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tv   Bloomberg Technology  Bloomberg  November 14, 2019 11:00pm-12:00am EST

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♪ taylor: i am taylor riggs in san francisco in for emily chang and this is "bloomberg technology." coming up in the next hour, bundle up. apple considers bundling digital services as soon asked 2020. we have details. plus, the standoff simmers. alibaba co-founder jack ma says the u.s. and china risks 20 more years of trade tensions. we will hear part of his
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exclusive interview with bloomberg news. cooks in the kitchen. we will look at the now competitive space of rental kitchens. about a startup called virtual kitchen. first, to our top story. so apple is considering bundling its digital services including news plus, tv plus, and digital -- apple music. gainis seen as a bid to more subscribers. the tech giant is already experimenting with this kind of approach, offering free apple tv plus subscriptions to student users of apple music. through.k me what are we bundling and why? mark: thank you for having me. like you said, apple wants to bundle together different paid services. they have had apple music since 2015. they came out with four or five new ones across 2019 this year. cheaper too make it
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subscribe to them by lowering the price if you subscribe to multiple. right now, apple music costs $10. news plus costs $10. if i have storage, i pay $3 a month. there is apple arcade for five dollars. there is apple tv plus for five dollars. altogether, it adds up to $40 or $50 depending on how much storage you have. imagine being able to get everything from aba five. -- discountive dollar-$10 5-$10 discount per month. that will generate recurring revenue because people will want to subscribe to additional services and save money by doing so. taylor: i get that, except that we learned with cable and tv that consumers, millennials do not like bundling. mark: that's fair. era wheredling
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people are subscribing to different services. but all of these are available on your phone coming from one specific company, so it's a little different in this case. taylor: the timing of your reporting is not suspect. it comes a few days after disney+'s incredible launch. quite a success for them. is apple playing catch-up? maybe got caught on their heels a little bit? mark: i don't think it's related much, actually. i think that this is something they have been working on and considering for at least a year or two. they knew they would be coming out with these services and it was only a matter of time before they bundled them together. the apple news plus agreement between apple and publishers signed around march or april of 2019, about six months ago. clause that a allows apple the right to bundle
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apple news plus with additional services. that was the first hard evidence this was something apple was going to do. that's what our story is all about. the clause says apple will be giving a smaller share of the news profit to publishers if they do indeed bundle it. have lesss sense, you money coming into apple, it will be at a cheaper rate. taylor: so then what are publishers and advertisers saying, because this is one of the instances where there is not targeted advertising? this may not be as beneficial as targeted advertising on a google or a facebook. theirapple in general, privacy mantra is very strong. they are not going to allow publishers or other third parties they work with on these subscription services to do any sort of data mining and get information on their users. that is pretty much never going to happen with the current apple. i don't imagine that ever changing, no matter who is in charge of the company. it is something so core to them.
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they have really been leveraging it in terms of their marketing campaign, too. in terms of news plus with advertisers and publishers, news plus has been pretty much a failure compared to other services. they had 200,000 subscribers on day one. they have not had many since then. this thing is not something a lot of people are subscribing to. personally, i've noticed that they have been upping the marketing for it on the website and twitter, so it seems like something they are dedicated to and they are planning on turning around. it has not been the success i think they may have been expecting in march when they announced it. if you think about the price, $10 is not a lot for what you had access to, but it is a lot compared to their other services. that's the same as apple music and double the price of apple arcade and apple tv plus if you are indeed paying for it. $10 could be a lot for a lot of
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people for that, and it will be interesting to see if they plan to cut the price, to up the subscriber base, or just bundle it with the other services. taylor: all things apple and boosting that services revenue. switching from apple to another big tech company, uber. new jersey just hit uber with a $650 million employment tax bill for misclassifying drivers as independent contractors. new jersey considers them employees. to further explain, we are joined by eric newcomer. who is right? where is the disconnect here? eric: this independent contractor issue was a huge risk factor in the risk factors when uber went public this year. the legal system is so slow to play out in the lifecycles of these companies. uber, it feels like it took forever to go public. the idea that the independent
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contractor issue wasn't resolved was shocking. that's the reality. thatornia passed a law makes it much more likely that uber drivers can lose their independent contractor status. this is a very live issue and it is a big threat for uber's business model. taylor: you brought up california. new jersey, california, what other states are looking at this? eric: you know, it's hard to count the mall. -- count them all. you have all these court cases that have played out. uber has tried to force those into arbitration. you also have states can set their own labor rules. so, even if a state like massachusetts had the same avc test that was taken over to california, there is a lot of legal wonkery here, but it -- but every state can look at
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this and that's why it remains a big threat to uber. taylor: another big story we are following when it comes to uber is the former ceo selling about $711 million of his shares. are investors nervous that he's selling out? eric: i think savvy investors would expect it. he has been pushed aside. he remains on the board but this isn't his company. it's very much been a turnaround story, and he is building an adjacency company in cloud kitchen. it's not surprising if he wants to cash out. he has already sold shares to softbank. i don't think it's that surprising. but any selling is negative, even when there is a logic to it. taylor: when do we expect large, institutional, long-term investors to come in and stabilize the stock?
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eric: i think as long as people are worried that the losses will drag down the top line -- until uber can convince people that it can operate profitably and continue to grow the market, if -- market. if investors are worried that ridesharing is not that much exponentially bigger than the existing transportation, taxi industry. without the subsidies, that's going to worry people. so i think as long as you have the business model risk and coupled with stuff like independent contractors, and softbank's portfolio doing poorly generally, i think people are going to be worried. taylor: "bloomberg technology's" eric newcomer, thank you for joining us. eric: thank you. another big tech late lateday, -- text story thursday, -- tech story late
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thursday, some of the world's wealthiest investors are moving their money, and that includes big tech companies. >> we have a flood of information coming in. it will be really exciting tomorrow to look at it all in aggregate. uber was actually the most bought company despite the slump. travis kalanick himself has been selling. buying into it? tiger global, known for its private market bets as well. we also have them buying into this quarter slack and beyond meet, more ipo companies for this year. who else do we have that is kind of a hot stock? harvard management is flowing into facebook as well as tiger global. so we see some activity there. people seem a little bit mixed on apple and google. warren buffett trended down on apple a tiny bit, nothing to be super alarmed by. but alphabet itself, i would
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love to see what all these numbers look like in aggregate because it seems like hedge fund managers have a mixed view on what the value is. taylor: i like that you brought in warren buffett. when he originally bought into apple we were all surprised given it's a tech company and not a traditional value company. what do we know about his stake in apple and where it stands? >> he trimmed a very little bit. he usually tries to stay away from big tech companies he doesn't understand, but his stock pickers have been warming up to them, including amazon, which he wishes he bought much earlier. warren buffett himself has been holding onto more cash and reducing equity exposure. not super surprising. stance on the banking sector was a little more surprising than what we saw with tech. taylor: thanks for joining. coming up, google is changing its advertising technology to
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better protect people's privacy, but will it be enough? we discuss next. this is bloomberg. ♪
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taylor: the iconic motorola razr is back, but not how you remember it. motorola is rebooting its flip phone. it's a 6.2 inch smartphone with a foldable display. the company's executives say they are confident in its durability despite competitor's struggles, compared to samsung's galaxy fold. the new razr is the most affordable model in its category. other devices so far are more like foldable tablets. the phone costs $1500 and will
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be available for preorder in december, arriving in stores in january. google said it would make changes to its advertising technology to better protect people's privacy. that follows scrutiny by watchdogs. starting in february, google will no longer divulge information to participants in its ad auctions about the type or website or page that an ad could appear. we are joined by the senior vice president of public policy and government relations. let's first talk about the eu. they have been more strict than the u.s. when it comes to data privacy. what are some takeaways the u.s. can glean from the eu? >> i think this recent action we shows that google can always play a little bit of the shell game when pressure is on them to dodge scrutiny. the major scrutiny that has happened in europe over the last
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few years is the antitrust ruling against google. we are now seeing in the united states lots of new antitrust activity to try to catch up with europe. i read in the news today that the state attorneys general have actually expanded their investigation beyond simply advertising technology, which is what the eu was in response to the google news today. they are expanding into search and android. i don't think you can have two giant markets like the eu and the u.s. out of sync for long and that's why you are seeing the u.s. really play catch up with antitrust issues. taylor: you are at yelp. why take on google? >> when a mom does a search for a pediatrician today on google, rather than being matched with the best information from across the web, today, she gets siphoned into this low-quality information that google has
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collected. it doesn't go through the same vetting. that's not good for the mom. it's not good for competition on the web. the only entity it's good for is google. they have begun to sort of put their hand on the scale to protect their dominance in general search. it is starting to harm consumers. yelp is involved in these issues because number one, it is competitive. google, by putting their hand on the scale, creates a competitive threat. ultimately, is it -- it is about consumers. local searching is the most common thing we do on google. taylor: has it negatively impacted your business at yelp? >> yelp i am proud to say has weathered the storm pretty well. we try to fight to have another day kind of in spite of this. we are i think in good shape. i wouldn't have worked here for 12 years if i were not optimistic about the business. but it's not even necessarily about yelp or google. it's about the fact that there are so many companies and
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innovators that are sort of being deprived of the ability to create new businesses on the web because of google. -- because of google's behavior. taylor: what about all of the other big tech companies? facebook and amazon, are they as big a threat? >> it's a great question. i don't think as much about facebook and amazon because -- i will say personally i am somewhat less concerned with facebook and amazon because they are portals in and of themselves. when google launched, it presented itself as a turnstile. we will match you with the best info from across the web. it's hard to decouple the rise of google from the rise of web 2.0, user generated content services, social media services. google was instrumental in kind of unlocking all of this cool innovation on the internet. the majority of traffic going to
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google today is actually terminating on google or going to google's secondary pages. they have kind of done a 180 in their business model. taylor: what are you doing at yelp to keep customer data privacy safe? >> the good news about vertical search services, yelp is considered vertical, specialized search engine. is that you don't have to have a ton of creepy info about a user to serve up a relevant ad. if someone is doing a search for a dentist in san diego, you -- yelp doesn't need to know a ton of info about that individual. they just need to go to the san diego bucket and the dentist sub bucket to fish out a relevant ad. i think that's one of the advantages of having robust competition on the web. you can have smaller competitors and a more pluralistic web where people can optimize for privacy and do better by consumers. but if you are putting all of the power into the hands of one or two companies, you are going
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to trigger these types of privacy concerns. lowe,: yelp's luther thank you for joining us. coming up, former ceo -- uber employees are taking on travis kalanick. we bring you the story next. ♪
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taylor: a few former uber employees have created a new kitchen.rtual entrants of the into the crowded space of renting kitchen space to restaurants desperate to satisfy demand from hungry homebodies. travis kalanick, uber's cofounder and former chief executive officer, runs a competing business, and uber itself highlighted a cloud kitchen -- piloted a cloud kitchen, creating tension between former and current ceos last year. joining us to discuss is the ceo of virtual kitchens.
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great to have you. as we know, hugely crowded space. how do you stand out? >> it's a pleasure to be here today. food delivery is really popular. consumers continue to love the convenience of it. we talked to a lot of restaurant tours, and it turns out, it is a challenge for restaurants that are built for dine in first with a lot of seating. with virtual kitchen, we are seamless ande it possible to expand delivery in a simple way with low cost. and it brings more selection and great food to more customers. taylor: you left uber in part because you saw the strain delivery apps were putting on the restaurants. how are you solving for that strain with your new virtual kitchen? >> absolutely. so restaurants are really built for dine in first. the food menu packaging is really built for dine in. it turns out for delivery there is a set of whole new
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challenges, similar to what brick-and-mortar saw 10 years ago. we build space operations and offer help on staffing, menu, and site selection to help them do the best delivery product possible, bringing it really close to customers. taylor: every analyst on the street talks about how capital-intensive this is. -- this business is. can you give us a sense of how much cash you are burning through to get through the first few years? >> absolutely. we are taking an asset light approach. we think it is a massive space with a ton of problems to be solved. some companies are focusing on just the staffing aspect of it. we decided to focus on taking the best sites, leasing them, and building them out to be the most seamless for delivery and the most plug-and-play for our top restaurant brands. taylor: you work with a lot of partners. uber eats is one of them. how is that relationship? >> so the delivery apps are
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really popular and they have a lot of the drivers and careers available already to help through the delivery. we work with them and they do the delivery part of it. it's really plug-and-play. you know, i think this is one of those rare situations where it's win, win, win all around. it's great for restaurants to expand seamlessly. it brings great, high-quality food to customers in a fast way. and for the delivery app, it's about expanding the selection and really delivering the best experience possible to their customers. taylor: how are you using data to forecast demand ahead of time? >> yes. drawing from my experience on uber marketplace, there is demand patterns you can use software to figure out. inventory, holiday and weekend patterns, and we want to make that available for restaurants so they can better plan inventory and better serve their customers. taylor: do customers really care
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where their food is made? >> i don't think so. i think really what customers care about is the high quality product and the taste of the food. we really try to put our locations as close to customers as possible. in turn, they get high quality , warm, fresher foods in a really fast time. taylor: what was your biggest lesson you took away from uber that you are now applying? >> we try to be restaurant forward and customer first. i spent a lot of time talking to restaurants about how their businesses have shifted due to delivery. they told me about five years ago, it was 5%-10% delivery, and now it's in some cases 60%. that shift is really dramatic. they did not really set up their business for that. we are here to help them and listen. taylor: world of shared kitchens. that was virtual kitchen ceo ken chong, thank you for joining us. to fixup, using ai
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trouble tickets. we speak to the ceo and their investor at kleiner perkins. that is next. this is bloomberg. ♪ when it comes to using data,
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♪ taylor: this is "bloomberg technology." i'm taylor riggs in san francisco. desk ai to wrap up health trouble tickets. that is the goal of move works. it is a startup founded in 2016, close to $75 million funding round led by sapphire adventures. that brings the total raised close to $105 million. move works counts linkedin, centex, broadcom and western and more as part of its
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user base. joining us to discuss, moveworks ceo and cofounder robin shaw and kleiner perkins partner mamoud. describe the company and what you want to use the funding for. >> thanks for having us. great to be here. moveworks uses natural language to understand tickets submitted by employees of large companies. right now we are resolving 35% of all tickets that come into some of those companies you just mentioned, broadcom, western digital, align technologies, etc. the way that it works is, you know, the three of us are knowledge workers, and knowledge workers all over the planet are submitting about one ticket a month to their i.t. teams. those tickets involve things like, can i get access to a new application, can you add me to this distribution list, can you remove me from this distribution list, can you give ?e some troubleshooting help we take the language in those
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emails, understand it, interpret it, and does the entire job of resolving it end to end. industrywide today, the average time to resolve those tickets is three days. we are bringing that down to three seconds. taylor: there are thousands of companies that solve problems using ai and data and software. what do you see specifically about this company that you like as an investor? >> move works has taken a leadership position in i.t. support automation. this is a space we have been intrigued by, the use of machines and ai in solving the natural language problems, and what makes moveworks really special is what is under the hood, the natural language processing, ai, semantic search, a lot of buzzwords but a lot of real work the company has ton to build something customers use to solve problems. up to 35% of tickets are honestly resolved inside these companies without human interaction.
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taylor: that was really surprising to me. a lot of your clients, you count them as tech companies, so you think they would be good at solving tech-related problems, why are they outsourcing that to you? >> when we started, we decided that instead of making machine learning our customer's problem, we would make it our job. what we do is actually build these models, we train these models, annotate the data, we retrain, we come up with new algorithmic designs and will deploy continuously, because at scale across all these customers, we are able to learn very rapidly. the types of issues, and what is needed to resolve them. so every new customer that comes on board is actually a network effect where we can actually be better, more precise and more accurate in that resolution, because we are serving so many customers. where, if one customer did it themselves, they would be limited to their own data. taylor: so beyond these tickets, what did you see in ai we see
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-- ai specifically where you see future opportunities? >> today we are solving these i.t. issues, but what is under the hood applies to way beyond that, to tickets around, what is the vacation schedule look like for my company, how much can i contribute to my 401(k), so hr related issues. i.t.e syntax applied to finance, they are different, but you can apply what is under the hood at moveworks to a variety of applications across the enterprise, not just i.t. specific workflows. we like the platform to go beyond i.t. itself. taylor: in the last year, how much more focus have you put on profitability and expenses, given some of the more high-profile names we have talked about that haven't done well on the profitability front? it's a topic of
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conversation at every board meeting. we tend to invest in software businesses where gross margins to 90% range, so you naturally expect these companies to have to raise less capital than companies that deploy physical assets and buy physical buildings, very different than the companies we invest in, which are high gross margin businesses. taylor: what is the most-asked question from investors in the last year? >> it's interesting. this process of raising this new round was updated by investors. a lot of what we have been focused on of the key metric we care about is how we resolve more tickets for our customers. customers have been getting that value. investors have actually been hearing from customers that this is one of the few ai initiatives that they have ruled out that is actually delivered that promise that all people talk about ai being able to do. so that is kind of how we have been oriented in terms of what to focus on. we know, and i think for us,
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have been very fortunate, because there is one metric that matters. every morning i wake up and look at a dashboard and it tells me how any tickets we resolve that -- at broadcom, how many we at other companies and that clarity of purpose on what we are supposed to do for each customer is the conversation we have with investors. because if we can do this at a global scale across all companies, every company in the world that has an i.t. department, then we have a real opportunity to build a sustainable business. taylor: final question, within the software space, as you look at the private company landscape, how overvalued does it feel? >> there are at last count i think over 400 companies valued at $1 billion or more, combined valuation of over $1 trillion. the beauty of our markets is that once one becomes private for long enough, they go public. the public market typically values them the way public investors do want to profitability basis, so at some point it all catches up. i think the source of truth
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ends up being the public markets. and i think we found that when these private companies find their sort of median valuation thehe right valuation in public markets eventually, so the truth comes out eventually. whether it is private markets or the public markets. taylor: are the public markets smarter than private markets? >> public markets have value coming a certain way, based on very defined metrics. they are very public and are released on a quarterly basis. so that is perfect, but also sometimes imperfect. taylor: thank you both for joining us. >> thank you. >> thank you. taylor: alibaba co-founder jack ma says trade tensions between the u.s. and china could last 20 years if the superpowers aren't careful. he sat down for an exclusive interview with bloomberg in the western african country of togo.
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carefully, iled mean, the trade war might be -- china relationship might be in turbulence, the next 20 years it may last. we have to be very, very, very careful. i think it is so important for china and the usa, two great countries, to work together to support economies, keep people in prosperity and share a lot of technology together. for so many years, china and the u.s. have been working together. there is a problem. that is very natural. if there is no problem, that is not natural. so when the problems, we have to solve the problems, we should not create more problems. >> you have said that you love africa and you have acted as a bridge between china and africa.
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what do you see as the main thing that china can gain from africa, and vice versa, the main thing africa can gain from china? jack: well, i've loved africa since three years ago, my first trip. i read a lot of things about africa but i came here as a novice. and i'm inspired by the people, so many young people, and inspired by the origin of the culture. i decided that i would come every year, at least three or four countries, and i try to visit every country in 10 years. and i would not say how china can help africa, or how africa can benefit from china. but i come as a global citizen, as an entrepreneur, as an
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entrepreneur who has been working in the world for 20 years. i think a lot of our experience, our ideas, our know-how could enable and help african young people. and meanwhile, these years i start to think, how can china help in a more efficient way? china is putting a lot of effort in africa. when i was very young, i heard a lot of doctors in my hometown, they had to go to africa for a year to help. but i think today, china and africa, there are a lot of things of similarity. africa can learn a lot from china on how china developed in the past 20 years in such a quick way, and how we lifted poverty out of that. >> is there still a plan to list financials?
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jack: someday we will, but we are not in a hurry. we don't have a plan for that in the short term, because financing. first, we are very profitable, we have grown very healthy and i think we have a lot of things that we want to do in these years to make sure we have enough investment for the future. >> and if you did list, do you know what exchange you would be looking at? jack: just like i said, we are not thinking about when to marry, so we have not thought about where to marry. taylor: that was alibaba co-founder jack ma. coming up, the tech job market is tight and most large u.s. companies are competing to fill many of the same roles. how cutthroat is it? we will explore. this is bloomberg. ♪
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as demand for tech workers grow, companies continue to sweeten their benefit packages, but that is still not enough as employers compete in a --ch compete for talent compete for talent in a tight employment market. we discussed the need for more tech recruitment by companies world wide. we are joined by hired's ceo. thank you for joining us. i am shocked to hear this. with all the salaries and benefits you hear about, why aren't these jobs being filled more quickly? >> the thing to realize is that every company is now a tech company. teched to be just companies, high-tech talent. now, every company.
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disney just launched disney+, you have capital one, everybody is creating apps and they need tech talent. demand for tech talent is just exploding. 32% increase in tech jobs over the past year. at the tech supply, people with tech skills, it is relatively flat. so you have a supply and demand and the market. taylor: what do you do to solve for that imbalance? >> some things have not changed. what is my compensation, how do i grow within the company, why is this culture a good fit for me? but you have to pay and understand total compensation, not just salaries but the value of equity. you have to talk about your company value proposition in a meaningful way. taylor: what is the most valuable of those you just mentioned to candidates, between salary, equity, work from home days, what is most valuable? >> right now it is salary still. that goes up and down in tech hiring depending on a boom or
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bust cycle. people are thinking about cash over equity. remote workings are interesting. 2/3 of our candidates on our platform want to work remotely. that is something that companies can do to differentiate themselves among candidates and it doesn't cost them anything. -- doesn't cost them extra. taylor: among tech, where is the supply and demand disconnect? >> engineers, blockchain engineers, security engineers, but look at all engineers, development operations engineers. demand is just a vastly outstripping supply. taylor: so what do you tell employers? do you tell them to maybe train more software engineers if they can't find these candidates externally? could they provide training services? how do you close the gap? theirst we tell them that hiring is as important as the revenue. we tell them, let's talk about fair compensation and employer
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brands. and we need to look for engineers, those folks who may not have gone to the same universities or have the same degrees but have self-taught skills, not just where you have worked or how many years of experience that you have. taylor: i am trying to figure out at what age this problem starts to get solved. let's say i graduated school and did not become a software engineer, but perhaps my kids would go to engineering school. what is that timeframe? what generation would we start to see that solve the gap, now that we know engineering is the future, everyone will go to engineering school? >> great question. >> the bureau of labor statistics says there are 3 in tech.ob shortage it starts with middle school and high school teaching computer science. you just get folks coming up, they might go off to get there
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english major at university, but they have tech skills to get tech jobs. taylor: you mentioned blockchain. that peaked my interest. is that a fad or here to stay? >> right now there is demand for it. i think people are not sure what blockchain becomes, but it is a high-demand skill set with a low supply of people with skills and right now we are seeing that imbalance. it remains to be seen if it continues. taylor: fascinating, thank you so much for joining us. still ahead, guild education looks to leverage tech to give the workforce more schooling. our conversation with ceo rachel carlson and an investor. this is bloomberg. ♪
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taylor: we have some breaking news. it looks like alibaba will be launching their hong kong ipo. they are going to be offering hong kong shares, no more than
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188 hong kong dollars each. they will be setting their institutional offer price by november 20 hong kong time. again, alibaba group launching their hong kong public offering at no more than about 188 hong kong dollars each. we will bring you more as we get more details. $1 million -- $1 billion is the value of guild education. closing $157 million in funding led by general catalyst, guild education is working with employers, universities and more to build education programs that will help students avoid short-term or long-term debt. along with the funding round, ken chenault, former ceo of american express, is joining the guild board. joining us now in denver is guild education ceo rachel carlson and in new york, ken chenault. rachel, remind our audience what guild education does.
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rachel: thanks, taylor. at guild we partner with leading employers like walt disney and walmart and discover financial to connect education for their employees with a company corporate strategy. we have done that by building a technology platform that enables companies to offer education to their employees in partnership with leading universities around the country to offer programs to employees. it's a win-win for the employers, who get to see benefits from recruitment, retention and up scaling, and for employees who head back-to-school debt free. taylor: ken, you are leading and helping this funding round. what did you like at guild you couldn't get elsewhere? ken: what is really important to us, taylor, is, we want to work with companies and founders who really want to drive powerful, positive change for our site. -- our society. what is incredibly attractive about guild is that, if one has
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a mission to empower the workforce of america through education, and very importantly, it has tremendous economics. this is a software platform that has very high margins, and has substantial growth opportunities. but i think what is absolutely exciting is this integration of a company that has very strong economics and growth potential, and yet has the opportunity to transform workforce education in america. taylor: rachel, you hear ken talk about the tremendous economics of the company. what is your business model? how are you making money? rachel: sure. so at guild, we have taken a unique approach to aligning our margin and mission.
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it is very important. we are paid primarily by the universities, who replaced the large marketing budgets they used to have to spend on google and facebook to meet the frontline workforce of america and help them go back to school, and instead, when they save those dollars by meeting students through our employers, they pay for our technology and our services, and keep some of the savings themselves. taylor: ken, we talk about this being a company that is female led. i wonder, what has the pressure been in the last six months or 12 months to look at corporate governance and being invested in female led companies? wework had an all-female board in that part was -- and that
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part was one reason why they weren't able to go public. ken: i have had, i think, a very strong record of promoting and delivering on diversity. and general catalyst shares this philosophy very strongly. i think it is very important to that guild education is a female-led company. and rachel and her team have put together a very diverse team. it really is representative of what companies should be doing. and so from my standpoint, i believe that businesses and companies have to be more reflective of society overall, and we live in a very diverse society. and we are absolutely very focused on driving technology through the technology industry, and business in general. taylor: so ken, you are joining the board. day one, what is the first change you make at the board meeting? ken: i have a high level of confidence in rachel and her
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management team, and what i want to do is help guild education grow and transform education in this country. and we can do that with companies working hand-in-hand, because we have in our roster, as rachel can go through, disney, walmart, discover, we have a range of companies i think are at the forefront of innovation, and trying to bring about change and succeeding in workforce education. taylor: rachel carlson of guild education and ken chenault of general catalyst, thank you for joining us. and that does it for this edition of "bloomberg technology." "bloomberg technology" is livestreaming on twitter. check us out at "bloomberg technology" and follow our breaking news network on tictoc and on twitter. this is bloomberg.
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announcer: the following is a paid presentation brought to you by rare collectibles tv. the california gold rush is considered to be one of the most impactful event to affect america's young economy turning its first 100 years. it has had a long-lasting impression in numismatic history as well. the people of california soon needed a way to standardize the value of the n


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