Fortune Staff

This year’s Fortune 500 marks the 68th running of the list.

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Aaron Pressman

A new coating could protect ATMs from spreading diseases like COVID-19. But will it work?

/2020/06/15/coronavirus-atms-coating-protection-spreading-covid-19/

Lynn Martin says a pipeline of companies is ready to go public when market volatility subsides

NYSE President: IPO Outlook Is "Incredibly Strong"

Leadership

Flynn thank you so much for joining us to talk about the financial markets and your new job as president of the new york stock exchange and I'm sure people ask you this all the time, when is this bear market gonna come to an end? When are we going to see the stock market rallying again? What do you say to them? How do you answer that question? I think the most important thing that we could be doing at the new york stock exchange is convening people convening people to discuss the economy to discuss what's going on. Markets staying close to our issuers staying open, ensuring that trades happen as efficient way as possible, that buyers and sellers are both able to express the opinion as transparently and as efficiently as possible. Well you see a lot of data you get a tremendous amount of market information and you talk to the C. E. O. S who are running the 2400 companies that are listed on the big board Listening to and reading all that data. Do you have any indications of how next year might look when it comes to the financial markets? I wish I had an indication of how next year was gonna look but unfortunately I don't right now I'm spending as much time as possible with our community of 2400 list. The company's combined market cap of those companies is actually over $30 trillion globally. So right now it's most important to stay as close to our ceo than ever. And you know what we're talking about a variety of issues. We're talking about things such as E. S. G. And how to continue to evolve in environmental, social and governance, uh impactful way as possible. Why are you picking up on that? I know there's been some pushback on, you know, some companies are saying their shareholders don't want them to be investing in and concentrating on environmental issues, governance issues when they really should be just making sure they get a good return for their shareholders. Obviously the primary objective for the ceo of our 2400 Companies is to maximize shareholder return. But importantly, they have seen the value that diversity brings to delivering on that shareholder value. It's why of our 2400 listed companies combined market cap of $30 trillion globally. If 100% have at least one female director, 95% of two or more female directors on their boards and 90% have 20% or more female directors on their board. They all see the value. The diversity of thought diversity of leadership can bring to the operating of a company. Let's circle back to what's going on in the markets these days. What's your take on individual investors and how they're handling these big sell off. The main thing that I like to tell the individual investor is it's really important for you to do your homework when you're investing in a company invest for the long term and have a balanced portfolio, have a diversified portfolio if you look at today, for example, that could mean having a variety of fixed income securities where yields are quite good. Um And you get the tax advantages coupled with your equities position. But even with all that research um the factors that move the markets these days are very technical, very complex and dominated by what people call robot trading. So it would seem that individuals just don't have the understanding that the professional market players do but they're at a disadvantage no matter how much research do I tend to disagree. I think the wealth managers have done a really good job in educating the individual investor and providing them with tools at their fingertips to do the analytics and the homework behind a company before they actually invest in the company. Let's talk about the I. P. O. Market because we've just not seen much IPO's these days. What can you tell us about the outlook for I. P. O. S. I think the outlook for I. P. O. S. Is incredibly strong. Uh Inter terms of the pipeline that we've continued to build. The public market currency has never been stronger. We have conversations with companies that are private that are looking to tap into the public markets either from a capital acquisition standpoint. Um From from a strategic M. And a perspective to reward their employees to diversify their shareholder base. So the public market capital has never been stronger. What you're seeing right now is timing. It's all related to timing the volatility in the markets is causing those companies who want to go public to take a step back and really decide what the right time for them to go into the market is. It's not until you start to see some of the volatility in the major indices start to abate that you're gonna start to see companies, more companies go public. Well how does the pipeline look? I mean do you get indications that there's a line up of companies that are ready ready to go public as soon as the timing there? Absolutely is we have a strong pipeline that we're ready to take public as soon as they're ready to go. But when investors look at the companies that went public a year ago, they've been some of the worst performing stocks this year. Do you think that that will scare off at least the individual investor from getting into the I. P. O. Market which used to be such an exciting investment to make? Well I think it will cause the individual investor to do a bit more homework before they make the investment in a company on their I. P. O. Day after they have gone public. You're still optimistic. I'm very, let's talk a little bit about leadership. It's been almost a year since you became president of the N. Y. S. C. And it's been a bit bumpy start. I'm just wondering how did the dramatic market selloff that have been going on this past year um shape the way you had to lead the big board from day one. So on day one I thought coming into the role that I would probably have a bit more of an active I. P. O. Market than I was facing. I think I was in the job a couple of weeks. The volatility really started you know mid january when you start to see those 1200 point swings in the dow. That that caused everyone to take a little bit of a breather. Um but importantly I had to focus on really important things like system capacity and efficiencies and ensuring our systems stayed open. And if I look at our performance over the last 10 months we've had all of our peak messaging days. The most incoming order messages, most buys sells trades happened on the N. Y. S. C. During this period were processing half a trillion messages across our platform every day. That it is an amazing number. It's more than 20% up off of the pandemic highs. So the amount of messaging that is in our system really spoke to the technologist in me to ensure that we are offering the most efficient experience for the liquidity that wants to be matched. A lot of people might not know that your background is pure technology, Your data scientist programmer. When you were a student, you studied computer science statistics, your first job was at IBM. So you have this tremendous amount of tech expertise? How critical is that for the way that you have to lead the NYC right now? I think every company has a technology story to tell and every company that is innovating is doing so with technology. Given that I've been so focused on technology throughout my career, not just at N. Y. S. C. Um, I find it to be a very exciting opportunity, but this is the first time that you're in charge of running a huge enterprise. Did you get any leadership advice before you started at the NYC? Well actually the group that I lead just prior had slightly more people than the N. Y S. C. So I'm used to leading very large teams and I'm used to leading teams through periods of transition. It's been a little bit of baptism by fire throughout my career where I've been parachuted into situations that are in the midst of a transition. Didn't happen to be a market transition like we're going through now. But it gave me the expertise. I'm sure many women look at you in awe and wonder that what do I need to do to lead an iconic organization like the NYC or a Fortune 500 company. What's your best advice? The advice I would give is don't be afraid to raise your hand for a tough challenge. Don't be afraid to say yes. Don't be afraid to seize the moment. Don't be afraid to make a bold step. Is that what you did? There are a variety of times throughout my career when I had been offered jobs, when I where I didn't think I was the ideal person and at first I didn't say yes for at least one or two of them. But then as time went on, yes gets much easier. And it's a piece of advice I always give to young females. Someone's offering you that opportunity because they believe in you. They believe you are the right person for that job. So just say yes because you are the right person for that job.

Iman Abuzeid, Co-founder and CEO, Incredible Health 
Kirsten Green, Founder and Managing Partner, Forerunner Ventures
Moderator: Mandela Schumacher-Hodge Dixon, All Raise

Most Powerful Women 2022 - Breaking Barriers And Raising Capital

Iman Abuzeid, Co-founder and CEO, Incredible Health 
Kirsten Green, Founder, Forerunner Ventures
Moderator: Mandela Schumacher-Hodge Dixon, All Raise

Breaking Barriers And Raising Capital

our next session is about something also near and dear to my heart, something we can all probably agree on the world needs more female founders. Uh, there is some good news on that front. A recent study found that in 2021, of new businesses were started by women. We love that. But female founders and especially female founders of color still face daunting and discriminatory challenges. We are about to hear from three women in the know about breaking barriers and overcoming hurdles when building a business from the ground up. Iman abou Zeid is co founder and Ceo of incredible health. She is also the first black woman founder to lead a company to unicorn status. Kirsten Green is an award winning VC and the founder and managing partner at forerunner Ventures and they're joining us today for a conversation with Mandela schumacher, Hodge Dixon. The Ceo of all raise an M. P. W. Summit guest co chair. Please join me in welcoming them to the stage. Hello. Alrighty. Welcome Welcome. Hello everyone. Alright. Hello everyone. You didn't know the energy arrived. All right, so I'm super excited to be joined by two powerhouse individuals who I've admired from afar and now get to admire up close. So to set context, I'll never forget the first time I sat in on a pitch meeting between an investor and a founder. It felt like I was having a front row seat to the future and it felt like I was having insider access to this very special relationship between a venture capitalist and the founder and the partnership that it takes to create these mythical tech unicorns that many of us in the room use we work at, we sit on the boards of, and so now I am joined by two leaders in the industry and and we have iman and Kirsten. So starting with you, iman, congratulations on the big news. If you haven't heard iman's company, incredible health raised 80 million in series B funding and is valued at 1.65 billion. She is the fourth black woman in history to ever lead her company to unicorn status. So iman, what does this smile? So mean to you personally, I mean personally I'm, I'm proud of the accomplishment. We've also just gotten started right. So the company is only five years old, so we still got a long way to go. You know, we're pursuing this vision of helping healthcare professionals live better lives and the mission of helping them find and do their best work. And you know, we're aiming to be this category defining market leading company. Now. On a personal note, of course, I'm proud of the accomplishments and impressed by what the team has achieved too. But I hope this is not, this is one of the last times, it's actually like a headline like that, like we need, we need to be on the 100 or 200 or 700, you know, women or black women starting a unicorn company. So I hope it's not as big a deal over time too. So Kirsten, I also want to tell you congratulations because it's the 10 year anniversary of forerunner ventures existence in Silicon Valley, the venture ecosystem this past july, you passed that Mile Stone, you are one of the most successful and celebrated women in venture capital today. You have invested in top brands like Glossier Away ritual, the farmer's dog chime fair and many, many more. And earlier this year you announced the close of another one billion in funding, making forerunner ventures a um north now of $2 billion. No, so I want to ask you the same question question I asked him on is how does this feel for you personally, what does this mean for you? Um the last 10 years has been a really incredible journey. And um, I think when I started forerunner, um and I was an outsider to Silicon Valley and the tech industry, I came in with tons of ambition and enthusiasm and naivety. Um and my goal really was to try to learn how to be a great partner to founders, try to build a team around, you know, that could work together and to over time earn the right to invest in a company that we thought was worthy and making an impact at whatever stage and we sort of had to start somewhere on that journey. So when we, when I launched the firm in 2012, we had a $40 million dollar fund. So it's been a series of building blocks and 10 years felt like a big milestone because it's been a decade and I was able to look around and feel so grateful for the incredible team that I get to work with and for um, all of the founders that we've backed. Um, but, and, and the billion dollars felt like a milestone in that, um, in that it sort of was that moment of like, okay, we have enough capital now that we can start early with the company, you can follow through, we can invest in a little bit later stage as well as the early stage, but really it was just like a mark on the journey and I still feel, you know, really excited and ambitious about the next decade. Oh, exciting. Okay, awesome. Well, thank you both so much and if you aren't impressed yet, I want to ground you in some stats of the environment they're working in. So 93% of all venture capital dollars are managed by white men, 82% of all capital deployed to startup founders last year went to all male teams project Diane reported that less than 1%, even less than .3% of all venture capital went to black women founders. So this is the environment they're Navigating. So my question to both of you and I'll start with you, Eamon is as you've navigated these environments, what has kept you motivated to continue to break through barriers and forge your own path to success. I mean, I mean, first and foremost is the the level of assertiveness and determination. You need to just get through all of that is a lot. Um, now the truth is I didn't do it by myself. Okay, so first and foremost I align myself with investors and venture capitalists who frankly, I wasn't their first female Ceo, I wasn't their first minority Ceo. And so the great thing about, you know, the Internet, it's like their portfolio companies are all available, right? You can see who has a track record of investing in women and minorities or not. And you know, when your craft, when I crafted my list of, okay, which investors am I gonna go for? Yes. For me, in my case it mattered that they were in the bay area. I needed marketplace investors and tech investors and so on. But I did eliminate from the list of those that have never invested in a woman. So it's almost like you, you can self select. Um, secondly, I really, uh, fundraising in and of itself is a, is a skill and honestly operating a company. This is a whole set of skills and just really worked on honing my craft. And there were two couple ways I did that first is just surrounded myself with uh, C E O. S that were ahead of me. You know, they were in the next they're in this next stage. Uh and and those were individuals who really, you know, gave me an enormous amount of advice. You know, we're all in the same WhatsApp group or whatever it is, we do our meet ups and our lunches and dinners and so on, where you can really um be extremely, you know, empathetic and open with each other. Uh, and then finally I just really uh made sure to focus on like process honestly when it came to, especially when it comes to the fundraising. Um, you know, it's not just uh it's not enough to just select the right investors to pursue, but like the way you come up with the content of your pitch, the way you come up with the um, the way you run the process, there's a lot of nuance there that has to get learned over time. Um, Yeah. And ultimately, like the last thing I'll just mention is, you know, the statistics. Yes, it's dismal. It's terrible. There's all this bias in the system. But honestly, if you're a ceo it might be the same. Even if you're an investor running a fund. Like you can't actually think about that stuff too much. It's very distracting honestly. And so you just have to really just focus on your your mission and your vision what you're trying to achieve because the biggest thing I can do for this industry is just win, frankly and the same person, right? Like as long as more and more of us are successful, that's, that's a big thing that's going to transform this industry and change some of the statistics Well said, Well said, and how many years have you been running incredible health, five years, five years and then you're 10 years into forerunners journey. So what has kept you motivated to keep going, keep growing, You said you're just getting started? Well, one, I feel really fortunate that I found a job that I love as much personally, that I feel like I get a lot of energy and satisfaction out of the opportunity to be learning all the time and meeting new people and being inspired by seeing their passion, what they're putting forward. Um, but in keeping a little bit with the broader theme in this conversation and thinking about those stats and feeling like I came into this industry, like I mentioned as an outsider, I will admit, I was thinking more about what I wanted to accomplish and the kinds of companies I wanted to invest in and where I thought the opportunity was over time. I've come to really appreciate venture capital, very ecosystem driven business. I've come to really understand that, but appreciate where I am, You know, find support and um and how we collaborate together and to really think about um you know, there are there, it is, it is frustrating to think about only 2% of the money going to women or only, you know, six or 7% of the money being in the hands of women, but I think that like there's a lot of ways to have impact beyond just those stats. Um and so yes, we think about diversity in our portfolio and making sure that we're um you know, being open minded about everything we're investing in. I think when we're in the boardroom, I'm thinking about how do we have an impact on the conversation about the leadership team about the priorities for the company, around sort of career development around a diversified executive team to really think about getting kind of more parity in the leadership roles and having that be part of the role of advancing the whole industry. Um and it's a collective of all of those things working together, that I think gives us the best chance to see more progress. Awesome, awesome. And I know because of the conversations I've been having around the wonderful breakfast bars and the coffee stations, people are very interested and potentially becoming a venture capitalists, there's a lot of growing interest. So, Kirsten, what is your advice to those who are not yet in the room, not yet playing the game, who want to um Okay, so let's see. So i it's been 10 years, I think when I started, I felt like there was a it was even a more closed ecosystem, there were fewer people that had started funds or firms. Um I definitely think that's changed over the last 10 years, we've sort of had a booming economy, a really, you know, a hyper paced startup ecosystem. A lot more founders have been drawn to the ecosystem, A lot more investors have been drawn to the ecosystem, and honestly, while the numbers aren't high enough, it's been encouraging to see the amount of women coming into the market and um, and coming with their whole passion and their whole heart and their ambitions to do that too. I think at some point, you know, now we're in a different part of the economic cycle. Um the conversations are much different around all of our tables and with our founders and trying to set priorities in many ways, it's, it's a lot better, it's more constructive. Um and I think is, you know, a lot of the conversation is more about really sound business building and thinking about building for the future, but back to the venture ecosystem, I think there's also some natural kind of flushing out as people understand like the fullness of the job, it's not just chasing deals around, it's really about helping being um, constructive around the table and bringing, you know, some experience or some expertise to bear to try to make the company better. Um, but I also think with all of the, the way the venture capital ecosystem has grown, there's so many more types of investors and so many more pockets of money if you want to think about making a statement in this space? I think it's important to have some focus, like your mom was saying about her company, so in your business, like think about what do I want to be known for? What kind of, you know, what kinds of companies do I want to back? What sort of theme or thesis do I wa you have, what sort of expertise do I want to bring to the table and try to lean into that? Um it's also obviously helpful to to really have a marquee company and a founder to pair closely with and and sort of be able to be on that journey together. Awesome. Thank you. And I know you already iman shared some of the tactics that you've enlisted to get to the place you are at and you've been kind enough to even support founders in my network, so on your path to greatness, you're still stopping and helping people even being here right now. So for, for people who are reading the blog post listening to the podcast, all the ways to raise capital, like what have they not heard that you want to share with them right now that they need to hear. Uh okay, what are they not heard? I'm trying to think of things that haven't been mentioned before. Um ah uh for first is just like, let's just talk about the topic of content, like what you're actually saying. Um the number one piece of advice I give to almost every ceo, particularly a female ceo is, can you please be more ambitious? Okay, so the, I'll give you an example from our company. So I could, I could go in there and say incredible health is a career marketplace for health care workers. Or I could go in there and say incredible health is a career marketplace for health care workers. And we're aiming to be the category defining market leading company in healthcare labor, like which of those is going to have the investor lean in more. Right? So, and, and I think every part of the pitch is supposed to be like a mic drop like that, right? Like that. The way you talk about product, the way you talk about your go to market strategy, the way, like, the way that you paint the picture for the future, just really have to be very, very ambitious because guess what your, what your male counterparts are like going, going in their crazy ambitious too, and you need to really match that level of ambition. Also understand the, the incentives and the numbers that are motivating the venture capitalists to, I mean, they need high returns, really, really high returns. So pitching big tends to help, um, the second piece of advice all offer on the, on the fundraising pieces, just like, do your background references are very, very important. And there really is only one group of backdoor references that matters and that is the other portfolio Ceo. That's it. And so, um, no other investors, not. You know, other people they might have worked with in the past. It's what is going on with the portfolio Ceo, particularly Ceos whose companies have crashed and burned. Oh, and that is the mic drop. We want to put a round of applause together for these two pioneers. Thank you so much for your time.

In recent years, policymakers have tried to harness a reliable and affordable energy supply, with minimal environmental impact. But the ambitions of COP26 paired with geo-political instability has made this riddle even more difficult to solve. Held in Egypt this year, the annual climate summit needs to produce concrete solutions, as COP27’s host continent, Africa, is on track to have 700 million climate refugees by 2030. A conversation with BCG’s Rich Lesser about why it’s important now, more than ever, to see legislation that boldly addresses climate change and turns promises into action.

Keeping the Transition on Track: What to Watch for at COP27

Conferences

A conversation with BCG’s Rich Lesser about why it’s important now, more than ever, to see legislation that boldly addresses climate change.

A conversation with BCG’s Rich Lesser about why it’s important now, more than ever, to see legislation that boldly addresses climate change and turns promises into action.

uh, Rich. Okay. So for those of us who are not going to be going to Egypt in a few weeks. Can you give us a preview? What is going to come out of cop 27. Yeah. So, so first it's great to be with you And I think the conversation has just been wonderful supply. I've learned a lot. And uh, it's been really interesting. I would say we have to, if we're gonna talk cop 27 it's important to take one minute back on top 26 which is, I would agree with the critics who would say versus the science versus 1.5 degrees cop 26 under delivered, I would have said versus the politics of the in going expectations. I think it got much further than many people, including me to be honest, expected going in with commitments on coal and methane and deforestation. The launch of the First Movers Coalition that john Kerry and the west launched with breakthrough energy catalyst with the fans agreements with that was discussed earlier on this in this conference. I think so. But but the truth is relative to what we need. We're not there yet. And I think that's true. And even if corporate commitments to S. B. T. I'm going up 65% you know, I mean, there's a lot of stuff that's happening, but it's not at the pace, we need, I think if we turn to what's going to happen in Egypt then in a month or five weeks at cop 27. I think we'll see two broad sets of themes. One thing will be discontinued, progress on mitigation, like how do we continue to make progress? I'm not expecting so many things to be dramatically different from a year ago in terms of new agreements on that front but you never know and we can hope it's just such a challenging world right now. I'm sure we'll come back to. I think what the Egyptians are really trying to do is also turn our attention to other things that are really important given that we will already be having some level of climate change and potentially quite a lot since we're not even on a two degree path at this point on adaptation and resilience will be a huge focus. How do we prepare for what's already underway on how do we finance the transition which some of your previous panelists have spoken to but specifically how do we ensure the just transition given the communities that are going to be impacted as we do this And how do we get the right level of collaboration between governments around the world, particularly to help the developing world war. And and I think we'll see a lot of participation from the african business community and how do we get business government and the social sector collaborating. So I think that the this cup will try to build on the momentum from the last cop I think we'll see a lot of that in cop 28 by the way as well in the u A. A year from now. But this one will also really pick up on the adaptation resilience, just transition themes great. There's, you know, it's a it's a confusing time in the world. There's a war in Ukraine, there are hurricanes tumbling through florida. What how how do you see the geopolitical instability and you know, the numerous climate events kind of affecting the tone? I think the whole world is just a more down tone than 10 months ago. Right? I mean, it's hard to the impact of the war, the impact on energy security, the impact on food security, the risk of inflation in many places. The risk of reception. I mean, I think we'd be kidding ourselves that we didn't think it would be a more challenging tone I think is it specifically relates to climate. It'll have two kinds of implications on the one hand, more energy security in many ways in the medium term aligns with more focus on renewables and other things. And and and and so I think in some ways it gets a boost on the flip side, there's so many more parts of the world that are economically challenged. We need really big investment here. And I think, you know, countries will be particularly countries that are less wealthy uh will will be challenged to how to balance rising interest rates, pressure on food security, pressure on energy security with what is even more obvious needs for focus on sustainability given the numerous climate events including the hurricane that you can never exactly chase trace the temperature rise when you look at the size of the hurricane in florida, or the droughts in china or the heat waves in various places. It's hard not to believe there's even more recognition now than there was 10 months ago and there'll be more recognition in a couple of years from now than now on the need to get on with this agenda. Sure. On a slightly more upbeat note, there's been a lot of excitement in the green room about the I. R. A. So I know you wanted to talk about some of the, some of the things you're excited about in that bill. Oh, I just thought Laura referred to it in her special in a few minutes ago, but I was with you. Um, but I, uh, we are really, it's a very important piece of legislation and I think two or three months ago, no one thought it was likely to happen. So it's not that this was a slam dunk to get this through. But the for two reasons, one is it dramatically changes the incentives around investments? Our estimate is to unlock an additional trillion dollars of investment in these technologies that will massively move the electricity structure to renewables ahead of the pace we were on before, in a sense, all sorts of new technologies from hydrogen to direct air capture and so forth. But the second is the most important thing if we're going to help the whole world de carbonized is to bring down the costs of these uh, technologies like that's so important. Part of the reason we've been so involved since the beginning with breakthrough energy catalyst and Bill Gates, that team is trying to do. Um, and I think that the amount of investment that's going in is unprecedented, unprecedented. And I think it'll have several implications. Hopefully don't lower the technology costs, it will spur other governments that want to be competitive in this to think about matching it. You know, europe is taking a more if this is carrot incentives, the european approach has been more stick, you know, raising the price of not being de carbonized. I think it'll put pressure on other countries to sort of think about the incentives that they're offering. And so I think both in terms of direct and indirect impact, it could be really Very substantial. And then the last thing I'll say, it just came out a report we published a couple of days ago. Um, it's striking how much it changes the scope three opportunities for downstream players for an auto company. It almost makes moving the net zero production of a car to zero cost. It lowers the cost for a pharma company by 70 to 80 because all of the things that were expensive in their supply chains are now very heavily subsidies if it's for their U. S. Production. These are all global companies, it doesn't yet help with the production parts that are outside the U. S. But but it dramatically changes the cost. The flip side is it's gonna take a while to build sufficient supply. As several of your guest mentioned, we're facing enormous supply challenges that I mean their scarcity sort of put a real premium on the downstream players that get their handles on this and can move faster because they will lower the cost for themselves substantially to be able to offer a this to consumers who are not ready to pay much more even though they say they want it. That's interesting. Um What in terms of incentives for companies are there things that you think more incentives that we can offer or I mean how how do we get companies to kind of change their behavior and invest in a way that's better? I I personally don't think the issue is needing more incentives in the U. S. Uh you know something's obviously you hope and I know it's so hard legislatively in the U. S. To get things done. Of course this bill won't be perfect of course when you're trying to design, I mean between this and the infrastructure bill there's $500 billion almost going into into you know the carbon. Izing energy and the whole related set of technology you can never get that right the first time there will be issues it'll need to be refined of course I think the bigger issues are can we do more to price carbon in other ways which is politically so hard everywhere in the world. We saw the yellow vest, yellow jackets whatever in in France and we we've seen how hard it is politically in the US could we do more to price carbon and can we get other parts of the world to realize how much this has changed the economics in the US how it makes us more attractive destination and feel some pressure to offer similar incentives and really drive down the cost of these technologies to make it affordable and lower income countries and accelerate the momentum because I said we're not even on a two degree path now so we need these technologies to go fast and we need all of them. I mean we need nuclear as the rolls Royce. Gentlemen said earlier we need we need hydrogen, we need direct air capture to put carbon back in the ground as well as renewable energy across across you know industries and countries. Excellent thank you so much. Good luck and I hope you'll come back and update us after cop 20. I thought we talked about that and I really appreciate you know the amount of effort that the countries that host these cops whether it was great Britain the U. K. A year ago or each now or the U. A. E. You know it's easy to focus on what we didn't get done and we wish the world was going faster. But I do think between the U. N. Efforts and the country efforts will see some progress and now we need to work together across business and government to help us go faster. It's a pleasure to be with you.

A rise in energy prices around the world. Unreliable grids and power shutoffs across the country. A dramatic increase in the number of electric cars sold every day. And to all of that, add the rise of conscious consumers who are decarbonizing their homes to save money and lower their emissions. The energy transition is under way and the demand for electrification has never been higher, so how is the industry responding and innovating? 

The Power of Energy Innovation

The energy transition is under way and the demand for electrification has never been higher, so how is the industry responding and innovating? 

and welcome panelists, thanks so much for doing this. We're gonna jump right in because time moves very quickly on the fortune stage. Um, so I want to ask sort of a couple of broad questions directed to each of you about this idea of energy innovation, which is of course the title of our session here, Annette, I'm going to start with you. It seems like there are two key parts to accomplishing this energy transition through innovation, technology and business, you know, really the business models and the rollouts here. So, and then I know that in many ways, uh, Snyder's wheelhouse is the technology part of this. And so I was hoping you could give us sort of a high level look at what needs to happen, what can be innovated upon in order to move this transitional loan faster. Thanks molly and, and thanks mary as well for being on this panel. I, you know, look, Schneider Electric is uh, was voted last year as the world's most sustainable company by Golden Knights. And with that comes a huge responsibility uh, to not only to carbonized ourselves, uh, and to drive more sustainable sources of energy, but for our customers as well. And, you know, we are an impact company, which means an impact company, you know, does good by being good. And that means that we have to help our customers navigate this very complex landscape of, you know, what to do in the face of energy. And I think the first thing we do and, and, and, and molly it's, it's sometimes not as uh, sexy, I suppose that some of the other things we can talk about. But the first thing we do is help customers with energy efficiency. It's a bit the unsung hero in all of this is the sort of the megawatt, a lot that you don't use. And our core businesses around helping customers visualized C and and really understand their energy. Their energy uses both commercial, industrial but residential as well. The next one is around actually more sources of renewable energy. And of course, I know mary would agree with me that, you know, really helping customers understand where they can access renewable energy and how they should think about renewable energy. And then the last one is helping them understand their entire value chain. And you know, we talk about scope 12 and three, but scope three sometimes is 11 times more carbon consumption than the other two, scope one and two. So understanding your value chain. And I give just a quick example, uh for example, we have a big project with walmart called project gig aton and it's actually leveraging their entire supply base and trying to help their entire supply base de carbon eyes in a way that helps walmart reduce scope three same thing. A project energize 12 pharmaceuticals who are working across many times a common supply base and helping that common supply base to carbon eyes on behalf of these of these farmers. And then, you know, you talked about micro grids and I wanna make this a quick point on the decarbonization, decentralization and digitization we call it the three Ds. But their core core core and microgrids are are becoming, you know super important in in all three of those Ds. And honestly uh in a couple of weeks here I'm gonna be going to a ribbon cutting for Montgomery County where they're electrifying there bus depot. And the thing I love best about this is not only the sustainability aspect of it, the resiliency aspect of it in case of storms but it's the democratization of renewable energy for the people of Montgomery County that you know ride the bus? It's a high high elderly, high high divers uh community that really needs more access to renewable sources of energy. So we say it's minor, you know, life is on when energy is on but life is on when more sources renewable energy are on. And that's kind of how we're thinking about it. Right? Well I want to piggyback off of decentralization as I turned to mary and talk about the structure, right? The structure of energy. Roll out the business models behind it the way that consumers consume and pay for energy. Um what do you see happening in that regard? And how important is it to rethink the idea of one big grid and start talking about how every E. V. In every driveway is a little baby power plant 100%. So it is it's really nice to be having this discussion today. And Annette thank you so much and I love what you're doing. I love what you're talking about. Um you know particularly the importance of the megawatt you know as we need to strategically electrified society. So as folks know like Sunrun we exist to have a positive impact on the planet. Like that's why we were founded, that's how we've gotten to 15 years and now being America's leader in providing customers with not just the ability to you know create their own energy through solar, store their own energy through battery storage and then drive their own energy through. You know, again we're wrapping in, you know, not just solar not just storage but Evie charging. And we've partnered with ford on the F 1 50 to utilize the bidirectional charging. So that again you can you can drive your storage or can you can use your storage To back up your home. So again, the technological innovations that are being driven across the space including at Schneider are just so important to get us to that way more affordable resilient way to power homes across America. Um and you know, again my background, I was a utility ceo for over 12 years working towards actually this exact same future because it was so obvious to me by a I would say 2005 that you know, not just is America's grid system really economically inefficient. It's it's you know, at like 40% economic efficiency, but it's not built for climate change, it's not built to provide customers with what they've been craving so much, which is reliability, resilience independence and the ability to power through any kind of event. And we've seen that, you know, sadly real time happening this week, you know, in the context of what happened to Puerto rico now, what's happening in florida? So again, the work we've been able to do isn't just about dramatically improving the lives of customers of communities. You know, Puerto rico actually as an example after Maria, we worked with the san juan, um you know, uh the fire department to make sure that they had solar and storage so they were able to power through the whole event, utilize communication systems to better serve people that were impacted by the event. So one of but back to sort of your question molly about how it makes the whole grid operate more effectively. That was actually my first, an initial fascination with it as a utility leader and why like we leaned in way back in 2008 to put incentive solar on homes and then to providing storage in homes way back in 2015 because we always saw that the path to a more economically efficient, environmentally sound and resilient grid was to create the grid of the future, which is about leveraging technology leveraging innovation leveraging as I said, these thousands, millions of points of light in the system and working to provide a more cost effective grid for all. And as a great example, again, really unfortunate event, the heat wave we had in California, but to really put a point on that the 17,000 customers we had were supplying 80 megawatts of support back to the grid during six PM and nine PM, really helping to avoid blackouts. So there's just so many proof points that this is the way to a more innovative, resilient um energy future for America. So again, from a socioeconomic perspective, it is profound um from a sustainability perspective, you know, we're we're focused as a sustainability company and you know, back to the nets point on the scopes, you know, scope 12 and three. And making sure that what we deliver really provides just in tremendous environmental and economic value. But I want to throw at you though both of you in the last four minutes, what are there our system, even as we know, how urgent this is. Right. There are systemic business and technology barriers. And I'm seeing actually the chat raised the same question, which is what are the obstacles politically and in terms of infrastructure and existing business models that are preventing us from moving forward faster because, you know, you brought up the example of the power outages in California. I have solar, but not a battery. And I was sleeping on a pool chair because the power was out for eight hours, you know, it still is very real and there are some things in the way and I'll give you a minute and a half to answer this gigantic question. I think, you know, as uh as probably everybody on this call call is trying to figure out how do we de carbonized and what are the right ways? How do we get the resiliency that mary is talking about and the sustainability that our investors, our shareholders and our employees really want us to to go after. I think microgrids are a good approach. Energy as a service is a good approach. You know, if you think about your core business, you don't want to spend your R and D dollars on on something that isn't driving your own business. I think the energies of service models are really important. We have a joint venture with the Carlyle group called infrastructure and what alpha structure does is it actually creates a p P a environment for uh you know, for company where they can they can actually not spend their capital dollars on the micro grid, they can get the benefits, the resiliency and also the the sustainability uh through, you know, through long term energy service and what we find is typically not only do they carbonized, it's it's something they can talk to employees and investors About, it helps their sustainability goals and frankly it helps their bottom line, we have to remember at the end of the day, less carbon, less cost and you have to really get our heads around this. Yeah, yeah, 100%. I mean, you know, we've saved customers, you know, over $800 million. They're saving against utility costs in a dramatic way. And all of these things can be paired together to create again, as many microgrids as we want in terms of barriers. Um, you know, and really to your point, the reality is the fact that the market supply chain challenges have hit the storage market. You know, we could be at probably an attachment rate of, I would say easily 60 to 70% storage, which is our, which is our goal to make sure that every solar customer has storage if it weren't for some of the supply chain challenges. So again, we see those easing, we see the ira as really turbocharging the space. I mean we are, we are seeing, you know, we've guided to 25% year over year growth. Um, so again, demand is there we are at a tipping point, it is happening more innovation is going to happen as a result of that. And I could not be more excited about the ability to really combat climate change through, you know, a customer driven revolution, incredible. Annette Clayton ceo of Schneider Electric and mary Powell Ceo of Sunrun, thank you so much to both of you for this incredible conversation. Thank you

NCR

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