tv Bloomberg West Bloomberg October 6, 2015 11:30pm-12:01am EDT
woman snoring take the roar out of snore. yet another innovation only at a sleep number store. emily: welcome to the vanity fair summit, a gathering of powerful minds in technology and media. ♪ emily: this is "bloomberg west." a technology firm is scrambling after the europeans overturn a data collection of agreement. out anrsey rolls
important new product to attract more mainstream users and the founders and a celebrity surprise joins us. jared leto photobombed us. establismentew summit. this is where technology and his miss come together for conversations about innovation and shaping the future. one of them is a startup that has a faster and less painful alternative to blood testing. $10 billion.th it makes her the world's youngest billionaire. joining us on the set, i am so excited that you are here. i have been watching the company rise and this is something you founded it when you were 19
years old and you dropped out of college to do it. i will like to hear from you the vision on where you want to take the company. >> it is wonderful to be here and this is a wonderful program. our company is about realizing a world where we go to a place, because of our work, person by person, everybody has the right to have access to health information at incredibly low cost and in a wonderful way. that means changing the way we think lab testing is done today. emily: one of the things about the technology is that you can take a finger prick of blood and run dozens of tests, saving money and pain. how much are you saving? >> we start with money and we have taken 200 tests available for less than $10. 300 tests are less than $15.
that means cholesterol testing is $2.99. $100's in other locations. people with high insurance to dockable's can afford it. in the same way, we have done the same thing with blood and reduce the amount of blood taken from the arm. >> i have not encountered the tests. what are the hurdles? arethey regulatory or they partnerships? elizabeth: we have a wonderful partnership with walgreens, which is national. >> it is limited. >> exactly. we have a couple of locations in california and we just started in pennsylvania. there are too many companies that have grown too fast.
space, you cannot afford to do that because the stakes are too high. we think about it person by person and city by city to build on it as we can ensure the integrity of the service. >> what is next after arizona and pennsylvania? >> california. emily: let's talk about arizona. you are giving us the power to do blood tests without the need for a doctor. where are we going to see this next? elizabeth: i had the privilege of drafting this thing i believe in so strongly. i believe in getting access to the information and we believe that this is something that should be for every person. it is something we are working to do state-by-state. >> if you get approval for the diagnostic devices, what will be the impact on the rest of the
markets? on the traditional companies like quest. elizabeth: we were fortunate to get the first clearance and clear away verse system this summer. it has been interesting to see the response from the industry that have aggressively fed false information about us to journalists and physicians in markets we are in. we work hard to keep our heads down. because i believe that we serve the integrity. >> how seriously does this disrupt the business model? emily: how much could it hurt their business and help yours with the fda approval?
elizabeth: i believe fda approval should be the standard for all lab tests and, right now, it is not. that is a controversial position to take. we are working to solve the problem of every person being able to engage with their own health information and we are building the business in a different way. i think this helps to change the market and what it means for the individual to be engaged in the testing, which will change everything in health care. the minute you allow consumers to play a role, you allow consumers to create a market that does not exist, right now, and health care. >> theranos is valued over $10 billion. what is next?
elizabeth: we like being private. we are in an incredibly fortunate position where we have built a business around operations. >> you have a board with henry kissinger and george scholz. if you have to negotiate a treaty with russia, you are in good shape. but in terms of business strategy, where are you? elizabeth: it is incredible and we use the board for good strategy. this is about changing the health care system. it has been wonderful to be part of this and to have the privilege of people who have built a phenomenal company and others who really understand what it means to lead a great business. emily: you are trying to reform medicare and medicaid. what do the programs look like? 50 years from now?
elizabeth: the incredible win would showcase technology and savings can be realized without having to cut programs or raise taxes. what that means is, 10-20 years from now, companies come in, as we have been doing, and they bill medicare and medicaid. we will realize creativity and innovation that can be applied to resolve the issue. emily: elizabeth holmes, the founder and ceo of theranos. thank you for joining us. we will be watching. thousands of american companies have a major problem on their hands of the european union top court overturning an agreement today that allow american companies to handle the day to -- data of european consumers. under a "safe harbor" agreement, they were allowed to.
♪ emily: jack dorsey is not wasting any time to grow the user base after seeing named the permanent chief. he rolled out a thing called "moments." it is designed to appeal to people who are not regular users. this is what had been called project: lightning. we spoke to him about the project. bill gurley: for me, it is a platform that has more potential than any large company out there. i imagine scenarios where it goes eight times higher than it is today. still, a lot of work to make that happen. the most important people in the
world in almost every sector covet and curate the twitter handle. that is a lot of potential energy, if you can harness it. emily: optimistic. perhaps jack dorsey does not have a hard job at all. >> it has an easy job, right? they have been mismanaged as badly as possible. if he is able to fix a lot of basic things, which, from a moral authority, he has to be able to do, these things are never easy and business. he has a nice tailwind. emily: we are back at the vanity fair establishment summit. still with me is brad stone. joining me now is the founder, julia.
of eventbrite. great to have you on the show. you recently made an appearance in fortune magazine as one the top places to work and you trumpeted some of the diversity numbers, which are important. you worked hard to diversify. julia: we were excited to rank number 50 in the first year on the list. tobest places towork fo -- work for women. included in this was the gender stats. they are above average. across the board, 50-50. technical, 25%. executives, 40%. it was good to see a nod to that. it has been a part of our culture for the last 10 years. emily: a new list today is called "the future list." it ranks firms and it was pretty dismal.
we already know that the numbers are not great in venture capital, when it comes to women. julia: they have a lot of work to do. it is not about the vc firms. it is about women founders and leaders. that is the most potent form of changing gender inequality. emily: exactly. you are the second female founder on our show today. you guys are doing pretty well. julia: it is hard to be a mother and a founder. you put those two together, you have a hard proposition. the more i have women around me, the more i feel empowered. we need to make sure that, as a company, we are supporting
working parents and we are honest with ourselves when we have an area that we need to work on. >> $200 billion in ticket sales. julia: we have capped a wide gap with ticket income providers and the do-it-yourself list. the gap was large and we are a multi-category ticketing platform. people come to eventbrite. thatve keyed in on humans like to connect and they come to events like this summit. we bring the world together through ticketing. it turns out that it is a good business. >> do you embrace the definition of, "unicorn?" >> i guess we are magical. can we for phil promised to
-- fulfill our promise to clients and investors that we can drive real value? >> if the climate shifts, what you do to adapt? >> in the last nine months -- before, we were going for efficiency will stop we saw the writing on the wall. this is not our first rodeo and we knew that we needed to make ourselves bulletproof if we wanted to stay independent. i'm happy to say that we are on that path. emily: you said that eventbrite will go public and company should operate like they are going public some day. the idea that you never have to go public is unhealthy. what is your response to that and what are your plans now? julia: i agree that we should be operating as if we are going public tomorrow.
we do not want to go public tomorrow. we are getting ourselves ready to be a sustainable public with -- a sustainable company with optionality. you cannot rely on capital markets for growth. you have to start your own growth and that is, again, very unsexy to talk about right now. it is number one, if you are going to stay independent. it is a different ballgame. emily: it is not about being sexy. great to have you with us. thank you for stopping by. we caught up with the flickr cofounder earlier today. valley'sone of the
hottest start-ups. the company has doubled the valuation over the past year. let's see what butterfield says about us not seeing in a bubble. >> there will be a correction at some point. will it pop and there is nothing behind it? or, will we see an adjustment? these companies need strong valuations and a lot of growth. will the bubble pop? that is the argument i have. there is something behind this. emily: as we wrap up the conversation, a guest. >> a new way of drafting socially. emily: all right, stewart butterfield. jerod lehto! >> it is good to see you. emily: this is a photo bomb. what are you investing in?
we are live at the vanity fair new establishment summit here in san francisco with a who's who of silicon valley. zuckerberg is on the magazine. joining me is the writer of the cover story on zuckerberg. max: you are the unicorn journalist. emily: you have been beating us all. max: thank you. emily: let's start with the summit and how you compiled the list. this is a killer list and these are people who are tough to get. max: starting in february, march, we call every smart person we know and we say, "who has the most influence?"
we are thinking about business and cultural. there is a secret sauce that goes into the final rankings. and, there you have it. we have a lot of people show up and do live conversations. emily: i thought your piece on zuckerberg and oculus was incredible and it had so much we did not know. talk to me about writing that and meeting mark. hearing his version of virtual reality that no one has seen. max: it is amazing and it gives you a sense of how expansive his vision for facebook is. you look at instagram and it fit in narrow. virtual reality is not an obvious fit. he has transitioned into a mode where he is thinking way ahead. >> are you a believer and how do you think we will use virtual reality when we are old?
max: i think, in the next few years, you will see it on airplanes. gamers, in their homes, you will see it. 20 years from now, some businesses. i do not think we are going to be plugged into the matrix anytime soon. there are people at facebook who are thinking along those lines. emily: what do you think the highlights have been so far today and tomorrow? max: watching lena and instagram talk about the platform was fascinating. i think she made a little bit of news when she dissed twitter. emily: she said she was going to stop using twitter. >> via a surrogate, she says she e-mails to somebody who tweets on her behalf. >> it was gloomy and a lot of people were feeling dark.
>> why do you think people are consumed about the question of the bubble? there are upturns and downturns like clockwork. it is inevitable. max: there may be a counterintuitive thing where we decide to party on. emily: someone said that we are in a bubble. he called it. >> uber, your article was along the lines of, "why do we all love uber?" is that true? is it time for them to make their victory lap right now? max: i think it is a useful service and there is so much negative press. when you take a few steps back and how amazing and life-changing it has been, it is remarkable. there are not too many companies like it. it is on the level of facebook. emily: thank you so much. thank you for joining us.