GE Dünya İnovasyon Başkanı Beth Comstock GE Garaj'da

good afternoon I’m Beth Comstock thank you all for being here and thank you for the great partnership that I tu and GE has has established we we love having itu students at GE thank you and we look forward to working with all the innovators that will be coming through through as the innovation center gets up and running so what i thought i would do today would be just to give you a view of innovation from a company that’s been around a while my company GE we’ve been around about a hundred and thirty years we sometimes like to think of ourselves as the oldest startup we know but the reality is when you get old and big sometimes you forget about your innovation and startup roots so the story I’m going to tell you is what we’ve been doing lately to rediscover what it means to be entrepreneurial but at the same time have the benefits of scale that a company like mine has so I’m going to scan the globe talk about my specific company and then open it up for any questions that you’d like to have I have a few pages just to sort of prompt the discussion I’ll end with a video and then let’s talk what you’re going to hear me talk about today I work for an incredible technology company we have amazing technical breakthroughs and that’s you need to think about that and we’re here in a technical institute I have had a career focused on the market and I am a big believer also in the need for market innovation certainly in business and I’d say really in most institutions today so that’s the story the lens I’m going to talk to you about today is how do you think about innovating from the market back and marrying that with the great technical breakthroughs that that we we count on to move the world forward the first thing I’m going to do is explain to you how we see in what I think is an interesting formula that we see around the world every year we go out and talk to business leaders a world to come from countries ranging from turkey to South Korea to China to Canada to the USA and we ask different businesses in different businesses we ask them what seeing what what are you struggling with what do you feel good about with innovation and these four principles I think kind of create an algorithm for what’s required in innovation today and certainly what we think we’re trying to do more of at GE the first is most institutions recognize they need more creative people but they go on to say they don’t know what to do with creative people they don’t know where to find them and even if they find them they’re a little afraid of them they don’t know how to keep them but they know they need them they know they need more unique perspectives the second thing that business leaders say is that they need partners that most of us in the world today or solving problems that are just too big to solve alone don’t care how big your company how big your University how big your country the fact is we need more partnership to solve problems around health care around the environment around transportation and so you’re seeing the the emergence of just partnerships with startups and big companies academic institutions and startups now in that it’s a challenge everyone says we know we need it but partnerships are really really hard because oftentimes partnership means do it my way as opposed to sharing we get into real challenges around who owns the intellectual property and increasingly things fall apart when we we often don’t know how to solve some of those problems the third piece that we see is this idea certainly from a business perspective business exists you have to make money to keep inventing but increasingly around the world businesses are recognizing you can’t just make money for the sake of making money the best innovation needs to be tethered to a need and again I think that’s the value of market-based thinking and innovation are we doing it because we can do it are we doing it because we should do it so how do we make sure that you’re there all these things come together around solving a need and then lastly in a global marketplace we’re all struggling with what’s the right formula between global innovation and local innovation you want all the best invention that happens here in Turkey the Turkish market is good it’s it’s it’s growing but it’s only so big how do you expand that to the rest of the world and you want to take great ideas from the rest of the world but they have to apply here in Turkey so everyone’s wrestling with that and we all want the best jobs in our own country we all want the skills to be uniquely differentiated in our own country but every country is dealing with that how do I innovate in out take what’s out in so that keep that in mind as I as I walk you through the the stories i’m going to tell you a couple of other trends that I thought I’d

highlight I don’t need to tell you you’re here at the base of Technology let’s face it we’re all dealing with two key things technology is growing so fast I don’t care how old you are it’s too fast from what you know even five years ago the other thing that’s happening is technologies are converging and that’s also making it fast we talked a lot about advanced manufacturing 3d printing it’s not just one technology it requires cloud computing it requires digitization it requires actual physical 3d printing think about people talk about driverless cars its GPS you know it’s satellite positioning it’s the Internet it’s an old fashioned automobile these things are coming together at such a pace so that’s that’s one thing I think that’s made it exciting but also very challenging what we’re very excited about is the fact that more things are getting connected and more people have already been connected I know here in Turkey it’s an incredibly digital digitally savvy culture we’ve seen what’s happened when three billion people around the world are connected we’ve seen the that just the scope of being able to connect with people what happens when 50 billion with Abby machines come online we can talk to them they can talk to us if we know how they can talk to one another what does that mean how do we think about the pace of change the kind of innovation it’s something that I’ll explain to my company is very passionate about the manufacturing revolution I mentioned for a company like mine and I actually think for most countries this is has to be on the on the global and government government agenda the reality is the digitization of manufacturing is happening very fast factories are going to the cloud 3d printing we have GE garages downstairs that were that we’re partnering here with the university an unprecedented amount of people have access to making things than ever before in history because because it’s moving so fast and it’s such a now such a digital arena entrepreneurs are rising because of this you’re here at the seed of entrepreneurism when with what the university is trying to do we see this happening everywhere in the world the reality is and this is a u.s. statistic but the average startup in 1999 cost 5 million u.s. dollars to get going today it’s 50,000 US dollars so a substantial decrease why because of technologies that I’ve mentioned 3d printing allows you to prototype something before you know giving you access to things that before you would have needed a big manufacturing footprint cloud computing and the ability not to have to have your own server farms and all the IT infrastructure now you can build on top of what’s already come before you and the reality is that jobs are are changing and the and that you can start something on your own so I think it’s a special warning for big companies like mine you can’t assume that all the smartest people even if you ever assume that you can’t assume that all the smartest people in the world want to come and work for a big company a big University a big a big government the other thing we’re seeing is the the fact that jobs are changing from all the things I’ve talked about we talked a lot looking at manufacturing if you’re a parent or you’re you’re somebody starting out your career you start to think about building a career now do I need to be a maker or a digital person the reality is you probably need to be both you probably need to be a digital mechanical engineer the combining of digitization and the physical world is one of the biggest things we think driving business today the digital world and the physical world are connecting companies like mine have a rich history in physics we’re material scientists we make really big things think a jet engine and MRI and for us the race is on to put a data layer around that if you’re a Google a telecom company you come to this often from a digital-first perspective but what do you see Google doing working very fast to get into robotics hardware and so the race is kind of on from the digital thinkers to hardware from the hardware thinkers to digital and so I think it’s a very interesting time to be an innovator and I think today is an innovator you probably have to have both sides of your brain working you have to have digital and physical capabilities or at least start to understand how to build a network around you and then finally as I said when I started what gets me very excited as a market-based person is that the nature of innovation is changing this has been very challenging for a company like mine where we like to think there’s not an technology that can’t solve any problem the reality is these days because things are moving fast sometimes the technology can be just

good enough and the reality is it’s how you marry different pieces of Technology together it’s the data it’s it’s the it’s the systems that come together and if you don’t believe me anyone here and I bet its most everyone here has a smartphone I get to you most of you did not buy that phone just for the phone you bought it for its connectivity to the internet for the applications that it’s that its content that come with it it’s the whole system the whole package that gets you excited so that’s the world that we’re going forth in so let me just quickly give you a sense of some of the things we’re doing at GE to bring that that framework to life as I already mentioned it’s a bit of attention in any organization is it technology out or mark it back we’re not going to debate it it’s both and most leaders today need the kind of systems in place to create tension if you’re a leader your job is not to get rid of tension it’s to keep the tension in check because tensions were good there isn’t a right or wrong answer some of the best invents have happened because no one ever thought of it before they didn’t even know they had the need but some of the some of the worst ideas have come about because we could just do it technically but there was absolutely no need or the technology was way too complicated and no one knew how to use it or value it so getting these two forces in aligned so if I were president of a technological university I would also make sure that my students had really good market work and really understood market development and if I were head of a business school I would make sure my students had really good immersion in technology and maybe took an engineering course maybe took a coding course to understand again the intersection of those two things those two things and understanding the forces I’ve been on a journey in my company to do that with marketing to say marketing’s role usually in most organizations historically we thought marketing was the advertising department yeah we do that we tell a good story what did we want marketing to do to be there at the very end of the process hey we’re done here’s this product go put it in the market go tell a good story but you can only tell a good story when you’re at the very beginning of the process so we’ve been on a journey to move marketing more upstream to be right there and playing a role that says where’s the market going who’s going to fight for the market in your organization if you if you haven’t assigned someone to do that where is the world going sometimes you have to get there before your customers even know they need it what does the world value just because you’re making it doesn’t mean anyone else will find it valuable you might think it’s great but how do you make sure right up front I don’t know how many of you feel you’ve mastered your television remote control but my guess is well there’s a lot of engineering students so you guys probably have figured 1800 applications for your remote control but most mere mortals most people have way too many features on their remote control why I don’t know because there’s probably one application someone might need but maybe there’s a simpler equation and so in today’s world I think you’re finding a real value on simplicity in taking all the best elegance of a technology and tethering it to what’s valuable so that’s the journey we’ve been on to move marketing upstream to get our engineering product folks more market-focused to make us come together in a much cut more powerful way a couple of the ways we’ve done that about 10 years ago we said are we heard from our customers they were all demanding around the world we want cleaner technology we want cleaner jet engines we want cleaner locomotives we want we want cleaner lighting and so we said we’ve got to solve this so how do we bring engineers and respond to a change in the marketplace so we created a program that’s now a decade old called ecomagination was a very cute name you know economic ecologic meets imagination with basically this mandate to say how bold could are thinking be to innovate with our with the market in mind and and the ecosystem how do we bring partners together so we’ve created a series of inventions and a series of innovations that have taken us into wind into solar into battery storage it’s allowed us to innovate with our customers it’s connected us with groups we never would have thought of working with before an innovation non-governmental organizations and other people outside the outside of GE and we hold ourselves accountable to a really high standard saying not only are we going to take emissions down in our products we’re going to behave differently and it was a very early indication of how do you pull the whole system together and create the technical and the market-based innovation I’m proud of it as a company it’s had meaningful impact on the environment and oh by the way it generates about 30 billion u.s. dollars a year in new revenue from new kinds of

technology so from the market back technology out we’re trying to embed to that global local market development and technical teams together in market to solve problems I love this story the image you see here is a midwife in Indonesia now in Indonesia a lot of babies are born via Midwife they there aren’t enough doctors there certainly aren’t enough radiologists to be able to take an ultrasound and figure out there’s a problem with the pregnancy so we have a small handheld ultrasound it looks like your iphone or your or you know your Android phone but it has an ultrasound probe on it but if you’re not a doctor you can’t use it so what we’ve been doing for the past 18 months is living with midwives again market thinking technical thinking living with the midwives and saying how do you make something so simple but yet so technically advanced that a non-doctor could use it red light means this baby is in a bad position to be born at home green light means you can deliver the baby so go to the hospital or go ahead and that if that’s not enough of you understand how they use it the whole system has to change the government has to say this is okay other people have to be put in place so again you can’t solve that with just one breakthrough technology you have to know how to apply it and what we’re very excited about is it’s not only solving a need in Indonesia but there are a lot of places around the world including in very well developed parts of the world we’re having pocket ultrasound at a birth situation could probably be quite helpful so innovating locally but but scaling it globally um we’ve had to incubate our own ideas about a decade ago you know you can’t you in big companies I you innovate a lot continually and sometimes big companies get a bad reputation for incremental innovation I’m here to say there’s a role for that there’s also a role for breakthrough innovation and in companies you have to plan for both so one of the things we did about a decade ago was put in place a pipeline of protected ideas think of an internal pipeline this is a picture of solid oxide fuel cell development that came out of our lab you still have to invent if you’re a big company you have to act like a start-up you have to in this case the woman you see here is an engineer from our research labs who were now coaching and giving her all the tools to create her own startup from lab to marketplace so you have to protect your funding you have to protect ideas and this is critically important whether it’s a university or a company I talked about new models and I think for the students here this one is very instructive I’ve gone to school on this one many times I’ve been very frustrated by this example so what you see here are solar panels now my company we are really good at technology we have some incredible solar technology I mean it is the best it’s bringing down the cost of solar technology but we’re not alone in that China said we’re going to go really heavy into solar panel technology and they brought the cost down and we assume that the technical solution would win but what’s winning in Germany what’s winning in the u.s. right now are the innovators the Elon Musk’s of Tesla Fame who helped create something called solar city that’s not so much about the best technology it’s putting all the pieces together so what a solar city is doing is it basically thinks from the market back how do we make it totally painless for the consumer or the small business owner to have solar installed to deal with financing and not have to worry about the fact that the technical pet that solar panel might be obsolete a year from now let’s just take care of the system this company now has a seven billion dollar market capitalization value in the United States with no new technology their technology is packaging their technology is financing that’s what I mean mark it back so that’s one we were like huh well it’s not it’s early we haven’t missed the market entirely but sometimes you have to sit back and go how might we think about that how might we do something like that to move faster so if you’re an innovator I think it’s not always what’s just the right technical solution how do you marry it with a business model solution industrial internet I talked about a little bit this is when 50 billion machines come online for us it’s tethering a jet engine to the internet so that Turkish that if you’re flying out on turkish airlines that in the beginning it’s just hey where are my assets just being able to know where your things are believe it or not is very complicated and over time a data layer allows you just to monitor

equipment and predict so you can tell Turkish Airlines for of all hey your fuel efficiency is hitting the right targets hey the maintenance you thought you had to do on this engine you don’t need to that it’s as if your jet engine tweets to you it’s like tweeting hey I’m good I’m okay I can stay here a little bit longer your train is tweeting to you saying hey I’m moving faster this ability to connect is driving a whole new wave of productivity so for companies like mine it’s the technical but it’s also how is it going to change the nature of business so Turkish Airlines might over time say okay GE I’d like that jet engine but I really like to pay for total power total time on wing total reduced emissions rather than just paying for that jet engine that’s a huge shift for innovators to think about a couple of things to wrap up one of the things I mentioned when I started is that we’re trying to heat our entrepreneurial spirit we were founded in part by an innovator that many people have heard of Thomas Edison sort of the father of early industrial invention and sometimes in a company like mine you forget that you were once a startup and so we’ve tried to partner more with startups we’ve created a program we call fast works which is really about a cultural initiative and what it’s doing is taking Lean Startup I don’t know if any of you have studied Lean Startup methodology the irony of it is is that the software world said what can we learn from manufacturing and apply it to our startups and now companies like mine are taking what started in our place and seeing it through the lens of a start-up but basically it’s a series of tools that forces you to pull everyone together to iterate with your customer to do prototypes the kind of things we’re doing in the GE garage rather than waiting five years for the perfect new engine to be built to go in and prototype something together and say what do you think does this work it forces you to fail faster to try things at a smaller scale to learn and it actually teaches you to be much more economical because I think one of the things big companies are guilty of we’ve got a lot of resources and when you are startup you have to be incredibly focused every resource you have counts and so that kind of connection for us and if you’re a startup learning from a GE is very important because what do we have scale access to markets access it to access to intellect so we’re finding a lot of nice collaboration by doing that we have also tried to open ourselves up we’ve had a couple of great open innovation challenges here in Turkey where we have asked inventors from around the world to help solve problems here in Turkey and healthcare and in energy efficiency we’ve had hundreds of ideas submitted and a process that allows us not only to fund the ideas but to actually test them out in some of our situations I referenced before the garages which is downstairs it’s um it’s been our way to bring some of these advanced manufacturing processes and tools at a grassroots level think of it as kind of a manufacturing pop up where you can pop in and test out what is it like to 3d print an ID I have it it’s a way to speed innovation to get a sense of the physical nature we’re also in the process of opening an Innovation Center here in Turkey which were incredibly excited about it’s a way to bring our technical and our market folks together to partner with customers in marquette we now have about a dozen of these around the world I was just in our innovation center in China last month and we were i was sitting alongside a doctor physicians and we were figuring out how do you take x-ray technology and make it work in a rural health setting in Chengdu China and the Szechuan province so that ability to be in market and create the space for local innovators to bring real problems to life and use our capabilities is my message here is you have to create the space I’m going to skip that one and I’m going to end with just a couple of final thoughts I mentioned open innovation I want to leave you with this thought this is still early but I think it’s a I think it’s an inside of things to come we talk a lot in my company about how do we all if we’re partnering and you’re trying to up in two people in your company and those outside how do you tap into the global brain we’re all going to get access not only to each other in these machines there’s a huge intellect that’s coming online and so we’ve been doing a series of experiments and small partnerships that force us to figure out what are the best ways to workout and collaborate outside of ourselves and I’ll highlight a couple here the one in the middle I i think is very instructive with our jet engines they they are very

sophisticated pieces of equipment but some of the parts of them aren’t that sophisticated so we had a bracket that holds a 737 jet engine onto the plane there’s a couple of them it’s very heavy it weighs about a hundred pounds and if you know aviation anything you can do to reduce weight makes the flight more fit fuel-efficient and saves the airline money and saves the environment we with our supplier had worked very hard to make that part as physically lean as possible but we had reached the limits of physics so we said we wonder if there are some 3d printing geniuses in the world some designers some engineers who could help us rethink this we teamed with the engineering stack called grab CAD and we said hello world can you help us print this part better and headline was we got thousands of ideas we winnowed it down the winning idea came from a 17-year old student hadn’t even gone to college from Indonesia he had no manufacturing he had no aviation experience and this is what he submitted and it’s now in our labs we’ve paid him for the prototype it allows him access to solving a real problem it allows us a chance to see a different way of inventing but what I think it really does for companies and institutions is it forces you to understand what you want to be good at are we going to waste our time on something that may be where we just don’t have any more capacity for or we’re going to focus on things that are really important and then are we going to force ourselves outside and find where those ideas are other place in the world we’ve done it in men facturing creating a smart air conditioner with a company that actually creates and has a community of inventors and we’ve done it with aviation in algorithms and coming up with cleaner algorithms that help help flights land so the point is this works in hardware software prototypes were intrigued we’re investing more in this and then finally I think there’s a cultural mandate I’ll just quickly mention it these are sort of the cultural manifesto of GE but I I say it to show you that you have to you have to prioritize these things in your culture you have to say that being fast is important that learning and adapting that entrepreneurial spirit you’re never too old or too big to be young to be fast to be competitive and finally I’m going to wrap it up and open up for questions I want to leave you with a video that I think sort of encapsulates some of what we’re trying to do at GE ideas are scary they come to this world ugly and messy ideas are frightening because they threaten it what is known they are the natural born enemy of the way things are yes ideas are scary and missy and fragile proper care [Applause] so maybe a source of inspiration maybe some of you have felt like that poor idea monster or whatever or maybe some of you are guilty of kicking the idea monster on the street I know I have been so what kind of questions or comments do you have i’m happy to take the conversation wherever helpful I’m sorry i shouldn’t’ve marking essays and jump in the region but you think that did you start the business model SolarCity can be applicable to other divisions or other markets energy goes regions this is the first one I do yeah its second second i’ll come back to that but yeah we have time to do that for work you’ll need to do with five in your city oh goodness and second question that’s right that’s where I would start I think I do a lot of the lighting business I think you could you could take a smart home smart building create a whole package SolarCity can do it a lot cheaper than then a solar installation so I actually that’s where if I worry if I were starting business that’s where it started that’s great businessperson are you going to walk my support you through your other regions create or buy some point there long good well the quirky platforms open I mean it’s in English but anyone around the world can submit an idea and what I love about what we’re learning from quirky yeah we’re partnering with them they do more

consumer products we’re less a consumer company but we’re learning from that anyway an idea can submit a plan the community kind of votes the idea and then quirky produces inning there’s it to it goes to market but you share on the revenue and I think that model again it’s going to you know if you look at a Kickstarter model it’s a great place to get funding but you can’t get it made and increasingly if you’re if you’re a startup you have to go to too many places to get these things done so I know Porky’s trying to be more global I don’t know if they’re going to come in exactly the turkey right away but I know that they you can invent today if you want you have an idea go go quirky com what else hey are you talking about objects in motion and the result of it in our school worried about you being charged with people so does she have it approached to replace between placing all jump because is such a huge scale yep so how do you where you stand with me for this disruptive technology is starting the whole the whole bunch of jobs disappear yeah it’s it’s um it’s a really good question and I obviously I think every country around the globe starting to ask these questions as technology comes online in the short term some jobs will be displaced in the long term I think you got to believe that the jobs get better and in many industries the timing of some of this is very helpful where you get some established in many industries people are retiring and you have a new generation coming in just at the time that things are being digitized so from a manufacturing perspective the fact that you’re able to have many smart manufacturing that requires some coding or some robotics the jobs should get better and they should be an interesting mashup of the digital and the physical but I think in some industries for in the short term if you’re not planning for it you will see that the other thing I’d say is that in manufacturing certainly in the kind of manufacturing we do there’s always going to be very sophisticated level I mean making a jet engine is a very sophisticated thing you’re always going to need certain amount of brain power and people to do that it’s a long long way before machines replace all of that and I think what you’d find in some of these really advanced manufacturing setups is machine and man working aside and so the job of the man or woman is better the machine makes them smarter makes them more productive but yeah I think that is something in many countries you’re going to have to think through is how do you plan through that look might I have two daughters they’re both out of school one’s a writer and one’s an actor I did not heed this advice on their behalf very well but if I had another child today in fact my actor daughter I keep saying to her you should learn to code but I would I would tell my children if even if they’re in arts I think getting that Caillou no coding speaking software data language is going to be important even if you don’t necessarily apply that in your career I’ll let you know if she ever becomes a coding actor it might be a whole new whole new segment but um I think for those of us with children and those of us with grandchildren I think you need to think about how do you how do you give your children in our schools that education let give them the optionality I’ll give you a good example we’ve recently done oculus rift technology or if you’re familiar with it it’s the virtual reality goggles we recently did a demonstration of what happens in subsea service and design we showed we took people in a subsea oil exploration that is going to change the way servicing happens in oil rigs in the future you’re going to need people who are physically doing it but they’re going to be having instead of looking at emmanuel before they go down there going to have it digitally so you’re still going to need people and you’re going to have some software that’s going to do it but it’s going to be much more integrated and it’s going to create new opportunities so someone’s got to create the digital overlay that goes on to the physical piece so i’d also i’m being a bit optimistic because i tend to love technology but i think they’re going to be new jobs created that that we also can’t imagine and again for my acting daughter maybe she’ll be acting in a in a training manual on on changing somewhere subway parts or something I don’t know what else can I answer for you hi I’m not repair of two years eight after an 18-year career and corporate life and actually we worked together in Fairfield be 99 and 2000 months of course yes you monster yes absolutely good to say absolutely turkey after 18 years of being in the US and when I was

looking at your titles you know seeing innovation and marketing in the same sentence it doesn’t make sense he doesn’t make sense and wants you to see you probably know the person in the world which has the venetian of this under the same roof so I kept thinking to myself how it really bet sell this whole idea of innovation marketing tallest you know technically savvy Gary you know to some extent very 20th century engineering culture achieve so what what were some of the challenges that you face yeah how did you overcome them well you assume I’ve successfully sold it and now if I act I’m still working on it in some some corners but I’d say there is more of that happening I think you see marketing moving upstream a lot more I think you see to me it just is natural because again if you need a force for the market and you want to innovate in aligning with the market you need marketing people who do that so in a company like I may not work for every company but I certainly think it made sense for us it was was just there I’m fortunate you know Jeff ml came in as CEO and he’s a very market-focused CEO and he said you gotta figure out what’s happening in the market so he had a mandate to grow people like me or me to find people who could who could do that so those things came together but I really do think I that SolarCity example I mean if you’re a business leader and you look at that you you have to go I need people who understand the market dynamics from a business innovation perspective you have to so I think you’re seeing a lot more CEOs who are starting to understand it’s a hard job right if you’re Jeff mo you have to listen to the technologists and the product teams and you have to listen to the market teams and we don’t always agree in fact sometimes we rarely agree but you have to be able to create that mechanism and at the end of the day we have to work it out and and we usually do but it’s tough technology you know I mean it’s tough and I’d say on a personal level for the students here I you know rarely and certainly in my career have I been given an engraved invitation where somebody said you know here’s this opportunity please go do it sometimes you just get in you immerse yourself and you see the opportunity so I just kind of hung around I saw where the opportunity was I knew we needed to get closer to the market I also saw it wasn’t being done in my company so I kind of engraved my own invitation and I think that would be the other message no one defined marketing that way but why not so I don’t know maybe no one else will but for us it’s working right now thank you yeah it’s it’s I’ve only ever worked it I worked in a meet series of media companies it worked at NBC which was big I grew up on the media side before this so I’ve only worked in big companies although now i’m working a lot with startups and so I think I’m I’ve actually gone to school in startups some of its what i mentioned earlier big companies you your optimized to scale that’s good right because you do big things and you want to do them in many places you have a lot of processes and there’s a good reason behind that you you want to keep doing the good things you do over and over but sometimes you know like in my culture for a big period of time we were very big on six sigma and six sigma is important don’t get me wrong but if you think about six sigma from an innovation perspective six sigma is about getting rid of the defects innovation is about allowing defects so there is an inherent tension so I what I find in a big company is you have to create room not everybody can can or wants to or should do that experimentation but you have to create room for it and then once you can discover it it kind of can enter the process machine and be brought to scale so that’s what I’ve learned in the last thing I’d say is I think people and big companies most of us are there because we like the scale the opportunity many times if we wanted to risk starting our own company we would have most of us don’t have to worry about going home and telling our family we may not make payroll next week therefore we may not have enough food for the family big companies provide a certain amount of support and peace of mind and so I think you tend to be a little risk-averse in a big company and at the end of the day I think I’ve learned that often we are looking for someone to give us permission but really in a big company you usually have what do you have you have time and maybe you have a little budget so it’s really within yourself to figure out can I experiment a little bit no one’s maybe going to let me and I think those are some of the tension points and big companies is that

if you do work in a big companies that your experience yeah I think a CEO is maybe it depends on the stage of the company but I what CEOs are very good for a number of reasons I mean you need leadership you need vision you need capital allocation you know it’s one thing to say here’s the vision but if the resources don’t match the vision so I think those are credibly important I think a CEO like Jeff ml is just right for the times of the world ruin a much more networked a much more distributed I mean they said 12 innovation centers 7 R&D centers around the globe that’s a very much more distributed model then we can control everything right here exactly what we wanted in upstate New York so I think that’s some of it I hope companies that live a long time like ours you have to have an inherent ability to heed change and hopefully you’re there’s something in the DNA that says this is the kind of leader that’s right for the time so high and so our role in the sharing economy I think that’s a very good question I I don’t have answers yet but i do think um you’re going to see more and more big companies what’s with digitization right partly I think the question was how do you see GE in the sharing economy and by sharing economy you mean things like uber Airbnb some for benefits and what do you mean by for benefits yeah I think it’s a really good question the good news is I think especially to answer your last point about 44 different needs and just profit basically what sharing economy does is allows you with digital technology to optimize your assets right to give more people access to a shared set of assets so if you’re in Africa and you have energy generation only in a few places to be able to connect those two share those resources to make it more evenly distributed I think you’ll see a lot more of that for us it’s very early I we’re not doing anything in a big scalable way but it’s certainly things were incubating and I think you’ll start to see the consumer piece you know that Airbnb s come into enterprise and I’m starting to see many many startups looking to share assets whether it’s an MRI machine or energy generation so I think you’ll see much more of that going forward great I’m gonna do too is that ok I’ll do hug you and then you’ll be last I work for jeez Pollio for business also graduate of this school so yeah mm coming for me good thanks today most part of a cheater Keys comment group which is yes I just man 3 it’s exciting stops in Turkey so we have about hundreds startups in our portfolio which we are working to get it through and quit packing them up with like trainings and finance presentational skills except so if you want to put them in front of GE ventures good finding the right destructive idea so we have a couple of those participants also here with us and what advice would you give them when you go when they go in front of two inches go they will not be a rehearsal yeah one-time shot so what should they be careful with what advice you would give them for impressing geometry yeah well whether it’s GV ventures or any ventures or any company I think if your startup looking for a company I think be very clear on what do you look at one what what’s your value proposition are you very clear on why you’re differentiated as a business I’ve seen so many startups that aren’t able to even tell their story and always say you can’t sell anything if you can’t tell it so that would be my first thing can you very clearly and simply and succinctly tell why your business is important and why it’s different that would be the first thing the second is do your homework why do you want GE or any other company to back you partner with you what value do you think they can bring and what value do you think you can bring and usually you only have a pretty narrow window and probably the third thing is someone’s going to ask you about your financials so are you able to explain what your business model is and what your plan is to get one over time but I think it to be very crisp very succinct and answer those three sets of questions so thank you and last question I’m a fourth grader in engineering physics and I have no idea what i’ll be

doing like five years and I went to Brian Cox speech also and these kind of speeches are encouraging and I’m trying to intimidate it because like I don’t know how you were doing their colors what was your GPA yeah if it’s any consolation I think you’d ask anybody who of my colleagues I think we all felt that way you partly if you’re graduating from school today you even have more of a challenge than when i graduated i’m a little bit older than you you have so many you have so many choices so that’s the first thing in some ways you almost have too many choices right anything’s possible so i think my first advice would be to just start your first thing doesn’t have to be your last thing or your best thing so if I could talk you through my career I spent about five years in jobs that they were good they taught me something but ultimately they didn’t bring me here I studied school I studied biology I thought I was going to go to medical school Here I am I didn’t go there right and I worked in some jobs that just didn’t really fit me but I felt learning that so you know I would say don’t be so hard on yourself i think there’s a lot of pressure the other thing is you know you always hear follow your passion I mean the to a certain point but do something that you are interested in well pick one of them pick one just start pick one pick one would be just do it I mean I work with nike a lot so I also think that just do it phrase is a really good one that would be my advice just do it and you know and I the last thing I’d say is ask for advice you know get build your kind of network whether it’s X professors or students who graduated before you keep a good network going i wish i had done that earlier so that you can not only find out about new opportunities but people want to help you so maybe if you don’t know what to do you say here’s what I’m thinking and someone can give you advice that leads to another one so thats just do it and build network anyway good luck thank you all very much for the opportunity thanks a lot thank you so much