm Jason

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<v Speaker 1>Kelly and I'm Carol Master. Welcome to the Bloomberg Business

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<v Speaker 1>Week Extra. It's our weekly podcast bringing you an in

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<v Speaker 1>depth interview you will not hear anywhere else. And this

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<v Speaker 1>week we caught up with Susan Lyne, President, founder of

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<v Speaker 1>BBG Ventures. Her career, man, it has spanned publishing, multimedia,

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<v Speaker 1>and of course now she's a venture capitalist. She's also

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<v Speaker 1>though the former president of ABC Entertainment. Jason she saw

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<v Speaker 1>time at a o L dot com directed the board

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<v Speaker 1>of Guilt Group. Love catching up with her. Yeah, it

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<v Speaker 1>was a wide range of conversation. To be sure, the

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<v Speaker 1>things she's seen and the thing she's expecting to see

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<v Speaker 1>are really really interesting. Check it out. Your career has

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<v Speaker 1>spanned so many different industries and multimedia. I think about publishing,

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<v Speaker 1>venture capitalism. I want to ask you, there's so much

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<v Speaker 1>going on in these worlds. What is it that you

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<v Speaker 1>find kind of interesting in terms of disruptive trends? Right now? Oh? Wow? UM,

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<v Speaker 1>I know it's broad, but I just curs there are

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<v Speaker 1>so many things and they, um, they fall into a

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<v Speaker 1>couple of categories. So I still think that there are

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<v Speaker 1>a lot of industries that are that have not been disrupted. Actually,

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<v Speaker 1>health care is probably the biggest opportunity that exists right now.

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<v Speaker 1>There are still so many consumer unfriendly parts of of

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<v Speaker 1>the health care journey UM, and everybody, every single group

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<v Speaker 1>at the table, believes that we need to have new solutions,

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<v Speaker 1>whether it's insurers or it's it's health care providers or

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<v Speaker 1>its consumers UM. So that's always a good moment to

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<v Speaker 1>be be investing. And we're actually seeing a lot of

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<v Speaker 1>I think more interesting models for delivery of either mental

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<v Speaker 1>health care or or physical health care UM that will

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<v Speaker 1>need to scale to prove themselves out, but could be

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<v Speaker 1>very viable over time. Well, and I looked at your

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<v Speaker 1>investment more family. I mean, since then, you guys are

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<v Speaker 1>in a lot of different areas. Are in retail, UM,

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<v Speaker 1>You're in you know, property, You're in so many different

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<v Speaker 1>areas in terms of healthcare. What are some of the

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<v Speaker 1>new models that you're seeing. What are some of the

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<v Speaker 1>interesting opportunities that you find that you want to commit money. Well,

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<v Speaker 1>we've made a couple of investments. We're in a company

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<v Speaker 1>called spring Health that takes over healthcare coverage for employees

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<v Speaker 1>so they sell to companies, They say, let us do

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<v Speaker 1>this for you. We will be able to get your

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<v Speaker 1>employees to the right kind of care faster than you

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<v Speaker 1>could possibly do it. And they do that using algorithms.

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<v Speaker 1>They have a great database UM, and they can both

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<v Speaker 1>save companies money and at the same time they can

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<v Speaker 1>get employees the care they need so much faster that Uh,

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<v Speaker 1>it's a real bonus for a company culture. How difficult

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<v Speaker 1>do you think that it is to kind of untangle

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<v Speaker 1>the existing healthcare infrastructure. I think this is such a

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<v Speaker 1>tough one, and I think it's why you're not seeing

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<v Speaker 1>it one of the earlier cases of disruption. So how

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<v Speaker 1>how much you know the traditional healthcare companies that we

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<v Speaker 1>have today will be ultimately five years, ten years, they're

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<v Speaker 1>not going to be the major players because there's companies

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<v Speaker 1>like the ones that you're investing in UM under the

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<v Speaker 1>I think it completely depends on which part of this

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<v Speaker 1>you're talking about. So I think the insurers are probably

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<v Speaker 1>not going to change in the short term, but I

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<v Speaker 1>think they are looking for more cost effective and more

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<v Speaker 1>successful solutions to a lot of different issues for consumers UM.

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<v Speaker 1>So they're actually aligned with with all of us right,

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<v Speaker 1>if you can find the right product for them, if

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<v Speaker 1>you can find something that you can show them you're

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<v Speaker 1>spending X. Now we can do this for why and

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<v Speaker 1>you're going to save money. So I think there are

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<v Speaker 1>there are definitely alliances to be made. UM. Yeah. One

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<v Speaker 1>of the biggest issues has been how slow it is

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<v Speaker 1>to get change at UM at large health care institutions,

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<v Speaker 1>whether their hospitals or their UM but there are far

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<v Speaker 1>fewer providers and so and by that I mean insurance providers,

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<v Speaker 1>UH that it's probably easier if you can find an

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<v Speaker 1>alliance with them. Now. There are also a lot of

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<v Speaker 1>companies that are starting clinics and new models for delivery

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<v Speaker 1>of either women's health care or UM or prenatal and

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<v Speaker 1>postpartum care. They're taking some piece of this and they're

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<v Speaker 1>saying we can do this better UM and so I

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<v Speaker 1>think it will take time for those to scale up.

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<v Speaker 1>But as startups, a lot of them are doing very

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<v Speaker 1>well right and when it starts to show UM an

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<v Speaker 1>impact on bottom lines or something, it's very easy for

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<v Speaker 1>them to ramp up. I have to ask you about

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<v Speaker 1>the media world because I feel like there's so much

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<v Speaker 1>going on. You're the former president of ABC Entertainment Streaming

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<v Speaker 1>Wars already laying it out in Business Week magazine. This

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<v Speaker 1>is going to be one of the big themes to watch.

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<v Speaker 1>Um who who will you be watching? There's Disney, plus,

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<v Speaker 1>there's Apple plus, Comcasts got Peacock, HBO has got a

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<v Speaker 1>new entry. Yeah. Who do you think it's interesting? Well?

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<v Speaker 1>I think Disney is really interesting. Now I'm I'm probably

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<v Speaker 1>biased because I was a little bit company for a decade,

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<v Speaker 1>but I do think they have unique assets and that's

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<v Speaker 1>one of the things I has done that I think

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<v Speaker 1>it's been incredibly smart. Um. If you look at the

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<v Speaker 1>movie business that Disney has because of the companies that

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<v Speaker 1>have acquired, because of Pixar, because of Marvel, um, because

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<v Speaker 1>of the Star Wars franchise. Uh, they have you know,

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<v Speaker 1>I'm gonna say more than half of the billion dollar

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<v Speaker 1>films that have come out in the last five years. Um,

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<v Speaker 1>you want to see it exactly and again for exactly

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<v Speaker 1>Um and who who know the franchise right, so so

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<v Speaker 1>they don't have to hear a long description of it

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<v Speaker 1>before they know, Hey, I want to I want to

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<v Speaker 1>watch this. Um. And now with Fox they have an

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<v Speaker 1>even bigger library. So I think they're going to be

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<v Speaker 1>hard to beat among the new entrants, and they're coming

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<v Speaker 1>out pretty inexpectedly. I think it's six, So it's easy

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<v Speaker 1>to kind of tack that on absolutely. Um, it's cable

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<v Speaker 1>dead or getting slowly towards that. I mean, there's still

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<v Speaker 1>like eighty million US cable subscribers. But what what happens?

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<v Speaker 1>You know, I think it's going to take time. But

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<v Speaker 1>I look at my children and they are not cable customers.

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<v Speaker 1>So this is largely a generational shift. I think that, uh,

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<v Speaker 1>that people who have grown up with digital assets and

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<v Speaker 1>to understand how to use Apple TV and how to

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<v Speaker 1>use Roku and can put together their own you know

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<v Speaker 1>what would have been a cable assortment, right right, they

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<v Speaker 1>can do that themselves for a lot less money. Do

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<v Speaker 1>their own bundling exactly, although some say that you could

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<v Speaker 1>ultimately see a bundling of streaming services down the road.

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<v Speaker 1>Do you think that. I think that's very possible. Yeah,

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<v Speaker 1>why not? Right? So what about building a brand in

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<v Speaker 1>this environment? You did it with Lifetime. You did so well.

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<v Speaker 1>It was a very clear message, ramped up so successful.

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<v Speaker 1>Can we do that again today on television? In the

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<v Speaker 1>in the broadcast or or or cable world, I think

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<v Speaker 1>you can. I think that tougher the Yes, it's definitely tougher,

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<v Speaker 1>But it all comes down to programming. To be honest,

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<v Speaker 1>if you look at how every single one of the

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<v Speaker 1>cable networks became successful, it's because they had a single

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<v Speaker 1>show that defined what they were about, right um. For

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<v Speaker 1>for HBO, it was the Sopranos for um uh, for FX,

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<v Speaker 1>it was Madman um for UH for Showtime. You can

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<v Speaker 1>go through all of them. You knew what you were getting,

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<v Speaker 1>you did. And then once they realized they had an

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<v Speaker 1>audience for that right, they could begin to develop shows

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<v Speaker 1>that had a similar feel or were for similar group

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<v Speaker 1>of people. And the great thing about cable always was

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<v Speaker 1>that it was not about the number of people watching.

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<v Speaker 1>It was about the passion of the people who were watching.

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<v Speaker 1>So if they really, really really loved to show, right,

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<v Speaker 1>that meant more than having an extra million people viewing it.

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<v Speaker 1>Has It made it that much harder for a cable

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<v Speaker 1>carrier to kick them off, right because they have a

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<v Speaker 1>revolution right right. And I also do think like in

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<v Speaker 1>today's social media world, where there's so much data collection,

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<v Speaker 1>you had a very clear identity. So if you're trying

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<v Speaker 1>to market it two advertisers, right, you knew exactly what

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<v Speaker 1>you're getting. So I think you're going to see that

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<v Speaker 1>the new streaming services to where initially a single show

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<v Speaker 1>or a single series is going to define what this

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<v Speaker 1>one is all about, and that's going to be what

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<v Speaker 1>people kind of choose their sides with. I'm not sure

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<v Speaker 1>if you got to watch any of Mark Zuckerberg today

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<v Speaker 1>upon Capitol Hill, if he talked a lot about Libra

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<v Speaker 1>it was the House Financial Services Committee? What do you

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<v Speaker 1>think will happen to social media going forward? And these

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<v Speaker 1>big players? Are you see it? Should they be broken up?

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<v Speaker 1>In your view? I I feel like I am not

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<v Speaker 1>really the person to answer that question, but I do

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<v Speaker 1>believe that there is too much power in too few

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<v Speaker 1>platforms at this moment, and uh, that's always dangerous. So

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<v Speaker 1>whether they get regulated, whether they get broken up, that's

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<v Speaker 1>for other people to decide. But I don't think you

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<v Speaker 1>can leave things the way they are where where a

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<v Speaker 1>single platform like Facebook has the power that it does.

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<v Speaker 1>BBG Ventures are you finding all the opportunities you want?

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<v Speaker 1>I mean, we talked about, we talked before we got

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<v Speaker 1>started that there's so much capital out there, whether it's

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<v Speaker 1>private equity, family offices, venture capital. Are you finding enough

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<v Speaker 1>opportunities because I feel like there's a lot of money there.

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<v Speaker 1>We absolutely are. We've seen five thousand companies with a

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<v Speaker 1>female founder since we launched BBG Ventures five years and

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<v Speaker 1>this is what you do. If you're making investment, there

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<v Speaker 1>has to be at least one female founder. That's exactly right. Yeah,

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<v Speaker 1>And we do that not to be a do good organization,

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<v Speaker 1>but because we think there's a real competitive advantage to

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<v Speaker 1>having a founder who intuitively understands that end user. Women

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<v Speaker 1>are the dominant consumer. We're responsible for of all consumer purchases.

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<v Speaker 1>So in all likelihood, if you are building a consumer

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<v Speaker 1>product or you're building a consumer service, women are going

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<v Speaker 1>to be the early adopters. They're going to be the

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<v Speaker 1>people who determine whether or not you scale. And uh

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<v Speaker 1>so we saw both an opportunity because the rest of

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<v Speaker 1>the venture capital world was focused on something else. Um,

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<v Speaker 1>we saw a big opportunity to invest in the best

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<v Speaker 1>of these female founders. I'd love to hear you say that.

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<v Speaker 1>I know you've also been on corporate boards, are on

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<v Speaker 1>corporate boards. I think it's getting a little bit better

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<v Speaker 1>in terms of female representation, Um, what do we need

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<v Speaker 1>to do to get it much much better? Where it's

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<v Speaker 1>le parody and there is and when I think about it,

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<v Speaker 1>it should be diverse and all. Absolutely so no question

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<v Speaker 1>does it take to get there? So we've been having

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<v Speaker 1>this conversation for a long time. Absolutely in my world now,

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<v Speaker 1>the venture capital world, I think that it takes probably

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<v Speaker 1>five to ten female founded companies going public um and

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<v Speaker 1>maybe five to ten exiting as unicorns right for there

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<v Speaker 1>to be a major shift. We're already seeing a number

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<v Speaker 1>of storied old um boys club vcs bring on their

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<v Speaker 1>first female partner and it's all because of FOMO, right,

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<v Speaker 1>It's because they fear they're going to miss the next

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<v Speaker 1>wave of big successful companies. Um. So you have to

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<v Speaker 1>have somebody on your team, on your your investing team,

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<v Speaker 1>who who has those networks, who knows those women, and

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<v Speaker 1>who can make sure that your firm gets a chance

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<v Speaker 1>to at least compete to invest. That's what's going to

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<v Speaker 1>change it. One last question in terms of investing. You

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<v Speaker 1>make investments, and I'm curious is the endgame still taking

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<v Speaker 1>companies public? Because we've seen what an interesting year with

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<v Speaker 1>we working disappointments our I p O s. What is

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<v Speaker 1>the ultimate endgame or does that not have to be

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<v Speaker 1>it anymore? Will it not be? So? I think that

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<v Speaker 1>UM more companies end up getting sold than go public,

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<v Speaker 1>and that's always been the case. UM. I do think

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<v Speaker 1>there are a number of female founded companies out there

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<v Speaker 1>that will go public during the next let's call it

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<v Speaker 1>two years, three years, UM that are are on that trajectory,

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<v Speaker 1>that are preparing themselves for it, and that are trying

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<v Speaker 1>not to make the same mistakes. So the real issue

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<v Speaker 1>for the companies that have gone public and have either

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<v Speaker 1>failed or there yes exactly UM is that they were

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<v Speaker 1>focused on on growth over everything else and they went

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<v Speaker 1>public still losing billions of dollars in some cases billions

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<v Speaker 1>of dollars a quarter, and the public market has just

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<v Speaker 1>said we don't like this. So there there was clearly

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<v Speaker 1>a big disconnect between what the private markets value right

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<v Speaker 1>now and what public markets are looking for. UM. I

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<v Speaker 1>think the the female founders I've seen out there UM

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<v Speaker 1>they're watching this very closely, and so are every VC

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<v Speaker 1>UM UH. And I do think that there are lessons

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<v Speaker 1>that have been learned that you have to take seriously

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<v Speaker 1>more than just you know, x percent year over year growth.

0:14:59.040 --> 0:15:01.000
<v Speaker 1>You really have to be able to show that there's

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<v Speaker 1>a business model here that can be successful even if

0:15:04.440 --> 0:15:07.600
<v Speaker 1>you're not profitable right now, that there's a path to

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<v Speaker 1>profitability that is very very clear, which I feel like

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<v Speaker 1>is you know NBA one one um Susan Lyne, Thank

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<v Speaker 1>you so much. It was fun and you've been listening

0:15:17.840 --> 0:15:20.240
<v Speaker 1>to Bloomberg Business Week extra, be sure to tune into

0:15:20.240 --> 0:15:23.000
<v Speaker 1>Bloomberg Business Week Live Monday through Friday at tpm Wall

0:15:23.040 --> 0:15:25.680
<v Speaker 1>Street Time. I'm Bloomberg Radio. I'm Carol Messer and I'm

0:15:25.760 --> 0:15:27.960
<v Speaker 1>Jason Kelly. Thanks for listening. This is Bloomberg