SKYDIO RAISED 200 $30 MILLION
TO EXPAND ITS FACTORY TENFOLD. A FINANCING DEAL THAT GIVES
SKYDIO A $2.2 BILLION VALUATION. CEO ADAM JOINS US TO DISCUSS.
HOW DIFFICULT WAS IT TO RAISE THOSE FUNDS IN THIS ENVIRONMENT?
ADAM: WE ARE FORTUNATE TO BE SERVING
A CUSTOMER BASE THAT IS CRITICAL TO HOW CIVILIZATION
RUNS. WE ARE SERVING DEFENSE CUSTOMERS, PUBLIC SAFETY.
CUSTOMERS USE OUR DROWNS FOR CRITICAL INFRASTRUCTURE
INSPECTION. SO AS NOT TO SAY WE ARE
DETACHED FROM THE MAINLINE ECONOMY, BUT THIS IS CORE STUFF
THAT HELPS OUR CIVILIZATION FUNCTION AND AT SOME DEGREE OF
INDEPENDENCE. WE ARE AT A MOMENT IN TIME
WHERE THESE DRONES THAT STARTED OFF LOOKING LIKE TOYS HAVE
PROVEN TO BE CRITICAL TOOLS TO HELP INDUSTRIES RUN AND
FUNCTION. AND IT HAS BECOME EQUALLY CLEAR
THAT WE CANNOT RELY ON DRONES THAT ARE CALLING HOME TO CHINA
TO TAKE INSTRUCTIONS. SO THERE'S A LOT OF THINGS IN
PLAY THAT ARE IMPORTANT AND IT'S SOMETHING WE TAKE
SERIOUSLY AS A COMPANY.
ED:
IT'S ALSO NOT JUST THE SUM OF MONEY.
I WAS LOOKING AT THE INVESTORS BACKING YOU AND YOU HAD A SPLIT
OF STRATEGIC INVESTORS IN RELEVANT DEFENSE INDUSTRIES AND
VENTURE-CAPITAL NAMES. WHICH ARE MORE IMPORTANT FOR
YOU? DOES IT MATTER WHERE THE MONEY
COMES FROM IN TERMS OF OPENING DOORS TO NEW MARKETS? ADAM:
IT MATTERS WHERE THE MONEY COMES FROM AND WE ARE FORTUNATE
TO HAVE A GREAT GROUP OF INVESTORS GOING BACK OVER THE
LIFE OF THE COMPANY NOW. AND THIS FUNDING ROUND, WE ARE EXCITED TO BE ADDING AXON.
THEY ARE A LEADER IN A PUBLIC SAFETY TECHNOLOGY SPACE.
THEY MAKE TASERS, BODY CAMERAS, AND WE ARE PARTNERING WITH THEM
TO BEING DRONES AND REAL-TIME AERIAL SITUATION AWARENESS TO
THEIR PRODUCT PORTFOLIO, SO THAT'S AN EXAMPLE OF A GO TO
MARKET PARTNERSHIP WHERE WE ARE DOING THINGS TO HELP CUSTOMERS
BE SUCCESSFUL AND WE ARE VERY EXCITED TO BRING THEM ON AS AN
INVESTOR AS PART OF THIS ROUND.
WE ARE ALSO EXCITED TO HAVE
NVIDIA REINVESTING. THEY'VE BEEN A GREAT PARTNER
SINCE THE VERY BEGINNING. WE'VE STARTED WORKING TOGETHER
IN 2014 BEFORE THE EXPULSION OF AI AND MACHINE LEARNING.
BUT THEIR TIPS ARE AT THE CORE OF OUR PRODUCTS AND HELP MAKE
OUR STUFF POSSIBLE. CAROLINE: GOING BACK TO AXON AS A
STRATEGIC INVESTOR. SOME ARE CURIOUS WHETHER YOU
WITH THE FUNDING EXPAND AS WELL. THE NATURAL CAPABILITY.
SOME ARE SAYING MAYBE YOU START TO OFFER THE WAYS IN WHICH YOU
USE THE DATA THAT IS GATHERED. WOULD YOU LOOK DOWN THAT
DIRECTION? ADAM: THAT'S A GREAT QUESTION.
WE ARE FOCUSED ON MAKING IT FRICTIONLESS AND AUTOMATED TO
CAPTURE THE DATA. GET IT UP TO THE CLOUD AND MAKE
IT USEFUL HOWEVER WE CAN FOR OUR CUSTOMERS.
AND THE WAY THAT PEOPLE WANT TO USE THE DATA VARIES QUITE A BIT
BY INDUSTRY. IN PUBLIC SAFETY THE ITERATION
WITH AXON AND THEIR MANAGEMENT SYSTEM IS GREAT.
WERE NOT GOING TO BRING OUR OWN DIGITAL SYSTEM AND HOOKING IN
WITH A PARTNER LIKE AXON, WHERE THEY ARE AGGREGATING BODYCAM
DATA WITH JOAN DATA MAKES A LOT OF SENSE.
IN OTHER CUSTOMER BASES, WHAT THEY CARE ABOUT IS DAMAGE,
RUST, CRACKS, THINGS LIKE THIS IN THEIR INFRASTRUCTURE AND IT
IS KIND OF A DIFFERENT TECHNOLOGY LANDSCAPE AND A
DIFFERENT LANDSCAPE TO ENABLE THINGS LIKE THAT.
WE ARE MOST FOCUS ON CAPTURING AND GETTING DATA TO THE CLOUD
AND WORKING WITH THE RIGHT PARTNERS TO MAKE IT USEFUL FOR
CUSTOMERS.
CAROLINE: IN LARGE PART, THE WAY IN WHICH
YOU SORT OF DISCUSS THAT YOU ARE ALMOST ABLE TO MOVE THROUGH
THIS ECONOMIC ENVIRONMENT NO MATTER WHAT IS BECAUSE IN LARGE
PART IN THE SAME WAY WE WERE JUST TALKING ABOUT BATTERIES
BEING MADE OR RECYCLED IN THE U.S., IT'S ABOUT MAKING DRONES
IN THE U.S., RATHER THAN DEPENDING ON CHINA.
WHERE ARE YOU IN TERMS OF THE TECHNOLOGICAL DIVIDE BETWEEN
U.S. AND CHINA DRONE MAKING? ADAM:
THE HISTORICAL PERSPECTIVE IS INTERESTING.
THESE THINGS STARTED OFF LIKE RADIO CONTROLLED TOYS, THIS IS
THE WORLD I GREW UP IN.
I STARTED FLYING AIRPLANES AND
DID NOT DO IT BECAUSE I THOUGHT IT WOULD BE A CAREER BUT THE
DRONE INDUSTRY GREW OUT OF THE RC HELICOPTER INDUSTRY.
THAT WAS A BASE THAT CAME UP IN CHINA SO THAT IS WHERE THEY
STARTED BEING BUILT. CHINESE COMPANIES STILL CONTROL
A DOMINANT SHARE OF THE MARKET. WE REACHED A POINT IN TIME
WHERE IT IS NOT TENABLE TO BE RELYING ON THESE SYSTEMS,
ESPECIALLY FOR DOD CUSTOMERS, PUBLIC SAFETY, CRITICAL
INFRASTRUCTURE OPERATORS. THAT'S A MAJOR THEME IN PLAY,
BUT I THINK THE OTHER REALLY IMPORTANT THING — AND FOR US
THE ONE THAT WILL BE MORE IMPORTANT OVER THE LONG-TERM,
IS THE TRANSITION FROM MANUALLY FLOWN DRONES TO AUTONOMOUS.
SO THE STATUS QUO STATE OF PLAY IN THE INDUSTRY TODAY IS IF YOU
HAVE AN EXPERT PILOT WHO KNOWS WHAT THEY'RE DOING FLYING THE
DRONE, YOU CAN DO USEFUL STUFF.
WE SEE EXAMPLES OF THE VALUE
BEING PROVEN EVERYWHERE. THE DRONE IT SHOULD FLY ITSELF.
IT SHOULD LIVE IN THE BACKGROUND WHENEVER IT'S NEEDED.
THAT'S WHAT WE ARE ALL ABOUT IS A COMPANY.
WE'VE BEEN VERY BIG ON AI AND WERE SEEING THOSE BETS PAY OFF
AND COME TO LIFE WITH CUSTOMERS. ONE OF THE PRODUCTS THAT WE
ANNOUNCED AT THE END OF LAST YEAR'S THE DOCK AND REMOTE
OPERATION SYSTEM, WHERE RATHER THAN HAVING TO HAVE A PILOT
ON-SITE TO FLY THE DRONE, HE LIVES IN A CHARGING BASE
STATION.
IT CAN FLY ITSELF ON DEMAND, BE
COMMANDED REMOTELY OVER THE INTERNET AND THIS TOTALLY
CHANGES THE PARADIGM. WE SEE A FUTURE WHERE EVERY
SUBSTATION, POWERPLANT, POLICE STATION, CONSTRUCTION SITE HAS A DRONE AVAILABLE TO RESPOND TO
EMERGENCIES IN REAL-TIME OR ON A REGULAR SCHEDULE.
THAT'S THE REAL OPPORTUNITY IN THE INDUSTRY.
SO THE NATIONAL SECURITY IMPLICATIONS OF DRONES
CERTAINLY MATTER, BUT THE BIGGEST THING WE ARE LEANING
INTO IS THE AUTOMATED FUTURE. ED:
THE OPPORTUNITY WAS OUT OF THE WAR IN UKRAINE.
THAT PUT A SPOTLIGHT ON THE USE OF DRONE TECHNOLOGY.
HOW BIG OF A CHUNK OF YOUR BUSINESS IS MILITARY?
LOOKING FORWARD, ARE YOU MORE DEPENDENT ON MILITARY CONTRACTS
THAN OTHER CUSTOMERS IN THEIR OWN MARKETS? ADAM:
YES, IT'S A GREAT QUESTION IN AN IMPORTANT TOPIC AREA FOR US.
THE HISTORICAL PERSPECTIVE IS INTERESTING.
WE STARTED AS A CONSUMER FACING COMPANY BUT AT THIS POINT DOD
IS A MAJOR PART OF OUR CUSTOMER BASE.
FOLKS IN THE U.S. MILITARY AND CIVILIAN WAS
OUTPACING THE TRADITIONAL SYSTEM.
THE DRONE THAT YOU CAN BUY THEM AS A CONSUMER HAS THOUGH — OR
AS A PRIVATE COMPANY COST A FEW THOUSAND DOLLARS AND HAS MORE
ADVANCED CAPABILITIES, MORE USABLE AND ACCEPTABLE THEN
TRADITIONAL MILITARY SYSTEMS WHEN IT COMES TO A FEW HUNDRED
THOUSAND DOLLARS. TRAGICALLY UKRAINE HAS PUT AN
EXCELLENT NATION –! ON THIS. DRONES HAVE BECOME RELEVANT AND
THEY'VE HIGHLIGHTED THE DEADLY IMPLICATIONS IN MANY CASES OF
USING DRONES THAT ARE CALLING HOME TO CHINA AND ALIGN WITH
CHINESE FOREIGN POLICY. WE'VE BEEN A PART OF THIS FOR
YEARS NOW AND WE ARE SEEING THESE TRENDS COME TO A HEAD IN
UKRAINE. CAROLINE: WELL SAID. WE TALKED ABOUT THE GROWTH, WE
TALK ABOUT THE APPLICATIONS, SOME OF THE MORE EMOTIONAL THAN
OTHERS BUT WE THANK YOU SO MUCH FOR SPINNING TIME WITH US.
SKYDIO CEO ON THE LATEST FUNDING ROUND.
COMING UP, THE AGENDA GAP AND THE HEALTH OF TECH.
COURTNEY IS GOING BE JOINING US TO TELL US MORE.
AS WE HAD TO BREAK, WATCHING SHARES OF PFIZER WHICH IS AN
EARLY STAGE TALKS TO ACQUIRE SEAGEN IN A DEAL THAT COULD
EXCEED $40 MILLION.
THIS IS BLOOMBERG. ♪ CAROLINE:
NOW TODAY THE VC SPRING BANK COLLECTIVE HAS DONE THE CLOSING
BELL AT THE NEW YORK STOCK EXCHANGE.
IT IS SHINING A LIGHT ON COMPANIES IN THEIR PORTFOLIO
WHO ARE BUILDING THE INFRASTRUCTURE TO HELP CLOSE
THE GENDER GAP GRADE HIM ADDRESSING THE NEEDS OF
CAREGIVERS AND WORKING FAMILIES. LET'S BRING IN A COURTNEY,
FOUNDING PARTNER OF THE SPRING BANK COLLECTIVE FOR MORE ON
THIS LIVE. AND COURTNEY, THE LIGHTS THAT
YOU WANT TO SHINE IS A TRILLION DOLLAR I BELIEVE OPPORTUNITY
YOU SEE HIDING IN PLAIN SIGHT. BUT HOW IS IT AFFECTING WORKING
FAMILIES RIGHT HERE, RIGHT NOW? >> I THINK THE OPPORTUNITY IS
ENORMOUS.
A TRILLION DOLLARS AS YOU SAY
AND WE CAN SEE THE THREE BIG BACKERS. FIRST IS THE FUTURE OF INCLUSIVE WORK, MAKING BETTER
JOBS FOR WOMEN AND CAREGIVERS ACROSS THE BOARD IN THE
ECONOMY, ESPECIALLY FRONT-LINE WORKERS.
THINKING ABOUT THE BOOMING CARE ECONOMY.
WE THINK ABOUT THAT AS HEALTH CARE BUT IT IS CHILD CARE
ELDERCARE, CERTAIN AREAS OF WOMEN'S HEALTH THAT ARE
UNDERSERVED. THE THIRD AREA IS THINKING
ABOUT THE NEXT WAVE OF FINANCIAL HEALTH AND PROGRESS
FOR FAMILIES. THERE IS AN INCREDIBLE ROLE
THAT TECH CAN PLAY IN BUILDING THESE SOLUTION AREAS AND WE
FEEL EXCITED ABOUT THE OPPORTUNITY. CAROLINE:
WHAT IS BEING BUILT? WE SEE THE AMOUNT OF BUILDERS
THAT YOU SHINE A LIGHT ON. SOME OF THE WOMEN OF COLOR, I'M
INTERESTED IN WHAT THEY ARE TRYING TO FIX. >> SOME OF THE FOUNDERS THAT WE
HAD RINGING THE BELL TODAY, I WILL GIVE YOU AN EXAMPLE, A
COMPANY CALLED WEALTHY. THEY ARE BUILDING A CARE
COORDINATION LAYER AND IT IS SOLD THROUGH EMPLOYERS IS A
BENEFIT FOR THEIR EMPLOYEES. THINK ABOUT IF MY MOM LIVES IN
FLORIDA AND SHE FALLS AND BREAKS HER HIP, GOD FOR BID.
SUDDENLY I HAVE A LOT OF WORK THAT I NEED TO DO.
SOMEONE HAS TO CALL AND FIGHT WITH THE INSURANCE COMPANY,
SOMEONE HAS TO FIND THE BEST THERAPIST IN TOWN.
SO I GIVE HER A RIDE THERE, THAT IS THE BURDEN THAT FALLS
TO ALPHA DAUGHTERS OR WOMEN IN THEIR PRIME, THE SANDWICH
GENERATION.
AND WHAT WEALTHY REALLY DOES IS
SUPPORT THAT CAREGIVER. IT USUALLY A FAMILY CAREGIVER,
USUALLY A WOMAN AS WE KNOW, AND TAKE THAT BURDEN OFF HER HANDS.
WHAT WE FIND WITH CLIENTS AND USERS IS THAT WOMEN ARE FAR
MORE LIKELY TO STAY IN THE WORKFORCE.
FAR LESS LIKELY TO RESIGN, GO PART-TIME OR TAKE A LEAVE OF
ABSENCE. CAROLINE: IN THIS CURRENT ECONOMIC
ENVIRONMENT WHICH IS A BIZARRE ONE IN MANY WAYS, WE HAVE AN
INCREDIBLY TIGHT NEIGHBOR MARKET BUT WE ARE ALL WORRYING
ABOUT A SLOWING ECONOMY, WHERE ARE WE IN THE CLIENT SECURITY,
TO BE PAYING FOR COMPANY STARTUP AND FUEL GROWTH THIS
WAY? >> THAT IS WHAT I LOVE ABOUT
BEING ABLE TO RING THE BELL. WE DID NOT JUST TALK ABOUT
PORTFOLIO COMPANIES, WE TALKED ABOUT THE BIGGEST CLIENTS.
WE HAD MERCK, OSCAR, AIG, BANK OF AMERICA.
THESE ARE HUGE EMPLOYERS AND THEY DO NOT JUST EMPLOYEE
WHITE-COLLAR WORKERS IN THE TECH INDUSTRY WILL BE NO
BENEFITS HAVE BEEN GENEROUS.
A LOT OF THESE COMPANIES EMPLOY
A LARGE NUMBER OF FRONTLINE AND HOURLY WORKERS AND THEY ARE
REALIZING THAT IN THIS CLIMATE OF AN EXTREMELY TIGHT LABOR
MARKET, WHEN CARE FALLS THROUGH, PEOPLE DO NOT SHOW UP
TO WORK. IF YOU THINK ABOUT THE RAILROAD
STRIKES WE WENT THROUGH THIS PAST FALL, THEY WORRY ABOUT
THESE CARE ISSUES I THINK FUNDAMENTALLY.
THEY WERE ABOUT PAID LEAVE, SICK LEAVE, AND SCHEDULING
MANAGEMENT. YOU DON'T HAVE TO PEEL THE
LAYER BACK ON THE ONION VERY FAR TO THINK OF THOSE AS CARE
ISSUES.
MOST PEOPLE TAKE A SICK DAY
BECAUSE THEIR CHILD CANNOT GO TO SCHOOL OR DAYCARE SO THESE
ISSUES OF CARE AND THE NEEDS OF WORKERS AND UNPAIRED — UNPAID
CAREGIVERS ARE STRIKING AT THE HEART OF THE AMERICAN ECONOMY.
I FEEL ENCOURAGED WHEN I THINK ABOUT THE EMPLOYERS THAT WE HAD
TODAY AND THESE YOUNG INNOVATIVE COMPANIES.
THEY ARE COMMITTED TO WORKING TOGETHER.
EVEN IN THIS ENVIRONMENT WE ARE NOT SEEING A PULLBACK ON THESE
CAREGIVING BENEFITS. WE THINK IT COULD BE A $10
BILLION SPENT BY EMPLOYERS IN THE NEXT 10 YEARS PER YEAR. ED: CAROLINE AND I HAVE VENTURE
CAPITALISTS ON THE SHOW AND WE'LL TALK ABOUT THE IRA, FOR
EXAMPLE. THE INFLATION REDUCTION ACT IN
MAKING SURE WE HAVE PORTFOLIO COMPANIES AND POSITIONS THAT
TAKE ADVANTAGE OF SECTOR AND THE WIDER BENEFITS.
BUT THAT IS ABOUT ELECTRIC VEHICLES.
VERY SELDOM ARE WE DISCUSSING ISSUES OF HEALTH CARE OR
BASICALLY WHAT OUR BASIC SOCIETAL NEEDS, THAT SEEMS TO
BE WHERE YOU SEE OPPORTUNITY. >> YES, WE SEE HUGE OPPORTUNITY.
I WILL TRY AND ANALOGY OUT ON YOU. THE SAME WAY THAT WE ARE WORKING — WING OF THE FACT
THAT WE MARAN THE ECONOMY AND WE HAVE BEEN ADDICTED TO
ARTIFICIALLY ACHIEVE FOSSIL FUELS.
WE ARE FINDING THROUGH THE COVID CRISIS AND BEYOND THAT WE
ARE ADDICTED TO THE ARTIFICIALLY CHEAP LABOR OF
WOMEN AND CAREGIVERS MADE AND WHEN WE DO NOT VALUE THAT CARE,
JUST LIKE WHEN WE DO NOT PROPERLY VALUE THE COST OF
FOSSIL FUELS THERE ARE HUGE ECONOMIC IMPLICATIONS.
THERE WAS A REPORT SAYING IF WE DO NOT FIX THE CARE CRISIS AS
WELL AS A BURDEN ON UNPAID CAREGIVERS IT WILL COST THE U.S.
290 BILLION DOLLARS OF GDP NEARLY A FULL POINT OF GDP
GROWTH BY 2030.
THERE'S A HUGE OPPORTUNITY WILL
BE THINK ABOUT THE IRA, I THINK ABOUT THIS TOO, WE GET EXCITED
ABOUT GREEN JOBS. FOR EVERY SOLAR TECHNICIAN IN
THE NEXT 10 YEARS WE NEED TO PRODUCE 20 NURSES, SO THERE IS
A HUGE OPPORTUNITY TO THINK ABOUT RETRAINING, HOW TO MAKE
NURSING JOBS BETTER. HOW TO REALLY FRANKLY PRETTY
MUNDANE AND DIFFICULT BURNOUT IN THESE TASKS LIKE CHARTING
AND TAKING NOTES AND THINGS THAT WE KNOW REALLY DRAG DOWN
THE HOURS OF PAID MEDICAL PROFESSIONALS.
SO I JUST GET REALLY EXCITED ABOUT THE OPPORTUNITY THERE IS
IN CARE. I THINK THERE IS A GREAT
INTERSECTION OF TECHNOLOGY AND CARE AND I THINK WE ARE IN THE
VERY BEGINNINGS HERE. ED: HOW DO YOU DISCERN WHICH NAMES
IN YOUR PORTFOLIO ARE GOING TO BE DISRUPTIVE?
TOWARDS WHERE YOU ARE INVESTING ACROSS THE START OF CURVE AND
THE TIME HORIZON FOR THESE COMPANIES REALIZING THE
BENEFITS OF YOUR THESIS? >> WE ARE A VERY EARLY STAGE
FUND AND IT SPEAKS TO BEING EARLY IN THE S-CURVE FOR I
THINK THE GENERAL POOL OF VENTURE CAPITAL AND RISK
CAPITAL OVER ALL GETTING TURNED ON TO THESE ISSUES.
I FEEL REALLY EXCITED ABOUT THE RATE OF COMPANY FORMATION IN
OUR THESIS.
WHEN WE STARTED, MOST OF THE
FOUNDERS THAT WE MET WERE LIKE ME.
WOMEN, MIDCAREER, THEY HAD MET A PROBLEM AND THEY WANTED TO
BUILD AROUND IT. THEY WERE NOT TRADITIONAL TECH
FOUNDERS, NOT NECESSARILY VOLUNTEERS.
MANY HAVE GONE ON TO BUILD AMAZING BUSINESSES AND THAT
PROBLEM IS POWERFUL. WHAT I FEEL EXCITED ABOUT IS AS
THE ECOSYSTEM STARTS TO TURN AND GET EXCITED ABOUT THIS, AS WE START TO SEE AN AMERICAN AT
DYNAMISM AGENDA WHICH CENTERS AROUND CARE, WE ARE SEEING
MAINSTREAM CAPITAL GET INTERESTED IN THIS AND WE ARE
SEEING OR TRADITIONAL PROFILE FOUNDERS GET INTERESTED IN THIS.
WE ARE SEEING MORE ENGINEERS AND TECH TALENT, PEOPLE WHO
HAVE NOT NECESSARILY MET THE PROBLEM BUT THEY HAVE THE
FORESIGHT TO SEE THE PROBLEM AND THEY'RE BUILDING FOR IT
BECAUSE THEY SEE IT AS A HUGE ECONOMIC OPPORTUNITY AND A
PLACE TO MAKE MONEY. IT'S NOT JUST ABOUT FIXING A
PROBLEM THEY'RE PASSIONATE ABOUT. CAROLINE:
WHAT ABOUT THE LPS OUT THERE? WHAT ABOUT THE SOURCE OF
FUNDING THAT YOU TURN TO, HAD THEY ACKNOWLEDGE THIS ISSUE,
THIS PROBLEM, THAT THEY NEED TO PUT CAPITAL TO WORK? >> THEY DO, YES.
WE HAVE AN INCREDIBLE GROUP OF LPS AND I FEEL VERY PROUD TO
CALL THEM ARE INVESTORS AND GO TO WORK WITH THEM EVERY SINGLE
DAY, FINDING GREAT COMPANIES.
I THINK THAT IMPACT CAPITAL,
TRADITIONAL CAPITAL, FRANKLY CORPORAL CAPITAL — CORPORATE
CAPITAL ART RECOGNIZING THAT THERE IS A WIDE SPACE HERE.
IT'S TRUE THAT YOU'RE POINTING OUT THIS IS NOT SOMETHING
THAT'S COMMON ON A TECHNOLOGY SHOW, BUT IT'S AN OPPORTUNITY
TO MAKE A HUGE AMOUNT OF MONEY, TO GET IN AND SEE OPPORTUNITIES
BEFORE THEY BECOME REALLY OBVIOUS TO EVERYONE ELSE.
CAROLINE: I WILL TELL YOU WHAT WERE
TALKING ABOUT, AN AWFUL LOT OF OUR TECHNOLOGY SHOW IS JOBS
THAT ARE BEING LOST WITHIN THE TECHNOLOGY SPACE AS YOU
ANNUNCIATED.
I'M INTERESTED AS TO WHETHER
THAT SUDDENLY MEANS THE COMPANIES THAT YOU BACK ARE
AWASH WITH TALENT AND PEOPLE ARE WANTING TO FIX REAL-WORLD
PROBLEMS OR IS THAT YET TO COME TO BEAR IN SOME WAY?
BECAUSE YOU LOOK AT THE JOBS DATA AND THE CLAIMS OUT THIS
WEEK AND WE DO NOT SEEM TO BE SEEING THOSE NUMBERS YET. >> ABSOLUTELY.
I THINK THE WAR FOR THE BEST TALENT IS ALWAYS IN THE
ECONOMIC CYCLE. BUT THERE IS A LARGER GROUP OF
FOLKS WHO ARE AMENABLE TO SWITCHING RIGHT NOW.
TO JOINING AND SEEING SOMETHING THAT SITS WITH THEM A LITTLE'S
MORE STRONGLY FROM THE STANDPOINT AND WHICH TOUCHES
THE REAL ECONOMY. I THINK IT'S PROBABLY A LOT OF
FUN, BUT IT MAY NOT HAVE THE SAME REWARD.
CARE INFRASTRUCTURE OR THE FUTURE OR THINKING ABOUT HOW DO
WE BRING ALL OF THESE INCREDIBLE TOOLS THAT WE HAVE
THAT WORK AND THEN DO SOMETHING FOR FAMILIES SO THAT WE ARE
USING SOMETHING OTHER THAN A WHITEBOARD AND A MARKER TO
MANAGER TEAMS AT HOME.
ED: COURTNEY, FOUNDING PARTNER OF
THE SPRING BANK COLLECTIVE. THANK YOU FOR YOUR TIME.
APPRECIATE IT. >> THANK YOU FOR HAVING ME. ED:
COMING UP, WE WILL TAKE A LOOK AT MEHTA'S NEW TOOL, TRYING TO
HELP MINORS REMOVE SEXUALLY EXPOSE IMAGES OF THEMSELVES
FROM THE INTERNET. TACKLE SO-CALLED ONLINE SEX
EXTORTION. MORE ON THAT NEXT. THIS IS BLOOMBERG. ♪ CAROLINE:
THERE IS A NEW TOOL TO TACKLE ONLINE SEX EXTORTION.
TAKE IT DOWN IS A SERVICE FUNDED BY THE TECH GIANT META
TO TACKLE THE RISING RATE OF SEX EXTORTION.
THIS IS WERE A CHILD IS FORCED OR TRICKED INTO SENDING AN
INTIMATE PHOTO OF THEMSELVES ONLINE.
THREATENING BLACKMAIL TO STOP THAT FROM BEING SHARED MORE
WIDELY.
CASES ARE MORE THAN DOUBLING
FROM 2019 TO 2021 AND IT IS TEENAGE BOYS THAT ARE BEING
MOST COMMONLY TARGETED. SO HOW DOES IT WORK?
THIS IS A WEB-BASED TOOL WHERE YOU CAN ANONYMOUSLY SHARE A
VIDEO OR A PHOTO THAT YOU'RE WORRIED WILL BE DISTRIBUTE IT
MORE WIDELY ONLINE. IT IS THEN USING THIS TOOL,
NEVER YOU AND YOUR PHONE, BUT ON YOUR WEB BROWSER, ABLE TO
GIVE IT A DIGITAL FINGERPRINTS. THEY WILL THEN SHARE THAT WITH
OTHER SOCIAL MEDIA PLATFORMS AND THEN YOU CAN TAKE DOWN ANY
PHOTO OR VIDEO THAT THIS IS RECOGNIZED WITH AND ENSURE THAT
IT IS NOT DISTRIBUTED MORE WIDELY.
OF THE NATIONAL CENTER FOR EXCLUDED AND MISSING CHILDREN
IS DRIVING THIS WITH THE PLATFORMS THAT META OWNS LIKE
INSTAGRAM, FACEBOOK AND OTHERS LIKE ONLY FANS.
BUT THEY ARE HOPING MORE WILL COME ONLINE TO THIS AT A TIME
WHERE BIG TECHNOLOGY COMPANIES ARE BEING ASKED TO DO MORE TO
PROTECT CHILDREN ONLINE.
LET'S FOCUS ON THIS.
WE KNOW THIS IS A GLOBAL PUSH. WE HAVE SEEN GOVERNMENTS TRYING
TO CREATE POLICY AROUND PROTECTING CHILDREN IN THE U.K.
AND EUROPE. WE THOUGHT THIS WAS ALSO A KEY
AREA TO LOOK AT TODAY. THE STORY THAT CHINA IN
PARTICULAR IS LOOKING IN MANY WAYS TO BE FOCUSING ON THE WAYS
IN WHICH THEY REGULATE CHILDREN'S CONSUMPTION OF
SMALL, SHORT VIDEO. IN PARTICULAR, TIKTOK OR
INSTAGRAM REELS.
IT'S INTERESTING, CHINA IS
LOOKING TO CURB THAT AND MAKE POLICY AROUND IT. ED:
IT MIRRORS WHAT WE HAVE SEEN OUT OF CHINA IN 2022, GOING
BACK FURTHER WITH THE VIDEO GAMES INDUSTRY.
THERE ARE TWO PARTS TO IT. THE CHINESE GOVERNMENT HAS BEEN
TAKING ACTION AGAINST THE BIG TECH GIANTS, BUT ALSO LOOKING
AT INDUSTRIES WHERE THERE IS A LOT OF USER DATA INVOLVED.
AND WHERE PERHAPS SOCIETAL OR CULTURAL VALUES ARE TARGETED.
THAT SEEMS VERY MUCH LIKE WHAT IS HAPPENING HERE WITH REGARD
TO THE VIDEO.
