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[Music]

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Hi

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I'm Peter Tufano, and welcome to this

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episode of Leadership in Extraordinary

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Times.

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We at Oxford Saïd started this series

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when COVID-19 hit.

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What began as a public health crisis has

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blossomed into an economic,

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social, political, and environmental

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calamity. Our emphasis has always been on

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how we can build

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forward to move forward. However, it's

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going to take bold thinking and bold

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action.

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We need the bold ones - hence the title of

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today's episode - and our guest today,

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Linda Rottenberg,

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emboldens the boldest. She's the

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co-founder and CEO of Endeavor Global,

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she's been called the innovator for the

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21st century, the entrepreneur whisperer,

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she says

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confidently in her book: people told us we were crazy

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we took it as a compliment. Her book,

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Crazy as a Compliment: The Power of

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Zigging when Everybody Else is Zagging,

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encapsulates her approach, and it'll take

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this level of innovation and craziness

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to boldly power us into the future.

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Linda saw early on that entrepreneurship

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is just not a Silicon Valley game but a

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global phenomenon, and Endeavor has

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offices across the globe and works with

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high impact entrepreneurs

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in over 35 countries and under-served U.S.

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cities.

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Linda is also one of the friends of

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Oxford Saïd, she's one of the advisors

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of the Pershing Square

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Fellows Programme, which was funded by the

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Pershing Square Foundation

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and Bill Ackman, which helps train the

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next generation of leaders.

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In conversation today with Linda will be

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my colleague, Professor Pinar Ozcan,

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who is the Professor of Entrepreneurship

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and Innovation at the School. She serves

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as the director of the Oxford Programme on

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Finance and Technology -

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Fintech. Before coming to Oxford she did

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a number of other things, but including

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at Stanford she directed the AEA

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Stanford Executive Institute, the

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Stanford Entrepreneurship Thought

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Leadership series and more,

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and she's been breaking new ground 

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in innovation broadly, but

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specifically in Fintech and open banking.

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Well, enough from me,

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we've got an amazing conversation ahead

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with Linda and with Pinar, so over to you

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both, and thank you both for joining us

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today.

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Thank you so much Peter, and welcome

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Linda; it is such a pleasure to

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meet you. I am a big fan, like many people,

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who are on this call now

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and I want to first of all thank you

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for being here and 

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agreeing to talk with us about high

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impact entrepreneurship,

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and I want to just start off by asking

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you to tell us

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how your journey in this way

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started.

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Well, first of all, it's wonderful to be

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with you, Pinar,

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and I am such a fan

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of what Peter Tufano has done

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at Oxford Saïd Business School; I just

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wish I could be with you in person,

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so hopefully at some point in the not

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too distant future.

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So my journey started,

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I guess, back in college when, speaking of

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Bill Ackman, Bill was one of my college

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friends,

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and he was watching Warren Buffett in

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the stock market - as were most of my

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friends - and I thought

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'I'm not sure that journey's for me' and

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then

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there was, LA Law was a very

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popular tv show and I thought, I don't

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know maybe I'll go to law school, so I

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went from Harvard to Yale Law School and

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thought oh my god,

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I thought Yale Law School was just about

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studying philosophy and

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political economy; I didn't realize

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people actually wanted to be lawyers or

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judges, so

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my professors took pity on me when I was

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the only one in my class that didn't

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have

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the supreme court clerkships and the

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political career mapped out and 

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they sent me down to Latin America, and

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what I realised over a series of years

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and projects - I did some work at Ashoka

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Innovators for the public - was that

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there was so much talent

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but there were no entrepreneurs. And this

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is now the mid 1990s

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when Yahoo and Netscape are going public,

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Steve Jobs is coming back to Apple,

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and I couldn't understand why everyone

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is talking about micro

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credit and no one is talking about

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building the next Microsoft

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and I started talking about

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entrepreneurs, and I quickly realised as

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I was in a taxi in

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Buenos Aires when the driver explained

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to me that though he had an engineering

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degree

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there were no jobs outside the

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government, and when we tried to

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go back and forth, realised there

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wasn't even a word

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at that point in Spanish or Portuguese

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or Turkish or

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Arabic or Bahasa Indonesia, or many

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others for entrepreneur

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that was my moment, I thought oh my

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god my parents already think I'm crazy

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for going down to Latin America,

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but imagine if you can't even tell your

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parents what you're

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trying to do after school because

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there's not even a word.

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So that's when I got together with my

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co-founder Peter Kellner. He was at

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Harvard Business School

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at the time, Dean Tufano's old

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hunting ground, and we said, look let's

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try to create

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an organisation that selects high

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impact entrepreneurs. By that we mean

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the ones with the biggest ideas, the

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boldest, who

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also have the capability to scale the

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companies

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to a point where it really matters,

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they're creating jobs they're creating

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you know value they're achieving you

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know exits and then have them pay it

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forward into the ecosystem by inspiring,

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mentoring, and investing in others, and

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the last thing I'll say, Pinar, before

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your next question about what happened

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is, yes,

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everyone called me chica loca, the crazy

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girl, throughout Latin America

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because I would go around talking about

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these crazy young 20 something year olds

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with these

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you know technological ideas, and people

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thought I was

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literally insane; and so I said, all

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right, if they're going to call me crazy I'm

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going to own it, it's a compliment.

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And we started out and today Endeavor

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operates in 20

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countries just to give you a scale; we

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have now worked with

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over 2 000 entrepreneurs, they

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generate

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now close to 30 billion dollars in

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annual revenue, they've created over 4

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million jobs,

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and what we have at Endeavor is an 

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ecosystem building

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non-profit side of things, and then we

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have a 250 million dollar co-investment

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fund that co-invests and provides

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capital to these entrepreneurs so we can

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get into that.

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But today there are words in

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every country, in fact the

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editor of the Portuguese-English

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dictionary from Brazil

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ended up calling us about five years in

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and said, in part because of Endeavor's

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work, they were adding the words

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emprendador and prendorismo

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into the popular lexicon; they had been

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unused words.

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And so today anyone out there who's

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starting hopefully you can tell your

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parents in

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your language that you want to be an

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entrepreneur and they'll think

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it's at least not a terrible idea.

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That is amazing and, of course, as

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starting a new ecosystem in a place

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that is just so different and 

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that has a such a strong culture is

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never easy, can you tell us a little bit about

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what you did in the first place and what

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some of the initial challenges were?

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Yeah, well, let me take two ecosystem

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examples

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and then, just as a starting point,

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Argentina and then

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Turkey. Argentina was one of our first

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two

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offices - Argentina and Chile - and so in

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Argentina,

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this was after the military junta, there

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were many business people and young

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people who had left

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and so we wanted a homegrown

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example.

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Someone had told me that Steve Jobs,

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while inspiring to me,

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was not inspiring to them because he

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started Apple in the famous garage 

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with

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Steve Wozniak and they said, I don't even

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have a garage, Linda, like give me an

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example

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that's a little more accessible, and so

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we found our one of our first

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entrepreneurs, who I was just talking to

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yesterday,

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was a kid named Wences, who'd grown up

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on a sheep farm in Patagonia;

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he'd created the first internet service

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provider and then

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sold it and was promptly kicked out the

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next day, getting nothing.

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But undeterred he decided to start, in

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1997, the e-trade of Latin America called

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Patagon.com.

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Thirty four local investors turned him down, they

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had no idea what this was;

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e-trade, like, what are you talking about?

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Anyway

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we felt he had something special so

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we selected Wences as an Endeavor

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entrepreneur. We helped him raise his

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first round of capital

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from Fred Wilson, then of Flatiron

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Partners, today of Union Square Ventures,

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one of the top VCs in New York; it was

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his first

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investment in Latin America. We helped

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Wences find a COO,

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and then, I always say he got the full

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service Endeavor, because he ended up

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marrying my assistant Belle

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and eighteen months later went to

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sold Patagon.com

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to Banco Santander for 750 million

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dollars.

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All 34 investors called us up and said,

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you got another kid with a girl

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with strange ideas? And today all across

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Latin America people will say 'if Wences

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can do it, I can too.'

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Today, by the way, he's known in Silicon

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Valley as Bitcoin

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Patient Zero; he sold Mark Zuckerberg his

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first Bitcoin, he sold Bill Gates his

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first Bitcoin, he

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now runs Zappo, which is a

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Bitcoin wallet

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00:09:18,720 --> 00:09:22,480
and after looking like an idiot in

283
00:09:21,040 --> 00:09:24,320
his words for a few years,

284
00:09:22,480 --> 00:09:25,680
starting at the last week he's

285
00:09:24,320 --> 00:09:27,600
looking like a genius again,

286
00:09:25,680 --> 00:09:29,680
he is always a genius no matter what it

287
00:09:27,600 --> 00:09:31,200
is, so that's Wences.

288
00:09:29,680 --> 00:09:32,800
One of the things that happened in this

289
00:09:31,200 --> 00:09:34,240
ripple effect, and we talk about high

290
00:09:32,800 --> 00:09:36,959
impact entrepreneurs, is really

291
00:09:34,240 --> 00:09:38,800
force multipliers for ecosystem change.

292
00:09:36,959 --> 00:09:40,880
There were these two Stanford Grads -

293
00:09:38,800 --> 00:09:42,399
well, business school students - 

294
00:09:40,880 --> 00:09:45,040
Marcos and Annan,

295
00:09:42,399 --> 00:09:46,320
who were about to go do what Stanford

296
00:09:45,040 --> 00:09:47,920
Business School students did at that

297
00:09:46,320 --> 00:09:49,760
point, which is go to Mckinsey, go to

298
00:09:47,920 --> 00:09:52,399
Goldman Sachs, maybe stay

299
00:09:49,760 --> 00:09:53,600
in the valley and work for one

300
00:09:52,399 --> 00:09:55,120
of the companies there,

301
00:09:53,600 --> 00:09:56,320
and they heard Wences story and they

302
00:09:55,120 --> 00:09:58,160
said, you know what, we're gooing to go back

303
00:09:56,320 --> 00:10:00,640
to Argentina.

304
00:09:58,160 --> 00:10:02,160
They ended up creating Mercado Libre;

305
00:10:00,640 --> 00:10:03,920
they said, we'll take the Ebay model and

306
00:10:02,160 --> 00:10:05,600
bring it to Argentina, it became a

307
00:10:03,920 --> 00:10:09,519
combination of Ebay

308
00:10:05,600 --> 00:10:12,560
Paypal and Alibaba.

309
00:10:09,519 --> 00:10:14,959
Today, as of a few weeks ago, Mercado

310
00:10:12,560 --> 00:10:16,399
Libre, which went public on the NASDAQ in

311
00:10:14,959 --> 00:10:19,920
2008,

312
00:10:16,399 --> 00:10:23,279
became the first hundred

313
00:10:19,920 --> 00:10:25,600
billion dollar company in Latin America,

314
00:10:23,279 --> 00:10:26,880
hundred billion dollars and today Marcos

315
00:10:25,600 --> 00:10:29,360
is still CEO,

316
00:10:26,880 --> 00:10:30,160
he's Vice Chair of Endeavor Argentina,

317
00:10:29,360 --> 00:10:32,800
and he

318
00:10:30,160 --> 00:10:34,480
and Wences and these young engineers

319
00:10:32,800 --> 00:10:36,000
from GlobeIn who created a digital

320
00:10:34,480 --> 00:10:38,720
transformation company

321
00:10:36,000 --> 00:10:39,920
are inspiring, mentoring and investing in

322
00:10:38,720 --> 00:10:42,320
almost every new

323
00:10:39,920 --> 00:10:44,240
company that comes out. And we just

324
00:10:42,320 --> 00:10:45,200
had a female entrepreneur

325
00:10:44,240 --> 00:10:47,519
build

326
00:10:45,200 --> 00:10:49,120
a digital transformation company

327
00:10:47,519 --> 00:10:51,040
invested in, mentored by

328
00:10:49,120 --> 00:10:53,760
the founders of GlobeIn and just sold her

329
00:10:51,040 --> 00:10:56,800
company a few weeks ago to Accenture,

330
00:10:53,760 --> 00:10:59,360
and is now going to help to mentor

331
00:10:56,800 --> 00:11:00,160
female, women entrepreneurs. Let's move to

332
00:10:59,360 --> 00:11:02,399
Turkey,

333
00:11:00,160 --> 00:11:03,519
because it's a similar story; so we went

334
00:11:02,399 --> 00:11:05,839
to Turkey

335
00:11:03,519 --> 00:11:06,800
and there were all of these big family

336
00:11:05,839 --> 00:11:09,440
businesses

337
00:11:06,800 --> 00:11:11,200
but no one starting tech companies or

338
00:11:09,440 --> 00:11:13,839
digital enabled companies,

339
00:11:11,200 --> 00:11:15,839
and so one of the early founders we

340
00:11:13,839 --> 00:11:19,279
found there is a guy named Nevizot

341
00:11:15,839 --> 00:11:20,079
who is creating the online delivery

342
00:11:19,279 --> 00:11:23,680
platform

343
00:11:20,079 --> 00:11:25,760
for Emea and he ended up

344
00:11:23,680 --> 00:11:27,040
selling, we invested in him, we supported

345
00:11:25,760 --> 00:11:29,600
him with his

346
00:11:27,040 --> 00:11:31,519
leadership issues and he ended up

347
00:11:29,600 --> 00:11:33,120
selling to Delivery Hero for close to

348
00:11:31,519 --> 00:11:35,440
600 million dollars. Again it was the

349
00:11:33,120 --> 00:11:37,120
largest internet exit at the time

350
00:11:35,440 --> 00:11:38,959
but what he did was really remarkable,

351
00:11:37,120 --> 00:11:40,720
because in a place like Turkey

352
00:11:38,959 --> 00:11:43,360
there were no employee stock option

353
00:11:40,720 --> 00:11:44,560
plans so there was no way to get equity,

354
00:11:43,360 --> 00:11:46,000
and in fact

355
00:11:44,560 --> 00:11:47,440
no one wanted equity because they

356
00:11:46,000 --> 00:11:49,200
thought it was a way to take away their

357
00:11:47,440 --> 00:11:53,120
cash, they didn't understand it

358
00:11:49,200 --> 00:11:55,920
so what Nevezon did is he kept a ledger

359
00:11:53,120 --> 00:11:57,680
of what every employee would

360
00:11:55,920 --> 00:12:00,240
have earned in equity,

361
00:11:57,680 --> 00:12:01,040
took 27 million dollars, which was about

362
00:12:00,240 --> 00:12:04,320
a quarter of his

363
00:12:01,040 --> 00:12:05,440
own of his personal returns, and post

364
00:12:04,320 --> 00:12:09,120
 

365
00:12:05,440 --> 00:12:09,519
exit gave that to the entrepreneurs, I

366
00:12:09,120 --> 00:12:12,560
mean

367
00:12:09,519 --> 00:12:15,680
to the employees. Scroll to last

368
00:12:12,560 --> 00:12:19,200
July when Siddhar

369
00:12:15,680 --> 00:12:21,360
wonderfully, you know,

370
00:12:19,200 --> 00:12:23,680
innovative gamer, I'm doing this because

371
00:12:21,360 --> 00:12:25,200
he has his handlebar moustache, and

372
00:12:23,680 --> 00:12:27,279
he created one of the top gaming

373
00:12:25,200 --> 00:12:30,000
companies that was bought by Zynga for

374
00:12:27,279 --> 00:12:31,519
1.8 billion dollars last year,

375
00:12:30,000 --> 00:12:33,440
and he's done the same, not only did he

376
00:12:31,519 --> 00:12:35,360
take his earnings and give it to the

377
00:12:33,440 --> 00:12:36,399
employees again, no stock option plans,

378
00:12:35,360 --> 00:12:38,320
but they are now

379
00:12:36,399 --> 00:12:40,639
creating a system where the de facto

380
00:12:38,320 --> 00:12:40,959
is, because this ecosystem is built and

381
00:12:40,639 --> 00:12:42,720
they

382
00:12:40,959 --> 00:12:44,959
 believe, they have to pay it forward,

383
00:12:42,720 --> 00:12:46,959
but he just mentored a young

384
00:12:44,959 --> 00:12:48,079
husband and wife team from Ankara who

385
00:12:46,959 --> 00:12:50,079
are creating a hyper

386
00:12:48,079 --> 00:12:52,399
casual game. They're in Ankara, the

387
00:12:50,079 --> 00:12:54,880
capital city, there's not much going on

388
00:12:52,399 --> 00:12:56,160
it's a husband-wife duo and now

389
00:12:54,880 --> 00:12:58,240
the Pete Games

390
00:12:56,160 --> 00:12:59,360
senior management team has taken them

391
00:12:58,240 --> 00:13:01,519
under their wings

392
00:12:59,360 --> 00:13:03,920
and is mentoring them so they can also

393
00:13:01,519 --> 00:13:05,519
create a global company out of Turkey.

394
00:13:03,920 --> 00:13:08,000
So I think what you're seeing, and I'll

395
00:13:05,519 --> 00:13:10,000
end here, but what happens is if you have

396
00:13:08,000 --> 00:13:12,160
just a few successful companies.

397
00:13:10,000 --> 00:13:13,200
There was a time in India where all

398
00:13:12,160 --> 00:13:16,320
people talked about

399
00:13:13,200 --> 00:13:18,079
was Wipro, Infosys, and TATA, nothing else

400
00:13:16,320 --> 00:13:19,680
because the founders never went and

401
00:13:18,079 --> 00:13:20,399
mentored the next generation, they never

402
00:13:19,680 --> 00:13:23,200
went and became

403
00:13:20,399 --> 00:13:24,880
founder to funder, the Paypal Mafia right,

404
00:13:23,200 --> 00:13:26,720
so one of the things we're trying to do

405
00:13:24,880 --> 00:13:28,639
at Endeavor, and Reid Hoffman is a board

406
00:13:26,720 --> 00:13:30,800
member and I joke that we're trying to

407
00:13:28,639 --> 00:13:32,399
internationalise the Paypal Mafia, and he

408
00:13:30,800 --> 00:13:34,000
never likes the word mafia, he's always

409
00:13:32,399 --> 00:13:35,279
like Paypal Network - I was like come on

410
00:13:34,000 --> 00:13:37,440
own the mafia -

411
00:13:35,279 --> 00:13:40,160
but really what you're seeing is that it

412
00:13:37,440 --> 00:13:42,000
creates this flywheel effect and so now

413
00:13:40,160 --> 00:13:43,760
what we're trying to do is take these

414
00:13:42,000 --> 00:13:46,160
ecosystems in Nigeria,

415
00:13:43,760 --> 00:13:48,560
in Indonesia, in Mexico, in

416
00:13:46,160 --> 00:13:51,839
Romania, in all pockets of the world

417
00:13:48,560 --> 00:13:53,920
and say it can happen here too.

418
00:13:51,839 --> 00:13:55,120
Wonderful, before I ask more questions

419
00:13:53,920 --> 00:13:57,120
I want to remind

420
00:13:55,120 --> 00:13:58,480
our audience that you can participate,

421
00:13:57,120 --> 00:14:00,320
you can ask questions, so

422
00:13:58,480 --> 00:14:01,839
whatever channel, whatever platform

423
00:14:00,320 --> 00:14:03,279
you're on, please post your brief

424
00:14:01,839 --> 00:14:04,880
questions with your name and where

425
00:14:03,279 --> 00:14:06,880
you're from and then we will try

426
00:14:04,880 --> 00:14:08,000
our best to ask them here, I'm getting a

427
00:14:06,880 --> 00:14:10,160
question feed here.

428
00:14:08,000 --> 00:14:11,839
So Linda, when you're building these

429
00:14:10,160 --> 00:14:13,440
ecosystems it seems like a very

430
00:14:11,839 --> 00:14:15,839
important element is

431
00:14:13,440 --> 00:14:17,680
that there's a lot of giving back when

432
00:14:15,839 --> 00:14:19,519
you support an entrepreneur, they become

433
00:14:17,680 --> 00:14:20,240
part of a network and they start to give

434
00:14:19,519 --> 00:14:23,600
back to the

435
00:14:20,240 --> 00:14:26,800
network; can you tell us how it functions?

436
00:14:23,600 --> 00:14:29,360
Sure, I'd say we have 

437
00:14:26,800 --> 00:14:31,279
a few core values that are really

438
00:14:29,360 --> 00:14:31,600
critical to how we operate, especially as

439
00:14:31,279 --> 00:14:33,760
we

440
00:14:31,600 --> 00:14:35,440
have this hybrid model, right, with 

441
00:14:33,760 --> 00:14:38,720
the for-profit funds

442
00:14:35,440 --> 00:14:41,839
and the non-profit ecosystem building

443
00:14:38,720 --> 00:14:43,279
network; you know how having values

444
00:14:41,839 --> 00:14:46,639
that align

445
00:14:43,279 --> 00:14:48,399
the missions of both is critical, so

446
00:14:46,639 --> 00:14:50,000
three that I'll mention here are, one

447
00:14:48,399 --> 00:14:50,720
we're entrepreneur first, we are an

448
00:14:50,000 --> 00:14:52,560
organisation

449
00:14:50,720 --> 00:14:55,040
of by and for entrepreneurs; this is

450
00:14:52,560 --> 00:14:56,880
critical because at times

451
00:14:55,040 --> 00:14:58,079
there are conflicts between and

452
00:14:56,880 --> 00:15:00,480
among entrepreneurs

453
00:14:58,079 --> 00:15:02,399
and their investors, entrepreneurs and

454
00:15:00,480 --> 00:15:03,920
their co-founders, entrepreneurs

455
00:15:02,399 --> 00:15:04,399
and their board members, and we always

456
00:15:03,920 --> 00:15:07,440
focus

457
00:15:04,399 --> 00:15:09,199
on the entrepreneur first and that is

458
00:15:07,440 --> 00:15:11,839
unique, and in turn

459
00:15:09,199 --> 00:15:12,720
many of our entrepreneurs end up joining

460
00:15:11,839 --> 00:15:15,040
the boards

461
00:15:12,720 --> 00:15:16,160
of Endeavor, I'll get back to that in

462
00:15:15,040 --> 00:15:19,360
a minute; there's a good

463
00:15:16,160 --> 00:15:20,800
recent story there. The second is this

464
00:15:19,360 --> 00:15:23,120
network of trust,

465
00:15:20,800 --> 00:15:26,160
we won't sign non-disclosure agreements,

466
00:15:23,120 --> 00:15:28,480
we think that's one of the problems Route

467
00:15:26,160 --> 00:15:29,920
128 in Boston had is, they had all these

468
00:15:28,480 --> 00:15:30,560
non-competes and non-disclosure

469
00:15:29,920 --> 00:15:32,079
agreements

470
00:15:30,560 --> 00:15:33,600
versus Silicon Valley, where it's like oh

471
00:15:32,079 --> 00:15:34,560
you're leaving, what's your next venture?

472
00:15:33,600 --> 00:15:36,399
I'll fund you.

473
00:15:34,560 --> 00:15:38,079
So we feel it's our responsibility to

474
00:15:36,399 --> 00:15:39,519
have, but you have to have trust then and

475
00:15:38,079 --> 00:15:41,759
if people violate the trust

476
00:15:39,519 --> 00:15:43,360
they have to be excised from

477
00:15:41,759 --> 00:15:44,880
the network, but we've done that and then

478
00:15:43,360 --> 00:15:45,600
the other thing is this pay it forward

479
00:15:44,880 --> 00:15:47,519
spirit,

480
00:15:45,600 --> 00:15:49,440
and what we've said is we're investing

481
00:15:47,519 --> 00:15:50,480
in very few people to have that force

482
00:15:49,440 --> 00:15:52,720
multiplier effect,

483
00:15:50,480 --> 00:15:53,519
so in fact, of the 250 million we've

484
00:15:52,720 --> 00:15:55,839
raised,

485
00:15:53,519 --> 00:15:56,560
about a quarter of it to a

486
00:15:55,839 --> 00:15:58,160
third of it

487
00:15:56,560 --> 00:16:00,639
is from Endeavor entrepreneurs

488
00:15:58,160 --> 00:16:03,600
themselves, and the others 

489
00:16:00,639 --> 00:16:04,320
it's entrepreneurs like Steve Case of

490
00:16:03,600 --> 00:16:06,800
AOL,

491
00:16:04,320 --> 00:16:07,519
and Michael Dell and Reid Hoffman of

492
00:16:06,800 --> 00:16:10,560
LinkedIn,

493
00:16:07,519 --> 00:16:12,959
and Pierre Omidyar of Ebay,

494
00:16:10,560 --> 00:16:14,800
and so it's the sense that we are of, by,

495
00:16:12,959 --> 00:16:17,040
and for entrepreneurs, and it's their

496
00:16:14,800 --> 00:16:19,120
responsibility as entrepreneurs

497
00:16:17,040 --> 00:16:21,199
to spend time mentoring, to spend time

498
00:16:19,120 --> 00:16:21,759
reinvesting to become those founders to

499
00:16:21,199 --> 00:16:23,759
funders.

500
00:16:21,759 --> 00:16:24,800
That actually is how Silicon Valley was

501
00:16:23,759 --> 00:16:27,040
started if 

502
00:16:24,800 --> 00:16:28,240
you go back to even the Shockley Lab

503
00:16:27,040 --> 00:16:29,680
and the trader estate, it's people

504
00:16:28,240 --> 00:16:31,199
reinvesting

505
00:16:29,680 --> 00:16:33,279
and that's what we've said; you

506
00:16:31,199 --> 00:16:35,920
can't build 

507
00:16:33,279 --> 00:16:37,199
strong businesses in weak ecosystems, you

508
00:16:35,920 --> 00:16:39,040
can to a point

509
00:16:37,199 --> 00:16:40,959
and that's what's been amazing and so

510
00:16:39,040 --> 00:16:43,759
just two examples

511
00:16:40,959 --> 00:16:45,839
of how this is operating. One is a

512
00:16:43,759 --> 00:16:49,600
Guillaume of checkout.com,

513
00:16:45,839 --> 00:16:51,040
Guillaume is a Swiss national but

514
00:16:49,600 --> 00:16:54,160
has built this incredible

515
00:16:51,040 --> 00:16:56,399
fintech company in Dubai and London;

516
00:16:54,160 --> 00:16:57,759
he and his family are based in Dubai.

517
00:16:56,399 --> 00:17:00,959
It's now really

518
00:16:57,759 --> 00:17:04,480
one of the top four Fintech  

519
00:17:00,959 --> 00:17:06,319
platforms in the world, and he came

520
00:17:04,480 --> 00:17:08,160
to Endeavor before he had raised his

521
00:17:06,319 --> 00:17:10,079
series A but he had bootstrapped the

522
00:17:08,160 --> 00:17:11,280
company to a hundred million dollars and

523
00:17:10,079 --> 00:17:12,959
now thought, oh maybe 

524
00:17:11,280 --> 00:17:14,319
if I want to take on Stripe,

525
00:17:12,959 --> 00:17:16,720
maybe I should actually

526
00:17:14,319 --> 00:17:18,959
get some investors and we helped him

527
00:17:16,720 --> 00:17:20,640
raise his series. His series was at a

528
00:17:18,959 --> 00:17:22,400
two billion dollar valuation, it was the

529
00:17:20,640 --> 00:17:25,360
third largest Fintech

530
00:17:22,400 --> 00:17:27,520
raised in history and recently,

531
00:17:25,360 --> 00:17:30,480
less than 18 months later, he had

532
00:17:27,520 --> 00:17:32,720
a series C valuing him at 15 billion

533
00:17:30,480 --> 00:17:35,760
dollars, becoming Europe's

534
00:17:32,720 --> 00:17:37,600
highest valued Fintech company, and

535
00:17:35,760 --> 00:17:40,799
before this announcement was made,

536
00:17:37,600 --> 00:17:44,240
and it was a big deal in all of 

537
00:17:40,799 --> 00:17:46,880
the press,

538
00:17:44,240 --> 00:17:49,039
Guillaume held the story until

539
00:17:46,880 --> 00:17:49,679
Endeavor's website reflected that he

540
00:17:49,039 --> 00:17:51,440
enjoyed,

541
00:17:49,679 --> 00:17:52,960
that he had joined the Endeavor UAE

542
00:17:51,440 --> 00:17:55,520
board, this was so

543
00:17:52,960 --> 00:17:57,520
personally meaningful to him. He's an

544
00:17:55,520 --> 00:17:59,440
investor and catalyst, he spends

545
00:17:57,520 --> 00:18:01,280
countless hours mentoring, but I think

546
00:17:59,440 --> 00:18:04,320
that what's important 

547
00:18:01,280 --> 00:18:05,600
about this philosophy we have, is

548
00:18:04,320 --> 00:18:08,000
that at the end of the day

549
00:18:05,600 --> 00:18:08,960
I've told entrepreneurs that my

550
00:18:08,000 --> 00:18:11,440
expectation

551
00:18:08,960 --> 00:18:12,640
is that boards will be entirely run by

552
00:18:11,440 --> 00:18:13,919
entrepreneurs,

553
00:18:12,640 --> 00:18:16,480
 that we will be

554
00:18:13,919 --> 00:18:18,000
completely funded by the success of the

555
00:18:16,480 --> 00:18:20,480
entrepreneurs so all

556
00:18:18,000 --> 00:18:22,320
all of the returns Endeavor gets from

557
00:18:20,480 --> 00:18:24,640
the funds go to support

558
00:18:22,320 --> 00:18:25,440
the non-profit side. And I thought, what a

559
00:18:24,640 --> 00:18:27,520
statement

560
00:18:25,440 --> 00:18:28,720
if in the next five to ten years we are

561
00:18:27,520 --> 00:18:30,559
fully funded

562
00:18:28,720 --> 00:18:32,320
by the success of the very entrepreneurs

563
00:18:30,559 --> 00:18:33,840
we're there to support, and then we'll go

564
00:18:32,320 --> 00:18:34,960
for the next generation, we'll go to

565
00:18:33,840 --> 00:18:36,960
harder places.

566
00:18:34,960 --> 00:18:38,400
So that is the philosophy and everyone

567
00:18:36,960 --> 00:18:40,880
who joins this 

568
00:18:38,400 --> 00:18:43,760
community, this movement is infused

569
00:18:40,880 --> 00:18:45,600
with that same spirit.

570
00:18:43,760 --> 00:18:47,039
That's fantastic and what you're

571
00:18:45,600 --> 00:18:49,280
building really is a

572
00:18:47,039 --> 00:18:51,120
global platform, but at the same time you

573
00:18:49,280 --> 00:18:53,039
need to have very strong local support

574
00:18:51,120 --> 00:18:54,640
for these entrepreneurs to move forward.

575
00:18:53,039 --> 00:18:57,039
How do you balance the two? What is the

576
00:18:54,640 --> 00:19:00,720
local versus global force for you?

577
00:18:57,039 --> 00:19:02,640
Yeah it used to be local versus

578
00:19:00,720 --> 00:19:05,280
global, we went through that process,

579
00:19:02,640 --> 00:19:06,559
now we have a hashtag, one Endeavor logo,

580
00:19:05,280 --> 00:19:08,880
let's all work together;

581
00:19:06,559 --> 00:19:10,480
but in seriousness, it's

582
00:19:08,880 --> 00:19:11,039
actually gotten easier for the following

583
00:19:10,480 --> 00:19:14,080
reasons.

584
00:19:11,039 --> 00:19:14,640
Look we have wonderful local boards

585
00:19:14,080 --> 00:19:16,960
that we

586
00:19:14,640 --> 00:19:18,000
we have, we operate with boards in every

587
00:19:16,960 --> 00:19:20,960
country, and the 

588
00:19:18,000 --> 00:19:22,400
boards are usually the top 

589
00:19:20,960 --> 00:19:23,440
 business leaders, sometimes

590
00:19:22,400 --> 00:19:25,200
they're - if there's

591
00:19:23,440 --> 00:19:26,960
top venture investors - they'll join

592
00:19:25,200 --> 00:19:28,400
sometimes if there's been a successful

593
00:19:26,960 --> 00:19:31,679
entrepreneur, for example we just

594
00:19:28,400 --> 00:19:34,240
launched in Romania, so

595
00:19:31,679 --> 00:19:36,320
a key board member there is the CEO and

596
00:19:34,240 --> 00:19:37,520
co-founder of Uipath, which is one of the

597
00:19:36,320 --> 00:19:39,760
most important companies,

598
00:19:37,520 --> 00:19:41,600
also in Europe, based out of Romania, but

599
00:19:39,760 --> 00:19:42,559
it's rare, but if we're going in before

600
00:19:41,600 --> 00:19:45,679
there are these

601
00:19:42,559 --> 00:19:49,360
 tech enabled or tech centric 

602
00:19:45,679 --> 00:19:50,960
exits, we're building

603
00:19:49,360 --> 00:19:52,960
the ecosystem as we go, so we

604
00:19:50,960 --> 00:19:55,679
start with these top,

605
00:19:52,960 --> 00:19:56,960
highly networked, family

606
00:19:55,679 --> 00:19:59,360
business owners

607
00:19:56,960 --> 00:20:00,960
and self-made entrepreneurs, and

608
00:19:59,360 --> 00:20:01,679
over time, as I said, the entrepreneurs

609
00:20:00,960 --> 00:20:04,240
join

610
00:20:01,679 --> 00:20:04,960
these boards, but what is really

611
00:20:04,240 --> 00:20:08,240
interesting is

612
00:20:04,960 --> 00:20:11,120
it's very rare if you were coming out of

613
00:20:08,240 --> 00:20:12,320
Brazil or Mexico a few

614
00:20:11,120 --> 00:20:15,679
years ago, or even now

615
00:20:12,320 --> 00:20:18,880
Indonesia, or Vietnam, or 

616
00:20:15,679 --> 00:20:22,000
Bulgaria, or Greece, or

617
00:20:18,880 --> 00:20:24,559
Saudi, or Dubai, that there are

618
00:20:22,000 --> 00:20:27,120
examples of people who've built

619
00:20:24,559 --> 00:20:27,840
technology and tech-enabled companies to

620
00:20:27,120 --> 00:20:29,360
scale.

621
00:20:27,840 --> 00:20:30,960
So yes, there are a lot of large

622
00:20:29,360 --> 00:20:33,520
businesses but there are very few of

623
00:20:30,960 --> 00:20:36,320
these unicorns and decacorns

624
00:20:33,520 --> 00:20:38,159
where people have scaled tech businesses

625
00:20:36,320 --> 00:20:39,440
from a hundred to a thousand to ten

626
00:20:38,159 --> 00:20:41,039
thousand employees,

627
00:20:39,440 --> 00:20:43,120
where they've gone through 

628
00:20:41,039 --> 00:20:44,799
raising series A, series B, series C

629
00:20:43,120 --> 00:20:46,320
rounds when they thought about exits.

630
00:20:44,799 --> 00:20:48,000
Today, we get a lot of questions about

631
00:20:46,320 --> 00:20:51,120
SPACs, I'm actually on the board

632
00:20:48,000 --> 00:20:54,320
of one of Reid Hoffman's SPACs and

633
00:20:51,120 --> 00:20:57,280
and so we are

634
00:20:54,320 --> 00:20:59,120
through our global verticals, and we have

635
00:20:57,280 --> 00:21:01,120
an outliers group which are the top

636
00:20:59,120 --> 00:21:03,440
performing Endeavor entrepreneurs,

637
00:21:01,120 --> 00:21:04,880
giving this peer-to-peer network that is

638
00:21:03,440 --> 00:21:07,520
unparalleled in the world,

639
00:21:04,880 --> 00:21:08,559
because it's one thing to open new

640
00:21:07,520 --> 00:21:10,400
markets and want

641
00:21:08,559 --> 00:21:12,080
access to the people who have those

642
00:21:10,400 --> 00:21:14,159
local connections, but it's an

643
00:21:12,080 --> 00:21:16,000
entirely other thing in a trust-based

644
00:21:14,159 --> 00:21:18,000
kind of YPO-like forum, we

645
00:21:16,000 --> 00:21:19,280
have these Endeavor

646
00:21:18,000 --> 00:21:21,200
peer-to-peer forums,

647
00:21:19,280 --> 00:21:22,320
where somebody has been through

648
00:21:21,200 --> 00:21:25,679
the same thing, which is

649
00:21:22,320 --> 00:21:28,080
how do you attract engineers in Nigeria

650
00:21:25,679 --> 00:21:28,880
to your platform? How do you

651
00:21:28,080 --> 00:21:31,919
scale

652
00:21:28,880 --> 00:21:34,240
as an entrepreneur to a CEO? How do

653
00:21:31,919 --> 00:21:35,120
you deal with issues of raising

654
00:21:34,240 --> 00:21:37,280
capital and

655
00:21:35,120 --> 00:21:38,720
challenges with co-founders? And

656
00:21:37,280 --> 00:21:41,360
Endeavor is really there

657
00:21:38,720 --> 00:21:43,200
in that peer-to-peer entrepreneur

658
00:21:41,360 --> 00:21:44,000
first spirit, so that's what we've

659
00:21:43,200 --> 00:21:46,559
tried 

660
00:21:44,000 --> 00:21:48,240
to build so naturally. The

661
00:21:46,559 --> 00:21:48,960
entrepreneurs want the local market

662
00:21:48,240 --> 00:21:51,440
connections,

663
00:21:48,960 --> 00:21:52,799
and if they want access to the top 

664
00:21:51,440 --> 00:21:55,120
global peers

665
00:21:52,799 --> 00:21:56,960
who've built successful businesses

666
00:21:55,120 --> 00:21:58,880
before.

667
00:21:56,960 --> 00:22:00,320
Absolutely, and of course with any

668
00:21:58,880 --> 00:22:02,559
platform building, the

669
00:22:00,320 --> 00:22:04,400
users, and the providers, and making sure

670
00:22:02,559 --> 00:22:06,080
that there's demand and supply

671
00:22:04,400 --> 00:22:07,840
at the same time,, and in your case, of

672
00:22:06,080 --> 00:22:09,679
course, the entrepreneurs on one side and

673
00:22:07,840 --> 00:22:11,360
the support group on the other side,

674
00:22:09,679 --> 00:22:13,280
that's never easy because they need to

675
00:22:11,360 --> 00:22:14,159
be there at the same time in order to

676
00:22:13,280 --> 00:22:17,200
match.

677
00:22:14,159 --> 00:22:20,000
Now moving forward, obviously, 

678
00:22:17,200 --> 00:22:22,080
you have gone to many countries and you

679
00:22:20,000 --> 00:22:24,640
also have interestingly some

680
00:22:22,080 --> 00:22:25,440
examples of cities in developed

681
00:22:24,640 --> 00:22:28,400
countries

682
00:22:25,440 --> 00:22:30,159
so there was a bit of a - let's say -

683
00:22:28,400 --> 00:22:31,760
widening of the scope, I believe. Can you

684
00:22:30,159 --> 00:22:34,320
tell us a little bit about that?

685
00:22:31,760 --> 00:22:35,039
There was - I was - against this first, but

686
00:22:34,320 --> 00:22:37,679
actually

687
00:22:35,039 --> 00:22:38,080
it started actually in Greece and

688
00:22:37,679 --> 00:22:40,080
a

689
00:22:38,080 --> 00:22:41,280
college friend of mine, Kyriakos

690
00:22:40,080 --> 00:22:42,880
Mitsotakis, who now -

691
00:22:41,280 --> 00:22:44,640
then was a venture capitalist - now is

692
00:22:42,880 --> 00:22:47,120
Prime Minister of Greece,

693
00:22:44,640 --> 00:22:48,480
and Greece is actually one of the

694
00:22:47,120 --> 00:22:50,400
fortunate ones to have competent

695
00:22:48,480 --> 00:22:54,159
leadership,

696
00:22:50,400 --> 00:22:57,200
and Kyriakos' and his

697
00:22:54,159 --> 00:23:01,120
wife Marava came and said, look,

698
00:22:57,200 --> 00:23:02,559
Greece needs this and I was

699
00:23:01,120 --> 00:23:04,960
concerned, I thought this will open the

700
00:23:02,559 --> 00:23:05,679
floodgates, which it did to Italy, to

701
00:23:04,960 --> 00:23:07,840
Spain,

702
00:23:05,679 --> 00:23:09,679
I would say in Europe, Endeavor's been

703
00:23:07,840 --> 00:23:12,159
hugely successful and it's actually been

704
00:23:09,679 --> 00:23:15,200
very hard to build successful companies

705
00:23:12,159 --> 00:23:16,080
in places like Italy and Spain and

706
00:23:15,200 --> 00:23:19,039
Greece before

707
00:23:16,080 --> 00:23:20,320
Endeavor was there, and I'm super proud

708
00:23:19,039 --> 00:23:22,799
of the network we've built

709
00:23:20,320 --> 00:23:23,520
and of the entrepreneurs who really are

710
00:23:22,799 --> 00:23:26,720
now

711
00:23:23,520 --> 00:23:27,600
creating this spirit of

712
00:23:26,720 --> 00:23:29,919
possibility,

713
00:23:27,600 --> 00:23:30,799
and we've seen a number of exits coming

714
00:23:29,919 --> 00:23:34,000
out of these.

715
00:23:30,799 --> 00:23:37,520
The first unicorns in Spain

716
00:23:34,000 --> 00:23:40,080
and sunicorns, as someone said,

717
00:23:37,520 --> 00:23:40,559
in Italy and Greece, we did go to the

718
00:23:40,080 --> 00:23:42,000
US,

719
00:23:40,559 --> 00:23:44,480
which was a little bit of a

720
00:23:42,000 --> 00:23:46,159
controversial play, but interestingly

721
00:23:44,480 --> 00:23:47,840
it was really only Endeavor and Steve

722
00:23:46,159 --> 00:23:49,840
Case's Rise of the Rest

723
00:23:47,840 --> 00:23:51,760
that five, ten years ago thought it was

724
00:23:49,840 --> 00:23:53,120
possible to build companies in the US

725
00:23:51,760 --> 00:23:55,520
outside Silicon Valley.

726
00:23:53,120 --> 00:23:57,360
It was really the arrogance of the

727
00:23:55,520 --> 00:23:59,200
venture capitalists who said, 'oh

728
00:23:57,360 --> 00:24:00,480
we'll invest in you if you're in Miami

729
00:23:59,200 --> 00:24:02,320
or Detroit or

730
00:24:00,480 --> 00:24:04,720
Atlanta or Louisville, but you have to

731
00:24:02,320 --> 00:24:05,919
move here,' and we said, 'that's ridiculous,

732
00:24:04,720 --> 00:24:08,080
what are you talking about?'

733
00:24:05,919 --> 00:24:10,080
So now it seems obvious in post-COVID,

734
00:24:08,080 --> 00:24:12,000
there's a billboard from the

735
00:24:10,080 --> 00:24:13,600
Mayor of Miami, in San Francisco, saying

736
00:24:12,000 --> 00:24:15,039
if you're planning to move to Miami you

737
00:24:13,600 --> 00:24:17,120
know DM me,

738
00:24:15,039 --> 00:24:18,720
a billboard in San Francisco, so

739
00:24:17,120 --> 00:24:20,720
now it seems obvious.

740
00:24:18,720 --> 00:24:22,799
I'd say at this point in the US, we're

741
00:24:20,720 --> 00:24:24,960
looking a lot at underserved founders,

742
00:24:22,799 --> 00:24:26,480
it's still very difficult if

743
00:24:24,960 --> 00:24:29,919
you're a female founder,

744
00:24:26,480 --> 00:24:32,159
if you're a black or other

745
00:24:29,919 --> 00:24:33,919
minority founder, to access

746
00:24:32,159 --> 00:24:35,279
venture capital so we're focusing on

747
00:24:33,919 --> 00:24:37,600
that.

748
00:24:35,279 --> 00:24:38,640
But I think also what's so

749
00:24:37,600 --> 00:24:40,720
interesting

750
00:24:38,640 --> 00:24:42,080
is the interplay between these

751
00:24:40,720 --> 00:24:44,000
entrepreneurs that are even coming from

752
00:24:42,080 --> 00:24:45,440
the Europe and outside Silicon Valley, in

753
00:24:44,000 --> 00:24:48,559
New York and the US,

754
00:24:45,440 --> 00:24:50,159
and the emerging markets where it's

755
00:24:48,559 --> 00:24:51,120
actually kind of similar to try to

756
00:24:50,159 --> 00:24:53,520
attract

757
00:24:51,120 --> 00:24:54,960
talent to your city and to build 

758
00:24:53,520 --> 00:24:58,240
companies where it's really

759
00:24:54,960 --> 00:25:00,320
not been done before. Sounds great, and

760
00:24:58,240 --> 00:25:01,919
in fact I mean when the ecosystem is

761
00:25:00,320 --> 00:25:03,840
weak it doesn't matter where you are,

762
00:25:01,919 --> 00:25:06,000
it's the same process in a sense.

763
00:25:03,840 --> 00:25:07,440
Yeah the one thing I will say in this,

764
00:25:06,000 --> 00:25:09,039
this is very interesting in terms of

765
00:25:07,440 --> 00:25:12,080
COVID,

766
00:25:09,039 --> 00:25:13,919
at a country level I was blown away by

767
00:25:12,080 --> 00:25:14,880
the fact that Endeavor entrepreneurs not

768
00:25:13,919 --> 00:25:17,200
only grew

769
00:25:14,880 --> 00:25:18,240
right, we know that a lot that the

770
00:25:17,200 --> 00:25:20,880
world of

771
00:25:18,240 --> 00:25:22,720
going digital was enhanced and so all of

772
00:25:20,880 --> 00:25:24,159
these tech enabled companies obviously

773
00:25:22,720 --> 00:25:26,080
are going to do well. We had more

774
00:25:24,159 --> 00:25:27,679
investments in catalyst last year than

775
00:25:26,080 --> 00:25:29,919
ever, we had more exits

776
00:25:27,679 --> 00:25:31,919
in the last year than ever, but what

777
00:25:29,919 --> 00:25:34,320
makes me so proud is the way

778
00:25:31,919 --> 00:25:35,600
entrepreneurs reacted and said, and this

779
00:25:34,320 --> 00:25:37,840
is different than in the US,

780
00:25:35,600 --> 00:25:39,279
they said if our country is hurting

781
00:25:37,840 --> 00:25:40,960
we've got to provide

782
00:25:39,279 --> 00:25:42,320
the solutions. So just three quick

783
00:25:40,960 --> 00:25:45,919
examples Altibi

784
00:25:42,320 --> 00:25:47,520
in Jordan, the WebMD of Jordan, became the

785
00:25:45,919 --> 00:25:49,919
national health line

786
00:25:47,520 --> 00:25:50,799
about COVID for the entire

787
00:25:49,919 --> 00:25:53,760
country.

788
00:25:50,799 --> 00:25:54,559
You had a 3D printing company in

789
00:25:53,760 --> 00:25:57,600
Italy

790
00:25:54,559 --> 00:26:00,400
that changed production, it was 

791
00:25:57,600 --> 00:26:01,200
doing hardware and ended

792
00:26:00,400 --> 00:26:05,039
up providing

793
00:26:01,200 --> 00:26:07,440
the PPE. And in Nigeria,

794
00:26:05,039 --> 00:26:08,480
one of the, probably what will be the

795
00:26:07,440 --> 00:26:10,720
first unicorn

796
00:26:08,480 --> 00:26:12,159
in Nigeria, a company called Flutterwave

797
00:26:10,720 --> 00:26:15,200
founded by

798
00:26:12,159 --> 00:26:18,240
this ex-Paypaller GB - wonderful guy -

799
00:26:15,200 --> 00:26:20,159
and he is building the largest B2B

800
00:26:18,240 --> 00:26:22,400
payment infrastructure for small

801
00:26:20,159 --> 00:26:24,799
businesses, but what he realised

802
00:26:22,400 --> 00:26:26,480
is that he couldn't just be the 

803
00:26:24,799 --> 00:26:27,679
the payment infrastructure,

804
00:26:26,480 --> 00:26:30,720
the Stripe of

805
00:26:27,679 --> 00:26:33,840
 Africa, he needed

806
00:26:30,720 --> 00:26:34,640
actually to help businesses keep their

807
00:26:33,840 --> 00:26:38,000
lights on

808
00:26:34,640 --> 00:26:40,320
because, suddenly, they were losing

809
00:26:38,000 --> 00:26:41,440
all their foot traffic and did not have

810
00:26:40,320 --> 00:26:43,520
any storefront,

811
00:26:41,440 --> 00:26:44,880
so what he did is pivoted his model from

812
00:26:43,520 --> 00:26:47,360
just being B2B

813
00:26:44,880 --> 00:26:49,039
to actually helping these 20 000

814
00:26:47,360 --> 00:26:50,080
businesses keep the lights on, that was

815
00:26:49,039 --> 00:26:51,919
the mantra.

816
00:26:50,080 --> 00:26:53,840
And they processed over seven and a

817
00:26:51,919 --> 00:26:54,880
half billion dollars last year in the

818
00:26:53,840 --> 00:26:57,919
revenue,

819
00:26:54,880 --> 00:27:00,400
and they had 80 million transactions and

820
00:26:57,919 --> 00:27:01,600
he really saved small businesses in 

821
00:27:00,400 --> 00:27:04,240
in Nigeria.

822
00:27:01,600 --> 00:27:05,919
So I think that is that is why, for me,

823
00:27:04,240 --> 00:27:07,279
I'm working at the country level in

824
00:27:05,919 --> 00:27:09,200
these emerging

825
00:27:07,279 --> 00:27:10,320
and growth markets is super exciting,

826
00:27:09,200 --> 00:27:12,400
because you see

827
00:27:10,320 --> 00:27:13,679
just the ecosystem impact that goes

828
00:27:12,400 --> 00:27:15,120
beyond just the

829
00:27:13,679 --> 00:27:17,600
entrepreneur and technology

830
00:27:15,120 --> 00:27:19,360
infrastructure too; when a crisis happens

831
00:27:17,600 --> 00:27:21,840
how do people make an

832
00:27:19,360 --> 00:27:23,840
impact at a national level?

833
00:27:21,840 --> 00:27:25,440
Fantastic, and from our audience we have

834
00:27:23,840 --> 00:27:27,679
a question, this is Peter from

835
00:27:25,440 --> 00:27:29,120
New York and he was, in fact, wondering

836
00:27:27,679 --> 00:27:31,760
about how the

837
00:27:29,120 --> 00:27:33,679
pandemic has affected both the supply of

838
00:27:31,760 --> 00:27:35,200
entrepreneurs, and I'll add a question to

839
00:27:33,679 --> 00:27:38,799
that actually and say,

840
00:27:35,200 --> 00:27:40,880
also the supply of investment?

841
00:27:38,799 --> 00:27:42,399
Well it's interesting, exactly a year ago

842
00:27:40,880 --> 00:27:42,880
 I was coming back from Saudi Arabia, my

843
00:27:42,399 --> 00:27:46,000
last

844
00:27:42,880 --> 00:27:48,880
trip, and when we shut down

845
00:27:46,000 --> 00:27:50,399
we immediately started an Endeavor

846
00:27:48,880 --> 00:27:51,360
Webinar series called 'Leading through

847
00:27:50,399 --> 00:27:55,039
Crisis'

848
00:27:51,360 --> 00:27:56,720
and we were the lone optimists at

849
00:27:55,039 --> 00:28:00,159
that point. I'd say

850
00:27:56,720 --> 00:28:00,799
it, at that point, all the VCs said 'hoard

851
00:28:00,159 --> 00:28:02,880
your money,

852
00:28:00,799 --> 00:28:03,840
don't spend a dime, you're never raising

853
00:28:02,880 --> 00:28:06,000
again.'

854
00:28:03,840 --> 00:28:07,279
And we thought you're insane, this is

855
00:28:06,000 --> 00:28:09,360
the best moment to be an

856
00:28:07,279 --> 00:28:10,240
entrepreneur and I reminded everyone my

857
00:28:09,360 --> 00:28:12,960
mantra -

858
00:28:10,240 --> 00:28:15,039
apart from the crazy as a compliment - my

859
00:28:12,960 --> 00:28:15,520
other mantra is that when economies turn

860
00:28:15,039 --> 00:28:18,159
down,

861
00:28:15,520 --> 00:28:18,640
entrepreneurs turn up, and that is, of

862
00:28:18,159 --> 00:28:21,279
course,

863
00:28:18,640 --> 00:28:22,640
what happened and what we saw is that

864
00:28:21,279 --> 00:28:25,919
tech enabled

865
00:28:22,640 --> 00:28:26,320
solutions really were more needed than

866
00:28:25,919 --> 00:28:29,360
ever

867
00:28:26,320 --> 00:28:30,080
so we would have digital

868
00:28:29,360 --> 00:28:33,200
transformation

869
00:28:30,080 --> 00:28:35,679
companies skyrocketing, ed tech platforms,

870
00:28:33,200 --> 00:28:36,559
health tech platforms, imagine 

871
00:28:35,679 --> 00:28:39,520
what would have happened

872
00:28:36,559 --> 00:28:41,440
pre-Zoom, I mean just everyone was

873
00:28:39,520 --> 00:28:44,159
finding solutions. We had

874
00:28:41,440 --> 00:28:45,840
coffee shops opening in Indonesia with

875
00:28:44,159 --> 00:28:47,520
tech enabled solutions, we had, as I

876
00:28:45,840 --> 00:28:51,039
mentioned with Flutterwave,

877
00:28:47,520 --> 00:28:54,080
in every country people finding

878
00:28:51,039 --> 00:28:56,080
Fintech options to actually create

879
00:28:54,080 --> 00:28:57,600
opportunities for lots of mom and pop

880
00:28:56,080 --> 00:29:00,000
shops to

881
00:28:57,600 --> 00:29:02,080
build digital storefronts, and now, guess

882
00:29:00,000 --> 00:29:04,960
what? Those digital storefronts

883
00:29:02,080 --> 00:29:06,880
are thriving, I'm on a board of a

884
00:29:04,960 --> 00:29:07,520
company called Olo here, based in New

885
00:29:06,880 --> 00:29:09,600
York,

886
00:29:07,520 --> 00:29:10,799
that's doing a SAS based platform for

887
00:29:09,600 --> 00:29:13,120
digital ordering.

888
00:29:10,799 --> 00:29:13,840
Well, the trends were already going away

889
00:29:13,120 --> 00:29:16,159
from 

890
00:29:13,840 --> 00:29:16,960
in-person eating in restaurants to

891
00:29:16,159 --> 00:29:18,240
digital,

892
00:29:16,960 --> 00:29:19,760
and now if you're a restaurant you've

893
00:29:18,240 --> 00:29:22,480
just had to create that digital

894
00:29:19,760 --> 00:29:25,760
storefront, or maybe used a Cloud kitchen.

895
00:29:22,480 --> 00:29:26,080
So what I would say is the best time to

896
00:29:25,760 --> 00:29:28,240
be

897
00:29:26,080 --> 00:29:29,360
an entrepreneur, is not when things are

898
00:29:28,240 --> 00:29:32,000
going great,

899
00:29:29,360 --> 00:29:32,640
because then the less agile companies

900
00:29:32,000 --> 00:29:35,360
can just

901
00:29:32,640 --> 00:29:35,919
get all the talent, it's when

902
00:29:35,360 --> 00:29:37,919
things

903
00:29:35,919 --> 00:29:39,919
are troubled and when there is chaos.

904
00:29:37,919 --> 00:29:41,679
Chaos is the friend of the entrepreneur

905
00:29:39,919 --> 00:29:44,320
because that's when, if you're a big

906
00:29:41,679 --> 00:29:45,840
non-agile firm, you're retrenching and

907
00:29:44,320 --> 00:29:47,520
the agile companies are the ones that

908
00:29:45,840 --> 00:29:49,039
can fly. So just to end here,

909
00:29:47,520 --> 00:29:50,960
we invested through Endeavor capital, we

910
00:29:49,039 --> 00:29:54,480
raised our largest catalyst fund

911
00:29:50,960 --> 00:29:56,320
last year, 134 million of the 250

912
00:29:54,480 --> 00:29:57,840
million dollars we were only targeting ...

913
00:29:56,320 --> 00:30:00,480
we're targeting less than that;

914
00:29:57,840 --> 00:30:02,159
we made 34 investments, I believe,

915
00:30:00,480 --> 00:30:05,279
the most that we've ever made

916
00:30:02,159 --> 00:30:07,760
in a diversified platform.

917
00:30:05,279 --> 00:30:08,320
We've had more exits happening so I

918
00:30:07,760 --> 00:30:11,840
actually

919
00:30:08,320 --> 00:30:14,799
think that what is going on is

920
00:30:11,840 --> 00:30:16,960
the speeding up of the entrepreneurial

921
00:30:14,799 --> 00:30:18,320
revolutions we were seeing for the last

922
00:30:16,960 --> 00:30:21,520
five and ten years,

923
00:30:18,320 --> 00:30:22,080
and that is not going to stop because I

924
00:30:21,520 --> 00:30:24,799
think that

925
00:30:22,080 --> 00:30:25,120
we're just at the beginning of Agtech

926
00:30:24,799 --> 00:30:28,000
and

927
00:30:25,120 --> 00:30:29,120
Edtech and Healthtech, and solving these

928
00:30:28,000 --> 00:30:31,279
pain points

929
00:30:29,120 --> 00:30:32,799
through technology. It's no longer just

930
00:30:31,279 --> 00:30:35,520
about social networks,

931
00:30:32,799 --> 00:30:37,120
we had seen this for many many years, but

932
00:30:35,520 --> 00:30:40,240
I think Silicon Valley and the

933
00:30:37,120 --> 00:30:42,559
and the VCs are now finally realising

934
00:30:40,240 --> 00:30:45,039
there is growth opportunities in

935
00:30:42,559 --> 00:30:47,520
actually solving these real pain points.

936
00:30:45,039 --> 00:30:49,679
Absolutely, and as the pandemic forces 

937
00:30:47,520 --> 00:30:51,440
 companies to become digital,

938
00:30:49,679 --> 00:30:53,600
there's just so much opportunity

939
00:30:51,440 --> 00:30:54,960
for tech entrepreneurs to disrupt

940
00:30:53,600 --> 00:30:57,120
those who are staying behind,

941
00:30:54,960 --> 00:30:58,880
in fact that's absolutely,

942
00:30:57,120 --> 00:31:00,960
even non-tech entrepreneurs

943
00:30:58,880 --> 00:31:02,799
have to have a tech component, so even

944
00:31:00,960 --> 00:31:05,919
the F and B companies were saying,

945
00:31:02,799 --> 00:31:08,320
even the retail businesses know, they

946
00:31:05,919 --> 00:31:09,840
have to have a tech enabled component

947
00:31:08,320 --> 00:31:11,519
to grow so there's no longer a

948
00:31:09,840 --> 00:31:13,279
difference between the tech companies

949
00:31:11,519 --> 00:31:14,320
which used to be hardware and software

950
00:31:13,279 --> 00:31:16,640
and engineers,

951
00:31:14,320 --> 00:31:18,720
and the non-tech companies. That

952
00:31:16,640 --> 00:31:21,600
distinction has gone away, my friends,

953
00:31:18,720 --> 00:31:24,159
like everything has to be tech enabled

954
00:31:21,600 --> 00:31:26,480
or you're not going to move forward.

955
00:31:24,159 --> 00:31:28,559
In fact, and it seems that in your

956
00:31:26,480 --> 00:31:30,080
portfolio there is a great emphasis - or

957
00:31:28,559 --> 00:31:32,399
at least historically there was an

958
00:31:30,080 --> 00:31:34,399
emphasis - on tech entrepreneurship,

959
00:31:32,399 --> 00:31:35,919
but there's also quite a bit of non-tech

960
00:31:34,399 --> 00:31:37,279
in there as well, can you tell us about

961
00:31:35,919 --> 00:31:38,960
that balance?

962
00:31:37,279 --> 00:31:40,399
And of course that has changed over time

963
00:31:38,960 --> 00:31:42,240
as you said. Yeah, it's

964
00:31:40,399 --> 00:31:44,840
interesting because one of the things

965
00:31:42,240 --> 00:31:46,480
I sometimes stoke a little bit of

966
00:31:44,840 --> 00:31:48,480
controversy

967
00:31:46,480 --> 00:31:50,640
because for me, high

968
00:31:48,480 --> 00:31:52,399
impact has always been about high growth,

969
00:31:50,640 --> 00:31:55,039
as I said, it's about high growth

970
00:31:52,399 --> 00:31:58,000
plus paying it forward right, but the

971
00:31:55,039 --> 00:32:00,399
impact investment world that took hold

972
00:31:58,000 --> 00:32:03,039
people wanted to lump Endeavor in

973
00:32:00,399 --> 00:32:05,440
with, and I rejected that, I said no

974
00:32:03,039 --> 00:32:06,480
because people who were calling impact

975
00:32:05,440 --> 00:32:08,880
investing

976
00:32:06,480 --> 00:32:09,679
were the 'traditional VCs' who

977
00:32:08,880 --> 00:32:13,279
thought 'oh

978
00:32:09,679 --> 00:32:17,200
all of this cute little health care and

979
00:32:13,279 --> 00:32:19,519
education and AG investments,

980
00:32:17,200 --> 00:32:21,840
they're kind of on the margins, I guess,

981
00:32:19,519 --> 00:32:23,440
they used to be social and now maybe

982
00:32:21,840 --> 00:32:24,640
there's a business there, but we're going to

983
00:32:23,440 --> 00:32:27,519
stick with 

984
00:32:24,640 --> 00:32:28,080
the new apps and the new right

985
00:32:27,519 --> 00:32:30,080
and the new

986
00:32:28,080 --> 00:32:31,919
software plays and we're in

987
00:32:30,080 --> 00:32:33,760
the new SAS companies'. And we said, look

988
00:32:31,919 --> 00:32:35,519
we're going to do both but you guys are

989
00:32:33,760 --> 00:32:37,360
missing the point and when you look

990
00:32:35,519 --> 00:32:39,519
outside of the US

991
00:32:37,360 --> 00:32:40,880
you have to solve problems and so,

992
00:32:39,519 --> 00:32:43,840
 as I said, if you're

993
00:32:40,880 --> 00:32:44,480
a B2B fintech company but your

994
00:32:43,840 --> 00:32:46,880
merchants

995
00:32:44,480 --> 00:32:48,399
don't have access to credit or

996
00:32:46,880 --> 00:32:50,080
don't have access to their customers

997
00:32:48,399 --> 00:32:53,120
you're solving that problem.

998
00:32:50,080 --> 00:32:54,960
And what we saw is to leapfrog many of

999
00:32:53,120 --> 00:32:57,120
the infrastructure problems

1000
00:32:54,960 --> 00:32:58,799
in healthcare, we saw a lot of health

1001
00:32:57,120 --> 00:33:01,440
delivery systems because

1002
00:32:58,799 --> 00:33:03,039
there were just not efficient 

1003
00:33:01,440 --> 00:33:04,559
 platforms, where there was emergency

1004
00:33:03,039 --> 00:33:07,600
rooms that didn't have

1005
00:33:04,559 --> 00:33:09,279
technology to make decisions on time. Or

1006
00:33:07,600 --> 00:33:12,080
actually, we now have actually

1007
00:33:09,279 --> 00:33:13,840
healthcare trucks coming into

1008
00:33:12,080 --> 00:33:15,519
places in the cities that didn't have

1009
00:33:13,840 --> 00:33:16,960
access to vaccinations,

1010
00:33:15,519 --> 00:33:20,000
which is obviously becoming very

1011
00:33:16,960 --> 00:33:22,240
important, or edtech platforms in

1012
00:33:20,000 --> 00:33:24,159
populations where you just didn't have

1013
00:33:22,240 --> 00:33:25,679
the internet access. How do you deal

1014
00:33:24,159 --> 00:33:27,679
with that? How do you do it over mobile

1015
00:33:25,679 --> 00:33:29,120
right? And the world had gone to

1016
00:33:27,679 --> 00:33:31,679
mobile as we know

1017
00:33:29,120 --> 00:33:32,799
much earlier than the US, Facebook was

1018
00:33:31,679 --> 00:33:36,240
famously

1019
00:33:32,799 --> 00:33:38,159
lagging and Mobile Nigeria and Brazil

1020
00:33:36,240 --> 00:33:39,440
and Indonesia and Turkey were much further ahead

1021
00:33:38,159 --> 00:33:42,799
with mobile

1022
00:33:39,440 --> 00:33:43,279
and than the US, so what we saw

1023
00:33:42,799 --> 00:33:46,080
is just

1024
00:33:43,279 --> 00:33:47,760
early on the real entrepreneurs don't

1025
00:33:46,080 --> 00:33:51,360
just build power points, they solve

1026
00:33:47,760 --> 00:33:53,600
pain points and I think that the US VCs

1027
00:33:51,360 --> 00:33:54,960
are late to the game but now realising

1028
00:33:53,600 --> 00:33:57,760
that actually

1029
00:33:54,960 --> 00:33:58,159
healthtech, agtech, edtech - these health

1030
00:33:57,760 --> 00:34:02,000
and

1031
00:33:58,159 --> 00:34:05,200
these tech enabled big

1032
00:34:02,000 --> 00:34:07,360
problem scaling solutions

1033
00:34:05,200 --> 00:34:08,480
are really where the growth is going to

1034
00:34:07,360 --> 00:34:09,919
come.

1035
00:34:08,480 --> 00:34:12,000
So what I would say is 

1036
00:34:09,919 --> 00:34:14,079
there's not really been a distinction

1037
00:34:12,000 --> 00:34:15,839
in the last years; if we have one of our

1038
00:34:14,079 --> 00:34:16,800
top female entrepreneurs - a woman named

1039
00:34:15,839 --> 00:34:18,960
Veronica -

1040
00:34:16,800 --> 00:34:20,159
who grew up in the north of Spain, 

1041
00:34:18,960 --> 00:34:22,720
this 

1042
00:34:20,159 --> 00:34:23,919
town called Burgos, and she actually left

1043
00:34:22,720 --> 00:34:25,440
this family business - it was a

1044
00:34:23,919 --> 00:34:27,119
manufacturing business -

1045
00:34:25,440 --> 00:34:28,639
and she didn't want to take it over, and

1046
00:34:27,119 --> 00:34:30,800
she went to

1047
00:34:28,639 --> 00:34:32,560
Paris - got her

1048
00:34:30,800 --> 00:34:34,800
aeronautical engineering degree in Spain -

1049
00:34:32,560 --> 00:34:36,800
then went to Paris, but was called back

1050
00:34:34,800 --> 00:34:39,359
as the family business was

1051
00:34:36,800 --> 00:34:41,359
shrinking and needed help and

1052
00:34:39,359 --> 00:34:42,960
she realised this opportunity

1053
00:34:41,359 --> 00:34:44,800
to take from this, as I said, this

1054
00:34:42,960 --> 00:34:48,320
northern town

1055
00:34:44,800 --> 00:34:51,040
and turned it into an AI robotics

1056
00:34:48,320 --> 00:34:52,399
manufacturing company, her clients are

1057
00:34:51,040 --> 00:34:54,399
Tesla and Apple

1058
00:34:52,399 --> 00:34:56,639
right. And so I think that what we've

1059
00:34:54,399 --> 00:34:58,000
seen is, whether it's manufacturing,

1060
00:34:56,639 --> 00:34:59,839
whether it's healthcare, whether it's

1061
00:34:58,000 --> 00:35:03,200
education, whether it's agriculture,

1062
00:34:59,839 --> 00:35:05,760
the new generation is saying let's blend

1063
00:35:03,200 --> 00:35:06,560
these tech scaling solutions and this is

1064
00:35:05,760 --> 00:35:09,040
true in F&B,

1065
00:35:06,560 --> 00:35:10,400
as well, every food and beverage company.

1066
00:35:09,040 --> 00:35:12,400
Endeavor now has a tech

1067
00:35:10,400 --> 00:35:14,000
platform and I think that that's what

1068
00:35:12,400 --> 00:35:15,119
we're realising is that if you see a

1069
00:35:14,000 --> 00:35:17,440
distinction

1070
00:35:15,119 --> 00:35:18,960
then you're missing the beauty of

1071
00:35:17,440 --> 00:35:22,079
solving big problems, but

1072
00:35:18,960 --> 00:35:23,920
using the scaling capabilities of 

1073
00:35:22,079 --> 00:35:26,160
technology.

1074
00:35:23,920 --> 00:35:27,599
Fantastic, before I move on I want to

1075
00:35:26,160 --> 00:35:29,040
welcome our new listeners.

1076
00:35:27,599 --> 00:35:30,640
I'm Pinar Ozcan, Professor of

1077
00:35:29,040 --> 00:35:32,079
Entrepreneurship and Innovation at Said

1078
00:35:30,640 --> 00:35:33,839
Business School, and I'm speaking with

1079
00:35:32,079 --> 00:35:34,400
the wonderful Linda Rottenberg, who is

1080
00:35:33,839 --> 00:35:36,960
the

1081
00:35:34,400 --> 00:35:37,520
CEO of Endeavor Global and founder, of

1082
00:35:36,960 --> 00:35:40,640
course.

1083
00:35:37,520 --> 00:35:42,560
I want to next touch upon a question

1084
00:35:40,640 --> 00:35:44,800
that is quite popular in our chat,

1085
00:35:42,560 --> 00:35:46,640
and specifically it is about what

1086
00:35:44,800 --> 00:35:47,440
qualities you're looking for in an

1087
00:35:46,640 --> 00:35:50,079
entrepreneur.

1088
00:35:47,440 --> 00:35:51,920
At Oxford, at CDL - for example - we see a

1089
00:35:50,079 --> 00:35:52,240
lot of very interesting ventures coming

1090
00:35:51,920 --> 00:35:54,480
in

1091
00:35:52,240 --> 00:35:56,480
but even the ones with greatest ideas

1092
00:35:54,480 --> 00:35:58,560
sometimes don't go forward and sometimes

1093
00:35:56,480 --> 00:35:59,440
it has to do with the qualities of the

1094
00:35:58,560 --> 00:36:02,000
entrepreneur.

1095
00:35:59,440 --> 00:36:04,079
So what makes an entrepreneur go forward

1096
00:36:02,000 --> 00:36:07,520
and skyrocket?

1097
00:36:04,079 --> 00:36:09,760
At Endeavor we focus on

1098
00:36:07,520 --> 00:36:11,680
on the scale-ups, not the startups,

1099
00:36:09,760 --> 00:36:13,119
and I think that what's interesting

1100
00:36:11,680 --> 00:36:13,920
about that is there are different sets

1101
00:36:13,119 --> 00:36:16,400
of challenges

1102
00:36:13,920 --> 00:36:17,520
at the scale-up phase, often I always say

1103
00:36:16,400 --> 00:36:19,280
if you're starting with

1104
00:36:17,520 --> 00:36:21,359
co-founders, even if they're your best

1105
00:36:19,280 --> 00:36:24,160
friends or your sister or brother;

1106
00:36:21,359 --> 00:36:24,880
get a startup prenup because what

1107
00:36:24,160 --> 00:36:26,560
happens is

1108
00:36:24,880 --> 00:36:29,119
everyone's like 'oh we'll all split the

1109
00:36:26,560 --> 00:36:30,240
equity equally, we'll all be co-CEOs and

1110
00:36:29,119 --> 00:36:32,160
make the decisions'.

1111
00:36:30,240 --> 00:36:33,520
That sounds great at the beginning and

1112
00:36:32,160 --> 00:36:36,160
then five years in

1113
00:36:33,520 --> 00:36:37,839
when one person is really working day

1114
00:36:36,160 --> 00:36:39,680
and night and the other person has

1115
00:36:37,839 --> 00:36:41,520
decided they actually want to

1116
00:36:39,680 --> 00:36:43,440
do something part-time somewhere else, or

1117
00:36:41,520 --> 00:36:44,480
someone else really can't scale into the

1118
00:36:43,440 --> 00:36:46,400
CFO

1119
00:36:44,480 --> 00:36:48,240
for a fast-growing company and yet

1120
00:36:46,400 --> 00:36:50,800
you're stuck with this structure,

1121
00:36:48,240 --> 00:36:52,480
you need a way to deal with 

1122
00:36:50,800 --> 00:36:54,560
situations as

1123
00:36:52,480 --> 00:36:56,320
scenarios change, so a lot of times

1124
00:36:54,560 --> 00:36:58,640
what we're doing is helping people

1125
00:36:56,320 --> 00:37:00,400
restructure their original

1126
00:36:58,640 --> 00:37:01,440
equity and partnership agreements, so

1127
00:37:00,400 --> 00:37:02,560
that's just something to keep in mind

1128
00:37:01,440 --> 00:37:04,800
for those of you starting out. But to

1129
00:37:02,560 --> 00:37:08,000
answer your question, Pinar,

1130
00:37:04,800 --> 00:37:10,240
I always look for why is this

1131
00:37:08,000 --> 00:37:11,599
entrepreneur solving this problem?

1132
00:37:10,240 --> 00:37:13,599
Because what I found is if it's just

1133
00:37:11,599 --> 00:37:16,880
opportunistic, if it's just people who've

1134
00:37:13,599 --> 00:37:20,560
reverse engineered - okay you know what

1135
00:37:16,880 --> 00:37:23,599
today, clubhouse is popular so

1136
00:37:20,560 --> 00:37:26,000
I'm going to create the clubhouse for

1137
00:37:23,599 --> 00:37:27,200
pets, I don't know right or

1138
00:37:26,000 --> 00:37:30,240
we're gonna do...

1139
00:37:27,200 --> 00:37:31,280
I don't - just if it's a reverse

1140
00:37:30,240 --> 00:37:33,760
engineered

1141
00:37:31,280 --> 00:37:35,280
opportunity when things get hard and

1142
00:37:33,760 --> 00:37:37,440
they will get hard,

1143
00:37:35,280 --> 00:37:39,280
what's going to make you stick with it?

1144
00:37:37,440 --> 00:37:41,359
Whereas, when there's a real

1145
00:37:39,280 --> 00:37:43,280
reason why this entrepreneur is starting

1146
00:37:41,359 --> 00:37:44,880
this particular company,

1147
00:37:43,280 --> 00:37:46,400
I always look for that and a recent

1148
00:37:44,880 --> 00:37:48,240
example, that's not an Endeavor

1149
00:37:46,400 --> 00:37:49,760
company, but recently in the news is the

1150
00:37:48,240 --> 00:37:52,640
story of Bumble, right.

1151
00:37:49,760 --> 00:37:53,119
The founder of Bumble famously is a

1152
00:37:52,640 --> 00:37:56,079
woman,

1153
00:37:53,119 --> 00:37:57,440
had been part of the triumvirate that

1154
00:37:56,079 --> 00:38:01,040
started Tinder

1155
00:37:57,440 --> 00:38:02,400
and got basically cancelled from

1156
00:38:01,040 --> 00:38:04,079
that company because she was in a bad

1157
00:38:02,400 --> 00:38:05,760
relationship with one of her co-founders,

1158
00:38:04,079 --> 00:38:07,440
and of course the woman is the one who

1159
00:38:05,760 --> 00:38:10,000
had to leave and she realised

1160
00:38:07,440 --> 00:38:10,880
there were a lot of challenges with

1161
00:38:10,000 --> 00:38:13,280
dating apps

1162
00:38:10,880 --> 00:38:14,560
because the men were in control, and so

1163
00:38:13,280 --> 00:38:17,280
her premise behind

1164
00:38:14,560 --> 00:38:18,800
Bumble is that the women are actually

1165
00:38:17,280 --> 00:38:22,000
going to be in control and 

1166
00:38:18,800 --> 00:38:23,599
she came and was, it was very 

1167
00:38:22,000 --> 00:38:25,520
unclear at the time when she started

1168
00:38:23,599 --> 00:38:27,119
that she who'd been literally cancelled

1169
00:38:25,520 --> 00:38:27,680
from Tinder, which was at that point one

1170
00:38:27,119 --> 00:38:29,520
of the

1171
00:38:27,680 --> 00:38:30,720
the most successful companies, was going

1172
00:38:29,520 --> 00:38:33,040
to be able to start this

1173
00:38:30,720 --> 00:38:34,800
female-led dating app. Bumble, of course,

1174
00:38:33,040 --> 00:38:36,880
just went public it's valued - I think - at
,
1175
00:38:34,800 --> 00:38:37,839
about nine and a half billion dollars as

1176
00:38:36,880 --> 00:38:39,920
of today,

1177
00:38:37,839 --> 00:38:40,960
and she's the youngest self-made 

1178
00:38:39,920 --> 00:38:43,920
billionaire

1179
00:38:40,960 --> 00:38:46,160
female entrepreneur.

1180
00:38:43,920 --> 00:38:47,920
So I think that that story, what I

1181
00:38:46,160 --> 00:38:50,320
like about it is there's a reason

1182
00:38:47,920 --> 00:38:51,680
why she founded this particular

1183
00:38:50,320 --> 00:38:54,400
company so that's what I would say

1184
00:38:51,680 --> 00:38:55,359
to all of you: if there's some real pain

1185
00:38:54,400 --> 00:38:57,599
point or some

1186
00:38:55,359 --> 00:38:59,280
real opportunity that's come from your

1187
00:38:57,599 --> 00:39:01,760
own life,

1188
00:38:59,280 --> 00:39:03,599
the likelihood that you're going to feel

1189
00:39:01,760 --> 00:39:06,800
the need to keep going

1190
00:39:03,599 --> 00:39:08,160
when times get tough is more

1191
00:39:06,800 --> 00:39:08,480
likely and so that's what I look for;

1192
00:39:08,160 --> 00:39:10,320
it's

1193
00:39:08,480 --> 00:39:12,079
when everything's going well when people

1194
00:39:10,320 --> 00:39:14,000
are getting thrown venture

1195
00:39:12,079 --> 00:39:16,320
capital - that's the easy point - at some

1196
00:39:14,000 --> 00:39:18,160
point it is going to get difficult and I

1197
00:39:16,320 --> 00:39:20,960
want to know what's going to make

1198
00:39:18,160 --> 00:39:21,920
this founder stick with this idea, and if

1199
00:39:20,960 --> 00:39:24,640
there's something

1200
00:39:21,920 --> 00:39:26,480
in the DNA of the entrepreneur and

1201
00:39:24,640 --> 00:39:29,119
the idea itself

1202
00:39:26,480 --> 00:39:30,000
that will make them feel

1203
00:39:29,119 --> 00:39:32,560
compelled

1204
00:39:30,000 --> 00:39:35,040
to keep going then I'm going to

1205
00:39:32,560 --> 00:39:37,200
back that founder.

1206
00:39:35,040 --> 00:39:39,520
Amazing, and you talked about

1207
00:39:37,200 --> 00:39:41,280
scalability and how important that is,

1208
00:39:39,520 --> 00:39:43,119
and one of the things that we see

1209
00:39:41,280 --> 00:39:44,880
in our research at Oxford is that

1210
00:39:43,119 --> 00:39:46,160
sometimes, especially if the startup

1211
00:39:44,880 --> 00:39:49,280
needs 

1212
00:39:46,160 --> 00:39:50,320
early partners, early buyers to work

1213
00:39:49,280 --> 00:39:52,480
with,

1214
00:39:50,320 --> 00:39:54,480
let's say an AI startup, they are in need

1215
00:39:52,480 --> 00:39:56,640
of data and then they start to work with

1216
00:39:54,480 --> 00:39:58,560
these early firms and then

1217
00:39:56,640 --> 00:40:00,480
they end up just becoming a consulting

1218
00:39:58,560 --> 00:40:02,160
business and not being able to scale up

1219
00:40:00,480 --> 00:40:04,240
with a product that applies to

1220
00:40:02,160 --> 00:40:06,480
general masses. Can you tell us a little

1221
00:40:04,240 --> 00:40:09,920
bit about some of the

1222
00:40:06,480 --> 00:40:11,280
ways in which you evaluate scalability?

1223
00:40:09,920 --> 00:40:12,319
Yeah, I'd say there are two issues there,

1224
00:40:11,280 --> 00:40:13,119
I thought you were going somewhere else

1225
00:40:12,319 --> 00:40:15,440
which is we -

1226
00:40:13,119 --> 00:40:17,599
I - always joke that the day we have

1227
00:40:15,440 --> 00:40:18,960
clean cap tables and nice cap tables

1228
00:40:17,599 --> 00:40:20,400
with the entrepreneurs 

1229
00:40:18,960 --> 00:40:22,400
and the employees being properly

1230
00:40:20,400 --> 00:40:24,319
incented is the day I can go home and

1231
00:40:22,400 --> 00:40:26,079
declare my job done, because

1232
00:40:24,319 --> 00:40:27,839
it's unfortunately not going to happen

1233
00:40:26,079 --> 00:40:31,359
in my lifetime.

1234
00:40:27,839 --> 00:40:33,520
I think people too early 

1235
00:40:31,359 --> 00:40:34,800
try to take get capital and on terrible

1236
00:40:33,520 --> 00:40:36,720
terms, so I would say

1237
00:40:34,800 --> 00:40:38,319
the more you can grow organically,

1238
00:40:36,720 --> 00:40:40,960
the better and

1239
00:40:38,319 --> 00:40:42,480
and not get diluted too early, but to

1240
00:40:40,960 --> 00:40:43,680
your point let me tell a story that's

1241
00:40:42,480 --> 00:40:45,280
actually back in Argentina.

1242
00:40:43,680 --> 00:40:46,800
It's actually a company that I'm now on

1243
00:40:45,280 --> 00:40:48,880
the board of,

1244
00:40:46,800 --> 00:40:50,240
and has been an Endeavor company for

1245
00:40:48,880 --> 00:40:52,160
a while, and it was a company called

1246
00:40:50,240 --> 00:40:55,680
GlobeIn that was founded by

1247
00:40:52,160 --> 00:40:58,560
four engineers who were

1248
00:40:55,680 --> 00:41:00,400
basically realising that businesses were

1249
00:40:58,560 --> 00:41:03,040
in need of digital transformation, they

1250
00:41:00,400 --> 00:41:06,560
saw this very early in 2003,

1251
00:41:03,040 --> 00:41:08,960
but basically 

1252
00:41:06,560 --> 00:41:11,520
GlobeIn - which later went public on the

1253
00:41:08,960 --> 00:41:13,359
New York Stock Exchange in 2014 -

1254
00:41:11,520 --> 00:41:15,680
was a kind of digital consultancy to

1255
00:41:13,359 --> 00:41:17,680
your point and they take clients,

1256
00:41:15,680 --> 00:41:18,800
and some of the biggest firms 

1257
00:41:17,680 --> 00:41:20,800
 in the world,

1258
00:41:18,800 --> 00:41:22,720
but they were doing some back

1259
00:41:20,800 --> 00:41:24,560
end digital transformation and they were

1260
00:41:22,720 --> 00:41:26,400
doing whatever the companies needed

1261
00:41:24,560 --> 00:41:28,400
including some cool things, like Disney

1262
00:41:26,400 --> 00:41:30,319
had GlobeIn work on the magic

1263
00:41:28,400 --> 00:41:32,079
bands. When you went back, when we could

1264
00:41:30,319 --> 00:41:33,920
actually travel to Disney World

1265
00:41:32,079 --> 00:41:35,119
they would give you the magic band 

1266
00:41:33,920 --> 00:41:36,880
where everything, for example,

1267
00:41:35,119 --> 00:41:38,560
Goofy would pop up because you'd said

1268
00:41:36,880 --> 00:41:39,440
you liked Goofy and that was all

1269
00:41:38,560 --> 00:41:42,720
GlobeIn.

1270
00:41:39,440 --> 00:41:45,599
But what they realised was,

1271
00:41:42,720 --> 00:41:47,359
okay, how do we move from having a few

1272
00:41:45,599 --> 00:41:51,040
clients where 

1273
00:41:47,359 --> 00:41:53,280
we're at the beck and call?

1274
00:41:51,040 --> 00:41:55,040
But once to your point, Pinar, once you get

1275
00:41:53,280 --> 00:41:58,160
the data

1276
00:41:55,040 --> 00:41:59,280
then you have the ability to sell what

1277
00:41:58,160 --> 00:42:02,880
you're doing

1278
00:41:59,280 --> 00:42:05,359
 for new for new companies

1279
00:42:02,880 --> 00:42:06,000
and I think to constantly

1280
00:42:05,359 --> 00:42:09,359
imagine

1281
00:42:06,000 --> 00:42:10,720
reinvent and re-communicate what value

1282
00:42:09,359 --> 00:42:13,920
you're providing

1283
00:42:10,720 --> 00:42:16,079
to your clients is it enables you to

1284
00:42:13,920 --> 00:42:17,280
transform. One other example, again, of a

1285
00:42:16,079 --> 00:42:20,000
company I'm on the board

1286
00:42:17,280 --> 00:42:20,720
and today, GlobeIn is a nine billion

1287
00:42:20,000 --> 00:42:23,119
dollar firm

1288
00:42:20,720 --> 00:42:24,880
and growing and taking on Accenture and

1289
00:42:23,119 --> 00:42:26,960
Wipro and Infosys and saying, hey,

1290
00:42:24,880 --> 00:42:28,640
the way consulting has been done is

1291
00:42:26,960 --> 00:42:30,240
completely wrong, we're going to do digital

1292
00:42:28,640 --> 00:42:33,440
transformation at scale.

1293
00:42:30,240 --> 00:42:35,599
But another company, Olo, so, Olo

1294
00:42:33,440 --> 00:42:36,640
was founded by someone who used to

1295
00:42:35,599 --> 00:42:40,079
work for me - Noah 

1296
00:42:36,640 --> 00:42:43,119
Glass - was really looking at

1297
00:42:40,079 --> 00:42:44,240
how you create opportunities for the top

1298
00:42:43,119 --> 00:42:46,720
restaurants,

1299
00:42:44,240 --> 00:42:48,160
to have connections, digital

1300
00:42:46,720 --> 00:42:49,839
connections to be able to allow

1301
00:42:48,160 --> 00:42:51,680
online ordering. Okay, this is what

1302
00:42:49,839 --> 00:42:54,319
started 15 years ago

1303
00:42:51,680 --> 00:42:55,760
and what happened is over time, and

1304
00:42:54,319 --> 00:42:58,240
Noah realised, as he

1305
00:42:55,760 --> 00:42:58,800
was doing these back end platforms

1306
00:42:58,240 --> 00:43:01,920
for

1307
00:42:58,800 --> 00:43:04,160
50 of the public restaurants, right, with

1308
00:43:01,920 --> 00:43:05,839
all of the franchises, and think 

1309
00:43:04,160 --> 00:43:08,640
Applebee's and Subway and all these

1310
00:43:05,839 --> 00:43:10,079
these big firms, he said, I have the data.

1311
00:43:08,640 --> 00:43:11,760
Exactly what you mentioned, Pinar,

1312
00:43:10,079 --> 00:43:14,160
and he said, but I'm going to give them

1313
00:43:11,760 --> 00:43:15,200
the data, unlike Uber or Doordash, that's

1314
00:43:14,160 --> 00:43:17,040
going to keep the data,

1315
00:43:15,200 --> 00:43:18,400
they want to work with me, and so what he

1316
00:43:17,040 --> 00:43:20,960
did is transform

1317
00:43:18,400 --> 00:43:22,800
Olo into the leading software as a

1318
00:43:20,960 --> 00:43:25,680
service SAS based platform

1319
00:43:22,800 --> 00:43:26,480
for restaurants. Why? Because he convinced

1320
00:43:25,680 --> 00:43:29,599
them that not

1321
00:43:26,480 --> 00:43:32,000
only could he help them get access to

1322
00:43:29,599 --> 00:43:35,040
these customers and help with their

1323
00:43:32,000 --> 00:43:37,599
the digital side of food delivery,

1324
00:43:35,040 --> 00:43:38,400
but he would give them access to their

1325
00:43:37,599 --> 00:43:41,520
data

1326
00:43:38,400 --> 00:43:44,560
and that he was on their side, so I think

1327
00:43:41,520 --> 00:43:46,240
the way you use data is very important

1328
00:43:44,560 --> 00:43:48,400
and being able to communicate that

1329
00:43:46,240 --> 00:43:49,920
you're on the side of whatever client or

1330
00:43:48,400 --> 00:43:51,920
customer, whether you're

1331
00:43:49,920 --> 00:43:53,680
direct to consumer and you want the

1332
00:43:51,920 --> 00:43:54,880
consumers to keep their data - which

1333
00:43:53,680 --> 00:43:57,680
people are very

1334
00:43:54,880 --> 00:43:58,400
cognizant of now - or whether it's your

1335
00:43:57,680 --> 00:44:00,000
B2B

1336
00:43:58,400 --> 00:44:01,920
and you're giving the customers, the

1337
00:44:00,000 --> 00:44:03,599
businesses the access to their consumer

1338
00:44:01,920 --> 00:44:06,319
data and all the analytics.

1339
00:44:03,599 --> 00:44:08,000
I think these are huge tools for the

1340
00:44:06,319 --> 00:44:09,440
next generation of companies so I'm glad

1341
00:44:08,000 --> 00:44:11,680
you mentioned that.

1342
00:44:09,440 --> 00:44:13,920
Absolutely, and as you say data is power

1343
00:44:11,680 --> 00:44:15,839
across industries now, and that leads me

1344
00:44:13,920 --> 00:44:16,720
to my next question of how you see

1345
00:44:15,839 --> 00:44:19,440
entrepreneurship

1346
00:44:16,720 --> 00:44:20,880
evolving in an age where we are facing

1347
00:44:19,440 --> 00:44:23,839
extreme power by

1348
00:44:20,880 --> 00:44:23,839
platforms?

1349
00:44:24,640 --> 00:44:27,760
Well it's interesting when

1350
00:44:26,960 --> 00:44:30,960
you look at the

1351
00:44:27,760 --> 00:44:34,000
Fortune 500 companies,

1352
00:44:30,960 --> 00:44:34,560
the topple rate of companies meaning

1353
00:44:34,000 --> 00:44:37,920
that 

1354
00:44:34,560 --> 00:44:41,200
the way they topple off the list and

1355
00:44:37,920 --> 00:44:43,359
are displaced by the next generation 

1356
00:44:41,200 --> 00:44:44,640
is actually much faster than you

1357
00:44:43,359 --> 00:44:45,599
would imagine, and I think there was a

1358
00:44:44,640 --> 00:44:46,800
point 

1359
00:44:45,599 --> 00:44:49,760
four or five years ago - and I'm sure it's

1360
00:44:46,800 --> 00:44:50,079
true today - where half of the companies

1361
00:44:49,760 --> 00:44:52,240
over

1362
00:44:50,079 --> 00:44:53,599
on that fastest

1363
00:44:52,240 --> 00:44:55,520
growing 

1364
00:44:53,599 --> 00:44:57,280
company list were founded in

1365
00:44:55,520 --> 00:45:00,079
periods of downturn

1366
00:44:57,280 --> 00:45:00,960
recession or outright

1367
00:45:00,079 --> 00:45:02,240
crisis,

1368
00:45:00,960 --> 00:45:04,240
and I think that's what we're going to

1369
00:45:02,240 --> 00:45:05,839
see and it's just the names change, so

1370
00:45:04,240 --> 00:45:07,280
I think now people are worried about the

1371
00:45:05,839 --> 00:45:09,359
big four, the big five

1372
00:45:07,280 --> 00:45:11,520
having too much power but 

1373
00:45:09,359 --> 00:45:14,079
remember IBM was in that

1374
00:45:11,520 --> 00:45:15,040
situation way back when so I think that

1375
00:45:14,079 --> 00:45:18,240
if Google

1376
00:45:15,040 --> 00:45:21,440
and Microsoft and Apple and

1377
00:45:18,240 --> 00:45:23,839
Facebook and Alibaba aren't careful

1378
00:45:21,440 --> 00:45:25,520
they're going to be 

1379
00:45:23,839 --> 00:45:27,599
disrupted themselves. And

1380
00:45:25,520 --> 00:45:29,359
look at what

1381
00:45:27,599 --> 00:45:31,040
Facebook did: it tried to buy up

1382
00:45:29,359 --> 00:45:32,400
all of the competitors right, they tried -

1383
00:45:31,040 --> 00:45:33,760
they bought up Instagram, it bought up

1384
00:45:32,400 --> 00:45:35,200
Whatsapp - so what's happening

1385
00:45:33,760 --> 00:45:36,560
so then you have Snap and you have

1386
00:45:35,200 --> 00:45:37,200
Clubhouse and you have all of these and

1387
00:45:36,560 --> 00:45:39,119
you have

1388
00:45:37,200 --> 00:45:41,680
Signal and you have all of these

1389
00:45:39,119 --> 00:45:44,079
other now competitors coming so

1390
00:45:41,680 --> 00:45:44,800
I believe in competition, I believe in

1391
00:45:44,079 --> 00:45:47,359
agility.

1392
00:45:44,800 --> 00:45:48,560
I think it's really hard, even for 

1393
00:45:47,359 --> 00:45:51,520
the storied

1394
00:45:48,560 --> 00:45:52,400
companies that started out as the

1395
00:45:51,520 --> 00:45:55,680
most dynamic

1396
00:45:52,400 --> 00:45:56,960
at some point, they too become the old

1397
00:45:55,680 --> 00:45:58,800
beginners.

1398
00:45:56,960 --> 00:46:01,119
And you look at Amazon, look at now what

1399
00:45:58,800 --> 00:46:02,560
Spotify is doing, and Spotify said,

1400
00:46:01,119 --> 00:46:04,160
we're going to be on the side of the

1401
00:46:02,560 --> 00:46:07,200
business customer we're the B2B

1402
00:46:04,160 --> 00:46:09,119
saviour, clients; Amazon only

1403
00:46:07,200 --> 00:46:11,200
cares about the end users, we care about

1404
00:46:09,119 --> 00:46:12,319
you, the businesses - so Spotify is taking

1405
00:46:11,200 --> 00:46:14,880
on Amazon.

1406
00:46:12,319 --> 00:46:16,640
I'm a big believer that disruption is

1407
00:46:14,880 --> 00:46:17,680
possible, it's always a good time to be

1408
00:46:16,640 --> 00:46:20,160
an entrepreneur,

1409
00:46:17,680 --> 00:46:22,079
don't worry about the entrenched leaders

1410
00:46:20,160 --> 00:46:25,359
just do your thing

1411
00:46:22,079 --> 00:46:25,839
in the most agile, high scale

1412
00:46:25,359 --> 00:46:28,960
way

1413
00:46:25,839 --> 00:46:30,800
and move forward.

1414
00:46:28,960 --> 00:46:32,800
In fact and one of the ways in which 

1415
00:46:30,800 --> 00:46:34,560
we see entrepreneurs move forward now is

1416
00:46:32,800 --> 00:46:36,240
that they see some of these platforms as

1417
00:46:34,560 --> 00:46:37,920
potential partners that they can work

1418
00:46:36,240 --> 00:46:39,760
with.  For example,

1419
00:46:37,920 --> 00:46:41,599
there's a certain service that these

1420
00:46:39,760 --> 00:46:43,440
platforms are missing, but the platform

1421
00:46:41,599 --> 00:46:45,359
actually has the data that can help the

1422
00:46:43,440 --> 00:46:47,440
entrepreneur - as you said earlier -

1423
00:46:45,359 --> 00:46:48,640
in order to create a win-win situation.

1424
00:46:47,440 --> 00:46:51,520
Right, yeah,

1425
00:46:48,640 --> 00:46:52,800
I'm very cautious, though, when it

1426
00:46:51,520 --> 00:46:54,960
comes to

1427
00:46:52,800 --> 00:46:56,400
'strategics' making investments though,

1428
00:46:54,960 --> 00:46:57,599
because what you don't want to do is

1429
00:46:56,400 --> 00:46:58,960
feel like 

1430
00:46:57,599 --> 00:47:00,160
there's the feed the fish thing, that

1431
00:46:58,960 --> 00:47:02,160
they're feeding you the fish only to

1432
00:47:00,160 --> 00:47:03,760
fatten you up, to eat you,

1433
00:47:02,160 --> 00:47:05,280
so I would just be careful of what a

1434
00:47:03,760 --> 00:47:07,280
partnership means; yes,

1435
00:47:05,280 --> 00:47:08,480
good platforms, but maintain your

1436
00:47:07,280 --> 00:47:10,560
independence,

1437
00:47:08,480 --> 00:47:11,839
always look over your shoulder, and make

1438
00:47:10,560 --> 00:47:14,319
sure 

1439
00:47:11,839 --> 00:47:15,599
it's not what's ... The other story is of

1440
00:47:14,319 --> 00:47:17,760
of the porcupine

1441
00:47:15,599 --> 00:47:19,280
that, I forgot the other

1442
00:47:17,760 --> 00:47:21,280
animal that's going across and the

1443
00:47:19,280 --> 00:47:22,559
porcupine promises to take care of them

1444
00:47:21,280 --> 00:47:24,880
and then midway through,

1445
00:47:22,559 --> 00:47:26,720
it stings them and 

1446
00:47:24,880 --> 00:47:27,839
as the other animals dying, you said,

1447
00:47:26,720 --> 00:47:29,440
'but you promised!', you said, 'I know but

1448
00:47:27,839 --> 00:47:30,000
it's in my nature, I can't help myself

1449
00:47:29,440 --> 00:47:31,520
remember.'

1450
00:47:30,000 --> 00:47:33,359
It's in the nature of Google and

1451
00:47:31,520 --> 00:47:33,760
Facebook and Amazon to want to eat

1452
00:47:33,359 --> 00:47:36,559
you,

1453
00:47:33,760 --> 00:47:38,400
so just go in with that mindset.

1454
00:47:36,559 --> 00:47:39,760
Fantastic, so we have another question

1455
00:47:38,400 --> 00:47:41,520
here from Mathieu Lizotte,

1456
00:47:39,760 --> 00:47:42,880
and he's thinking about service

1457
00:47:41,520 --> 00:47:44,559
businesses and how

1458
00:47:42,880 --> 00:47:46,720
they can scale up their technology and

1459
00:47:44,559 --> 00:47:49,440
digital transformation.

1460
00:47:46,720 --> 00:47:50,880
Look, as I said GlobeIn, when it

1461
00:47:49,440 --> 00:47:52,400
was starting, I mentioned this company

1462
00:47:50,880 --> 00:47:54,400
and they're like, there's

1463
00:47:52,400 --> 00:47:56,720
no scalability, what are you talking

1464
00:47:54,400 --> 00:47:57,760
about? This is a consultancy, this is all

1465
00:47:56,720 --> 00:48:00,079
based on people;

1466
00:47:57,760 --> 00:48:02,480
guess what? They've figured out a way to

1467
00:48:00,079 --> 00:48:04,800
do business hacking and pods and

1468
00:48:02,480 --> 00:48:06,960
build this incredible culture and have

1469
00:48:04,800 --> 00:48:08,000
scaled people. What I would say is

1470
00:48:06,960 --> 00:48:09,839
culture becomes

1471
00:48:08,000 --> 00:48:11,040
really really important in these

1472
00:48:09,839 --> 00:48:12,720
service-based

1473
00:48:11,040 --> 00:48:14,640
industries, I think two things; culture

1474
00:48:12,720 --> 00:48:16,400
and communication, as I said. On the

1475
00:48:14,640 --> 00:48:19,119
communication side;

1476
00:48:16,400 --> 00:48:20,000
making sure customers really understand

1477
00:48:19,119 --> 00:48:22,240
the value

1478
00:48:20,000 --> 00:48:24,000
that you are delivering back to that 'hey,

1479
00:48:22,240 --> 00:48:24,480
we have data, we're going to give it to

1480
00:48:24,000 --> 00:48:26,240
you

1481
00:48:24,480 --> 00:48:27,920
and we're going to show you the

1482
00:48:26,240 --> 00:48:28,640
improvements.' I think the more you can

1483
00:48:27,920 --> 00:48:31,280
show them

1484
00:48:28,640 --> 00:48:32,160
the cost savings, the efficiency savings,

1485
00:48:31,280 --> 00:48:33,520
you have to over

1486
00:48:32,160 --> 00:48:35,359
communicate so they don't take you for

1487
00:48:33,520 --> 00:48:37,760
granted; that's beat one.

1488
00:48:35,359 --> 00:48:38,720
Beat two - so they see you as a partner

1489
00:48:37,760 --> 00:48:40,319
and not just a

1490
00:48:38,720 --> 00:48:41,680
service provider who wants to be a

1491
00:48:40,319 --> 00:48:42,319
service provider - you want to be a

1492
00:48:41,680 --> 00:48:45,359
partner

1493
00:48:42,319 --> 00:48:46,800
and go in - not transaction based - but

1494
00:48:45,359 --> 00:48:48,800
relationship based

1495
00:48:46,800 --> 00:48:50,720
and make sure you are focusing on

1496
00:48:48,800 --> 00:48:53,520
the culture of your people because

1497
00:48:50,720 --> 00:48:56,000
service-based businesses depend a lot

1498
00:48:53,520 --> 00:48:59,040
on scaling your teams and I think that

1499
00:48:56,000 --> 00:49:01,040
if you have a healthy culture,

1500
00:48:59,040 --> 00:49:03,119
and now as we look remote, it

1501
00:49:01,040 --> 00:49:03,680
becomes much more important when people

1502
00:49:03,119 --> 00:49:05,839
are

1503
00:49:03,680 --> 00:49:07,359
needing that emotional support,

1504
00:49:05,839 --> 00:49:08,960
how do you do that?

1505
00:49:07,359 --> 00:49:11,119
Those are the companies that are going

1506
00:49:08,960 --> 00:49:12,960
to win, I think when you have

1507
00:49:11,119 --> 00:49:14,720
software/hardware products you can just

1508
00:49:12,960 --> 00:49:15,760
focus on the product development and the

1509
00:49:14,720 --> 00:49:17,680
quality of the product;

1510
00:49:15,760 --> 00:49:19,520
if you're in the service, focus on those

1511
00:49:17,680 --> 00:49:20,160
people. So focus on the people and

1512
00:49:19,520 --> 00:49:22,240
culture,

1513
00:49:20,160 --> 00:49:23,680
and focus on communicating your value to

1514
00:49:22,240 --> 00:49:26,720
your customers and you'll be

1515
00:49:23,680 --> 00:49:28,960
great. Fantastic now,

1516
00:49:26,720 --> 00:49:30,720
thinking about corporations, how can they

1517
00:49:28,960 --> 00:49:33,280
be part of your ecosystem? Are they

1518
00:49:30,720 --> 00:49:35,200
completely excluded?

1519
00:49:33,280 --> 00:49:36,800
They're not - first of all, we have well

1520
00:49:35,200 --> 00:49:40,640
a lot of 

1521
00:49:36,800 --> 00:49:44,319
ex-Amazon, ex-IBM, 

1522
00:49:40,640 --> 00:49:47,599
ex-Apple folks who end up joining

1523
00:49:44,319 --> 00:49:49,200
and want to 

1524
00:49:47,599 --> 00:49:50,800
recapture their their old

1525
00:49:49,200 --> 00:49:53,920
entrepreneurial startup spirit,

1526
00:49:50,800 --> 00:49:55,520
scale up spirit. But no, we do

1527
00:49:53,920 --> 00:49:57,760
partner with organisations,

1528
00:49:55,520 --> 00:49:58,960
a lot of them, we just explain that

1529
00:49:57,760 --> 00:50:01,200
we're entrepreneur first,

1530
00:49:58,960 --> 00:50:02,240
so I think that they have to listen. It's

1531
00:50:01,200 --> 00:50:05,839
not that they say,

1532
00:50:02,240 --> 00:50:06,480
we are corporate X and we

1533
00:50:05,839 --> 00:50:08,319
have these

1534
00:50:06,480 --> 00:50:09,760
services or these products to deliver to

1535
00:50:08,319 --> 00:50:11,440
your entrepreneurs. We say, look

1536
00:50:09,760 --> 00:50:13,200
we're going to poll the entrepreneurs and

1537
00:50:11,440 --> 00:50:15,599
they'll tell you what's interesting

1538
00:50:13,200 --> 00:50:17,920
to them. So I think that,

1539
00:50:15,599 --> 00:50:20,880
I think there are a lot of companies

1540
00:50:17,920 --> 00:50:21,920
that want almost that entrepreneur-in-

1541
00:50:20,880 --> 00:50:24,240
residence type

1542
00:50:21,920 --> 00:50:25,680
spirit, and so Endeavor 

1543
00:50:24,240 --> 00:50:26,079
entrepreneurs are actually providing

1544
00:50:25,680 --> 00:50:28,079
that.

1545
00:50:26,079 --> 00:50:30,240
Sometimes it backfires though; we had a

1546
00:50:28,079 --> 00:50:31,520
partnership with Ernst Young - we still do -

1547
00:50:30,240 --> 00:50:34,160
but we had this part of the

1548
00:50:31,520 --> 00:50:37,040
partnership where they would take

1549
00:50:34,160 --> 00:50:39,280
top high performing,

1550
00:50:37,040 --> 00:50:40,800
up-and-coming managers and embed them

1551
00:50:39,280 --> 00:50:42,240
for a sabbatical with Endeavor

1552
00:50:40,800 --> 00:50:44,160
entrepreneurs around the world,

1553
00:50:42,240 --> 00:50:45,440
and then they told me that the programme had

1554
00:50:44,160 --> 00:50:47,520
worked too well,

1555
00:50:45,440 --> 00:50:49,119
that a number of those managers came

1556
00:50:47,520 --> 00:50:51,119
back and then quit

1557
00:50:49,119 --> 00:50:52,880
their jobs to go work full-time with the

1558
00:50:51,119 --> 00:50:54,720
entrepreneurs, and they're like, okay

1559
00:50:52,880 --> 00:50:56,319
we love Endeavor but that programme is

1560
00:50:54,720 --> 00:50:58,559
cancelled. So we said 'okay,

1561
00:50:56,319 --> 00:51:00,160
we have to do it in a way that is

1562
00:50:58,559 --> 00:51:01,680
entrepreneur first, entrepreneur aligned'

1563
00:51:00,160 --> 00:51:02,880
but realises that part of what the

1564
00:51:01,680 --> 00:51:04,960
company wants to do

1565
00:51:02,880 --> 00:51:06,640
is attract and retain their own people,

1566
00:51:04,960 --> 00:51:08,720
and I will say - by the way - we have

1567
00:51:06,640 --> 00:51:10,000
an amazing partnership with Bain and

1568
00:51:08,720 --> 00:51:12,880
Bain has been

1569
00:51:10,000 --> 00:51:13,839
instrumental in Endeavor, really

1570
00:51:12,880 --> 00:51:16,400
building our

1571
00:51:13,839 --> 00:51:17,920
own five-year strategic plans

1572
00:51:16,400 --> 00:51:19,839
and analysing our own

1573
00:51:17,920 --> 00:51:21,359
data to see what makes for

1574
00:51:19,839 --> 00:51:22,960
great entrepreneurs, what do we know

1575
00:51:21,359 --> 00:51:24,319
about choosing the right ones

1576
00:51:22,960 --> 00:51:26,480
and also helping our entrepreneurs

1577
00:51:24,319 --> 00:51:27,680
themselves, and so that's been a

1578
00:51:26,480 --> 00:51:29,680
tremendous partnership.

1579
00:51:27,680 --> 00:51:31,440
I would say if you are a corporate

1580
00:51:29,680 --> 00:51:33,520
just make sure you're going out thinking

1581
00:51:31,440 --> 00:51:35,280
about what's a value to the entrepreneur,

1582
00:51:33,520 --> 00:51:36,960
and not only what's a value to

1583
00:51:35,280 --> 00:51:38,720
you but there's a role for

1584
00:51:36,960 --> 00:51:40,880
everyone in the ecosystem.

1585
00:51:38,720 --> 00:51:42,079
Fantastic, great. We have a question

1586
00:51:40,880 --> 00:51:44,079
from Vietnam

1587
00:51:42,079 --> 00:51:45,920
and the question is, how does the

1588
00:51:44,079 --> 00:51:48,000
platform deal with the difference in

1589
00:51:45,920 --> 00:51:48,960
working culture in local versus foreign

1590
00:51:48,000 --> 00:51:51,200
entrepreneurs?

1591
00:51:48,960 --> 00:51:53,119
Oh I am so glad you mentioned that, and

1592
00:51:51,200 --> 00:51:55,599
let me say I love Vietnam

1593
00:51:53,119 --> 00:51:56,720
and we have an office there, I've spent

1594
00:51:55,599 --> 00:52:00,160
wonderful time in

1595
00:51:56,720 --> 00:52:03,520
in Saigon and Ho Chi Minh City and

1596
00:52:00,160 --> 00:52:05,680
can't wait to get back. Look,

1597
00:52:03,520 --> 00:52:07,040
let me give you two examples

1598
00:52:05,680 --> 00:52:10,160
of Endeavor entrepreneurs

1599
00:52:07,040 --> 00:52:13,520
from Vietnam; one is a

1600
00:52:10,160 --> 00:52:17,200
a guy named Max, grew up super poor,

1601
00:52:13,520 --> 00:52:19,040
grew up and didn't speak a word

1602
00:52:17,200 --> 00:52:22,079
of English, and what he realised

1603
00:52:19,040 --> 00:52:24,880
is he wanted to create the

1604
00:52:22,079 --> 00:52:27,200
the payments platform - let's say

1605
00:52:24,880 --> 00:52:28,559
the Stripe of Vietnam  and

1606
00:52:27,200 --> 00:52:30,319
eventually Southeast Asia -

1607
00:52:28,559 --> 00:52:32,160
but the way you had to do it there's so

1608
00:52:30,319 --> 00:52:33,920
little trust and need to go into these

1609
00:52:32,160 --> 00:52:35,680
really really poor neighborhoods and

1610
00:52:33,920 --> 00:52:37,839
communities which he came from,

1611
00:52:35,680 --> 00:52:39,680
and it was kiosk to kiosk. We saw this

1612
00:52:37,839 --> 00:52:42,079
too with Bukolapak, one of our companies

1613
00:52:39,680 --> 00:52:44,240
in Indonesia, same thing with with Zaki

1614
00:52:42,079 --> 00:52:46,079
and Fedri. The founders, they went

1615
00:52:44,240 --> 00:52:49,440
hyper local 

1616
00:52:46,079 --> 00:52:52,640
and this guy has built this network and

1617
00:52:49,440 --> 00:52:54,319
built one of the killer payment

1618
00:52:52,640 --> 00:52:56,720
platforms now in Vietnam.

1619
00:52:54,319 --> 00:52:58,160
He's actually being mentored by a

1620
00:52:56,720 --> 00:52:59,760
Guillaume of Checkout back to

1621
00:52:58,160 --> 00:53:00,240
Checkout.com and Guillaume paid it

1622
00:52:59,760 --> 00:53:02,240
forward.

1623
00:53:00,240 --> 00:53:04,720
He was on the selection

1624
00:53:02,240 --> 00:53:07,839
panel and has now become a mentor to Max,

1625
00:53:04,720 --> 00:53:09,280
and Max taught himself English and is

1626
00:53:07,839 --> 00:53:10,800
is creating this platform that, even

1627
00:53:09,280 --> 00:53:13,440
though it started in Vietnam,

1628
00:53:10,800 --> 00:53:14,079
he wants the best practices from around

1629
00:53:13,440 --> 00:53:15,520
the world

1630
00:53:14,079 --> 00:53:17,119
right and he's like, I want global best

1631
00:53:15,520 --> 00:53:19,119
practices and then I'm going to custom

1632
00:53:17,119 --> 00:53:20,800
tailor it to Vietnam and then the

1633
00:53:19,119 --> 00:53:22,160
Philippines and then Malaysia which

1634
00:53:20,800 --> 00:53:23,200
are the cultures that I understand,

1635
00:53:22,160 --> 00:53:24,880
which is fantastic.

1636
00:53:23,200 --> 00:53:26,160
But to your point, one of my favorite new

1637
00:53:24,880 --> 00:53:27,040
Endeavor entrepreneurs, there's a woman

1638
00:53:26,160 --> 00:53:30,559
named 

1639
00:53:27,040 --> 00:53:33,680
Vuvon and she is an engineer

1640
00:53:30,559 --> 00:53:36,400
from Vietnam, and she ended up going to

1641
00:53:33,680 --> 00:53:38,160
Stanford Business School and realising

1642
00:53:36,400 --> 00:53:40,319
that, because of her accent,

1643
00:53:38,160 --> 00:53:42,720
she wasn't getting called on or being

1644
00:53:40,319 --> 00:53:43,119
taken seriously by her professors and

1645
00:53:42,720 --> 00:53:47,040
her

1646
00:53:43,119 --> 00:53:48,319
classmates, so she paid to

1647
00:53:47,040 --> 00:53:49,440
get an English tutor

1648
00:53:48,319 --> 00:53:50,720
and then she realised there are all

1649
00:53:49,440 --> 00:53:52,400
these other people who had the same

1650
00:53:50,720 --> 00:53:54,400
problems. It was slightly different

1651
00:53:52,400 --> 00:53:56,720
accent issues - if they were from Japan or

1652
00:53:54,400 --> 00:53:57,760
India or Brazil - but they also had their

1653
00:53:56,720 --> 00:53:59,680
same problems

1654
00:53:57,760 --> 00:54:01,599
and she wanted to create a platform

1655
00:53:59,680 --> 00:54:04,960
where, if you couldn't afford

1656
00:54:01,599 --> 00:54:05,920
the 200 an hour English tutor

1657
00:54:04,960 --> 00:54:07,680
or 100

1658
00:54:05,920 --> 00:54:10,000
an hour, what could you do, she

1659
00:54:07,680 --> 00:54:12,880
wanted to democratise that access so she

1660
00:54:10,000 --> 00:54:14,000
teamed up with one of the Xai experts

1661
00:54:12,880 --> 00:54:16,720
from Google

1662
00:54:14,000 --> 00:54:17,520
and has created this AI based

1663
00:54:16,720 --> 00:54:20,480
platform

1664
00:54:17,520 --> 00:54:22,000
called Elsa. It does voice

1665
00:54:20,480 --> 00:54:24,640
recognition technology

1666
00:54:22,000 --> 00:54:25,680
that, depending on what your accent is,

1667
00:54:24,640 --> 00:54:28,960
helps you

1668
00:54:25,680 --> 00:54:30,880
learn English. So here is this

1669
00:54:28,960 --> 00:54:32,319
Vietnamese woman that's now 

1670
00:54:30,880 --> 00:54:34,319
just raised 

1671
00:54:32,319 --> 00:54:36,160
a series we participated in with some

1672
00:54:34,319 --> 00:54:38,400
of the top investors in

1673
00:54:36,160 --> 00:54:40,640
Southeast Asia and in Silicon Valley

1674
00:54:38,400 --> 00:54:42,640
and super scaling business. But it was, to

1675
00:54:40,640 --> 00:54:44,319
your point, solving this challenge of

1676
00:54:42,640 --> 00:54:46,079
how do you take someone from places like

1677
00:54:44,319 --> 00:54:47,760
Vietnam and Brazil and help them

1678
00:54:46,079 --> 00:54:50,319
communicate?

1679
00:54:47,760 --> 00:54:51,760
Where at least - for now - the global

1680
00:54:50,319 --> 00:54:53,920
business language is 

1681
00:54:51,760 --> 00:54:55,200
English, but to retain the hype or

1682
00:54:53,920 --> 00:54:56,960
local knowledge they have.

1683
00:54:55,200 --> 00:54:58,720
So that's really what we're trying

1684
00:54:56,960 --> 00:55:00,240
to do at Endeavor. Back to

1685
00:54:58,720 --> 00:55:02,880
Pinar's original question,

1686
00:55:00,240 --> 00:55:03,599
that local experience with

1687
00:55:02,880 --> 00:55:07,359
global

1688
00:55:03,599 --> 00:55:10,640
peer-to-peer knowledge. Fantastic,

1689
00:55:07,359 --> 00:55:11,839
love Vietnam, exactly. We have only a

1690
00:55:10,640 --> 00:55:14,640
few minutes and

1691
00:55:11,839 --> 00:55:16,640
just as it is in our title, I also

1692
00:55:14,640 --> 00:55:17,359
want to ask you about leadership. So you

1693
00:55:16,640 --> 00:55:19,920
are leading

1694
00:55:17,359 --> 00:55:20,960
a multinational mission-driven

1695
00:55:19,920 --> 00:55:23,119
organisation,

1696
00:55:20,960 --> 00:55:24,960
and I'm sure that it's both very

1697
00:55:23,119 --> 00:55:26,160
exciting but also challenging, can you

1698
00:55:24,960 --> 00:55:28,000
tell us a little bit about

1699
00:55:26,160 --> 00:55:31,040
some of the challenges? What did you

1700
00:55:28,000 --> 00:55:31,040
learn in this process?

1701
00:55:31,200 --> 00:55:34,240
Great question, so let me 

1702
00:55:33,359 --> 00:55:37,440
start

1703
00:55:34,240 --> 00:55:40,559
by sharing part of the story,

1704
00:55:37,440 --> 00:55:42,640
that I like to share because it's really -

1705
00:55:40,559 --> 00:55:44,400
my husband is a writer and writes

1706
00:55:42,640 --> 00:55:45,280
about life quakes and this was one of my

1707
00:55:44,400 --> 00:55:48,720
life quakes

1708
00:55:45,280 --> 00:55:51,280
and it involved him. He's a writer,

1709
00:55:48,720 --> 00:55:52,319
15 time New York Times

1710
00:55:51,280 --> 00:55:54,720
best-selling author,

1711
00:55:52,319 --> 00:55:56,400
wrote a lot about walking in the

1712
00:55:54,720 --> 00:55:57,040
Middle East and walking the Bible, and

1713
00:55:56,400 --> 00:55:59,119


1714
00:55:57,040 --> 00:56:00,160
 now he writes about sort of life

1715
00:55:59,119 --> 00:56:03,119
quakes and,

1716
00:56:00,160 --> 00:56:04,400
and different work quakes and

1717
00:56:03,119 --> 00:56:07,359
those challenges,

1718
00:56:04,400 --> 00:56:09,240
but in 2008 he was diagnosed with a

1719
00:56:07,359 --> 00:56:12,079
rare form of bone cancer -

1720
00:56:09,240 --> 00:56:13,119
Osteosarcoma - that only affects 100

1721
00:56:12,079 --> 00:56:15,680
adults a year

1722
00:56:13,119 --> 00:56:16,319
the survival rate is was not great

1723
00:56:15,680 --> 00:56:19,440
and 

1724
00:56:16,319 --> 00:56:22,640
our twins were now - almost 16, Zooming 

1725
00:56:19,440 --> 00:56:24,319
in school right above me - they were three

1726
00:56:22,640 --> 00:56:25,839
at the time and I thought, oh my god I'm

1727
00:56:24,319 --> 00:56:28,799
running this organisation,

1728
00:56:25,839 --> 00:56:30,480
we had just received 10

1729
00:56:28,799 --> 00:56:33,200
million dollars of

1730
00:56:30,480 --> 00:56:33,839
investment by the Omidjar network to 

1731
00:56:33,200 --> 00:56:35,920
scale

1732
00:56:33,839 --> 00:56:38,480
at that point beyond Latin America and

1733
00:56:35,920 --> 00:56:40,240
Turkey and South Africa, to scale to 25

1734
00:56:38,480 --> 00:56:42,319
countries, we were 10 at the time,

1735
00:56:40,240 --> 00:56:44,000
as I said - now we're 40 - and I thought, oh

1736
00:56:42,319 --> 00:56:46,400
my god, what am I going to do? And I said,

1737
00:56:44,000 --> 00:56:48,559
look I've got to go to every chemo

1738
00:56:46,400 --> 00:56:50,559
appointment for Bruce. He had a 16-hour

1739
00:56:48,559 --> 00:56:52,079
surgery to replace his whole femur,

1740
00:56:50,559 --> 00:56:54,240
and I said that's my priority and taking

1741
00:56:52,079 --> 00:56:55,920
care of my girls, and I just want to be

1742
00:56:54,240 --> 00:56:57,520
honest, and of course everyone stepped up,

1743
00:56:55,920 --> 00:56:59,680
and you realise when you're a leader

1744
00:56:57,520 --> 00:57:00,720
that everyone can do much more without

1745
00:56:59,680 --> 00:57:02,640
you than you thought.

1746
00:57:00,720 --> 00:57:04,480
But when I came back, here's the real

1747
00:57:02,640 --> 00:57:06,400
kicker for me in the lesson,

1748
00:57:04,480 --> 00:57:08,559
I thought I have to be tough, I

1749
00:57:06,400 --> 00:57:10,160
have to be strong, especially as a woman

1750
00:57:08,559 --> 00:57:12,000
I'm not going to be too

1751
00:57:10,160 --> 00:57:13,440
vulnerable, it'll be cringy for

1752
00:57:12,000 --> 00:57:15,599
people and it'll make them feel

1753
00:57:13,440 --> 00:57:17,040
uncomfortable, I need to show just kind

1754
00:57:15,599 --> 00:57:19,760
of strength. But

1755
00:57:17,040 --> 00:57:21,760
when I was asked about Bruce - was

1756
00:57:19,760 --> 00:57:23,920
recovering - and the girls and

1757
00:57:21,760 --> 00:57:26,079
it was just all a lot and I kind of

1758
00:57:23,920 --> 00:57:28,640
broke down, I was really embarrassed

1759
00:57:26,079 --> 00:57:29,839
and I thought, oh god, now no one's going

1760
00:57:28,640 --> 00:57:31,599
to want to follow me, they're going to

1761
00:57:29,839 --> 00:57:33,680
think I'm weak and

1762
00:57:31,599 --> 00:57:34,640
and not trust my ability to

1763
00:57:33,680 --> 00:57:36,480
lead them.

1764
00:57:34,640 --> 00:57:38,720
And of course the opposite happened, and

1765
00:57:36,480 --> 00:57:40,799
I had these

1766
00:57:38,720 --> 00:57:42,480
two young women at the time working for

1767
00:57:40,799 --> 00:57:43,839
me who pulled me aside and said,

1768
00:57:42,480 --> 00:57:45,920
'you know what, Linda?

1769
00:57:43,839 --> 00:57:48,240
We always thought you were super human

1770
00:57:45,920 --> 00:57:50,799
and that was super intimidating,

1771
00:57:48,240 --> 00:57:52,960
and now that we see the more human

1772
00:57:50,799 --> 00:57:55,680
more vulnerable side of you

1773
00:57:52,960 --> 00:57:57,359
we'll follow you anywhere.' And so I said

1774
00:57:55,680 --> 00:58:00,240
to myself, oh my god you're right;

1775
00:57:57,359 --> 00:58:01,839
I was trying to be super human when

1776
00:58:00,240 --> 00:58:04,400
really leaders have to be

1777
00:58:01,839 --> 00:58:06,640
less super more human, and I think we're

1778
00:58:04,400 --> 00:58:10,000
seeing this now with Joe Biden;

1779
00:58:06,640 --> 00:58:12,799
really trying to just be a decent human

1780
00:58:10,000 --> 00:58:13,040
empathic leader, and I think that - male

1781
00:58:12,799 --> 00:58:15,440
and

1782
00:58:13,040 --> 00:58:17,440
female - that is the type of leadership

1783
00:58:15,440 --> 00:58:20,000
that is more needed than ever,

1784
00:58:17,440 --> 00:58:21,280
especially analogous, to quickly turn to

1785
00:58:20,000 --> 00:58:24,400
what's happened

1786
00:58:21,280 --> 00:58:26,400
in COVID, where I've been able to 

1787
00:58:24,400 --> 00:58:27,599
have 500 team members worldwide. 50 were

1788
00:58:26,400 --> 00:58:29,680
in New York and I'd always say I have a

1789
00:58:27,599 --> 00:58:30,640
team of 500 not 50, well because of Zoom,

1790
00:58:29,680 --> 00:58:33,200
because we're all

1791
00:58:30,640 --> 00:58:33,920
actually remote, I actually meet with the

1792
00:58:33,200 --> 00:58:35,599
full team

1793
00:58:33,920 --> 00:58:37,520
much more often I did when we were 

1794
00:58:35,599 --> 00:58:39,520
siloed in our offices.

1795
00:58:37,520 --> 00:58:40,960
I meet with boards and entrepreneurs all

1796
00:58:39,520 --> 00:58:42,319
over the world, we have our selection

1797
00:58:40,960 --> 00:58:45,359
panels now online,

1798
00:58:42,319 --> 00:58:48,319
and so I'm able to communicate

1799
00:58:45,359 --> 00:58:50,079
much more with a wider swathe of people.

1800
00:58:48,319 --> 00:58:50,880
It means I'm exhausted so I think you

1801
00:58:50,079 --> 00:58:52,640
have to

1802
00:58:50,880 --> 00:58:54,240
replenish yourself and take care of

1803
00:58:52,640 --> 00:58:55,680
yourself and realise if you're never

1804
00:58:54,240 --> 00:58:56,480
taking a break, if you're never taking

1805
00:58:55,680 --> 00:58:58,000
vacation

1806
00:58:56,480 --> 00:58:59,599
you think you're

1807
00:58:58,000 --> 00:59:00,799
not showing it; you're showing it. So

1808
00:58:59,599 --> 00:59:03,119
first, I would say

1809
00:59:00,799 --> 00:59:05,680
take care of yourself, be less super and more

1810
00:59:03,119 --> 00:59:07,839
human, but also today

1811
00:59:05,680 --> 00:59:08,960
people want that relatability, people are

1812
00:59:07,839 --> 00:59:12,079
having their own

1813
00:59:08,960 --> 00:59:12,480
struggles, and seeing leaders who

1814
00:59:12,079 --> 00:59:15,440
have

1815
00:59:12,480 --> 00:59:17,040
that empathy while having that passion

1816
00:59:15,440 --> 00:59:18,480
and that vision to move forward; if you

1817
00:59:17,040 --> 00:59:20,960
can marry that,

1818
00:59:18,480 --> 00:59:22,640
I think those are the types of leaders

1819
00:59:20,960 --> 00:59:26,319
who are going to

1820
00:59:22,640 --> 00:59:27,680
thrive ahead, it's no longer the

1821
00:59:26,319 --> 00:59:30,960
militaristic

1822
00:59:27,680 --> 00:59:32,960
just

1823
00:59:30,960 --> 00:59:34,559
'at all costs, don't talk to me

1824
00:59:32,960 --> 00:59:36,079
about personal issues and just don't

1825
00:59:34,559 --> 00:59:38,480
talk about anything about

1826
00:59:36,079 --> 00:59:39,760
but work', I think those days are over and

1827
00:59:38,480 --> 00:59:41,520
this gets back to the last question

1828
00:59:39,760 --> 00:59:43,200
about marrying cultures too.

1829
00:59:41,520 --> 00:59:44,640
If you want to create a

1830
00:59:43,200 --> 00:59:46,640
world-class company today

1831
00:59:44,640 --> 00:59:48,240
and it's remote you've got to be able to

1832
00:59:46,640 --> 00:59:49,920
attract talent from anywhere,

1833
00:59:48,240 --> 00:59:51,839
meaning you really have to be sensitive

1834
00:59:49,920 --> 00:59:53,920
to different cultures and have that open

1835
00:59:51,839 --> 00:59:56,240
spirit of dialogue and discussion,

1836
00:59:53,920 --> 00:59:58,079
so it's an excellent question. I've never

1837
00:59:56,240 --> 00:59:59,920
been more optimistic

1838
00:59:58,079 --> 01:00:02,480
and yet people, one of the things about

1839
00:59:59,920 --> 01:00:04,160
Oxford Saïd Business School is you guys

1840
01:00:02,480 --> 01:00:05,680
are global, it's one of the most global

1841
01:00:04,160 --> 01:00:07,319
business schools right,

1842
01:00:05,680 --> 01:00:08,880
you're taught to think in an

1843
01:00:07,319 --> 01:00:10,559
interdisciplinary way,

1844
01:00:08,880 --> 01:00:12,000
I think it's incredible and it's been

1845
01:00:10,559 --> 01:00:13,760
incredible to meet the Pershing Square

1846
01:00:12,000 --> 01:00:17,200
scholars over the last

1847
01:00:13,760 --> 01:00:19,200
number of years, and I'm always impressed

1848
01:00:17,200 --> 01:00:20,720
by how people are problem solving with

1849
01:00:19,200 --> 01:00:22,640
these interdisciplinary

1850
01:00:20,720 --> 01:00:24,079
techniques, again that's very different

1851
01:00:22,640 --> 01:00:26,559
than other business schools, this is my

1852
01:00:24,079 --> 01:00:28,720
Oxford Saïd plug right now,

1853
01:00:26,559 --> 01:00:30,000
but I really feel like you guys are well

1854
01:00:28,720 --> 01:00:32,799
positioned

1855
01:00:30,000 --> 01:00:34,319
to have positions of leadership

1856
01:00:32,799 --> 01:00:36,799
because those skills

1857
01:00:34,319 --> 01:00:39,359
and the empathy that I know is part and

1858
01:00:36,799 --> 01:00:41,359
parcel of the strategy and leadership,

1859
01:00:39,359 --> 01:00:42,400
I think you have all of these qualities

1860
01:00:41,359 --> 01:00:45,200
that are in high

1861
01:00:42,400 --> 01:00:46,319
high demand and I'm wishing all of you

1862
01:00:45,200 --> 01:00:49,440
the best of luck

1863
01:00:46,319 --> 01:00:50,079
and stay in touch with me.

1864
01:00:49,440 --> 01:00:53,280
I'm on

1865
01:00:50,079 --> 01:00:55,200
Twitter, I don't check Linkedin as

1866
01:00:53,280 --> 01:00:56,000
much as Reid Hoffman would like, but I

1867
01:00:55,200 --> 01:00:59,040
occasionally

1868
01:00:56,000 --> 01:01:01,359
check Linkedin and just

1869
01:00:59,040 --> 01:01:03,280
proud to be part of this community.

1870
01:01:01,359 --> 01:01:04,799
Thank you so much, Linda, this has been -

1871
01:01:03,280 --> 01:01:06,880
it's going to be - the highlight of my

1872
01:01:04,799 --> 01:01:08,720
month, I tell you. I learned so much and

1873
01:01:06,880 --> 01:01:10,160
thank you for your honesty, thank you for

1874
01:01:08,720 --> 01:01:12,799
your passion and

1875
01:01:10,160 --> 01:01:14,640
our learners - I'm sure - are just as

1876
01:01:12,799 --> 01:01:16,000
thrilled as I am, so thank you so much

1877
01:01:14,640 --> 01:01:18,319
for being with us

1878
01:01:16,000 --> 01:01:20,160
Now, before we conclude, I just want to

1879
01:01:18,319 --> 01:01:21,599
let you guys know that the next time

1880
01:01:20,160 --> 01:01:23,119
that we meet in Leadership in

1881
01:01:21,599 --> 01:01:25,599
Extraordinary Times it's going to be

1882
01:01:23,119 --> 01:01:27,760
about the changing relationship of

1883
01:01:25,599 --> 01:01:29,680
China and the West, and we have an

1884
01:01:27,760 --> 01:01:31,760
amazing panel that includes

1885
01:01:29,680 --> 01:01:32,960
people from the US and from Europe and,

1886
01:01:31,760 --> 01:01:34,720
of course, from China

1887
01:01:32,960 --> 01:01:38,360
so stay tuned for that, and thank you so

1888
01:01:34,720 --> 01:01:46,400
much for listening.

1889
01:01:38,360 --> 01:01:46,400
[Music]

1890
01:01:51,760 --> 01:01:53,839