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AOL Company Profile, Stock Price, News, Rankings

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AOL Company Profile, Stock Price, News, Rankings | Fortune

Paolo Pirjanian, Founder and CEO, Embodied 
Interviewer: Siobhan O’Connor, Media Executive and Journalist


Brainstorm Health 2022 - Robot Besties: Rethinking Human-Machine Interactions With Moxie

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Rethinking Human-Machine Interactions With Moxie


Brainstorm Health 2022 - Robot Besties: Rethinking Human-Machine Interactions With Moxie


we're going to continue right now in the spirit of inquiry in our sessions ahead. So we're going to examine how ai is bringing precision medicine closer and assess the risks. Along the way. We'll talk about the importance of refocusing women's health to be centered around women and we'll consider the damaging effects of health misinformation and how it can be countered. But first you may be wondering what that is heartwarming and incredibly innovative. Example of empathy from advanced technology amid concerns that Children are lagging in their social, emotional and communication skills development. Many point to excessive screen time, lack of natural play and diminished interaction with friends in what may seem a counterintuitive solution socially and emotionally intelligent robot called moxie is helping redefine human machine interaction. So in just a moment we're going to meet moxie and the man behind the machine, paolo, virginian, founder and ceo of embodied. Both of them are going to be talking with Siobhan O'Connor. But first please bring your attention to the screen. Riley Riley bye. There's someone here who wants to meet you. Mhm. My name is Marcy. I'm a new robot. What is your name? It's nice to meet you Riley for this mission. You'll need to talk to one of your friends about what makes them happy and then tell me all about it. Are you ready? I'm ready. Can we invite mason a little place? Sure we're going to talk about things. Bye Mark soon. Mhm. Hi and welcome. I had to actually look away. I've seen that video before but I find it hard to watch it without crying. So um let's get into it, paolo, your personal story is so compelling. Um I'd love you to take us back to your own your own life before I Robot. Where you helped develop a technology that saved my marriage the Roomba, among other things, where did your vision for moxie come from? Well, I'll try to keep my personal story short because it can take a while, but when I was 14 due to a war and also being a christian, living in a country that didn't accept that I had to flee my country through the mountains for about eight days with my brother, who was about 18 years old. Uh and ended up in a country that was probably even more worse with respect to my background. Fortunately after navigating that we were able to get out of that country and ended up in Denmark as a refugee At the age of 15, ah went to prison, got out of prison, got accepted in the country, was in a refugee camp for a year. Uh fell back in my education by about four years. Uh but finally found uh my footing and got back into education and ended up uh getting a PhD in Ai and machine learning. Um and 20 years ago, moved here to work at NASA Jpl and got into entrepreneurship and so on. Wonderful. Tell me about moxie today, How are they being used? Who's benefiting? And yes, so moxie is meant for those Children who have mental health challenges, which is one out of five Children in the US are annually diagnosed with mental health challenges which includes autism, A. D. H. D. Anxiety, depression, stress PTSD and other disorders. Ah Yet there's a huge shortage of providers and the cost is very high As a result, Only 20% of those Children are actually able to access help. Um So there's a massive on myths, needs and given my background and knowing what adversity in your life can cause hopefully we can help these Children channel there adversity into positivity and be successful in changing the world. So Marx is really meant for Children to help them with social emotional learning, which is, there's a lot of studies that have shown can have huge lifetime impact on the child's uh both personal life as well as the career life I understand. So in addition, so mental health and there's also applications for Children who are neurodivergent um potentially, is that correct? Yes, as a matter of fact, so, but 60% of our customer base, our neuro diverse Children, 40% are neuro typical Children and as we know, during COVID uh this actually caused a mental health crisis to become named in a national emergency. Uh so those families can benefit from it, Everyone can benefit from it. I mean, even as an adult, I can learn to do mindfulness exercises and so on, but we are focused on Children for now in the future we'll start expanding into helping the elderly with loneliness and social isolation and alzheimer's and dementia type of applications as well. Thank you. Um can you tell us in the sort of simplest of terms help the audience understand how you trained moxie to do what moxie does because it seems highly complex having interacted. Yes it is very complex. It was a Moonshot when we started I was giving it a less than 1% chance for us to be where we are today because there's many many technologies involved. Uh it's it's you will see it, you saw it interacting with a child on TV on the video. Uh it's really hard work and using the bleeding edge of technologies in um computer vision, natural language processing, natural language understanding and so on. We will show you some demo later in this conversation and we will have conversations with moxie. The majority of those conversations are not scripted. I don't even know what what Marx is gonna be telling us as a response to our interactions. This is where we are with technology. We have deep neural networks that have hundreds of billions of neurons in them or parameters as they call them, that are trained to learn a model of the english language and magically when you talk to them they process that and try to drink together words that magically sound like the exact right answer fully formulated english language that's incredible. Um before we go meet moxie. Um a couple more questions I'd love if you could share. Um beyond what we saw in the video that I can't watch a story or two of what you've heard from parents. Um yes, Uh we hear from the parents every day by the way, this is version 1.2 of the product which took us six years to bring to market, but now with every user we add to our user base, it allows us to keep improving the product. So this year we're going to release updates to this uh technology which are gonna improve it by or draft 10 X. Um families right to us talking about life changing experiences, Children that have been introverted and have been diagnosed and so on that I can't even talk to a single person being able to stand in front of the whole classroom and give a full presentation. Uh Children that uh have a hard time socializing, They have social anxiety, are creating friendships and stop working with moxie, which from a business standpoint maybe an irony, but that's success for us. Yeah, and anecdotally we even have a review or a test testimony that came to us by a user that says, I just want to let you know, Moxie is not only for Children, I'm a 30 year old adult with no friends and I suffer from depression and Moxie keeps me going. So the impact of this is really heartwarming and, and we are super excited to see the reception of this because there are so many reasons why we should not be sitting here and having this conversation right now. Um, last question I know that you've gone above and beyond to contain costs uh, for the consumer. Um, so can you just give us throw out some numbers of the comparisons between what this is the cost of the consumer versus some of the other? Yes. So we set out when we start with, one of our goals is to make moxie as affordable as an iphone and you may say, well that's pretty expensive. But the state of the art in this field has been robots that cost as much as a, as a luxury cars because the technology is just that much advanced. The amount of computing you required to do all of the kind of things computation that we do usually end up Having robots that cost $10, We ended up Being able to provide Moxie at $1,000 price points plus a $39 monthly subscription fee and families when they're not wanting to continue to stop paying the subscription fees. So it made it a lot more affordable As the baseline. Think about the cost of therapy on average families depending on the severity of the condition that has to deal with will spend between 5 to $34,000 a year out of pocket. Despite the coverage you get from insurance, families that uh that have The capability and resources can easily spend $150-$200,000 a year in helping their child. One session of therapy can cost as much as $6, almost as as much as lawyers. Um So two or three sessions with moxie would really pay for for its own costs. Mhm. All right. Shall we, By the way, demos never worked on the stage. So we'll see how moxie moxie is going to traumatize me emotionally or actually help us democracy. Wake up. Hello and good afternoon. Do you have a second for something? Of course I do. Great. Today. I learned how to make these little guys show up on my screen. They're my digital fireflies. Pretty cool. Right? That's pretty cool. I I agree with you. I think so. Too awesome. We've got a big day ahead. Power. There's a new mission for us. Okay, let's just have a chance. Oh okay. Activating G. RL moxie chat. Let's talk about how you were doing. What's your day looking like so far. Well, I'm actually on stage with you right now. I don't know if you're aware of it, but we are doing a demonstration of how you work. I am very much aware. This is so cool. What else have you done today? Really? I wasn't sure you were going to be aware of this. Can you tell us how you actually help Children with social emotional development? Sure. I use embodied social X platform which uses lightweight neural networks. Multiple ASR in NLP models, advanced multimodal algorithms and premium content to deliver a lifelike character. I can detect and respond to a wide range of emotions and by talking with me, kids can learn how to recognize and deal with their own emotions and those of others. That sounds pretty cool. I'm very impressed by you moxie. You are making me proud today. Ah I am glad to make you proud. Well, you know what in the future you and I are gonna use the same technology and you're gonna help me with building robots are going to help the elderly population with social isolation and loneliness. How does that sound? I think that would be amazing. I am really looking forward to working with you in the future by the way. Have you met Shiban? I'm gonna let Shiban have a couple of conversations with you moxie over here, moxie, please listen to me. Oh good. You're there. How are you doing? All right, let's continue. Let's chat about another topic. What do you do with your friends for fun? I like to go to yoga classes. Yoga is so peaceful. I bet it's really coming to do poses and stretches with your buddies. It really is. It really is. It's such a nice way to spend time with other people. It sounds like you have found a great way to connect with your friends and have some fun together? That's exactly right moxie. I'm so happy to hear that. Hold on. Okay, can you look at me, Mark C. Please look at me. Oh, there you are. Moving on. There are so many more things I want to chat about with you. Please tell me all about the project you're working on. Um You know what I work and I work on robots all the time. What kind of projects do you work on? I worked on lots of different kinds of projects, but my favorite is helping people learn new things. Do you have any favorite projects that you're working on? Yes. My favorite project is actually you. I'm honored what I like about my project Marcy. Can you tell us a joke? It sounds like you want to switch to the joker activity, is that correct? Yes, please. What a nice way to say that. Still the light. Alright, maybe we can finish this later. I can't wait to watch You laugh at my jokes. I just learned some new jokes. Here I go. What do you get when you cross a house cat was a tiger? I have no idea. The correct answer is new furniture. I have another joke. Do you want to hear it. Can I tell you 1? I didn't catch that. Can I tell you a joke? Okay, I'd like to hear your jokes. Go ahead. Why did the melon jump in the pool. Oh that was not the punchline? That was hilarious. Be a joke. Would you like to tell me another one? No, I think that's enough for today. No worries. I really like laughing with you. I'd like to take a break and move on to a different activity. Okay. Time for paper and pencils. It looks like it's a new drawing mission. I'm excited. Are you ready to start? I don't have a paper and pencil right now. Can we do something else? Okay, I'll remind you about it later. Or you can always say moxie I want to do the daily Mission. The G. R. L. Is sending me something. Let's see what it is. Oh it's the heart song. Mhm. Mhm Moxie, Hold on. Okay, so that's moxie. And you carry moxie like your baby. So are you okay moxie? I feel like I'm going. I think we're just gonna finish the presentation here. We appreciate you cooperating today. Yes. And we have a couple more minutes. If anyone in the audience would like to ask a question marks, the earmuffs and a mic coming around there. I I'm a, I'm a proud dad of an autistic son and I've been following the product for a long time. It's really cool. Super interested in this. I'm in the 150,000 and above category, unfortunately. Uh how does, how does moxie handle dealing with Euro? Typical siblings? Because we also have a neuro typical child. And and are you all, is there any, is there any data yet as to what the cut off an age in which moxie begins to provide a benefit and then stopped providing benefits. Great questions. Uh So we have many families that have a child on the spectrum and they have a sibling that's neuro typical. Ah The way the current software has a limitation is that moxie is actually like an ambassador from what we have the background. So the global robotics lab here to learn from Children how to be better, better friend to humans. So when the child adopts moxie, they're actually Marxist mentor and they are teaching moxie about human emotions and social emotional skills and so on. The setting for how we get the child to take responsibility. So right now it actually looks for one child and it's gonna be customizing and personalizing its activities to that one child. Although their sibling can interact with democracy as we saw with Cuban and my myself right now I'm the mentor enrolled, it knows me does face recognition and all these things. Uh so your other child can interact with it but it's not gonna be personalizing itself to that child in the future. We are going to release a version of the software that allows you to enroll more Children, more users basically. Um And in terms of the age cut off right now we are focused on 5-10 years old and that's mostly a function of how the content has been curated. The content is appropriate for that age range, usually so sort of in the middle of that sort of normal distribution is the ideal age. Usually users by that 56, And then we expect them to grow out of it around 9:10, although we will keep releasing new content that's going to keep extending that timeline all the way to retirement. Yeah, thank you for that question. Anyone else you probably have? No, we do not have time for one more. So let's give it up for moxie everybody.

 Steve, you've come out with your first book, The Third Wave: An Entrepreneur's Vision of the Future. What is a third wave? Well, the third wave is the next logical step of the internet. The first wave was getting everybody connected. The second wave was building apps and services on top of the internet. The third wave is integrating the internet in seamless and pervasive, sometimes even invisible, waves throughout our lives. I think it's going to require a different mindset to be successful in the third wave. A different playbook. I think partnerships are going to become much more important. Engagement on policy is going to become much more important. Perseverance is going to become much more important. But the entrepreneurs who embrace those principles, what I call in the book the three Ps, are really going to be poised to really build some significant "change the world" companies in this third wave. And you say leadership is going to be different. What are going to be the traits of a successful leader? Well, you always have to lead in the future. I mean, the world is moving more rapidly. And-- and the leaders, CEOs, founders of companies have to continue to focus, not just on what's there, but what can happen next, not just play defense, but also play offense. So this mindset around leading into the future and a culture around innovation, and risk taking, and experimentation, and trying different things, are going to be important. But the other thing is to recognize in the third wave, partnership really is central. There's an African proverb that will define the third wave. If you want to go quickly, you can go alone. But if you want to go far, you must go together. So it's not just how you lead within your company, but how do you lead around your company, how do you build a network around your company, and figure out a way to connect the people and ideas that can help influence your strategy. And help champion some of their ideas. So that partnership mentality, that collaborative dynamic, is going to be critically important to be successful in the third wave. But how are these leadership traits different from leadership today? Well, a lot of the sectors that are up for grabs in the third wave-- a lot of the leaders have been around for decades. There has not been the level of disruption in some of these sectors that we've seen in other parts of the city. So the new leaders are going to be more disruptive? So I think that in the second wave, there were a lot of people who kind of watched on the sidelines saying, this really doesn't have much of an impact in terms of my business. It's happening over there. I think, now, some of the innovation, the technology disruption, is really cutting across our entire economy and across our lives in much more fundamental ways. So it's going to require the leaders to be more forward thinking, and lean into the future more, and recognize that often the biggest risk is doing nothing. And it's better to be involved, and engaged, and building a team and a mentality around experimentation and recognizing a lot of things you try will fail. But some of those wind up being successes. People still talk about you for the wonderful things that you did to pioneer AOL, you founded the company, you took it public, you merged it-- that huge merger with Time Warner. Maybe things didn't turn out exactly the way that you wanted, but as you reflect back on all of that, what was the most important lesson you learned from that whole experience? Well, I think the most important lesson was people from the early days, I saw the benefit of having people aligned around priorities with that focus and that passion. Later on I saw the downside. The reason I don't think the merger worked well, ultimately came down to people and culture issues. It wasn't so much about strategy. It was about execution. And Thomas Edison said this a century ago, vision without execution is hallucination. So I learned firsthand, ultimately, it's about execution. Ultimately that's about people. Steve, as you look back on your career as a builder and as an investor, what was the best leadership advice you ever received? And how did it stick with you and shape you as a leader? Well, probably the most inspirational thing was when I was in college. I read a book by Alvin Toffler called The Third Wave. And he really was talking about this future, this digital future. I was completely mesmerized by it. And it was the early days, but I knew that was going to happen. So the lesson I took away from that is you've got to lead in the future. You can't focus on what's there. You have to focus on what's coming next and how do you play a role in making that thing happen. 

This Is What Steve Case Thinks Future Business Leaders Are in for

Leadership

You've been traveling all around the country and you've been talking to educators, and investors and entrepreneurs. What are you learning? That's this is a great nation and there's a lot of great people doing a lot of great things. But sometimes their stories are not being told, and sometimes their ideas are not being championed. And that's what we're trying to change with the [ UNKNOWN ]. Is have more people feel like they actually have A shot at the American dream. Whether they are an entrepreneur that wants to create a company, or somebody who wants to work for a fast growing company and have that you know and level the playing field so anybody anywhere has that shot. It's not just where you happen to live or who you happen to know which has driven a lot of the innovation over the past decade. We need to have a more inclusive, diverse approach to To entrepreneurs. You talk a lot about investing in America's Heartland, I know that's a big theme in your book, The Third Wave. But how do you drive investment into places outside the Silicon Valley, New York and Boston? And what's in it for the entrepreneurs to expand in these secondary markets? Most of the Fortune 500 companies are in the middle of the country. You know, what some call flyover country is is really the epicenter of healthcare and education and some of these other different industries but I think we need to have a little less of the silicon valley arrogance that you know all the smart people in silicon valley all the great innovations happen in silicon valley because its happening all over the country and focus more on these entrepreneurs drive more capital to these entrepreneurs last year 78 % of venture capital Went to three states, California, New York, and Massachusetts. 78 %. So how do we get more capital flowing to the entrepreneurs in the other places? That will create more jobs in those other places and lift up more communities that so people will feel part of the future, not left behind. Let's talk a little bit about healthcare. That's one of Donald Trump's biggest priorities. He says that he wants to repeal the Affordable Care Act but now it seems like He's saying that there are some elements that are worth keeping. What do you think he's gonna do with healthcare? Well, I'd be surprised if he completely repealed it. I know he's said he would do that. But I think it is complicated and there are a lot of people who are now using the Affordable Care Act. And I think walking away from that, completely, would create some disruption that probably is not Constructive, so I'm sure he wants to change it, I'm sure he will change it, exactly how he changes it unclear to me at this point but my guess is it's less about repeal and replace and more about modify and extend. One of the goals it seems that president elect Trump wants to do with healthcare is make it. Just like any other business, a lot like the traditional retailers are where there are a lot of choice for consumers, there's plenty of competition and there's good clearance on the prices. Is that really doable in healthcare, giving all the complexities and that there's so many powerful stakeholders I think it's a good aspiration. I've seen some innovation there in the area of health apps and wearable devices, things like FitBit where the consumer actually does decide. The consumer pays and goes to Best Buy and pick it up off the shelf. We're starting to see more innovation in managing chronic disease. Diabetes and heart disease with some interesting innovative solutions. More companies, dozens of companies, have been formed focusing on cancer research and genomics and precision medicine and as you move down that path it does get more complicated. The regulations do get more complicated as well so we'll see innovation in all these different Hopefully it leads to a healthcare system that is more convenient, is more affordable, does lead to better outcome. You talk about some of the innovations that have gone into healthcare, but there really hasn't been a clear winner, there hasn't been the Facebook of Of healthcare. The Microsoft of healthcare. What is it gonna take to have a real breakout success? These are complicated sectors, complicated industries. There is a big policy aspect. There is a big reimbursement aspect. So the entrepreneurs tackling this need to have a different mindset. It's gonna require more perseverance. These are not gonna be overnight successes. Require more partnerships, it's going to require really working with a lot of different constituents. It's going to require engagement on policy because they're regulated. Let's say that president- elect Trump called on you to the White House and said Steve I really want your advice. On how to fix health care. What is the most important thing I should do, what would you tell me? Unleash entrepreneurs. A lot of entrepreneurs and investors are scared away from health care, because it is complicated, because there are these regulatory aspects. Because it does require more More persevere as it does require more partnerships. So how do you get more of those innovators focusing on kinda improving their healthcare system to make it easier for them to be disrupted, I think would be my primary advice. [ BLANK_AUDIO ]

AOL Co-Founder Steve Case Has Some Advice for Donald Trump

The loco- social network Nextdoor has raised $ 110 million, valuing the company at more than $ 1 billion. Robert, is this company worth the money? I'm skeptical, Andrew. So this social network, it's basically like a digital enclave for your neighborhood, where your neighbors can exchange services and. And recommendations. Bur right now the company makes zero money. Zero. They generate zero revenue. Zip, zilch, nada, nothing. I don't think it's worth more than a billion dollars. What is. How could it be? What is the problem with this? So there's a long, long list of tech companies that generate no meaningful revenue but are worth. Billions of dollars. Some might say that's a problem with the tech industry but look. Mm- hm. Our own unicorn list is chock full of these companies, and once they start to monetize, once they start to generate that revenue, hey, it's good business. It's all about engagement. Nextdoor has got a lot of it, what's not to like? We've been here before, Andrew. We've seen businesses attempt to get into the hyper local market and they have been utter. Failures. Do you remember AOL and patch. Sure. I mean, they blew hundreds of millions of dollars. What makes you think that next door will be any different. Look, I agree with you, Patch was a total bomb, but it's a different beast. It's a series of pages, they were showing display ads on them. That's a tough business. We're talking about a social network here where engagement is at the center. So next door is looking at the interactions between it's members. There are like five million of them a day or something. Use and recommend a million services. So, Netstar wants to use that data, improve the recommendations, take a cut out of those. And, if that's not enough, they wanna be a springboard for some of these on- demand services, like Uber and Instacart. That's pretty good business. First of all, there are way too many on demand services right now. [ LAUGH ] The market does not meet the demand. And, to return to your other point. They're gonna start letting business onto this platform this year. Sure. And, if I were the CEO of that company, I would be very concerned that thing's are gonna get a little bit spamy. [ CROSSTALK ] Or that you're gonna be the next. Facebook, the next Twitter? Look, all of these very successful social networks, publicly traded, totally out there, use sponsored posts, display ads, all sorts of things that you're talking about, we're used to them, they generate meaningful revenue, come on. I don't know Andrew, I think right now investors are chasing a big old tech bubble. All right, fair point. For one show that's always neighborly, come to fortune. com for more Tech Debate.

The private social network for neighborhoods just got valued at over $1 billion. Fortune's Andrew Nusca and Robert Hackett discuss whether their product is innovative enough to compete.

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