# Dean's Dialogue

Data: 11-01-2025 21:44:08

## Lista de Vídeos

1. [Deans’ Dialogue: Changing the Game](https://www.youtube.com/watch?v=GvUWhzw36qA)
2. [Dean's Dialogue: A Conversation with Marc Benioff](https://www.youtube.com/watch?v=LTL9rSbI6Jg)
3. [Zoom and the New Normal](https://www.youtube.com/watch?v=AyvJXKvQw6c)
4. [How Oscar Munoz led United's response to COVID](https://www.youtube.com/watch?v=A0J_0GbCoP0)
5. [What did COVID-19 mean for airlines?](https://www.youtube.com/watch?v=Xtow2I4COsA)
6. [Bringing culture to life with Pete Carroll](https://www.youtube.com/watch?v=wRZBqp5D7QE)
7. [Where and when does leadership develop](https://www.youtube.com/watch?v=LzaNDr6grNs)
8. [The liabilities of lacking diversity in the c-suite](https://www.youtube.com/watch?v=kG_OHmZufQM)
9. [Finding growth through failure](https://www.youtube.com/watch?v=Y_Ss8CQh0L8)
10. [Pete Carroll on the great communications challenge of teaching and leadership](https://www.youtube.com/watch?v=2LXarz36uYU)
11. [The Mission of Compete to Create](https://www.youtube.com/watch?v=QYFs237J5sk)
12. [Pete Carroll, unscripted!](https://www.youtube.com/watch?v=HRpoMOMTirg)
13. [Pete Carroll on #BlackLivesMatter](https://www.youtube.com/watch?v=mhfsLbuE1W8)
14. [100 Days as Dean with Dean Garrett and Dean Noguera](https://www.youtube.com/watch?v=wVMdulm14ZY)
15. [[Private video]](https://www.youtube.com/watch?v=PbjPqdHLDyI)
16. [[Private video]](https://www.youtube.com/watch?v=yKyBjkIxhX4)
17. [[Private video]](https://www.youtube.com/watch?v=0Lv-Th7kCfc)
18. [[Private video]](https://www.youtube.com/watch?v=5ONsLrqqMUs)
19. [[Private video]](https://www.youtube.com/watch?v=eTXmZMW9O7o)
20. [[Private video]](https://www.youtube.com/watch?v=0al_VP9_GyU)
21. [[Private video]](https://www.youtube.com/watch?v=i6m664YFVK0)
22. [[Private video]](https://www.youtube.com/watch?v=OguIzKUOWMw)
23. [Marshall School of Business: Dean Geoff Garret's Vision for Undergraduate Innovation](https://www.youtube.com/watch?v=EjwmJT3DyJ4)
24. [Dean's Dialogue: Embracing Fans and Disrupting Sports](https://www.youtube.com/watch?v=0qK2LDgzbDs)

## Transcrições

### Deans’ Dialogue: Changing the Game
URL: https://www.youtube.com/watch?v=GvUWhzw36qA

Idioma: en

it's
am
think
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think
for
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tough question you're have all
day
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yes beautiful people do you know what's
better than putting all for your city is
your city putting on for you we at Angel
City Football Club are thinking
differently about football this is not
just a game this is bigger than a game
we want to build an organization where
Mission and capital can coexist and that
started from day
one LA's new soccer team it is backed by
a star studded group of women investors
creating the largest female lead
ownership group in professional
sports the new docu series on HBO Max
Chronicles the launch of the women's pro
team when I see in the stadium all these
children looking up to our female
athletes it just feels like culture
change it was walking into the room with
confidence and it was with a confidence
I don't think I ever had had before in
my life we're trying to fund something
that people think is impossible you have
to be willing to fail for this stuff to
work and not be afraid of the
embarrassment if it
does our mission is to have a positive
impact on the Los Angeles community to
lead toward positive change and to bring
Community together we're playing for
something that's bigger than you know
the game on the field we're playing for
what this club symbolizes you're going
to see our team and our amazing
supporters doing their best to make as
much impact as we can in the community
we have this platform and our community
is our priority we can be an example for
other teams other leagues you everyone
around the world we believe in it not
just cuz we played but because of all
the women who came before us that laid
the groundwork this is our Legacy to
help continue to grow the game to grow
the sport and we can't think of a more
fabulous place to do that we're going to
be giving the fans what they deserve and
that is and listen closely the best
women's soccer team on the earth I
that's what I
said Angel City FC to get the number one
pick in the nwsl draft Angel City Select
Alissa
[Applause]
Thom we love greatness in sports and
when we think of the sport of soccer the
most popular sport in the world it's
women who have carried the crown and now
we're giving them the stage they deserve
it this group inspired us and they
transformed our business sports team of
the Year Angel City
[Applause]
FC there she
go Angel City earns its
wing we are Angel City and let's go and
then almost gold it's an exciting
exciting New
Day City represents something massive
it's about progress and equity and
inclusion in sport and
[Music]
[Applause]
Beyond
[Applause]
[Applause]
good morning good lunchtime everybody
great to see you here uh I'm Jeff
Garrett I'm dean of the Marshall school
and this is a really special event for
me and for us for multiple reasons first
first many of the people in the audience
are here because it's Trojan family
weekend so welcome to parents and
students um second this is an unusual
Dean dialogue for me at the Marshal
school because we've moved the
apostrophe one over this is a Dean Z
dialogue um with my friend and colleague
Willow um uh from the annenburg school
so it's great to be here with Willow
where we conspiring on some stuff at USC
to have a big Sports initiative of which
this event is a kind of precursor
prequel um so Willow it's great to have
you um and third we're also uh launching
and I think something that the our
um our our new guest will will
appreciate as we're launching today at
the Marshall School uh a women's
philanthropy initiative to empower women
philanthropists in the Marshall
Community it's called The Torch society
and I want to thank the torch initiative
people who are here as well as those who
are zooming in because the Society is
allowing us to stream this event to all
the annenburg alums and all the Marshal
alums all over the world so uh that's
the third reason this is special the
last reason it's special is because I
know you we just saw the sizzle reel so
the escalation of the hype will continue
but this is an incredible story right I
mean we're talking about I think one of
the most amazing Stories um certainly in
American Sports and probably in global
sports that's happened in such real time
um it's going to be it's I'm so looking
forward to the opportunity to dig in a
little bit on what's happening in real
time um so division of labor um I'm
going to now pass the pass the the
metaphorical metaphysical Bon to Willow
to introduce our panelists and then
we'll get into it so Willow thanks so
much for being here um thank you all I
just want to add my welcome to jeffson
it's great to see you all um and give
you a glimpse of what I get to do quite
often and with great joy which is
collaborate with uh with Dean Garrett
and it's great to bring our communities
together um especially to talk about
something that that we've been really
digging into which is the future of
women's sports you know I think we used
to think of women's sports as just a
smaller version of men's sports but they
are really a unique entity in which
culture and commerce and media and
entertainment all part of men's sports
of course come together in very unique
and different ways and as Jeff noted you
know the acfc story is one of the most
exciting in sports and it begins with
the team that these women created that
as you just heard them say is really a
different type of organization where
Mission and capital come together so
we're going to take a close look at the
brand building and the team building
their catalytic effect on the national
women's soccer league in which you now
lead well you probably have led since
your Inception but you now lead the
league with a valuation of $180 million
2x the number two uh team in the league
so congratulations on doing that in in
record time and also to get their
thoughts on the future of women's sports
now you probably recognize our guests
today from their starring roles in the
HBO's docu series Angel City in which
they play
themselves Julie man is the president of
co-founder of Angel City Football
Club uh carara nortman co-founder of
Angel City Football Club and managing
partner at the newly launched Monarch
collect Ive which I'm excited to uh to
hear about in just a bit and then of
course um Sophia Bush actor activist
acfc investor and yes a Trojan
thank so we we we've um we're going to
telescope a little bit our event because
um Sophia is beyond passionate about all
things Sports and she's you're going to
Portland Seattle Seattle Seattle to
watch the very last game of me tonight
right's last home game I gotta go so and
what an what an incredible career and
inspiration she's been so we're going to
we we'll sort of I mean Sophia's got
some really uh important things to say
so we're try to get that to that as
quickly as as we can and one way to do
that is just to talk about the is to
begin with the unique uh ownership
structure that that you've built um in
Angel City and I I went to your website
I didn't want to I didn't want to get
this wrong so I did my own count and I
found on your owner page 46 people and
the people you know had uh came in at
least three categories some of the
biggest soccer stars in the in the world
mam judie FY Abby wach other iconic
athletes Billy Jean King uh Candace Park
aist celebrities including Sophia
Natalie Portman and you get to 46 now
that's a big number you might actually
need to multiply that by two and a half
you actually get to our number of
owners So when you say that's a big
number I'm just making sure you know the
the documented the documented number on
the website she's very precise proud of
our ownership group and uh I count what
can I say I counted at one tile at a
time on your website
we have very prominent Tech women too
but they're just not as exciting as
Sophia to the world okay not to be okay
so so it's a big diverse who who kind of
ownership Group which you know must have
been um a very conscious strategy for
you so what I mean I think start from
the sort of business side and then ask
you sopia what was the thing that
resonated for you you know what what was
the strategy there yeah I mean it can't
just have been about the money obviously
actually and um I appreciate all of the
um the thoughtful accolades on it being
intentional it actually wasn't
intentional at all it wasn't the
intentional strategy to go after
celebrities and athletes um when we when
Karen Natalie and I got together to
build Angel City Football Club we looked
out in the world and saw professional
team ownership predominantly is owned by
men um or families or family offices
there's a single owner that controls the
team and is responsible not only for its
strategy but for its finances and
typically to fund its losses we also
learned that a majority of sports teams
don't make money so the three of us went
out originally to fundraise in that same
capacity we created a list of wealthy
individuals majority of them almost all
of them men who would have a net worth
to support and fund a business um at
that time probably half what it took to
launch our first year and went pitch
Angel City in this unique business model
of combining Mission and capital where
we um lead with passion and purpose to
drive to profitability that we're
actually going to be profitable with
Angel City but we are going to do it in
a very unique way where we give back to
our community and we received 100 NOS
nobody actually could get their head
around this idea that hey wait first of
all you want to be profitable that's not
what happens in sports and two you're
going to um focus on the community and
the sport well are you a charity or are
you a business like I don't understand
and we got so many NOS that actually
there were it was really around I think
how um Halloween where car and I are
like I don't know if this is going to
work because we don't have the capital
to actually invest we never said that on
the same day that was key that's true
that is true just just to get um my
apparently my mic has failed so I have
to go the oldfashioned way
um was Alex Ohanian in already or no no
no so this was this was very early and
so after we got close to our HTH no we
realized very clearly that nobody is
going to have the passion for what we
want to build like we are nobody is
going to build it the way we want to
build it and we don't want to give our
idea to someone else and give them the
privilege to fund it and fund us so then
we decided you know what we're
entrepreneurs we're Venture capitalists
we're going to pitch this differently
this is our idea this is our team this
is our business you get the opportunity
to invest in US versus what we were
doing before which was saying you own
the team and we will sort of help you
and when we switched the narrative the
first conversation we had was with Loria
who's a friend of um Natalie Portman's
and her and her business manager and
when we pitched the concept of Angel
City we want to be an organization where
Mission and capital can coexist we want
to be a platform that stands for equity
and impact in every single thing that we
do and we're going to use Sports and
this idea of building a community and
creating a sense of belonging to
ultimately drive towards equity and bend
the curve towards gender equity and pay
Equity so we're more than a sports team
but we're going to use the sports team
as a way to achieve our ultimate goal
which is equity
and Eva said on the spot I'm in and
wrote to this day one of the largest
checks that we have because she
fundamentally understood what it meant
to be a platform that is used for both
impact and profit her voice her platform
Sophia's platform she does the B Sophia
talks about getting out the vote and she
talks about social issues that matter
her and she also promotes her latest
theater project or her latest television
show right they know how to use their
platform for both so it wasn't a wait
are you a charity are you a for-profit
business I get how you can be both so
once Eva said yes we shifted our
strategy to talk to people who leverage
their platform for more than just
dollars and that's when Jennifer Gardner
came in and uzo Duba and Lily Singh um
and Billy Jen King and Abby and Mia and
Julie um and Julie FY yeah and then um
and then we make an announcement that a
that we don't have a name yet that
there's a women's professional soccer
team coming to LA and I get a phone call
from somebody who I've admired as an
actress my entire life and I get a phone
call from Sophia Bush do you want to say
this or do you want this is the time we
have to get because I was going to say
how did you know they put the hook out
and you you took that hook line and
sinka so sopia I get a phone call she's
like hi it's Sophia Bush and of course I
know exactly who she is and I'm like hi
oh my God and she goes um I don't know
how this happened but all of my friends
are investors in Angel City and I am
actually the biggest soccer fan of all
of my friends I go to Chicago red stars
games I was in Italy and I went to I
traveled all over itan and watched games
and I can tell you everyone on the
national team I have to be a part of
this I want to be the part of this what
does this take um and of course I said
you you're in no worries let's go and
she's been a huge contributor ever since
oh thanks I mean I was just so
nervous I'd been out of the country for
work and I was like how did this get by
me and first of all said with all the
love of my heart all of our friends that
are investing in this team get the
mission they don't know anything about
soccer I was like they're learning I'm
your girl I'm like I'm the one making
the sports bars in La open up at 4:00 in
the morning during the World Cup what
are we doing and she was like do you
want to like come in for a meeting I was
like if we need to but I'll just I'm in
now on the phone what are we doing and
that was sort of history and then Sophia
how did then then what are the
expectations of you were there
expectations to help build the brand
well what I think is really interesting
and and what Julie's talking about
is and and no shade to like any of our
you know male counterparts in the room
but the traditional methodologies of
businesses run by men are singular in
focus and as women because we are used
to facing more obstacles because we're
used to being paid less because we're
used to having to do more with less
resources we manage to spin a lot of
plates at the same time and so when we
talked about building a profitable
business that was also going to shift
our community a profitable business that
would also affect the lives of of the
people who are involved in it
positively we understood what it meant
to do more than one thing at once and
what I love about our ownership group is
everybody comes into the room with their
capabilities and says okay who's going
to do what what's the mission it's not
the ego of well I'm going to be the face
of Fillin the blank it's okay there's 15
of us here everybody has a skill set how
are we going to apply our skill sets
what are we going to do who's coming to
these games where do we need more
support these are the people we're going
to call you know here's our ideas for a
social campaign we bootstrap everything
even though we bless you two have the
highest valuation of any club in the
league because all we want to do is show
up and work on what we're passionate
about yeah and I think that you know
that's different I was just thinking
about some other sort of celebrity part
owner deals I mean a lot of them look
quite cynical right there's a lot of
dollars and then you just put a flashy
name at 1% or something and the person
becomes the you know the face but that
wasn't your that wasn't your strategy
and it's funny you say that because we
were really conscious about that from
the beginning because it wasn't just
Natalie Portman Julie man and Caren
Norman it was first of all it was
Natalie's idea she's the one that pushed
us to think that this wasn't crazy and
she was on the calls doing the work and
so when we came up with this when we
decided that angel city was going to be
about Mission and and and capital we
said right away we have to walk the talk
we never wanted to give the community an
opportunity to say you're only here in
name only you know you just grabbed a
bunch of celebrities um you say you do
one thing but you don't actually do it
and that's what developed our
sponsorship model and our player fond
and everything we do is that if we say
we're going to have a positive impact in
the community we've given 22,000 BRS to
young girls we've donated over a million
meals today we've helped over 140
coaches get employed we've run we've
thrown 833 events we've done grants and
um and scholarships of
$143,000 we've done 8,300 hours of
programming for soccer so we wanted to
make sure that we were authentic and we
were believed when we said we're going
to make a difference maybe we have a shy
and retiring person in the middle of the
stage here so never have those two
words I've seen you as I've seen you on
TV too so I do have my tongue and cheek
there but let let's do the segue I mean
I think I've said to both of you um you
know there are a whole bunch of
fantastic uh football documentaries out
there so I won't I won't mention the one
where the where a couple of people in
Hollywood bought a team so they could do
a documentary about it I don't know what
that is but I will talk about expensive
what it is it's called what is it called
an advance that men get and women
don't I'm going to go in a different
direction I don't know whether I don't
know whether anyone anyone in the
audience or anyone on the stage has
watched um a show called Rec oh there I
just gave it away Sunderland till I die
and and there are two things about this
is now about the support the community
and the supporter base right in Sund
until I die there are really two them
one is this is handed down over
Generations getting to 150 years and
second sundelin is
a decaying former uh former Urban Steel
shipworks City in the north of England
where there's nothing left except the
football club right those are the two
themes and and then they show you just
what the rise of the club can do for the
community all right LA's not like
Sunderland and and your club was born in
2019 20 21 whatever the year is the F
the birth year not 150 years ago so I
presume this was conscious right how did
you think
about building the community in in such
at whoop speed right in just an
incredible way where in the documentary
The I mean people people are giving
their blood to your to the team yeah I
mean I think it looks fast and there is
a like you know to get to know to for me
to get to know Julie in this way over
the last four and a half years made me
realize I have perhaps for the first
time in my career found somebody who has
a greater sense of urgency and ability
to work for 18 hours straight than I do
and it's actually helped me relax a
little bit to know that maybe I have
other attributes but it it also went
slowly
um I have great executive coaches if
anyone needs them um it it also went
very very slowly and intentionally and
and so um you know I mean it's fun to
hear Sophia and I've never T spoken
together it's fun to hear you talk about
it because I think there are people who
came to this like Sophia and this was me
too I was a fan you know I was a fan in
the audience in 2015 at the World Cup uh
finals for the women in Vancouver and
you know like you guys probably know the
story but I couldn't find jerseys I
couldn't find content but I could find
Instagram and I could find and it was
like oh wow there's distribution out
there where I would go talk to a lot of
people who knew about sports and they
would say nobody wants to watch the
women they want to watch the women once
every four years no one wants to watch
more often than that and the analogy I
would make and I would make this when I
was then fundraising for my fun because
I think it's powerful is you now have a
couple billion people who will lot watch
the the last Women's World Cat and um to
have imagine you have the best hinan
commercial ever and a couple billion
people watch it for 90 minutes and
there's no heinan in the store for four
years that's what women's soccer was and
so when you go to the community it's
like people showed up at different times
for different reasons it's actually the
way we got to know Billy jeene King she
also called us and was like how is
something happening in women's sport was
not as much of a fun you know there that
was a little less fun probably than
Sophia but um to build I would say it
all sort of looks magical and it is
magical but the Nuance difference
between showing up and putting making
money and making entertainment first
versus having that be natural naturally
emanate out of what we're doing is
really important and it doesn't just
come from being a woman or being a male
Ally it really comes from what are you
doing at two in the morning I had a
full-time job when I was doing this with
Julie you know and we were working you
know and so I think like there were
there were these critical moments in
time um you know Natalie said to me once
she said is this how it works in Venture
Capital like you do all the work and
somebody else owns it is that how it
works in your industry so anyway there
were all these moments in time where the
community came together and where the
tent got bigger and bigger and the pride
and identity over being a part of this
overtook the traditional I need to make
money in a certain way and then it turns
out you make more money but you needed
needed to have people I mean I'm sure
you're all holding your breath as you
were thinking about how many people were
going to show up that's a big Stadium
right we weren't Julie was very
confident I me well I'm curious how many
of this how many of you in this audience
have been to an Angel City game yes okay
okay so by the way to come six of those
hands are people in my office don't ever
try yeah don't ever try to reach anybody
on a game night but it is a what you
have built as part of that game
experience Jeff to your point of using
this this community is remarkable you've
been to a lot of soccer probably more
than most like what's different about it
and how were you all able and can I just
RI on this for a second I mean but
you're you're enormous fans but if you
think about you know support for Olympic
team or World Cup team right it's
country it's patriotism it's these
really deep things that have really deep
roots but you manag to do it at warp
speed well what I'd also like to say is
sure it's warp speed and we have a
brilliant team but let's make no mistake
about the fact that we simply haven't
been acknowledged as women that are
sports fans so yes when we travel around
the world when I go and I speak on
behalf of our team and one of my
corporate Partners who I was able to
bring in as a brand sponsor like if you
told eight-year-old me who was on the
pink Cadillac's AYSO team that this was
going to be my future like she wouldn't
believe you and I'll never get over it
it will never cease to be so cool to me
like
this is a moment that has taken
generations to build and to be clear
people go how is it all happening why
did Barbie make a billion dollars why
did you know Beyonce and Taylor Swift's
tours do what they did this summer
because people look at women as though
what we want and content for us and
teams for us are somehow not valuable
and nobody wants to watch us
lol look what we've done the Women's
World Cup this year
brought in almost a billion dollars in
profit despite being historically under
advertised underfunded being given the
worst time slots on television it's not
that we don't want to watch it's that no
one is giving us the content no one's
giving us the hinin in the store and so
it really I got to be real like yeah
sure it's all about the equity and the
inclusion and the work we've all been
doing I've been doing this work for my
entire life and I love like when I'm in
a little bit of a petty season I sit
back and I'm like remember when people
said that nobody wanted to watch us ha
like it feels so good to me because
we've been asking and people said we
weren't going to be profitable and here
we are okay so it just took the spark
does that mean right there was a lot
there and you just you could spark the
fire um what does it mean for the
nature of the community is it a is it a
different kind of community than mhm the
you know the people who in La drive
around with their Lakers Flags when it's
Lakers playoff games is it a is it a
different Community it's more Marshal
School than HBS for sure you'll have to
decode that one as a as a stand it's
more inclusive I mean we intentionally
built a community that was diverse and
inclusive a game day environment that
was safe you know we also were really
intentional when we went to build the
audience that um we were going to Target
women we were going to to Target
families and young girls we were also
going to Target young boys and
Millennials and older fans that don't
feel like there's a team that they can
support and the lgbtq community um and
other La sports fans we actually didn't
say oh you know what women's sports only
matters to women and families that
creates a very unique experience which
actually can alienate a lot of people so
we went about building one um that was
diverse enough where our internal motto
at the at the company is an experience
for everybody and that seems obvious but
it's not in sports like we want to make
sure that Sophia has a good time my kids
have a good time my parents have a good
time my partner has a good time that
everybody there's something spec we are
intentional there's something specific
for each one of them so the thing that
I'm worried about you know as a social
scientist with uh fandom is the sort of
tribalism that can come into this and
Willow and I had a an offline
conversation about this where I was
saying you know let's get real about the
Dark Side of fandom which is violent and
all of that stuff but you were saying
that and I said Taylor Swift seven
whatever it was six or seven nights in
Sofi that massive Stadium not a single
incident not one but that's also that
does seem to be part and parcel of this
too that that you you can have this
incredibly intense Community without the
US versus them tribalism that you know
can be the dark side well I want to win
let's be clear okay hold on I I think I
want to toss it back to Sophia before
she goes but I she definitely wants to
win um I I I think I mean I'd love to
have the social scientist conversation
CU I don't know that matriarchal tribes
and and kind of yin-yang male female
tribes have been studied as much as and
if you go I mean one of the things we
hear consistently I mean we can get into
the details around Koda conduct and I
remember when we had fireworks legal
fireworks go off at the stadium
everybody was freaking out probably
mostly that woman right there Monica who
runs game day for us and my husband was
like this is so cool like you're
actually a football club now but um but
but um I think there that is a thing
that comes up all the time which is like
the kind generous inclusive energy and
most of what we look at in terms of like
fandom are you know throwing beer and
and disproportionately one demographic
and rooted in our tribal politics and
this is the first socially acceptable
tribalism that is like in a way joyful
and and and looks much more like Los
Angeles and feels much more like like a
Barbie movie which I just finally saw
and I it was like wow I didn't even
realiz you know it was that was pretty
profound anyway well I think something
that's interesting and I I'll use an
anecdote actually from our last game you
know obviously I'm a super fan like
people are always like you are a famous
person like calm down around the soccer
players I'm like they're so cool you
know they're like the rock stars to me
and so my socials are usually very
excitable on game nights and after our
game you you know I also saw the stat
that it was Marta's H 100th start and I
was like God that's just so cool and
like yeah she kicked our ass but what a
moment for women's sports and so I
posted obviously a bunch about our team
and then posted about how cool it was as
a fan to be in the stands and witness
that just in the women's soccer league
in general and a friend of mine who is
an athlete who is a man responded to my
Instagram story and was like this is why
y'all should be in charge of everything
cuz men would never and I was like oh
yeah I guess that's sort of the energy
right is that we want to win we're
obsessed with our team but we also want
women's sports to win we want women to
win and when you have a larger
Mission your your tribalism can be fun
because you realize we're all really on
the same greater team and I think that
is an energy that permeates everything
that we do not not only do we have
purposefully curated communities of
acceptance for every diverse group of
people who come to our Stadium but we
also we also know what our larger
umbrella mission is in women's soccer
and and in women's sports in general
this is our community I mean this is she
Sophia so embodies you know our
community that it it's really special to
be now do we have to we have we have to
let you go yeah you got to go down clock
I had I had my my Apple watch we're
totally fine but before you go thank
before we go we we are going to make you
open your gift in front of everybody oh
my God see women's sports are really
just the greatest I'm going let you do
yours and if you can't take it in your
carryon we'll get it to you yeah we'll
bring it to pass we'll pass these all
down ladies thank you oh my God I got a
mug this you have yes because oo you
have to hold one up so we can see it and
then I will hold up something
that I missed out on
this I'm going to do this since I was an
anenberg
student just saying amazing yeah and we
will ship we will we'll send it to you
you go yeah you got get Ono's going to
be mad
if I adore you I adore you all right
have fun great to see you thank you so
much oh my gosh thank you good luck
getting there good luck getting there
you know we
doing this early it was all okay so
let's um thanks sopia that was fantastic
I any Willow wants to get into a bunch
of the nuts and bolts things about the
business and meteorites and bless you I
tried
but the I just uh the second thing that
struck me in the documentary that is a
kind of small part of the documentary
but I thought was quite and to me at
least it was really striking
was this no trade cause you have for all
players and I I literally can't make
this stuff up I was just talking to Mark
kot the manager of the Oakland A's who's
a marshal parent and was just speaking
to some of our students about the
challenges of being the Oakland A's
manager when your team is not doing well
and leaving for Las Vegas not not an
easy thing and I said I was going to
come and do this event and I was going
to ask you about no trade clause for
players he said are they nuts how do
they do this it can't be one way it's
got to be two ways so yes talk about
that a little bit oh no trade clause
right so for those who aren't into
sports right if you're if you're a man I
mean how many men in the NBA have no
trade clause like three men or something
and everyone on your team is guaranteed
that the team will not trade them so in
our inaugural year our first year our GM
decided to create a no trade clause
which effectively means we could look
all 28 of our players in the eye and say
you are our team you know for better of
their contract right for the first year
not the L of their contract for the
first year and that we're going to win
together we lose together we're going to
build something great together um the
league
historically uh has not treated the
players well from um a financial
standpoint from a compensation
standpoint from a facility standpoint
operational standpoint there was
systemic abuse in the league um players
were treated as assets they weren't
treated as your as assets as something
that you but not something of value in
the world of I mean it amazes me I'm I
listen to sports talk all the time
everyone's just glibly calling players
assets all the time they're not humans
they're assets so we in building Angel
City our purpose was to set higher
expectations on and off the pitch we
didn't we wanted people we wanted our
players to feel safe and we wanted them
to feel secure so you know today we'll
talk to players six months before their
contract is over to let them know if we
have intent to keep them or not so they
have an idea of what can happen we also
talk to them about where they're going
if they don't want to go somewhere we
will work very hard to make that not
happen um because players being happy
actually creates a better product on the
pitch which actually creates better
competition which actually growes the
sport as Sophia was talking about so for
Angel City we took it one step further
um and said no trade it was both the
best and worst decision we made he is
right the problem with the great thing
about a no trade clause is it is it does
give security to every single player and
the and what you hope and expect in
return is an incredible level of
dedication and commitment and drive
because you know if you're making this
huge sacrifice for them you expect them
to make the huge sacrifice for us which
they did we AB we I think we we
absolutely got that the problem
becomes um you've put 28 players
together that have never played together
on an expansion team with new coaches
that have never worked together and
you're trying to create a style of play
you're trying to create a winning
culture um
and sometimes you just don't get the
pieces right during a draft and when
you're trading right so the problem with
the no trade clause is we couldn't make
ourselves better throughout the year but
you could acquire players right you were
there there's a cap of how many players
we can have so yeah we could acquire a
player if one left or if a player got
hurt so much that they couldn't play we
could replace them which happened a lot
in our first year it happened it was it
was staggering how much it happened in
our first year so that was the problem
is that we actually got to the point
because of their grit and determination
and dedication and drive we were
performing way above our our
capabilities to the point where like oh
my God we might actually make the
playoffs like we might actually do
something that is pretty unheard of for
an expansion team and we need these
pieces to get there and we weren't we
didn't allow ourselves the flexibility
to do that so um it was a great decision
for who we are it was not the best
decision for when at all costs um I
think we would make the same decision
having said that we never have to cuz
we're never going to have a first year
again so now um but we have
relationships with the players we do
longer term contracts we want to give
them the Safety and Security that they
know I presume it it helps attract other
players because they want to be at a
place where ownership you know ownership
treats them values them treats them as
humans not assets that's right yeah were
you going to say something yeah no I
mean I was going to say though you know
there's all these we learned a lot in
the first year you know I mean and and
there it there's it can cut in many
different directions I think the overall
ethos of being player first player
driven and I would say generally being
stakeholder driven where you know I
originally got into this and Natalie
originally got into this and it's where
all three of our hearts are because you
know I was advising the usw Women's
National Team Players Association in
their pay Equity fight so I actually
began as a socialist which is sort of
ironic um and so I think not for us here
yeah no okay all right great I mean I am
born and bread in Los Angeles so um uh
but um and so I think um that
perspective I think philosophically is
core to who we are as a team who we are
as people but you know you could you can
see how a no trade policy could cut both
ways if you also have really competitive
players who want to win right because it
it's you know and so learning and
growing and also creating the space you
know if you think about what we're doing
in women sports in general it's like we
get to study the men's side we get to
study the multiple hundred years of
History in the eepl or you know Great
American Sports like American football
Etc and then it's almost like we're
building democracy from scratch studying
200 years of you know democracies where
you have parliamentary and represent you
know you have all these different things
you can study and so I think having
different models where you do innovate
and you innovate in different ways is
great but you also have to create room
to make mistake and recover from it um
and have I think the kind of cogn
diversity around the table to push the
envelope and to allow for mistakes and
I'm not saying this was a mistake but it
was a big learning
cve one of the things that I find so
interesting about what we're learning
right and what the social science is
telling us about women athletes is the
incredible value they have for Brands um
fans of women's sports are 54% more
aware of sponsors and 45% more likely to
make a purchase from a sponsor than
men's sports fans are so yet 90% of the
sponsorship dollars are directed at
men's sports you know how how should
sponsors be thinking about allocating
their dollars and how important H has
that relationship that your players have
with the fans been to your growth I'll
do some quick macro and I'll toss it to
you um I mean so at a macro level we
know women spend 80% of consumer spend
right in the United States and yet um
Sports sponsors have traditionally been
and we love these sponsors too but Banks
cars right alcohol Etc so an advertising
in general is becoming less efficient in
digital sense and you know just you know
Facebook ad changes Apple changes Etc
and so when you find a deeply passionate
Community with people who direct 100% of
consumer spend in the audience all of a
sudden the whole Market size for
sponsorship in sports can change
dramatically when you bring in fashion
when you bring in nutrition when you
bring in health and wellness when you
bring in women's alcohol Brands and so
there's like a fundamental way the
market can change by understanding the
power of this fan base and um you know
just one high level statistic the total
dollars before this world cup that um
could be attributable just to women's
sports this is not the Olympics um or
tennis where men's and women's are
combined is less than a billion dollars
globally right the total market for
men's sports is a half a trillion right
and that's includes sponsorships and so
if you just look at that math and sort
of a almost like a misunderstanding of
what is possible from these deeply
committed passionate groups we haven't
even scratched the surface and maybe the
last thing I'll say is everyone we had
to sort of like Look Backwards to create
some level of numbers that people would
believe in for Angel City but I think
the reason we succeeded is because we
projected strength and confidence and we
made that shift Julie talked about where
we move from grateful to be here and we
just want to team in our Market because
we want to team in our Market to we're
going to go kick butt and put numbers up
that are even scary to us but we had to
Anchor them in like things from the past
but we looked at this more like venture
capitalist than credit and private
equity and so I think that mindset shift
in helping the world understand what's
possible in terms of Market size growth
is really deeply important such that
when we get into media reue Revenue you
can run math on a direct to Consumer
media Revenue property with using old
stats I think once we actually build one
for the women's sports fan we can blow
numbers out of the water in a way that
is very similar to I think what we found
at Angel City but Julie can tell you
more about our specific sponsors well no
I'll just say two things one uh if you
follow American Football let's say you
don't you probably follow Taylor Swift
the highest Sunday night rated football
match that has no consequence whatsoever
what got the second highest ratings
because Taylor Swift went to the match Y
and Kelsey's jersey sold went up 400 you
know they he sold 400,000 jerseys in one
game because of Taylor Swift nobody even
knows who he is it's just somebody that
Taylor Swift might be dating and this is
what happened people are paying
attention because of her influence and
so um anyway I think that's a
fascinating statistic as you think about
the power of women as it relates to
sponsors I usually tell sponsors three
things one is today unfortunately the
value of an asset within a women's
sports property is going to be less than
a men so our front of Kit might be $3
million in a men's kit it might be $7
million right so first you are making a
good Financial business decision
investing in women's sports because
you're getting a deal even if it's
millions of dollars that steal the deal
second of all there are fewer sponsors
for women's sports which means you're
one of four or you're one of five versus
one of 10 or one of 20 which means
you're getting greater share of voice so
You' have the opportunity for R Great to
recall and greater opportunity for
someone to become a customer greater
opportunity for someone to engage with
your brand because you have greater
share of voice and then the third thing
I think which is undeniable and why
we're talking about women's sports is
that it has a positive brand Halo there
is positive brand Equity today in
supporting women's sports if you support
men's sports no one cares you do a
sponsorship deal with the Lakers no one
cares Gatorade says they're no longer
sponsoring the NHL it is a a it is a
sports center topic story that they are
no longer supporting men Sports they're
investing equally in men and women and
they're no longer supporting the NHL
that is a huge story so there's a
positive you know positive brand Halo
there's a greater share of voice and
then if you just care about the numbers
it's a better value so I want to be
mindful of a little bit of time so we
want to save some time for audience
questions um Jeff directionally future
women's sports or media
rights can we be greedy and go for a
CICS go for it okay Julie you and I have
to be py so what do you want do you want
to do media rights I mean maybe go the
go the well we should do meteor rights
because then it'll come into valuation
and the fact that you're going to become
Manchester United which I also heard
documentary so oh yeah we okay so you
were just talking about sponsors and you
have your your media rights are up
you're about to begin the league is
about to be negotiating I find it
fascinating that you have one of your
sponsors in essence playing a role in
this process by what in essence
guaranteeing a media buy yeah so
apparently and you can correct me if I'm
wrong but apparently it's fairly common
right sponsors spend a lot of money on
ESPN and then they'll sponsor a sport
and it's sort of like ESPN you sponsor
the sport you'll get our ad dollars no
one's ever done that and gone to bat for
women's sports no one's ever wanted to
spend that kind of money supporting
women's sports um and Andrea brma with
Ally Financial who's been a huge sponsor
for the league basically put her dollars
behind the league um to work to force
Media Partners to come to the table and
take it seriously and offer rail dollars
and she was able to Rally a number of
the other um sponsors of the league to
do the same um which is pretty
incredible um basically saying if you
don't do the right thing and have the
right conversations we're actually going
to leave your platform and how is the
league thinking about the differential
between visibility going with a CBS or
you know one of the networks versus is
the cash exponential that'll come from
going with an Amazon or an
apple it's reach so there's three things
we look at reach relevancy and revenue
right um and the sentiment in the
boardroom at the league is we want reach
and relevancy this is going to be a good
deal the one that we'll we'll negotiate
it and announce it um hopefully at our
championship game in November this will
be a good deal the next deal will be a
great deal we have not had the
opportunity to be on mainstream media to
be on ABC CBS ESPN you can't just turn
your television on and watch a women's
football match in fact I believe the
hardest working sports fans are women's
sports fans because you have to work to
find it is it on Paramount plus is it C
is it on cbssn is it on CBS is it on
Twitch oh no wait it's on nwslsoccer.com
you have to work so hard to find it so
when we actually make it easy for the
fan and say Hey you know we're going to
put our championship game on CBS Prime
Time sorry the nwl it happens to be
during a playoff match of the um World
Series and it happens to be at the same
time as the Michigan Michigan State
football game but aren't you excited
you're on CBS prime time um and we still
get 950,000 viewers when the previous uh
MLS championship game got 1.1 million it
shows there's an audience we just are
making it too hard for them to find it
right and so we're really focused on
reach and relevancy making it super easy
for fans to be able to find our matches
the mon after after that I think we'll
be one that's transformative
transformative for women's sports and
one other thing I just think it's really
important to reframe the dialogue now
and not just think about how do we get
money from other people and really think
about what is the modern fan for women's
sports what else do they like to consume
is uh media is sort of having a
destination where you can find games a
gateway to other transactions if the NFL
could go back in time my guess is they
would distribute everything on the
NFL.com build no build data understand
their fan base and really believe like
there is a build versus buy exclusive
versus non-exclusive reach data oriented
dialogue that's far more sophisticated
than the three things Sports have been
talking about for years it does and so
that's also an opportunity in women's
sports more most broadly and it's
probably an opportunity with tonnage
across multiple leagues which is high
degrees of difficulty but I think there
there's some creative things that can be
done to test the waters there so I so I
was thinking um that I spend a bunch of
time on whether your bold prediction
that you could get a billion dollar
valuation in 5 years was realistic but
based on based on the conversation we've
had it feels realistic to me as as might
be the I don't know which of you said
hey we could be Manchester United at
well I think I think I like to say uh
that though I tend to pick Liverpool I
don't I just you know it's because of my
fantasy hear man did I hear that did I
hear that incorrectly I don't know but
but let let's this is the age-old
question right when when is the when's
the go vertical moment for women's
sports and it does you know 2023 looks
like a really unusual year so the was it
one player or was it broader the NCAA
Women's tournament outdrew the men's
tournament then you had the success of
the World Cup then you had so much Billy
J King pay Equity coverage at the US
Open um is do you think I mean I was
going to use use my terrible um 60s
music referen this a sort of Marvin Gay
what's going on moment what is going on
here are we at a a serious inflection
point is this going to be linear and
lots of hard work how how do you how do
you think about it I'm going to start by
metat training over to um just bragging
about my co-founder here for a second um
and I will answer your question so
um it is a moment in time in in the
world world where the world is paying
attention and where there are going to
be highlevel media Revenue high margin
revenue streams that create a virtuous
cycle it's also a moment in time where
extraordinary execution happening at
that moment in time can grab and take
share and show people what's possible
and still open- Source best practices
and disproportionately capture awareness
Community Global brand and so think
about this all the time if we' started
angel 5 years earlier or 5 years later
you know it wouldn't be Angel City I
think if you know as soon as I felt like
this was possible and Natalie put this
crazy idea in my head and made me think
it was possible I knew we needed someone
to run it and then we went out to go
find I went out to go find a president
Julie's truly and I've been in venture
capital and private equity and all the
different parts of the asset class one
of the most remarkable Visionary
operators team Builders and she has
weaknesses too but um
going so well for a minute I I just I
don't want to I want to be credible here
but I mean I just even this week I had a
moment where I was like God I text her
I'm like you're just so good and to feel
that way four years into do four and a
half years to doing this together but
then so I just want to say that because
I think we need to find more people who
really want to do this in all sorts of
different ways but aren't just I don't
know the right way to say this but a
beard for the movement like you have
have to be the movement and you have to
have skills and you have to get people
to show up you have to be willing to
make mistakes and you have to have
people who have your back and we have
each other's backs in ways that are that
run really deep and we've been through
it and okay so Julie lots of lots of
question I can't answer the question got
to do the you've still got to get got to
use the Tailwinds so we do um I don't
think we're there yet I think we have
these incredible moments that we talk
about as movements and
we're we're still talking about all the
greatness we're doing when when it's
when we're there we're not talking about
it anymore because it's fully accepted
right so um you know Arsenal sells out
their home match against Liverpool
45,000 fans um come to Emer that's
incredible we talk about that we're not
talking about the revenue generated yet
we're not talking about the impact it
generated yet um San Diego uh just got
an MLS team um they've come they came to
the market two three years late um
there's a stadium um down in San Diego
that the same San Diego wave play at
that are getting an average of 15,000
fans have sold out their home opener
which was against us for 32,000 fans and
you raise attendance every week we but
the mamals team comes into market and
all of a sudden they're the primary
tenant and now San Diego has to schedule
after them and of course there's tons of
reasons and I'm sure I don't know
everything but we're still trying to
prove that there is some there is a
there there and I think Angel City
success is what is going to fuel this
file and the fact that we open source
our Playbook like K and I were on a call
that she was referencing with another
team in the nwsl how can we share
everything we've learned with them so
they can invest in their players invest
in the product invest in the team invest
in the community and tell the story of
what they're doing to drive the their
successes that will then again paint the
way for someone else and hold on 60
seconds as I did just start a fund
called Monarch Collective it's the first
fund to invest in women sports we just
closed on $140 million to invest in team
leagues and rights what is happening all
over the world women's rugby in New
Zealand where they're they're act you
know soccer in Newcastle fourth division
team right you can just kind of go on
and on what happened with the NCAA it's
not just that the numbers were 10
million to the men's 14 million the
women's were double the men's were down
15% people should look at trending not
just absolute numbers what you need to
do is actually just get butts and seats
and when people used to say to us why
does you know we consider USC football
equivalent to to professional sports in
terms of the joy the joy and the the
attendance right why does La need what
like an 11 sports team what was it 11th
essentially professional sports team now
what I say to them is it was such a
crazy question and we had to answer it
every single day because I sort of look
at it as like we're a county of 14
million people we're asking 20,000
people to show up 11 times a year and
have fun come back if they have fun
again keep coming back you start there
and then all the other revenue streams
flow from that and the the core thesis
at Monarch is that the cost basis for
women sports is down here yeah we want
it to go up but salaries are down here
you we have shown you can create a
sustainable fin financial asset we can
call it the team and asset um off of you
know we're we're far higher than this
but 15 to 20 million in revenue and then
you have high high margin media Revenue
coming in and then you have the room to
innovate because all of our rights
aren't locked up for the next 100 years
and you can actually do things
differently and use that to your
advantage so the billion easy it's easy
yeah the billion
yesterday we're working on the model
later yep does anybody have questions
out here in the audience we have more
questions of course on the stage but yes
I see a question back here and one right
here we'll do this and then we'll get
we'll get back to you in a sec hi my
name is Caroline I'm with the masters of
business for veterans program we heard a
lot about you know good brand building
your brand what about the bad brand what
do you have in place for brand
protection considering you have hi and
night worth folks VIPs um thinking about
things like social media impersonations
or any sort of scams um we haven't
gotten scams but the the overall
question which is how do we protect our
brand and protect this incredible
ownership group we were also very
cognizant of the fact that you know s
Sophia loves soccer she didn't know me
but she invested in me she invested in
us to build Angel City and what we do is
going to be a reflection on her um so we
have very clear values internally um and
we move very quickly when something
happens we address it really quickly um
in soccer there is an Uber fan an ultra
fan they're called a supporter and you
create a deeper relationship with them
and so we learned to work with them
early on so that they understood what we
stood for um and why we do what we do so
that they can either support us or be
silent um and I'll give you sort of two
examples one is we one of our um
founding sponsors was crypto.com well
crypto.com um creates nfts which are
horrible for the environment and you can
do all the work that you want to explain
well you know minting an nft is no worse
than the water bottle that you drink or
the or the the car that you drive um but
it doesn't work and so we had to spend
time with them to say this seems against
our values why would we partner with
them and we explained the fact that what
we have learned is that when new
financial instruments are created women
are systematic Left Behind they are late
to learn about something new so in this
case cryptocurrencies nfts um women are
left behind so we wanted to partner with
crypto.com to create an educational
program to teach young women and girls
about first just good financial
management and then what are all the
different alternative Assets in the
marketplace so we want to address equity
in women by partnering with crypto.com
to do that um and then we talked about
how we you know manage the impact on the
environment through getting um anyway
how we would manage it so we addressed
their issue and then we said why we were
doing it they still didn't like it but
at least they understood it and so when
we came to Market they may not have
supported it but they certainly didn't
attract from it so that that's sort of
one example and then the other example
is um is we have one of our values is
not everyone's going to like us and
we're okay with that we literally can't
be all things and if we're worried about
what everybody thinks we're not going to
be good at the at the things that we
care most about so we take that to heart
and in order to find those that want to
believe in our community that want to be
a part of it we have this Mantra um that
was said in the in the in the docu
series um our head of community um and
impact cathine dobula said we want to
invite people in so when something
happens we invite you in we don't call
you out we want we invite you in to
educate to listen to work together to
participate and then you can choose to
you know support us or not support us
but at least you'll understand why we
don't call you out for your beliefs we
call you in to understand stand ours and
I just say I'm just looking at two
members of the team sitting here Monica
and Lisa and we just have the most
extraordinary team and um and and you
know to work in women's sports is to
work in in Mission and and that can go
in multiple directions and there's a lot
of thoughts and feelings and opinions
and sort of role modeling hopefully that
behavior internally where that we can
foster that and extraordinary people
want to come in show up work move on in
high EQ ways and then hold us and
everyone else accountable and the
example you know and each one of them do
an extraordinary thing in what they do
but Catherine uh who leads Community for
us she's she holds the fire on kind of
making sure that you know when something
goes wrong we process it and sometimes
we have to process it you know like all
of us in this world much faster than the
human brain can and that's hard and
scary for everyone and um we just have
to be strong enough to you know do that
and you know move at the speed of this
weird world we live
we have four minutes for you all I
promise the mic back there um I'm making
well nervous here we'll talk fast
everyone can you hear me um I'm Joey
Vargas brownley I'm the director of
programming for the sports Business
Association here at USC and so first of
all thank you all so much for coming we
really appreciate you taking the time to
come and speak with us uh my question
revolves around the globalization of
women's soccer in particular because we
see with the MLS like yeah they're
improving a lot with Leo Messi coming in
and driving up a lot of excitement but
at the end of the day the best players
and you know the best players for the
United States they go to Europe but we
have a large concentration of the best
players and women's in the United States
here and I wanted to ask if it's a goal
for Angel FC and the nwsl in general to
try and bring those players from Europe
uh Talent from Europe over here and kind
of be the leader in that league for
women's soccer Julie and I go to London
a lot um uh no but the answer is yes
absolutely um we believe we we have the
most comp itive league in all of women's
football um and I can tell you right now
we are three points away from making the
playoffs I have two more games I might
still make the playoffs we have the most
compact most competitive league we will
um we will make the playoffs we will
make the playoffs we will make the
playoffs we need to see you know to have
a great last game but we need them to
Tire or lose um just putting that out
into the universe because that needs to
be out there um but we absolutely do and
so at a board level we talk about how do
we attack how do we attract how do we
attract retain and develop velop
athletes um for the nwsl from an
attraction standpoint we can do that by
compensation by um free agency and how
we deal with players contracts we can do
it by we can retain players by the
facilities that we create and how we
support them we have flown Charter we
have a team in Kansas City that built a
dedicated practice facility that is
finalizing the development of a
purpose-built football stadium where
women will be the primary tenant it's a
12,000 seat Stadium lost 115 million
privately to build in downtown Kansas
City um so we are actively looking to
say if we can attract the best players
it again will create the most
competitive league it'll drive up
viewership it'll drive up sponsorship
it'll drive up ticketing it'll fuel the
engine which ultimately will get us to
pay equity and get these players paid
what we think they deserve um so yes we
were all glued to the to the World Cup
to see who we wanted um but what was
really interesting also about the World
Cup is the players that really stood out
were younger they were 16 to 18 so that
really also made us start to think about
not only League level but a US soccer
level are we doing enough to develop our
youth to make them the next Sophia Smith
or treny Rodman or Megan rapino um so
those are the three different ways we're
investing to attract the best players
and then develop them and I would say
another thing it's competition is good
there might you know the Premier League
is so far ahead of every other league it
is a global talent pool and sort of
understanding like what is it we are the
largest commercial Market in the world
and so how do we compete on what we do
best and how do we appreciate
competition knowing that there are some
advantages to having 200 years of
football and so doing it from a place of
abundance and it's my favorite word in
women's sports and I don't always feel
it but I I try to feel it as often as
possible around how we win together I
still think you can we will grow the
whole pie we will grow the lab the
global labor market and we have some
really strong natural advantages here in
the US um and we have the second purpose
filled purpose-built stadium for women's
soccer where women will be the first
tenant in downtown Boston coming from
the New Boston team which is actually
our first investment at Monarch and a
female Leed group and Kansas City is as
well and you're just going to keep
seeing more and more Innovation coming
from the capitalism and growth mindset
that's inherent to why we all immigrated
to this country Once Upon a
Time
awesome we might let that be the last
word it's 1 o00 and you gave me a heart
out at 1 o00 are you happy with that cuz
I I'm good at being late if you need to
do one more well well there's a lot of
followup we could have but but not too
late but I could do we can do anybody
anybody in the room is there a student
that has one more
question well there we go s i see a hand
over here student we don't discriminate
welcome we have we believe in lifelong
learning
at oh sure uh Dwight hton from Portland
Oregon um Ro City till I die Wonder
on that we also want you to lose just
putting that out there yeah and and
anenberg Dad um wondering what you can
do to spread the mission orientation to
the other clubs because the potential is
enormous in a place like Portland our
owner our current ownership has no clue
yeah um so how long do you have how long
do you have you're the one with Kansas
City current actually adopted so what
what he's referencing is um we uh we
talk about how we want to have impact in
everything we do apply Mission
everything we do so when we started
talking to sponsors we launched the
Angel City sponsorship model where 10%
of our sponsorship dollars goes back
into the community um we put nearly $3.2
million to work since we announced Angel
City um and we do that through our own
um impact platform of equity Essentials
and education so a bunch of those
numbers I rattled out were because of
that those those dollars we get to put
to work in the marketplace and what car
had said is true we have driven more
Revenue because of the impact that we're
doing the community that we're building
um and the value we're generating it is
really hard for people who who are
losing money to conceptualize that I
have to give away more money of the
money I'm losing to actually think I'm
going to generate revenue and they
haven't been able to flip the switch we
are an example of that um hopefully
Kansas City will be an example of that
and uh we're trying we also along those
lines um because we want to get to pay
equity and it's not just sponsors that
play a role it's fans that play a role
so if you come to an Angel City match 1%
of the ticketing Revenue goes to our
players so you coming and supporting
this sport driving up our merch Revenue
our concessions Revenue our parking
Revenue our ticking Revenue actually
will pay it forward to the players who
then got you there because they said
come to a game and gave a ticket master
link so we're trying to make everyone
part of the solution um and it's driving
the highest League valuation and the
highest revenue in the league and I I
think maybe like there's a c to be built
at USC around this somay really
identifying how you truly really find
and channel and hold on to true purpose
because it's this like um it is this
magical thing and all these words get a
bit Hackney at authenticity and purpose
and things like that I can tell you what
Julie and I do and I really it's a thing
I've thought a lot about recently but
the generosity of Spirit and the
Abundant mindset that both Julie and
Natalie have and and I think I mostly
have um every occasion I get irritated
it goes away but it does for all of us
but like we we want to talk to anyone
who wants to get into women's
sports and has something to bring to the
table and that can you know I mean that
we have to be manage our time a little
bit more now but like we talk to every
expansion team every family office
that's really thinking about it wants to
do it in in a new or different way who
cares about something I will say that
it's just a thing we all have to check
in ourselves you can show up and say
profit and purpose and sound like a
consultant or you can act it right or
even sound authentic but it is the way
you act when people aren't looking and
people take advantage of it sometimes
because we are so generous with um
sometimes with our time and our energy
that you know I think it's a thing where
we we just want to find and we have in
Kansas City in you know in the Boston
group in so many groups there you can
see that come to the table you've
excited a question I apolog apologizing
to Willow and the audience you've gone
really long in the last five minutes on
charting an independ depent course from
the men's teams creating your own
stadium that kind of
thing that's a very different Playbook
right WNBA is out of the NBA Women's
Premier League is out of the Premier
League you really think that the chart
an independent course is the better
strategy for women's sport well I'll say
one more thing on that and then then I
do probably have to go um I think I
think there's um I think there's a lot
of ways to win and there's a lot of ways
to do this I think you can do this um as
part of a broader ownership group as
part of a men's club as you know I mean
even Portland it's complicated you know
the the owner of Portland fielded the
first women's team to show what was
possible in women's soccer and that's
where Julie and I went to our first nwsl
game ever still the First Merch I have
and the only other team I still hold
back of the closet is like a Portland
sweatshirt and so um I think that I
think it's really important to
understand it can be any structure I
just I think the easiest litness test is
you know how many sleepless nights do we
have this week on stuff we care about
that have nothing to do with the bottom
line or the Top Line like how many do
you think we had couple couple yeah I
mean it's just like do you do you wake
up in the middle of the night thinking
about this stuff do you have people who
are truly empowered if you don't to make
decisions where you're going to set them
up for Success like I look at Jill Ellis
and San Diego she's the president she's
one of the most empowered presidents
I've ever seen and you know she has bad
she she's not the owner but she can show
up and act like the owner and it is her
life's work and so there are people on
the Angel City team I see them and I and
and they don't work for money we pay
them and we'll try to pay them more but
like they work for the purpose of it all
and so I just think I just think it's
really important to understand there's
no right way to do it even if
occasionally we sound self-righteous
about it we don't mean to it's just
really showing up putting one foot in
front of each other and then
understanding that the people are going
to do the best work are dedicating their
lives to it and to let Empower them and
let them do that work and that can be
women that can be men can be joint
ownership it can be independent I do
think it's structurally easier if you
can look at ways and I the biggest clubs
in Europe are now looking at this even
they may have balance sheet they all
have balance sheet right they their
players cost way too much money but you
can you to think about the biggest clubs
in the world some of them are thinking
about how do I capitalize my women's
team separately whether it's minority or
majority so that we can build a
community the way we have at Angel City
because I think I mean you can ask
Monica and Lisa the Lisa just left um
later um I think what we hear a lot is
people do it does matter to them that
Julie and I and Natalie are on the field
and that we we care and we're there and
we know players names I don't know
Monica doesn't want us on the field but
anyway I think I think there's any way
you can do it and I think it really is
understanding authentically how to
empower and delegate delegate to the
people who do fantastic I want to thank
you but I also want to thank you talking
about your generosity for how incredibly
generous you are to our students and
inviting them into your spaces and
sharing your your wisdom and experience
with them um as well as being here with
us today so thank you so much thank
you so you know I am the troan fan you
don't want any of us I'm happy I'm
excited I
full
yeah

---

### Dean's Dialogue: A Conversation with Marc Benioff
URL: https://www.youtube.com/watch?v=LTL9rSbI6Jg

Idioma: en

let's get started uh you may not
remember but it was certainly very
bracing for me we had a call a few
months ago when i was asking you you
know future business education future of
business and you kind of challenged me
you know and the way i got the challenge
was
that um text changing everything it
continues to change everything that's
creating a lot of opportunities for
business
but the responsibilities are sky high
business is more accountable for more
stuff to more people than ever before
um is is that the big picture frame for
you on the role of business today
well traffic's great to see you and yeah
at usc we wear our colors so you might
want to think about that as our new dean
because uh i will can get you one of
these shirts if you need it uh and you
can put away the wharton blue
so actually i'm wearing a i think we'd
call this a purple shirt today it might
be all right okay but it's a purple chef
i'm only kidding i don't mean to be
understanding anyway
uh welcome to the university we're very
happy to have you we're lucky to have
somebody you know of your great prestige
and capability running of business
school
and um
on behalf of all the usc trustees i
think you know how excited we are that
you are
with us and are part of the university
so thank you for joining usc
um you know i think that when i went to
a
business school at usc and i i have an
undergraduate business degree a bsba
from usc i graduated in 1986.
[Music]
i think that one of the things looking
back is so many of the things that i do
today and work on as ceo of salesforce
just are not things that i really took
classes on at usc not really through the
failing of usc by any means you know
the kind of things that i uh took
classes on marketing or organizational
behavior accounting i mean some of those
things have definitely um
defined a lot of the things in my career
certainly the entrepreneur
program which was led at the time by
dick buzzkirk and his uh visionary
leadership and work with
professors like tom amaya and others i
would say that they'd very much defined
my business career but in recent times
and i think especially as a ceo now of
uh you know fortune 100 company
that this is um a moment where
the things that you do as a ceo are
quite different
than what we had learned you know uh
several decades ago
and um
you don't have to go very far to really
look at that for example at usc i never
took a class on gender equality
i never took a class on equality but it
certainly is a major part of what i do
every day and it's certainly something
that's extremely important
to all of my stakeholders my employees
my customers my partners
when i look at for example not just
equal opportunity or equal advancement
or preventing sexual harassment
or making sure that men and women are
paid equally for equal work
this is the modern
corporation that we have to have that
level of commitment
uh to equality or specifically in that
case gender equality but it's looking
back it's not something that i was
really
you know
participating in at usc so
i think that
what has happened is that business very
much has transformed it's changed it's
evolved it has moved forward
and we have to be ready to be in the
modern corporation um or as the business
roundtable really uh recently said that
the person purpose of a corporation has
changed so yeah where can i jump in
there with first i'm waiting for you to
jump in
so you know you were you're a prime
mover behind the business roundtable
statement on on stakeholder capitalism
versus shareholder capitalism
as you know lots of people you know lots
of people are a bit skeptical about that
right it was position taking rather than
actionable um how do how do you feel
are we ready to be actionable on
creating stakeholder capitalism or is it
still an aspiration and we've got a lot
of work to do before we can get there
well i i i mean that's what i hope i'm
doing every day is to be an example of
what stakeholder capitalism is and
i think that when i look at my role at
salesforce and
kind of that's where i was beginning to
go with my comments which is look at usc
i was taught to me taught you know
milton friedman i was taught to manage
for all shareholders not to manage for
all stakeholders and of course i don't
believe that anymore i believe that the
only way and the only way you can have
success in today's world is to manage
for all stakeholders certainly as the
ceo
of a company like salesforce but maybe
the ceo of any company that you have to
think about all of your stakeholders so
probably one of the best things we did
when we started salesforce forces we put
one percent of our equity one percent of
our profit and one percent of all of our
employees time
into a 501 c 3 charity it was very easy
at the time because we had no equity we
had no employees
no products it was simple but today that
has really paid out that idea that a
company now that has about a third of a
trillion dollars of market
capitalization or 75 000 employees like
salesforce
you know we have been able to give away
a half a billion dollars in grants we
run 50 000 non-profits and ngos
on our service for free we've done six
million hours of volunteerism that we
pay our employees to do in their local
communities so
that was really the beginning of
managing for all stakeholders but
really kind of my comments before
stakeholders are much more expansive
than just your community it's also
you know all of your employees and that
specifically gets down to for example
gender equality which is extremely
important but really the equality of
every human being and certainly all of
our stakeholders so that when we're
managing our companies
we have to look at
are we managing for every gender
for every race for every sexual
orientation and as a ceo are you ready
to stand up and get ready
for uh that accountability and i think
that that's starting to manage for all
stakeholders so i couldn't agree with
you more on that but but the the
responsibility side to my mind is even
bigger than that so let's talk about
another one of your passions
sustainability you know and i know
you've led this charge to reforest the
world a trillion trees by 2030
but also in the news these days we hear
a lot about energy consumption by tech
companies you know and that young people
are liking uh ether rather than bitcoin
because ether says they can be more
energy efficient when you think about
sustainability
do you
do do you think about carbon offsets or
do you think it's your responsibility
somehow to reduce the the energy
consumption of the tech sector or to
you know make radical investments in
alternative energy
if if you're now as a stakeholder with
respect to sustainability what what are
the important pathways there
we're kind of covering the major values
of a corporation we're going to hit a
lot of them trust customer success
innovation equality and now
sustainability and when you think about
sustainability number one
is are you net zero are you a net zero
company and how are you going to get
their sales forces and that zero company
and also fully renewable we're also
reducing our emissions
um over time very dramatically in travel
with all of our vendors all of our
all of our vendors have to sign
commitments to us uh for their own net
zero commitments and all their own
ability
to um
uh join us in our march towards a more
sustainable and yes more equitable world
so i think that number one is are you
net zero the this is a really critical
part
of um
of uh this um
march that that's number one personally
are you net zero is how about your
organization salesforce is is usc i
actually don't know i probably should
know is the business school net zero i
think that it has to start there and
then when we talk about offsets when we
talk about moving to green power green
energy with green materials about the
entire sustainability ecosystem
nothing is more important than getting
to net zero now next week we're all
going to glasgow to cop26
and look it's going to be about six
things it's going to be about reducing
emissions it's going to be about
sequestering all the carbon that has
been out there 100 gigatons of carbon
since the first industrial revolution
has been emitted it's going to be about
education
uh and really trying to get people to
understand the things that they're doing
that they could change to become that
zero themselves it's going to be about
innovation something we know a lot about
at our business school ecopreneurship is
probably one of the most exciting things
that i'm getting involved with today and
it's also about reforestation exactly
like you said that is
we've already deforested half our planet
we've gone from six trillion trees to
three trillion trees
look
this is this is getting a little bit
crazy we have to be ready
to really make a stand for what is it
that we're going to be like as a planet
in 20 years what if it's a planet with
no trees is that is that where we're
going so i'm not surprised you're going
to glasgow next week i mean you know the
the great and good of the world will be
there
um
[Music]
give me your scoring on the importance
of big government deals versus private
sector innovation in terms of taking on
the sustainability challenge um you know
the other news today or yesterday was
that there's this new panasonic battery
that seems to be
that's going to make electric vehicles
more efficient is it going to be private
sector innovation or is it government
deals that's most important when it
comes to tackling sustainability
challenges
well look we're in a planetary emergency
that's number one this is a climate
crisis that is impacting everyone and
it's only going to get worse we can see
that this is uh this is uh especially
for the most vulnerable among us those
those who have the least are going to
get hurt the worst you can see that
especially in a lot of developing
countries today if is it a question of
um
ecopreneurship is it a question of big
companies innovating is it a con
is it a question of governments
regulating yes yes and yes is it
something that all of us should be doing
every day absolutely does the business
school need to have a new sustainability
um tract and to really be able to
educate the leaders who are coming out
of the business school and how to manage
in a sustainable way absolutely so we're
in a new world and we have to look to
our values to guide us and i think that
when we think about one of our major
goals
as our companies or organizations or as
leaders we're trying to make the world
more sustainable how are we going to do
that well one of the things that is
important to me is that we have
the ability to um sequester more all the
carbon that is out there but also to
look at what's going on with
deforestation the reason why that is
important is because every trillion
trees is 200 giga tons of carbon i
already said
we've emitted 100 gigatons of carbon
since the first industrial revolution
since using fossil fuels
but
this is a key point that we have now
emitted by
cutting down
3 trillion trees 600 gigatons of carbon
we had 6 trillion trees on the planet we
currently have 3 trillion trees left
when is that going to stop deforestation
is still happening at a very high level
that we're finally starting to see
governments and corporations and
organizations of all size planting like
the trees that you have behind you you
know but we need trillions of those
trees we've cut down three trillion
trees so it's unrelated it's connected
yeah so i i agree with you 100 on that
and thanks for having the beautiful
golden retrievers in the background yes
they have found my office and they are
now taking over the interview um so
we've got a whole bunch of topics to get
to uh in in the remaining time so
yeah
something that i know you've led on is
now
sort of virtual work virtual hqs you
know if off if
office occupancy post pandemic you know
ends up at 70 percent or 60 pick your
number of where it was before
that's a revolution in the world of work
how how are you thinking about
making that productive for everybody
well we're going through a massive
transformation in business i'm actually
speaking to you from my home as you can
probably tell that the golden retrievers
are here in fact
and you know here is my office behind me
and um i'm not currently in salesforce
tower now typically today at this moment
i would be but i am not um i was there
last week i'm not currently there right
now
so
that's true for the majority of my
workforce a very small percentage of my
workforce is actually back in the office
we're at home you know when and we have
our families here we have our dogs here
so it's a it's a moment where business
has transformed it has changed and how
we work and what we're doing has
completely changed so
when you look at what the future of work
is going to be i really think it's in
five points which is one is we're going
to continue to be working a lot at home
we've trained ourselves at home people
like working at home we're not all going
back
we're by the way that's why we bought
slack we're not going back
and number two is
our digital headquarters like slack well
it's a lot more important than my
physical headquarters look we're doing
this interview on zoom i don't even know
where you are you've got a digital
background
you know it's a
it's uh you know it's it's a moment
where
our digital world zoom slack etc is more
important than our physical world the
campus it would be nice if you're
sitting there
at the campus with the actual tree
behind you but we're in a digital world
and then three is yes our physical world
is still important you're going to bring
students back to the university we're
going to be back in our offices
collaborating just talk to one of our
executives there's a 50 person
off site today in the office and that's
kind of point four which is we're gonna
have events we're going to have off
sites
i was in los angeles last week at a
conference i was
uh with one of my customers you know at
a restaurant it was outside i actually
had a 40 person dinner in new york city
on thursday night inside but i had to
test everyone before i got in there
which is kind of 0.5 which is
you know i need to know that we're not
bringing the virus into the restaurant
so
every person who attended it was 40 ceos
got together to talk about what's going
on right now
every person had to take a pcr test
before they got you know to the
restaurant can we do that of course i'm
a pro tester a protester i'm protest
so i want to get everybody tested before
i
interact with them or when we all get
together and that would include and then
everyone in the restaurant as well but
there's no reason why
we can't easily do that and those five
things together being at home being in
the office
you know making sure that we're having
off-sites events or we're even building
a salesforce ranch you know new
corporate training center kind of the
old ge crotonville facility i'm sure
you've been there
and digital certificates to make sure
that we're all healthy and that we're
tested and we're able to kind of come
together that's and get to come together
safely yeah so that i mean that's
clearly really important but people are
pointing to things like uh reinforced
gender inequalities you know depending
on who takes remote work or management
challenges career progressions you know
the benefits to us all of remoteness are
pretty clear but are you worried about
any any potential negatives and how how
do you you know how do you manage your
way through those
absolutely and we're back to equality
now as another one of our core values
because women are two times more likely
to lose their jobs and the pandemic than
men
and why is that it's because of the
stresses and pressures you know the
family life and how things are in are
are are
revolving around um
around women so is that something that's
broadly understood in business no it's
not so is equal if equality is important
we have to get ready to start to look at
how are we managing through this and
what are we doing
and how are we managing for every part
of or i should just say it as for all of
our stakeholders
okay so i just was skimming the the chat
and questions that have been coming in
no surprise lots of questions about
the role of silicon valley the place of
san francisco and the vanguard role of
california you know one narrative right
now is that california's too expensive
the taxes are too high we're going to
lose our innovation lead but on other
dimensions like
board diversity california clearly leads
the country
are you still a bull on california and
san francisco and and how do we how do
we maintain how does the state and the
city and silicon valley maintain their
leadership
well i think that you have to look at
california and say it's one of the
greatest states in the union and yes
it's a home of tremendous innovation and
great universities like usc and also in
the bay area we are stanford berkeley
and
it's also a hub of capital of innovation
of expertise and
the idea that silicon valley and
california are not going to be important
in terms of the technology industry is
kind of silly and you look at new
companies and where they're locating and
headquartering and there's a lot of
alternative narratives about alternative
cities and it's great that other cities
can pick up a few companies here and
there
but when you look at big companies we
have a lot of big companies moving into
san francisco visa is building a major
new headquarters
right at the giant stadium in san
francisco and san francisco real estate
and commercial real estate and even
residential real estate kind of even in
our post-pandemic reality is sold out
so it remains to be
you know a tremendous place one of the
most beautiful cities in the world i'm a
fourth generation san franciscan great
place to be and i think that
this will continue to be true but does
it mean that there's opportunity for
miami is it true for there's opportunity
for austin or is it true that there's
great opportunity for other great cities
and not only in our country but other
countries absolutely and that's part of
the digital reality because our digital
headquarters is more important than our
physical headquarters then if i was
starting salesforce again like i did in
1999 would the first thing i do
go to create my office or was that my
apartment at 1449 montgomery street in
san francisco no
it would be to be setting up a slack
room and a slack channel and getting all
of my employees onto slack and getting
my digital headquarters together and
that would be the most important thing
to me so the world has changed a lot in
22 years and i think one of the things
that we will carry with us out of the
pandemic is the importance of the
digital world so one of the areas where
you're a serious activist philanthropist
has been homelessness clearly
you know a crisis both in la and in san
francisco
um
what's your
what's your big picture view on how we
get out of this crisis
homes homeless people need homes
just affordability and housing units you
think that's the story i i really think
it's more than that you know this is a
complex issue it's one of the reasons
why at the university of california san
francisco i funded a major new homeless
research
initiative because there's so much
misunderstanding and so many
misconceptions about what causes
homelessness how to
they're the role of drug addiction the
role of mental illness
the role of the lack of housing had all
of these things and how they interrelate
to the homelessness crisis not only in
san francisco not only in los angeles
but every major city in our country and
in many other countries as well
because
they you know you have to think about
how are you providing a society that is
serving everybody not just the elites
and in our world we don't do that very
well we govern mostly for the elites and
we're not really thinking about what are
all the societal systems that we're
putting in place to take care of people
that maybe are not able to function
at the level of usc or warden or
whatever it is how about everybody else
how are we really bringing everyone into
our heart and that is ultimately what
leadership is going to be about in the
future which is is it is it heart based
you know how are we really moving
forward are we really thinking
about everyone and how is that
going to take place and you're right if
you come to san francisco and if you've
been to san francisco in the last 10 or
20 years and you don't think
homelessness is a problem in san
francisco then you haven't been to san
francisco because it is
so we all have to do that it's one of
the reasons that i led something in san
francisco called proposition c
where we tax the biggest companies like
mine and visa and others to pay a small
percentage of their revenue to support
homelessness and it's made a major
difference it's only been in place
a few months
but the the entire effort was just
underfunded and this is a major issue
and i think other other cities counties
states countries will have to address it
in a significant way like this okay
great let's bounce back to tech lots of
questions coming in about the future of
tech so let me ask you about the two big
things uh ai
how revolutionary is ai
and then second blockchain um you know i
think most people would say on the ai
front that there's that the hype has out
you know out has dominated the reality
up until now
uh blockchain seems to seems to be the
flavor of the month uh is this linear
are we in a whole new paradigm with
those technologies what do you think
well no blockchain is not that flavor of
the month it is one of the most
consequential
technologies i think going forward and
you know one of the things that not only
am i running salesforce i have a company
called time this is a magazine that we
produce
and we have a great new uh platform
called timepieces which is an nft
uh platform and it is built on
blockchain and it has integrated
identity and allows
you know uh users of uh basically crypto
wallets to be able to acquire and uh and
trade nfts on platforms like openc
so that idea that blockchain is moving
forward that we have cryptocurrencies
that we have uh
basically this ability to conduct
commerce in new ways that's very
interesting and and a pretty big shift
in the world and um and look artificial
intelligence is also
fundamental and consequential in terms
of what we're going for i think it's
elon musk you know
favorite two subjects ai and blockchain
but i think when you look at artificial
intelligence look we've all seen
terminator we know where this is going
you know it doesn't take a lot of
imagination
and yeah i mean you know that the
dystopic stuff uh obviously scares lots
of people
are you
you know most innovations in the history
of the world in the modern history of
the world we thought we're going to
destroy more jobs than that they would
create but it ended up the other way
people really think this time it's
different
where do where do you stand on that do
you think we're going to
the machines are going to be so good
most of us are going to have lives of
leisure or do you think there's going to
be a new role for humans in a much more
machine driven world
well this is definitely you know this
the prophecy you know of uh machines
doing all the work but listen let me
tell you about reality you know right
now let's just talk about today
uh in october you know 2021 which is if
you go to your local restaurant or
bakery like i do or i was in new york
last week and i went to my favorite
restaurant
and you know the owner of the restaurant
you know didn't come out and see me and
say hey how are you doing and so at the
end i sought him out hey what's going on
are you okay you didn't come out are you
feeling okay it's like i have to be in
the back of the restaurant cooking
because i can't hire cooks i can't hire
people to clean up i am like in a
serious labor shortage and that is
reality today that we have
a labor crisis we have a supply chain
crisis we have an inflation crisis we
have a lot of major crises underway in
the world in our post-pandemic reality
and
and as part of that companies who have
gone through maybe a digital
transformation like
for example right now you know i'm
wearing some very cool new adidas shoes
you can't see them but look adidas has
gone through a major digital
transformation they're able to sell and
market
and uh and connect with me in new ways
is their customer sales force is
fortunate to be able to have built that
harness for adidas but it's very
important another example is my neighbor
here in san francisco
is a lars ulrich that had a metallica
which is a heavy metal band that you
probably know because it's from our
generation he's been doing it for you
know decades several decades just
remastered his black album came up with
a version of it called the blacklist
album which he had
alternative artists record his songs
it's very cool but if you go to
metallica.com
you sign up you subscribe you register
with him you can buy the albums
digitally he has a digital relationship
with you it's also built with salesforce
of course because i know a lot about
that
but that's very important that metallica
that it did us
that companies can connect with their
customers and kind of get through this
very difficult moment that we've been
going through in the last year and a
half and some companies have not gone
been successful i just saw some earnings
reports today i won't go through who
they are because some of my friends are
the ceos but they did not have good days
today and the reason why is they have
not gone through the digital
transformation that they need to do to
connect with their customers in a new
way to build the next generation
platforms and get ready and yes is
blockchain going to be a part of that
yes and is ai going to be a part of that
yes and is the cloud going to be a part
of that yes and look we all understand
that but we have to do the work but it's
not just that it's not just the
technology it also has to be these other
pieces and those adidas shoes i'm
wearing are made with plastic that has
been reclaimed from the ocean they are
truly sustainable shoes
that is part of their brand value that
is where we start to see it get
connected so do i trust this company
are they focused on my success as the
customer are they innovating
are they for equality
are they for sustainability and that's
how i'm choosing my vendors
going forward and that's what i think my
customers are getting aligned with as
well it's how i'm also aligning my
company i would say yeah and and as
you've said that's that's true of your
customers it's true of people who work
with you and for you um another big
topic that's come in is crm and
healthcare you know everyone knows just
how involved you've been on the
healthcare side
uh digital health telehealth all the
stuff we've learned in the pandemic
looks really transformative everyone's
had
uh
positive experiences i think it's fair
to say with that
is that a new frontier for
salesforce or for other
uh other companies to manage digital
health
well there's been two chapters for us
one is
we're very strong on patient
relationship management you know running
on top of your electronic medical
records
building the communication with the
patient you know when you come into ucsf
to our breast cancer
center you're handed an ipad that we've
helped build the application we've
actually rebuilt it three times it's
been a very interesting case study we
need to do your genetic history
understand your genomics we have to
understand your health industry your
family history all of those things are
important to ultimately get you the
health you need that's about patient
relationship management not just
electronic medical records
but part two of the story is really
about the pandemic because when we built
health cloud
we did not include contact tracing which
we all know what that is now we did not
include vaccine management we all know
what that is we didn't build test
management we all know what that is now
so what that means is that dinner i
mentioned for example last week where we
had the 40 ceos at the table plus all
the staff and everyone at the restaurant
we all want to get together safely what
that means
is that all of that has to be held
inside the health cloud not just in the
database
because we have to keep track of
people's health information to get
together safely it's crazy but it's true
people have to send me their q-tips
before they can come to dinner who would
have ever thought that you'd have to
send me your q-tip
to so that you could come to and have
dinner with us but that's just reality
today and
that's why health care and health
information is more important than ever
and that way we work with so many great
health organizations not just ucsf but
humana
and many others all over the world to
help them to really connect with their
customers and i think corporations are
all going to have to stand up health
clouds so that they can do that
universities are too because to get all
those students back you're going to have
to know are they have they done this
have they done that have they done the
other thing whatever your rules are and
it's all health information it's not
just grades in the database it's also
the the basic health information of the
day
yeah yeah bound to be the case and in
the u.s obviously it's made more
challenging by the restrictions about
crossing state borders with information
and the like but i'm sure we'll solve
that so we've probably got five minutes
of your time left mark and there's been
a lot of personal questions about you
so i you can i'll give you two uh let me
get my mother in here so she can help
okay so the first one is sort of also
usc alum by the way okay okay so maybe
that's the answer but but the first
questions are sort of back in the
beginning right you're famously
you are an entrepreneur in your teens
you know founded companies sold
businesses while you're still in high
school so
what was it about your dna that made
that go
and then the second question is a very
contemporary one's about how's the
pandemic how have you been living your
life in the pandemic
what do you miss what are you looking
forward to in 2022 so so maybe go back
and then and then reflect
in a very contemporary way about how
what life has been like for you during
the pandemic other than being other than
presiding over a business and doing an
extraordinary job and being a global
citizen and all that stuff you do
pandemic life
well i kind of feel like i'm going to
tell you my pandemic life was very
simple i was just at home
and it was very
controlled environment and
you know i was at home i would you know
see some people who i knew were also you
know healthy
but uh that was my life and i think that
was probably true for a lot of people
we're trying to take care of ourselves
and we're trying to be careful and this
is very important but then of course we
started to get vaccinated we got testing
involved i i would say ultimately it was
testing that was the biggest
breakthrough for me and the reason why
it was a big breakthrough is
i could finally get together
safely with my friends and my colleagues
and i'll remember we got ready to do our
first off-site for salesforce and it was
november
of uh last year of 2020
and we had got a breakthrough in testing
from a tremendous uh professor at
stanford university adam de lazares a
great company called thisbe
and used to be called click diagnostics
he started with this vision of doing
a pcr test for sexual diseases
but it turned out that he could
repurpose his company very quickly to do
pcr tests for the virus and very low
cost
so we got these vizbee devices and
worked with his company and all of a
sudden i could take my top executives
and bring them together safely wow that
was a breakthrough all of a sudden i'm
like yes this is exactly right i can get
together safely with people and so we
started to build a cadence that starting
small and then getting bigger and bigger
culminating about a month ago at our
dream force conference where we brought
about a thousand people
together using pcr tests combined with
antigen tests
and we did it and can i can i interrupt
you at that point so you had a thousand
thousand people in person for dreamforce
this is normally a hundred thousand
person event that sells out san
francisco
so you know what was that like that must
have felt a little bit weird i mean i
know everything's going to be hybrid
going forward
well i'm we're also restarting our lives
again that's how i feel we're in a new
world look the past is gone
your life is gone everything that was in
the past is gone now we're building our
new world so we have a new life
and we have a new world and i think for
many of our businesses i recently said
this to our analysts we have new models
we have new business models new
operating margin models we even have a
new management team at salesforce that
our past life is gone so this is gives
you the ability to kind of let go of
your past
and create your future as you want it
you know to really think about you know
kind of as a beginner's mind you know we
talk about beginner's mind in the
beginner's mind you have every
possibility but in the expert's mind
there are a few well this is an
opportunity to re-cultivate your
beginner's mind and that is where we can
find some energy and excitement around
the pandemic to say now what do you
really want what is really important to
you as a business leader or as a leader
or as a father or a mother or as a a
brother or sister as you know where
where are you and what do you want to be
of the future you can see everything has
changed by the way that's why we have
the great resignation going on people
are just quitting their jobs because
they're like i'm done with it or they're
relocating the great relocation
is going on because they're like oh i
actually want to live here i don't want
to live where i was living
so okay so that's so that's i think
these are really critical seminal
thoughts about how the future is going
to be
in that you know you can see that we're
restarting or i mentioned to you we had
the 40 person
dinner last thursday but we also had the
50 person off site today or the thousand
person dream force but we're building
back slowly
um i hopefully that we're building back
better but we're building back slowly
and we're able to start to bring people
back together and i hopefully that's
true for the university as well uh
absolutely beginner's mind back to the
beginning for you we got a couple of
minutes
um
[Music]
what was it like being you a hard
question obviously but you know you you
were into this stuff you were an
entrepreneur as such a young guy you
came to marshall intentionally because
of entrepreneurship
well
can you re
what were the big really big moments in
your life
[Music]
well that's a big subject i would say
you know i can give you one funny story
which is that um
i got to burn cramp dorm at usc i don't
know if it's still there
and it was my first day you know at the
university and it was 1982 it's very
exciting
and i'm rolling in and yes i had my own
software company in high school so i
brought that with me to usc because i
had to pay my way through usc so i this
was my job
and um i um
you know had brought my computers up and
my monitors and so forth and then my
dorm and probably like most people do
today actually but one difference is i
have this kind of box with me
of a floppy disk you know five and a
quarter inch floppy disk
and um
i'm in the elevator with someone who
turns out to be my roommate at usc tim
lynn and also
i would later become my chief of staff
at uh salesforce he's now retired i just
saw him here i just saw him last week
and um he says to me hey oh that's great
are you a uh you must love music and
what is that those are 45-inch records
and i said no those are not 45 inch
records tim this is these are five and a
quarter inch floppy disks and i'm
working here on these different uh apple
ii computer and atari 800 computer and
i'm building software
with some of my friends that i have in
high school and we have a software
company and he just looked blankly you
know at me going like he had a what it's
probably like what you say to people
they go well i'm thinking about starting
an nft company they go uh a what
and it's the same thing but you know
innovation marches forward and your
everything is getting lower cost and
easier to use and those just don't even
exist anymore in order those computers
and here we are on the cloud right now
but i still have a computer on my desk
and so do you
and so i think that
you know that this is real this is
really the magic and the joy that you
know we should embrace every opportunity
we should try to focus on how do we
improve the state of the world how do we
make the world better how do we repair
the world
and this is what we can do we can do our
business you know i really believe and i
got this at usc business is the greatest
platform for change
and we can manage for all of our
stakeholders and we can innovate and yes
we can connect to our customers just
like we always have but maybe in new
ways and yes we can create sustainable
businesses and did we even know that
sustainability was important and that we
had to be net zero in 1986 when i
graduated usc no
but do we know it now yes so can we put
it all into place why not let's do it

---

### Zoom and the New Normal
URL: https://www.youtube.com/watch?v=AyvJXKvQw6c

Idioma: en

uh in late 2019
yeah so back to last year i think last
year i would say
we reached uh a great milestone
uh meaning so we became a nonstop public
company
and we all feel so proud actually when i
moved to silicon valley that's
also my one of my biggest dreams someday
if i can build a company to become a
nasdaq a public company we feel
very very excited anyway so when we
started
all the way up to end of last year our
business
was built so for a lot of
enterprise customers and with organic
growth
and also and the focus on the the
business
you know the the customers a lot of
enterprise and we never thought about it
you know embracing the consumers use
cases
right so that's how we started and also
that's our focus
and we grew our revenue revenue
relatively well
and over the past several years and
that's the reason why
we've been the public last year so
companies weren't asking you about
work from home and the ability to
connect employees remotely it was
it was really at the enterprise level
different offices i guess around the
world i think
prior to this dynamic crisis i think a
lot of
innovative companies in particular
startup companies
you know like several startup companies
in silicon valley like an
envision and a zapier you know organ lab
they already you know they do not have a
single physical office
and all of their employees work from a
home i knew that
that would be the trend in the future
but again that's not a ministry
most of the the companies they never
thought about that
you needed to send all employees back at
home so nobody talk about
the future of workplace will be like
working from
home or hybrid so wounded because of
this dynamic crisis
we started talking about what the future
workplace
look like so so all entrepreneurs
i think both dream of scaling
and are a little bit intimidated by
scaling going from small to large so
i i said that you you are up at 300
million meetings
uh a day in april what's the what's the
number today
yes sorry that's a daily meeting
participant from a 10 million
lastly this december to more than 300
million daily meeting
participants like if i joined the three
times four times we be we will count as
three or four because we do not
i we cannot identify who are those
unique users
yeah i think that yeah you're so right
usage is pretty healthy
so what what's have you got a number for
us a headline number can you monitor it
on a daily basis
yeah we sold more than 300 million i
mean the week day
and monday to friday and so you know
definitely
a week you might have a little different
maybe it's random 40 50
60 sometimes 320 yeah just between 300
million daily meeting participant you
know to 350 or 60 yeah
okay so i i'm i want to press you a
little bit on how you've
met all of that demand
um everyone is so impressed with how
responsive you've been to customers with
new fixes
and changes to the core product all the
time
but scaling is scaling's difficult so
how have you handled it
how have you continued to provide the
user experience
how much have you had to had to increase
staff
servers new technologies tell us about
scaling in real time
at warp speed in 2020 yeah that's a
great
question so when it comes to getting
your service or
business normally i think i look at it
from two aspects
one is look at the product itself
another one look at the key so
regarding you know the the product
itself on diva you know we have a we
we had a philosophy where could our
architecture
survive or not if you suddenly have a
10x or 20x
traffic you know the architecture is
number one
so number two is about you've got to
listen to your customers
make sure every feature you know every
in a new
user interface you've got to look at it
from any user perspective
otherwise even if you can sell for like
300 million data participants
if your product does not work it's so
hard to use guess what they are not
going to use that
so our philosophy is make sure we have
very scalable backing
architecture plus from any user
perspective it's very easy to use that's
on the product side
in terms of a team and we got to focus
on our company the culture
that's very important especially during
this challenging time
and almost back in back in march
and april our team worked so hard you
know
added you know several thousands of
servers over the night
work around the clock because users came
from all over the world
so nobody complained we all wanted to
leverage
this opportunity to transform our
business
to the next level if we did not invest
toward the company culture
guess what a lot of people might think
wow this works so hard
and to work from home also a lot of side
effects
a lot of people might quit so that's the
you know reason why we really you know
focus on the company the culture you
know prior to this
yeah so i want to i want to ask you in a
little while about
some of the distinctive features of your
corporate culture which looks really
impressive to me but
let me just stay with scaling for a
second so i i talked about
zooming becoming a verb but for a little
while
zoom bombing was a was a verb right and
and if i remember correctly what what
that really meant was that you hadn't
anticipated that you needed
as many gateways to stop people joining
zoom meetings so if you think back to
how you dealt with that
challenge and it looks like you've dealt
with it incredibly effectively
how did it happen did you anticipate it
did you react to it tell us the story
so first of all i will say it is my
number one mistake at the ceo the reason
why is we talk about
zoom automation our mission was that
make video communications frictionless
we do all we can think about how you can
easily join a meeting start a meeting
with
all the user interface frequently
because the
server is beautiful for several
enterprise customers
and when the dynamical crisis started we
have a lot of
first-time consumers even including the
k-12 schools because we gave
the the free service get brought so zoom
meeting id
and showed in the you know user
interface
and for the first several days i think a
lot of people are so excited
you know they showed this room interface
to the social media
and a meeting id there no password no
any other secure features because the
way
it works before is that you know we
partner with
enterprise cio iit team and they develop
some pictures enable some security
features
and having a official onboarding process
but for the first time users they do not
have ipt
the number one mistake is that not only
do we offer the service
but also we should create a role of iit
we learn that quickly we completely
change our internal process
so we we enable right notes the security
features
by default like a waiting room password
and this was you know some of the
the ones features i think that's a
lesson learned so
meaning when you have a new user base
you cannot assume
whatever whatever you did right before
still can be applied to this newly
installed user base right so we go to
change and
we change it rapidly and then let's
let's let's learn so we also keep
everything open transparent you tell
customers what had happened
you know what's the mistake we made was
our plan to fix
i think that you know over the past 10
months and we did
win the the user uh faster back so
so when you were going through that how
long did it take
how long did it take to get a fix to add
the security
and how many iterations until you got
the security right
yeah so for the i would realize that you
know our team humility
let's put all the new features on hold
for three months and when we focus on
the privacy and security
and make sure double check every feature
with beautiful enterprise
will this feature be applied to for the
the consumers or not if there's a
conflict
let's you know completely disperse some
features make sure we enable
enforce some security features for the
consumers as well
i think almost over the night we
realized we go to the chains
so we also hired a new cecil hired a lot
of security engineers
and also doubled on our you know uh
penetration testing working together
with other firms because we
didn't take it i've lost your voice i
don't know if others have
can you hear me now yeah i've got you
yeah maybe
actually something ron parker anyway so
with we did it ticketed very very
seriously
so that's uh yeah that's our okay so so
let me ask you just one more business
question before we get on to
corporate culture um the business
question is what's distinctive about
zoom
what is the secret source do you think
you know you're in an incredibly
competitive marketplace everyone is now
coming at you
how do you how are you staying ahead how
will you stay ahead
i think you also ride you look at this
market
it's extremely private even before i
started the market magazine
was also private at so many competitors
the way for us to get to look at the
competitive landscape was that
please spend all the time on talking
with your customers
partner we want to be the first vendor
to really understand the customer's
pinpoint
and then work as hard as we can to come
up with the solution as a first vendor
if you look at the competitors
i can tell you i even do not dare to
start a zoo
not to mention today right it's so many
bigger competitors as long as we keep
hooking on customers i think we'll be
okay
don't look at the competitors okay so
you are you are famous for your focus
on the user experience but you also have
some really
interesting views on the people that you
hire
and you've said that even though you're
in a technical field
you don't care so much about the
technical skills
of the people you hire you want them to
be lifelong learners you want them to
have a hunger for education
why is that more important to you than
somebody's technical skill base
yeah right on so because when we look at
the you know the hiring the new
employees
normally we did not look at which
company you worked for before
which university you graduate from and
we truly care about the two things
that self motivation and effective
learning
the reason why every business every
startup company the journey is different
and even if you have a greater
experience you gain
you know working from others working for
others
but you can't resume or come to any
other company
if you do not understand the problem if
you do not understand
the root cause it's almost impossible
for you to come up with the best
solution to favorite customers
you've got to do deep dive take a step
back try to learn
what's the unique problem we are facing
what exactly root cause
that's why self-learning is extremely
important
otherwise if you have to apply your
experience to any business
try to think this is what i learned you
should do this way you should do that of
it
very likely it does not work that's the
reason why we focus on self-learning
like we we reimburse any books we buy
for you
for your family the reason why we
promote
self-learning culture and you ask
do you encourage everyone who works for
you to ask
lots of why questions why do we do it
this way
yeah you're so right not only that here
at the zoom we have a sort of have a
formula for
anything we got to take a step back
aaron
same thinking paradigm what's the what's
the problem
what requires what even sometimes they
send an email
quite often you have a meeting you know
it's human nature we all try to focus on
solution
nobody talk about the what's the exact
problem what's the rule of course
here we follow that very simple problem
root cause
analysis so another really interesting
uh feature of your corporate culture is
that you talk about happiness a lot
now you also talk about hard work
so for a lot of people hard work and
happiness
don't go together so well so how do you
make them
work together well at zoom i can carry
you
those people can work together extremely
well
and so first of all i want to make sure
every employee
you know they find their passion right
why they come to zoo
why not they do not join other companies
because we want to
be part of the zoom you know and the
journey
to build something and to make the world
better to help
people stay connected so on the one hand
you
have to be happy if your employee is not
happy
how could they make your classroom happy
that that's why i will come to culture
the happiness we do all we can
for me as a ceo of the company my number
one priority
is to make sure our employee happy
that's number one at the same time
you've got to work as hard as you can
because guess what the competitors
they are pretty smart right and there's
a lot of new requests
if you do not work hard and you know you
might
lose right customer you won't have some
features you cannot deliver
plus if you have a passion your life is
work
work is alive i think you you for me i
really do not think
you know i work hard because i really
enjoyed i
love the work so that's the key
so lots of people of course would say
employees would be happy
with you as their boss because their
stock options are worth a lot more today
than they were
six months ago but i presume happiness
you think about happiness in a much
deeper way than
material well-being so could you talk a
little bit about the dimensions of
happiness for your employees
you're so right i think for sure we want
to do
you know make sure the employees have
very good financial return
however loops are not sustained
money or power those kind of thing might
bring you
a shorter happiness but not as
sustainable
from our perspective the sustainable
happiness
comes from making others happy
make a costume so that's our philosophy
so that's why every day we think about
what we can do differently
if everyone your teammates you care
about your community
care about our society and cover the
customers
always think about it from other
perspective then you'll be happier
otherwise even if you get a good return
you know from financial perspective
guess what
what's next what's next do that's the
key
okay so let me now ask you about
corporate philanthropy versus new
business lines
so you've discovered this whole new
thing called work from home
you're now you're now powering
universities
but you've also become zoom is the core
technology for remote schooling
for kids all around the world but you
decided to
give away zoom for free to countless
school districts
that could have been a big new business
line for you why did why did you decide
to
to do it for free yeah so
as i mentioned why would the cisco learn
a lot
about corporate social with some
responsibility
our company the value is just the one
word
okay so meaning hair product community
customer company teammates as well as
ourselves
to care about the community and society
where we live is
extremely important you know back to
march you know you are so right
for sure probably hey sell the service
to k2 to our schools
uh we decided no it's time for us to
show
our corporate social social
responsibility even if we were taking a
risk
right like we offer the service to k-12
schools
and also a lot of privacy you know
security concerns initially
but looking back we all believe we did
the right
thing and if all of us not only do we
care about our business but also care
about the community and society
i think ultimately that will make our
employee happy
ultimately that's the right thing in the
long run
so um this is going to be my last
question uh before i see that we've
received
a lot of questions already from the
audience
i want to i want to get to them but my
last question for you is about the
future eric so
2020 is going to be the year of zoom
it's also the year of the pandemic
if you think about the new normal
what what do you think what's the new
normal going to look like what's going
to be the role of zoom and video
conferencing
in the post pandemic world i think if
you talk about it
in in a business world i think new
normal will be the hybrid
meaning you know quite often you know
maybe three or two days
employees they can work from a home for
three days it can work
in office and also saying that the video
conferencing service like
zoom will stay ultimately we believe
in the future and the the video
conferencing service like
zoom can deliver a better experience
than physical visibility we're not there
yet but
some day we will get is it but if you
look at like a kid who does schools i
think after the panama crisis
i think they all could go back to campus
because you also need a social
interaction
the kids they need to hang out together
right with their friends
i think that in the future i think i'm
pretty sure one thing is
not like uh the before we all needed to
go back to office work
to work the remote work works there's no
productivity loss
and that's our belief
so it does seem that the tech companies
uh have embraced remote work um more
than
other parts of the economy so you know
to look at a
a different part of the u.s economy it
looks like finance in new york is trying
to go
back to the office more um do you
are you trying do you do you try to
project where the workforce is going to
go when you think about what zoom is
going to look like or
do you think you're going to lead
companies in how they
in how they manage their their
workforces
so if you look at the workforces
ultimately i think there are four ways
for for us to get together one way same
as before we all go back to office
another ways you know like some other
companies or data that before like a
twitter
they already decided to send all
employees back at home they can work
from
from home work remotely forever that's
the second way
the third way uh firstly also the hybrid
you know hybrid meaning
employer they can't make a decision see
this week three days in office two days
at home or maybe another hybrid and more
like
let employee make a decision give them
flexibility they can decide
today i want to work in office i want to
work from home
we believe the hybrid either is okay the
hybrid
means you know someday in the future
almost every business they will think
about why not give employees flexibility
why always go back to the office right
so where like that is you know maybe
this week we all work from a home
next week we all work in the office i
think who they believe
that the future of workforce
okay so in that world the first question
um asking you about the future is how
can you make
zoom more of a collaboration tool we
certainly know
people who run slack next to zoom etc
um are you thinking about collaboration
as uh a new part of the product going
forward
yeah that's a great question so uh
recently
we just had our annual user conference
zoomtopia we announced the zoom uh
application zoom apps essentially
you know we we we have a framework where
any third party developers
or services they can embed their you
know applications into this
zoom user interface i think we cannot
build
all kinds of services or integrations
you know take us you know working from
home for a lot for such a long time for
example
you might have a meeting fatigue how to
get some mental health help
so within the zoom interface and you one
click
you can get a list of the zoom apps in
one app could be a mental health app
and another click you can get help
essentially we want to build a very
healthy
the big ecosystem around the zoom
interface and and you would develop the
app so you'd be like apple and
this is a new app store zoom store zoom
store
exactly we want to put on a platform
side let others
build all kinds of innovative
applications upon
our platform sounds very exciting um
second question is very different
you've already mentioned how much you
read
so somebody asked us what's the book
that has most
influenced you i think
yeah again i like reading a lot of great
books i think why
build a zoom i found the trust is number
important thing
that's why my favorite book is the speed
of trust
notepad no speed right that's that's
that's
i would say that i call that a zoom's
favorite book
all employees they go to read it out a
book
fantastic answer here's another very
personal
question um when you
when you were at cisco you had a big
secure corporate job
there were a lot of reasons to stay but
you decided to take the risk on going it
alone doing it personally
what was it about you what is it about
you
that makes you a risk taker and did you
view this as a risk or
or did you know you were you know you
could see the future and this was going
to work out well for you
yeah that's a great question i think for
sure there's a risk not only
you know from my perspective but also i
can tell you given my wife
you know try to convince me why she
liked the salary you got at cisco she
was very happy with that it was a great
company you know i was corporate vp very
well
uh young three kids you know for sure is
the pressure you know why do you give up
on that
very very good position and cisco why
you want to try something else from the
ground up
however the way i look at this because i
live
in live in silicon valley i think i call
it a startup
valley i do have a dream i do not want
to regret looking back
fast forward 20 40 50 when i look back i
was
i got to try this try that i don't want
to regret
i got to do twice even if i took the
risk
but also i want i think this is a huge
routine as well otherwise
the biggest risk is the david you get
 looking back you say ah i
regretted this regret that
that's the biggest risk yeah that
resonates for me i agree with you
looking back with regret is something i
think we all don't want to do
here's a branding question so somebody
noted that one of the things that's
incredible about
zoom is its simplicity and ease of use
so the the person says zoom says
it all how did you come up with the name
so unfortunately i think his name
not did not come from me i wish i can
take that credit
you know two or three weeks before we
launched the service
we were thought we still did not have a
good name
so i called one of our business
providers
give me four names i picked up zoom
that's how we got this name
really yeah i don't know whether you
know but there was a
there's an old aretha franklin song
called who's zoom and who i wondered
whether you'd uh
whether you knew about that song yeah
yeah so so here's a different uh we've
had zoom bombing the new term is zoom
fatigue
and i think we all feel it right there's
something hard about staring at the
screen for a large number of
hours a day and we clearly i certainly
feel that you know i i feel tired which
makes me
believe i must have got energy from
being in a room with other people
so how are you at the corporate level
how are you thinking about
responding to zoom fatigue potent
potential mental health challenges other
things that come
from this new world we're living in well
first of all
it's indeed a real problem back in april
i remember one of the big days i had a
total
19 zoo meetings i truly
understood the meaning of a meeting or
zoom fatigue
so having started that i think as long
as we are aware of this
problem you take a step back try to
understand what's the root cause
you know the reason one of the reasons
why you have too many back-to-back
meetings
and also i told our employees we got to
proactively take a break and don't have
so many back-to-back meetings
applause recently literally next week
we're going to have a new you know the
the process you know every wednesdays
no internal meetings require to
tell employees you got to care for
yourself right make sure
you know don't always have so many
meetings or back-at-bat meetings right
that's the one
two is even if you have some meetings
you know because
because of the working from home the
anxiety
depression indeed problem that's the
reason why we partnered with
see ariana hoffton you know her company
has a
great mental health app he tried to
integrate with
her ad to help i think this is very
important and otherwise
if you knew the problem if you do not
focus on that the thing
the things are getting worse i think
to try to take some actions proactively
take a break and label some mental
health app and really
mitigate this problem yeah i was i was
struck i
i tweeted something uh maybe a month or
two ago
that in in the whole category of sports
and well-being
the calm app the mental health app was
the number one most downloaded app and
then i saw lebron
james was it was a pitch man for calm
this is uh this is a new world we're
living in
um so i think their questions are sort
of toggling between the business and you
as a person
so let me ask you another personal
question that came in
um the the story looks incredibly
positive right you
you join a company it gets taken over by
cisco you strike out on your own you do
an ipo but there must have been
there must have been set packs there
must have been times when you
wondered were you doing the right thing
so can you talk about some
sort of challenging moments and how you
got through challenging moments
yeah i think almost every day
and i thought about the same question
are we doing the right thing am i doing
the right thing
because you know every evening i i
carved out
15 minutes time in my calendar always i
did not do anything just a
thought if i started over today what i
can do differently
this is very important that's why every
day when i was thinking
a lot of chinese we were 15 before
we might be fixing in the future i think
the key is
when we were fixing the talent sometimes
it's pretty tough
like back in march and april we had a
great intention
to offer the free service sometimes you
know we also get
a lot of pr you know those kind of
things blah blah blah me
but here is we've got to don't look at
the cadets problem
from this perspective when we were
first entertaining or when i when i was
fixing china
i always thought about that let's fast
forward
to the year 2040 to 2015. when i look
back do i do the right
thing for the company for the world for
the community
any sort of talents it's not a big
tenant anymore
i think you can overcome that do all you
can do in the world
just to fix that move forward that's the
only way
for you for our business to get better
so that's why every morning when i
thought about this
i was fully recharged no matter what
kind of
china it is we are facing all i was
fixing
always think about the future so
um another personal question the
question was about people you admire in
the world
you've already mentioned john chambers
the ceo of cisco
i've read that when you were much
younger you're a big fan of bill gates
if you had to if you have to nominate
somebody you admire who would it be and
why
i think a bureau gets number one because
the reason why i moved to the silicon
valley because i was traveling in japan
you know he was there and gave a kind of
speech
about the internet i was so inspired by
his speech
and that's the reason why i think i got
to embrace the first week of
internet revolution and look at what he
achieved right
he is great you know i was his
entrepreneur
now he 100 his effort on the
philosophy work
i think i truly admire admire him he's
my number one here
okay so bill gates ultimately turned
microsoft
over to steve balmer um
the google founders brought in eric
schmidt
you've you've been ceo founder and ceo
through an extraordinary period of
growth i'm not going to ask you whether
you've got a successor ceo but
but i do want to ask you about your
leadership style how have you
often entrepreneurs want to turn the
company over
when they need more management they uh
they need more leadership but you've
stayed as the
as the hands-on ceo so how has your
leadership
evolved as the company has evolved
yeah first of all i think every business
is different
i think there's no one size you know
fits all you know
you know i think uh uh crucial strategy
in terms of
managing a business or the seo
succession planning
i think you look at a lot of other
companies right and the beer guests your
soul right
and google and oracle and a lot of like
salesforce you know market security ceo
i think ultimately it boils down to what
do you want to achieve
right for me i fully enjoyed and
working at the zoo i still think i have
energy
and that's why i also learned from a lot
of other mentors right from other
leaders
i think you know for now i think it's
still very important but still
i would say look at our journey we just
started
a lot of things in the pipeline and i
still have energy but a download
for through how to you know think about
how to
grow our business to next level you know
maybe somebody else can join
you know and it can help us for now our
management structure
is very flat everyone got to be very
hands-on
because that's the key for our company's
size we got to move faster
the speed is everything but uh i've
i've heard that you actually haven't had
to
increase your number of employees in
line with this
with the scaling of the business so how
many permanent
people do you have how much has that has
that the the employment base
grown and and how can you be so
efficient how can you
have such an enormous business with it
seems relatively few
full-time employees our last quarter i
think
we hired more than 500 full-time
employees and
probably we are going to keep the same
pace and we have around
37 hundreds or 30 80 now maybe hundreds
employees
especially how many has google got now
google must be in the hundreds of
thousands
right so their business is much bigger
you know they have a search
they have a youtube android you know
have a lot of
new ai technology i mentioned earlier we
just
started we got to hire more and more
talents
to help us a huge opportunity ahead of
us you're so right that's probably
something that keeps me up in the night
how can we quickly
find more and more talents to help us
provide
on this journey for the next you know
the chapter of zoo
so how how is the market for talent uh
is it
easy for you to get to get the quality
of people you need
it's not that easy that's why you know
we need a more
and i think the talents right and more
you know
the you know the programmers as well
anyways because uh
especially insulin combined there's so
many great companies
right that's for any good talent there's
so many offers
right so again and maybe to work
remotely
will help us you know otherwise you know
especially for young graduates you know
a lot of
a lot of them they like to work for like
a google amazon
or facebook so it's a very competitive
market
um so here's a very different question
as you know usc
is an extraordinary university for the
performing arts
and i think many of us were struck by
i think there was an early berkeley
school of music where
people were playing as an orchestra in
remote locations
and we've seen plays and other things
done this way
are you thinking about developing tools
for
creative people to create on the zoom
platform
yes we are that's indeed one of our top
priorities
you know like artists i i know the
musicians right
but sometimes you know to let let's see
because the audio technology
is not that easy right to let multiple
people join the sim call
especially if ever we're slow you know
internet
or maybe the huge data loss so that's
the reason why you know we are
trying to figure out a very creative
solution essentially you know
let those musicians right we can play
music together right remotely
right all those cool use cases are very
important for our platform
okay so one more question maybe we can
do two more
somebody was at zoomtopia and saw that
you've got a new tablet
like device for zoom are you thinking of
getting into the hardware business how
do you think about software versus
hardware
yeah first of all that's a great
question so we look at
everything from any user perspective a
lot of our customers told us
when they work from home they want to
have a you know a device you know a
maybe bigger screen
at the backboard screen one click i can
start a call i can do whiteboard
you know my laptop now i'm using the mac
laptop
i do not have that capability not easy
for me to do a wide border session right
that's the reason why we're listening to
our customers and to all for that like
zoom you know rooms uh device for home
but but we are not looking to focus on
hardware business we would like to
partner with all the hardware vendors
we've worked on software
and partner partners with hardware
vendors to you know offer this uh
the solution to all the families yeah
and you think that that's just app you
can focus on the app and
over time it'll become more seamless
with with all hardware
apple so did it yeah not only do we
focus on apps but also we need to work
at the galleries area how the vendors
find try to optimize that experience as
well because they might use a different
cpu
or different architecture so what we can
do to optimize that experience that's
very important
so um bandwidth
it used to be one of the big challenges
i remember in video conferencing was
was pure bandwidth and a lot of the game
was optimizing pixels and all that kind
of stuff
how important how important is bandwidth
efficiency to you
are you worried about bandwidth in the
system or is
everything everything okay no i'm
i'm extremely i will see the the the
sensitive
right into the the benefits consumption
that's a part of our core technology
quite often like a wi-fi you know your
network
you know the not a very stable plus you
know your 3g or 4g is not very stable
you know that's the reason why when we
started that's our core
focus how to make sure room still
work very well within with a very very
unreliable very low bandwidth
environment you know we keep optimizing
that experience you know i gave one
example like two years ago
i traveled to paris right with my
t-mobile phone
but guess what my t-mobile phone you
know in paris it still works
the benefits became a 2g right so
how can make sure we still can support
that that's that's very important that's
a part of our upper parties
so there's a lot of hope and some people
think a lot of hype
around 5g is 5g
potentially transformative for video
conferencing
personally 5g certainly can help
you know give you more benefits not only
that but also
plus you know internet of things we
become more and more popular
essentially with 5g let's see you know
i'm drawing you know from home office
on the way with 5g with autonomous cars
with a big screen the moving car you
know can become
my my mobile you know workplace right so
you're going to partner with
tesla we're going to have zoom video
conferencing in our autonomous vehicle
you've got it that's exactly the reason
we are thinking about
yeah yeah and and obviously you know
i've thought about this being stuck in
traffic jams a lot
you know in when you're in emerging
markets in big chaotic cities
everyone needs to have a driver because
you spend so much time in the vehicle if
we could
if we could turn that over and make it
make it productive in a zoom world that
would be a great place i think for for
everybody so here's uh here's my last
question to you eric and this has been a
fantastic conversation
um the last question uh is a personal
question and it's about
stress so you've talked a lot about
how you help your employees you're going
to have these wednesdays no
meeting how do how what's your
mental discipline how do you remain calm
how do you maintain focus given all the
intensity
in everyday everyday life for you
i think one thing i learned from a lot
of other leaders
like salesforce michael benning of or
other leaders
is uh i think a daily meditation
certainly can help
i'm doing that every day every evening
and just
just do nothing bother thinking about
but if i start over today what kind of
challenges how do i handle the stress
that's very important also during that
meditation time
i always sort of thought about that hey
today is the 20 40 20 50.
and all the short-term stress is not a
big stretch anymore
you've got to look look beyond what you
are fixing today
think about the future and don't regret
you know think about what you can do
differently to truly help
to make the world a better place that's
something is really sustainable
otherwise you know you when you are
facing the challenge challenge
and you might have a stress you cannot
overcome those short-term difficulties
you know all any short-term difficulties
if this is
the smaller thing when you look at a
lifelong journey
you don't worry about that that's my you
know that's my yeah yeah two cents
well we're we're so lucky that you're
all focused on it and
this has been a tremendous conversation
uh but i wanted
i wanted to end where we started with
which was with
your connection to the marshall school
which came through
our grife center and i want to uh
introduce
now lloyd greif whose generosity and
vision
made possible the grife center one of
the leading entrepreneurship programs in
the world
it houses a large team of faculty
program managers and staff
they're all passionate and committed to
providing students
throughout usc with the skills tools and
resources
essential to becoming world-class
entrepreneurial thinkers and doers
so lloyd i know you're here to give eric
a very important award but i want to
thank you for
all you do for for the school for usc
and for the center
thank you jeff i appreciate that eric
2020 will always be remembered as the
year
the covet 19 pandemic held the world in
its grip
it is also the year zoom video
communications took the world by storm
both literally and figuratively
zoom has a well-deserved astronomical
valuation
a reflection of its seemingly limitless
ability to connect the globe
face to face virtually and digitally
today's awards ceremony is just a small
pin prick of an example of that the
lloyd grife center
for entrepreneurial studies is
celebrating its 50th anniversary during
the 2020
2021 school year it is the oldest
entrepreneurship program in the world
and is primarily top 10 ranked eric it's
only fitting that we mark this momentous
semi-centennial occasion by naming you
our
entrepreneur of the year past grief
center luminaries
and visionaries past grape center
entrepreneurs of the year
honorees include such business
luminaries and visionaries as steve jobs
ray kroc george rathman howard schultz
and scott cook entrepreneurship as you
know is equal measures
inspiration and perspiration and you
have both
in spades the inspiration for zoom came
as a solution
that could enable you to see your
college sweetheart and future
spouse more than twice a year the
obstacle of a 10
hour train ride vanishes when at the
touch of a button
you can see and visit with her virtually
the perspiration
was working day and night to make zoom a
reality
and then to scale it when opportunity
came knocking in the form of the global
lockdown
wrought by the pandemic in the end
you did what all successful
entrepreneurs do
you bet on yourself you left the comfort
of a full-time job as a vice president
at cisco
to launch zoom when cisco didn't see the
same opportunity
that you perceived it's one thing to
identify an unmet market need
it's quite another to take the
entrepreneurial leap and execute on that
vision
over the past nine years you have turned
that idea into reality
building the leading video conferencing
firm in the world
with a staggering 150 billion dollar
market capitalization
achieved achieved just a year over going
public
but what's really special is your recipe
for success
happy employees your epiphany that
happiness comes from making others happy
led to your worldview that your primary
function as ceo of zoom
was not just about the customer product
or service
but about your employees happiness your
view
that if you can make your employees
happy together you can make your
customers happy
clearly is a winning formula in business
zoom enjoys an enviable 99 approval
rating from its employees on glassdoor
the thriving corporate culture you have
built is clearly
a key to your incredible success which
brings me back to the roots of the lloyd
grife center for entrepreneurial studies
when it was founded during a 1970-71
school year
its dancing dots logo was developed by
public relations and advertising
entrepreneur
ralph carson who created the happy face
image
that is ubiquitous today and could
easily
symbolize zoom the grife centers logo
that ralph designed and that you see
behind me
is also represented in 3d in the
entrepreneur of the year award you are
receiving
i have with one of those awards
there's a little dot here just like you
there you go
perfect thank you so much i i should
appreciate it's such a great honor thank
you thank you
you're welcome that single solitary dot
that red dots you see at the top
that's that's by itself that represents
you the entrepreneur
standing apart from the crowd marching
to the beat of your own drummer
inspired by it's inspired by bill gates
you left china and japan to pursue the
american dream in silicon valley
today i am happy to say that you have
officially joined bill
in the pantheon of trailblazing american
entrepreneurs
congratulations eric yuan usc marshall's
lloyd drive center for entrepreneurial
studies 2020
entrepreneur of the year here here
thank you thank you i would appreciate
thank you so much
thank you thank you eric let me add my
thanks and congratulations
for your receiving this prestigious
award
and uh i again let me thank you for
what you've done not only for us in this
hour but what you've done for everyone
uh around the world in in this
extraordinary year
and i'm i'm just i'm just mindful of
of how personal everything is for you i
know you did this session for us
because a student reached out to you
four years ago
to try to work with you at zoom when it
was a much smaller company i think
that's
testament to who you are as a person and
we're so lucky to have you
uh changing the world congratulations
and thank you
yeah thank you again thank you for
having me lord thank you so much for the
award i
truly really appreciate it thank you
you've earned it congratulations eric
thank

---

### How Oscar Munoz led United's response to COVID
URL: https://www.youtube.com/watch?v=A0J_0GbCoP0

Transcrição não disponível

---

### What did COVID-19 mean for airlines?
URL: https://www.youtube.com/watch?v=Xtow2I4COsA

Idioma: en

[Music]
now you've been in a
very different crisis the covert 19
for airlines was about shutting down
airlines it wasn't a pr disaster or
anything else
when when you look back at march and
april and the decisions you had to make
then
um how do you reflect on
on the first part we'll end with the
future of airline travel but but as you
think about this extraordinary unwinding
of activity um what what do you remember
most about
that whatever it was that one month
period when
when things that you never thought were
humanly possible
all happened you know i think part of um
you know things that don't kill you make
you stronger i think we've all heard
that
because our industry and our company
recently had gone through so many other
things
uh my leadership team myself we were
very
our steel was strengthened by this so
again
all these are everything everything can
be solved by facts and data so
we didn't know some of this cobit stuff
was going off in china somewhere so it's
like that's nowhere near us right
but when it hit italy that weekend it
hit italy we began to see
numbers that were scary meaning no new
bookings meaning nobody was booking
flights to italy from
the us like overnight and the flights
that were
before full were ending up pretty empty
because nobody wanted to take that
chance and so the quick extrapolation we
did as a company is like
that is going to spread to the us
because now it's much closer to home
a lot of those people were in italy are
coming back home and if this hits this
and we have the same
sort of reaction to bookings and markets
we better start preparing for
a business that is down 25 50
75 and the immediate answer was how long
can we go

---

### Bringing culture to life with Pete Carroll
URL: https://www.youtube.com/watch?v=wRZBqp5D7QE

Idioma: en

[Music]
you and your team
bring such genuine spirit and energy to
everything is there a way to bring that
energy into a corporate environment
absolutely absolutely how do you do it
how do we how do we all do it
absolutely you have there's a culture
around you whether you want to admit it
or not you've got your own personal
culture you've got your family culture
you've got your business culture
they're there if you'll take a step back
and observe the culture that you're
that you're operating in and and they
they change from different aspects of
your life
but you find that there's a way that you
operate there's a way that's accepted
there's a way that
that you anticipate in in and have your
expectations set
well if it's okay then just live the one
you're doing but if you want to have a
better culture
uh if you want to create a culture
around you that that would
allow you to be more productive and more
prosperous and and
and have a more caring deeper
relationship with those that you work
with
you can have it you have to go for it
and the way you do it i think is you
care for the people around you so much
that you'll help them
understand that you care so much see
it's okay to care a lot
we we kind of think that well if you
care a lot then you're soft if you care
a lot you know you don't get it you know
you're not
you're not vigilant enough or whatever
it's the other way around to me
the challenge the warrior in is is the
care so much that you go wherever you
have to go
to demonstrate that and in that
you give the people that you're dealing
with the opportunity to be supported to
be their best
when you create an environment like that
it doesn't matter where you are
it it doesn't matter what what venture
you're
you're you're challenged by or chasing
you have the ability and one of the
final things i'll say i'd like to say to
these guys
whoever i don't know who's listening but
that we have the power
we have the power to control the lives
around us
we don't have to let anybody else
control it yeah there's restrictions and
there's issues and stuff
but we still have the power to guide it
and particularly when you're talking
about culture
in culture of of the university culture
of
the discipline in business a culture of
of the administration
the sports programs you have a you have
total control of that
if if of the world around you but you
have to set your stance you gotta know
what you want to do you gotta know what
you believe in you gotta know what's
important to you
and and you gotta go for it you gotta
fight for what's right
and do the right thing and live for it
and live by it

---

### Where and when does leadership develop
URL: https://www.youtube.com/watch?v=LzaNDr6grNs

Idioma: en

[Music]
did you
did you have to learn to be a
communicator
or was that something that was natural
in you i'm just wondering about the
age-old question about
were you born a leader or did or did or
did you figure out how to do it as
you went along where in europe where in
your case
clearly communication has been an
incredible part of the story
i don't think many of us are born with
such natural skill that it doesn't
require
hard work and practice so let me just
start off with that um
advice i would give to folks and advice
i've been given myself
through various ways is the quicker you
learn
to understand and know yourself who you
really are
that genuine person that people around
you love but
for some reason when we get into
business segments we want to get the
deep you know guys get the deep voice or
we
try to be someone else that you're not
there's an old movie with paul newman
the color of money and he says
the biggest trick is how do you say is
is is to not being someone else
but like being yourself on purpose and
so
if i gave any advice get comfortable
with who you are
um i've been to places in classes where
they teach public speaking where
the first thing they ask you is stand in
the middle of the room in front of these
strangers
put your hands in the air and close your
eyes and do a circle
and it's amazing how many human beings
can't a
stand there to certainly close their
eyes and they don't want to turn around
because
they don't want people to see parts of
them whatever that will
always be your inhibitor right and so
this the stage persona also doesn't work
or you have to put it on
you know be yourself it's just the thing
it's just your
your your passion your enthusiasm um
those are the true selves that shine
through
and and again getting comfortable with
that is the best thing there are classes
that people recommend and certainly
there's ways to do that
but at the heart of it you've got to
know and you've got to believe what
you're saying
that old saying people don't always
necessarily hear the words you're saying
but they do feel or
i think angela may you had something to
say in that i think there's a lot of
truth especially in leadership
because um when you're leading a hundred
thousand people in my case and we've
gotta go some
to some make some difficult decisions
you can't be in every nook and cranny of
every airport across the world
um but you can be in people's hearts and
you can be in people's minds
and you know doing the right thing for a
customer for instance
is something that people just have to
want so so it does take practice it is
not natural
but i think i found at least for me the
biggest driver of that
is this concept of knowing yourself and
being comfortable with yourself

---

### The liabilities of lacking diversity in the c-suite
URL: https://www.youtube.com/watch?v=kG_OHmZufQM

Idioma: en

[Music]
so
so oscar let's then jump forward to when
you
when you were named ceo of united
um you were the second you joined
one other latino ceo in the fortune 500.
how do you how do you think about
the liabilities for corporate america of
not having
a very diverse c-suite is it
is it inside the company is it the way
you project to the world
so what are liabilities and what what
should we be doing about them
i think you know the evolution for me
initially when you reach these hallowed
halls of
corporate leadership and you get to in
essence hang out with all of these names
that we all read about
um you're a little bit taken aback by
the environment that you're in
and your voice doesn't carry us strongly
with
issues like racial equality and bias and
and the way people talk about that
and sometimes in closed rooms um
i've dropped a lot of that pretense over
time is i've earned my keep as our
company
doubled in the market cap and we made it
the you know the the business success
uh i was able to i think have a little
bit more of a voice and
and so for me it's a very pragmatic case
for diversity
and not only hiring and promoting um and
i think we understand it but there's
also the personal and at the end of the
day
this whole concept of diversity
inclusion is frankly nothing but
personal for me
um you know the pragmatic side is easy
the corporate data's in
everybody knows we read all the same
things the more diverse an organization
is the better the performances with
regards to
whether it's revenue or market cap but
you know
your own life and experience really
shapes
the way you lead and and from my
particular cases i talk about this
who i am how i grew up the environment i
grew up the first you know to go to
college
that that environment and that nurturing
that i got over those times is really
shapes how i connect and how i direct
my conversations

---

### Finding growth through failure
URL: https://www.youtube.com/watch?v=Y_Ss8CQh0L8

Idioma: en

[Music]
can you talk a little bit
introspectively
about your failures
and how you have dealt with them how
you've grown from them
sure well yeah i have been fired quite a
bit in
over the years and and as people that
are listening might understand that
the way i think doesn't necessarily
drive with whatever other people think
i've been kind of involved with that
kind of discussion my whole career
that you know i'm haven't done things
classically the same as others
uh from the outside in and so uh
you come down and people let you go you
know and so um
what has allowed me to to overcome the
setbacks that could have been
devastating where i'd give in and say
okay i'm not very good or
you know i just got to be lucky to have
a job you know and just kind of
fit in i've never been like that you
know i've never sanctioned
when i when chester caddis it
at the university of the pacific mole
coach you know said you know he was
going to demote me
from being the secondary coach to be a
linebacker coach
you know i was pissed that he did that
but now i wasn't pissed at him i was
pissed that i hadn't proven it to him
that that i was
worthy of of it that's the first time i
got in my mind got let go and i went to
the university of arkansas
and they they kind of liked the way i
did things and one thing led to another
and i got all kinds of
opportunities and stuff by continuing to
believe in what
i thought i should believe in and which
was believing in myself
when i got fired at the jets you know
i've been there one year
and and i got let go and the guy that
fired me leon hess
was a was a billionaire
sludge oil guy you know you know hess
oil you know a huge
huge billionaire corporate guy
he he didn't know whether i was a good
coach or not he couldn't tell
in my opinion and so when he fired me i
thought well
that's too bad that's that that's lousy
but he didn't understand
and when i got fired at new england i
felt the same way i didn't think that
robert kraft had all the answers
about what a big great coach was going
to be he obviously figured it out
because he hired belichick
he's been one of the best in the history
but
personally i didn't take it like i was
defeated i set out to find the next
opportunity to prove what i thought was
was
was real in my own heart and what i what
i believed in with the help of people
around me supporting me and continuing
to
you know give me reason to keep
believing and it didn't matter
what the problems were i was going to
overcome it
you

---

### Pete Carroll on the great communications challenge of teaching and leadership
URL: https://www.youtube.com/watch?v=2LXarz36uYU

Idioma: en

[Music]
so
let me just read one question that came
in in advance uh
which which comes as goes as following i
once heard a story about a part of your
success was being able to deliver the
message
that is most effective for the specific
individual
for example one particular quarterback
responded to yelling
while another wide receiver responded to
softer communication
the message was the same but how it was
delivered was
different is that how you think you have
common messages but delivery and
relatability has to
literally go individual to individual
that's the great challenge of teaching
is is being able to get your message
across to different people i mean if
somebody's just like me thinks just like
i can communicate with that okay that's
one thing
but that's not the challenge is being
able to convey your message
to to all people that that are that are
you know
under your guidance and and so
everybody's uniquely different and
they're special in their own ways and so
uh to develop you know language for all
people is what's important and even
something
they know i don't reach everybody but we
reach a lot of them in
in the way that we do it is to is to be
compelled to understand
who they are where they're coming from
and how do they listen what is important
to them
what what makes sense what moves them
what doesn't move them
and and then deal with them at a level
so that you can be effective
with that person so everybody's unique
to me and so every way that i can think
of sometimes you got to kick somebody in
the ass and sometimes you got to give
them a hug
and that's just that's that's how you
compete to figure out how to get the
message across

---

### The Mission of Compete to Create
URL: https://www.youtube.com/watch?v=QYFs237J5sk

Idioma: en

[Music]
um
i was really interested in the mission
statement
of your enterprise compete to create
and the mission statement says to
increase the ability for people to live
in the present
moment more often not only
to not only perform at their best but to
flourish
how did you get to that place that is so
that sounds
zen it sounds the opposite of
competition
and and um all the stuff that we think
of as football
when you mention competition which you
know my philosophy is always compete
and so i can't can't get away from that
thought
to me it's how you define competition
first of all and
the definition that i've i've chosen is
about striving
to compete is to strive it's an old
greek you know
version of that thought and uh uh
striving to be your best striving to be
what you want striving to create what
you want
uh uh striving to achieve whatever is
important to you
to me that's that's competing and that's
where
we know we we live in a world here in
our culture that
you know you're either competing or
you're not you're either striving
to improve to be the best you can be to
be the
the kindest you can be to be the the
lovingest you can be to be the fairest
you can be
i mean that's that's the mentality um
and so
what it really comes down to and as you
you read the mission statement
it's really about helping people find
their best it's really helping people
become what they're capable of becoming
it and that's that has been the the
you know the mainstay of the work in the
coaching approach that i've lived with
for all of these years
um and so it is about it goes back to
people when it goes back to caring and
it goes back to
understanding that not everybody's the
same and people need to be seen as who
they are and heard for what
what they believe in what they stand for
and and
that's at the heart of what we do
you

---

### Pete Carroll, unscripted!
URL: https://www.youtube.com/watch?v=HRpoMOMTirg

Idioma: en

[Music]
you are a classically
unscripted guy but in
in this world on a lot of really uh
difficult social issues
people tend to read from scripts because
they're worried about
things that might come out
unintentionally in in what you say that
you don't say it the right way
how do you manage to remain so
unscripted
on on some of the most difficult issues
out there
well yeah i i've i've often said that
it's not so much the words you say it's
where it comes from and the emotion that
you send the message with
but that's not that's not always the
case and sometimes your words catch you
um i would tell you that we had um when
when the black lives matter movement
first began
years ago four or five years ago now our
players didn't they didn't know
really where to what position to take on
on the whole issue they weren't well
enough informed we didn't know much
we were just learning this was in the
early days i mean then weeks into it
and i called an old friend dr harry
edwards who uh
who has been you know a social socially
active
leader in in our community um for
you know his whole life and uh he was
somebody that i met through the time i
was at the 49ers
and uh we were friends and and i said
hey
doc we've got a problem here we can you
come up and speak to our guys and
spend some time with us and give us some
perspective so that we can we can move
ahead with some some certainty well
the the point there is that that you
know you don't know you sometimes you
just don't know
you know you know you got a feeling
about things and you got a sense for
stuff
but you need to you need to work at
uh you know acquiring information doing
your background reaching out
uh educating yourself so that you can
speak from from a perspective that has
some
some grounding in the interesting thing
in that meeting um
when uh dr edwards came in he made a
point he said
look let's start this thing off with
some ground rules he said not
everybody's going to say the right thing
they're exactly politically correct and
you then
quite often if you get into the real
topics you're going to say some things
that might even offend some people
but in this in this environment let us
start with the thought that you got to
give a brother some slack
and you got to give you got to give us
some room for for for airing
in our inner speaking so that you can
feel free to try because if we don't
if we're afraid we can't you can't you
can't function you know and and so
in that we we worked to create an
environment where you could feel free
and and
vulnerable uh to speak your heart and
speak from you know
your experience and share your thoughts
otherwise you don't have a chance to get
to get to the places you could possibly
[Music]
go

---

### Pete Carroll on #BlackLivesMatter
URL: https://www.youtube.com/watch?v=mhfsLbuE1W8

Idioma: en

[Music]
um let's let's start
with uh diversity and black lives matter
um i i think it's fair to say that no
coach has been more outspoken
than you've been why
why have you done that well
we had a big problem and uh in issues
that need to be addressed
and in particular issues that need to be
addressed in a new way
then what has happened in the past and
what has taken place in
demonstrations and all and and the
outcry from
from our our communities of color has
not been heard or
responded to properly in effectively and
uh
really what i worked on a uh on a
podcast this
this summer with uh in the springtime
with steve
kerr with the hopes of creating a
dialogue and conversations that would
take us to
issues and how uh
people in in on the white side of the
community
view the issues that are going on in in
the lack of discussion and dialogue and
and
uh and just kind of a conversation
is not doesn't exist and uh so
you know guys that have been coaching
for a long time i spent a career in
coaching and
i've been coaching people from every
background you can imagine and and
have been very fortunate to have an
exposure that a lot of white people
don't get
and through the time and i know steve
and our other coaches you know
professional coaches that
have been through this um we have a
unique
perspective i think because of our
interaction and and
i hope that we could share some i hope
that we could dialogue somehow we could
have the guts to
speak about things that people are
afraid to talk about to try to create
a common language and a common
perspective
and better than exists now

---

### 100 Days as Dean with Dean Garrett and Dean Noguera
URL: https://www.youtube.com/watch?v=wVMdulm14ZY

Idioma: en

all right welcome everyone
welcome again to today's trojan family
weekend webinar
100 days as dean with jeff garrett dean
of the usc marshall school of business
and pedro naguera dean of the usc
rossier school of education
you may submit any of your questions
using the q a feature below as we'll
have a time to answer them
towards the end of our discussion in
addition
closed captioning is available by
clicking the caption icon also found at
the bottom of your screen
lastly please note a recording of this
webinar will be available after the
event
now please welcome our moderator
professor and vice dean for diversity
equity and inclusion at marshall and
former adjunct professor and edd alumni
of the educational leadership program at
rossier
dr shirani little thank you so much to
jean
and thank you so much kanae and the
entire team for joining us today for
this very exciting conversation
with dean garrett and dean negara thank
you all for joining us
we're really excited to spend this next
hour with you getting to know a little
bit more about each of the deans
their journeys as they've come to
university leaders
and really their thoughts on what's been
going on not only here in the us
and at usc but really the globe and so
we look forward to a very thoughtful and
engaging conversation
so thank you again both dean aguero and
dean
garrett and so let's start off with
talking a little bit about
this being 100 days really commemorating
uh your first 100 days here at the
university and dean garrett i'll start
with you as you think about
transitioning from the university of
pennsylvania
wharton school of business share with us
a little bit about how that transition
has been
and really how your first hundred days
have been here at uscn at marshall
oh thanks um thanks so much charani for
your willingness to moderate this
session
and it's fantastic that your personal
experience joins both of our schools
and it's great to be on uh with my new
friend pedro we've
spent a lot of time together in the last
few months reflecting on 100 days is a
fascinating thing
this year because i think normally we'd
say
university time is so much slower than
corporate time so 100 days would be
just the beginning but in the era of the
pandemic i think universities have been
moving
as quickly as the real world maybe more
quickly
so one reason i know pedro so well is
we interact in meetings multiple times a
week
in a non-pandemic environment we might
have seen each other once a month
so that's that's a really big change uh
you asked
you asked in particular sharani about my
transition from the wharton school
and i think let me just say two things
the first one is that
there's an enormous similarity between
uh
wharton and marshall which really drew
me to the marshall school and that is
the fact that
the business school at usc educates
about 20 percent of
usc undergraduates similar proportion to
wharton at penn
and at a personal level i find that
really
important for the job because it makes
it makes the school more central to the
university
but i think it's important
institutionally too as we think about
the future
of higher education and the role that
that pathways to professions are going
to
take so that's the big similarity the
difference of course is the people
you know you can understand i i think i
have a reasonably good understanding of
business education these days
for my sins this is now my fourth
business school deanship
um but the but the thing that's unique
about all institutions is the people
and if i you know if i have one one
regret about the last 100 days it's that
wildlife
while i've had to be involved so much as
have you as has pedro
been in making critical decisions about
the university
it's just been much harder for me to get
to know people
as people rather than as people serving
in jobs
and that i you know i i i think i just
feel that
mismatch between the the incredible
embeddedness that i already feel in the
university
from a decision-making standpoint but
the fact that i just don't know people
and of course
we all know it's it's so difficult to
get to know people in a remote
environment
yes thank you so much dean garrett and i
think that is a wonderful segue
to you dean aguero because again as jeff
indicated
really these first 100 years have been
unlike any other
and the inability to really engage with
people
on various levels definitely can impact
the way in which you transition into a
new space especially
not coming necessarily from a
traditional administrative background
you are a profound scholar and
researcher professor
so how has your transition been into
your first deanship
unlike dean garrett who has served in in
many other dean capacities but bringing
a different perspective as well as the
wealth of knowledge from your experience
in the classroom
uh thanks for the question shirani and
you you slipped and said 100 years and
sometimes it feels like that but yes i'm
sorry
but um it's been uh i've i've enjoyed it
it's been challenging i i will
say uh some days um sitting in front of
the computer doing zoom
all day uh with little time to even
get something to eat uh has has
certainly been a challenge
and and like jeff said i think not being
able to meet and interact with people
in person has also been a challenge uh i
started to go into the office uh just in
the last
couple weeks because i thought i don't
want to get too used to working from
home
and and forget that i have an office
that i need to go to and that's been
good
um at least got me unpacked uh i think
you know
i really enjoyed being a professor and i
ran research centers which
had a lot of staff so i i was doing
administration but
i previously shunned administration
because i just thought all you did was
meet
all the time um and i'm much more in
research and
uh working directly with students but
i'm i'm really appreciating the role i'm
appreciating being involved with um
with my faculty and their work and being
supportive of their work
uh and i like uh you know to the degree
that i can working with our students and
and
and thinking ahead to the school and how
we can have an impact
in our field so so far i would say that
i'm enjoying it um there's a lot of
multitasking involved and
i'm a cook i like to cook and so i like
multitasking so that part of the job is
is interesting you can't let the rice
burn while you're sauteing the
vegetables but uh
and there are lots of ways in which that
analogy works in the deanship
um but so far i do enjoy the challenge
of the work
thank you so much and kind of using the
analogy of a rookie class with both you
and dean garrett coming in together to
use the sports analogy
um dean aguero and then dean garrett if
you can reply to both of you
coming from outside institutions as well
as replacing very long
tenured deeds so maybe speak a little
bit about
how that transition has been and from a
leadership perspective
what those in our audience might learn
about some things to be aware of
so i i was very fortunate the person who
preceded me karen
gallagher was there for 20 years a very
long time
and she left the school in very solid
shape um we
we're not faced with any major financial
challenges our enrollment is high
and so i really thank her for that i've
also had the benefit
of uh being able to get mentored by
deans like uh like jeff garrett
and others who have been very
approachable very willing to
help me and in navigating the new role
so uh i feel
uh fortunate there as well and and as
jeff said we meet regularly with the
with the provost and the president so i
feel like i have plenty of
uh direct contact with the senior
administration and
that's been helpful too thanks so much
yeah so sharoni um even though jim ellis
was only dean
for half of karen gallagher's time 10
years
uh he clearly left an in an indelible
legacy on the marshall school
and you know when i when i think about
the great gift that that
is it's the gift of momentum
it means that i and we
don't have to invent anything from
scratch there's
palpable energy and momentum about
everything at the marshall school
and the reason that's a luxury i think
is it it it allows me both
the opportunity to think about building
on stuff that's already happening in the
school
but also having a little bit of time to
think about
new initiatives without worrying that
that would slow down the pace of the
school
so so i i think that uh you know the
the key word for me is momentum um
but that also it also does provide this
latitude to think about
new strategic strategic directions and
you know that i think we would all have
been thinking about those things anyway
pedro and his job
me and mine but that's going to be even
more important in the in the pandemic
world so we will get through the
pandemic
but i think when we come out the other
side it's going to be a new normal a
different normal
and and now is the time for us to be to
be thinking about positioning our
schools for that period and
and having and having coming to a school
with such a great foundation just makes
that much
easier yeah thank you so much and i
think again momentum is very important
and really having a solid foundation as
you each said
but as we move and look back now on 2020
i think
very little could have prepared uh
education leaders for what
universities have faced and really our
globe has faced and so i want to
pivot a little bit to a lot of the
challenges that directly impact the
university
one being obviously the pandemic which
we'll come to in a few minutes
but i want to start with the social
unrest
and how it has not only influenced our
our social dynamic our social discourse
but really universities and the ways in
which students
are experiencing the university so dean
aguero i'll start with you i know a lot
of your research a lot of
the work that you've done around
achievement gaps and really thinking
about equity and race
share a little bit with us about the
importance of this time of social unrest
and
questioning systemic racism and the role
of the university please
yeah um i i think one of we know there
are many
different aspects to that question one
is that the kind of heightened awareness
about issues of justice and inequity
that
we are all um experiencing and certainly
our students in faculty experiencing
that too and
that's uh for me raised you know how do
we
support each other uh during this period
when many people are stressed out many
people
are even afraid of some of uh the
election coming and what may happen
at the same time continue to do our work
continue teaching and we know
that because of the heightened
sensitivity um
there are times when people are afraid
of making mistakes and saying the wrong
thing and uh
how that will be interpreted so being
supportive
of our faculty being supportive of
students i think has been really
important
at the same time i'm thinking outside of
the university and thinking about what's
going on around us and
do i just before leaving ucla that i'd
issued a report
on the state of black children in l.a
county which we documented the
the hardships what we call the
accumulation of disadvantage
in certain communities and and that's
where you really
see the effects of uh historic
structural racism
so clearly because you can't understand
why some of these schools and
communities are suffering so much unless
you
put it in a historical context and and
just recently been
thinking because you know la has so many
resources but also has so much
inequality and what can we do about it
and been thinking a lot about what role
the university can play
as a part of this community to address
some of these long-standing issues and
problems
and that represents i think both an
opportunity
but certainly a challenge but i do
believe that
um there's a role we can play in in
making some real progress here in la and
i
i do also think that if usc can do that
that
uh uh we'll be a leader for universities
around the country
thank you so much and jeff being a
political scientist and building on what
dr negara says
can you share with us as a dean of a
school of business and looking at a dean
of education what role can the
university play if any
in confronting and dismantling systemic
racism and dealing with social
inequities
yeah obviously enormous uh questions
sharani had a at a momentous time i
think it's fair to say in
certainly in america's history can i
just begin by underscoring a couple of
things that pedro said because i think
they're so important
the first one is as leaders i think we
have to remember
every day just how much stress everyone
is
under right now um
you know if you just think about the
pandemic the pandemic is telling us that
other people are dangerous just think
about a profoundly
anti-social uh awareness that we all
have to live with at the moment so we're
being told
we're such social beings but we're being
told that other people are dangerous i i
think we should
just never forget the psychological toll
that's taking on all of us
um second i you know i i commend pedro
for everything he's done
um at ucla and now at usc with respect
to
understanding those accumulate the
accumulated consequences
of of systemic racism in in terms of
education and obviously education
is all about opportunity it is the thing
that can equalize society so
that's incredibly important if you ask
the question what
is there a comparable role for business
schools um i think the answer is yes
uh and and let me give you two versions
of that one is that i think
uh marshall is but can be more and i
know you've been an important player in
this
engaged in the local community you know
i this morning
i had the privilege to to open
a capstone event for our mba students
where martial mbas have been working
with the california african-american
museum
on strategies for the museum once it can
reopen post the pandemic and
you might think about that as a
relatively narrow thing but but i don't
think of it that way
because you know not only is the museum
on the
literally on the university's doorstep
on the other side of exposition
boulevard
but understanding the the history of
black people in la i think it's just so
profoundly important
um certainly for people like me who come
from other countries you know if you if
you look at this
this history in which um la particularly
as it became a manufacturing city
was really a magnet for the
african-american
community and all of the the culture
that came with that culture and dynamism
but then we have realities like the
watts riots in 1965
always to contend with and and remember
that it was just on our doorstep so
i think having our students engaged in
the local community
is really important maybe in consulting
roles but certainly
with respect to entrepreneurship and
small business
but in addition to that i think we can
and i know you
you you are a leader in this field you
know we just have to take
very seriously as a as a scholarly
challenge
to measure the impact of diversity in
organizations on their performance
and and i think we all agree now that
diversity
can be a great asset in organizations
but only if it's managed well so i think
for a business school
um an area like recruiting managing and
leading diversity is just going to have
to become
a core skill set for all of our
graduates going forward
um and so i do think you might
historically think that business schools
are a bit
disconnected from social issues but i
think that's just not the case today
not only because of the world we live in
but the kind of students we have you
know there
there are a lot of stereotypes about uh
younger people today but the the
the one that strikes me as being most
important is that this generation is
more mission driven and more purpose
oriented
than any generation in history and that
frankly that's an incredible opportunity
for business schools
which business schools which are in the
business of creating leaders not only
people who are going to have good jobs
but people who are going to change the
world
thank you so much and i think both of
you really articulate a very important
point about
not only the role of the university
internally and recognizing its
mission of the external impact and not
getting so
insular about what's happening behind
the walls but thinking about
the broader impact and that leads me to
another question about
being interdisciplinary and how as jeff
you were just indicating about
rethinking business and its impact and i
think the pandemic
has caused all industries and ways in
which we think about higher education
to think about the models and the models
moving forward and so dean aguero i'll
ask you
as we have experienced the pandit and
are still experiencing it
what do you think has been the most
profound impact on education
and connecting it to my last question
what might be some concerns
about equity or inequities as a result
well i think certainly it's the reliance
on remote learning
just like we're doing for this um this
this this talk today that you know that
on the one hand uh we can probably reach
more people than we could have had we
held this event
in person which is a good thing i see
over 200 people have signed up
and are listening in which is a great
thing however
we know that the students who um need
more support uh or and who want to be
part of the university doing it from
home
is not the same and i don't think we
should pretend it is
um now i will say this ross here has
been offering many online courses for a
long time and
and so we have an advantage because uh
we have students throughout the world
who are able to
uh participate in our programs because
of online learning
but i that's not i think a replacement
for the
campus experience and i think coming out
of the pandemic
we'll have to really find the right
balance between what
programs and courses do we continue to
offer online um
what what's important about being on
campus uh
we're raising the question now about uh
you know should we
expect our staff to be in the office and
and faculty and
or should we share offices and i
certainly think
that the informal conversations we have
uh over lunch or in the halls are an
important part of the university
experience
that i i think we shouldn't lose and we
have to find a way to
rebuild that and restore it um and
hopefully in their future
thank you so much and dean garrett in
terms of leadership and really
contemplating
very different factors that you would
ordinarily have to consider
um in looking at for example immigration
policies and visa policies in addition
to the isolation and the missing of
in many ways the social gathering what
are some
core issues or topics that
as a dean you have to consider a little
bit differently because of this pandemic
well i think i think pedro is absolutely
right
that the the pandemic
is causing us to question
what's the what's the value of an
on-campus experience
and i think it's good to be under that
pressure
but i don't think our answer is going to
be hey we should move everything online
because it's more convenient
i just don't think that's the way it's
going to go but but
i think we will be forced to ask the
question
what is done better using technology
versus face to face and for me
you know i have a very simple i hope not
simplistic division there which is that
the stuff that is closer to lectures
probably can be done very effectively in
an online environment
and therefore what we should focus on on
campus
is much more interactive stuff and
understand that the magic happens
in an applied environment interactive
smaller groups
problem solving shared understanding and
you know i think we already knew that
but i i suspect the pandemic is going to
underline that for us
thank you so much another issue that i
just want to tease out
you mentioned as well dean aguero was
mental health
and i think unlike ever before
leaders are really trying to grapple
with this balance of addressing mental
health and wellness of students staff
and faculty and achievement and so i
would love to get your thoughts from a
leader's perspective on how each of the
schools
are addressing mental health this is you
know an issue i think
it's just beginning to get the attention
it needs and deserves but
we are going to be facing with long-term
uh
i think uh problems of a very serious
nature
uh related to the isolation uh you know
humans don't do well
in isolation we've known that for a long
time i
i was talking to someone the other day
who said their 12 year old doesn't want
to leave a room anymore
um she's happy to just be in front of
the computer and she
eats all her meals in the room and and
doesn't even think about going to see
her friends or go outside because
um she's scared and we've seen
rising levels of anxiety depression and
i think sadly of of suicide and and
these are
i think major challenges that we will
grapple with for years to come and so
um whenever i have meetings with staff
and with students the first thing i do
is check in and say how are you doing
how are you feeling because i think it's
important to acknowledge these this is
not normal
um and that um you know many people are
under great pressure
i think about those who have small
children for example who are trying to
navigate their jobs or lessons while
raising small kids at home it's not easy
and uh and i have great sympathy for
people who are dealing with that
yeah and could i just jump in directly
shiny because i think this is just so
important
i i would imagine that there are a lot
of parents on this school of
first-year students and i think the
transition
to college this year is bound to have
been harder than for
any other year of first-year college
students you know in
in history um and we i we've just got to
acknowledge
that uh that this is unprecedented but i
also
equally i also think that mental health
challenges were already
pre-pandemic a massive feature of our
world
and of our world in higher education
maybe of our world more generally
and and i think you raise the right um
dichotomy sharoni or
let's make it not a dichotomy between
competition ambition achievement on the
one hand
and well-being on the other hand you
know clearly we want to maximize
both of those and it's but it's not
really easy to do it universities
in the past several years obviously have
put
incredible attention on increasing
formal mental health resources available
to students and usc has done that and
done it commendably well
but i think i think the obligation we
have as
educational leaders is to sort of work
backwards
not just deal with the symptoms of
stress
but to figure out why the stress is
there you know there are some things
that are hard for us to control the
the sort of competitiveness and the
comparability that comes from social
media
but there are other things that maybe we
can do a better job with you know i
i i maybe i i'm radical about this but
probably not in an education a school
context but
i just wonder about grades you know how
do we think about grades
for example do we think about grades as
a a kind of fear motivator for students
that if i don't work hard i might get a
c
versus something positively to motivate
students where we say
if you work hard and you do well
everyone can get an a you know in a
context where we think about
curves and the likes so so when i think
about mental health yes we have to think
about the
end of that process the symptoms where
our students are challenged
but i think we've got to work backwards
and say how can we
how can we keep very high standards in
our educational programs
at the same time as putting the mental
health and the wellness of our students
in central focus thanks jeff and you
really raised some important points
really
looking at the scrutiny of higher
education that's been faced around for
example
access and affordability and inclusion
and this question of
what are grades and what is the purpose
or the value proposition
of higher ed so maybe if you could
elaborate a little bit
on how do you think the pandemic and
everything we've just been talking about
will impact the future of education
well let me just say two things for
sharoni uh briefly the first one we've
already mentioned which is that i think
everything technology is now going to
affect everything in higher education
you know in the past decade we've
thought about
two different pathways online on campus
i think they're now going to be on a
continuum it's not going to be either or
there's going to be a continuum
one of our colleagues pedro will
probably remember that one of our artful
dean colleagues will obey from the
annenberg school
said don't talk about tech enabled talk
about digitally infused
education and i thought that was a
lovely concept
because tech the digital is going to
infuse
everything that we do so so that's my my
first feeling my second feeling is
you've mentioned affordability and
access a lot and i think it's
it's the right place to be you know and
we have to
we just have to be very aware that uh
that we must enhance the value
proposition of higher education
at the same time as we increase
affordability so
you know that that's a that's a
difficult leadership challenge
increasing access ultimately means
leveling the financial playing field
which is a very expensive but a very
important thing to do
but if you're on the other side and you
think about the value proposition
i suspect increasingly we're going to
that we're going to be measured by the
career opportunities that we generate
for our students
and of course business schools are in a
good place to lead on that because i
think business schools have
always been judged more than other parts
of the university
on how well our graduates do and i just
suspect that that's going to become an
increasing focus in higher education
and i'm not arguing for a business
school-led university
or a professional school-led university
but i do think we have an obligation
to demonstrate and deliver on the value
proposition of our education if we're
gonna
if we're gonna ask and command the high
prices that we do for our educational
products we've got to be able to deliver
and again i think that's very good
pressure for us to be under
thank you so much and again if i can
have you dean aguero uh weigh in on that
with just a
a different caveat as well because i
think
vision and mission and values are
shifting under this pandemic
and so even what students thought they
were you know achieving higher education
for
has shifted so your thoughts about the
importance of the future
of education what you think it's going
to look like and what will be the value
proposition for
uh hire it yeah i think um i mean i
agree with
a lot of what jeff said i i think that
the real challenge
is going to be on places like usc to
make sure that what we
offer is so good that people are willing
to
pay for it and uh that means the quality
of instruction that means the quality of
support
students receive all of that has to go
continue we have to continue to evaluate
ourselves what we're doing
and ask tough questions because we can't
afford this assume
that that students will continue to come
just because of our
our brand our reputation and so that's
one of the first things i've initiated
at rossier is a review of all of our
programs
really asking questions about what we're
doing
the quality of what we're providing
going back to the question about grades
i've always put much more emphasis on
the
learning experience of our students um
and i get trouble sometimes that we
fixate on the grade
and i often say um you know if i promise
you an a will that mean you're going to
do all the reading
and and to me i'm much more interested
in seeing
growth i'm interested in seeing students
challenged
and i'm really uh concerned about how
well we're preparing them
for life beyond uh usc so
um i i think these are the questions we
have to keep returning to
uh the the danger is that we uh get
lazy and that we you know rest on our
laurels and i
we can't afford that uh not in this
environment and not at a time when
things around us are changing so quickly
and uh and i think there's a real risk
that if you get
lazy that you will you'll pay some
consequences for it
yeah thank you so much a lot of the
decisions that you all make are really
external and out of your control in the
sense of the social dynamics
and i raised it a little bit earlier but
immigration policies for example
and limitations to visas that have
precluded many students from
even if they could attend and so i'm
wondering
how each of you with your global vast
experience
would weigh in on that impact possibly
on the future of higher ed
so dean again i'll start with you and
then move to dean garrett
you know we have lots of evidence um
that immigration has always been good
for america that
um that because we've opened the doors
to the world that this country's
benefited it benefited in terms of
the talented people in various fields
uh but so much of our economy is based
on on immigrant labor
um when you think about our food
everything is based upon uh the
availability of
immigrants uh in this country so it
i think that behooves us as a university
to continue to play
a role in making the university
um available to a broad range of
students we have
like marshall many global programs uh
and the the students we attract are
you know some of the top students in the
world and i
i think so while while it's important
that we are a strong regional
and national university i think we
should not limit ourselves there
um i think that the great universities
of the world
will have a global reach uh we will be
doing things that address
issues and challenges facing other parts
of the globe
and uh that makes us stronger it doesn't
make us weaker
so navigating the politics that have
become so
difficult around immigration will be a
challenge but
uh it's one that we have to take on
and you know sharon just how personal
this one is for me
because pedro i'm part of that migrant
labor right i mean i
i came to the united states for higher
education and it changed my life
so i've i've been passionate ever since
both about the trans transformative
power
of elite american higher education but
also the importance of that education
being as global as possible
and you know i agree with you pedro
about the the the fact that immigration
has just been an enormous plus for the
us and
and the way i would describe it is that
the the secret source of america really
has been
the two-way connection between
immigration and innovation you know you
look at silicon valley founders all the
studies show that
more than 50 of the founders in in
silicon valley are first-generation
migrants into the united states it's
it's not just my migrant farm workers
it's people at the very top
of the value chain um but but you're
also right pedro that
and you you are asking this question
sharing about
immigration policies we're living in a
world where
a lot of a lot of things are beyond our
control
so formal immigration policies are one
example
a more local one right now is the the
fact that usc's
operations are wholly
a contingent on the approval of the la
county health department
all right so so there are really
important things that are
beyond our control in the case of being
a global university how do you do that
um in a in an environment in which i
think we are de-globalizing we're
probably on the edge of a de-globalizing
period
um you know i think two things one we've
got to do whatever we can
to continue to attract the most talented
the most ambitious the most promising
students from all over the world
but equally i think we've got a we've
got to ensure that all of our students
have really meaningful global
opportunities themselves
you know i i often reflect um on the us
with a kind of a plus and a minus to the
fact that
the us has been magnetic for people from
all over the world since really since
its founding
on the one hand that's great right and
it's really infused the united states
not only economically but culturally as
well
but on the other hand i think it has
meant that america has been able to be a
more parochial country
americans haven't had to worry so much
about going to the world
because the world has always come to
them i just think in the 21st century
it's not going to be that way
so we we need to have a one-two punch
where global education is concerned
on the one hand we've got to keep
attracting the best and brightest from
all over the world
on the other hand we really need to help
our students
become globally aware because if they
want to be leaders they're going to be
global leaders
and that really requires a sophisticated
understanding of language culture
history and the only way you can do that
is to get out there in the world now we
can't do that right now in the pandemic
and i'm really pleased at how we've
created virtual international
opportunities for our students
but i just think the i just think the
importance of
this two this two elements to a global
education one we have a global student
body but two
we give global opportunities to all of
our students that's just going to become
more important even even as it becomes
more difficult in the years ahead
thank you both so much because it really
speaks to that core
knowledge and i think it speaks to our
mission what are we in our role as a
university
in this larger civic environment so
which you all have shared about working
in our community coupled with
having a global perspective and
understanding the role of immigration
i want to take a few questions from our
audience and then we'll
in a few minutes get to some some of my
final questions one that's really really
important
going back to mental health and wellness
is this notion of zoom fatigue
and while we are seeing the importance
of
accessing classes what are your thoughts
and how do you
at your each of your respective schools
uh address that
uh dina guerrero i'll start with you
i don't know if we have a solution to
zoom fatigue i experienced
quite a bit of it myself sometimes by
the end of the day i stagger out of the
office
it feels like i've been through it um
you know again my hope is that
when we are able to return to campus
we'll find
a better balance um you know if we were
meeting on campus we would have had to
build in time to get to
the venue we would have had some time
before the venue to chat
in person it would have we would have
worked at a different pace
when you're doing everything through
zoom you can literally uh
scale yourself back to back to back and
uh that's not
healthy you know we all need time for
exercise we need breaks we need
to eat and um and so i i am concerned
about that i'm concerned
about for all of us and uh and so
i i think we will have a hybrid model um
probably in the spring as what my
expectation is
um but i i hope that that that model
includes time for some
interaction and some events on campus
that's what makes a university i think a
special place
jeff yeah i the two words that i
think about all the time in this
environment uh flexibility and
compassion
we just need to understand that
everything we're doing is
unprecedented so we can't anticipate it
so we need to be flexible
and because of because everything is so
uncertain
and so hard to predict we also need to
be incredibly compassionate
but on the point of zoom fatigue you
know i i stick up my hand too right
i'm exhausted at the end of a zoom day
and i think it's not only because
staring at a screen is tiring and we
have no breaks but also
i now i now appreciate just how much
energy i derive from being around other
people
and you don't get that energy from being
around other people on a screen
it's not the same thing so how do we all
deal
with that you know i i know my personal
my personal solution which i just
commend to all of our students every
time they ask me is
recharge you know we can't keep
sprinting
day after day after day unless we
recover
and i think we all recover in different
ways but we've got to monitor ourselves
and know
when our performance is really
deteriorating
and what it's going to take for us to
switch off and recharge you know
we've got to do that i i a long time ago
i i said something to a business leader
about
being in universities and i said to him
you know it's a marathon not a sprint
and he immediately corrected me and said
no that's not right
in the modern world life is a series of
sprints
and the only way you can keep sprinting
well is to recover between them and i
just think that's
so important and it's being magnified in
our zoom world
very profound and when we think about
how do we operationalize that
in the classroom in our schools you know
advising faculty staff
and our especially our students another
question really
is looking at affordability again and
really thinking about
what can schools do specifically
or the institution as a whole to make
more equitable
access to higher education
pedro you're an expert do you want to
talk systemically and then i can talk a
little bit about what we do
so this is you know a challenge i think
for usc it's one i
thought a lot about before coming here
because i've been at ucla at public
university which is already
expensive for many people um usc much
more so
um i think we have a moral obligation to
really
um consider which programs need to be
subsidized with more scholarships for
example if we want to be in the business
of training teachers
we can't charge a teacher what we're
going to charge an mba
they're going to be saddled with debt
that they won't pay off until
they retire if they do um and so we have
to consider
this um if we're going to train doctor
students we've already realized we have
to
support them while they're in the
doctoral program so
these questions i think we have to keep
coming back to um
and there is you know jeff knows better
than me
that we have to consider uh what the
marketplace
um will um compensate you know our
graduates later on
when we think about our own costs so um
it's a it's a challenge because uh you
know i would
it's expensive to run a university and
and
you know now as as a dean of a school i
have to think about those issues of
how do we manage our costs but we we are
not
simply in the business of making money
we're in the business of educating
people
and we have to strike the right balance
it's very difficult often jeff
yeah i think i mean it is difficult and
and if i think
you know that in the press there's a lot
of talk about
the fact that higher education costs
have gone up
higher than almost anything else even
higher than health care costs in the u.s
for the last 20 years
if i look at what what has happened at
marshall and certainly
what i experienced at wharton in the
last several years
when i looked at when i look at our cost
increases i see
i see a lot of investment in student
services
because an increasing portion of our
education
actually happens outside the classroom
and you know i consider that a really
good thing i think experiential learning
learning by doing is so valuable
but it happens to be expensive and so
if if we're going to continue to to ask
high prices because we have high costs
how do we
how do we level the financial playing
field so i think the simple answer which
usc
certainly practices is having high
tuition but very high financial aid
um which is which is disproportionately
afforded to people
uh at the lower end of the income
distribution right that's the right
model but i do think that the the new
challenge we have which is now
bigger in graduate schools than
undergraduate is student debt
and so i think i think universities have
got to take on
uh the question of student debt just as
government does
and you know this is one thing where uh
my
australian background i i just wish we
could do
uh what australia can do it's impossible
because australia's a small country and
this the federal government
controls all the universities but in
australia
students don't pay cash up front for
degrees
they incur debt but they repay the debt
based on their post graduation income so
if you become a teacher or a social
worker you'll be asked to repay
your educational costs at a much slower
rate than if you become an investment
banker and i i'd love to
i'd love to work on strategies like that
similar to that that are doable in in
the us where we
where we do it we we of course we want
to we want to ensure that students can
afford to come in the first
place but we need to think about debt
overhang and if we can figure out a way
to to make debt repayment progressive
that is you repay more faster
the higher your post graduation salary i
i think that's got to become
a new part of the solution it can't just
be financial aid
to lower the the sticker price of
tuition
yes it's so important and as we know dr
falk instituted
some additional financial aid
regulations to allow families but we
definitely know the quality of life
impact and the the quality of impact
on the future of many of our students
and so it goes hand in hand to me back
again
to mental health and wellness having
experience paying for
a higher education one question around
motivation
so in your first 100 days as you've all
looked around your schools
what are one or two things that have
really excited you
pedro please go first um
you know as i get acquainted with our
programs and our faculty we you know we
have several centers we think we have 11
centers at ross here and
uh many of you know in fact we have one
center that um
sean harper uh is the director of he's
our faculty but
but the appointment um crosses marshall
and rossier
and he's doing extraordinary work
throughout the country and and really um
i think his profile has grown as
particularly at a time where
so much more awareness of uh racial
bias and racial uh racism in america
but we also have a center i think this
is the center you were interested in
shironi on organizational change and
leadership
um a program doctoral program and i
spoke to some of the students
uh last week and i was just so impressed
by the array of uh leaders that are in
that
program who are uh in a variety of
fields um
in a variety of parts of the world and
uh it just gave me such a sense of pride
that we're doing that
at ross here that we you know we don't
limit ourselves to kind of a traditional
approach to education but
really have expanded the reach and in
ways that i find
quite interesting and so um and i will
just share this
we're going to launch an initiative um
called the democracy project
in the coming year focused on how do we
help
teachers to prepare kids to
understand what it means to be a citizen
and to understand their rights as
citizens understand
constitution how to think critically how
to distinguish
real news and facts from fake news so
they're not as easily manipulated
i think this is critical that we we
engage these kinds of bigger issues as
well and
roshi's well positioned and we're going
to draw on faculty from other parts of
the university to work with us
because i i think that i think as we all
should be concerned about the direction
our democracy is headed in this country
that's fantastic and i think it
definitely will spill over to our own
students as well because i think as you
said that's a global conversation around
being civically engaged
and understanding the importance of it
in your own agency and that
so jeff something that has excited you
at marshall in your first 100 days
well two things charani that we have
done i think
uh that the school does really really
well one
one like russia is just really high
quality online education which has
meant that the pivot to an online
semester
is just much better than than i think
most institutions of higher education
could ever aspire to
so that's really impressive second
i think marshall has done a very good
job with
experiential learning again it's
challenged in a pandemic environment but
but i think if you look for example at
50 years of
entrepreneurship training in the
business school at marshall that's
that's longer than any other business
school has been in the entrepreneurship
business
if i think about uh foundations for the
future
let me just riff on what pedro said
because i i do think
uh is going to be is going to be
more important and more difficult in the
years ahead than it's been in the past
and so i'd like i'd like us at marshall
as you know
to think about what leadership in the
21st century means you know one element
of that i think has got to be
recruiting managing and leading diverse
teams but
think about the impact of technology on
leadership we don't want leaders
necessarily who are geeks but we also
need leaders who can take advantage of
technology and not be intimidated by it
uh so so making technology a plus not a
minus for leadership i think is
incredibly important and
and last and a really big thing for me
you know business schools have have
thought ethics was important for a very
long time
but if you think about after enron or
after the financial crisis
there was actually a pretty narrow
definition of ethics which was do the
right thing
you're you're in an environment where
you can take advantage of a customer or
not
how do we ensure that you don't take
advantage of the customer and obviously
that's incredibly important but
but if i think about ethics today it's
so much broader
it's about the responsibility of
business for climate change it's about
the responsibility of business where
racism is concerned and other social
issues so
so i think that the challenges for
leaders going forward are just going to
be
much harder than they were in the past
and business schools at the end of the
day
are in the leadership business so i'm
excited about the prospects of marshall
to
for marshall to to really be in the
vanguard of
you know a 21st century version of
leadership that's going to be much less
heroic
much more humble much more engaged i
i think than than than the vision that
we we would have had in the 20th century
thank you so much and as we are nearing
our time
i just have two final questions
first of all as you now reflect on the
past 100 days what have you learned most
about your own leadership
and give us a book recommendation for
the audience
dean aguero uh good questions
um i think what i'm learning is the
importance
of uh being a good listener um and
uh you know i there is so much i don't
know about the role so i've had to turn
to the people
who are around me my associate deans and
directors
and i'm i'm fortunate to have really
strong people and
i have to just recognize that i have a
lot to learn and
to be open to ongoing learning um and
that
has just been reinforced and it's
certainly helped me so far
with respect to a book recommendation
i'll recommend the book i've been
reading
by isabel wilkerson uh a book called
cast
um is a new york times reporter and uh
um
won several awards and i think it's a
great book for understanding the moment
we're in with respect to
racial inequality um i think she does a
good job
of putting in a context that many people
can understand
and and the reading she's a great writer
too so i think you'll enjoy it
so i i like cast too but i let me add a
second book a politics book
um which is by a vox
journalist called ezra klein and the
book is why we're polarized
and the point that ezra makes in that
book is that
for the first time certainly in the past
50 or 60 years
um divisions in the us are reinforcing
not
cross-cutting that's his point that we
we were less we
we had disagreements on issues but they
tended to go like this
today they go in the same direction and
they're reinforcing and
for people who haven't read the book
i'll i'll give you a tease which is that
ezra says that if if you ask somebody
whether they shop at whole foods
you can predict almost everything about
them from the answer
uh which is uh which is my interesting
tease of the day
um i i i do think uh the
the question of the question of
leadership you know we've been talking
about it abstractly but obviously pedro
and i have to think about it
in practice on a daily basis and so if i
if i reflect on my three months at
marshall
um i think i think i
thought too much about the business
of the university and not enough about
the people of the university
probably because we were making big
business decisions about how to execute
the fall on a daily basis
but universities are people-centric
organizations and the people just come
first and so if i
you know i i we haven't had a chance to
to talk about this charani this week but
i had
a really interesting conversation with a
couple of our colleagues this week
about the importance of feedback
and the fact that universities are just
notoriously bad
at the giving of feedback so
one thing that i'm going to try to
encourage everybody
in the school is to be in the business
of giving feedback and i think the the
way for leaders to support that
is to knowledge to acknowledge that
feedback is a gift
so i want people to tell me how i'm
doing both positively and negatively
because it's going to make me a better
leader so uh if if we can work on that
this year and into the future i'd be
very pleased about that
thank you so much and as we are wrapping
up
um i know that that sounded like two
questions but this really is my final
question
um as we come to a close any final
thoughts especially for parents and
families and students who are
continuing to be a little bit uncertain
about not only this school year but the
spring
and just again the future of higher
education any final thoughts of
encouragement
to share with them building upon your
experiences here at usc your first 100
days
i'll start with you jeff and then with
you dean aguero
well i think i think we should all be
optimists i don't know how you live any
other way
but i think we have to be realistic
optimists as well
and you know even before the pandemic i
thought that uncertainty
was the pervasive feature of our time
and if you want to think about dealing
with it
with uncertainty i i think i think at
the end of the day the most important
thing we can do is just to
understand reinforce cherish and support
our shared humanity that's that's what
we've got to do
we can't no one can do anything on their
own these days we need lots of other
people
uh and if we just remember that i think
we're gonna be ahead of the game
with respect to the more focused issue
of the spring i think all of
all the parents need to understand that
we're just as desperate as everybody
else to get back on campus right there
we're we're all in this together but the
university
obviously has to think about the the
health and welfare of everyone at the
university
faculty students as well as staff
and that we're under these constraints
from from public health authorities you
know the pandemic's been a
a great lesson in federalism u.s
federalism to me about where does the
authority
lie and and the answer right now for usc
is that the proximate authority is the
county of los angeles and
and right now the county of los angeles
says we can't be on campus even if we
wanted to
we all expect and hope we're going to
have a hybrid fall
it's not going to be a normal semester
but to get to go back to two words i
used before
we'll try to practice as much
flexibility and as much compassion as we
can
we're all in it together thank you so
much jeff
teen nikira yeah i share jeff's optimism
and
in fact i've been um thinking about and
and and you know how can things be
better after
uh the pandemic so that rather than
simply returning to
what we thought of as normal use the
pandemic the disruption
as an opportunity to think about how
things can be better and and
um and both i think at the university in
our work but i think
in society and uh you know if anything
we've
learned uh to go to uh to jeff's point
about the polarization
that that our divisions um actually not
only do they
add to the conflict and the stress but
they also prevent us
from addressing our common problems and
we're faced with
huge challenges just think about climate
change and the impact the fires have had
on us
here in california there's another
hurricane hitting the southeast right
now
as a society as a world we've got to
address this and
we can't do it if we see each other's
enemies we've got to find ways
to work together i think education plays
a critical role in
helping us to see our commonalities and
hopefully to recognize
our common interest so that's the kind
of work i want to do and
and uh i'm really glad to be at rossi i
think it's a great
place from which to do that work well
thank you both this truly has been an
excellent class and leadership this past
hour i really appreciate you all sharing
and really
giving us this challenge and
understanding and some insight into each
of you
your humanity your leadership and really
the reason why usc is really the
outstanding university that it is in
each of your schools
i appreciate having this honor and i
want to turn it back over to sujin and
thank everyone for can i just say sean
you're
excellent as an interviewer if you ever
decide you could just get another career
uh as a as a broadcast journalist i
think it's my education
both in the marshall school of business
as well as the roster school of
education and that is a plug for all of
you all listening
thank you thank you thank you everyone
i'd like to take this opportunity to
thank our moderator dr little
and dean's garrett and negara for
allowing us to peek behind the curtain
so to speak
so as i mentioned earlier the recording
of today's event will be made available
and have a great day everyone thank you
for attending
thank you everyone

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### Marshall School of Business: Dean Geoff Garret's Vision for Undergraduate Innovation
URL: https://www.youtube.com/watch?v=EjwmJT3DyJ4

Idioma: en

we have a wonderful undergraduate
program at Marshall and I'm really proud
of what we're doing right now to make
things even better at Marshall
undergrads not only learned Core
Business principles but also specialize
knowledge last year we created emphases
to allow our students to specialize in
different business fields we also
announced our first joint degree program
with another school at USC the business
of cinematic Arts this summer we had all
our undergraduate degrees stem certified
and now we're launching another joint
program the business of AI with the
verby School of Engineering we're
working on more exciting joint programs
with other schools at USC so stay tuned
and we're not stopping there we're also
working on ways to make it easier for
undergraduates to complete both a
bachelor's and a master's on an
expedited track through USC's
Progressive degrees program the goal of
all these Innovations is the same to
give our students a giant head start on
their careers there's always more to do
but I am so pleased that Marshall is
redefining what undergraduate business
school can
[Music]
be

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### Dean's Dialogue: Embracing Fans and Disrupting Sports
URL: https://www.youtube.com/watch?v=0qK2LDgzbDs

Idioma: en

So it's wonderful to see
everybody here this afternoon.
I'm Geoff Garrett.
I'm Dean of the Marshall School,
and welcome to Trojan Family Weekend.
I know none of you is
here to listen to me.
You're here to listen to
our distinguished guest.
So without further ado,
I want to introduce Michael Rubin,
who's become just a
wonderful friend of mine
in the last 18 months or so.
And it's fantastic to have
Michael here with USC today
as a proud new Marshall parent.
So.
(audience clapping)
There are a lot of people in the room,
which makes me think, you know quite a bit
about Michael's business empire, Fanatics,
but it's an extraordinary business,
which has an expanding
number of verticals.
And so, I went to the
Fanatics Inc website,
the corporate site, not the merch site.
- You said the boring one.
- The kind of one where I am likely to go,
you know, and I go straight to about us
and I'm looking at investor relations.
Yes, that's exactly what happened to me.
I went to the Fanatics Inc website today.
And so the Fanatics, no
surprise, it's all about fans.
And the Fanatics database now has
over a hundred million
global registered users.
The Fanatics has partnerships
with 900 plus sports properties,
including
all the major sports in the
United States College teams,
players associations, retail partners.
And I think you know that
Michael is in the relationships
in the Stars business.
Fanatics is associated
with over 2,500 athletes
and celebrities.
And more than 200 of those
are exclusives to Fanatics.
And I didn't know the last two
things, which blew my mind.
There are over 2000 Fanatics
retail outlets these days,
and you have over 22,000
people working in the company.
So, Michael, welcome.
- Thank you.
(audience clapping)
- Now since this is a big
and complicated business that you've built
with your own hands,
I thought I'd give you the chance
to do a little infomercial on
how you see the company today.
And if you don't say the
things that I hope you'll say,
I'll bug you and interrupt you.
So, do you wanna start
with a little bit about
where Fanatics is today?
- Sure, well, first, thanks for having me,
honored to be here.
This is the closest I ever got
to college in my entire life.
- Which is not true.
Six weeks.
- I did make it through
six weeks and then over,
but I was always in the parking lot buying
and selling footwear closeouts,
and never moved it.
Pay attention to school,
so you guys are much
better positioned than I am
to do much better things.
So, again, honored to be here.
So look, you know, my
story's pretty well known.
I started, you know, as an entrepreneur.
As a young kid, I was really not good
at anything but working.
So, as a young kid,
I was terrible at sports.
I was terrible at school.
But the one thing I love
to do is always work.
And so I've been an
entrepreneur my entire life.
- Okay, so then, you're jumping ahead
in my list of questions.
- I'm just trying to warm up a little.
- All right.
So, but I've heard this story
and I think probably some people
in the audience have heard
the story, but it's a great story,
which is Michael started
as an entrepreneur
when he was a teenager
in the Philly suburbs,
selling people skis,
which is serious risky
business on the East coast
because it can be feast or famine
in terms of how much snow
there is and therefore
how good the business is.
So what was the rise
and fall of your ski
empire when you were a kid?
- Well, I've nearly
gone bankrupt, you know,
many times in my life.
And I think that's part
of growing in business.
And I think that's part of
how you learn, you get better.
And, you know, I legitimately
started in business
when I was eight years old.
To your point, Geoff, I
started a ski tuning shop
in my parents' basement
when I was 12 years old.
And I was lucky, a friend
of mine said to me like,
"Hey, you know, you love business,
is the only thing you're really good at
and you love skiing.
Why don't you open a ski tuning shop?"
And I did.
And sure enough, you
know, two years later,
I actually had made
enough money from people
who had consigned, lent me skis
to sell 'em out of my basement.
I actually had made about $25,000.
I decided I wanted to open a
real store at 14 years old,
about 10 minutes from my parents' house.
And the first year was actually amazing.
Did $125,000 in revenue.
14 years old, couldn't drive to get there.
You know, you had no
idea what I was doing,
but I just kind of figured it out.
And, you know, the next
year was also pretty good.
And then at 16, we had
a small little issue.
It didn't actually snow that year.
And in the ski business, it doesn't snow.
And then you get a little bit cocky,
you get ahead of yourself,
you find yourself with
a little bit of problem.
So at 16 years old,
I literally thought I was going bankrupt
for the first time in my life.
I actually owed $200,000 to vendors.
I had about $80,000 of inventory.
It was so bad
that I got sued probably
a hundred times that year.
And I used to have, there was a sheriff,
she was a very nice woman.
She'd show up in my house every day
before school to drop me
off those days' lawsuits.
And she'd come, she'd ring the bell,
I'd open the door, "Hey, how are you?"
Give her a hug.
"Here are your lawsuits for the day."
And I'm like, I'm a complete disaster.
It's over for me.
You know, I had a mom who
was actually a psychiatrist
and father was a veterinarian.
Being a business person
was very odd to them.
My mom said like, "I
know what's best for you,
just like you need to give up
on this stupid business (...)
that you're doing.
And kind of like, you know, go
to school like a normal kid."
And I hired a bankruptcy lawyer,
and the bankruptcy lawyer got
all the creditors together.
I thought they were
actually gonna kill me.
And someone looked and said,
"By the way, how are you?"
I said, "Oh, I'm 16."
And then all their faces all turned white.
And that's my roll.
You have to be 18 to incur debt legally.
And actually, it was a very good moment.
And I realized I had a
little bit of leverage.
I learned how to leverage very quickly.
And the bankruptcy lawyer
took me in a different room.
He said, "Hey, can you get any money
to pay these people back?"
And sure enough, 18 cents
and a dollar, $38,000.
We settled the debts.
And it's the first time I
ever went to borrow money
in my life from my family.
My family, I grew up very middle class.
You know, the house that I
grew up in was, you know,
my parents bought it for $42,000,
is probably a $500,000 house today.
And I went to my dad, I said,
"Look, you know, I need to,
you know, is there any
way you lend me, you know,
the $38,000 to pay off my bills?"
And my parents got together
and they basically said,
"If you agree to shut the
business down and go to college,
you got a deal."
I said, "Absolutely.
Deal, college it is."
Borrowed the $38,000.
And then like 10 days later,
there was another ski
shop that went bankrupt.
And I actually didn't go bankrupt.
They went bankrupt and all
this stuff got auctioned off
and it was $200,000 of inventory.
It got auctioned off for $13,000.
So I bought it.
(audience laughing)
And I went home.
I said, "Dad, I got great news.
I'm gonna pay you back.
I'm gonna be able to pay
you back more quickly.
I just need to borrow another 13,000."
He says, "What do you mean?"
I said, "Well, I bought
$200,000 in inventory
for $13,000."
And I just-
- It was irresistible, right?
It was too good of a deal.
- "I need to just borrow this 13,000.
Now I'll be able to get you
this money back pretty quickly."
He says, "No."
I said, "Dad, it's illegal
to make a commitment
to the state of Pennsylvania
to buy this inventory
and, you know, not be able to pay.
Like I'll go to jail."
He said, "Enjoy jail.
Like, I'm not giving you the money."
So actually, I learned about, you know,
just like perseverance.
I went door to door like, and
I knew a lot of my neighbors.
I'd always been like a hustler.
"Hey, I need to borrow money."
First neighbor, like, "No way."
Second neighbor, "No."
Third neighbor, "Yeah,
I'll lend you the money.
A thousand dollars a week interest."
Which I thought was a
great deal by the way.
Like, I was like, you know?
What's like, you know,
7% a week interest seemed amazing.
Borrowed the money.
- I didn't know we had
that kind of activity
in the Philly suburbs.
- Yeah, it was-
- I thought it was all in Jersey.
- I thought it was a great deal.
- Oh, okay.
- So, you know, a lot of the kids here
who go to college here
won't know what this is,
but there were these
things called Yellow Pages.
Okay?
Like a phone book.
So I got this phone book
out, it was like this thick,
and I started calling the ski shops
and saying like, "Hey, you
know, I've got some skis.
Can I sell this to you in?"
Within three weeks,
I sold probably a
quarter of the inventory,
paid back the $16,000,
the $13,000 plus the $3,000 in interest,
and had three quarters
of the inventory left.
The reason I tell you all this story-
- And then it must have snowed.
- It didn't snow, actually.
- Oh, it didn't.
- It didn't snow that year.
But the interesting thing for me was,
here I was three months earlier thinking,
"I'm a complete failure.
That this isn't gonna work.
That this business thing isn't good for me
and I should just, you
know, go be a normal kid."
And then, you know, I take these risks
and sure enough, you know,
I get myself in the closeout is as well.
Three years later, I was 21 years old,
I was the largest buyer
and seller of closeout
footwear in the world,
doing $150 million at age 21,
making $15 million a year.
So I tell you all of this, because-
- Is this a don't go to college story?
- It's actually not.
I would've died to go
to a school like this
if I could get in, you know?
You know, you would not have had me.
- I always tell the students
that life isn't linear.
I think this is not that.
- You think I can come?
You can actually let me in here now?
Okay.
- We have a lot of graduate programs
including some for sort of
more mature age students.
- I'm happy for that.
The more mature thing will work.
- You're not gonna-
- Yeah.
- Okay, let's fast forward.
So skis is not the only
thing that you bought.
So I think the first time I
really knew about Fanatics,
and I think I told you this,
I listened to an interview
you did with Bill Simmons
on acquiring Topps, the
trading card company.
When was that?
21, what?
- Beginning of 22.
- Yeah.
And, you know, he was this iconic thing,
but kind of really sleepy.
And we're now in the digital age, right?
This is baseball trading cards.
So, many people think this was, you know,
the supercharge moment.
Can you tell us a little bit about that?
What your thinking was,
how big that business is?
- Yeah, probably worth it
to back up for just a second
to frame how we got into
the trading card business.
- Okay.
- 'Cause for us,
you know, most people think
of Fanatics for, you know,
all the power we sell.
All the USC merchandise.
You know, we operate the
NFL shop, the NBA store.
- I'm gonna ask you about that.
- Yeah, but it leads into
the trading card business.
- Yeah, okay.
- And so,
we had to build a business that by 2020,
we were selling maybe
4 or $5 billion a year
of licensed sports merchandise.
A lot of brands, you know, so we own Lids.
We have 1,350 headwear stores.
We operate 650 college bookstores.
You know, if you buy
licensed sports merchandise,
it's often coming from Fanatics.
And the interesting thing was,
when I sold my first company in 2011,
my single biggest fear
was being put out of business by Amazon.
And so I spent the first, and by the way,
Amazon put a lot of big
retailers out of business.
My own company, its number
one customer was Toys"R"Us.
Bankrupt.
Number two, Sports Authority, bankrupt.
Aeropostale went through bankruptcy.
GNC went through bankruptcy.
So, I just assumed Amazon
was coming to kill us,
which they wanted to.
And so the first nine
years of building Fanatics
was really about how do we, you know,
do something that's great for the fan,
how do we do something that's, you know,
we build a very good defensible position.
And it wasn't until 2021,
I woke up and said,
"Okay, we actually did
something really differentiated.
Now I can think about what's next."
And so I looked and said,
"Where can we take Fanatics?"
I said, "I wanted to
really reinvent the company
from kind of a merchandise company,
kind of the place where
most sports fans go to,
to get their merchandise to
really digital sports platform."
- Okay, but this is the does
not compute part for me.
Trading cards were these
physical things, right?
- So I get it more.
- So the sale, but not, and I
know you were playing around
with NFTs at the same time.
- Well, at that point, I
didn't know what an NFT was.
Fortunately.
I still may not know what
it is, but just kidding.
So here we are, you know, 2020,
and actually I'm saying,
"What can I do next?"
And the first thing
I actually thought about was video games.
I said, "I should get in
the video game business."
So I went out to the sports leagues,
I went out to the players and said,
"Hey, you know, what would you think about
should we take over the NBA 2K business?
Should we take over the Madden business?"
And, you know, there was
actually a lot of interest
from the Sports Park to say,
"Hey, could you do something different?"
And then I realized that was
a really complicated business.
And I was like, too hard, you know,
really big strong companies.
And so then we looked at trading cards.
And what I found in trading cards was
what you dream of an entrepreneur.
Two companies owned by, you
know, guys that were, you know,
and by the way, I have
huge respect for the guy
who owned Topps, Michael Eisner.
He was the, you know, the CEO of Disney.
- And Disney.
- Yeah.
Incredibly successful CEO.
But they were kind of sleepy
businesses and, you know,
and they got hot because
of they were growing.
Then Covid came and helped it accelerate.
And we looked at it and thought,
there were so many things
they weren't doing well.
And so what we did is, well,
they were kind of asleep.
We went to all the sports
properties and to all the players
and said, "Hey, we've got
a better way to do this.
You can make a lot more money.
We're gonna cut you in action.
We're gonna make you a partner."
And we were able to get
Major League Baseball
and its players, the NBA players
and NFLs and players to give
us really long term deals
to all of the trading card rights.
And before anyone figured it out.
- And that just drove,
that meant the acquisition
price of Topps was much lower.
- Well, it meant the
acquisition price was kind of
what they had left in terms.
- Yeah.
- So we signed a 20 year deal
with baseball, but they
had four years left.
So we essentially just
paid Topps to four years
remaining of the cash
flow it would've made
by owning the business.
So we bought it, you know,
put it in perspective.
We came up with the
idea at the end of 2020,
we bought Topps for $535
million, January 1st, 2022.
Today that business is probably
worth 15 to $20 billion.
- Yeah.
- So it's been the best thing
we've ever done.
- All right, I also didn't realize that
this trading card world that, again,
feels so old to me, is incredibly vibrant.
You've got tens of thousands
of people going around
to these events that happen, you know, in-
- Yeah, I'd say, look, I was
a giant collector as a kid.
Did you collect cards as a kid?
- Well, they didn't exist in Australia.
We were, you know, we barely
got beyond dig your dues
at that point, but, yeah.
- Okay, well, look, I
grew up a real collector
and then I hadn't collected
cards since I was,
you know, kind of 12 years old.
And what I realized was,
by the time I started thinking about this,
at the end of 2020, this
was already a big business.
If you put it in perspective,
the two market leaders were
probably making, you know,
close to a billion dollars
in profit a year off
of sports cards, not revenue, profit.
And so what was interesting
is the cards were,
here's the way it worked,
and this was what we
figured out in one second,
I'll tell you guys for the kids in here,
the founder of StockX is the person
that really helped me figure this idea out
'cause what he said to me is, "Michael,
in your existing business,
sports properties give you rights
and then you sell that
merchandise to consumers."
And you used to have a retail in between.
So there were kind of
like three or four people
in that transaction.
In the trading card business,
a sports property of players
would give the rights
to a trading card company.
They would sell those
cards to distributors.
Distributors would sell those cards
to hobby shops and retailers.
They'd sell 'em to resellers
who would put 'em on eBay
to sell 'em to a collector.
That's why I said, "Wow, we
could do a lot to kind of build
this business more direct to consumer."
And at the same time, we saw
the products weren't innovating.
The marketing wasn't innovating.
So I'd say what's been amazing for me is
if you say right now what's
happening in the market,
art is way down.
Sneakers, secondary sneakers, way down.
Watches, down.
Cars, down.
Trading cars, the category's way up
'cause we bought a lot of new collective.
- So you've got the
LeBron and Bronny card.
- It's a good card.
- How's that doing?
That was a retail price first,
half a million or something for that.
- I think someone off,
so we don't sell cards.
The way it works, cards are randomized.
So no different than when I
was a kid and bought them.
You don't know what you're
gonna get in a pack of cards.
So, you know, as an example, someone-
- So someone's going to
open their chewing gum
and get LeBron and Bronny there?
- There's no chewing gum.
- No chewing gum anymore?
You don't do that?
- I will tell you about a funny story.
Just two nights ago.
- Hey, I was trying to pretend
that I knew something about this business.
- So two nights ago, someone
came up to me at an event
that we were a part of and said,
"Hey, would you and Robert
Kraft open these packs of gum?"
Robert whispered to me and
said, "I'm really hungry."
I'm dead serious, this
happened two nights ago.
He was probably gonna
end up on the internet.
And so we opened these 1980 packs of cards
in this pack of gum, Robert
starts chewing the gum.
I'm like, "Robert, that
gum was 44 years old."
(audience laughing)
He's spitting the gum
and I was going all over.
Lots of people looking.
- Don't swallow the gum.
This is very important.
- 44-year-old gum's
probably not very good.
- Okay, so we gotta move on
because there's a whole bunch of stuff
that I want to get to with you.
So your latest big swing is entering
the sports betting world.
- Yeah.
- Behind the curve, right?
There are two market leaders.
I don't know, you can tell us
the percentage of the market
that FanDuel and DraftKings have.
That's a pretty risky thing.
You didn't need to do that.
You wanna talk a little bit
about entering that business?
- Of course, I need to do that.
I'd be bored if not.
- But, right, I think to
everybody who's into sports,
it's just amazing how much of
mainstream coverage of sports
now includes a gambling component, right?
And that's the last five
years have been transformed.
But these two companies have been there.
They've built massive franchises.
- Yeah, so here's what I'll tell you.
In the first business, we
started in the Fanatics commerce,
which our merchandise business.
That's now 6.7 billion business this year.
That business, when we started in 2011,
we were the number three player.
Far behind number one and two.
- So you don't mind number
three, it doesn't deter you.
- So, today we're number one by a mile.
- Yeah.
- Okay.
And collectibles.
We didn't sell a card
until January 1st, 2022.
Now we're number one, okay?
There's nothing I love more
than being the underdog.
That is fun.
So,
I decided to get into the
sports gambling business
in spring of '21.
And when I told my board in spring of '21,
they thought I was a genius.
I went to my board, you know,
we've raised $5 billion,
you know, we've got some of the
best investors in the world.
We said, "Look, we're getting
in the sports gambling business."
And they said, "Ah,
Michael, this is genius."
You know, DraftKings' at
a $32 billion market cap.
Flutter, who owns FanDuel,
had a 40 or $50 billion market cap.
And so, I said, "Look, but
I'm not gonna do it yet
'cause the economics don't make sense.
These companies are spending so much money
to acquire customers."
You know, one year later,
basically people said
to me, "You're an idiot.
What are you doing?
Like the stock's all down by 80%.
You can't ever make
money in this business."
I said, "Just keep calm, keep calm."
And so I was actually,
you know, our board,
I think, well, they believed in me.
They were pretty, you
know, not comfortable
with us getting business they
really perceived to be bad.
One year later, 2023,
now FanDuel and DraftKings
are doing better,
but they said, "Hey,
can you break through?"
So that's where we are now.
FanDuel and DraftKings
have 80% of the market.
They have a duopoly, okay?
For us, that's a party I
can't wait to break up.
I'm excited.
- And you've got your
hundred million business, right?
- I'm excited for it.
- Yeah.
- Look, we think
we have a few advantages.
The Fanatics brand is well
known by a lot of customers.
And we've proven so.
Here, I'll tell you the
most interesting stat.
We launched one year ago.
DraftKings has spent
$7.7 billion from losses,
CapEx of the capital into the business.
And on buying companies, 7.7 billion.
FanDuel, which is owned by
Flutter, spent 6.4 billion.
Caesar's and ESPN beverages
managed by PENN Gaming.
$4 billion.
MGM, two and a half billion dollars.
We've spent about a billion so far.
We think we'll make money
by the time we spend
about another 3 to 400 million.
So within a billion and
a half or less spend,
we think we'll make money.
Here's the most interesting thing.
We've been alive for one year.
We have 5% of the US market,
one year later from basically nothing.
We're in the fourth spot right now.
- So ESPN is above you or under?
- Under us by a lot.
- Okay.
- Yeah.
ESPN's got about one and a
half percent of the market.
We have about 5% of the market.
So, for me,
but this is my biggest fight
I've taken on and I love that.
Like one of the things as a,
you know, founder entrepreneur
that I guess gets me the most excited is,
I don't know whether I'm gonna
win or lose this business.
Maybe I'm gonna piss away a
billion and a half dollars
and the whole thing's not gonna work.
But I like that.
That's a challenge.
And so for me, here's what I say,
gambling's gonna be a $70
billion North American market.
There's gonna be $20 billion
in annual profits made in
that business within a decade.
So it's probably $300 billion in value.
I got 110 million customers.
I've got one of the most,
well-known brands in sports.
By the way, the whole
business is driven by VIP.
A hundred, there's 20
million legal betters.
150,000 drive, almost half the market.
Okay, I feel I'm gonna go
get those people one by one.
All those 150,000 people, we're
gonna get them to Fanatics.
So we'll see.
Next year maybe we'll
say this guy was an idiot
and he fell in his face.
Or maybe we'll have 10 or 15.
- Okay, I won't go in that
direction, but I will do a-
- I'm just making things from time.
- I will do a giant pivot.
So I think it's pretty
evident from the last 10
or 15 minutes that Michael's
a pretty hard charging business guy.
But the thing that I've
noticed about you is
that relationships
and personal relationships
are more important
to you than anything else.
So, and by the way, I'm not
just blowing smoke here.
My sense is that that is
both your personal life
and your professional
life are joined together
and they're joined together by people
with whom you have very
deep personal relationships
and to whom you're very loyal.
You wanna talk a little bit about that?
And I mean, you've already
mentioned Robert Kraft,
I know your relationship with him.
You know, you're really
close with James Harden.
Do you wanna talk a little bit
about how relationships work
for you and how they fit in, you know,
professional Michael and personal Michael?
- Yeah, look, if there's
one thing I could leave
this room with, I could
tell you we all gravitate
to what we're good at.
Okay, we should gravitate
to what we're good at.
And,
you know, for a kid who barely
made it out of high school,
everyone in here should
know this is a real,
this is not made up.
I got a 780 combined on my SATs.
Okay, that's hard to do that poorly.
Okay.
A 780, I think you legit get 400
for putting your name on the SATs.
Okay, so 780 combined.
- You didn't get your
middle name right, I think.
- I got that right too?
- Yeah.
- Okay?
So 780 combined.
For the part semester I went to college,
I had a 1.87 GPA.
Okay.
Which I thought I was thriving by the way.
(audience laughing)
Some of that was written by co-op too.
So it was probably not even that good.
The reason I tell you this
is like, we're all different.
Some people can read intense
amounts of information.
That's how they learn.
I learned from the people around me.
Okay, so what you'll see
around me is probably
the most diverse group of people.
I'm gonna learn something from you today.
I'm gonna learn something from
people in this room today.
I'm gonna learn from somebody,
any of the 22,000 people
that work in our company.
So I'm always, that's the way I learn.
And so to me,
relationships have probably
been the most important thing
that driving the success of our business
'cause when you're having good times,
relationships don't really matter.
But during tough times,
relationships are everything.
And that's how you figure out how to get
through the toughest periods
with great relationships.
So I have built a lot of
important relationships.
I think those relationships have helped us
to be a lot more successful
and have guided us in what we do.
So we need a good strategy.
We need to have a good
business for our partners.
But with the right relationships,
it's amazing what you can accomplish.
- Okay, so how, what are the similarities
and differences between
having a relationship
with Robert Kraft and James Harden?
Just to use two examples of
at least in the public eye,
completely different kinds of human beings
at very different stages of their lives.
- Yeah.
- Or Joel Embiid.
I mean, pick somebody that
you want on the player side.
- Yeah, well, so I'll give
you a great story with Joel
that I have to modify
'cause I see a few cameras,
but I'm gonna give you an
almost accurate story here.
So Joel and Robert have become
pretty friendly through me.
Okay?
And, you know, one of the
things when I watch Robert
and I study people like crazy.
I'll watch Robert and, you
know, he's so nice to everybody
and he figures one day
maybe that just helps,
maybe that gets a little
edge in what he does.
Okay?
Maybe it helps a player
who wants to come to him
and play for a little bit less money.
Maybe it helps.
Maybe he gets a lucky call
from a referee one day
'cause you just never
know what that can do.
Well, now I see Joel, he watches that
and I watch how Joel treats people.
And so we're always
learning from each other.
And so what I love to
do is just put people
from different backgrounds.
Look, everyone knows, you know,
I'd have this small party
called the White Party.
- I'm gonna ask you about that.
You are stealing my best lines, man.
- I'm helping, so.
- All right, okay.
- So here's the thing that's interesting.
The backgrounds of the
people are so different.
What I love to do is see, you know,
I watch Travis Scott talking
to the CEO of Verizon.
You know, I watch,
you know, Kevin Durant
talking to somebody else.
Great.
And you see, and then great
things come from these things.
You know, I watch Jay-Z
having a conversation
with somebody else.
And so, you know, I think
that's how we are to learn
from each other is how we help each other.
One of the things I actually hate
is when people actually aren't
trying to build each other up
and kind of push it up.
So I always want, I want
everyone around me to do great.
And I think it goes back to relationships.
If you really focus and you have
to make these relationships
authentic, okay.
Our relationship's been built over time.
We didn't just become, you know,
like we've spent a lot of time
over the last couple years
and we've built an authentic relationship.
And then when you need something from me
and you say, "Hey, Michael,
come show up for this."
- I'm sorry about that by the way.
- By the way, I don't
even ask what I'm doing.
I just, "I'm in LA, where do you need me?
I'm coming to do this for you."
And that's relationships, okay?
And when I did Fanatics
Fest a couple weeks ago.
- And another one of my topics here!
- I'm just trying to help!
- Okay, all right, so.
- So what would you like to ask me?
- Well.
(audience laughing)
I'm trying to pump you up, man,
and you're just not giving
me the enough opportunity
to do it.
- I'm just tired today.
- Yeah, yeah.
So, before we get to
parties and Fanatics Fest,
which is just incredible.
The other side of you that I've seen,
and I've said this to you, I mean,
Saj is here in the audience somewhere.
The quality of the people
that you've put around you
in the business is incredible.
And that's not what hard
charging founders are supposed
to do, right?
It's all about you.
So how have you thought about
building the senior team
and how do you relate to,
how do you manage your senior team,
which is just super impressive
and you've got people from,
you know, serious business,
non-sports backgrounds, right?
To work with you.
- So first, I'd say, I
don't agree with you.
I think it is what you have
to do to be successful.
I think if you're a hard
charging entrepreneur,
you don't get the right people around you,
you will never build a business of scale.
So for me, you know, think about,
say we're in three businesses, right?
We have the original
business, which, you know,
was a $6.7 billion company selling
licensed sports merchandise.
We have the collectibles business,
which once all the rights kick in,
it's about $3 billion business today.
And then we're in the sports gambling,
business that we just started.
And they're very different businesses.
So what I would tell you is,
I will do anything to get the
right talent to work with us.
And, you know, the best
example is the person
who runs my gambling business.
He was the guy who
basically started FanDuel
in the gambling business.
He was the CEO of FanDuel,
who's the number one company
that was 50% of the market.
And so when I kept asking people,
"Who's the best person in
the gambling business,"
they said, "Oh, it's the
guy who runs FanDuel."
And so, you know, I said,
"Okay, who knows and get me to 'em."
Used a relationship.
Hey, I actually called someone
who should not have introduced me to 'em
'cause he was an important partner of them
who's FanDuel was paying them
tens of millions of dollars.
I said, "Look, I need you to
get me the right introduction
to him."
I'm calling him, I said,
"Hey, you know what, don't come to me.
I'll fly to you."
I flew to Chicago to see him,
had multiple meetings, convinced him,
leave that big company,
come together with me.
And by the way,
he's gonna make hundreds
of millions of dollars
for having made that decision as the CEO
and founder of that business with us.
You know, I think we set up
the right framework for people.
You gotta make sure you're
very aligned with people.
But like, I wanna have the
best team on the planet
and I wanna do whatever
it takes to get that team.
And then the most important thing,
we gotta get people to work together
'cause one of the problems,
you can have a great team.
I mean, think about how many
teams in sports you say,
"Oh, you know, we're gonna
win the championship this year
'cause we got all these great players."
And then before you know it,
I didn't get the ball enough.
You know, this didn't work.
You know, they're fighting,
the team imploded.
So you see that in sports all the time.
So getting people to work
together is also really important.
And sometimes you gotta
be really tough with that.
Like I had two of my top guys, you know,
not my executives, one level down.
Who were really important in business
and they were just fighting like crazy.
I brought them into my
office within the last year.
I said, "Hey, both these guys,
they literally like couldn't work."
I said, "You guys are
really important to me.
I love you guys, you're doing a great job,
but if you guys can't work
together, you're both fired.
Like, get out of here."
But they worked together pretty
well after that, you know.
(audience laughing)
So, you know, like sometimes
you gotta call people out.
Like you gotta make people
work together as well.
So, you know, and by the way,
that's a daily grind too,
is you gotta figure out
what makes each person tick.
But, you know, we do a lot
to get great people right.
Before I, you know,
jumped up here with you.
Someone hit me about
someone we're gonna hire,
I'm gonna get in the
car, call that person,
help recruit them, so
I spend a lot of time
interviewing people, recruiting people
'cause without that, you got nothing.
- Okay, let's do parties
for a couple of minutes
and then I love to give people
in the audience a chance
to ask you some questions.
So, White Party's kind of famous.
No doubt costs a lot of
money to put that on.
What does it take to build
an incredible event like that
and why does it make sense from you
from a business standpoint to do that?
- Yeah, so we do three events a year
that are kind of our big market events.
- Now I've gotta interrupt you.
- Interrupt.
- Well, so, you know, I went
to your Super Bowl lunch.
- Yeah.
- In Las Vegas.
And first of all, it reminded
me how tall quarterbacks are.
They're Manning brothers
and Tom Brady were talking to each other.
(indistinct)
- Exactly right.
They're only 6'6.
So 6'5 or 6'6.
But you know, I was at lunch, I sat down,
I was talking to Stan
Kroenke about his wineries
in Santa Barbara,
which was not something I
expected to be happening
on a Friday in Las Vegas.
And I also talked to Gavin Newsom about
what was happening in politics
and the quality of the people
that you got in the room
for that day with the
single exception of me
was incredibly high.
- You do a charity event
every once in a while.
- Thank you.
(audience laughing)
Set yourself up there.
I'm always, I like to be made fun of
and give people a hard time.
I love a hard time.
- Back at you.
You know, that's text deductible.
(audience laughing)
- So, look, I really believe,
you want to get people to wanna
help you and build together.
So we do three events a year.
The Super Bowl that you were
kind enough to come to with us.
And, you know, we do this lunch
that Geoffrey spoke about,
where we get the a hundred
most important people
around the Super Bowl to come together.
It's an incredible launch.
We do a party that's pretty well known
and then we have a suite
filled with incredible people.
We do the White Party and
then we do Fanatics Festivals
which we just launched for
the first time this year.
And for me, what we like
to do is, you know, again,
get people from different
backgrounds together.
The one that's actually the most fun
for me isn't the White Party.
It's Fanatics Fest
'cause for Fanatics Fest,
what I had to do is give
back to sports fans.
- Yeah, but that one makes sense
because that was for your customer base.
- Yeah, that's right.
- Right, these super elite events,
which no doubt cost a lot of money.
Again, what's the art
and the science of putting together groups
and why does it work from a
business standpoint for you?
- Absolutely.
So if you think about the White Party,
and by the way, we're
an $8 billion company.
The White Party costs
a few million dollars.
So in the grand scheme of
things, it's actually, you know,
relative to, you know, our
company, what we spend on events,
it's actually not a lot of money.
But really, what we wanna
accomplish with that
is bringing all these
incredible people together
who then we build deeper
relationships with.
And so that's a party that
people, you know, look,
there's less than 400 people come to it.
Everyone in the world wants to come to it.
And so, you know, the
people that are there,
you build special bonds
and relationships with it.
Not only have I had a lot
of people that have been-
- So are you consciously working
the room in those environments
or is it more passive than that?
- The party starts at 5PM.
It goes to like 6AM.
I'd say from 5PM till maybe 10PM,
I'm working the room from 10PM till 6AM
or probably less coherent if
I'm being honest with you.
(audience laughing)
- Yeah, but I know, you know,
of course, I would expect you don't sleep,
but you do sleep and you
look after yourself a lot.
- Yeah.
- Well, that's what you've told me.
Okay, I'm not gonna believe it.
- Three act.
- Well, okay, so
let's talk Fanatics.
- Hold on.
Just to make a point.
- Oh, you got the...
- So, I mean, of course, it's slow today.
I was gonna actually give you
my WHOOP score from yesterday.
It was bad.
I realized WHOOP is a terrible device,
is now making me up upgrade itself.
I had three hours and 40
minutes of sleep last night.
- Okay.
We'll take that in.
(audience laughing)
So, okay, so, I saw
you you had this thing.
Imagine this, it's New York
in the middle of the summer
in Midtown in August, right?
When everyone's left New
York, there's no one there.
It's hot and sticky and pretty miserable.
And, you know, the Times Square area isn't
what it used to be.
And the Javits Center is
over there at whatever it is,
site Avenue and 40th or
wherever the Javits Center is.
And you decide you're gonna
throw this massive party
for all of your fans.
And you didn't know if it was
gonna be successful or not.
And then I saw you, I mean, I don't know,
it ended on the weekend and
I saw you maybe on Tuesday
or Wednesday and you told me
that you had 5 billion social media hits
in the first 36 hours or something.
So, let us get inside a little bit more.
70,000 people in person?
5,000.
So 5 billion social media hits.
What was your thinking there?
How did it work?
What did you learn from it?
- Yeah, well, my thinking was
in the trading card business,
there's a big show called The National.
And it gets, when you go there,
you get two quick reactions.
One is more than a
hundred thousand people.
Incredible.
The collector's enthusiasm.
The second thing was
if you're a collector,
it's like you think you're
like in the '80s still,
it looks like it's 40 years old.
And then I went to ComicCon.
- ComicCon, I was thinking.
- Yeah, I went to ComicCon
in New York two years ago.
I'm like, "This is awesome.
I want that!"
So it teaches you that plagiarism
is the best form of flattery.
- Not in this.
- Not in school, by the way,
but anything other than school.
In business, don't be shy about that.
So I looked at ComicCon, I said,
"I'm copying this for sports."
And I literally said to Saj,
"Find me the guy who runs ComicCon."
Got the guy in the office.
"Hey, by the way, you now
work for us, let's go."
And he came to join and
now he runs Fanatics Fest.
But what was our real goal?
Our goal was to put on the
greatest sports festival
in the world.
No one had ever thought
about anything like this.
It's almost weird, like-
- Right, but from a standing start, right?
You hadn't done this before.
- Correct.
And by the way, this
is the craziest thing.
I got back from taking my daughter
who goes here on vacation,
you know, before she's
gonna come to school.
And I got back on August 10th.
This started August 17th.
We'd sold like 8,000 tickets
by the time I got back.
I'm like, "This is gonna
be an absolute debacle."
Okay?
I thought of seven days
before we went off like,
I should cancel this.
Like I should cancel this.
And then I go into like the
fighting mode that I have.
I am going to do everything
I can even account.
What can I do to make this great?
I'm gonna do, but I'm gonna
do every bit of press.
I thought I was like an overnight
radio host for a minute.
I was like a used car
salesman, hyping Fanatics Fest.
Okay, but I got out there,
I did interviews everywhere.
- Yeah.
- Okay, then I called all my friends.
We were just talking about
building relationships, you know,
"You know, hey, I need
you to come through."
- I was listening to you
putting the hard word
on some unnamed athletes to show up.
- And here was the crazy thing.
Everyone showed up.
- Yeah.
- Everyone came through.
And so, and then I got
really lucky, actually,
Jay-Z said to me like three weeks before.
He's like, and so I don't
know how many people know.
Jay-Z is one of the co-founders
of our gambling business.
And so Jay's favorite brand
is actually the 40/40 Club
that he owned for years.
There's in a lot of his music for anyone
who has listened to his music.
He said, "Hey, I wanna
build a popup with the 40/40
at the Fanatics Fest.
Let's invite all the celebrities
and athletes and artists.
Just come hang there."
So instead of 'em coming in and leaving,
they'll come and hang.
I remember looking up and I watch,
I see like Jay-Z, Lil Wayne, Lil Baby,
Quavo, Kevin Durant.
I'm like, "This is the
middle of a sports festival."
These guys will have, and by the way,
Travis Scott was DJing.
Sorry, I forgot that.
Okay, I'm like, "This is insane."
And so this is where
relationships come in, right?
Because I couldn't have launched this
without everyone in my
network kind of saying,
"Hey, we're gonna help you pull this off."
Now, by the way, two weeks later,
Druski was a friend of mine
who's one of the, you know,
I'd say he's the youngest,
hottest comedian.
He came to me and said,
"Hey, I'm watching this festival in land.
I need you to come."
And I had no interest in going,
but I went for him 'cause he's my guy.
And he came and supported me.
And I felt bad that he
got beaten in every race
by every person that took
him on Fanatic Festival.
Of course ,I had to support.
- Okay.
- 'Cause he's very unathletic.
- So whoever's controlling the VALCam,
can we get a few extra minutes,
'cause I've gotta follow up on this topic.
Can we get like five extra minutes?
So Michael, the-
- You get as much overtime as you want.
- But we are on the clock.
(audience laughing)
So that convergence of
entertainment, sports,
popular culture is something that you've
either you developed it or
certainly took advantage of it
more than anybody else.
So, was that a conscious decision?
Did that just happen serendipitously?
- It really didn't.
I'd say,
if I've learned one thing
about Carmen doing the right thing.
When you do the right
thing, things come around.
You know, for me,
we were never trying to be a
culturally relevant company.
We weren't trying to be around
people of culture, you know,
and all of my relationships,
they're very authentic.
And you know that with me, it's
like I do what feels right.
I won't do something
that doesn't feel right
no matter what's, you know,
someone comes in with a business proposal.
How much money we can make from it.
If it's not authentic,
it doesn't feel right.
We're not touching it.
So, you know, I'll tell you,
it's been really interesting
'cause what I always try to
do in all these relationships
that help us build our
business is give back more
to each person.
How can we help them with
what they're building
and how can we invest in
the things they're doing
and support the things that they're doing.
But look, I definitely recognize we do sit
in the middle of culture today.
And, you know, look, you saw that at USC,
when Travis Scott and Mitchell & Ness,
one of the companies that we own,
launched the Cactus Jack USC collaboration
when we came here last April.
And, you know, you had 4 or 5,000 students
around the bookstore
and everyone just said,
"You know, get side tracked."
- Sorry, sorry, I've gotta
embarrass you with a story
that I don't think you-
- An embarrassment.
Kind of not embarrassed.
- And again, I don't know
whether this one should be recorded, but.
(audience laughing)
You'll remember that, you know,
when USC pivoted
commencement from Alumni Park
to the Coliseum,
President Folt wanted to do
something nice for graduates,
and she had this idea that
Fanatics Cactus Jack branded hats
might not be a bad idea,
given the fact that it
was the summer in LA.
That happened about 10
days before graduation.
So I was tasked with convincing Michael,
one, that this was a good idea.
Two, that it could be done
in those number of days.
And you immediately said,
"I'll get on and I'll do it."
And then you gave us the hats and that was
the relationship circle, right?
- And we were honored to do it.
You know what, when I
called Travis, I said,
"Hey, would you mind if we put your brand,
which is one of the hottest brands,
to young people in the world?"
He's like, "I love USC.
I would love to do it.
It'd be my pleasure."
When you called us, we
were happy to do it.
So again, that just goes to relationships.
And if there's one thing,
I'll say another thing
to everyone in here,
when you do the right thing
and don't worry about
how it comes back to you,
it generally comes back to you plus more.
And so we've always taken that philosophy.
- So I don't know how we
can end an event like this,
particularly since we took a bit of a risk
in thinking about merch for the Merch King
and collectibles for
the Collectibles King.
But when I was in India last week,
we asked Lincoln Riley
to give you a helmet.
Since we know you've got a-
- Wow, I love that!
- A jersey.
So, Michael, thanks for being here.
(audience clapping)
- Thank you.
(audience clapping)
Amazing!
(audience clapping)
It's amazing.
Thank you.
- Thanks, everybody, for being here.
I think there's gonna
be a reception outside.
Please join me in thanking Michael again.
(audience clapping)

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