Achieving High Quality Climate Credentials with Simon Mulcahy

Simon Mulcahy is CEO of CO2, and President, Sustainability at TIME Inc. Prior to CO2, Simon was at Salesforce for 14 years in a number of executive roles including Chief Marketing Officer, Chief Innovation Officer, and General Manager of Financial Services. Simon spent 5 years as Head of Technology Industries at the World Economic Forum. Earlier in his career, Mulcahy was a strategy consultant, and before that, a British Army Officer. Mulcahy is a Global Leadership Fellow of the World Economic Forum. He has an MBA from Columbia University, London Business School and INSEAD.

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John: Welcome to another edition of The Impact podcast. I’m John Shegerian, and I’m so honored to have with us today, Simon Mulcahy. He’s the CEO of co2.com and the president of Sustainability of Time. Welcome Simon to the Impact Podcast.

Simon Mulcahy: Thanks very much, John, delighted to be here.

John: First of all, it’s just unbelievable the two very important hats that you wear. We’re going to go into both of them in a little bit. But before we get going, Simon, I want to say thank you for your time today and also can you share with our listeners a little bit about your background, where you grew up, where you got educated, and how did you even get to these two very important positions to start with?

Simon: Well, first of all, John, thank you so much for having me on this podcast. I love your work and I love this podcast so very excited to be here. My background, as you can probably tell, my accent is not American. I’m British. But although 14 years in the US. I grew up in England, but I officially grew up in the Middle East in Iran until the revolution and then we moved to the United Arab Emirates, boarding school in England. Then I ended up basically doing university and then joining the Army. I was an Army officer for five years in Bosnia, Kosovo and in other places, Northern Ireland.

John: Wow.

Simon: Then after that I went into consulting. Hated it. My wife and I, or girlfriend at the time, did a heads or tails flip for where we wanted to move. Canada or Switzerland. Switzerland won. Moved there, got a job at the World Economic Forum, which is incredible. Did that for a number of years, which opened up all types of opportunity. Then Marc Benioff, the CEO, founder of Salesforce, recruited me in out of the forum into Salesforce. 14 years ago, Salesforce was a 2500 person company. It’s now 75,000.

John: Whoa.

Simon: Then last year said, “How about you leave Salesforce and work for him directly building a new business called co2.” As of January this year, I’ve been virtually an entrepreneur building this new business, but also being the president of Time because Marc also owns Time Magazine.

John: First of all, on the heads or tails flip, who had Switzerland and who had Canada? That’s what I want to know.

Simon: Well, we both decided.

John: Oh.

Simon: We were like, okay, well, it was just a discussion of what heads or tails would be.

John: Oh, it wasn’t you chose one and your wife chose the other? Okay.

Simon: We were both like, okay, let’s see what fate decides.

John: Okay. I love it. By the way, I think fate was good to you. Switzerland sounds really good. I think that sounds wonderful, by the way. That’s what…

Simon: Life is half chance. I really believe that.

John: It is half chance. I think that’s so important. That’s such a profound comment in that it’s half chance and you sort of really have to learn. Really the people that I found, I’m almost 60 years old and I found the people who get through this journey the best are able to deal with the chance that actually then comes up, the half chance that they’re dealt.

Simon: Totally agree.

John: Nothing’s for sure.

Simon: Yeah.

John: Nothing’s for sure.

Simon: Absolutely.

John: Let’s go in first, before we get into this very important topic, and as your life as an entrepreneur at co2.com and for our listeners and viewers to find co2, go to www.co2, the number two, .com. We’re going to get into that in a second. But as an employee and as a fiduciary and the leader, the president of Sustainability of Time, sounds like an unbelievably big position as well. What is your role there? What are you doing in that role before we get into the co2 and at your life as an entrepreneur at launching and scaling co2.com?

Simon: Well, Time is an incredible organization with an amazing history of guiding people on their journey as the world evolves. I just joined that team to help, really bolster the focus on sustainability. You’re going to see some really cool things happen to Time and around the construct of climate over time. But obviously first things first is what’s Time’s climate footprint and what does time do to be an ever more sustainable business itself? So we’ve been focusing very much on that. Then also using the resources and capabilities of time to help build this this new business, this new division co2.com.

John: Got it.

Simon: That’s really where I’ve spent my time.

John: Got it. We’re going to go into that right now. But before we go there, is it a classic chief sustainability officer position where you think, you have a team underneath you, you’re not only creating an algorithm of markers along the way and in terms of emissions and net zero goals and things of that such, and then creating an impact report at the end of the year, so you guys can track that. Is that a Time, that hat that you’re wearing?

Simon: Yeah, that’s one of the hats I’m wearing.

John: Okay, so how did that evolve then? Where and at what point did you and Marc have that, “Ah ha,” moment to now take your fascinating and important background, really fascinating World Economic Forum and everything else you’ve done, and then make you into an entrepreneur launching and leading co2.com? Where was that discussion and how did that actually happen?

Simon: Well, back at Salesforce, it’s fair to say, if you take Salesforce, this is a business that it not just provides technology, but helps companies understand how to bring technology into your business. You don’t just bring technology in and sprinkle it over your business. You’ve got to look at the core of what you’re doing and re-imagine what your business should be fueled by technology. You’ve got to, you’ve almost got to go back to some fundamental basics. As companies digitize, that’s what you have to do. You don’t just take old analog processes and make them digital. You have to re-imagine them to be digital. We’ve been helping companies like that for a long time. Along comes Brexit, sorry, Brexit, along comes COVID, and suddenly all of these businesses are finding all of their employees are at home. Everybody’s going, “Oh my God, we need to be a lot more digital.” Salesforce is really helping these companies understand how to respond to the realities of COVID and serve their employees while they’re at home and become evermore digital, very quickly. As we’re going on that journey, COVID turns into a long experience. As we are serving these companies, we start to realize it’s not just being better at being digital that these companies have to be. They also have to reinvent themselves to be more relevant to the world that’s evolving around us as well. We said it was like, wow, companies have got to not only reinvent themselves to be digital, but also reinvent themselves to be more sustainable. Suddenly that becomes a double helix. That is now on the front of these CEO’s minds is, “I’ve got to reinvent my business, otherwise I am no longer relevant to my customers and employees and investors, and being digital’s not enough, I’ve also got to be sustainable.” That was a really big, “Ah ha,” moment. In Salesforce we started making lots of change and I was all over that. Then it just became really clear that this was really difficult for not just the biggest businesses that Salesforce was serving, but all of these other businesses that didn’t have those capabilities. How could we serve that market? How do we make it really easy and how do we make it really trustworthy? How do we really inject trust into this? That was a trigger to say, okay, we should do this outside of Salesforce as well.

John: Got it. Were you drafted? We’ll talk army talk here. Were you drafted?

Simon: Drafted. Yes.

John: Were you drafted or did you raise your hand or was it a little bit of both?

Simon: It was a little bit of both.

John: Okay, I got you. Explain, now, I’m on the website. Again for our listeners and viewers, www.co2, the number two, .com, I’m on the website. Beautiful website, lots of great information here. Explain, first of all, what’s this differentiator? Was there a paradigm for this before or is this really white space that you and Marc and other leaders saw at Salesforce at a time that you were going to be filling? Or was there some sort of paradigm that you said, “Ah ha, that’s that, we could do that better and that’s what we need to do?” What was the original vision and mission here with co2.com in terms of the space that you’re filling exactly?

Simon: Well, let me start with the problem.

John: Okay.

Simon: You’ve got the climate crisis.

John: Yeah.

Simon: But you’ve also got a nature crisis and a justice crisis. Everyone can just look out the window and see the damage that we’ve done to our climate, what is causing the impact on human lives, the impact on nature. Interestingly, if you’re a 40 year old and your child says to you this evening, “What’s the biggest impact that your generation has had on the planet?” The only real answer should be, “Well, since I was born, we’ve wiped out over half of all the biodiversity on our planet and we’re on track to wipe out the other half of it by the end of the century.” That’s really the contribution. We’ve got to fix this. You can understand why gen Z and millennials are angry. These older generations are really stealing from the younger generations and leaving the world worse than when they found it. We’ve got to turn that around. That’s the climate, the nature, and the climate justice crises. Then on top of that, we’ve got really what I describe as a trust crisis. What any company does and what any company says about what it’s doing, that combination has grown to be a major determinant of how they’re trusted. Now I think, and it’s really becoming clear that companies and their leaders are being judged on the gap between what they’re saying they’re doing, and what they’re actually doing.

John: Right.

Simon: That for me is the problem. We need companies to do and we need them to talk about it. Because if you’re not doing either, then you’re not in any way engaged in the climate problem and it’s like you must be deaf and…

John: By the way, Simon, let’s throw in there the gap between what politicians say they’re going to do and what they’re actually doing as well.

Simon: Yeah, it’s a really handy framework. You’re right.

John: Yeah.

Simon: There’s a lot of people who are doing nothing and saying a lot.

John: Correct. That trust gap Exactly. It’s this thing everywhere across leadership in the world right now called political, but of course, as you said on the business, which is the area where you’re tackling, which I love. Because I think business transforms politics nowadays. We’re past Camelot, we’re past that era where politics really had a great role in society. In many ways, business really is the transcending force now that exists. I love that you’re attacking it on the business level first. I love that.

Simon: Crazy. If you do that, then there are a whole number of really clear benefits. Let’s face it, society gives business the license to operate. If you are justifiably waving a flag saying, “Hey, I’m a business for the planet,” customers will reward you, better talent will come to you, investment will be easier. We know that there are real benefits. The problem is, I think, is that when it comes to the actual doing, it’s super difficult for most businesses to get it right. That’s not because they’re dumb or anything, it’s most don’t have high powered PhDs, big scientific teams running around. Instead you’ve got really well meaning CEOs, CFOs, CMOs, trying to figure out, trying to make head or tail of what is basically a really confusing topic. One that’s also changing all the time. What we saw is that, very quickly people find themselves buying offsets. That is where we hit a major problem. Because offsets for most people means buying cheap carbon credits. That seems super convenient but the problem is that according to Berkeley, and according to a number of really carefully reviewed scientific studies, about 80% of the carbon credits in the carbon market are junk.

John: Really.

Simon: We have a major quality issue. I’m not hyping it, this is just scientific fact. Buying a $10 carbon credit is the equivalent of driving down a road, throwing tree seeds out of a window and expecting that to solve the deforestation problem.

John: Right?

Simon: We’ve got that major problem. The second thing is that buying cheap carbon credits leads us into really only supporting a small number of climate solutions, basically cheap nature solutions. Don’t get me wrong, we need these, but our climate is like a system and we need a lot of solutions. If you speak to many of the world’s best climate experts, there are over a 100 different climate solution categories. The carbon markets only sold for a small percent. We need businesses to be serious about solving this, and they need a portfolio of programs. You can’t just solve this by a company just supporting planting trees. It just doesn’t work. That’s the second big problem. Really having a verifiable impact, a real high impact is hard. It means you’ve got to do your homework, you’ve got to understand the science, you’ve got to weed out the good stuff from the bad stuff, which is really difficult and you’ve got to build a portfolio of things that you’re focusing on, an array of things. That was really our inspiration. How do we make it really easy for the average company to do the right thing, especially when they don’t have a big climate team or even frankly have one at all, to find the best projects and make it easy for them to communicate that they’re doing something that’s having a verifiable difference. That was what we were really targeting at fixing.

John: Got it. When you formulated this, what year are we talking about and when did it actually launch?

Simon: We started in January this year, and we launched it about three weeks ago.

John: Wow.

Simon: We launched and if you go to co2.com now…

John: Right. I’m on it.

Simon: …it’s good. It’s a little locked down at the moment and we’re opening it up more and more as we roll out functionality over the course of November and December.

John: If you were to say, though, take your competitors in this space, your favorite top three differentiators from your competitors, what, Simon, if you’re in a big pitch meeting today and you’re pitching against whoever your competitors are, and we’re not here to vilify anybody, I’m using them as a proxy, your differentiators, why co2.com should be the go-to space for what you laid out for the mission that you said in terms of creating measurable, manageable, radical transparency to creating a better world for all of us, environmentally speaking? What are your three major differentiators that you’re most proud of and excited about that co2.com offers?

Simon: It’s trust a portfolio approach and the ability to communicate. I can run through each of those.

John: Let’s do it.

Simon: Really great question. The truth is actually, John, we didn’t set out to build something to look at the market and go, we can do a better job than that.

John: Okay.

Simon: We didn’t set out to compete. We set out to make the old way, the old cheap way irrelevant.

John: Got it.

Simon: Actually, our competition is basically doing nothing.

John: Yeah.

Simon: Right all the people out there, we actually want to succeed. There are not enough people focusing on fixing the climate. Every single one of them matters and counts, and we are in the corner supporting all of them so long as their values are right.

John: Right.

Simon: But I’m digressing. What, okay, the differentiator which makes…

John: Right.

Simon: We set out to make it easy for companies to both say and do. The first step was trust. The last year has really been spent running around building relationships with the world’s leading climate scientists, the world’s leading climate experts, the influencers, top people in the world, senior leaders. These people passionately want the carbon markets to be way better. Building that trust platform was the most important thing. That basically meant we had to build effectively a combo. We brought together the best of the world of science, the best of the world of financial asset management, and then the best of the world of marketing. We took the world of science, we built partnerships with all sorts of interesting scientific bodies to really understand what the planet needs. We built an incredible advisory team and really used the latest thinking to shape our approach. That led to this really detailed seven-step vetting process, including scientists and third-party consultants and all types of people on our team. As we went through that, we realized this wasn’t just about solving for carbon and for CO2 which is in our name, we have got to solve for nature, for community and for things that fall even outside of the carbon market. But that science thing was a big first step for us. Then we combined that with the best of the world of asset management and portfolios. If any of you are investors then a portfolio approach is by far the best for allowing you in your investment world to spread risk. You don’t invest in one company, you invest in many. For us that means not just supporting one project, but many. If one fails, which it may do…

John: Right.

Simon: …and if taken care of you know your impact is still strong.

John: Right.

Simon: The other thing that we found is that fund managers really manage that portfolio for performance. They don’t just look at the business on its technical capabilities. They look deeply at the management team. Do these guys have the chops to deliver what they say? They monitor performance on an ongoing basis. Report back in a really rigorous way, dashboards, reports. That was really the world of asset management, world of science, world of asset management. We were like, oh my God, this is amazing. But that wasn’t enough. For the climate action platform to really work, it can’t just be about doing. Because if it fails to generate momentum and others, we needed to make it easy for companies not only to do, but also to talk about it. There’s a really big deal going on now. People are doing good but being green, but going dark at the same time. They’re calling it greenhashing now. What we wanted to do was make people confident to communicate what they’re doing. As we did that, we found, wow, people that don’t even know the words to use. Then we’re giving everybody all of these tools to multidimensional dashboards and summaries, reports, super cool project stories that they can share with their team or their customers. Then the marketing tools for communication and actually marketing and PR tools. That basically became the DNA of what we have.

John: That’s so fascinating. Couple of things, obviously in terms of wind at your back, it seemed like for the last two to three years, the shift from the linear to circular economy was an undeniable unstoppable trend. The shift to ESG institutional investing led by Larry Flint Fink and BlackRock, and so many other great leaders like him, seem to be also a massive and undeniable trend. Just recently, the last 6 to 12 weeks, we’ve seen a little bit of splash back, a little bit of some states in the United States saying, “Oh, we don’t want, we don’t believe in our state pension funds investing in ESG. We don’t think that’s the right way to go,” etc. Is that just a little bit noise and just push back to some very big trends that are really here to stay? Or do you see the feedback and their push back as something to worry about that could trip up the desperate need for products like yours and services like yours as we move forward and really try to tackle this in a meaningful way?

Simon: That’s a great question. I think sometimes the challenge with looking at what’s in the news, it leads you to… Well, you hear a lot of the noise but it’s not necessarily the signal of actually what’s happening.

John: Absolutely.

Simon: That, I think, is a problem. There is some push back against woke capitalism. There is some push back against ESG. But when you look at the realities of what’s happening, the carbon markets, all the data around the carbon markets show that price of carbon continues to rise. That more and more companies, more and more leaders of companies are increasing their focus on sustainability and bringing it into the core of their business. More and more politicians are talking about it, and some of them are reacting, but it’s only because this is a real and present conversation. But we’re seeing the SCC move forward. We’re seeing the London Stock Exchange move forward. We’re seeing the European Union, we’re seeing Australia, all of these governments are legislating and putting more and more pressure on big business to move. Big business is moving. The world of capital is moving. Now it’s going to be squeaky and noisy because you’re asking a lot of people who are making a lot of money in the old world to break from the old world. Of course, they’re not going to go quietly.

John: Right.

Simon: That noise of them not going quietly might be perceived as a push back.

John: Well, it is.

Simon: But there is undeniable direction and if anything, this is going to accelerate. What this means is, are you a business who’s part of the old world, or are you a business part of the new world? If you’re part of the old world, then just be careful because there comes a point where you are no longer relevant to your customers, employees, and investors. Already we’re seeing the cost of capital for businesses who are going slow on this, go up.

John: Got it. For our listeners and viewers who just tuned in, we’ve got Simon Mulcahy with us today. He’s the CEO of co2.com also the president of Sustainability of Time. To find Simon and his colleagues and all the great work they’re doing at co2.com, please go to www.co2, the number two, .com. Simon, okay, the client that you’re looking for, your team is out pitching a client, I want to understand a little bit more specifically, is it BlackRock and Larry Fink and those kind of huge fund managers and Berkshire Hathaway and Warren Buffet that you’re pitching? Are you pitching, and I’m not singling anybody out, but I’ll make this up just for fun. Are you pitching Exxon Mobil and Amazon to be a client? Or are you pitching a company like mine, ERI, which is one of the world’s largest, if not the world’s largest responsible electronic waste recycling company? Who are you looking to pitch to be part of your consortium so that you can move the needle forward? I want to understand that a little bit. I want our listeners to understand that a little bit more.

Simon: Let me tell to start with who I’m not pitching. I’m not pitching to companies who’ve got large teams of PhDs and scientists hanging around who are dedicated to climate. Those companies have got deep pockets and know what good looks like and know what bad looks like, and is up to them to do the right thing and hopefully they are.

John: Got it.

Simon: I’m talking to ERI, I’m talking to 99.9% of all businesses who are not the very few large corporations. I’m talking to every one of those, the leaders of every one of those who’s realizing that they actually want to be part of the future. Their kids on the weekend are saying, “Dad, are you part of the problem or the solution? Is what you are you doing real or greenwashing?” I’m speaking to those people. Those people who work in small or medium sized companies who want to grow, who need to attract this gen Z and millennial population who’s pissed that we’re not doing enough around climate. I’m talking to those people because they want to do the right thing, they just don’t have a big team. We are their team. We are the back office of all of those, ERI, your company, John.

John: Got it.

Simon: You can’t do it well, but that’s okay. We’ve got your back. We are your easy button.

John: That’s right. Like you said, I don’t have PhDs and other great scholars and leaders like BlackRock does, and like Amazon does and other great companies do that can help us score card the effort that we’re putting forward to make the world a better and greener place. I love that. Let’s talk about the voluntary carbon markets. Are you going to intermediate and disrupt the voluntary carbon markets which we talked about earlier or positively be a creative to what they’re already doing, or some combination there of?

Simon: The voluntary carbon market is expected to grow enormously over the next few years according to McKinsey 15 times growth by 2030 and 50 times by 2050.

John: Okay.

Simon: Whatever the real numbers, I don’t know what the real numbers are.

John: Right.

Simon: It’s a lot of growth.

John: Right.

Simon: There’s a lot of money that companies are going to the voluntary carbon markets to basically buy credits as part of their climate action plan. Our aim basically is disrupt any move towards that money going towards greenwashing, going towards projects that are not helping the planet. We need real money, proper money, money from companies, these CEOs and these CMOs and CFOs of these companies we were just talking about, we need that money to flow to projects that are really having a verifiable impact solving for carbon removal, for solving for nature, and solving for community and doing that in projects that are solving for that now, but also innovating and funding innovation that will create the right conditions for the future. We know that the fact is the carbon markets are about 20 years old and the carbon markets have been flawed for about 20 years. People have talked about it, but nobody’s fixing it. The only way for us to fix the run on cheap, low, or no-impact carbon offsetting is to make going beyond it better, easier, and more valuable for businesses. We want to fix the carbon markets from the inside, partner with all of the people that want to do that but basically make it so that people don’t run to cheap offsets. Instead, they pay a fair price to projects that have a demonstrable impact. That means that we are and want to be the very best partner to the voluntary carbon market initiative, the VCMI, to the Integrity Council of the Voluntary Carbon Market, the ICVCM, and every other acronym that comes up like the exponential roadmap. Universities are doing amazing things like Potsdam or Oxford University, Cambridge University, ASU, Berkeley, Stanford. We are all over those universities. We’re also working with incredible leaders like, well, Marc Benioff himself, but Feike Sijbesma, Paul Poleman, Christiana Figueres, Hiram Zumo, and the bazillion ecopreneurs, who are out there waking up every morning, leaping out of bed and spending every ounce that they have of their energy on trying to fix our planet. We’re helping all of them.

John: I love it. Simon, you’re still a young man and you’ve had a fascinating career, but now, you’ve left the dark side of the corporate world and you’ve joined the entrepreneurial world that I’ve lived in my whole life. How is it? This is a relatively new venture. You just launched it this January, so this is as brand new, this is your year-old baby, it’s 10 months old now as the CEO of co2.com. Where are you in the journey? Are you happy where you are the first 10 months in? Give us a little bit of a snapshot on your vision, where you’ll be a year from now when we have you back on the show to tell us all the success and to share all the wins you’ll probably bring some of your portfolio companies on to share. Where do you want to be five years from now?

Simon: Actually Marc Benioff asked me this, he keeps asking me this exact question.

John: If he’s asking you, I’m glad I asked as well. I’m asking you a good question then that’s good.

Simon: I felt I left a big SUV with really plush seats, really amazing suspension, air conditioning. I’m now in a go-kart where every tiny little pebble I go over I feel. I’ve got these goggles on, but I can feel the wind in my face. Any small movement of the steering wheel, I can really flip this over quickly so there’s a really interesting difference in, let’s call it the ride.

John: Hey, let me tell you something, you’re explaining entrepreneurship better than I can. That’s beautiful, what you just said. I love it.

Simon: I’m loving it. Oh my God, I’m working with the most incredible, passionate, gifted people that I’ve had the privilege ever to work with that I’ve been able to recruit into the CO2 team. I’m working with amazing professionals at Time. Every single person really cares about the planet, really cares about doing the right thing and I cannot honestly think of a better place to be a more meaningful problem to solve that means that when I turn around to my kids and say, let me tell you what I’m doing, they are not like, “Seriously dad.” It’s actually a passionate use of my time. I’m loving it from that human perspective, selfishly. In a year’s time when we will be massively bigger, this is not a normal startup.

John: Right.

Simon: This is a startup with incredible backing…

John: Right.

Simon: …enormous funding and Marc Benioff’s interest in growing this really far. We have to have an impact as quickly as possible. We’ve got some of the best leaders in the world who are supporting us. We are going to be a widely trusted partner to all of those climate leaders, to companies on their way to being climate leaders themselves. We are building an incredible team of passionate change agents. We’re going to be operating all over the world. We are a distributed team where we don’t have an office. But we know that we’re going to be big in the US, we’re going to be big in Europe, and big in Asia and very quickly. We are going to be working very closely with top experts in the world to build these climate portfolios. In five years time, oh my God, in five years’ time, we’re going to be two years away from 2030.

John: Right.

Simon: That is a big line in the ground.

John: Right.

Simon: I really hope that by that time we’ve made a really big difference.

John: It’s fun to just use as benchmarks, when you joined Salesforce and where Salesforce is today, 2500 people when you joined them, 75,000 today. How many people now at co2.com do you have as part of your consortium that’s working with you to move the needle to make a difference?

Simon: We’re a team of just under 20 now. We will be doubling that very quickly. But that’s small when you think of the scientific advisors that we have…

John: Yes.

Simon: …who are effectively a part of our team.

John: Yes.

Simon: When you think of the incredible very senior CEOs and world leaders that we have who are our independent advisors. Then you’ve got all of the people who we are working with at universities and climate institutions. The number grows enormously, that’s well over a hundred people who are spending material time with CO2, like world-class people. Then on top of that, you’ve got the full power of Time Media as well. This is a startup, but it’s not a startup.

John: That’s right. Well, all kidding aside, Simon, really, I just applaud everything you’re doing. I love what you’re doing. This is the reason we created this show years ago to highlight great people like you with this vision backed by amazing people like Marc Benioff. I know you’re going to change the world. I really would like to invite you back on a year from now and bring some of your star pupils, your great example of what you’re doing. That way we could have a group discussion while you get to highlight some of the huge wins you’ve had in that first year and a half or so because I think you’re just set up for massive success to change the world. For our listeners and viewers to find Simon and his great colleagues at co2.com, please go to www.co, number two, .com. Simon Mulcahy, you are making an impact. You are making the world a better place. You are the reason I do this show. Thank you so much for joining us today.

Simon: Thank you very much, John.

John: This episode of the Impact Podcast is brought to you by Closed Loop Partners. Closed Loop Partners is a leading circular economy investor in the United States with an extensive network of Fortune 500 corporate investors, family offices, institutional investors, industry experts, and impact partners. Closed Loop’s platform spans the arc of capital, from venture capital to private equity, bridging gaps and fostering synergies to scale the circular economy. To fined Closed Loop partners, please go to www.closedlooppartners.com.

John: This edition of the Impact Podcast is brought to you by the Marketing Masters. The Marketing Masters is a boutique marketing agency offering website development and digital marketing services to small and medium businesses across America. For more information on how they can help you grow your business online, please visit themarketingmasters.com.

Joyful, Compassionate Living and Eating with Joanne Molinaro

For the Impact with John Shegerian Podcast’s special Thanksgiving episode, the Korean Vegan is the perfect guest! Who better to share thoughts on celebrating and sharing great times together with loved ones and delicious food than “the Korean Vegan” herself? With over 4.5 million fans spread across her social media platforms, New York Times best-selling author and James Beard Award Winner (and compassionate eating thought leader) Joanne Molinaro (a.k.a. the Korean Vegan) has appeared on The Food Network, CBS Saturday Morning, ABC’s Live with Kelly and Ryan, The Today Show, PBS, and The Rich Roll Podcast.

John Shegerian: Listen to the Impact Podcast on all your favorite podcast platforms, including Apple, iTunes, Google Podcast, Amazon Music, iHeart Radio, Audible, Spotify, Stitcher and of course, at impactpodcast.com.

John: This edition of the Impact Podcast is brought to you by ERI. ERI has a mission to protect people, the planet and your privacy and is the largest fully integrated IT in electronics asset disposition provider and cybersecurity focused hardware destruction company in the United States and maybe even the world. For more information on how ERI can help your business properly dispose of outdated electronic hardware devices, please visit eridirect.com.

John: Welcome to another edition of the Impact Podcast. I’m John Shegerian. This is a super special edition of the Impact Podcast because we have Joanne with us. The Korean Vegan she’s known as. Welcome Joanne to the Impact Podcast.

Joanne Lee Molinaro: I am so excited to be here. Thank you so much for inviting me.

John: I started following you years ago because I have such a love for Korea because I have so many business partners there and I go there so often. I’m going my fourth time in another week or so. I’m going my fourth time just this year. But also I’m a plant-based eater and I’ve been a vegetarian since I’m 17 and I’m going to be 60 in a couple of weeks. So what you were covering back then was fascinating to me and this was actually before you wrote this beautiful book, The Korean Vegan, which I highly recommend to all of our listeners and viewers out there and you became a New York Times bestselling author in the last year. You just passed your one year or so anniversary, a James Beard Award winner and you’ve taken your life in so many directions. So I don’t even know where to start, Joanne, I’m on your website for our listeners and viewers who want to follow Joanne and sign up for a newsletter and also for her social media platforms, which are massive. They can go to the koreanvegan.com. So welcome, Joanne and before we get going, we’ve mentioned a couple of the awards that you’ve won. How big are your social media platforms now? Because I’m not a TikToker. I’m an Instagram follower and I get your newsletter, of course, and I listen to your podcast every week, which is very different than reading your newsletter, by the way. It’s a whole different experience, which is super wonderful. How big is TikTok now? How big is Instagram? How big is YouTube?

Joanne: Sure. So I have about 3 million followers on TikTok. I have about an inch and closer to a million subscribers on YouTube. I have about 670 some thousand followers on Instagram and maybe 50,000 on Twitter and 60 on Facebook. Those are kind of smaller ones. And we’ve got a growing audience on our podcast. We get roughly like 200 downloads per episode, which is really exciting since I just started it.

John: Unbelievable. Unbelievable. I was listening. It’s so crazy. I read your newsletter and your newsletters are written so wonderfully, but you also have such… how do I say it? This is only flattery because my wife has a friend from college that she went to school with that became a very big broadcaster in LA, Sylvia Lopez. So Sylvia has a broadcast voice. You have a broadcast voice and so this morning, I’m in the gym listening to your most recent podcast, which you dropped this morning and it’s so funny. I was in the middle of just doing a part of my workout and I could just tell someone was giving me a hard stare from somewhere and I have earphones on while I’m in the gym and I look over to the guy and he’s a big hulking guy giving me a hard stare and I don’t know him. I’m trying to understand why he’s giving me a hard stare and I realize which you’ve done to me before, I’m crying in the middle of the gym listening to your podcast about your mother at the end with your mother Sonny and the end with your grandmother and I was relating to it so much. I’m like, “She got me again. I’ve got to read her newsletters and pay attention before I listen because I’m not prepared for what you’re doing to us all.”

Joanne: I’m sorry.

John: It’s just funny people staring at me because I’m crying in the middle of a very full gym this morning.

Joanne: That’s my specialty, John.

John: One of your podcasts, I can’t even claim to know which one because I’ve listened to all of them. In one of them, you claim that your mother’s superpower was making people cry. You said you weren’t, but that’s actually not true. You’ve inherited that skill very well.

Joanne: She’ll be happy to know that.

John: Trust me, you’ve said to me all the time but let’s go back. You are classically educationally trained as a lawyer?

Joanne: Yes.

John: And you practice law for 17 or 18 years or so?

Joanne: Correct. Yes, that’s correct.

John: Talk a little bit about the decision to give it up and to go really take your shot on this planet.

Joanne: Yeah. I love the way you put that. “Take your shot on this planet” because we only get one shot at this planet. Right?

John: It’s true.

Joanne: My story is very typical in many ways in that I was getting close to 40 years old and I was starting to ask myself many of the same questions that I’m sure a lot of people ask themselves at that sort of midpoint, which is, is this it? Is this what I’m going to do for the rest of my life? And I was a practicing lawyer. I had a fantastic job with a fantastic firm. I was making very good money. I had done all the things that my parents wanted me to do, which was own a house, have a car, pay car insurance. These are very adulty things and I was very proud of that, but at the same time, I was starting to wonder, was there something out there that I was capable of that I hadn’t yet tapped into? Now, at the time, I had the Korean Vegan as an Instagram account. You probably were following me back then. It was an old account and I was just posting recipes and stories here and there. I was working on a book because I had been asked to write a book from a publisher and I was like, “Sure,” I don’t really know what that would look like, but okay, I’ll try it. Nothing was very committed when it came to the Korean Vegan. It was always a hobby but when I started asking those questions and I started to realize how much joy the Korean Vegan was bringing to me, I started to think about, “Well, could this be something more than a hobby?” And that was really the road that I started to walk down at that time. That was 4 or 5 years ago. What really made the difference for me, John, was that a couple of years ago, when my TikTok blew up, I started to see that there was a financial path for me, and that’s really important. It’s not the most glamorous, sexy part of dream chasing, but it is a very practical part of it and one that’s necessary to at least consider. And for me, as a lawyer and as someone is so risk averse, I was like, “I need to see a track record of some sort that this thing can at least let me earn a living” and I was able to do that for about… I would say 7 months before I said, “Okay, I’ve seen enough. I can do this and I deserve this chance to be happy with what I do.”

John: That’s wonderful. What went into the decision to leave Chicago, which is your hometown where you were practicing, where you were married with your husband Anthony and pick up both of you and move to California? What was the geographic change about?

Joanne: There were a couple of things that really preceded that sort of decision and number one was the fact that, well, now that I’ve withdrawn from partnership, there’s really nothing tying me to Chicago anymore. I didn’t need to go into the office every day and work with my colleagues. I could pick up and go anywhere we wanted and at that point, literally, the world was sort of like, at our feet we thought about going to Rome or even Sardinia or Milan because Anthony’s family is in Italy and we love Italy so much. We thought about Boulder because we’re both very athletic and we love the community there. I have to say, we kind of fell on not just California, but this current area, which is sort of the Valley in California, which is a little bit odd but we fell into this because I was out here for a podcast and I had my Zillow open because at that time, I was looking for a new home in the suburbs of Chicago because the space that I was living in just was not conducive to creating videos. There wasn’t enough natural light. So I needed a home that had lots of windows and had a lot of space and I had the Zillow open and we were driving through somewhere by Pepperdine University and you know how your Zillow just knows where you are and starts showing you all the different homes, like where you are? And I was like, “Well, these homes look lovely.” They’re not so outside of my price range that I can’t afford them and that’s what really sparked a thought like, “Well, I could maybe look at homes here” and what really nailed it for me was going to Joy Cafe, which everybody knows, like, one of my favorite restaurants. It’s a vegan, gluten free restaurant here and I went to not just eat their food, but I got to meet with the owners of that restaurant. I got to meet with the investors of that restaurant and all of a sudden, it became very clear that there was just this beautiful community of people here who valued health, who valued compassion, who valued fitness and athleticism and all the things that I love personally. But unfortunately, we’re not always well dressed in Chicago. It’s not there. It’s not like that in Chicago and so I was kind of like, “I’m sold. I want to come live here where I can just walk out my front door and know that there are vegan options just like that, where people are riding their bicycles and running and doing things that I can really vibe with.”

John: That’s awesome. I did hear the episode where you interviewed the owner of Joy Cafe as well. That was a wonderful episode.

Joanne: She’s amazing. She is such an inspiration. She always told me, I found everything that’s the most important things in my life other than her children after she turned 49. That’s incredible.

John: But it just goes to show you when you look back on history, some of the greatest artists and creators on this planet did the most in the fourth quarter of their lives.

Joanne: Absolutely. They totally Tom Brady themselves.

John: Tom Brady themselves. We’re going to get into Michael Jordan in a little while. As I was reviewing your book and I just loved this book, and again, for our listeners and viewers out there, the Korean Vegan Cookbook, it’s a New York Times bestseller. I highly recommend it. Not just because of the amazing recipes that Joanne, you have put in here and created but also, the more I review your book and the more I listen to your podcast, one of the beautiful things is this is almost like an ongoing and your podcasts are almost like an ongoing love letter to your mom, dad, grandparents and your husband. And there’s something just beautiful and how you’ve done that and how you weave. In one way or another I sometimes think you’ve now just used food as a platform for much bigger discussions and it’s just fascinating how you’ve done that. Talk a little bit about the evolution from… let’s go back to plant-based eating. You started eating plant-based food with Anthony back in 15 or 16?

Joanne: 2016.

John: Okay. It’s because he started and you wanted to follow?

Joanne: That’s exactly right?

John: Along those line is true?

Joanne: Yes. It’s so funny. I was just talking to someone yesterday. She makes just the most divine vegan croissants like I’ve ever had in my life. And I was like, “Well, what inspired you to start making vegan croissants?” And she was like, “I had a really big crush on the sky.” I was like, “You know what? I’ve been there.”

John: It’s so funny how you broke, broke down you and Anthony. On one of your podcasts, you said, Anthony eats to survive and I just love people like that and I envy them. But for you, food is your language of love.

Joanne: It is exactly right. Everyone has their own relationship with food. It is true, though, that many children of immigrants like food is a little bit more than functional just because it is one of the few things that many Americanized families have retained from their native cultures. So, for example, my mom, as I’m sure you know, is very Americanized. She’s very assimilated. She does a lot of things that help her to fit into America and she did that out of a sense of survival and safety. She wanted to make sure that she gave her children every chance of success but we had to eat Korean food every day. So it was like one of the few things that she was very strict about keeping in our house that was still very Korean.

John: Right. Of course, in the book, which is dedicated to your mom, really, and in your podcast, you talk a lot about your mom Sonny. Is your favorite story about your mom the story of her life being saved with the Hershey bar or meeting the psychic beggar on Lake Michigan when she was studying to take the nurse exam the second time?

Joanne: I would say both are great, great stories and just really quick recap for your listeners. The Hershey bar story my mother was less than a year old when the war broke out, the Korean War and as a result of that, my family was born… my mom was born in what is now known as North Korea. That’s where my grandparents lived and they had to flee in order to get to South Korea but unfortunately, there was no food and very little water and it took them a very long time to get to the beach, which is where there was a U.S. navy ship that would take them to safety and as a result of that, my mom, who was an infant, was starving to death and at the time, in Korea, in a country of destitution that is now saddled with war, mercy killings is not something that was crazy or atypical. Unfortunately, it probably happened a lot more than we would like to think and that’s exactly what my grandparents were thinking of doing. They were thinking of throwing my mother overboard on a ship and drowning her as a mercy killing but luckily, an American soldier figured things out through sign language and my mom crying her eyeballs out and pulled out a Hershey bar from his pocket and gave it to my mother and my mom always says that Hershey bar saved her life. I do love that story, but I’d have to vote for the psychic story. My mom always had these weird dreams and encounters throughout her life and that one was certainly just the most unreal and part of the reason I love it so much is because it occurred on Lake Shore Drive, which is… I’ve run that path on Lake Shore Drive. Hundreds and hundreds and hundreds I’ve probably run thousands of miles on that very same path where my mom she had just failed her nursing boards here in the United States. She had very little money left and she was very much thinking of going back home to Korea and calling quits on the whole American dream and her father said, “No, no, you need to study and you need to try again.” My mom was like, “I have no money and I can’t speak English and I don’t think I will succeed if I try again.” And so she was very sad. She was very depressed. It was one morning she found out she had failed and she was walking along Lake Shore Drive when an old vagrant came up to her and asked her for a dollar for a cup of coffee because it was so cold that day and my mom had almost no money but she, for some reason, took out all the change that she had in her pockets and she poured it right into this old woman’s hands and before she could leave, the woman grabs her by the hands and holds her and says, “You’re going to pass that test.” I always get tingles every time I share that story.

John: Come on, that’s just ridiculous.

Joanne: It is.

John: Every time I hear it, I still can’t believe it and you tell that story many times in many different situations because it’s so important to hear, but it’s almost a wakeup call that when the universe speaks to you, you have to listen.

Joanne: Oh, absolutely. It’s magical. It’s beautiful. This is one thing that I really tried to open myself to over the past few years is exactly that idea, John, is that the universe is talking to us but sometimes we’ve gotten so bogged down with social media, with the news, with their own introspection and everything that’s going on that we just drawn out the universe and sometimes the universe is trying to tell us the very most important things we need to hear.

John: You started building your social media platforms and the numbers you gave out earlier, Joanne, when did you decide after the book was written and it went to become a New York Times bestseller and you won the James Beard Award, unbelievable achievements for any one life but you’re so young. When did you decide then to take it into a different direction? The law was behind you now, which is fascinating, so that you got back a big chunk of your life. Where was the podcasting? Where did that idea come to you? And then curating it to be… at the top of the show, how to live a purposeful and more empowered life. Where did that all come from and what do you really want to do with that?

Joanne: That’s such a great question. Thank you, John. As you say, the book was a love letter to my family and that was very intentional. That project started all the way back in 2017, which was before I had the book deal when I just had a very small Instagram account and I really wanted the world to be better acquainted with the immigrant story. Hey, there’s a lot of stuff going on in the news about immigrants and their role as Americans or non-Americans in the United States and I just wanted the world to see… can I just share with you my own story and my parent’s story and what they contributed to this American dream and that’s really all I wanted to do. That continued in the book. I was very purposeful. I wanted the book to have the stories of my mom and dad along with their food because I feel like they go so well together. It’s like, “Oh, well, you want to know my dad’s favorite noodle dish? Here it is.” And let me tell you a little bit about my dad, right? I just think it makes sense. With the podcast, it was totally accidental. I had been writing this newsletter and honestly, the only reason I did the newsletter at first is because my publisher was like, “This is how you sell books.” I was like, “Okay, fine, I’ll start a newsletter” something like that. I didn’t like doing the same old newsletter that everybody else is doing, which is like, “Here’s a link to 15 things including my book.” I didn’t want it to be that. I was like, here’s an opportunity for me to send a letter to every single person that’s on my list once a week and make them feel better. Make them feel better about that day, that week, that month. If somebody’s struggling with their job or raising their kids or having a tough conversation with their spouse or their parent, here’s a chance for me to maybe lift their burden just a little bit and so that’s what I started to do with the newsletter. Now, I proofread really terribly, but you can ask my assistant, you can ask any of my colleagues is my big Achilles’ heel. I always have typos. One thing that I started getting into the routine of doing was reading my newsletters out loud so that I could proofread better. That’s how I catch my errors. And one day I was reading it out loud and I thought to myself, “Man, if I were a recipient of this newsletter, I would love an Audible version just in case I don’t have time to sit down and read it. That way I could just listen to Joanne reading it and it really does that sound like a letter from her and I could be washing the dishes or doing the laundry or running errands or driving in the car.” So I was like, “Okay, I didn’t know anything about podcasting. I just knew that my email didn’t have enough bandwidth for me to literally embed an audio file.” So the only way that I could create an audio version would be to put it on a free podcasting host and so that’s what I did. I just… I was like, “Okay” and literally the first podcast episode is toxic productivity and I’m just reading the newsletter. That’s it.

John: Literally, that’s what it sounded like. That’s what you just said.

Joanne: And I have the heading, just reading out loud and then I looked at it one day and I was like, “Oh, wow. All I have to do for this to be distributed on Apple Podcasts and Spotify is to literally press this one button.” That’s what I started doing and then I was like, “Well, okay, now that it’s on these podcast platforms, maybe I should have introduction or something” and that’s basically how it came to be but the idea has always been about injecting purpose into people’s lives and to help them discover what I talked about today, which is this reservoir of agency that we so often neglect. We don’t think we have the power to do all of these things whether it’s to leave a job or to start a new one, to heal a rift between yourself and your child or your parent, to walk away from a toxic relationship. These are things that we trick ourselves to thinking that we cannot do, but we absolutely can. It’s just a matter of tapping in to that agency that we have neglected.

John: I forgot who it was. It came up in one of your podcasts and again, in your great storytelling form but the story, regardless of who it was, it’s such a powerful story where you said when you were deciding to leave the law firm, I believe it was one of your mentor partners but it could have been somebody else who not only encouraged you, but said something this kind go because a lot of people can do what you’re doing here in the law. Nobody else could do what you’re doing as the Korean Vegan.

Joanne: Yes, that was very illuminating to me. That was actually one of my closest friends, Kim Julie. She’s the author of another really great vegan cookbook called The Vegan Reset and she’s coming out with a new one called Best of Vegan, too and she has always been one of my biggest cheerleaders and she’s also a writer. She has a master’s degree in poetry or something like that. When she said that to me, that was such like, “Oh, my gosh, that’s so true. What am I doing with it? Am I really bringing the best value that I can to people in this world?” Now, again, I’m very practical, so it’s like, “Yes, it’s so empowering. It’s so inspiring and all of that stuff.” But there is also another side to that that needs to be investigated, which is sure, always, it’s important for you, John, and for anybody who’s listening to look for that thing that they are uniquely equipped to do but you also have to ask yourself, is that uniquely equipped to think something the world needs, something the world desires. That was the other piece that I really needed to figure out and that was the journey that I went down starting in 2020 to figure out, “Hey, is there a space for my unique talent?” The most important thing is that we not assume that there isn’t. That’s what a lot of us do is, “Oh, that’s such a weird niche strange thing, there’s no space for that. People don’t want.” The best story that I can tell on that. The other day, we had a whole bunch of people over for Anthony’s 50th birthday party and one of his running mates comes up to me. He’s like, “Oh, you’re doing the cake? Okay, I’m a streamer guy. Can I do the confetti for the cake?” And I was like, “Okay, sure.” And he’s like this cute little nerd. I mean, he’s just such a nerd about confetti and streamers and there’s this whole confetti thing and then after the party, I found out he’s the confetti guy for BTS, for the Super Bowl, for every major world event.

John: Oh, he is the confetti guy?

Joanne: Exactly. I have the most important confetti person at my party and that’s what I mean. He took his thing and he went all in and I just think that’s so cool.

John: Wow. I want to get back to that in a second. I want to talk about timing. And again, for our listeners and viewers who just joined us, we’ve got Joanne. She’s also known as the Korean Vegan. You should buy or look at this wonderful book she’s written to New York Times bestseller. It’s only about a year old for a select group of our listeners and viewers, we’re going to be giving out signed copies. Joanne was kind enough to sign a bunch of copies for us and we’ll be giving some away as well. To find Joanne and sign up for any of her social media platforms such as her podcast, which I listen to every week and her newsletter, which I received or her TikTok or Instagram, please go to the koreanvegan.com. As a serial entrepreneur, Joanne, you’re so right about timing. Timing is really, really important. My space didn’t come that far ahead of Facebook and there’s lots of stories like that. Why do you think not only what you were doing was so unique, but why was the timing so perfect? I have my own ideas, but I want to hear you yours, of course, first.

Joanne: The timing was in large part due to the pandemic whether we want to acknowledge that as being bad or good. It was a situation and there was a reckoning that many people had to undertake not because they wanted to or plan to, but because they were alone and they had to confront their isolation and in so doing, grapple with what emerged from that isolation. Social media… there are a lot of problems with social media. I can talk for endless amounts of time about that, but at that time… oh my god, thank goodness, there’s social media because I couldn’t see my parents, I had to call off Christmas. There were just a lot of things that were really awful about the pandemic and luckily, we had things like Facebook. We had things like Instagram and for me, TikTok, not just to divert me and distract me from the anxiety and sort of the isolation of the pandemic, but also to prove that, “Oh my god, I’m not alone.” There are a lot of people out there who feel the same way that I do and that what I try to do with the Korean Vegan is to create safety and to remind people that that feeling that you have, that wonderful, cozy, warm, loving, comforting feeling of safety, is one, ultimately, that you can provide to yourself when necessary. That message was needed very much at that time and it was one that the Korean Vegan was already very good at providing in the form of food. It’s like, “Oh, these beautiful, comforting looking dishes along with this woman’s voice telling me everything’s going to be okay.” That had a lot to do with the timing. Also, of course, John, and I’m sure you’re very familiar with this, is that this idea that you got to know everything and do everything right in your 20s is just totally ridiculous. It’s absurd. It adds a complete unnecessary level of toxic pressure on people to figure out their lives in two decades. You’re practically an infant when it comes to life experiences at that time, and so you can take your time. I wish more people could feel the comfort behind those words, which is, if you haven’t figured it out by the time you’re 40, that’s okay. You still have so many decades left in your life to figure whatever it is you need to figure out and for me, there were a whole bunch of things that happened. I got a divorce that very much informed my toughness and mental metal, if you will. I met Anthony would not have gone vegan if not for him. There are all of these things that sort of converged when they did and I wouldn’t be the person that I am today had it done anything differently. You have to be mindful about what you’re doing at the same time going back to that idea of that the universe is speaking to you. One of my favorite quotes from Richard’s[?] book is the universe conspires to take care of those who act in its service. And I truly believe that and there is some component of having to just wait and not in that anxious way, but in the okay, my time will come way.

John: Right. I know you’re also a fan of David Epstein as well.

Joanne: I love him.

John: When I first started following you and again, it was plant-based and done what you were doing in terms of the plant-based thing and also the Korean thing. I veganized Korean food, I Koreanize everything else. It could be a third line there. I posit that you give truth to power in an unvarnished way that’s very unique and authentic way that I find to be both so unvarnished that it touches your soul when you listen to, you read the words. Like I said, if the medium is the message and reading your newsletters is wonderful because you’re a great writer, you’re obviously an English major in college. So you’re a great writer and you’ve honed that skill with the legal profession and everything else. But also, how you read them your words and emphasize certain points is unbelievably unique. You don’t find that out there and I listen to a lot, I take in a lot of product on other people’s… what their creations and your creation is. I constantly see the juggling act and I always wonder what’s really winning in the race? Is the plant-based, the Koreanizing base or just her unvarnished authenticity and the truth to power that she gives to her own voice and to her own experiences and that’s a fascinating. It’s just fun to watch you evolve that and push it to new limits and things of that such. It’s just been a joy and it honestly inspires my life and informs me in many, many ways, in many, many ways. Even though I seem that I’m a white guy and people think I’m a white guy, I’m an Armenian immigrant. I happen to be third generation and I know… let me just say this. As I’ve read and reread your book, I keep hearkening back to one of my favorite people that we’ve lost, Anthony Bourdain and I keep thinking, “This is Joanne’s kitchen confidential. She’s going to do so much more.” And one of the things that you’ve done so beautifully already, which I don’t think Anthony did that well is you talk about mental health and wellness and that’s such an important topic to both open up and normalize. As you said, it became a much bigger topic and it is a much bigger topic during the pandemic and post pandemic because he’s struggling.

Joanne: Yeah. It’s so sad because I love Anthony Bourdain, too, and the reason he was so beloved was because he also brought this unvarnished truth to the table, to the kitchen table and that in a world that is saturated with everything being perfect and polished and presentable and duh, duh, duh, it was nice to have at least one voice say, “Yeah, no, F that.” I’m just going to bring what I bring and that was really important. What his death, as well as Robin Williams death, for me, really signified, was just how deceptive mental illness can be. We trick ourselves into thinking, “Everything’s okay. We’re all good. That person who seems a little sad, he’ll be fine. Rub some dirt into it, he’ll get over it.” This sort of mentality but at the end of the day, there’s nothing more final than death and the regret that must come with it. If we at any point thought, maybe I could have said something, maybe I could have done something and then when you put that mirror up and you look at your own lives and you start to wonder, is there something inside of me that remains unaddressed? Is there some hurt, some injury inside of me that I’ve been ignoring for a very long time because I need to pick up the kids, I need to put the cast rolling, I need to pay the electricity bill because of these sort of daily exigencies that I start to ignore, the one big fundamental one that’s been lurking inside of me then what can happen? It’s so scary how mental illness can really sort of creep up on you without you even knowing it, until it’s become such a problem that it’s almost unhearable[?].One of the things that I try to do is to peel things back and say, “Hey, let’s look at some of these wounds that are scary and that are hurtful and that may have been sitting there for far too long because if we don’t look at them, we’re never going to heal from them.

John: It’s so true in terms of timing. The other two interesting parts about timing on what you’ve created is what I’ve seen is the Koreanizing of America. I grew up in Queens, New York, Little Neck, which is two towns [inaudible] Flushing and Bayside. So many of my childhood friends were coming over were Koreans [inaudible] and building out this wonderful immigrant infrastructure of hard work and education and I just saw the whole transformation of that community and rise of that community on the East Coast similarly on the West Coast. Now, when I started becoming partners in South Korea with some of the tribal families that exist and one of them are still partners of mine and sit on my board, the Koo Family, the LG Family. Back in 2008, my generation of business people were all about dinner and who can drink more soju or makgeolli. What’s fascinating is I’ve become very close with their children, which is now your generation and they are so health-minded and health-conscious and those dinners have become almost a thing of the past. Wonderful dinners are still happening. For instance, the last time I was there was during Chuseok and I was invited to so many wonderful events and dinners with 40 different things on the table but it was no longer about just how much meat you could have at the table or pork. There was tons of vegetables and you don’t have to drink anymore to prove that you’re their friend and they are also helped by this. The rise of the health and wellness culture in Korea plus the Koreanizing of America are two great trends that are also wined at your back, not only now and not only two years ago when you started making your big move but in the years to come, they’re going to serve you very well. Do you see that as well?

Joanne: What people sometimes forget is that Korea has a very proud history of two things and that scholarship and activism. So one of the things that my father told me about was during Korea’s very nascent democracy, the protests that occurred in connection with the very first president of Korea and what ultimately ended up happening was that Korea’s first president was exiled for corruption. There is this great heart and soul of justice inside of Korea and when it comes to this rise of activism, when it comes to health, wellness and climate change, these are things that are so very important to the young people of Korea and it does not surprise me at all that these are things that are now having maybe not yet its moment, but cresting, it’s a way that is on its way to cresting and the more we can see some of the [inaudible] getting behind that and capitalizing on it. That’s a good thing for everyone, right? It’s not just a good thing for the activism, but it’s a good thing for the businesses as well and the institutionalized families of Korea. That’s very important. The other thing is scholarship. There’s millennia of scholarship behind Korea’s infrastructure, behind its culture and behind its soul and the more people dig into the science behind plant-based eating, it becomes undeniable that it’s healthier for them and it’s also healthier for the planet. And again, these are things that are so important to young people that my hope is that whether the Korean Vegan me, whether I’m part of that in some way or not is that we start to see a full circle moment where Korea starts to shift back to being the sort of plant centric country that it always has been. When you talk about Korean food, all we think about is Korean barbecue now but when you think about it, Korean Buddhist food…

John: Temple cuisine.

Joanne: Temple cuisine, exactly. It’s plant-based. We have this rich culture that’s centered on plant-based eating and I think when we shift towards that and the country starts seeing that compassionate eating can be cool, it can be science-based, it can be better for the environment and better for their health, the better off we’re all going to be.

John: People haven’t eaten a real fruit until they’ve had a Korean pear or Korean [inaudible].

Joanne: Oh, my gosh, the Korean Persimmon, my husband had never had one before and I gave it to him and he’s like, “This is literally the best thing I’ve ever…”

John: Korean Persimmons the bomb.com and so in Korean pears. I don’t know which… again, when you listen to all your episodes, they all sort of come together as one narrative and they’re wonderful but I know you spoke about your mom’s love of sweet potatoes and that touched my heart because my grandmother was… again, she escaped the genocide as well. She ate a sweet potato every day and she raised us some sweet potatoes. So to me, I could eat a sweet potato and some vegetables and that’s the best meal I could ever have on the planet because sweet potato just reminds me of just not only my grandmother, but the struggle that they went through. The struggle that they went through. You’ve talked so much and you’ve talked so eloquently about the importance of mental health and wellness and being our own best cheerleader and supporter for all of us but as an immigrant, talk about being now the entrepreneurial journey, I believe and so many of other friends of mine believe, that entrepreneurs make… immigrants make the best entrepreneurs. How did that inform you in terms of so far, your entrepreneurial journey because obviously, immigrants and immigrants especially that have historical relationships with escaping genocide or war, either one, whether we were the escapees ourselves or our parents or our grandparents, were. When you read, whether you read or you’re familiar with the body keeps the score. The trauma comes through in the DNA, whether it’s verbally, genetically or whatever. There is a trauma that’s imputed to all of us from our parents and our grandparents from the immigrant experience. How do you think that’s helped you as an entrepreneur in terms of resilience, courage and all the other great things that make up the immigrants that made it here and have thrived like your parents?

Joanne: That’s a really tough question because I feel like I’m very… I feel like I’ve only been an entrepreneur for less than a year because that’s when we went with the Korean Vegan going full-time and I had a cushy full-time job with the steady paycheck for so long and I’m only now just discovering goodness, how much resilience is necessary in order to just go from day one to day two. I feel like there’s a lot of that. I feel very proud, number one, of being able to call myself an entrepreneur. I think some people have very differing ideas about, “Oh, she’s just an influencer or content creator” and that’s fine. People can say that but at the end of the day, I’ve always viewed the Korean Vegan when I decided to withdraw from partnership and take it full-time as a business and I’ve always viewed myself as an entrepreneur and that in some ways that does distinguish me from the average influencer or content creator or however you want to look at that.

The other thing is that there’s always this push and pull. I don’t know if you’ve read… I think his last name is Prestman, Pressfield. Is it Steven Pressfield? He’s an author who wrote, The War of Art and he talks about this idea of the bigger your dream is, the bigger the resistance is going to be. There’s this countervailing force that’s trying to make you not do the thing that you want to do. I feel like that is every single day. I’m fighting off this voice of saying, “You’re never going to make it. This is going to fail. You don’t know what you’re doing. The basic rules of economy, supply and demand are not in your favor.” All of these little voices in my head saying, “You’re just never going to make it” and fighting those off and learning to trust myself is very hard. As a child of immigrants, there two different things that are going at it. Number one is the anti-risker. “What are you doing? You had a full-time job, a nice paycheck of 401(k), all of the things that we’ve ever always wanted for you and you threw that away for this.” So there is that voice that I have to contend with and I try very hard to be compassionate with that voice and say, “I know where you’re coming from. I know that you have suffered all kinds of things that I never had to because of your sacrifices and I appreciate that.” But I think the other voice that I like to listen to are those of my grandmothers, the ones who were so tough, who were so resilient, who had to grapple with every shred of self-doubt that any human person could ever have to deal with and still said, “You know what? I’m going to trust my own voice. I’m going to trust myself here. I’m going to trust my instincts.” Knowing that those women are inside of me, that helps me every day to say, “Joanne, you got to stop with the noise and you got to just pay attention to what’s inside of here.”

John: That’s fascinating. You had the real genius and this is a compliment because I try to tell this to entrepreneurs in waiting and entrepreneurs in the making all the time. Sometimes you don’t have to jump all in to start. Straddle it, don’t turn off the lights and stop paying your bills and not have much food on the table and go all in on your dream until you start getting an inkling that your dream to work that you did that, that was really sheer genius that you kept. Your law firm, the law profession going why you started dabbling in this… really, there’s an argument to be made that you became an entrepreneur in waiting 5, 6 years ago.

Joanne: Yes.

John: Really? You then knew… there was a point where, as you said, the universe was speaking to you and you walked through the door and you did it and that’s beautiful but I also go back to the stories that you told about your mother telling her parents that she would be the boy of the family and then be coming here to America, a very strange land, by herself, to get her nursing degree and then staying here. In so many ways, as an entrepreneur, you’re not only honoring your grandparents absolute hand to hand combat to struggle and survive, but also your mother’s journey as well in terms of making the most of what you were really given, because you could have stayed a lawyer to… you’re 72 years old and beyond even now, of course, because people are living much healthier and much longer and you’re under that year, of course, in that category that probably will do so. And you could have had a very safe life and a really great life with your husband but you took now the more difficult road, which I find fascinating and interesting, but also very exciting.

Joanne: It is exciting. And I will say… I was at breakfast this morning and I was waiting to get some water and there was a woman ahead of me and she was with her son and she was clearly on her Bluetooth and she was talking to somebody about some court case and how they had to submit evidence and they hadn’t done it and the paralegal hadn’t done it on time and they were figuring it out and I was like, “Man, she’s trying to get water.” Her son’s poking her on the shoulder behind and saying, “Mom, when’s it my turn to get the water?” And then she’s got a client on the phone and she’s not even in her office and I was like, “I do not miss any of it at all.”

John: Wasn’t that a great feeling at that point?

Joanne: It’s a great feeling. It’s a great feeling. I have so much gratitude for where I am in life that I get to wake up and create beautiful things as part of my job. That’s so nuts that that’s my life but at the same time, there were so many forks in the road where I decided I’m going to do the hard thing here because I know it’ll pay off some point in the future and I think sometimes that’s what we need to do is we need to recognize those forks in the road and we need to tell ourselves, “I have the strength to do the hard thing this time because I know it will pay off.” Maybe not this year, next year, or two years from now, but it will.

John: There’s two types of payoff I see in that decision making. Payoff both the money that comes from that and also the notoriety that comes with that. Put that together is also the respect that you have for yourself for never having that regret.

Joanne: That’s so true. That’s a really important point, is if you want to talk about confidence, you really want to know how to derive confidence. It is at least partially going back and saying, “Yeah, there was that time I did that hard thing. Maybe there are all these voices in my head saying that I couldn’t, but I didn’t listen to them and I decided to go with it.” Talk about a confidence builder is knowing that you’re that person. You’re that same person who did that really, really hard thing and now look where you are, you’ve earned this place. And that’s really important.

John: You talked about activism a couple of minutes ago. I want to talk about activism in a second about in the United States and the role that you’re playing in activism. Before we go, let’s talk about Korea activism. There’s a show that came out this year that… probably my favorite show this year and it’s no great secret than Netflix, outside of Hollywood, is spending more money for original content out of South Korea than any other country in the world. They’ve announced that and they’re going all in. The show Extraordinary Attorney Woo.

Joanne: I love that show.

John: My wife’s and my favorite show of 2022 [inaudible]. And to me, there’s a form of activism… besides just being a great show that we just love to watch and rewatch. There’s a form of activism in there with regards to folks that have autism and their role in society and it’s interesting Korea has tackled… Korea… in that platform… and that show became very popular both, I believe, in Korea in terms of downloads and also around the world in the United States as well. In the United States, we have 62 or 63 million handicapped people that are swept under the rug. We do not. It’s unbelievably shameful how challenged or handicapped or whatever we’re going to call them in a correct sense, how we treat them in this society but it’s unbelievable… Korea tackled that and went after that issue in that show in such a beautiful way. What’s your thoughts on that?

Joanne: I love how you pointed that out because they think that was one of the things that stuck out to me was, wow, I haven’t thought about this issue myself, and I’m a lawyer and I never really thought about this. And you’re so right. The writers tackle that issue in such a graceful, beautiful, but still very challenging and thought provoking way. It pushed you without even knowing that you’re being pushed. You’re like, “Oh, I’m thinking about things that I’ve never really thought about.” Korea’s writing, its cinematography, its filmography has always done that. That’s been very historical from a film and movie perspective because a lot of the movies in Korea, they were not controlled by big companies that had their own political or social agendas that the artists had a lot more freedom to talk about the things that they wanted to talk about but with Netflix, one of the great things that we’ve seen as a result of Netflix is this complete proliferation of storytelling that was not seen before in Korean dramas and I think what you’re seeing is a movie like Parasite, which says so much about the world that we live in. Now you can see that in Korean dramas, which was not the case 15 years ago and that’s so beautiful. You see it in Extraordinary Attorney Woo. You see it in Our Blues which is another great Korean drama that talks about teenage pregnancy, it talks about gay marriage, it talks about all of these other things that typically taboo in Korean dramas and what that reveals to me is, like I said, there’s always been a heart that is engulfed in the pursuit of justice in Korea.

And now these Korean dramas and other forms of media have been given this platform to speak their heart in just these beautiful, beautiful ways. I’ve been a fan of K-Dramas for decades so to see this new evolution, even with Squid Game and things like that, it’s just so exciting.

John: How about Pachinko?

Joanne: Pachinko is beautiful. The book is probably one of my favorite books of all time. Although I was going to say because you mentioned you grew up in Queens, you have to read Free Food for Millionaires, which is Min Jin’s first book and it is all about a family in Queens and it is just… that’s how I became introduced to the Korean diaspora in Queens and what a special pocket of this country that place is.

John: And they’re still there, Flushing and Bayside. It’s huge. Your minor in college, if you don’t mind me saying, in Asian studies and let’s talk about the activism, your thoughts about the activism in America, especially when it comes to what we’ve seen as Asian hate and I’m going to book end this by saying what I’ve heard you discuss in such an emotional and compassionate way about your relationship with the Atlanta murders. The tragic Atlanta murders that happened was my version at almost the same age range of the Rodney King riots. I lived in L.A. at that time with my wife and children and very young family and the Rodney King riots have been whitewashing down there now they’re called the L.A. riots but it’s not talked about a lot, in fact, ever that I hear in mainstream media was the abject attack on the Korean-American community during those riots that were not only unprovoked, but were unprotected by law enforcement back then in Los Angeles. It’s a very hard time and it’s not talked about a lot, but it was, I believe, the beginning of my understanding, greater understanding of how Americans treat Asians and it goes way beyond, of course, xenophobia. It’s the hate crimes that they evolve into and it’s the behavior that our politicians show that then of course get embedded into the media and into our society. Where are we now and where are we going? What’s your thoughts on this?

Joanne: That’s a very tough question, but I think that your reference to the riots is a really important one and one of the things that I learned about the riots was there was this one gentleman and I’m ashamed, I don’t know his name, but he was a Korean-American activist and he was much older. He’s probably a lot older now, but at that time, he was already, I would say, in his 50s and he had this short speech directed at young people and said, “Your parents, who can’t even speak English, they’re the ones out there in the front lines. They’re the ones who are out there protesting and demanding recognition for what’s happening to them. Where are you? You young people who speak perfect English, where are you? It’s time to protect your parents.” And I remember when I saw that, I actually just saw that during the… I can’t remember… it was like an anniversary of the riots and I remember seeing a video clip of that and feeling, how prescient, how important that message remains today. Again, this instinct to just don’t rock the boat, don’t cause trouble, don’t be the one that’s making too much noise. That instinct, which is that assimilative instinct that our parents sort of taught us because it was a survival instinct, that instinct can definitely get in the way of us being that voice for our parents. That’s lesson number one that I continue to take from the experience of anti-Asian hate and the hate crimes that have been happening to our community is, look, young people, we are very specifically equipped to be the voice for those who don’t have the tools to speak on their own behalf but the other thing that remains unaddressed is even geographically, from my understanding of the riots, was that we had two historically oppressed communities, which is the black American community and the Asian-American community basically pitted against each other. They were thrown at each other so that we could stay out of the other people’s way and I feel like a lot of that continues to happen. One of the reasons that the Atlanta murders stuck out to me so much was because it was just this other version of hatred, which is the dehumanization of Asian women, which is, I’m just going to objectify them for whatever reason and dehumanize them and once I’ve dehumanized them, it becomes so much easier to off them in the way that he did. That was so personal tome because I am an Asian woman. My mom’s an Asian woman, my aunt’s an Asian woman and we’ve had to deal with that sort of objectification and dehumanization basically our entire existence and then to see it materialize in the way that it did was just so traumatic. There’s so much that could be said about this topic and it’s a complicated one. It’s one, though, that, as you so astutely point out, his not being very well addressed at the most important corridors of power in our government. Politicians are just ignorant about it.

John: Absolutely true. I’ll give you two quick examples, too. I’ll tell you one from the ground up and one from the top down. One from the ground up, during what was then the Rodney King riots. In the aftermath, I created with Father Greg Boyle Homeboy Industries. We co-founded Homeboy Industries. That gave me an opportunity as a very young person to meet a lot of the leaders in the city at the time. In all the different communities Asian-American community, African-American community and things of that such. When I sat down with leadership in the African-American community I said, “What was going on? What was on people’s minds? And one of the African-American leaders pulled me aside and said, “John, there’s this unbelievable sense of jealousy and hurt that we don’t understand how other groups, races or ethnicities have come here after us and have a bigger piece of the American pie now before us.” And then that manifests itself in mob like situations with what was going on during the riots. And that doesn’t excuse it, he said, “It’s just one of the things that I’m picking up from the leaders of the gangs and others. What’s going on?” Secondarily, during Chuseok when I was in Seoul the last time now it’s very easy to look at a high male Donald Trump and how he referred to, of course, the China virus and everything else that he was saying that fan the flames of xenophobia and Asian hate or whatever you want to call it in America but I was sitting in my hotel room watching Nancy Pelosi very dangerously push her way into her trip to Taiwan and whether the trip was right or wrong is a sideshow but she actually… when she was given the microphone, all she could do was denounce China and talked horribly, negatively on the worldwide stage of China and China, unfortunately, or has already been cast as the boogeyman here in America, number one and number two is very misunderstood and there’s a great interdependence needed between U.S. and China and other world leading type countries that is absolutely, desperately important to the future of democracy and the safety of this world and to go on that platform and do that, to me, it’s just a backhanded way of fanning the flames. Trump did it very forward facing and overtly, of course, but she did it in a very covert way and I just thought that it just was a poor use of her platform at that time and not needed now during the time that we’re living through, it’s still ongoing. It’s not a day that goes by or a week that goes by that we still don’t see horrible instances of this.

Joanne: It’s a tricky issue. There’s this one syndrome called… it’s like a body of large… it’s called like the egghead syndrome and it’s this idea that if you hurt somebody who has this eggshell skull, are you held liable then only for what a normal person would incur as an injury or are you going to be held liable for the fact that you’ve now killed this person simply by maybe knocking their head? Any other person, they would survive. That no problem. But the person with the syndrome is going to die from that and that’s a very interesting question and when you think about this, when you know that the world is plagued with xenophobia, when you know that the United States has a lot of racial hate directed at Asian-Americans and members of Chinese diaspora, I do think that politicians need to be aware of that and need to keep that in mind when they’re talking about their policies as vis a vis China. I’m not a geopolitician. I don’t begin to know enough about foreign policy to be weighing in on the actual policies themselves but I agree with you. When you are so visible and when you are making such a visible trip and you’re on such a huge platform, you do need to be mindful of the people who are going to be listening to that and maybe not hearing the thing that you want to say, but be hearing something that they’re already predisposed to hearing, which is all Chinese people are bad and China is bad and are basically incapable of making the distinction between Chinese government and the Chinese people.

John: That’s the sad part and I know you’re a numbers and a science space person, so I’ll leave you with this. Here’s where we go. This is the shocking science and numbers behind this all. Only 37% or so, give or take a point, of Americans have a valid passport. Out of that 37%, 7 or less percent of that have been to Asia. The rest have been gone to Canada, Europe or Mexico. Think about how many folks that are not part of your family that are just part of the general population that you’ve come across and said, “I’ve been to Seoul, I’ve been to Tokyo, I’ve been to Shanghai.” Very few. And it goes back to the holy Anthony Bourdain theory. Why was his journey so successful? Because he used food as his platform to show that we’re more similar than we are. Imagine if the numbers were turned and that 30% of America had actually been to Asia, whatever part of Asia doesn’t matter and they came to understand not only are their cultures wonderful and their history amazing, but the people are just unbelievable and they’re more like us and they’re similar for us. I don’t think this xenophobia and this issue of hate would exist, but they’ve been made into one big boogeyman on that side of the planet, unfortunately, and then we’re scared of what we don’t know.

Joanne: The boogeyman thing has been around for, I would say, over a century. That’s just something that became convenient for… it was a straw man for so many different things and you’re right, though. I think that with the ambassadorship that’s been embodied by things like BTS and the creators of shows like Squid Game and Extraordinary Attorney Woo the sort of blow up that we’re seeing in modern day digital and other media of Korean culture and even Korean food. All of those are really just rife with potential for spreading that message, John, that you just described so beautifully, which is that we’re so much more alike than we realize.

John: And don’t discount Roy Troy, David Chang or yourself, by the way. Do not do that because you are unbelievably humble and kind but we’re not going to do that. We’re going to end the show on a couple of great topics. First of all, let’s go back to… I’ve been a vegetarian for 43 years and a vegan for about 12 and I’ll tell you what, there’s more vegan opportunities and plant-based opportunities than ever before. Talk a little bit about the plant-based industry where it’s going, what’s your thoughts on it? Beyond just the Korean vegan, the greater macro trends of plant-based eating that we’ve seen with beyond meat, impossible foods and all the great plant-based food that now exists, that didn’t exist when I became a vegetarian, that’s for sure and even a vegan. Talk about what’s your thoughts on where we’re going in that world.

Joanne: I’m a Sci-Fi nerd, as I’m sure you know and I love to read Sci-Fi and I always think about this show called Battlestar Galactica. I love that show. And I always remember how they were eating kelp, literally, that’s all they were eating. Because that’s all they could and it was just like, “Oh, I guess kelp is really good for you.” But I just read this headline of an article that said, “If we moved away from meat and started eating more kelp, we could solve world hunger in less than a century.” While I’m not a big fan of eating kelp for every meal, what I do think is happening is that people are starting to realize that we have two massive existential threats that are bearing down on us. One of them is climate change and the other one is one that we’ve suffered through pretty much our entire existence, which is world hunger. The idea is that science is now starting to reveal that plant-based eating and the eradication of big egg and agricultural farming, these are things that can contribute to fixing these two existential crises and so where I see the world headed and I’ve seen this at the very lowest level, I’ve seen influences who literally just do meat posts all the time one day say, “Hey, I bought this dairy free yogurt because I don’t know, I think it’s better for the environment.” It’s like, literally at that level now where it’s seeped into our consciousness. When I see companies like Impossible Meats or Beyond Meats or any others that are really forging ahead and progressing that conversation, that’s so exciting. That needs to happen not just here in the United States, but in places like Korea and Japan and Asia. They are in many ways, the natural leaders of those types of innovations, especially in food. I’m excited to see what they come up with but also in Europe, we desperately need that. In Italy, in France and Germany, obviously, they’re already really doing a good job. There are a lot of other pockets of the world that need that.

John: Being that you’re a child of Chicago. Let’s talk about Michael Jordan and the Bulls. I assume you and Anthony watched the last dance.

Joanne: Yes. Oh my God, we loved it.

John: Okay. So now I want to talk about a topic that you recently hit upon in your podcast and in your newsletters, the topic of leadership and even winning. It was the end of the 8th episode of The Last Dance. It was the only time that Michael Jordan got emotional during the whole taping of the show and he said that leadership has a price and winning has a price and there were tears in his eyes because you could see the pain and the emotional toll and even someone as successful and as wealthy and the amount of rings that he won at the end of the day, he’s still a person and the toll that it took on him and on his family, it was there all on his face and in his eyes. Talk a little bit about your thoughts on leadership having a price and winning having a price because let’s be honest, Joanne, you are extraordinary at what you do. You’re very special. There’s not a lot of you, if any, and you’re as unique as a human being comes, but your voice is really so unvarnished and has risen above the din. So you are now, like it or not, a leader and you are winning in a game that’s science-based and numbers based. When you think about the price that comes with that, share some of your thoughts.

Joanne: I talk about it in this most recent podcast. I mentioned that for my mother, she did all of these things as a leader, however lonely it was at the helm and I really think that’s important and there’s this really wonderful story about Michael Jordan and I don’t know if it’s true, but literally, I did go to church in Chicago. So we were all obsessed with Michael Jordan, including my pastor and he in the beginning of one of his sermons so many years ago, he was talking about how Michael Jordan met his first wife and they had gone to a huge dinner, very sumptuous, very fancy dinner, very expensive and there were a lot of people at this dinner. There’s this huge table full of all of Michael Jordan’s friends and family and guests as well as this woman who he was dating and of course, the bill comes out, and I’m sure it’s many thousands of dollars because there are many people at this dinner table. He reaches for his wallet and the only other person who reaches for the wallet is this woman is his ex-wife and that’s when he knew, “Oh, this is the woman for me.” That speaks to the level of isolation and loneliness that leadership and being a winner can unfortunately entail and one of the reasons he fell in love with this woman was because she was willing to join him, in that very small gesture and I think in terms of that cost, we’ve told ourselves, “Oh, I’m tough enough. I can deal with being alone. I can deal with being lonely” without even really understanding what loneliness actually feels like and just how harmful it can sometimes be harmful or costly, to use the word that you were using and for me, currently, my job is very lonely compared to what it was. I used to work in an office full of hundreds of people every single day and now I work in an office of one. That can be a little bit lonely but also it’s just knowing that I have to be so intentional with everything that I say and that I do because there are so many people who are not just watching me, but who are depending on me, who are relying on me now to say the truthful thing and to say the thing that will uplift them for a moment. That can be a lot, that can be a big burden and I only say that with, again, immense gratitude that I’m in the position and I know that Michael Jordan was saying the same thing, but when I see him crying or when I see him in pain like that, I can only think that it is because he feels so isolated and alone in his struggle. There’s really very few people who can help him in that.

John: Yeah. Every entrepreneur that comes to me for mentorship or any type of learnings with regards to being an entrepreneur, I tell them, just be prepared, be prepared. It’s soul crushing lonely, whether at the beginning and even at the end, as you say, it’s a lonely journey. You have to learn to be comfortable being in that uncomfortable spot of loneliness.

Joanne: Totally. Yeah. There’s no safety net. That’s what I discovered. It’s like, you’re the safety net. You’re the safety net.

John: Two things I’ve been dying to ask you then we’re going to talk one last time about the future of the Korean Vegan. How long did it take you after you left the law firm to you to stop thinking out of 6 minute increments?

Joanne: Oh, my gosh. It still takes me some time. I’m still like, you just took 1.2 hours of my life. [Crosstalk]. I do still think in increments. You should see my calendar. It’s all blocked because I require that structure. I can’t get away from it. Everything is built into blocks in my day and I feel like that’s a really… for me, it’s a very productive way of managing my time. I’m not necessarily over.

John: You have a beautiful house in California that has the right type of light. How many people… because I’m going to just tell you, your podcast, first of all, your book is just beautiful in terms of the artwork and the photos and everything else in this. But in terms of your podcast, the music that you play… how many people are producing this with you, is it… please don’t tell me it’s just you. That’s just not fair if you’re that talented on everyone.

Joanne: It is just me. I write the podcast. I will say my husband edits my writing, my husband edits my writing and then after that, it is me. I produce everything. I do the audio engineering, I do all the music and I record, obviously, and I edit everything at the end. My husband does the website for the podcast. That’s also very helpful but from a production standpoint of the podcast itself, it’s pretty much just me.

John: By the way the music is beautiful. Is any of the music your husband’s music?

Joanne: It is especially the episode about him, the one called A Love Story, that’s entirely sourced from all of his music and my husband is unspeakably talented when it comes to piano and I’m very proud of him but sometimes they get so annoyed that people don’t know. You don’t know how amazing my cousin is at piano. He’s literally among the best.

John: That’s why I said in the beginning that this book is a really love letter to him and your mom and your dad and your grandparents. What’s next? Joanne, I want you to leave. What’s next besides the growing of the podcast, which means somewhere within 20,000 an episode, you’re probably 2 years away from Joe Rogan money with regards to the podcast. Okay. But in terms of… obviously you’re so prolific, and I mean that only, of course, in the sweetest and the most complimentary way. What’s next in terms of… I’m sure your publisher is excited about your next book. What are you thinking about your next book? I’ve heard you talk about sauces and other things. What is in your mind for your next wonderful love letter?

Joanne: The next book is actually going to be called Eat This at least that’s what we’re…

John: Is it great?

Joanne: Yeah, Eat This. It’s an homage to my grandmother and she would always say, instead of I love you, she would say, “Eat this.”

John: That really meant I love you, like you said that was love language.

Joanne: Exactly. That was her love language. It’s this idea of extending love through food, but mostly extending love to yourself, being kind to yourself through food and kind of dismantling this notion that there’s only one way to eat for each human being and so each chapter is really going to be about, this is what I like to eat when I’m training for a marathon. This is what I like to eat when I hate my job and I don’t know what else to do and so I just need to eat something delicious. This is what I like to make for my nephew. This is what I like to make for my husband. So each chapter is sort of going to be a facet of me, but designed to compel you to explore a little and say, “What are the kinds of food that I like to eat when I’m feeling down? What are the kinds of food that I like to eat when I’m on a fitness kick” and things like that.

John: That’s wonderful. Is there any upcoming public appearances that you want to mention or promote before we have to say goodbye for today?

Joanne: I can’t think of any off the top of my head. Our big travel is… Anthony’s got a marathon in December, so everything is pointed in that direction. So it’s all about him right now.

John: Which marathon is he running?

Joanne: It’s CIM. It’s a fast one and I think he definitely wants to PR[?]. He’s very focused on it.

John: Are you running a marathon at any time in the near future?

Joanne: No. I was supposed to run the New York City Marathon, but I got out of training for three weeks because of COVID. Unfortunately, I can’t. I’m going to be running a half marathon in a couple of weeks, just for fun on a lark in Santa Barbara but other than that, hopefully setting my eyes on a marathon for next spring.

John: When does Eat This come out?

Joanne: That’s not going to come out probably until fall of 2024.

John: Perfect. So fall of 2024?

Joanne: Yeah. Next year, the following year.

John: Wow. All right. A lot of things will happen and you’ll have at least 10 million subscribers to your podcast. Let’s put that out there but also I want to have you back when you’re coming out with Eat This, I want to get a copy in advance this time and I want you to come back on and we’ll promote the new book and everything else. We’ll have some fun.

Joanne: We’ll cook.

John: Yeah, we’ll cook. I will literally come to L.A. and I’ll bring a crew with me.

Joanne: It would be so fun cooking with you.

John: Done. Totally done. Cook and we’re going to eat. We’re going to cook and eat.

Joanne: Of course.

John: Of course. Let’s do that. Eat This. We’ll cook and we’ll eat and we’ll promote your new book when it comes out in the fall of 2024. How does that sound?

Joanne: That sounds amazing.

John: In the meantime, the Korean Vegan, you please buy her book. It’s a great Thanksgiving gift or a Christmas gift coming up, the Korean Vegan. You can find Joanne at the koreanvegan.com or of course on TikTok, Instagram, YouTube and all the other social media channels are out there. Subscribe to her newsletter. Listen to her podcast. Joanne, you are beyond inspirational. You are just one of my favorite people and I just wish you all the continued success and blessings on this planet and I’m grateful for the amount of time you spent with us today.

Joanne: Thank you so much. It has been such a pleasure to chat with you, John.

John: This edition of the Impact Podcast is brought to you by Engage. Engage is a digital booking platform revolutionizing the talent booking industry with thousands of athletes, celebrities, entrepreneurs, and business leaders, Engage is the go to spot for booking talent, for speeches, custom experiences, live streams and much more. For more information on Engage or to book Talentoday, visit letsengage.com.

Chemistry for a Sustainable Future with Charlene Wall-Warren

John Shegerian: Welcome to another edition of Green Is Good. This is the Green Sports Alliance edition of Green Is Good in beautiful downtown Chicago. We are so honored to have with us today Charlene Wall-Warren. She is the Sustainability Director for BASF. Welcome to Green Is Good, Charlene.

Charlene Wall-Warren: Thank you.

John: Before we get talking about all the great green and sustainable things you’re doing as BASF, I want you to please share your own journey. How did you even come to this place professionally and personally, where you have become the sustainability director at BASF? What was your journey like in terms of green?

Charlene: I’d love to. So I started as a chemical engineer working for BASF.

John: OK.

Charlene: Basically, doing project design, process design and for about 10 years. So I said, “So it’s really great to design pumps and equipment and make stuff.”

John: Right.

Charlene: “But I want to know where it goes. I want to know what happens to it.” I’m a bit of a geek so I like to know kind of what’s in the car, what’s in the furniture, what’s in the clothing, etc.

John: Got you.

Charlene: So about 15 years ago, BASF started a lifecycle assessment group, so we actually measure and quantify sustainability. It was a brand new job in North America and coming in as an engineer I said, “I think I can do this. It’s numerical, it’s quantitative, it’s cool. You’re looking at environmental and social” and once I tried that I got hooked.

John: Got you. And how long have you been the sustainability director there?

Charlene: I’ve been the Director of Sustainability for about two years now.

John: Got you. So you worked your way up. You are now the Director of Sustainability. Talk a little bit about – for our listeners that don’t know BASF – and our listeners and viewers who haven’t heard or want to learn more about BASF, please go to www.BASF.com. What is the mission and what does BASF do?

Charlene: So BASF is the largest chemical company in the world.

John: Wow.

Charlene: We have 110,000 people working around the world, €75 billion of sales and over 380 manufacturing facilities. But those are the numbers.

John: OK.

Charlene: We have a company purpose that is we create chemistry for a sustainable future.

John: Got you.

Charlene: So it’s a really interesting place to work because we’re making chemistry and science that goes into everything from houses to cars to pharmaceuticals to vitamins. We have natural and we have fossil-based products. And it’s all about creating chemistry for a sustainable future, so you get to learn how lots of stuff is made and you get to learn how everything could be made better.

John: Wow. So what were the – coming in to be the director of sustainability, what were some of the opportunities? Given that you became a lifecycle geek, what were some of the low hanging fruit, or “fruit on the floor,” let’s just say, that you were excited about tackling when you came in two years ago, and how has that journey gone?

Charlene: So I would say one of the things we’ve been really good at for a long time – low hanging fruit.

John: Yeah.

Charlene: Is operational excellence.

John: OK.

Charlene: So a lot of companies are talking about greening their operations.

John: Yeah.

Charlene: How do we use less energy? How do we generate less waste?

John: Right.

Charlene: Use less resources? And we have something called “Verbund” – so we are a German-headquartered company.

John: Right.

Charlene: And it’s all about taking the byproduct from one process and using it more efficiently in another process. So that was kind of the low hanging fruit.

John: Right.

Charlene: The really cool stuff, though, is when you get out into the marketplace and you kind of look at what is going on in the building space or fuel efficiency and hybrids for vehicles.

John: Right.

Charlene: And those are the areas – I think – where people often don’t appreciate what chemistry can bring and that is the really cool stuff.

John: Well, so you have all these people around the world and buildings and also all these amazing products. Where do you start? I mean, it sounds so daunting in terms of coming in as a director of sustainability. Where do you start? Where did you start your journey? Where did you choose to start, and how is it going? And talk a little bit about then engaging with GSA, then coming here today, too. So before we get talking about GSA – where did you start and where are you in your journey in sustainability at BASF?

Charlene: Sure. Yeah. So in my particular role-

John: Yeah.

Charlene: When we started, we were working with a group called “The Sustainability Consortium.”

John: OK.

Charlene: And those are consumer goods.

John: OK.

Charlene: So if you think of big retailers and kind of the products you and I might go to the store and buy-

John: Yes.

Charlene: There was really an interest in how could we make those products more sustainable – smaller footprint, less energy, less water, better toxicity aspects – and so that was kind of where we started.

John: OK.

Charlene: What landed us in the Green Sports Alliance and the sports space is because it’s about way more than just those kinds of products we may buy off the shelf.

John: Right.

Charlene: If you think about the stadium environment, I think about what is the stadium built out of? Are the products durable? Is it energy efficient? What is happening in the stadium? Are they managing food and food waste? Are they managing waste coming out of the stadium? Are they composting and recycling? All those kinds of things. And chemistry plays a role in each and every one of those areas.

John: Wow. So how many years has BASF been involved with the Green Sports Alliance?

Charlene: So we are, actually, this year part of their leadership council.

John: Right.

Charlene: And it’s a relatively new relationship for us, but it builds on over five years of work where we started out with the Seattle Mariners Safeco Field.

John: Right.

Charlene: Working with them on their zero-waste goals about five years ago.

John: Got you. So you started – so BASF saw the opportunity in sports and entertainment and got involved back then, and now you’re taking this leadership role with other global leaders.

Charlene: Yeah. Yeah, because for us it’s not about just putting a name up there.

John: Right.

Charlene: It’s really about saying, “We want to partner with a venue. We want to understand what their goals are.”

John: Right.

Charlene: We want to understand how chemistry can help them achieve their goals, and the most exciting thing – and this is, I think, for BASF, why we’re thrilled about this-

John: Good.

Charlene: We’re a science company.

John: Yeah.

Charlene: And if you look at the average person out there 70 percent or so are interested in sports.

John: You’re right.

Charlene: And it’s a much lower percentage interested in science.

John: Great point.

Charlene: So it gives us a chance to go in. Fans are interested, they’re engaged, they’re passionate. You can kind of let them know what chemistry and science is all about and build more awareness when it comes to sustainability, so it’s a great space.

John: It’s a great platform for BASF then.

Charlene: Yeah. Exactly.

John: Wow. Talk a little bit about the culture of the company. You’ve been there now quite some time. How do you take all the great work you’re doing in sustainability and message it both ways and get engagement and get engagement from your employees, and then how do we appreciate – now that you’re getting involved with the sports industry – but how did I know that when you came in and you lowered the footprint of all your great consumer products, how has that messaging typically gone? So how do you message both ways – employee engagement and then consumer engagement?

Charlene: Yeah. Sure. So in the stadium what we actually do – we have done things like Sustainable Saturdays.

John: Oh.

Charlene: So we’ll actually partner – this is one of the things we did in Seattle – we’ll go in and say, “Let’s help teach the fans about composting and zero-waste” and things like that.

John: Cool.

Charlene: What we do internally – and this is also one of the most exciting things – is we actually leverage our BASF team – and we’re doing this with the New York Yankees this coming July. We’re saying, “Guys, come and join us. Let’s go to a game, and you can watch the game, and you can have a good time, but we’re going to make you work for a little bit and we’re going to ask you to help us just hand out some awareness and messages about sustainability, about zero waste,” and we get so much enthusiasm from the employees. I mean, I have had employees just reach out with an email and say, “Hey, wow, I saw BASF’s sustainability moment up there during the Yankees game.”

John: That’s awesome.

Charlene: That’s awesome. So people get really excited about it.

John: Wow. And it’s great for the fans and your consumer fans, and it’s great for your employees the same way.

Charlene: Absolutely.

John: Wow. That’s so great. Well, it looks like you have a long relationship in front of you with the GSA, obviously, because it’s great for – as you said – you get to take your core business science and platform it using sports, where more people are definitely interested. And it’s so nice to have a chance to interview you, and we would like you to come back on and keep sharing the journey as you continue growing all the sustainability efforts at BASF. Thank you so much for being with us today.

Charlene: Thank you. I’d love to. Appreciate it.

John: For our listeners and our viewers out there, you’ve been enjoying Charlene Wall-Warren. She is the Director of Sustainability for BASF. To learn more about what Charlene and all her colleagues are doing in green and sustainability at BASF, please go to www.BASF.com. To learn more about the Green Sports Alliance, please go to www.GreenSportsAlliance.org. We thank you for being with us today, Charlene. Thank you for doing all the great work you do with BASF. You are making the world a better place. You are truly living proof that Green Is Good.

Expanding Healthcare Access with Lindsay Androski

Lindsay Androski is President and CEO of Roivant Social Ventures, a social impact investor and incubator focused on expanding healthcare access and improving health outcomes. In 2016, Ms. Androski joined the founding team at Roivant Sciences, where she built and led the deal team that successfully in-licensed or acquired 35 clinical-stage drug programs, and launched 16 subsidiary biotechs during her tenure, resulting in five new approved drugs to date.

John Shegerian: Get the latest impact episodes right now in your inbox each week. Subscribe by entering your email at impactpodcast.com to make sure you never miss an interview.

John: This edition of The Impact Podcast is brought to you by ERI. ERI has a mission to protect people, the planet, and your privacy, and is the largest fully integrated IT and electronics asset disposition provider and cybersecurity-focused hardware destruction company in the United States and maybe even the world. For more information on how ERI can help your business properly dispose of outdated electronic hardware devices, please visit eridirect.com.

John: Welcome to another edition of The Impact Podcast. I’m John Shegerian and this is a very special edition of the Impact Podcast. We’ve got Lindsay Androski with us. Welcome to the Impact, Lindsay.

Lindsay Androski: Thank you, John.

John: I know you’re in San Diego today and I’m in Fresno, but you’re on the road. You don’t live in San Diego, but you’re on a business trip. I want to talk a little bit before we get going, talking about all the great things you’re doing at Roivant Social Ventures, Lindsay. How did you even get to this position, you have a fascinating background. Where’d you grow up and what was your classic education before you founded Roivant Social Ventures?

Lindsay: Yeah. I had an unusual path. That’s usually how I start when people ask me about it.

John: Fair enough.

Lindsay: If you go back to the very beginning, I grew up in Duluth-Superior, the Twin Ports of Northern Minnesota, Northern Wisconsin, right on Lake Superior. I was the first person in my family to go to college. My dad works on the railroad to this day. My mom actually worked at Target and had a long career there. How did I find MIT? That was actually because I knew from a young age that I wanted to go somewhere pretty intense. I was always really nerdy and that was not common in the area where I grew up. I wanted to find my people…

John: You are straight A’s, valedictorian.

Lindsay: Totally, yeah. Since the day…

John: The highest sense of Peace Corps.

Lindsay: Yeah.

John: Oh my God.

Lindsay: Yeah, that was me, which made me super weird because public schools are big classes and a lot of kids who live in rural areas and a lot of blue-collar workers. I was an anomaly for sure but somehow I knew my people were out there. I was trying to find them for college. I ended up going to Boston for Harvard Model UN because my school had that club and we did that. I toured MIT at that time because one of my classmates and someone on the Harvard Model UN team really wanted to tour MIT and asked me to go with him and so I did. I thought I love this place. This place is for me. I applied and I was lucky enough to get in. Now, I could never get in today, the acceptance rate is 4%. It’s so crazy because I sit on the board of trustees there now, so I get to see all this stuff.

John: What was it when you got in? You still had to be a…

Lindsay: It was 25%.

John: Oh.

Lindsay: Yeah.

John: Oh, wow. Wait a second.

Lindsay: Much higher.

John: When you went there, what were you thinking of studying?

Lindsay: Yeah.

John: What was your work-study?

Lindsay: There’s an interesting piece of background there. Also, in high school, I did Model UN. Sorry, Mock Trial. Our mock trial was super competitive. We won states almost every year. My year we came in second in the nation, which is weird for a little I guess a big public school in the middle of nowhere. But we were very good and I found that to be both amazing and extremely stressful. I remember before we went into court, I had a pit in my stomach and I felt so nervous I thought, I can never do this for a living, this is way too stressful for me. Then I had settled on, I wanted to help cure diseases. That was my loose goal when I went to college. I thought maybe I’ll do an MD and a Ph.D. and I could help advance research. One great thing about MIT is it’s very easy for undergraduates to get jobs in labs. I got a job in a research lab and I hated it.

John: Wow.

Lindsay: I thought, this is way too boring. I do not have the right personality for this at all. Maybe I should be a trial lawyer after all.

John: It’s great that you learned what you hated up that early, that young, right? That’s…

Lindsay: Totally, I have a 10th-grade daughter. This is amazing. She got the chance to go to a neurology camp program at Georgetown this summer. She had the same realization. She was super interested in neurology, but she came back and said, I don’t think I want to do the lab work part. She got that opportunity even younger than I did.

John: Do you think in terms of neurology is her aspiration than to become a neurologist?

Lindsay: Maybe. But now she’s thinking neuropsychology or neuropsychiatry because she likes the intersection of the brain, and people’s behavior too.

John: The greatest podcast, I’m sure you already know this, but I’m just going to share this with you. My favorite podcaster on that topic is Andrew Huberman.

Lindsay: I don’t know him.

John: Literally, he is a neuroscientist and he also got either a master’s or a Ph.D. in ophthalmology as well. He’s one of the most revered neuroscientists in the world right now. I bet your daughter would totally nerd out and love his podcast. He just launched it about a year ago. It’s already one of the top five podcasts in the world. It’s fast.

Lindsay: Wow.

John: Anyway, just a little…

Lindsay: We will check it out.

John: … side. How many children do you have?

Lindsay: I have five children. Yeah, I didn’t tell you that beforehand.

John: Oh my gosh. You’re a single mom, a professional mom.

Lindsay: Yeah. Now, I am.

John: Oh my gosh. What the age range is on five?

Lindsay: Two in high school. One in middle school. Two are in elementary school right now.

John: Where are you got…?

John: How do you do this? What vitamins do you take in the morning? You’re going to be fantastic.

Lindsay: Yeah. I just do lots of self-care. Lots of sleep.

John: That’s great.

Lindsay: Whenever I can do it.

John: That’s awesome. All right. You’re an MIT and then you decide no lab for you, you’re going to become a trial lawyer.

Lindsay: Yeah. But recognizing that I really had no sophisticated world experience at that time, I didn’t grow up in New York or LA.

John: Mom and Dad were lawyers or had no role background.

Lindsay: Right.

John: Okay, got it.

Lindsay: Yeah, almost everyone at that time was becoming either a banker or a consultant. I chose the consulting route. I did that for three years. That was great exposure because it was a strategy firm that had spun out in McKinsey called Mitchell Madison Group.

John: Okay.

Lindsay: I was embedded with Fortune 100 companies for various projects and got to see the world and got to learn about different industries and it was a really good experience. I applied to the JD MBA program at the University of Chicago. I went there knowing that I was likely to practice law as the first step out of there.

John: Wow. Good for you.

Lindsay: Yeah.

John: After you got out of the JD MBA program, what was your first job out of there?

Lindsay: Clerkship. It’s pretty common out in law school to work for a judge for one or two years as their assistant. You’ll prep them for the cases, and draft the opinions for my judge, he had us prepare suggested questions for him for the oral arguments and would cross-examine us on them to train us to think on our feet. It was good. I did that for the chief judge at that time of the US Court of Appeals for the Federal Circuit, which hears all patent appeals in the United States as well as a variety of other topics. They’re mostly known as the Patent Appeal Court just right below the supreme court. My Judge is Paul Mitchell, who’s now retired, but he was amazing to work for. Then I joined a firm in DC a small firm that did lots of trials and appellate work, supreme court work I got to do, didn’t ever argue before the supreme court, but I got to became a member of the bar and was on several briefs, and then I did some trials too. That was my first taste of trial work, which I loved. The group I work for the firm is Kellogg, Hansen.

John: Yeah.

Lindsay: Most of the guys who had founded it were former federal prosecutors, former assistant US attorneys. I heard every day, the best job I ever had. Do it if you ever get the chance and then lo and behold, Alexandria Virginia, Eastern District, right across the bridge from Red Cross Potomac was launching cyber and national security so unit cybercrime. I knew that I would at least get an interview with my MIT background so I did, and I was lucky enough to get the position. I was one of the first assistant US attorneys in the cyber unit there, which was amazing.

John: That’s fascinating. Talk a little bit about education. Is this ongoing debate, Lindsay, now with the next generation, is classic education that you and I knew from growing up and going to college and into grad school? Is it necessary anymore or unnecessary and what are your feelings on that? You have five kids that you have to inform and guide on that important issue. Then talk a little bit about, specifically MIT, you have a theory on what goes on at MIT and why people end up they do when they get out of MIT. Share a little bit about that with our audience.

Lindsay: Yeah, sure. The bigger question on education and its purpose of it.

John: Yeah.

Lindsay: I have a couple of thoughts on that. First, I have very smart friends who are in their young 30s who don’t have kids yet who have said to me,” I doubt my child will go to college.” They went to great colleges, that sentiment is definitely out there.

John: Yeah.

Lindsay: What I can say from what I’m seeing in the workplace, but also just thought leadership I’ve been listening to on the topic is and also, this is very consistent with my government experience, which is the structured programs, which would be laws regulations would also include degree programs are really behind. They’re usually behind but it’s becoming even more behind when you’re looking at how quickly things are evolving in the tech space. AI, Quantum. It’s impractical for a curriculum to be cutting edge given the pace of change. I have been hearing a lot about, certifications rather than full degrees. Someone takes training in this area, they have their credentialed in some way, but it’s a much more abbreviated and focused credential if they know they’re going into the AI space or the quantum space or something like that. MIT I think it’s different. I think there are certain educational opportunities that are just really valuable for me, law school was definitely one of those because I spend a lot of time thinking about incentive structures and why people do what they do. I think the law is one of the ultimate creators of incentives. They really teach you that a lot in Chicago where I went to law school. They teach you to think about, “Okay, here’s the law now. What are different players going to do when they are acting in a self-interested way given this legal structure?” That training I think is very valuable just to operate in the world. At MIT, what I think they’re amazingly good at is teaching you not to be overwhelmed with huge problems. What you are taught, you’re given enormous problems from day. I’m talking about problem sets that are really hard. But also students there tend to think about big global issues. Big harms facing society need to be fixed. You are taught to stay calm and break it down into manageable chunks and then attack them one by one. And I think when you are trained in that way over and over again it just becomes habitual. It is certainly habitual to me. I have noticed in my career that I get overwhelmed less than other people do. I credit the MIT education for that almost entirely, plus because you are humbled immediately at MIT.

John: Right.

Lindsay: The students there don’t have big egos. They don’t realize how great they are for the most part, but they certainly don’t go around telling everyone how great they are because you fail a lot there all the time.

John: Well, a lot of my friends that have gone there also tell me, and I just love what you just said about, I never heard that before in terms of the ability to take on big problems and stay cool and then you said, methodically, sequentially attack that problem. That makes a ton of sense. But what a lot of people also tell me is someone like you who was the high achiever in Duluth, and you were the superstar that come out of Duluth and you end up at MIT. But what you realize is, “Ah, there’s other smart people in this world.”

Lindsay: This is actually something my children tease me about because they were like, “You must have thought you were so smart when you went to college.” I was like, “Oh, I did.” They were like, “And then you realized you weren’t.” I was like, “Yeah.” They’re like, “Was that tough?” I was like, “A little.” Actually, it’s just the truth when you grow up in a small pond.

John: Right. You’re the big fish of the small pond.

Lindsay: Yeah. There’s no way around that you have to adjust.

John: Yeah.

Lindsay: They did a good job when I was there, at least of helping you with that. First of all, I remember that Killian Court is the big open grassy area where graduation is held and they have a convocation at the beginning, the first day of all the freshmen there and a speaker. My speaker said all the valedictorians stand up, and it was at least two-thirds of the incoming class.

John: Oh.

Lindsay: He pointed at us and said, “You’re all going to get bees.”

John: Wow.

Lindsay: That happened on day one.

John: He democratized a humble beginning for everybody.

Lindsay: Yeah, absolutely. But then also, one thing that was particularly helpful for me, coming from an objectively less prepared background than many of my classmates, and to give an example, my first class 9:00 AM on Monday chemistry, I’ll never forget it. The professor says “Chapters 1 through 8 should be reviewed for all of you, so we’re going to start at chapter nine.” I looked through and I was like, “Okay, 1 through 7, I get it.” I’ve never seen Chapter 8 before, and we’re skipping it. That’s literally how my career started there. They had no grades my entire freshman year, they’ve now changed that there allow students to have no grades, but it’s more spread out and you can pick the classes. But for me, when I was there, the entire freshman year was passed with no record and so they would always say A equals B equals C equals F, I mean equals P. That was entire to get rid of the competition and to allow people to just all acclimate together and it was extremely helpful for me.

John: That’s fascinating. Now, you look back, Lindsay. Was MIT the harder experience or Georgetown Law?

Lindsay: MIT. Well, no. This is really funny that you say that. It was Chicago, but Chicago law was the hardest for me.

John: Yeah, Chicago law.

Lindsay: Because it was the first time in my life there were no right answers.

John: Oh, okay.

Lindsay: I was used to math, and science, and you figure out genetics, right? It’s we know what’s going to happen there and then I get to law school and we can argue from what…

John: You were used to the black and white. All of a sudden you were now living in the gray.

Lindsay: Yeah.

John: Wow.

Lindsay: That was part of the appeal because I wanted to develop that skill. I also wanted to become a better writer, which is not something that came naturally to me. But I definitely felt a little bit out of the water my first semester. I’d never taken a philosophy class before. We have a very famous class in Chicago called Elements of the Law that you take in your first quarter. It is all about the philosophy of law and I absolutely love that class. Cass Sunstein taught it. He’s amazing. But I was completely this idea of just picking aside and arguing and we never know who’s right. We’ll just debate it was really foreign for me and uncomfortable at first.

John: Wow. Now, you are a trustee at MIT and also an executive resident at Duke?

Lindsay: Yes. I’m teaching at Duke this semester. Well, my partner roped me into it. He’s teaching a class there too in the Pratt School of Engineering and I’m teaching in the School of Economics Quantitative Analysis of ESG investing for juniors and seniors. It’s a seminar class for finance and economics majors. It’s really fun.

John: Well, law, is it really fun? Talk about timeliness. 24 months ago, ESG investing was a hot topic. It still is a very hot topic. But ESG investing now from the great institution start right at the top with Larry Fink and BlackRock is, which seems to be here to stay. But recently there’s been a backlash with some states. And I’m not besmirching this backlash, but I want your thoughts on it that some states are divesting themselves from pension funds and other public funds that are going all in on ESG investing because they’re saying, “This is not what we want in this state. We don’t want to support in red states in particular ESG investing.” Is this a trend that’s just a response to the huge wave of moving from the linear to a circular economy and the ESG wave that seemingly is unstoppable and here to here to stay or do you see this as a possible deal Keller in this whole ESG revolution?

Lindsay: Yeah, good question. One thing we do at the beginning of each class is the students take turns picking an ESG in the news, and it’s something from the past week that is a timely topic. This is almost every week’s discussion, right?

John: Oh, wow.

Lindsay: The students are very concerned about the politicization of ESG.

John: Right.

Lindsay: I’ve actually, I’m not pessimistic about it in the long run. I think primarily because Europe is doing it no matter what, and they are going ahead.

John: Right.

Lindsay: Their regulations and rules are going to hit a lot of US companies as they get phased in over time. There’s really no avoiding it. I’ve talked to what I would have said, ESG-focused investors, and some of them are starting to call themselves just sustainability investors focused on sustainability.

John: Right.

Lindsay: Explicitly, to get out of this ESG debate. Also, my chartered financial analyst, CFA. When I think about it with that hat on my end, my prediction as to where this all ends up is that it is simply one more factor that you take into account as an investor when you are constructing a portfolio that is ideal for your client, whoever the client may be. Right now you do what’s the risk tolerance? What are the cash demands? What is their time horizon and what is their ESG preference? I think should just be another one of those. I think that the reaction of some of the states saying, “Okay, well, the one topic we talked about in class is banks that have ESG funds that don’t invest in oil and gas. Those banks are entirely barred from our state. Now, in Texas, the comptroller said that’s pretty extreme.

John: Right.

Lindsay: Actually, first of all, the banks have argued that’s not quite precise. But even if it were they obviously also have investments that this ESG is a product, right? To boycott an entire company, for a state to boycott an entire company based on a product offering is something I’ve not seen before and I hope doesn’t last.

John: Obviously, you have a tremendous classical education and now you’re a practicing federal prosecutor practicing also now in the cyber division, Cyberlaw. Where did you fall in love with Social Ventures and the ESG space prior to founding Roivant Social Ventures, where did that love of environment and ESG come from for you?

Lindsay: Yeah, okay. When I finished practicing law, I left the government, I joined Irell & Manella a great firm out here in California.

John: Great firm.

Lindsay: I launched a cyber and data security practice group there. I was doing that and it was not as dramatic as my former assistant US attorney job, but it was responsible and I was helping companies. Then one of my friends from MIT called me out of the blue and said, “Hey, we are launching this new biotech that’s going to try to be more efficient in the way that we develop drugs. Come and join us, build and run our deal team.” At first, I said, “Okay, you know I don’t do that, right?” He said, “That’s okay, You’ll learn.” One great thing too, I like learning all the time and it’s a special opportunity when people know you and trust you and are like, “We don’t care if you haven’t done this before, just come and learn how to do it,” so that was fantastic. I thought you don’t get a lot of these calls and something that was never public as they had just closed the largest ever private raise in biotech. I knew they were going to be around for a while. I say, “Yes” to that.

John: That’s a call right there, but that’s such an important point that young people have to really hear. We obviously all as humans want to be comfortable unless it’s neurosurgery or heart transplant surgery, or almost everything else, when you take a super committed, great person who’s brilliant, of great character, and has great energy, you can take that person. Of course, in this situation we’re, I’m referring to you in the phone call you got from your colleague at MIT and your fellow alumni, and you can put yourself into a situation where you don’t really have those skills that day one, everything’s learnable.

Lindsay: Yeah, some people like that and some people don’t. When I would talk to people, Roivant grew rapidly. When I was there, there were five of us, right? Then…

John: This was the beginning of Roivant, right there?

Lindsay: This was the beginning of Roivant. Right.

John: Okay, so that was Roivant.

John: Oh, wow.

Lindsay: Yeah. 800 people. We launched 16 biotechs under my tenure running the deal team, have five approved medicines now from that, did several IPOs and…

John: What year was that?

Lindsay: That was the beginning of 2016. The end of 2015 is when they did that big private raise I mentioned.

John: Got it.

Lindsay: Yeah, when I would talk to potential candidates, one of the things I would say is to succeed here, you have to be comfortable being uncomfortable because we are trying to do things differently and you will not be given a roadmap. You will be given a goal and you have to figure out how to get there and how to navigate it.

John: Let’s pause. Did you start with five people?

Lindsay: Yeah. They had one company they had launched. I’m not counting to people who are at that company.

John: Right. How many people are now involved?

Lindsay: Well, I don’t know the exact date today because it was 800 at its peak and then we sold five companies. We’re less than that, maybe 500 now.

John: Got it.

Lindsay: I would say if I guess.

John: For our listeners and viewers who’ve just turned in, we’ve got Lindsay Androski. She’s the founder president and CEO of Roivant Social Ventures. You can find Roivant at www.roivant.com. Lindsey, before we go further, share a little bit about the meaning of the name.

Lindsay: Oh, yeah. ROI is the return on investment, just as you would expect, and then for some reason that has not ever been fully explained, every company ends with Vant. All of our companies are Mayavant, Dermavant, and Urovant. If you see Vant at the end of a biotech name, it means that we launched it. It’s just a habit. It was controversial. Some people loved it, some people hated it, but it’s stuck. All the companies have that at the end.

John: This is the end of 15, the beginning of 16.

Lindsay: Yep.

John: You launched then and the incubator and the offices were at MIT, were they in New York?

Lindsay: No, New York City-based. There was an MIT cohort in a Harvard cohort because our founder and CEO were from Harvard. There were those two and back then no one knew who they were and no one knew what they were doing. It was really only friends who would work for the company, people who knew the people were smart. We had a little bit of competition. I think the MIT cohort eventually lost, which I was a little bummed out about. But it happens.

John: Am I correct to say that a fellow alumnus of yours at MIT is Noubar Afeyan? The…

Lindsay: No. Noubar’s on the MIT board of trustees with me. But he has a flagship, pioneering and no, my friend is Mayukh Sukhatme, who’s Roivant Chief Investment Officer.

John: Well, but Noubar is co-founder of Moderna.

Lindsay: Yes. But that’s not a Roivant company that came out to flagship.

Lindsay: Yes.

John: But it’s great to have someone like that in your…

Lindsay: Yeah, I know Noubar. He’s awesome.

Lindsay: He’s amazing too.

John: I’ve had a chance to be with him on a couple of occasions. He’s larger than life, isn’t he?

Lindsay: Yes. Absolutely.

John: What a brilliant guy. This is, again, my whole thing about MIT people.

Lindsay: Yeah.

John: Talk about now becoming an entrepreneur.

Lindsay: Yeah.

John: You’re an entrepreneur, now that you’re putting on a whole new hat, you’re incubating, you’re entrepreneurs, you’re coaching, you’re mentoring. How was that change and shift in your life? How’d it worked?

Lindsay: I think it’s funny that you asked about the meaning of the Roivant name because that had something to do with why I decided to launch Roivant Social Ventures.

John: Okay.

Lindsay: As time went on and we were getting bigger, and we had more money to deploy on our projects and companies, it’s the curse of success. We started saying no to programs, meaning potential drug treatment. That’s what we were doing.

John: Oh.

Lindsay: When our diligence and our analysis said, “This can be meaningful to patients, but it wasn’t a big enough money maker.” I started because we had ROI, and return restrictions that we had promised to our investors. Some of these programs are just amazing. The day one there I was given two deals to close. One turned into our company, Mayavant. One turned into our company Enzyvant. Mayavant is a large market, for women’s health and is now a prostate cancer, men’s health company. Enzyvant is a rare disease that we actually took the program out of Duke, 20 to 25 kids a year, born without a thymus. The thymus is the school where your white blood cells go to learn which germs to fight. If you don’t have one, you die by age two. That is not a big money maker. It was a program that we said, yes to at the beginning, and is now one of our approved drugs, which is amazing. It’s called Rethymic. But that’s an example of the type of thing where we wouldn’t even think of doing something like that today. Frankly, it wasn’t expensive enough. We weren’t going to make enough money. It was not worth the resources. I thought to myself, how can I set up a structure that focuses on… Is there an unmet need? Will patients benefit from this? Will traditional venture and investment funds not go after it? I can say yes to that. I settled on Roivant Social Ventures, which is a non-profit so that’s the only difference.

John: When did you launch Roivant Social Ventures?

Lindsay: I launched that in mid-2020.

John: Mid-2020. For our listeners and viewers to find Roivant Social Ventures. It’s Roivant, again, roivantsv.org., roivantsocialventures.org., roivantsv.org. Now, this is set up. Where did the funding come from for this?

Lindsay: Yeah, the funding came from Roivant Sciences. This is our answer to corporate philanthropy. This is our version of this. We are trying to do something that’s more active. Meaning not necessarily just feel good stuff, but let’s take our skills and expertise that we have in this sector and let’s deploy them in a charitable manner to things that we wouldn’t invest in in a for-profit way. It’s also, a really important thing for employee morale and really just company culture because all of the employees can volunteer their time pro bono on my projects. That’s where my staffing comes from, my project-specific staffing.

John: They come right from the parent company, Roivant. You could reach up and, and get anybody from there that you need.

Lindsay: Yep, for the companies that we’re helping or the academic research institutions we’re partnered with for development and diversity, we’re trying to improve diversity in our industry. I can say, “Oh, we have a regulatory question. Let’s get a regulatory expert who can weigh in on this.” It’s really exciting, I think for the employees too to be able to, usually, when you’re doing charitable volunteer work, you’re not using your professional expertise. It’s really fun for them, they have a day job still, right? I don’t get them full-time, but we have really good feedback from the volunteers who get to work on some of our projects and help. I think it makes them feel more connected and more directly impactful.

John: Your model at Roivant Social Ventures is to invest, incubate and educate.

Lindsay: Yes.

John: What’s your main goal given that you’re a cyber expert? Obviously, you’re a legal expert, obviously, you definitely have huge background now from Roivant in the medical world, plus also now you’re running this incubator. What kind of ventures do you want to be incubating and where does ESG fit into this as well?

Lindsay: Yeah. Okay. I’ll tackle the ESG part first. We are actually trying to be thought leaders in how can we embed into ESG principles and also get impact investors, and other impact investors to sign onto this thing that is important for global access to medicines, data transparency, and diversity in clinical trials. Those are the three pillars of what we have selected that we’re trying to push forward and it’s embedded into all of our programs. When we will invest in something, we will require a company to commit to those conditions if and when a drug is approved, or I guess in the case of clinical trials when the trials are run but we’re in the process now. One of our efforts is to build a consortium of like-minded investors who will go along with this because we’re just one person and we don’t write big checks. We go in very early and it’s for this to stick and have the results we want, which is medicines once approved, getting to the world, we want study results published or made available publicly, not necessarily published so that others can benefit from the data that was collected, whether it’s positive or negative. We want to do it at a time that doesn’t pose a risk to the business. Meaning the profitable drug development venture. We want drugs to be tested on patients that actually reflect the real disease state. Not just patients who attend wealthy white centers of excellence so for some diseases that might be appropriate, but for a lot of them, it’s not. Those are the areas that we’re focusing on with ESG.

John: Is that different in terms of taking the published studies and democratizing them and making them open source? Is that different than historically what happened in the testing in the medical world?

Lindsay: Yeah. I think you’re talking about the recent White House directive to make that no paywalls basically is what the White House said. That’s a subset, right?

John: Okay.

Lindsay: Most data generated never get published, never even gets submitted for publication. There’s some amazing statistics out there on even when FDA approval is sought like only 75% of the information is published. No one publishes their negative data. Even if they tried the journal might say thanks, but no thanks, right? When I think about this with my data hat on, I think of like, “Oh my gosh, all the lost learnings.” Especially, as we are moving into computational biology, big data, and machine learning, it’s what kind of solutions or what kind of subsets of populations or dosing. You name it, what could the sophisticated computing systems find that would make people healthier, make development faster, and discover things that we already have that would work that we just didn’t realize? So it’s, I think it’s really important for companies even with historical data, this is all siloed in biotechs and pharma to make it available. But we’re not focused on the past. We’re focused on going forward with our ESG and investing work. But I would also love to see, past data made available publicly.

John: Talk a little bit about those two translators that you just brought up Big data and AI. Noubar professes that the application of Big data and AI with regards to the creation and testing and socialization of new breakthrough medicines such as the Moderna vaccine for COVID is really the future.

Lindsay: Yeah.

John: Is that how you guys see it as well?

Lindsay: It absolutely is so Roivant Sciences has itself moved away from the past model, which was taking drugs that someone else had invented and bringing them through to commercial approval and commercialization and has gone all in on computational discovery, AI-enabled discovery. We purchased a company, and Roivant purchased a company, Silicon Therapeutics, that is now Roivant Discovery. We’ve spun out a couple of vants from that group, but we’re all in on that type of drug discovery going forward.

John: Talk a little bit about, Lindsay the issue of the future of personalized medicine and how does that inform you with regards to what you’re trying to do and what your goals are to invest, incubate and educate?

Lindsay: Yeah, I tell my children, I think we are still in the primitive days of how we treat medicine basically, and how we treat diseases. To me, we will no longer be as primitive once everyone is being tested and dosed and prescribed based on their personal genomic data and epigenetics whatever you want. But my partner and I joke like, “We need to carry a little a USB type thing that just has your genetic code.” When you go to the doctor that they plug it in and they’re like, “Okay, yeah, you’re not at risk for this but here’s the dosing you should have.”

John: Isn’t that really the database of 23andme and what they’re going to be able to the doctor’s office…

Lindsay: Yeah, I’m a big fan of that.

John: Yeah. Aren’t you going to be able to sign the HIPAA away to 23andme when you’re at a certain doctor’s office and they’ll be able to access your genomics?

Lindsay: Yeah, probably, that would be fantastic. But there’s a lot of other hurdles along the way. One thing, certainly when I was even with my deal team hat on at Roivant Sciences. I was very attracted to companies that were pursuing individualized medicine. Meaning we run a screening to see who is the subset of patients that we know will benefit from something. There’s a lot of sophisticated platforms out there that can do that high throughput screening. Then we look for those patients only to treat. I am well aware anyone in this industry is well aware of big drug trials that have failed, not because the drug didn’t work, but because the company running the trial wanted the broad label, which means they put people in a trial knowing that they were not in the subset of the patient population that would benefit most from it. But we’re hoping to be able to have it prescribed to everyone which I think is bordering on an unethical business practice today. Certainly, as we become more knowledgeable about subpopulations and genetic predispositions and things like that.

John: You launched Roivant SV. Again, for our listeners and viewers to find your new venture, it’s roivantsv.org in 2020. How did the pandemic affect the trajectory of what your vision was, now, God willing, we’re in a post-pandemic stage. Where are you now in terms of your entrepreneurial journey running Roivant Social Venture now?

Lindsay: It was amazing timing for us, and I was influenced by the pandemic in the directions that we went early on. Two of our earliest projects were both focused on simplifying the manufacturing of advanced treatments so that they can be locally manufactured all throughout the world. It was to get low and middle-income countries off the supply chain because they were very low priority. We invested in a company called Sunflower Therapeutics, which is out of MIT, and about the size of a galley kitchen, you can make vaccines, and then you can switch to other biologics, eventually insulin. This is something that someone with a GED-level education can operate.

John: How are we doing? How’s it doing?

Lindsay: Yeah, it’s great. We funded the build-out of their commercial prototype, which has now been built and sold, and they are in discussions with buyers and purchasers in other countries to try to start deploying it there. It’s very exciting stuff, but everyone was paying attention to that, right? I no longer have to explain to people that it’s dangerous if countries can’t make their own vaccines, right? Everyone gets that because we all saw that COVID vaccines are available only in the wealthiest countries where they’re being manufactured, and good luck if you’re in Sub-Saharan Africa or some other places. That’s one way COVID was helpful because it just showed light everyone on health discrepancies and access to medicines discrepancies that have been around for a long time, and then we have a similar program. We co-launched a group called GGTI, the Global Gene Therapy Initiative, basically doing the same thing a simplified device to manufacture gene therapies that can be done by a hospital worker at a center of excellence. It still needs to be right now. We’re partnered initially with Uganda and Indian top hospitals and sickle cell and HIV gene therapies to start. But those types of advanced therapies will never get to patients unless you can make it in a more simple way. That’s one bucket and then I’d say the second bucket is diversity issues. Diversity in leadership in our industry, but also drug treatments and patients in clinical trials. Noubar can tell you that it was hard for them to get a good representation of the population in the Moderna, the COVID vaccine trials. They got it done but it was a hurdle. It really made a difference when doctors were then in real life trying to persuade people to take the vaccine because you could say in people who look like you, here’s what happened. Those statistics were really good, no one was going to the hospital. That data, it’s good business to have that. I think a lot of our efforts today and why I’m in San Diego today is we’ve partnered with several academic research institutions to embed drug development training into existing graduate programs so that students, we want to focus on women and minority students can get hands-on experience developing real drugs for underserved patient populations, it takes years to acquire that type of experience in the real world. If you go to biotech and can both actually help move these treatments forward because these again, are the things that are not super attractive right now to traditional venture investors. Then they can go out and if they choose to go into the drug development industry or elsewhere, they will have a broad base of knowledge that they were able to get in a very condensed amount of time.

John: You’re only two years into this. What kind of impact do you see RSV making in the world over the next five years now that we’re hopefully going to be able to travel more like you’re doing on this trip and get it out and about and spread the word? When you go to bed at night, what’s your real goal and mission for the next five years ahead in terms of the impact you can make with RSV?

Lindsay: Yeah, with the global access initiatives I mentioned like the one in the gene therapy one, we hope to dose the first patients with local knee gene therapy by the end of next year. Five years out, I would like to see that adopted in many different locations around low-middle-income countries. For academic and research partnerships, I’m talking about five years is a good amount of time. We have some ramp-up periods, but let’s say four years of actual students working on this. I would like to see drugs advanced to the point where they are approved or close to approval through these training programs. Because what it’s been six years at six years since I joined, well, six and a half years since I joined. Five of the drugs we took in and that time have been approved. I think in five years we can certainly, I expect to be able to point to a few drug approvals that came out of the training programs that we’re putting together.

John: Does Roivant SV run out of DC or run out of New York City as well?

Lindsay: Our headquarters are in New York officially.

John: Okay.

Lindsay: Yep.

John: Got it.

Lindsay: My back and forth weekly to New York stopped when COVID hit.

John: That’s when Zoom took over, which is great.

Lindsay: Yeah.

John: Yeah, which has connected us all and made our travel burden somewhat better. In terms of our audience getting involved. It’s always great to give calls to action in terms of getting involved and supporting what you’re doing in Roivant Social Ventures. How can that happen, Lindsay?

Lindsay: Yeah, I think two ways. People who are knowledgeable in this field can volunteer. Most of our volunteers come from Roivant Sciences, but we have outside volunteers too who are just experienced in biotech and want to work on our projects so that’s part one. Part two is academic research institutions that like the sound of an embedded drug development program for their students. We need to scale this model at many institutions. We are working with two so far to see the impact that we want in changing the faces of the leadership and really making a dent in getting drugs for underserved patient populations approved. Then part three is we need financial support. Roivant covers all of the employee costs and the overhead. But any project expenses come from outside donors, so we will need that type of support as well.

John: For those donors, Roivant Social Ventures is a 501(c)(3)?

Lindsay: It is a 501(c)(3), Yes. Public charity.

John: Got it. Any last words because I want you to have the final word before we have to say goodbye for today.

Lindsay: I guess, I’ll circle back to my observation about MIT students and I will encourage your listeners to not shy away from the largest problems that we have, and instead, focus on how you can change even parts of that. Because we all can make a difference in making the world a better place. It’s very important to focus on that rather than the complexity or scale of a particular issue.

John: Lindsay, we had you on Impact today, the Impact podcast today because you are making a difference in making the world a better place with all the impacts that you’ve made throughout your career, especially now at Roivant Social Ventures, people can find you and your colleagues at www.roivantsv.org. Lindsey Androski, you’re always welcome back to share your journey. I know you have a long way to go. You’re a young woman and I wish you continued success and continue to make the impact that you’re making and making the world a better place.

Lindsay: Thank you, John. It’s been great to be here.

John: This episode of the Impact Podcast has been brought to you by Closed Loop Partners. Closed Loop Partners is a leading circular economy investor in the United States with an extensive network of Fortune 500 corporate investors, family offices, institutional investors, industry experts, and impact partners. The closed loop platform spans the arc of capital from venture capital to private equity, bridging gaps and fostering synergies to scale the circular economy, the fine closed loop partners, please go to www.closedlooppartners.com.

When Green Equals Green with Jackie Ventura

Jackie Ventura joined The Heat Group at the AmericanAirlines Arena in Miami, Florida, in 2001 and is entering her twelfth season with the Miami Heat organization. In her current role, Jackie monitors and tracks all aspects of the day-to-day operations of the Engineering and Operations departments, including utility forecasting/tracking, labor distribution and building work orders, as well as projecting and reconciling its multi-million dollar operating budget. In addition, she is the liaison for all vendors and contractors conducting business with the Engineering and Operations departments at the AA Arena. In 2008, Jackie was approached to evaluate the NBA league-wide suggestions for viable sustainability initiatives for the AA Arena and she determined that the facility would satisfy all of the requirements for LEED Existing Building: Operations & Maintenance certification. Given her history and role in the department, Jackie was able to easily manage and administer the LEED certification completely in-house, and within six (6) months from project registration to certification award only employing the assistance of key staff members and vendors as needed. This earned the Arena the distinction of being the first NBA facility to earn LEED certification in April 2009. Since earning the certification, Jackie has also been charged with reviewing and recommending sustainability efforts for the facility as well as formalizing sustainability policies.

John Shegerian: Welcome to another edition of Green Is Good. This is the Green Sports Alliance edition of Green Is Good, and we’re here in beautiful downtown Chicago, and we’re so honored to have with us today Jackie Ventura. She is the Head of Operations and Sustainability with the Heat – the Miami Heat that is. Welcome to Green Is Good, Jackie.

Jackie Ventura: Thank you so much for having me.

John: Jackie, before we get talking about all the great things green that you’re doing at the Miami Heat, can you share a little bit about the Jackie Ventura story?

Jackie: That’s a great way to put it. Well, I always found as a child I loved being outdoors. I really enjoyed being – and being from Miami, obviously, we have a lot of beaches and a lot of beautiful places to visit.

John: Right.

Jackie: And I always loved being surrounded by green. As corny as that sounds, it kind of made my heart sing when I would be outside and partaking of nature. So it started when I was younger, and then as I grew up I wasn’t very involved in a lot of the sustainability movements. Life goes on. You kind of grow up out of certain things.

John: Right.

Jackie: And then, eventually, when I started working for the Miami Heat, I worked on the operations side, so it was all about maintaining the building, running the building, making sure things were efficient, that we were being responsible consumers, because before the green movement it was all about the bottom line, right?

John: Right.

Jackie: Not consuming too much is good for your bottom line and that was what originally spiked it. And as this movement became a little bit more prevalent, things trickled down to me, and I already had this love for nature and the environment, so it kind of made sense that I took it over a little bit and kind of started leading us down the path of sustainability.

John: How many years ago did you start with the Heat?

Jackie: I started a very long time ago – 2001.

John: Wow. Fourteen years ago.

Jackie: Yes. Fourteen years ago.

John: So you were working on the operations side.

Jackie: Yes.

John: And then that evolved into being both operations and sustainability.

Jackie: Yes, because if you think about it in the terms of a venue, all the things that contribute to sustainability – your energy consumption, water consumption, landscaping, all these contracts that take care of the facility – they all tie back to operations, to the back-of-house part of the facility.

John: Right.

Jackie: So we’ve all taken charge over those issues and kind of led the way.

John: Isn’t that interesting. And that is why so many people from operations or supply chain management end up in sustainability.

Jackie: Yes. Exactly. Housekeeping reports to us, Levy Restaurants – our concessionaires – report back to the arena division and the ops division so we really do the waste stream. The contract goes through us for all of our waste removal and our recycling efforts, so operations really has their hands in all of the different aspects that contribute to sustainable initiatives.

John: So talking about sustainability initiatives, you then basically manage the American Airlines arena where the Miami Heat play.

Jackie: Their sustainability efforts. Yes.

John: All their sustainability.

Jackie: I am not the GM.

John: Right.

Jackie: I am glad to not have that job.

John: Right. But their sustainability efforts.

Jackie: Yeah.

John: And their sustainability efforts can be seen on their website www.AAArena.com.

 Jackie: Yes. We have some of our efforts listed up there for our fans to see and try to replicate at home hopefully.

John: So talk a little bit about your decision with the Miami Heat to pursue LEED certification at the AmericanAirlines arena.

Jackie: Sure. So back in about 2008 the NRDC – National Resources Defense Council.

John: Right.

Jackie: With our favorite, Allen Hershkowitz.

John: Right.

Jackie: Dr. Allen Hershkowitz.

John: Doctor.

Jackie: He had done a great program with Major League Baseball, and they had created this whole sustainable platform for baseball and the NBA wanted to do something similar and launch it league-wide, so they teamed up with the NRDC and made a greening advisor for all the teams. They sent it out to us the summer before. They wanted to launch Green Week in 2009, so we got it the summer of 2008 for all the teams to review and see what we could do each in our own venues. How could we contribute to this movement?

John: Right.

Jackie: And that trickled down to operations – as it usually does – from the owner to the president to our GM down to ops, because we are the ones that take care of all of those different areas. And as we were going through all of these recommendations from the NRDC and the greening advisor, a lot of light bulbs started going off and we were like, “Wow, we are doing so much of this already.”

John: Right.

Jackie: Because it’s just efficient to run the building this way. And at that point, there wasn’t an NBA team that was LEED certified that played in a LEED-certified building, so we – none at all.

John: You were on fresh ground here.

Jackie: Yes.

John: Wow.

Jackie: Groundbreakers.

John: Wow.

Jackie: And once I took the LEED checklist, and I started going through it, and I was like, “Wow, we can really do this. Let’s get this third party certification. Let’s get this validated. Let’s show that a building of this size, this age” – because in 2009 we were already hitting almost the 10-year mark – “that we can do this.”

John: No kidding.

Jackie: We can be efficient. We can meet these standards. And it didn’t hurt that we would be the first, because, you know, everything in sports is about competition.

John: Right. Great point.

Jackie: It never hurts to be first.

John: That’s right.

Jackie: So we pursued the certification and it was successful, and in April of 2009 – just before the NBA’s first initial Green Week – we announced that we were the first NBA facility to gain LEED certification, closely followed by Atlanta.

John: Wow. And so when you say “LEED certification,” what kind?

Jackie: Existing buildings operation and maintenance.

John: Got it.

Jackie: Or “EBOM,” as I like to call it.

John: That’s amazing. So you’re the first. So AmericanAirlines arena – which our listeners and viewers can go look at their website, www.AAArena.com – was the first to become LEED certified with regards to an NBA team?

Jackie: Yes.

John: Wow. And this is back in 2010?

Jackie: This was 2009.

John: 2009. So what are some of the key sustainability features that you are the most proud of that you got accomplished there that exist today that you put in place then?

Jackie: Well, they existed back then and they exist today still because we got a recertification November of 2014, and that one is a little bit more exciting because we were the first sports facility to get recertified in the world.

John: Wow.

Jackie: So the USGBC had never had a sports facility recertified under a new level of certification and achieve a higher standard because we received Gold Certification for our recertification – it’s a mouthful I know.

John: Wow.

Jackie: And a lot of the things that helped us in 2009 continue to contribute in 2014, which was – our energy consumption is a big one, and the hard part is that it’s so hard to illustrate this to our viewers and to our fans and make them understand what these concepts means, but we powered the building so efficiently compared to other venues of our size.

John: OK.

Jackie: When you compare us to existing data of venues of like-size, like-occupancy in 2009, we were 57 percent more efficient than those venues.

John: OK.

Jackie: Now, fast-forward to 2014, where we can only cut so much and other venues have kind of jumped on board and they’re trying to curb their consumption.

John: Sure.

Jackie: So now we’re about 24, 25 percent more efficient. Still great numbers.

John: Amazing numbers. Jackie: And if you take into consideration how much energy a building of that size consumes, just that reduction could power hundreds and hundreds and hundreds of homes in our state, in the country.

John: That’s incredible. And how did you achieve that? How did you even get over that big energy hurdle?

Jackie: Our VP of Ops who is my boss – Jim Spencer – he has been with the building since construction.

John: OK.

Jackie: And he has always been very big on historical data and tracking data and that is also a passion of mine, because I was – originally, in a former life my degree is in Forensic Anthropology, so it’s a lot of statistical analysis, a lot of regression analysis and that kind of blends well with data monitoring and energy monitoring and trends and all these things that go into tracking our consumption.

John: The bottom line is you’re comfortable with numbers.

Jackie: Yes. Exactly.

John: Right.

Jackie: I love numbers. So when we paired up – I started with the Heat in 2001, but he and I paired up in 2003 under the umbrella of operations – it was something that we were both passionate about, tracking our consumption and understanding how the building functioned. Because the building to a certain extent is a living organism, right?

John: Right.

Jackie: So we created all these different spreadsheets and data trend lines monitoring our consumption, our demand, our kilowatt hours, water and natural gas, chilled water, everything that makes the building run and started comparing it and trying got understand it. What time of the day do we consumer more? Less? Where can we scale back? What has an impact on our consumption? Is it attendance? Is it when a concert ramps up and kick off?

John: Right.

Jackie: Or is it static? Because sometimes there is not too much fluctuation from one day to the next. So really understating all of this helped us understand where we can scale back and where we can control our consumption. And our CFO loves it because less consumption is not only good for the planet, but it’s good for his bottom line.

John: So let’s stop there for a second. Back in the day when sustainability was just starting to rise as a big issue in the United States back in – let’s just say – 2003, 2004, 2005….

Jackie: Yes.

John: A lot of people used to throw eggs at it and say, “Wait a second – it costs more to be green?” And here you’re saying, “When you do it the right way, the truth is it actually saves money.”

Jackie: Yes. Green equals green.

John: Green equals green. Love that. So you were able to save money.

Jackie: Yes.

John: Both for not only getting Gold LEED Certification in 2014, but you were able to save money for the organization.

Jackie: Yes.

John: That’s amazing.

Jackie: And money that can be used towards other projects or other initiatives. Helping out the community. We have a lot of projects with schools and working within our own community, so it helps loosen up those dollars that would go into unnecessary consumption and have them reallocated to something that is of more value.

John: Now that you were the first, you were really the torchbearer on this issue.

Jackie: Yes.

John: Do other arenas come to you now? Do other operations and sustainability managers come to you and say, “Jackie, how did you do this?” And have you become sort of the person that disseminates this information to help people learn how to get their arena LEED certified as well?

Jackie: Yes. I am very open to helping the other teams. A lot of it has been in conjunction with the Green Sports Alliance. I’m also on the Board of Directors for the Green Sports Alliance.

John: Well, let’s talk about that. We’re here today at the Green Sports Alliance Green Is Good edition, and for our listeners and our viewers out there that want to learn more about the Green Sports Alliance, you can go to www.GreenSportsAlliance.org. Explain how you got involved with GSA, because that is also very important to the whole story.

Jackie: When we got our first certification in 2009, there was a lot of excitement around that and there was a lot of excitement around the fact that it was all due in part to the greening advisor and the work that Allen had done with NRDC.

John: And for our listeners and our viewers out there, you and I refer to him as “Allen,” but say who was Allen back then to you.

Jackie: Dr. Allen Hershkowitz, PhD.

John: With the NRDC back then.

Jackie: The senior scientist for the NRDC – the National Resource Defense Council.

John: Right.

Jackie: Put in place a lot of great programs. So passionate about using the sports and the platform and the access that sports give you to kind of forward this movement and bring sustainability home. He’s got a great line about how many people follow science versus follow sports, and I can’t remember the percentages….

John: But it’s big numbers.

Jackie: I’m sure you’ll hear it, but it’s big numbers.

John: Big numbers, right.

Jackie: A lot more people follow sports than follow science, so it’s a great avenue to get this information out there. And with the NRDC, they were doing some case studies on sports venues to launch one of their publications. The name escapes me right now but it was a big publication.

John: I remember that.

Jackie: And they did a few case studies on key venues that were kind of leading this movement in the sports realm. And we talked for a little bit, had a conversation, an interview. We put the report together, and then they invited me out to the White House for their Sustainability and Sports panel.

John: And which year was this?

Jackie: Back in 2012.

John: Got it.

Jackie: Back in 2012.

John: After you were already LEED certified?

Jackie: Yes, after the LEED certification. A lot of it – this movement snowballs kind of. That’s what it feels like.

John: Sure.

Jackie: So it was a couple years before it really started taking ground and people started recognizing our efforts. So at the White House panel, we became a little bit more familiar. They invited me out to Seattle later that year to speak at the second Green Sports Alliance summit, and that’s where a lot of these relationships started happening with Scott Jenkins, Justin Zeulner, Allen Hershkowitz – all great people with the GSA. And last year, they invited me to join the board so I can have a little bit more of a hands-on effort and offer my knowledge.

John: How exciting.

Jackie: Because I am really speaking from the operator’s point of view. I’m not a marketing person. I’m not a communications person. I understand how the building functions, and that’s where the real meat is for sustainability.

John: Sure. So now you sit on the board at the GSA.

Jackie: Yes.

John: And you’re seen as really the “green guru” when it comes to LEED certification of sports venues.

 Jackie: Yes. “The Green Monster,” that’s what I’m called back home.

John: Wow. That’s exciting. So now you’re on the board. You’re here today. Are you speaking today?

Jackie: I am. Workshop panel “How to Benchmark and Baseline Your Data,” so I’ll be speaking on energy. We have someone speaking on waste, someone speaking on water. and it’s led by Stephanie Young with the USGBC.

John: So it’s great. It’s all about what is measurable.

Jackie: Yes, what’s measurable.

John: It becomes manageable.

Jackie: Exactly. That’s a great line.

John: Wow. So talk a little bit about some of the benefits. You were mentioning community. Now that you’re LEED certified twice and now that you’re Gold LEED certified, when you sit with leadership from the Miami Heat, what are they so excited about in all the efforts that you’ve made in terms of sustainability? What is ownership and leadership really excited about? What have you been able to accomplish? Sustainability has then equaled what kind of other accomplishments? You mentioned community a couple of minutes ago.

Jackie: Yeah. The community effort is one of our big ones. Going back to our environment, we do a lot of beach sweeps. We bring out the players and bring out some of the schools that we work with and do beach sweeps a few times a year, clean them up, replant dunes, leave picnic tables, build picnic tables for them, environmentally friendly picnic tables. We started the Reheat Program about five years ago, which takes all of our hot food at the end of a game that has not been sold or put out to the public and it donates it to shelters in Miami, so they alternate coming to pick up the food afterwards.

John: Wow.

Jackie: We’ve donated about 5,000 pounds a season of food. And the one that’s most exciting to me is we implemented a challenge with Broward County schools. So we’re based in Miami-Dade County.

John: Sure.

Jackie: But this challenge in particular is with Broward County schools. Linda Gancitano, who is a teacher there at Driftwood Middle School, approached us learning about our sustainability efforts. She approached us to try to help their students and help their schools learn about how they can become more efficient and try to curb their consumption and save dollars, because our schools are suffering.

John: Wow.

Jackie: A lot of our schools are suffering.

John: Sure.

Jackie: Budget cuts. There is not enough money to go around.

John: Right.

Jackie: So the same kind of concept. If you can save this money and not spend it on wasteful consumption, we can take it and put it into these programs. So 2013-2014 season, we did a pilot, launched it, did it only for a month; about 60 schools participated and the county ended up saving roughly $140,000 more or less in energy consumption just in one month over 60 schools.

John: Wow.

Jackie: If you put it across the entire county, over 200 schools, those are some real big savings you’re talking about. And just one month.

John: That’s incredible.

Jackie: Yes, it is. 2014-2015, we did it again – challenged them for three months now, almost a quarter of a million dollars in savings over three months for the 80 schools that participated.

John: Wow.

Jackie: So next year we’re hoping to maybe stir up some healthy competition and get Miami-Dade County involved and maybe have the schools challenge each other. We tell them, “It’s easy, turn off the lights. Have a group of students make a green team and make sure the lights are off at the end of the day. Check the thermostats, make sure they’re at a reasonable temperature. It doesn’t have to be sitting at 65 degrees all day. Check your irrigation. Plant a garden.” It’s very easy manageable steps. It’s overwhelming when you think of it.

John: Right.

Jackie: In the grand scheme of things. But when you take it down and you break it apart and you see what you can do, it makes it that much more manageable.

John: Not only that, your influence on those kids.

Jackie: Yes. And they get recognized. They get brought to a game during Green Week – the first, second and third place winner – we do a little recognition ceremony for them on the court. They get plaques, they get banners, they get a pep rally at their school with Bernie and the Heat dancers – everyone loves our Heat dancers. Sometimes a player will make it out depending. That’s kind of a rough time of the year because it’s the end of the season going into playoffs.

John: Right.

Jackie: And all that stuff. So if we can get a player, we’ll get them a player too.

John: Wow.

Jackie: But it’s a lot of fun, and it’s a great incentive to get them to really rally around this movement and see how they can implement it in their daily lives.

John: And that’s going to make them think about sustainability for the rest of their lives.

Jackie: Yes. And take it home and barrage their parents into complying.

John: That’s amazing. Well, sustainability – as you and I both know, Jackie – is a journey.

Jackie: Yes.

John: What’s next with regards to your journey with the Miami Heat and the AmericanAirlines Arena? What are your goals in the future, now?

Jackie: Well, we are looking to partner with sponsors that have a similar viewpoint that we do.

John: OK.

Jackie: So we will be installing – hopefully, by the end of the year it will be visible – a canopy with some solar panels, solar rays that will convert one of our plazas into a more functional space and also educate people as to the value of solar panels. Being so far down south in Florida, we don’t have access to a lot of the other renewable energy sources. We can’t harvest wind really. The sun is our renewable energy.

John: Right.

Jackie: So solar panels are something that is feasible for people in Miami to do, and there are certain grants and rebates from the government to help you implement, if you choose to do that. So hopefully, if they see it at our place and are like, “Wow. These are cool” – and they’re very beautiful circular panels.

John: Right.

Jackie: They’re not like the grid that most people see and are like, “I don’t want that on my house.”

John: Right.

Jackie: There are different options. The technology has advanced so much in such a short amount of time and it has made it cost-neutral, so you’re not really going to be spending that much more money on something that is more efficient than on its counterpart. We’re really trying to bring that message home to our fans and are hoping that they can see that, if we can do it and implement it on such a large scale – I’m talking 1,200,000 square feet – you can do it in your 2,000-square-foot home. It’s not that hard for you to implement it.

John: And speaking of “you can do it at home,” how many other arenas have you convinced, or have come to you for advice that have now become LEED certified in the last five or six years?

Jackie: There are not too many LEED NBA facilities. I think we’re only at about nine. I might be mistaken.

John: Still. You were the first, and you got nine to follow. That’s amazing.

Jackie: We were the first, so we always try to act as an educator, as a facilitator and try to break it down and make it manageable steps. If you just monitor your data, if you just do a handful of things that we can lead you down, then you can potentially pursue it. Some people don’t want the third party certification. I think it’s a great validator, and it shows people that you are living by a standard.

John: That’s awesome.

Jackie: Instead of just saying, “Hey, I’m doing this, I’m doing that,” it gives it that validation.

John: Absolutely.

Jackie: So we try to convince them that the processes can be overwhelming, it can be difficult, but the USGBC is there to help, the GBCI is there to help, I’m here to help.

John: That’s amazing. And we thank you so much for joining us today. Nine other arenas since you’ve done it. Nine other arenas. If you’ve just been listening today, this has been Jackie Ventura. She is the Head of Operations and Sustainability for the Miami Heat, and to learn more about all the great work Jackie and her colleagues at the Miami Heat have been doing, you can go to www.AAArena.com. Is there a Miami Heat?

Jackie: It’s through the NBA, www.NBA.com/Heat.

John: www.NBA.com/Heat. And also this is the Green Sports Alliance edition of Green Is Good. You can learn more about the Green Sports Alliance at www.GreenSportsAlliance.org. Jackie, you’ve been so inspirational today. We thank you for your time. You are truly living proof that Green Is Good.

Global Comprehensive Fertility Support with Tammy Sun

Tammy Sun is the Co-founder and CEO of Carrot Fertility, the leading global fertility healthcare company. Carrot’s mission is to make fertility care accessible and affordable to all regardless of age, race, sex, sexual orientation, gender identity, or geography.

John Shegerian: Do you have a suggestion for an amazing impact guest? Go to impactpodcast.com and click be a guest to recommend someone today.

John: This edition of the Impact Podcast is brought to you by ERI. ERI has a mission to protect people, the planet, and your privacy. And is the largest fully integrated IT in electronics asset disposition provider and cybersecurity-focused hardware destruction company in the United States and maybe even the world. For more information on how ERI can help your business properly dispose of outdated electronic hardware devices. Please visit, eridirect.com.

John: Welcome to another edition of the Impact Podcast. I’m John Shegerian, this is a very special edition. I’ve got it with us today, Tammy Sun. She’s the CEO and co-founder of Carrot Fertility. Welcome to the Impact Podcast, Tammy.

Tammy Sun: Hi John! Thank you so much for having me. Hi.

John: Hi, and I’m so excited to have you on. This is such an important topic in your vision and your mission. And the business that you’ve created is covering such an important topic that needs to get more coverage and visibility. You’re making the world a better place. You’re making huge impacts, but before we get to all that, and we’re going to get to that, I want you to share a little bit about your background, Tammy. Your work today is in Bentonville, Arkansas. And before we find out how you got there, where did you start this whole journey?

Tammy: Yes. Well, I am in Bentonville. Hello, from Northwest Arkansas, and I’m excited to talk about Northwest Arkansas as well. I didn’t expect to be an entrepreneur. I didn’t plan to be a founder or CEO. I spent a lot of years and the earlier part of my career in politics, policy, and government. I moved to Silicon Valley many years ago and started working for a tech company called Evernote. I think one of the things that are interesting but not, I think talked about enough is that both governments as a platform for doing important and good things at scale. It’s not that different than technology as a platform because you can reach a lot of people through products and services, filling important gaps in the market. Not that dissimilarly from thinking about passing a new law or an important election. So, the transition wasn’t that challenging for me. Once I sort of started thinking about doing my fertility treatments and engaging in my fertility healthcare, I came up with a lot of challenges. It was very expensive. It cost tens of thousands of dollars for me to get access to that type of care. And I was just really inspired to think about if I’m having this problem and I was privileged enough to have enough money in a savings account, right? That could pay for the type of care that I wanted and that I needed. What happens to other people? Most people in this country don’t have $500 or a full paycheck in savings. So, that means that if it’s not covered as a part of your healthcare at work, you just won’t have access to it. That’s what we saw.

John: You got involved with politics, and you’re very, very, very humble. You are a presidential appointee by President Obama on the FCC. You held roles at the Clinton Foundation as part of the White House. First of all, where did you grow up? Where were your formative years?

Tammy: I was born in Taiwan, in Taipei. I spent a few early years there, and then my parents moved over, and we lived in New Jersey for most of my childhood and grew up there. So, I’m an immigrant.

John: When you were going to school, I’m from an immigrant background also. I’m Armenian, 3rd generation. I’m a true believer that some entrepreneurs have a huge leg up when they’re immigrants. Because we end up somewhat more resilient than just other people that have everything afforded to them and aren’t as a little bit as tough and resilient as flexible as others. Growing up, though, when you were going to college, what was on your mind then? Did you have any dreams to be an entrepreneur? Or is it all politics and policy then?

Tammy: It was mostly politics. And, I do say that with the caveat which is I don’t think I was exposed to entrepreneurship until much later in life. If I knew that that was an option for me, I might have decided differently. Although, again, I think people who are attracted to politics and government, and policy work in many ways have the same DNA as people who are attracted to Silicon Valley and technology and building products and services. You’re trying to do something that can impact the world in a really large way as quickly as possible.

John: Correct. Your mom and dad, were entrepreneurs, or what professions that they hold? And how did that work? And how that informs you as to your ability to jump over from government and policymaking to the fun world of entrepreneurship.

Tammy: So, you know, we were pretty you know, when I was very young, we were pretty poor. My dad was still in school at the time he was getting his Master’s and Ph.D., and he wasn’t until he got a job at AT&T Bell Labs in New Jersey. I mean, we started to enter the middle class. And, you know, I saw both of my parents, you know, really exhibit a ton of grit. Sort of building the life that they did for their two daughters. You know, I have one sister, and I think just observing that and understanding the sacrifices that they made to give us opportunities was a big part of how I thought about my career.

John: That grit, frankly speaking. Given that they did the immigrant journey and you got to be a percipient witness to that, that grit is imputed upon you and forever leaves you marked, for better and worse sometimes too, but for better in this situation. So, now you see this white space, you have a direct personal connection to this problem now that you want to fix. So, what then informed you to say, “Hey, I can be the one that does this, I can be the one and I’m going to get the right people around me and also the right dough”, and what gave you that ability to have the guts to do both, find the right people and to find the dough. Both, are not easy things by the way. Entrepreneurs have fascinating wonderful visions and great intentions but finding the dough and the right people to make it a reality is not an easy trick, magic trick, or let me say hat trick, to borrow a hockey term, to make it a reality. So, how did that go for you?

Tammy: Well, look, I think, you know, I saw, you know, the latest status at what two percent of venture funding or venture dollars goes to female founders. And I think at its height, that number had crescendo at 3%, and it’s back down. So, I won’t lie. It was hard.

John: Well, I bet you the number gets further, parse time, interrupting you, but I bet the number even gets further parse when it’s also a woman of color.

Tammy: Yes. Absolutely. Numbers are not good.

John: You are facing much bigger odds than a guy like me walking in with a great vision in a DC office or anywhere else. So, I just want to make sure that the audience realizes the odds that you were facing on the mountain you were climbing.

Tammy: It was tough and even back. I mean, today, I’m so excited. We’re on the show, we’re talking about fertility, we’re going to talk about menopause. Back then, it was still very early- five to six years ago- and it was tough sometimes to talk about these issues and get people to understand that this is a human health care issue, not just for a specific type of woman, and frankly, not even for women, it’s for men too. And so, it was an uphill battle with regards to, as you say, the dough and the funding. But I think the one thing that got me through, of course, the resilience and the things we talked about in terms of traits that, you know, I have my parents were, I’m grateful, my parents were able to give to me growing up. But the thing that was differentiating was, even as investors were saying, no. And a lot said, no. A lot of my potential customers were saying, yes. So, you know, I go from a meeting where an investor says, “Egg freezing, that’s never going to be a thing, that’s just for a tiny group of a specific type of woman.” Like, that’s not everything. I’d go from that meeting to an HR leader or somebody who buys benefits at a company, and I would sit down, and they would be like, “Thank God you’re here.” I was just talking to an employee who came into my office and said they couldn’t get access to the IVF through our insurance or, “Oh my gosh, I’ve been wanting to talk to you, I have women coming in talking about egg freezing, and I don’t know how to do it.” And so, I think the thing I would encourage people to do is like really listen to the customer, stay connected to the customer, and then and then the money and the venture dollars, and the financing all of that stuff will follow. If the customer if you have a strong customer base.

John: I love that. You know, being customer obsessed. A lot of people forget that that’s what we’re in business to be, servicing, and serving our customers. Who wrote the first check, who wrote the first? Who is the first believer of Tammy Sun?

Tammy: Oh, my gosh. Okay. So, there were, I think it was all on the same day but there’s a group of female angel investors in Silicon Valley called hashtag Angels. So, they were phenomenal. Jonna, hi. Everybody, Chloe, hi.

John: That’s right.

Tammy: And then, Charles Hudson from a precursor. Charles is one of the most successful, prolific, precede, venture capitalists now in Silicon Valley and I believe I was in his first fun. Just as he was launching the fun and he is fantastic. He happens to be a black BC and I think that is just like, something that I am also very proud of.

John: So, this year, the day and year that you got those first checks, which year are we talking about?

Tammy: Oh gosh. 2017, I think.

John: 2017.

Tammy: And I had not even really started. I was just coming up with an idea. We had tried all of these sorts of consumer angles. You know, we did a Y combinator in 2018. Finally, it started selling in 2018, but those were early days.

John: When you started though, where were you working? Your home, or out in a garage? Silicon Valley style, and where was this? Where was home for you, then? Where was your [crosstalk]?

Tammy: Oh, my gosh. It was a coffee shop called Max fields in San Francisco, that was connected to a laundromat.

John: I loved it.

Tammy: It was next a bunch of [crosstalk], for her for almost a year. I did my work on a laptop at a coffee shop with two dozen washers and dryers of being surrounding it.

John: When you first came up with this and you just wrote the business plan, did you have partners or was it, did you start building a team after you got the first checks in the door?

Tammy: I did have some early partners, and, you know, right now, one of my co-founders, Doctor Asima Ahmad. She’s our chief medical officer. So, she’s the co-founder. She’s my chief medical officer. She is a double board-certified OB-GYNE, as well as a fertility doctor. And we met at a fertility conference, sitting in a workshop for a low cost. How to get more people to be able to access IVF?

John: Wow. So, now you start raising money, and what happens next? How do you start honing your vision and your mission and what are your next steps then?

Tammy: Well, I started raising money and I think the thing that nobody prepared me for was how rapidly you would be rejected and as somebody who was pretty used to working hard and achieving a goal or being successful, I think that level and that velocity of rejection can be very challenging for somebody who doesn’t know that they’re walking into an expectation, where that’s normal. And so, you know, went through the process of raising precede round, raising a seed round. We ultimately ended up doing Y combinator, which is a startup thing in Silicon Valley.

John: Sure, you can beat it.

Tammy: Yeah, exactly. And went on from there.

John: You raised a bunch of money and by the way rejection never feels good, no matter how successful, or not successful you are. Mean, it’s hard, it’s hard to deal with rejection. You know, especially when it’s your baby.

Tammy: Yeah.

John: It’s all your baby, it’s one thing to be rejected, personally. It’s another thing when your beautiful baby that you’ve put a lot of thought into your life and what in your guts is.

Tammy: You think it’s beautiful, but someone just said your baby is ugly.

John: Exactly. And Coke for you in my house.

Tammy: Yeah.

John: It’s enough. Now you’ve raised some money. Where do you start, with your talking to clients? I mean, your client list today is just incredible for our listeners and our viewers out there that want to learn more about Tammy and her great company, carrot fertility. You can type in carrotfertility.com or get-carrot.com. I mean, your client list now is ridiculous. Clif Bar, Variety, Zoom, Plantronics, Eccentric, Etcetera. But how, who were the first two to five clients, and how that works?

Tammy: Oh, yeah. I mean, you know, we had a really small cohort of early Customers Palantir was an early customer. You know, we’ve been privileged to have several great, great, early customers. And I think, the timing is also really important here, the customers that were available to us, were able to make buying decisions because the culture had evolved just enough to that point to make this possible. So, what does that mean? That means for example, that you know, finally, the Supreme Court said, same-sex marriage, that is legal, right? We’ve decided on same-sex marriage. So, once marriage was decided, you could sort of see that the conversation would naturally over the next several years turn to “Okay, well, how are LGBTIQ people going to think about forming families?” What is the type of healthcare that they’re going to need to do that? Is it going to be adopted? Is it going to be IVF? Is it going to be surrogacy, right? So, there are a lot of things that come as a consequence of a big cultural, and legal shift like that. You know, we were just sort of coming to a point where more and more people were talking about infertility in the public. You know, some of the earliest companies like Meta formerly known as Facebook had just said, “Okay, we’re going to offer egg freezing as a part of our, as a part of our benefits at work.” And so, it was this sort of magic moment where all the stars aligned, and it brought this issue to the front of the pack, as something that we should all start to think about and care about more. And finally, the timing was right where you could build something, to service it.

John: So, I bet you start building carrot fertility. There’s a lot to talk about here on the macro, in terms of menopause, mental health, and wellness before we get into that. What was the first part of- You know, they always say, don’t eat the elephant, don’t try to deal with one bite. You know, baby steps along the way, no pun intended. Where did you start in terms of the white space that exists in this broken system?

Tammy: Well, there’s still a lot of white space as you said, nowhere near being able to say that we’ve accomplished our mission, which is fertility care for all people, regardless of age or sex or gender. But I think in the early days what we wanted to do was, we wanted to reframe the first lady conversation so that it wasn’t only about opposite-sex couples who were challenged with infertility important group. Very, very important that they have high-quality access to fertility treatments, but we wanted to change the expectations and the conversation around. Who else could have access? What about single intending parents? What about gay couples? Who needs access to a gestational carrier, who needs access to a donor egg, who needs access to adoption benefits? What about women and couples? And men who want to preserve their fertility, whether through egg or embryo, or sperm freezing. We want to just sort of set a new normal around what fertility was defined as, and what the new modern expectations are of employers when people say, “I want a comprehensive and inclusive fertility benefit.”

John: Understood. So, you’re going after this whole ecosystem of fertility.

Tammy: Yeah, exactly. We think fertility is life-long. We don’t think just starts and stops at one specific treatment. We think it involves the course of a person’s entire life and there are changing goals and changing clinical needs all along the way.

John: It’s 2022, now. You’ve been in this for six years, seven years.

Tammy: Yeah, exactly. Long-time feels like [crosstalk].

John: Long, it feels. Of course, it does. Are you where you want to be? And where are you right now in the journey?

Tammy: You know, really proud of where we are. You know, I always want more, always want to be farther. I’m proud of where we are. We have, I think the world is different. Just as I was saying before, in terms of having a new normal. I do think that the world is different today than it might have been if Carrot didn’t exist. I think that we have been an important voice and an important tool. that has shaped and reshaped people’s expectations around what human fertility healthcare means. There’s a lot more work to do and we’re continuing to push the envelope to serve our members and our customers all around things, like post-reproductive fertility healthcare, age-inclusive fertility healthcare, which includes menopause as well as low T. But I’m proud of where we are today. We have you know, 380 or about 400 just under 400 employees. We are a global company that’s available in 120 countries and we’re in 45 states in the US.

John: How many clients and how many people are you serving right now?

Tammy: Today. So right now, we’re about 400 [crosstalk].

John: Wow.

Tammy: Yeah, and about a million lives. But when we go, when we move in by the time, you know, q1 rolls around, we will be many millions of covered lives and double the number. Almost double the numbers.

John: How did covid change your business and how employers look, it is seeming a trend of better benefits being important for retention, and not only for employee retention but for employee attraction as well.

Tammy: Yeah, I mean. Look, covid put a spotlight on how important healthcare, the health, the strength of the healthcare infrastructure is in this country [crosstalk].

John: And maybe the weak and, maybe the weakness of it as well.

Tammy: The weaknesses of it. Weaknesses and how we can build resiliency.

John: Right.

Tammy: And I think part of it is really through Telehealth, right? And through telemedicine. You know, for us we double down on Telehealth during the pandemic.

John: Wait, what do you mean? Explain what you mean by that.

Tammy: So, a couple of things, you know, the fertility clinics during the pandemic were shut down. So, anything that was, I don’t know if you remember, “non-essential.”

John: Yeah.

Tammy: Was closed.

John: Right.

Tammy: So, there’s a lot of interrupted IVF Cycles, adoption processes that had been forgotten because people needed to travel to do things. So, there was just a massive, massive disruption in care. You know, we really sort of invested in building, you know, features and tools for members to be able to get as much care through Telehealth as possible. So, that includes, access to a fertility doctor, but it also included access to emotional and behavioral, and mental health experts with specializations in fertility family forming grief, and so on. The mental health and emotional health aspect of managing and dealing with fertility healthcare is something that we feel very passionately about, and we think it is an integral part of the fertility healthcare experience. Not just your physical body but also your emotional wellness. And so, we saw, over a 3X spike in the utilization of those types of experts on our platform.

John: What’s the carrot RX brand that you built?

Tammy: Yeah, we also release that during the pandemic, which was, when you do fertility treatments, if you’re doing IVF, you’re doing everything. The medications are very expensive, and they are pretty invasive. So, you have to give yourself, you have to get this medication, it’s free, and a lot of it needs to be refrigerated, comes in an Inno-Pak. You have to mix medication and then, you know, load a syringe and then give yourself multiple shots per day, for up to two weeks. May be small. So, it’s complicated invasive, and complex. When I first did it, you know, my hands were shaking because, you know, I had never given myself, any kind of, you know, medical wrong there are

John: Right.

Tammy: Not a shot. But each little vial of medicine was like several hundred dollars. So, if you mess up, it’s a pretty expensive mistake.

John: Right.

Tammy: Right. So, sometimes people will, you know, have friends come over and do it or if you have a partner that they can help you do it, but it doesn’t matter because none of us are doctors. And so, we’re just sort of figuring it out on our own. And so, the carrot RX product makes this experience a lot better. So, it arrives at your house. You know, well-labeled, well-marked, fully branded, full instructions. One of our carrot experts will get on the phone with you to do an unboxing. So, you unbox all of your stuff. We tell you what has to be refrigerated, we give you specific instructions on how to store your medications. You can book a video appointment with a fertility nurse and that nurse will help you, over the video, mix the medication, okay? And then, coach you on how to do this shot and that that stuff matters when you’re in the high-stakes world of fertility treatments.

Tommy: High-stakes world, by the way, for our listeners and viewers who’ve just joined us. We’ve got Tammy Sun, in the station. She’s a CEO and co-founder of carrot fertility, to find Tammy and her great company and her colleagues around the world. Please go to carrotfertility.com. Talk about the cultural differences between the United States serving the United States population and corporations here and the citizens of this country versus the other countries that you service. What are you seeing in terms of cultural differences and how do you have to adjust your business model for Asia, Europe, South America, and other parts of the world?

Tammy: So, such an interesting question. You know, there are so many differences between the US and countries around the world. Where the leading provider of global fertility benefits. We are the experts in this space and the thing that I am always just so struck by when it comes to the global landscape is every country has something about it. That is good, right? So, for example.

John: Yeah.

Tammy: In the UK they are making a lot more progress on menopause and from a policy perspective, from a cultural perspective than we are in the US. In Israel, there’s a ton of public funding for fertility treatments. So, when you go around the world there’s like there are good things in many countries but the tie that binds the thing that is the same is that there are things that are deeply broken as well. So, while some groups may have great access to fertility healthcare through the Public Health Care system in country X, other groups are prohibited from that access based on sex or marriage or sexual orientation, or gender, right? So, single women might not be able to get access to fertility treatments because they’re not married, right? Or same-sex gay couples will not be able to get access to IVF because they’re gay. So, while there are good things, the common thing is that it’s broken everywhere.

John: Right, right, right, right.

Tammy: We come in and we fill in all of those sorts of critical gaps. We work with some of the largest US multinational employers.

John: And you have employees in many countries around the world? Or is it mostly American-based employees, servicing the entire planet?

Tammy: We have teams everywhere.

John: Teams everywhere. Do you have one office somewhere? I mean, talk about how you ended up from Silicon Valley to Bentonville. I’m fascinated by that, I’m sure our listeners and yours will say, how did Tammy Sun go from Silicon Valley to Bentonville Arkansas?

Tammy: It is wild. I never thought that this would happen to be honest. It was a covid move and, you know, I lived in large cities almost my whole life. I lived in London. I lived in New York. I live in Silicon Valley. And you know, during the pandemic, it was just so challenging to be that isolated and to be in the Bay Area where there were really bad forest fires. I couldn’t breathe the air that year. I don’t know if you remember it was like, red, right? It was like the [crosstalk].

John: That was Armageddon.

Tammy: You know, what’s the movie that everyone was in? It was like Mad, Max.

John: Right.

Tammy: Like, it was the red sky.

John: You’re right, I agree with you.

Tammy: And there was no, it’s just small things but, you know, there was these goes not set up with air-conditioning like it’s not, it doesn’t have air conditioning the way that New York has air-conditioning built-in everywhere. So, it was just very, very challenging. So, you know, Phil and I decided that we were just going to sort of try Bentonville. It wasn’t that random insofar as my sister and her husband also live here. So, we have to excuse to come down, we thought it would be temporary but we’re building a house now.

John: That’s wonderful. I’ve been to Bentonville many times, and it just feels like just American good old mom apple pie and the girl back home. It feels like it’s just a wonderful part of the country that people sort of fly over most of the time, but it’s wonderful that you’re there.

Tammy: Yeah, it’s a great part of the country. Northwest Arkansas is, you know, teeming with talent. It’s got incredible art crystal bridges here. I mean, I would say it’s in the top percentile of art museums in the world, and it’s just a really interesting dynamic community. So, happy.

John: So, talk about running a company from Bentonville. Do you have one set of offices? And certain parts of the United States, where the majority of employees work out, or does everyone work dispersed?

Tammy: So, you know, we thought about this question a lot. As you know, people were starting to come back as vaccinations were happening, and what we were, you know, what was our policy going forward. At that point, we had hired employees, I think, in 38 states. Now, it’s like more than 40, but, you know, we have, we have folks in Ohio, and Iowa and North Carolina and Arkansas and California and New York of course. But we decided that we were going to be permanently fully distributed, and so that meant that we were not going to reopen a headquarters because we wouldn’t know where that headquarters should be. But we were going to take, you know, you’re going to take those, we can take the money that we would have. Otherwise, spent on like really expensive rent in New York or San Francisco or Chicago and we were going to reinvest it, and so many times a year, we bring teams together to be together physically. Not necessarily to work next to each other, John, because we all know that we can sit anywhere and work now.

John: Correct.

Tammy: But connect, right? To build those relationships and maintain that trust, put social capital in the bank. And then, as we are distributed, we can use that capital to work. Folks get together a lot accurately.

John: I had the opportunity. Thanks to your great team, to learn so much about you and carrot fertility before this podcast. How are you getting the word out there? And what’s the future look like? This seems like the opportunity is limitless and the sky is the limit for you, and all the trends are in your favorites. Am I reading that right, or where am I missing something here?

Tammy: No, you’re right. I mean, look where, you know, we’re in a tough, sort of challenging economic environment now, and there’s a lot of discussion about the macroeconomic environment, and what I like to remind people about our industry and our business is that you know, the secular trends that drive the expansiveness and the growth of fertility, it’s bigger than whatever this economic moment is, however long it lasts. It’s permanent, right? People, both men, and women are going to continue to have kids later and later.

John: True.

Tammy: Whether it’s starting a family, or earning their families. You know, tens of millions of people are going to enter post-reproductive fertility health care, which includes menopause, perimenopause, and menopause. That’s permanent. Well, pregnancy, right? These things are larger than any specific economic moment. And so, we talked about, you know, how we can be of service to a really important constituency in this country, which is health plans and employers, who are the payers of healthcare, right? You and I, I don’t know about you, but I get my health care through my job.

John: Me too.

Tammy: That’s just how it is in this country. You can like it, you cannot like it, you can pay for it [crosstalk]

John: It doesn’t matter. It’s the way it is.

Tammy: It’s the way it is, right? Like, more than half of all Americans, 150 million- we get our health benefits through our jobs. And so, we put these employers and these customers at the center of our universe at carrot, which is how can we be of service to this vital group in this country, which is very much on the front lines of healthcare delivery.

John: How does such an important topic become such a misunderstood and taboo topic? Even talk about over in our culture and society? When you’ve been during doing your journey and learning from so many great people that you’ve been exposed to, what have you learned as to why the nature of this is such a misunderstood, misdiagnosed, and taboo topic to even be out there?

Tammy: You know, there are a lot of aspects about how women, in particular, engage in healthcare and how they are served or unserved in the healthcare system that I think can answer that question.

John: Okay:

Tammy: You know, there’s a lot of bad news. But the good news is that you know, we’re in this really important moment where we’re able to sort of bring these topics to the table as a first-class citizen in healthcare, not at the side table. You know, not like it’s at the table as a first-class citizen, and you’re seeing it being baked into the healthcare stack at work, with gentle, with vision, with medical people who are looking at mental health benefits. They’re looking at fertility benefits, and I think you know, unfortunately, a lot of the health care system historically over time has not been designed by and designed for women. You know, you see it in every aspect of the health care system in terms of clinical trials and all sorts of parts of the system. But I think, you know, we are excited to sort of be engaged in the process that is reimagining and reinventing important parts of it for people.

John: Today, when you’re talking to our listeners, who are leaders of their company, their CEOs or CFOs or directors of HR and HR directors, you have 400 plus clients. You have lots of information now and a lot of evidence that you’ve learned over the last seven years. It’s good business to get involved with fertility benefits like Carrot that Carrot shares and offers the people in terms of retention, in terms of attraction of employees, and just employee happiness. Is this the proven science now on the facts that you can say and look at any CEO or director of HR and say, “It’s just playing good business for you to bring on our service to your company.”

Tammy: It’s just math [crosstalk].

John: [laughter] Tell me, share the math.

Tammy: You know, I think one of the things that are a double whammy here is that number one, you know, people love, love announcing and delivering care to their employees. You know, people cry. It’s life-changing, right? And you’re a benefits leader or you’re in HR. You know there are lots of parts of the role that can be challenging, and you know that are draining. This is a part of the job that a lot of our customers just love giving their employees, right? So, it feels great, but it’s not just that it feels great for them and their employees. It’s just math. So, you know, if you care about saving costs if you care about retaining employees, this just makes sense, the average cost of replacing an employee ranges, depending on the kind of role and where they are ranging between 50,000 and $200,000. You know, when you’re talking about women in the workforce in their 40s and 50s, many of whom are leaders, executives, and managers, $200,000 doesn’t begin to express how expensive it would be to lose a leader at that level and replace her. So, from a retention perspective, carrot works 98% of our members for more than three years, and we survey them every single week. 98% tell us that they are more likely to stay at that company in that job because they have access to Carrot.

John: That’s awesome.

Tammy: We pay for the house, just on that, right? And then you talk about the healthcare side like that’s a whole other story.

John: Let’s go back to the entrepreneurship thing. You were facing a huge mountain, not only as a woman, which is hard when you’re a woman entrepreneur in this country, there’s no doubt. There’s a lot more discussion of them, mark Cubans in this world than the sets our Blakely’s and a woman of color, nonetheless. Share with us what you were expecting that happened along the journey. And what were you not expecting that also happened along the journey, and how hard is it to be an entrepreneur? And would you ever go back to public service again? Where you were now smitten in this, is it for you?

Tammy: You. Oh my gosh. Well, I don’t know if I have another company in me after this is all done [laughter]. It might’ve taken everything that I possibly have [laughter].

John: I don’t think so. I think you have a long way to done here. So, I think you have a long journey [crosstalk] anyway. So, let’s not worry about what would happen.

Tammy: You know, one of the things that I was expecting is. It’s kind of a weird thing to say, but I knew that it would work.

John: Awesome.

Tammy: I knew that it would work. I knew that it would be very hard. I knew that there would be so many problems to solve, but I knew that it would work, and the way that I knew that was because I was just constantly listening to the customers. My connection to the customers was so strong that I could read what was going on. So, I always knew that it would work, even though I knew it’d be hard. The thing that surprises me, and it continues to sort of surprised me every day is like, I am just so, for a while I was doing many, many jobs. I was in customer service. I was in sales. I was in the product. And so, I sometimes wake up, and I just cannot believe that there are hundreds of people who are more talented than me at these jobs who get up every day and they make this their life’s work too, and they are just so relentless and, so smart, and so energetic, and they’re just doing such great work to move this forward. Sometimes, I wake up and I can’t believe it.

John: Awesome. When you started, are you are your parents still alive?

Tammy: They are, yeah.

John: So, when you started this and you first called it and said, “I’m leaving the FCC or leaving the Clinton Foundation,” or all the great things that you were doing and evolved within your previous career, earlier in your career, how were they with this whole journey when you were just embarking on it?

Tammy: So, as we discussed, my parents are immigrants.

John: Yeah. Yeah.

Tammy: And, you know, engineer, lawyer, or doctor like, that’s easy to understand.

John: Yeah. Very acceptable stuff for all the [crosstalk] lawyers.

Tammy: I agree.

John: I get it. I get it.

Tammy: These three things, pick up, pick one. I think, you know, entrepreneurship has been a learning experience for them as well. I don’t think they think that I’m unemployed anymore. I think they think that I have a real job, but you know, it’s ideas. It’s been fun for them too.

John: That’s awesome. That is so awesome. Any final thoughts about the future of carrot fertility before I let you go for today, I’m going to have you back on because I want you to continue to share this important journey. But Tammy, any final thoughts before we have to sign off for today?

Tammy: Fertility is for everybody. It’s for, you know, anyone who’s listening. It’s for you if you’re married if you’re single if you’re a man if you’re a woman, if you are gay, if you are straight, it doesn’t matter who you are. If you are of reproductive age, if you post-reproductive age, fertility healthcare is for you. And we are building a product where everybody can feel at home.

John: Tammy, I just want to say thank you for making the world a better place by affecting millions of people not only in the United States but around the world with all the future impacts you’re going to make on infertility and lives around the world. For people who want to find you, sign up, or learn more about the great benefits that you have, please go to carrotfertility.com. Tammy Sun, you’re always welcome back on the Impact Podcast, and I thank you for making the world a better place.

Tammy: Thank you so much for having me, John.

John: This episode of the impact podcast is brought to you by closed-loop partners. Closed-loop Partners is a leading circular economy investor in the United States with an extensive network of Fortune 500 corporate investors, family offices, institutional investors, industry experts, and impact partners. The closed-loop platform spans the arc of capital from venture capital to private equity, bridging gaps and fostering synergies to scale the circular economy. To find closed-loop partners, please go to www.closedlooppartners.com.

Department of Energy takes on Electronics with Paul Scheihing

John Shegerian: Listen to the Impact Podcast, on all your favorite podcast platforms, including Apple, iTunes, Google Podcast, Amazon Music, iHeartRadio, Audible, Spotify, Stitcher, and of course, at impactpodcast.com. This edition of the Impact Podcast is brought to you by Engage. Engage is a digital booking platform revolutionizing the talent booking industry with thousands of athletes, celebrities, entrepreneurs, and business leaders. Engage is the go-to spot for booking talent, speeches, custom experiences, live streams, and much more. For more information on Engage or to book talent today, visit letsengage.com

John: Hi, this is John Shegerian. I never could have imagined when we started. The “Green is Good Radio Show” back in 2006. That it would grow into a big podcast called the”Green is Good” podcast. And now we’ve evolved that podcast to the Impact Podcast, which is more inclusive and more diverse than ever before. But we did look back recently at some of our timeless “Green is Good” interviews and decided to share some of them with you now. So enjoy one of our great “Green is Good” episodes from our archives. And next week, I’ll be back with a fresh and new episode of the Impact Podcast. Thanks again for listening. I’m grateful to all of you. This is John Shegerian.

John: Welcome to another edition of “Green is Good.” This is the emerging green edition of “Green is Good” and beautiful downtown Portland, and we’re so honored to have you with us today, Paul Scheihing. He’s the Technology Manager of the US Department of Energy, the advanced manufacturing office. Welcome to “Green is Good,” Paul.

Paul Scheihing: Thank you for having me.

John: Oh, happy to have you! And before we get to talking about all the great work you’re doing for DOE, I like you just to share Paul Syers’ journey with our listeners and our viewers on how you even got interested in energy and sustainability and all the great things that we’re talking about here at emerging green.

Paul: Yeah. So I was trained and educated as a Mechanical Engineer, and I worked for 10 years in the private sector, actually designing gas turbine engines. And I have always had an interest in energy, probably, starting in my college days. And then, I applied to work at the Department of Energy, and it’s been an interesting journey. Done a lot of different things. And the last few years, I’ve kind of focused my efforts on Energy Management, which is turned out to be a phenomenal area to be in.

John: It’s one of the hottest areas. This sounds good, right?

Paul: Yeah. So, it’s been very exciting, and of course I really my passion is to work with the US manufacturing sector. Because energy has such an important role in improving the productivity of manufacturing plants. And as you know, things today are very competitive worldwide. And energy can play a good part in helping companies to be competitive and improve the environment at the same time.

John: Yeah. So interesting. And so, your area at the US Department of Energy when it says, Technology Manager, Advanced Manufacturing Office. What is that? Is that just for large manufacturers in the United States? Is that for OEMs in the electronic sector? How many sectors is that cover?

Paul: Includes all the sectors. So, if you look at the US manufacturing sector, you’re talking about 200,000 facilities in the United States. And you’re talking about us. I think itself is 15% of our economy is making Goods. It also comprises 1/3 of the nation’s energy consumption is manufacturing some type of product. Of course, there’s a variety of sectors that comprise that energy. Some of the key ones are, of course, chemicals, paper refining, food processing, steel, and aluminum. And then, others are more downstream in the supply chain, such as plastics, automotive, and electronics. And but we will be if you look at the electronics sectors after you’re really dealing with the whole supply chain of extracting the materials from the mine to making the individual components, whether it be a printed wiring board or the integrated circuit or the memory board or the plastics that go into your electronic products.

John: Right! Right, right. So, you’re here at the emerging Green conference, and of course, we’re talking about the circular economy. I’m talking about sustainability. You also have a program at DOE called SEP.

Paul: Mm-uhm.

John: So, can you share a little bit about what you’re talking about here? And what, and how does that interrelate to what you’re doing and what your favorite programs are at DOE?

Paul: Okay. So, if you look at the Superior Energy Performance program or SEP.

John: Okay.

Paul: It is about the continual improvement of energy performance.

John: Okay.

Paul: And we do that under SEP using the ISO 50001 Energy Management Standard. So, ISO 50001 is similar to other ISO Management Systems such as ISO 14000 or ISO 9000, but this time we’re focusing on energy alone. And that’s Structured Management System helps companies to continually improve. And this standard is very young, just about 4 years old. And so, the US DOE is working with the manufacturing sector to increase the uptake of ISO 50001. And we do that through SEP because SEP adds extra energy performance verification on top of ISO 50001. And that verifies the value that the companies are getting. In addition to that, you can extend that even further to verify the greenhouse gases that the company is reducing as a result of its energy management efforts.

John: When did this SEP roll out?

Paul: In 2013, we rolled it out. And to date, we have 27 facilities that have been certified.

John: Wow. And how many more are in the process of getting certified?

Paul: About 50 others. The main uptake we’re getting right now is working with 5 companies to scale it across their Enterprises.

John: Their Enterprise.

Paul: Nissan, 3M, General Dynamics, Schneider Electric, and Commons[?] are working with us to see how they can extend SEP beyond just one facility across the Enterprise. And there, then you get the Economies of Scale of doing that, of course.

John: Wow. And for our listeners and viewers out there that want to learn more about the SEP program that Paul is very involved with, you go to

www.energy.gov/isosep. So, you’re going to be speaking at this and this conference. Who else are you going to be on your panel, and how are you interrelating it with sort of closing the circular economy?

Paul: Yeah, it’s a great question. So, if you look at a typical electronic product, it will vary, but in some electronic products, there could be 5X more energy consumed by the manufacturer of that product as opposed to the use of that product.

John: Interesting.

Paul: So, a lot of the focus up to now, in a good way, has been on reducing the energy consumption of the use. But we have so far to go with improving the manufacturer of those components that comprise the electronic product. So, the SEP program could do, is to help original equipment manufacturers to work with their suppliers to continually improve their energy performance.

John: Right, right.

Paul: And then other people on the panel would be HP and Qantas International, which has developed a Life Cycle Analysis Tool with a group of manufacturing companies, including HP. And then we also brought in 3M, who has, there, a supplier to the electronics industry. Wanted to have one example in particular. They’re one of the leaders in adopting the SEP program. They’re kind of a world leader in energy management, so they’re going to speak on that.

John: Gotcha, gotcha. Talk a little bit about what you thought was going to happen when you started rolling out SEP. What actually happens? Some of the challenges, but some of the unintended benefits also.

Paul: Yeah. So, some of the challenges, of course, is a new thing, but that’s always the case. We also have found that there’s a lot of training needed, a lot of education. We’re trying to create a skill. Taking 2 types of people, one that knows management systems and one that knows energy engineering, combined that into one person who built more of those people who know both of us things. We also had some kind of surprises. The companies initially were kind of reluctant about the third-party certification. Maybe the was a little bit of a risk to them. Maybe they were kind of putting themselves out by being more transparent, and as it’s turned out, the companies really like it. Because the energy teams put all this work into putting the SEP program in place. Now they have a 3rd party come in and say, “yeah, you did say 10%.” And that allows them to go to the Plant Manager or their decision-makers to demonstrate that they really got a return on investment for all the effort they put in.

John: Gotcha, gotcha! Besides the brands that you just mentioned. The great brands you just mentioned, such as 3M and others that are putting this across their Enterprise, what’s the future of SEP? What’s the future, even on a macro level, for Energy Management because it seems like everyone’s talking about it?

Paul: Well, if you look, if you take a global view-

John: Yeah.

Paul: Okay.

John: Yeah.

Paul: I bet you’d be surprised to know that 40% of the world’s energy is industrial making things.

John: Okay.

Paul: Okay, it tends to be an area. Maybe that doesn’t get as much attention because things are like the energy for our cars and our buildings-

John: Sure.

Paul: -are a little more transparent to us.

John: Sure.

Paul: But 40% of the world’s energy is making things. So, we’re finding that the average SEP plan is, say 10%t in the 1st 18 months. So, the potential of a typical manufacturing plant could be 15%-30%, right? Over a 5, 10-year period. And any features translate that across that 40 % of the world’s energy footprint, our carbon footprint. You know, it’ll take some time, but you can see the potential there.

John: Years ago, we had a great guest from the energy sector, not from the D OE but from the private sector, on the show, and I forgot the number, but I wanted you to tell me what the real numbers and he said to me the future of energy is in no longer creating solar so to speak. He said it’s managing the grid[?[(11:56)] better. I said, “I don’t understand what you mean.” This is a 3 or 4 years ago discussion on the show.

Paul: Mm-uhm.

John: And he said, “listen, John, if you take all the energy that’s produced in the world,” he goes, “at least,” and he gave me a number. I want to say 50% is being wasted on all of that.

Paul: Absolutely, it is.

John: Is that number true?

Paul: It’s somewhere in that way. Yeah.

John: [crosstalk[(12:16)]And I appreciate. That’s amazing.

Paul: Yeah, and remember, the cleanest energy we have is the BTU that we don’t consume, right?

John: Right!

Paul: We don’t have to treat that. We don’t have to worry about so-

John: You’re filling that void that he told me about 3 or 4 years ago in one big-.

Paul: In 1 element, yeah.

John: That’s huge!

Paul: There are other courses with a lot of clean technologies[crosstalk] that can get towards that 50% potential.

John: Of course. Right.

Paul: Approximately.

John: Right.

Paul: Yeah.

John: That’s the opportunity, then.

Paul: Yeah. So, you really want to be managing your facility excellently, right?

John: Yeah.

Paul: If you’re going to be adopting all these clean technologies-

John: Sure.

Paul: -they both think they go hand in hand.

John: They go hand in hand.

Paul: Mm-uhm.

John: Talk a little bit about other energy. You know, for our listeners out there,

everyone wants to understand. We don’t want to anymore. We found in less than 7 years since we’ve been doing this show, is that listeners are excited to learn, but they also want like a step-off pointer window to a door to walk through.

Paul: Yes, yeah.

John: How can our listeners and our viewers, Paul become more energy-efficient themselves? Give some solutions or suggestions that you have because you’re right in the middle of all of them.

Paul: Yeah. Well, I would say if we’re talking about a manufacturing facility.

John: Yeah!

Paul: Maybe not every facility is ready to jump in, do SEP right away.

John: Right.

Paul: Or IOS 50001, right?

John: Right.

Paul: I would suggest that they look at putting some type of structured Energy Management program in place. And my suggestion to them is to go to our website and Google eGuide DOE.

John: eGuide?

Paul: Yeah. eGuide DOE.

John: Okay.

Paul: This is a tool basically that helps any kind of facility to manage their energy and gives them those first 10 or 20 steps to do. A step-by-step process. Things like you put your energy team together. Go beyond a person. Come up with a plan. Get the plan manager and whoever is controlling your resources to support your team. Get a goal. Assess your energy.

John: Sure. With regards to what you just said on a macro basis. For our listeners and viewers and take it down, more micro to what why we’re here today for electronic manufacturers and the electronic supply chain. How can we get better at this? I mean, where do you see some of the lowest-hanging fruit?

Paul: Low-hanging fruit is in adopting a more systematic Energy Management program.

John: Okay.

Paul: And what we have found, the average plan again, let’s say, 10% and 3 quarters of that savings are from operational behavioral improvement not having to spend any money. Simply by the team’s real understanding of how their energy is used. Pinpointing those big areas in your facility that use the most energy and see how you can optimize that.

John: Wow, wow! Final thoughts. We’re down to the last couple of minutes. Paul, share your final thoughts with our listeners and viewers on energy, sustainability, and anything else about SEP or that you want to share.

Paul: Yeah. In terms of the electronic industry, I guess, please take a look at SEP.

John: Okay.

Paul: What we’re trying to do is to incorporate a SEP as part of sustainability standards that the electronic industry can use. And that the large OEMs that make the products can work with their suppliers. And there are hundreds, not thousands, of suppliers who work with 1 or 2 of them initially to demonstrate that Energy Management is a cost-effective pathway to reducing your energy and carbon footprint.

John: Got it. Well, thank you for being with us today, Paul.

Paul: Thank you. Yeah.

John: For our listeners out there, again, to learn more about what Paul and his great colleagues at the DOE are doing, please go to www.energy.gov/isosep and also download when you’re on that site, eGuide DOE.

Paul: Yeah, or Google it or even search it.

John: Or Google it. Yeah. eGuide DOE, which will give you the beginning steps to get your plan in a more energy-efficient manner.

Paul: Yes.

John: Wow. Paul Syers, he’s the Technology Manager of the US Department of Energy, the Advanced Manufacturing Office. Thank you for making the world a better place. You are truly living proof that “Green is Good.” Thank you so much.

Paul: Thank you, sir.

John: Thank you.

John: This edition of the Impact Podcast is brought to you by ERI. ERI has a mission to protect people, the planet, and your privacy. And it is the largest fully integrated IT in Electronics Asset Disposition Provider and Cybersecurity-Focused Hardware Destruction Company in the United States and maybe even the world. For more information on how ERI can help your business properly dispose of outdated electronic hardware devices. Please visit eridirect.com.

Making the Most of Life’s Essential Resources with Karla Robertson

Karla Robertson currently serves as executive vice president, general counsel, secretary and chief social responsibility officer of Pentair. In this role, she oversees all aspects of legal, compliance, privacy and insurance matters as well as leading the Company’s social responsibility strategy.

John Shegerian: Get the latest Impact episodes right now in your inbox each week. Subscribe by entering your email at impactpodcast.com to make sure you never miss an interview. This edition of the Impact podcast is brought to you by ERI. ERI has a mission to protect people, the planet, and your privacy, and is the largest fully integrated IT and electronics asset disposition provider and cybersecurity focused hardware destruction company in the United States, and maybe even the world. For more information on how ERI can help your business properly dispose of outdated electronic hardware devices, please visit eridirect.com

John: Welcome to another edition of the Impact podcast. I’m John Shegerian and we’re so honored to have with us today, Karla Robertson. She’s the executive vice president, general counsel secretary, and chief social responsibility officer of Pentair. Welcome, Karla, to the Impact podcast.

Karla Robertson: Well, thank you so much, John. Thanks for having me.

John: It is just an honor to have you. You’re doing very impactful and important work at Pentair. But before we go into all the interesting things you’re doing a Pentair with your colleagues, can you share a little bit about your background? Where did you grow up and where did you go to school and how did you even get here, Karla?

Karla: Sure. I’m coming to you from Golden Valley Minneapolis. It’s just suburb of Minneapolis. And I happened to be from Minnesota, right? I was born in Minneapolis, not so far from where the Pentair US management offices are. I was born and raised in and around the Twin Cities, and then I headed to… I graduated from the University of Minnesota Twin Cities as well. And then I headed to law school in Denver, Colorado. I went to law school in Denver and then started making my way back to the Midwest. One of the things about Minnesota is it has a great pull. If you’re from here, a lot of people tend to come back here. That’s my story. I started to make my way back to Minnesota by way of Iowa. After law school, I clerked for a federal judge in Iowa and did that for a couple years and then came back up north and started my law career at a law firm called Favor and Benson, which is now Figree Drinker Biddle and Wreath. And I did private law practice for 5 years. Went from there to Target and after Target, I… A bit known fact about me is that I stayed home for a year with my first child, my daughter, and then decided to go back into the workforce and went to Super Value Distribution Company doing food distribution, which is now UNFI. It was purchased actually by UNFI.

John: Right.

Karla: And then from there, I ended up at Pentair and came to be the general counsel here at Pentair. And I’ve been here almost 5 years. So, that’s a little bit of my career journey that brought me here today.

John: That’s fascinating. When you were at Target and at Super Value, were you a general counsel there or assistant general counsel at those great organizations as well?

Karla: Yes, they’re all great organizations. Figree’s as well. I started actually in the law being an employment lawyer.

John: Oh, okay.

Karla: I started employment law and then I sort of went into litigation more generally. I was an employment lawyer at Target, started out employment laws at Super Value, and then did become general counsel and was general counsel for about 4 years while I was at Super Value. And then I came over to Pentair as their GC. I’ve started in a different place than I am now, that’s for sure.

John: You joined Pentair in about 2017, right?

Karla: Yes.

John: As a general counsel, when did you also take on the extra role of secretary and chief social responsibility officer?

Karla: I’ve always been the secretary. That’s really a big part of governance. Being a general counsel and a secretary’s sort of a package deal in my case.

John: Okay.

Karla: Yes, it’s a package deal. And then 2 years ago, I had the additional role of chief social responsibility officer.

John: Was that a call to action of the company and you raised your hand and put your name in the hat? Or did they anoint you? How did that even happen? Because that’s a fascinating… I get to interview a lot of wonderful folks over the last 15 years in these… Chief impact officers or CSRs or chief social responsibility officers and even chief sustainability officers. Your background’s fascinating leading up to that. How did that actually come about?

Karla: To me, it seems to fit quite beautifully actually because I think corporate social responsibility, as you may call it, or sustainability or ESG, pick whatever term. I think there are variations on the theme. They’re really a mix in my view of business strategy, governance compliance, regulatory and really at the heart is really creating long-term value for the company, long-term shareholder value and long-term value for stakeholders. And so, I think as a general counsel, as a lawyer, and as a key business partner, because I also really think that being a lawyer and being a good one is to be a key business partner to the operations in the business, really is uniquely positioned to combine all of those. I can talk a little bit about who and what Pentair is a little bit more but Pentair is a leading provider of smart sustainable solutions that really addresses water needs. And it has a long history, a great rich history, of being a sustainable products and solutions provider. We’ve done that in a variety of ways, again, which I’ll talk about in a minute. That history was there with Pentair and when they appointed me to be the chief social responsibility officer, it was really around, I think, elevating and sort of taking what they’d already been doing to another level and formalizing that work into service centralized program, working throughout the businesses, appointing me as a leader, and they thought I was uniquely positioned to lead the efforts forward based upon my background and also interest and position at the company. It just was a unique opportunity to take, again, the good works and to propel it forward. I’m really proud of the work that we’ve been able to do there.

John: That’s great. And for our listeners and viewers out there, to find Karla and her colleagues at Pentair, you can go to www.pentair.com. Talk a little bit about Pentair first. Let’s first set the table for how big is Pentair? Your headquarters are over in Minneapolis, the beautiful city of Minneapolis, as you and I were discussing a little bit off the air before we started taping. How big is Pentair in terms of employee size and geography?

Karla: Another interesting fact about Pentair, I mentioned we’re headquartered here. We have our US operations and management offices here, but we’re actually incorporated in Ireland. We’re an Irish PLC and we’re also domiciled in the UK with our US management offices here in Golden Valley. It’s a very global company.

John: Wow.

Karla: It poses a lot of interesting issues and things to address being global. We have over 11,000 employees that are across the globe, about 11,250. And we do serve customers in, I think, about 150 countries globally. And so, it’s a very global company with, again, operations, also plants and manufacturing operations throughout the globe.

John: Wow. Now, you get this new role 5 years ago as general counsel and secretary. Now, that’s something you’re really good at anyway. You were already trained to be a lawyer, educated to be a lawyer, and already had a lot of practice at that. But 2 years ago, chief social responsibility officer, right in the middle of the pandemic. Now, you have a global company with 11,000 employees. Where do you start? What’s the starting point and what’s your point of reference on where to even begin?

Karla: Again, going back to Pentair’s great history of really being committed to and having a proven track record of having products and solutions that really drive sustainability. We’ve been a leader and we provide products and solutions for enjoying water, and we have products and solutions on the pool pad. So, if you have a pool, there’s a great chance that you might have a Pentair filter, pump, maybe some lights. Pentair’s had a great track record, as I said, of providing energy efficient and energy saving resources products in various areas.

John: Right.

Karla: So, we have that to build on. We also had and have an amazing board of directors who are great. They’re a committed body of people who are very committed to, again, driving long-term value for the company and very astute and interested in leading also through ESG. You have a great track record in our products and solutions, you have incredible board who’s strategic and has a vision, and you have a great CEO. And our CEO, John Stout, who also understood that we have the opportunity to really elevate our leadership position in ESG and being a leader in the manufacturing space for sustainable products and solutions. So, that was a great starting place.

John: Right.

Karla: It wasn’t like we were starting from zero. We had that as a great foundation and then from there, with the board support and John and our CEO support, and already a great record, we then went out and knew that we wanted to really formalize the program. And we thought we sort of were on the right track already with some of the things that we’re doing but we wanted to make sure what we were going to do going forward matched what our stakeholders cared about, right? So, we went out and did an assessment and got lots of input and lots of feedback from our shared feedback, from our shareholders, our customers, our employees, different groups. And we collected it all and invalidated a lot of what we’re doing and then crystallized the other areas that we were going to focus on going forward. We simulated that all and took some time to understand it to sort of assimilate it and then craft our strategy and then at the same time, built the team under the program and then just went off and went from there with all the types of things you would imagine launching and implementing your strategy.

John: I come from a family of lawyers. My daughter who’s above my shoulder here, she’s an employment lawyer. My brother’s an employment lawyer. My son’s a lawyer. In your legal team, with your legal hat on, how big is your legal team about approximately?

Karla: Give or take, rough and tough, 50 people.

John: Okay. So now, for your chief social responsibility officer team, which is now only 2 years in the making, how big is that team? You’ve explained that you gathered the evidence and the information from all the stakeholders, but now, building a team and you’re going to set ambitious and achievable goals. Explain how many team members you have to get to begin this journey and then talk a little bit about some of the ambitious and achievable goals that you set off to achieve.

Karla: The team that I have now, I think we’re a mighty team of 5 and that’s including myself. We’re so small but mighty. I think of it as that’s a centralized team. But when I really think about the power of Pentair over 11,000 strong, I think we have a potential team of over 11,000 people. And so, I really think of it as ESG, social responsibility, comes alive through and by our employees. It is around engaging our employees. And there’s all different levels of those. The executive team and management, leadership, and everywhere from that level all the way down to the folks in our plants. This is just really a call to action around things that matter, gets engagement up. And so, I think of the team as the centralized effort to really work across the enterprise to really drive the initiatives because that’s actually critical to the success. I think of that in a couple ways. And then to the second part of your question around these ambitious but achievable targets, absolutely. Once we did what we would call an ESG materiality assessment, what I just described of getting all that in, we then took it as simulated. Again, talked about it, the results, with our leadership team and the board and then set out. We then launched 5 strategic target areas that had 5 strategic targets included in them. We did that and launched and communicated those just in 2021. Not that long ago.

John: Wow.

Karla: And again, we are very deliberate and thoughtful about what those would be aligned to the Pentair business, aligned to the Pentair strategy, and aligned to how we want to be a leader going forward.

John: I got you. Now, I love the idea of Pentair people because you’re right. They become your ambassadors, your evangelists. Your communication then with your mighty team of 5, which you’re one of the five, obviously then communicating to the 11,000 what you’re doing to get them to buy in to become ambassadors and evangelists of everything you’re up to is important. How does that communication look like on a regular basis?

Karla: That’s a full-time commitment and job of the team. I think you might be able to say we may possibly have a full-time of 5 and a half because we have another member of our team. And I say this for a reason, who is actually dotted line into our team, but he works in our technology team. He happens to be a water engineer, really driving water conservation projects. That’s just an example of we draw from various places in the organization as we drive the strategy and move forward the project plan. The team is engaged in exactly what you say, reaching out to people across the enterprise, having ongoing meetings, sharing the milestones that we set out to achieve.

One of the things that I’ll talk about a bit is we have a target around product design for sustainability. And that target is also comprised of engineers throughout all of our business units. It’s a working team, right? We have a leader from my team who’s ensuring that the milestones are met and we’re driving forward in progress. But the work, the ideas, really, the motion of forward progress is really made by this working team and of people across the enterprise.

John: Karla, you’re early in this so I don’t want to ask any unfair questions. You’re 2 years into this with your team, but also one year into the launch because the first year was gathering all the information from the stakeholders to be able to formulate the right plan and vision. You bring up a very important point. Talk about tracking the goals and out of the 5 goals that you have, do all of them have different target dates in terms of your vision, in terms of accomplishing them. And go back to design for sustainability because design for sustainability, Karla, has become a very huge deal with all the big OEMs around the world. It sounds like that’s where the world is moving now. People want to make their products more sustainable because the constituent base that’s voting with their pocketbooks is very interested in more sustainable products.

Karla: Yes, that’s absolutely a trend. We might call a mega trend and you, a day-to-day trend. Absolutely. We have, as I mentioned, 5 targets and they reflect who we are and what we care about and what our business strategy is. Two of these targets are really focused on how we can sort of minimize our impact on the environment as we operate in our manufacturing facilities and in our own operations. And that is reducing our carbon footprint. It’s a greenhouse gas reduction target. And that is to reduce our greenhouse gas scope one and scope 2 emissions by 50% by 2030. That’s one of our targets. The second is…

John: Great.

Karla: Yes, it’s a great target. We talked about the progress we’ve made there. The second is to reduce our water withdrawal, that we save water usage. We want to target a 30% reduction of our overall water withdrawal, again, by 2030. And that’s by the baseline that we’ve set. So, those are about how we’re operating.

John: Right.

Karla: The next target in the environmental space is exactly what you said. It’s all about our products and solutions.

John: Right.

Karla: And what we’re providing for our customers and how we’re designing with sustainability in mind. That has a couple components to it. The general theme being innovating with sustainability in mind, and we’re doing that through a product sustainability scorecard that we created, which is quite unique and innovative. We incorporated that product scorecard into our design process. And so going forward, 100% of our new products are being assessed against the scorecard. And then we have additional things that we’re trying to achieve into the future on that. And then the remaining 2 targets are all about our supply chain. As you kind of alluded to, it’s not just us but it’s what’s happening in our supply chain. And really building a more socially responsible supply chain is another one of our targets, and then diversity and inclusion is very important to us at Pentair. That’s part of the S of ESG and being a more diverse and inclusive workplace and increasing the diversity at the company rounds out our targets.

John: I got it. As you track the progress, are they reported in corporate responsibility reports? Is that how it goes?

Karla: Yes, thanks for that. We have an entire mechanism for tracking. Tracking is extremely important. It’s becoming even more important if you’ve ever were following the SEC proposed rules, right? The integrity of data and tracking is really at the core of the compliance aspect of how we operate. And so, we’ve got various technology solutions and mechanisms for tracking. And then we have reported out for a corporate responsibility report that we issue annually, our progress to targets.

John: I got it. When you talk about innovating with sustainability in mind, is that the design for sustainability? Is that that element of the 5 goals?

Karla: It is. That has been so fun. All of this is fun for me, right? It’s been fun. That’s been an incredibly fun component of what we’re focused on. Again, it just builds on the history and legacy of Pentair, and it’s exactly what we hear. It’s what we hear from our customers. It’s what we hear from our partners. Having more sustainable products, having products that really consider sustainability throughout the design process is at the core of what we’re focused on.

John: And you get to work with engineers and hear about how they think. It’s a whole different methodology of thinking that. That actually gets to be, I’m sure, for you, fun or at least different.

Karla: Well, it’s both of those and it’s just ingenious and genius. I hear about the various ideas, just also thinking about the work that we’re doing on water conservation on our inner operations and the things that our engineers and our lead engineers working on these projects come up with as solutions. It’s it’s amazing.

John: This is the Impact podcast and I love your website. Again, for our listeners and viewers, to find Karla and her colleagues and all the important work they’re doing, you could go to www.pentair.com. I’m on your website now, and I’m on your impact page, which I love. Can you talk a little bit about it? And I see here your corporate responsibility report, your strategic targets. So much information. Share a little bit about your vision for this impact page and why is it so clear? Why is it so darn important to your vision, your CEO’s vision, and how you’re driving the future of Pentair and getting 11,000 plus people to evangelize all this great important work you’re doing?

Karla: I think Pentair is an exciting company with an exciting mission vision purpose. And really, at the heart of that is our commitment to our leadership on sustainability. And we’ve really seen that come alive through our website and our impact page and our presence on social media. We’ve tracked our interests or hits and visits and how long people stay in pages. And I have to tell you, since we launched our program and established it, we’ve seen more and more interest on all of our various forums out there. And our impact page is one of them. People come and they want to visit. And when I say people, it’s a variety of people. It’s customers, it’s shareholders and it’s prospective employees. I will tell you, as I mentioned, we have such an amazing group of employees at Pentair. And what we hear from prospective employees is people really are interested in the Pentair story. They’re really interested in our commitment, our leadership on ESG. And people come to our website and they want to check it out and they see it in action, right? They see our corporate responsibility report. They see our metrics and how we’re tracking them. We seek to be transparent with publishing our progress to targets. And it really comes alive for people who want to know about us and who also want to be affiliated with a leader in this space like us.

John: Talk about the industry as a whole. I’m not familiar with your industry but how do you benchmark against- Do you benchmark against your competitors and where is your industry overall headed right now, Karla, from your perspective?

Karla: Just as you mentioned, it’s becoming more and more important to focus on it no matter what industry you’re in, right? To be focused on sustainability and ESG. If people weren’t focused on it before, they’re going to be focused on it now based upon the attention from the SEC in this Administration. So, I think you’re seeing companies across the board focusing on it. But I do think that particularly since we’re so focused on water, and we’re providing products and solutions to move and improve and enjoy water, that that’s at the core of really what we do. And so, we’ll look around other companies that provide products and solutions in the water space, absolutely. And we benchmark with other similarly situated companies. We offer a variety of products and solutions. So, it’s in, perhaps, various sectors that we’ll look and see what others are doing. Absolutely. We also look at just some of the leaders generally in ESG and more broadly. And as we advance on the maturity curve, we look to who we think are real leaders more generally even though they may not be exactly in the same space as we are.

John: You’ve been doing this for 2 years. You’ve made tremendous progress. I’m so impressed by this, not just by the progress you’ve made and the goals that you’ve set, but just how you report them in such a transparent way on your website, on the impact side of your website. What are your opportunities and goals and priorities for the next 2 years and beyond, Karla?

Karla: Well, certainly, at the top of the list is to continue to work towards enabling the Pentair business strategy because we see, obviously, sustainability part and parcel to what we’re doing as a company. And so, being really integrated with the business and working together to drive value for Pentair stakeholders. So that’s always something that we’re focused on first and foremost. And that’s what our strategies are built on. We then also, of course, in doing so, want to make progress towards our targets. We think as we make progress towards our targets, it’s going to continue to help drive that long-term value. We are going to continue over the next 2 years and more to do what we can to continue our great momentum. And we also have a long-term strategy that we have, that’s looking out 5 to 10 years. And that certainly will continue to evolve. We’ll change it as we need to. But it’s to continue to innovate. Product innovation is a real big focus. And continuing to, I would say, be an employer of choice. That’s the key part of all this. And to be a destination of choice for prospective employers, to have our employers just continue to want to love being here and engage with our ESG initiatives.

John: Well, Karla, thank you so much for spending time with us on the Impact podcast. It’s hard for anybody who listened to this episode not to be Pentair proud. I’m Pentair proud after listening to your mission and to your vision. For our listeners and viewers out there, to find Karla and her great 11,000 colleagues and all the important work they’re doing in corporate social responsibility and in ESG work, go to www.pentair.com. Look up their impact page. It’s amazing. All the information we just discussed today is there and Karla Robertson, you’re always welcome back on the Impact podcast. Thank you for making truly an impact and making the world a better place.

Karla: Thank you so much, John. It was great to spend time with you. Thank you so much.

John: This episode of the Impact podcast is brought to you by Closed-loop Partners. Closed-loop Partners is a leading circular economy investor in the United States with an extensive network of fortune 500 corporate investors, family offices, institutional investors, industry experts, and impact partners. Closed-loop’s platform spans the arc of capital from venture capital to private equity bridging gaps and fostering synergies to scale the circular economy. To find Closed-loop Partners, please go to www.closedlooppartners.com.

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