Diving Deeper

Description of the video:

1
00:00:04,715 --> 00:00:07,440
- Welcome, welcome, welcome,
everybody in the room

2
00:00:07,440 --> 00:00:09,300
and welcome to our guests online.

3
00:00:09,300 --> 00:00:13,770
We have a very special
guest today, Jerre Stead.

4
00:00:13,770 --> 00:00:15,630
Jerre Stead will be in
conversation with us.

5
00:00:15,630 --> 00:00:18,600
So we, I will just start
off, off with some questions.

6
00:00:18,600 --> 00:00:22,620
We'll be talking about
leadership, philanthropy,

7
00:00:22,620 --> 00:00:23,970
and innovation as well.

8
00:00:23,970 --> 00:00:26,520
But before we get started
with the questions,

9
00:00:26,520 --> 00:00:28,050
let me give you a, a little bit

10
00:00:28,050 --> 00:00:31,200
of background about Jerre Stead and,

11
00:00:31,200 --> 00:00:32,855
and the wonderful things that he has done.

12
00:00:32,855 --> 00:00:35,490
So you have some ideas about what kind

13
00:00:35,490 --> 00:00:37,050
of questions you, you can ask.

14
00:00:38,040 --> 00:00:40,260
Jerre is a renowned business
leader and philanthropist.

15
00:00:40,260 --> 00:00:44,550
He is the executive chairman
and CEO of Clarivate Analytics

16
00:00:44,550 --> 00:00:47,640
and has held numerous executive
roles at numerous other

17
00:00:47,640 --> 00:00:50,100
major international,
international corporations.

18
00:00:50,100 --> 00:00:52,955
Together with Mary Joy
is with us today as well.

19
00:00:52,955 --> 00:00:55,710
He established the Stead
Foundation as a reflection

20
00:00:55,710 --> 00:00:59,550
of their commitment to
give back lives when

21
00:00:59,550 --> 00:01:01,230
resources were scarce.

22
00:01:01,230 --> 00:01:04,170
Today the Stead Foundation has
granted more than 400 million

23
00:01:04,170 --> 00:01:07,770
to healthcare, education and
faith-based organizations.

24
00:01:07,770 --> 00:01:11,730
In 2023, Jerre founded Stead
Impact Ventures to invest

25
00:01:11,730 --> 00:01:13,140
with responsibility

26
00:01:13,140 --> 00:01:16,260
and pursue innovators whose
ideas will positively change the

27
00:01:16,260 --> 00:01:19,230
course of health and wellbeing,
particularly in the areas

28
00:01:19,230 --> 00:01:23,490
of neurodegenerative disorders,
mental health and obesity.

29
00:01:23,490 --> 00:01:25,685
The studs are particularly
committed to advancing research

30
00:01:25,685 --> 00:01:27,870
and services around
mental health, motivated

31
00:01:27,870 --> 00:01:29,160
by both personal experiences

32
00:01:29,160 --> 00:01:32,370
and the enormous cost of mental
health issues to society.

33
00:01:32,370 --> 00:01:34,890
The studs are proud to
support Fountain House

34
00:01:34,890 --> 00:01:37,710
and they also started
Community 43 in Phoenix,

35
00:01:37,710 --> 00:01:39,510
which is dedicated to helping people

36
00:01:39,510 --> 00:01:41,460
recovering from mental illness.

37
00:01:41,460 --> 00:01:43,055
Jerre has chaired numerous campaigns

38
00:01:43,055 --> 00:01:45,480
for nonprofit organizations,
something that will be

39
00:01:45,480 --> 00:01:47,010
of interest to many of our students

40
00:01:47,010 --> 00:01:49,410
and has served on the
boards of the SOC Institute,

41
00:01:49,410 --> 00:01:51,180
the Banner Alzheimer's Institute,

42
00:01:51,180 --> 00:01:54,120
Garrett Evangelical Seminary,
the University of Iowa,

43
00:01:54,120 --> 00:01:55,950
Henry b Tippy College of Business,

44
00:01:55,950 --> 00:01:58,080
and the American Writers Museum.

45
00:01:58,080 --> 00:01:59,910
Jerre and Mary Joy are strong supporters

46
00:01:59,910 --> 00:02:02,940
of the Lilly Family School
of Philanthropy in 2014.

47
00:02:02,940 --> 00:02:05,190
They and their family created
the Stead Family Chair

48
00:02:05,190 --> 00:02:08,070
and International philanthropy
who was with us today

49
00:02:08,070 --> 00:02:10,470
and named the Stead Policy
fellow at the school

50
00:02:10,470 --> 00:02:12,120
who was also with us today.

51
00:02:12,120 --> 00:02:14,970
Jerre is a lifetime
member of the School's,

52
00:02:14,970 --> 00:02:16,680
school's Board of Visitors.

53
00:02:16,680 --> 00:02:18,480
He's a graduate of University of Iowa

54
00:02:18,480 --> 00:02:20,940
and the Harvard Advanced
Management Program in Switzerland.

55
00:02:20,940 --> 00:02:24,240
He served on 37 corporate
boards during his career

56
00:02:24,240 --> 00:02:26,100
and has received numerous honors

57
00:02:26,100 --> 00:02:28,710
and awards, including the
Kenneth B. West Lifetime

58
00:02:28,710 --> 00:02:31,140
Achievement Award from
the National Association

59
00:02:31,140 --> 00:02:33,360
of Corporate Directors
and an honorary doctorate

60
00:02:33,360 --> 00:02:37,080
of Humane Letters degree from
our own Indiana University.

61
00:02:37,080 --> 00:02:38,940
Jerre, thank you for
being with us. It's great

62
00:02:38,940 --> 00:02:39,940
- To be here.

63
00:02:39,940 --> 00:02:40,230
Thank you.

64
00:02:44,865 --> 00:02:46,890
You know, I said earlier today,

65
00:02:46,890 --> 00:02:48,960
this is like our second home.

66
00:02:48,960 --> 00:02:52,170
Over the years, MaryJo
and I have moved 23 times.

67
00:02:52,170 --> 00:02:53,730
Anybody beat us with that?

68
00:02:55,320 --> 00:02:59,680
But this has always been a place
for, for many, many reasons

69
00:02:59,680 --> 00:03:00,970
that we've been in and out of,

70
00:03:00,970 --> 00:03:03,160
and we're just so very thankful

71
00:03:03,160 --> 00:03:04,930
that we're able to be here today.

72
00:03:04,930 --> 00:03:07,300
It was a wonderful honor, great program.

73
00:03:07,300 --> 00:03:12,300
Jean told me it's our 35th
anniversary of the Philanthropy

74
00:03:12,340 --> 00:03:13,750
Award program this year.

75
00:03:13,750 --> 00:03:16,930
It's just amazing and it's super fun.

76
00:03:16,930 --> 00:03:19,480
I thought we'd do this this way today,

77
00:03:19,480 --> 00:03:24,220
so you can interrupt either,
either one of us as we're going

78
00:03:24,220 --> 00:03:25,990
through this to ask questions

79
00:03:25,990 --> 00:03:28,870
'cause that lets it make
it flow a little better.

80
00:03:28,870 --> 00:03:32,470
And we've got 59 minutes to make it roll.

81
00:03:32,470 --> 00:03:33,490
- We do, we do indeed.

82
00:03:33,490 --> 00:03:36,850
And we've had some already
wonderful conversations about

83
00:03:36,850 --> 00:03:40,060
the, the, the intersections
of the for-profit world,

84
00:03:40,060 --> 00:03:41,500
the nonprofit world,

85
00:03:41,500 --> 00:03:42,640
and the importance

86
00:03:42,640 --> 00:03:45,315
of building better
connections between those two.

87
00:03:45,315 --> 00:03:46,840
So let's just jump in there

88
00:03:46,840 --> 00:03:49,510
and ask, ask Jerre about what, what makes

89
00:03:49,510 --> 00:03:52,360
for good leadership in business
and in the nonprofit world,

90
00:03:52,360 --> 00:03:54,280
and how are they similar and different?

91
00:03:54,280 --> 00:03:56,080
- Yeah, no, that's a great question.

92
00:03:56,080 --> 00:03:59,140
And one of the things like with Civ that

93
00:03:59,140 --> 00:04:02,020
Amit just talked about a little while ago,

94
00:04:02,020 --> 00:04:04,330
what we're we're doing is all

95
00:04:04,330 --> 00:04:08,050
of the work going forward
is helping startups.

96
00:04:08,050 --> 00:04:10,960
We've got seven, we're
managing with Tiffany Shaw

97
00:04:10,960 --> 00:04:12,670
as my CEO now,

98
00:04:12,670 --> 00:04:17,670
and at the same time all of
them are involved in nonprofit.

99
00:04:18,010 --> 00:04:22,095
And I, I have a, I have a huge
belief that the great leaders

100
00:04:22,095 --> 00:04:25,390
of, of nonprofit understand for-profit

101
00:04:25,390 --> 00:04:27,285
and they're great leaders of, for-profit,

102
00:04:27,285 --> 00:04:29,080
understand nonprofit.

103
00:04:29,080 --> 00:04:30,790
I don't think we have nearly enough of

104
00:04:30,790 --> 00:04:34,660
that in our world today, but
that's what we've gotta get.

105
00:04:34,660 --> 00:04:37,930
I, over the years I've been blessed.

106
00:04:37,930 --> 00:04:41,590
I, I've led 11 public
companies for 42 years

107
00:04:42,520 --> 00:04:47,440
and just to give you a view
of the success with my style

108
00:04:47,440 --> 00:04:51,850
of leadership, the average
annual return was 23%.

109
00:04:51,850 --> 00:04:55,090
Compounded. A better way to think about

110
00:04:55,090 --> 00:05:00,040
that in the last 15 years,
I outperformed Warren Buffet

111
00:05:00,040 --> 00:05:05,020
by 60% and Warren Buffet kept
trying to buy my company.

112
00:05:05,020 --> 00:05:06,400
So, but,

113
00:05:06,400 --> 00:05:09,460
but here, here's what I've
tried to do over the years.

114
00:05:09,460 --> 00:05:13,840
I always felt a a, a company that was one

115
00:05:13,840 --> 00:05:18,400
that we created a, a vision,
a mission and values.

116
00:05:18,400 --> 00:05:22,150
And they were real. They
weren't on the wall.

117
00:05:22,150 --> 00:05:25,810
They were real with what
we expected, how we lived,

118
00:05:25,810 --> 00:05:28,240
how we created the, the companies.

119
00:05:28,240 --> 00:05:31,090
And I did that many times

120
00:05:31,090 --> 00:05:33,850
and Tiffany's done it
with me over the years.

121
00:05:33,850 --> 00:05:37,990
And it was always, that's
the place that we wanted.

122
00:05:37,990 --> 00:05:41,740
My measurement for success
is if you're working at one

123
00:05:41,740 --> 00:05:45,040
of my companies or one of my non-profits,

124
00:05:45,040 --> 00:05:47,110
will you ask your best
friend to come there

125
00:05:47,110 --> 00:05:48,670
and work with you there?

126
00:05:48,670 --> 00:05:52,000
That's by far the best
measurement of the success

127
00:05:52,000 --> 00:05:54,670
that you get by leadership.

128
00:05:54,670 --> 00:05:57,860
I've always had five foundational steps.

129
00:05:59,000 --> 00:06:01,430
Number one, treat every person

130
00:06:01,430 --> 00:06:03,110
with equal dignity and respect.

131
00:06:04,040 --> 00:06:05,540
It. It's critical.

132
00:06:05,540 --> 00:06:10,250
And I see so many organizations
that don't do that,

133
00:06:10,250 --> 00:06:13,400
and both for profit and nonprofit.

134
00:06:13,400 --> 00:06:14,840
But think about that.

135
00:06:14,840 --> 00:06:17,570
The next role you take,
the next place you go,

136
00:06:17,570 --> 00:06:21,710
the next opportunity you
have, make sure that's real.

137
00:06:21,710 --> 00:06:25,490
And I, I've always believed that and,

138
00:06:25,490 --> 00:06:28,610
and I've always tried to be a role model

139
00:06:28,610 --> 00:06:30,020
of everything I'd said I do.

140
00:06:30,020 --> 00:06:32,480
I've never asked anybody to do anything

141
00:06:32,480 --> 00:06:34,490
that I don't try to do.

142
00:06:34,490 --> 00:06:38,600
I'm a bit of an unusual person in a sense.

143
00:06:38,600 --> 00:06:40,970
I've never had a a contract of any

144
00:06:40,970 --> 00:06:42,170
of the companies I've ever led.

145
00:06:43,315 --> 00:06:47,720
I I just, if my people
need them, I provide them.

146
00:06:47,720 --> 00:06:49,070
But I've never had one.

147
00:06:49,070 --> 00:06:53,270
'cause I've always thought
I can do what I need to do.

148
00:06:54,680 --> 00:06:57,260
When, when you were reading the one honor

149
00:06:57,260 --> 00:07:00,830
that we got back in
2017, I believe it was,

150
00:07:00,830 --> 00:07:03,800
there was about 600 board members

151
00:07:03,800 --> 00:07:08,120
and it was in New York
City, 600 board members

152
00:07:09,200 --> 00:07:10,400
and CEOs there.

153
00:07:10,400 --> 00:07:12,180
And I got to speak that night and,

154
00:07:12,180 --> 00:07:14,960
and I told the group, I said, I,

155
00:07:14,960 --> 00:07:17,330
and they, I've heard a lot
about this over the years.

156
00:07:17,330 --> 00:07:19,700
I said, I've never needed a contract.

157
00:07:19,700 --> 00:07:21,590
'cause the only reason you
need 'em if you're a CEO

158
00:07:21,590 --> 00:07:24,560
of a public company is
you expect to be fired.

159
00:07:24,560 --> 00:07:26,090
The room got pretty quiet

160
00:07:26,960 --> 00:07:28,100
'cause there was a lot of people

161
00:07:28,100 --> 00:07:29,660
that had contracts in there.

162
00:07:30,530 --> 00:07:32,510
And and I said, but think about it.

163
00:07:32,510 --> 00:07:35,780
That's the only reason because
there is no other reason.

164
00:07:35,780 --> 00:07:38,120
So, and the thing I've worked always

165
00:07:38,120 --> 00:07:42,290
so hard on is I get any
organization I move into,

166
00:07:42,290 --> 00:07:43,460
we get rid of perks.

167
00:07:43,460 --> 00:07:46,760
There are no perks because what are perks?

168
00:07:46,760 --> 00:07:50,150
That's we, they, that creates structure

169
00:07:50,150 --> 00:07:54,170
of a class structure that I
absolutely don't believe in.

170
00:07:54,170 --> 00:07:58,280
So every company I moved
into, I'd say those

171
00:07:58,280 --> 00:08:01,730
that had company cars on
and on and on, that's done.

172
00:08:01,730 --> 00:08:06,590
That's gone. I will reward
you very, very richly and

173
00:08:06,590 --> 00:08:10,700
and very successfully with the
equity that we create for all

174
00:08:10,700 --> 00:08:12,260
of you and, and value.

175
00:08:12,260 --> 00:08:15,650
But that doesn't work.
That's not what we want.

176
00:08:15,650 --> 00:08:20,150
So equal dignity and respects
means we treat every person.

177
00:08:20,150 --> 00:08:23,810
Yes, we play different
salaries for different skills

178
00:08:23,810 --> 00:08:25,400
and different experiences,

179
00:08:25,400 --> 00:08:27,710
but every person with equal dignity and

180
00:08:46,735 --> 00:08:51,560
respects, do I need to help
my people be successful,

181
00:08:51,560 --> 00:08:53,300
help my people be successful.

182
00:08:54,140 --> 00:08:56,765
If you look I'll, I'll
give you just a couple

183
00:08:56,765 --> 00:08:58,500
of examples on that.

184
00:08:58,500 --> 00:09:01,620
When I was at Square D
second public company,

185
00:09:01,620 --> 00:09:03,690
I had a great company.

186
00:09:03,690 --> 00:09:05,645
It was 85 years old when I got there

187
00:09:05,645 --> 00:09:08,310
and I wanted to make it a greater company.

188
00:09:08,310 --> 00:09:12,630
And the, the first week I
was there, I got two books

189
00:09:12,630 --> 00:09:14,250
that I was told I was,

190
00:09:14,250 --> 00:09:17,040
because I was a new CEO, there were only,

191
00:09:17,040 --> 00:09:18,420
I was the only one that got 'em.

192
00:09:18,420 --> 00:09:22,890
There was 400 policies. I
burned them in the parking lot.

193
00:09:24,150 --> 00:09:28,680
True story. And if you want

194
00:09:28,680 --> 00:09:33,540
to go back, I was on the
cover, I think it was February

195
00:09:33,540 --> 00:09:35,400
of 1987.

196
00:09:35,400 --> 00:09:37,170
Not, that was not part of my plan

197
00:09:37,170 --> 00:09:39,000
by the way, a business week.

198
00:09:39,000 --> 00:09:40,475
I got a lot of pushback,

199
00:09:40,475 --> 00:09:43,775
including an older board
I had at that time.

200
00:09:43,775 --> 00:09:46,980
In the beginning I explained
to 'em, do we need those?

201
00:09:46,980 --> 00:09:50,130
Yes, but they've gotta
be built by our people.

202
00:09:50,130 --> 00:09:51,480
That's what we gotta have.

203
00:09:51,480 --> 00:09:54,090
Those have to be tools for our people.

204
00:09:54,090 --> 00:09:56,430
So that's another critical thing that,

205
00:09:56,430 --> 00:09:58,800
and all of these apply to profit

206
00:09:58,800 --> 00:10:01,020
and nonprofit organizations.

207
00:10:01,020 --> 00:10:03,420
Third one is, if I had a dollar left,

208
00:10:03,420 --> 00:10:04,475
I'd spend it on training

209
00:10:04,475 --> 00:10:07,890
and development for my
teams always and forever.

210
00:10:07,890 --> 00:10:09,120
That's so critical

211
00:10:09,120 --> 00:10:11,910
because there's nothing
more important than helping

212
00:10:11,910 --> 00:10:13,980
everybody have the opportunity

213
00:10:13,980 --> 00:10:17,340
to do more success than they've had.

214
00:10:17,340 --> 00:10:22,200
And it was always my role
to help them pick those

215
00:10:22,200 --> 00:10:25,290
and, and then we provide
those opportunities for 'em.

216
00:10:25,290 --> 00:10:28,080
So feel very strongly about that.

217
00:10:28,080 --> 00:10:30,780
One of the things in both non-profit

218
00:10:30,780 --> 00:10:35,010
and for-profit organizations
I've seen over the years are

219
00:10:35,010 --> 00:10:37,145
that the higher you get
in the organization,

220
00:10:37,145 --> 00:10:40,350
suddenly people think you
don't need more development.

221
00:10:40,350 --> 00:10:44,040
That's craziness. You need
more, the higher you get.

222
00:10:44,040 --> 00:10:47,490
So I've, I'm a very big
believer in that fourth one.

223
00:10:47,490 --> 00:10:51,030
These apply, like I said,
to all organizations facts

224
00:10:51,030 --> 00:10:54,450
as their friends think how difficult it is

225
00:10:54,450 --> 00:10:58,535
to get real facts today on any subject,

226
00:10:58,535 --> 00:11:00,330
I can tell you one of the ways I do it.

227
00:11:02,490 --> 00:11:05,610
Normally I just had surgery,
so I haven't been able

228
00:11:05,610 --> 00:11:06,780
to do exercises.

229
00:11:06,780 --> 00:11:09,900
But normally every morning
I get up about three

230
00:11:09,900 --> 00:11:12,180
15, don't use an alarm.

231
00:11:12,180 --> 00:11:16,320
That's just the way I get up
and I go down to wherever I am

232
00:11:16,320 --> 00:11:19,380
or in a hotel room, turn on tv.

233
00:11:19,380 --> 00:11:22,650
I do 21 minutes of exercise seven

234
00:11:22,650 --> 00:11:24,720
with CNN seven, with Ms.

235
00:11:24,720 --> 00:11:27,030
NB, C and seven with Fox.

236
00:11:27,030 --> 00:11:30,480
'cause it's the only
way I think I can arrive

237
00:11:30,480 --> 00:11:33,150
with what's Fox as my friends are.

238
00:11:33,150 --> 00:11:34,560
And it's so important.

239
00:11:34,560 --> 00:11:37,560
We've always, everything,
every place I've gone, we try

240
00:11:37,560 --> 00:11:42,270
to get a one-pager when, and
it should be actionable facts.

241
00:11:42,270 --> 00:11:46,290
In other words, you write to
me, here's the background,

242
00:11:46,290 --> 00:11:48,540
here's the half page of facts

243
00:11:48,540 --> 00:11:50,610
and tell me what you want me to do.

244
00:11:50,610 --> 00:11:53,260
What are the actionable facts based on

245
00:11:53,260 --> 00:11:55,330
that you want me to do?

246
00:11:55,330 --> 00:11:57,685
And I've used that over and over.

247
00:11:57,685 --> 00:12:00,400
I I will tell you and Mary Joy is here

248
00:12:00,400 --> 00:12:02,410
and she'll confirm this.

249
00:12:02,410 --> 00:12:03,880
That doesn't work at home.

250
00:12:05,500 --> 00:12:09,130
If I say to Mary Joy, gimme
actionable facts, we're still,

251
00:12:09,130 --> 00:12:12,250
we'll still married after 62 years years.

252
00:12:12,250 --> 00:12:14,620
But I learned long ago not to do that.

253
00:12:14,620 --> 00:12:18,855
So, but it does work at
all at at at any profit

254
00:12:18,855 --> 00:12:21,310
or nonprofit organization.

255
00:12:21,310 --> 00:12:22,725
'cause that lets you focus on

256
00:12:22,725 --> 00:12:24,850
what you really want to get done.

257
00:12:24,850 --> 00:12:26,860
Then the fifth one to me,

258
00:12:26,860 --> 00:12:30,160
and I don't, I think organizations,
you, you need all five

259
00:12:30,160 --> 00:12:32,770
of these to be truly successful.

260
00:12:32,770 --> 00:12:36,855
The fifth one, it's so
important is an intense external

261
00:12:36,855 --> 00:12:40,270
intellectual curiosity of your customer.

262
00:12:41,170 --> 00:12:44,020
First of all, you need
to define the customer.

263
00:12:44,020 --> 00:12:46,090
And then an intense external

264
00:12:46,090 --> 00:12:49,450
and intellectual curiosity
for that customer.

265
00:12:49,450 --> 00:12:51,700
What can I do to make
that customer better?

266
00:12:52,960 --> 00:12:55,815
I'll give you an example
that changed my life

267
00:12:55,815 --> 00:12:57,435
and thinking of how I wanted

268
00:12:57,435 --> 00:12:59,860
to make sure every organization I was

269
00:12:59,860 --> 00:13:01,030
involved with did that.

270
00:13:02,260 --> 00:13:06,430
Bill Clinton called me three
days after he became president.

271
00:13:06,430 --> 00:13:09,520
I was chairman, CEO at NCR at that time.

272
00:13:09,520 --> 00:13:11,410
And I'd met him before

273
00:13:11,410 --> 00:13:13,240
and he said, Jerre, I want you to come in

274
00:13:13,240 --> 00:13:17,110
and do the reinvent the
government program for, for,

275
00:13:17,110 --> 00:13:18,820
for, for me.

276
00:13:18,820 --> 00:13:23,050
And I told, I said, Mr. President,
thank you. I'm very busy.

277
00:13:23,050 --> 00:13:26,860
'cause right now I got
a company that's losing

278
00:13:26,860 --> 00:13:29,920
al almost $400 million a month.

279
00:13:29,920 --> 00:13:31,990
He said, that's interesting.
I'll see you next week.

280
00:13:33,550 --> 00:13:36,340
That was Bill Clinton. Still is.

281
00:13:36,340 --> 00:13:37,780
So I went in

282
00:13:37,780 --> 00:13:40,660
and I worked with Paul O'Neill,

283
00:13:40,660 --> 00:13:43,600
who at the time was CEO of Val Cola.

284
00:13:43,600 --> 00:13:47,110
Paul had great government
experience too, and he

285
00:13:47,110 --> 00:13:48,730
and I co-chaired it.

286
00:13:48,730 --> 00:13:50,170
Most of the work we did

287
00:13:50,170 --> 00:13:53,230
with was in Vice President Gore's office.

288
00:13:53,230 --> 00:13:56,590
Bill used Vice President
Gore very efficiently

289
00:13:56,590 --> 00:13:59,860
as like a COO, which I think is a good way

290
00:13:59,860 --> 00:14:02,020
for a vice president to operate.

291
00:14:02,020 --> 00:14:03,490
We'd have the meetings

292
00:14:03,490 --> 00:14:07,750
and then once a month we'd go
into the basement kitchen at

293
00:14:07,750 --> 00:14:10,330
the White House and wait for Bell

294
00:14:11,590 --> 00:14:13,090
because Bell was always late.

295
00:14:13,090 --> 00:14:16,030
It was a question of
would he be late an hour

296
00:14:16,030 --> 00:14:18,070
or two hours or less?

297
00:14:18,070 --> 00:14:19,150
And he'd come in

298
00:14:19,150 --> 00:14:21,610
and we'd give him, we'd
start to give him an update.

299
00:14:21,610 --> 00:14:24,460
He'd read everything. He
understood everything.

300
00:14:24,460 --> 00:14:26,710
He knew what we were gonna do.

301
00:14:26,710 --> 00:14:29,110
And I'll never forget
the meeting I told him

302
00:14:29,110 --> 00:14:31,810
that had happened the night before.

303
00:14:31,810 --> 00:14:36,400
We had four of the
secretaries of large parts

304
00:14:36,400 --> 00:14:38,770
of the government in a meeting at Vice

305
00:14:38,770 --> 00:14:40,600
President Gore's office.

306
00:14:40,600 --> 00:14:42,820
And I asked them,

307
00:14:42,820 --> 00:14:45,460
'cause what we were trying
to do was set up them

308
00:14:45,460 --> 00:14:47,950
to think about customers.

309
00:14:47,950 --> 00:14:50,770
And I asked them, who's your,

310
00:14:52,160 --> 00:14:56,330
well it was Bill Clinton,
it was each other, it was

311
00:14:57,800 --> 00:14:59,390
Vice President Gore.

312
00:14:59,390 --> 00:15:02,030
And I raised my hand after
five minutes. I said, it's me.

313
00:15:02,030 --> 00:15:06,385
I'm the taxpayer. The only
reason you exist is me room.

314
00:15:06,385 --> 00:15:08,090
Got very quiet.

315
00:15:08,090 --> 00:15:11,660
And it was really interesting
that night, Les Aspen,

316
00:15:11,660 --> 00:15:16,280
who was Secretary of Defense
then wonderful representative,

317
00:15:16,280 --> 00:15:18,800
former governor in in Wisconsin,

318
00:15:18,800 --> 00:15:20,030
gave me a ride to the airport.

319
00:15:20,030 --> 00:15:23,630
And he said, thank you Jerre.
I never thought about that.

320
00:15:23,630 --> 00:15:27,110
He said, my mind was lost.

321
00:15:27,110 --> 00:15:29,480
And I used that not to
be critical of them,

322
00:15:29,480 --> 00:15:34,340
but as an example of how
critical it is for each of us

323
00:15:34,340 --> 00:15:36,890
with our responsibilities as leaders

324
00:15:36,890 --> 00:15:40,670
to make sure we are focused
on who is the customer.

325
00:15:40,670 --> 00:15:44,120
What I've done with all the
public companies I've led is,

326
00:15:44,120 --> 00:15:46,430
and probably one of the
very few that's done it,

327
00:15:46,430 --> 00:15:50,030
but every person in every
company had the opportunity

328
00:15:50,030 --> 00:15:54,380
to earn shares, not options,
actual shares granted based on

329
00:15:54,380 --> 00:15:58,790
how well we performed a against
our customer delight scores.

330
00:15:58,790 --> 00:16:01,970
And those were, we did twice annually.

331
00:16:01,970 --> 00:16:05,870
And those were the responses
from our customers each year to

332
00:16:07,100 --> 00:16:10,130
be able to provide more guidance for them.

333
00:16:10,130 --> 00:16:12,710
So if you think about
long answer, I'm sorry,

334
00:16:12,710 --> 00:16:16,910
but it, it really lays out,
if you think about leaders,

335
00:16:16,910 --> 00:16:19,190
that's what we all should be doing.

336
00:16:19,190 --> 00:16:20,750
I'm sure you've got other ideas,

337
00:16:20,750 --> 00:16:24,110
but you do those five things consistently

338
00:16:24,110 --> 00:16:26,905
and you'll be super Can I
tell one Bill Clinton story?

339
00:16:26,905 --> 00:16:31,700
Go for it. So nine years ago

340
00:16:31,700 --> 00:16:33,380
when I was leading IHS

341
00:16:33,380 --> 00:16:37,400
and we had a, we have a largest
energy conference every year

342
00:16:37,400 --> 00:16:40,040
in the world in Houston.

343
00:16:40,040 --> 00:16:43,130
And I was able to get
George Bush, number two,

344
00:16:43,130 --> 00:16:44,660
who I also worked with.

345
00:16:44,660 --> 00:16:47,605
I also worked with President
Reagan, also worked

346
00:16:47,605 --> 00:16:49,760
with Bush Number one.

347
00:16:49,760 --> 00:16:54,380
I was able to get Bill to
come with Bush number two

348
00:16:54,380 --> 00:16:56,480
to speak the first time
they spoke together,

349
00:16:56,480 --> 00:17:00,485
spoken together in front
of a public group, 2,500

350
00:17:01,715 --> 00:17:05,030
CEOs from all over the
world and secretaries

351
00:17:05,030 --> 00:17:07,640
and of, of energy.

352
00:17:07,640 --> 00:17:09,980
So we, two, two things happened.

353
00:17:09,980 --> 00:17:13,760
I was doing an interview
with the Wall Street Journal

354
00:17:13,760 --> 00:17:16,130
and they were supposed to arrive at 1230

355
00:17:16,130 --> 00:17:18,050
and one of my people came up

356
00:17:18,050 --> 00:17:21,170
and said, president Bush
is here half an hour early.

357
00:17:21,170 --> 00:17:23,600
So I go down, talk to President Bush,

358
00:17:23,600 --> 00:17:26,450
learn about him taking up art painting.

359
00:17:27,470 --> 00:17:29,750
He said, I brought my book for you.

360
00:17:29,750 --> 00:17:32,150
And I said, I already
bought one. I read it.

361
00:17:32,150 --> 00:17:33,410
He said, you gotta be kidding.

362
00:17:33,410 --> 00:17:35,570
Nobody in their right
mind would read that book.

363
00:17:36,710 --> 00:17:41,300
And and we had a great
time exactly at 1230,

364
00:17:41,300 --> 00:17:45,620
president Bush turned to me
and he said, where's Bubba?

365
00:17:45,620 --> 00:17:46,940
And I said, excuse me.

366
00:17:46,940 --> 00:17:48,860
And he said, yeah,
president Bush, my buddy.

367
00:17:49,890 --> 00:17:51,420
I said, he'll be late.

368
00:17:51,420 --> 00:17:55,290
And at courted one, we go out to the card

369
00:17:55,290 --> 00:17:58,020
and meet President
Bush, president Clinton,

370
00:17:58,020 --> 00:18:00,930
and he's there, comes up, gives me a hug,

371
00:18:00,930 --> 00:18:03,095
said It's the big earliest
I've ever been late

372
00:18:03,095 --> 00:18:04,140
for you in my life.

373
00:18:05,160 --> 00:18:09,150
So we then jump onto the
stage because we were tight.

374
00:18:09,150 --> 00:18:12,060
We'd sent all the questions
ahead of time, of course.

375
00:18:12,060 --> 00:18:14,105
And we're sitting actually like this.

376
00:18:14,105 --> 00:18:17,370
I was between the two of them to,

377
00:18:17,370 --> 00:18:19,770
to do the, the questions.

378
00:18:19,770 --> 00:18:21,510
And George was sitting there like this.

379
00:18:22,650 --> 00:18:26,340
I was sitting there like
ready to go, I mean, to talk.

380
00:18:26,340 --> 00:18:29,400
So the first question
we'd agreed upon was,

381
00:18:30,240 --> 00:18:32,880
you were president for eight
years, how do you feel now?

382
00:18:32,880 --> 00:18:35,910
And President Bush
started, he said, you know,

383
00:18:35,910 --> 00:18:38,700
I've made some big mistakes and I'm sorry.

384
00:18:38,700 --> 00:18:41,970
I did do my best. I love my country.

385
00:18:41,970 --> 00:18:45,000
There's things if I could
do over, I would do over.

386
00:18:45,000 --> 00:18:46,890
But I really did my best.

387
00:18:46,890 --> 00:18:49,680
Bill said, if it wasn't
for the Constitution,

388
00:18:49,680 --> 00:18:52,440
I'd still be President
George never would've been.

389
00:18:52,440 --> 00:18:55,200
So that was the two people,

390
00:18:55,200 --> 00:18:59,250
but they were both great
leaders in their own ways.

391
00:18:59,250 --> 00:19:01,290
And what was so remarkable that day,

392
00:19:01,290 --> 00:19:04,470
I then asked them this question, what,

393
00:19:04,470 --> 00:19:06,600
what's great about leadership?

394
00:19:06,600 --> 00:19:08,795
They were 90% in agreement.

395
00:19:08,795 --> 00:19:11,400
It was fascinating to me to see that.

396
00:19:11,400 --> 00:19:14,130
So that was a great education for me

397
00:19:14,130 --> 00:19:15,420
as well as fun with Bill.

398
00:19:16,350 --> 00:19:17,492
- Well, I, I, I,

399
00:19:21,375 --> 00:19:23,310
- What
- What, what a terrific story.

400
00:19:23,310 --> 00:19:26,430
And, and I love the five
principles of leadership according,

401
00:19:26,430 --> 00:19:27,900
according to Jerre.

402
00:19:27,900 --> 00:19:30,000
So just two quick reactions to that.

403
00:19:30,000 --> 00:19:33,070
And I think those are
wonderful pri very humane in,

404
00:19:33,070 --> 00:19:34,680
in infusing dignity.

405
00:19:34,680 --> 00:19:37,860
Why, why don't more
leaders behave that well?

406
00:19:37,860 --> 00:19:41,520
And then the second question
is, I I I applaud the burning,

407
00:19:41,520 --> 00:19:45,240
the, the tome of procedures
and doing all the great things.

408
00:19:45,240 --> 00:19:47,340
Once you're in position of authority,

409
00:19:47,340 --> 00:19:48,840
what do you do when you're not?

410
00:19:48,840 --> 00:19:50,460
What if you're like climbing

411
00:19:50,460 --> 00:19:51,815
and you wanna be a decent leader?

412
00:19:51,815 --> 00:19:53,030
What, what are your suggestions? Great,

413
00:19:53,030 --> 00:19:54,030
- Great question.

414
00:19:54,030 --> 00:19:57,120
The, just tell me the first
how you're thinking. The

415
00:19:57,120 --> 00:19:58,740
- First, the, the first
one was, you know, why,

416
00:19:58,740 --> 00:20:02,070
why don't more leaders infuse
this dignity and openness?

417
00:20:20,340 --> 00:20:22,530
- I don't understand
why you're doing this.

418
00:20:22,530 --> 00:20:23,850
The only reason

419
00:20:23,850 --> 00:20:28,020
that you're gonna be successful
is if you've got your people

420
00:20:28,020 --> 00:20:31,590
and if you got your people
feeling good about themselves,

421
00:20:31,590 --> 00:20:34,110
every morning when I
get up, I start my day

422
00:20:34,110 --> 00:20:35,310
with how do I help?

423
00:20:35,310 --> 00:20:37,680
Great people do great things today.

424
00:20:37,680 --> 00:20:40,500
And I would say that to each of them.

425
00:20:40,500 --> 00:20:41,765
And it was interesting

426
00:20:41,765 --> 00:20:46,765
because I can still remember
very, very large company that

427
00:20:47,020 --> 00:20:48,280
I was on the board of.

428
00:20:48,280 --> 00:20:52,690
And he said, well, they
don't care who I am, how

429
00:20:52,690 --> 00:20:55,270
and what I do with them
because we're too big.

430
00:20:55,270 --> 00:20:59,170
And I said, I've had 400,000
people that have worked for me.

431
00:20:59,170 --> 00:21:03,190
Every one of them care.
Everything starts at the top.

432
00:21:03,190 --> 00:21:07,390
And it has to start at the
top with your behaviors.

433
00:21:07,390 --> 00:21:10,330
And I again, won't name people,

434
00:21:10,330 --> 00:21:13,240
but I can remember one saying, well,

435
00:21:13,240 --> 00:21:15,190
you'll never be successful

436
00:21:15,190 --> 00:21:18,070
because you're assuming people
are wanna be successful.

437
00:21:18,070 --> 00:21:21,340
And I said, yes, every
person that ever walks in in

438
00:21:21,340 --> 00:21:24,310
of my doors, in any of my companies, they,

439
00:21:24,310 --> 00:21:27,070
I absolutely believe
they're, they wanna be

440
00:21:27,070 --> 00:21:29,230
as successful as they can be.

441
00:21:29,230 --> 00:21:32,350
So what I learned over
the time, it's such a

442
00:21:32,350 --> 00:21:33,550
important question

443
00:21:33,550 --> 00:21:37,600
and I'm, I was just telling the Amir the

444
00:21:37,600 --> 00:21:40,930
and team a few minutes ago,
I'm writing my fourth books now

445
00:21:40,930 --> 00:21:44,950
and it's called, the Work
is Play With a Purpose.

446
00:21:44,950 --> 00:21:47,740
And I'm writing it on this very subject

447
00:21:47,740 --> 00:21:51,250
because it's, it's so important

448
00:21:51,250 --> 00:21:55,450
that you get leaders and
as you become war leaders,

449
00:21:55,450 --> 00:21:57,130
and I'll answer that in a second.

450
00:21:57,130 --> 00:22:01,810
You think one thing, how do I
help my people be successful?

451
00:22:01,810 --> 00:22:05,770
Your team, we all got
people, all of us are CEOs

452
00:22:05,770 --> 00:22:07,990
of ourselves at the beginning,

453
00:22:07,990 --> 00:22:09,975
but we've all got people that we need

454
00:22:09,975 --> 00:22:11,800
to please and work with.

455
00:22:11,800 --> 00:22:14,200
How do I help them be successful?

456
00:22:14,200 --> 00:22:16,090
And how do I measure that

457
00:22:16,090 --> 00:22:19,930
and how can I make sure
they get to have the fun of,

458
00:22:19,930 --> 00:22:21,520
of being successful?

459
00:22:21,520 --> 00:22:26,200
And I, I I, I shake my head that, and,

460
00:22:26,200 --> 00:22:29,350
and I, I've done a lot, a lot

461
00:22:29,350 --> 00:22:31,840
of Wall Street Journal articles
about leadership over the

462
00:22:31,840 --> 00:22:34,060
years, which you get published.

463
00:22:34,060 --> 00:22:38,410
And they always do it with a shade

464
00:22:38,410 --> 00:22:42,430
of caution saying, Jerre,
that's not the norm.

465
00:22:42,430 --> 00:22:44,200
And I said, but it should be the norm

466
00:22:44,200 --> 00:22:45,850
and it can be the norm.

467
00:22:45,850 --> 00:22:47,860
That's why I told you at the beginning,

468
00:22:47,860 --> 00:22:51,190
my 23% compound increase

469
00:22:51,190 --> 00:22:54,460
for share owners every year over 42 years.

470
00:22:54,460 --> 00:22:59,460
'cause it does work. I can tell
you the longer I was public

471
00:22:59,740 --> 00:23:04,065
and the longer my success was,
the easier it was for them

472
00:23:04,065 --> 00:23:05,230
to start to agree

473
00:23:05,230 --> 00:23:08,410
because fact says, our
friends, the performance,

474
00:23:09,370 --> 00:23:12,670
I would love for us to
study that question though.

475
00:23:12,670 --> 00:23:17,670
And I'm serious. 'cause there,
there, the logic is not,

476
00:23:18,400 --> 00:23:21,490
you can't be a leader if you
don't start with the assumption

477
00:23:21,490 --> 00:23:23,890
of how do I help great
people do great things.

478
00:23:25,330 --> 00:23:29,950
As I was growing up,
just if you don't know,

479
00:23:29,950 --> 00:23:32,470
Mary Jo and I started
dating when we were 15,

480
00:23:33,490 --> 00:23:37,750
got married the day before
she turned 19, 12 days

481
00:23:37,750 --> 00:23:39,430
before I turned 19.

482
00:23:39,430 --> 00:23:41,320
I married an older woman.

483
00:23:41,320 --> 00:23:45,890
So, and it's my favorite time
of year, but it was, and and,

484
00:23:45,890 --> 00:23:50,060
and so we lived in a 40
foot by 10 foot trailer

485
00:23:50,060 --> 00:23:51,500
for three and a half years.

486
00:23:51,500 --> 00:23:52,730
The University of Iowa.

487
00:23:52,730 --> 00:23:55,820
I worked 40 hours a week, did drafting

488
00:23:55,820 --> 00:23:58,490
and ran survey crews and we lived.

489
00:23:58,490 --> 00:23:59,750
What, what do you think we lived,

490
00:23:59,750 --> 00:24:02,450
how much do you think we
lived on a year at that time?

491
00:24:02,450 --> 00:24:06,110
Including paying scholarship,
I mean paying everything.

492
00:24:06,110 --> 00:24:08,870
How much, what do you think it was a year,

493
00:24:08,870 --> 00:24:11,930
this 19 62, 3 and four.

494
00:24:14,030 --> 00:24:18,965
Good guess two, no, 2,900. Great guess.

495
00:24:18,965 --> 00:24:22,400
And and we were the happiest
people in the world.

496
00:24:22,400 --> 00:24:26,960
And people said, how,
how, how can you do that?

497
00:24:26,960 --> 00:24:29,605
And we said, because we didn't
know what we couldn't do.

498
00:24:29,605 --> 00:24:33,200
So we did it. And that's
always been my theme

499
00:24:33,200 --> 00:24:35,305
for leading and being the leader.

500
00:24:35,305 --> 00:24:38,570
So we, we ended up going
to work for Honeywell.

501
00:24:38,570 --> 00:24:40,100
I had nine job offers.

502
00:24:41,390 --> 00:24:42,590
We took Honeywell one

503
00:24:42,590 --> 00:24:45,770
because we loved the, what I
thought the culture was there.

504
00:24:45,770 --> 00:24:48,945
Two, they said they
were putting me in a a,

505
00:24:48,945 --> 00:24:51,805
a high performance one year program.

506
00:24:51,805 --> 00:24:54,020
I get to meet everybody, blah, blah, blah.

507
00:24:54,020 --> 00:24:57,560
And three, we wanted to get far
enough away from our parents

508
00:24:57,560 --> 00:24:58,790
with our kids that,

509
00:24:58,790 --> 00:25:01,280
so they weren't there like
they were in Iowa City every

510
00:25:01,280 --> 00:25:03,950
weekend, but not too far.

511
00:25:04,820 --> 00:25:06,680
So we started there

512
00:25:06,680 --> 00:25:11,680
and I'll never forget, June 14th, 1965,

513
00:25:11,900 --> 00:25:14,930
July 5th, I go into the person

514
00:25:14,930 --> 00:25:18,590
that was overseeing my one year program

515
00:25:18,590 --> 00:25:23,300
and she said, Jerre, we're
moving you to the downtown plant.

516
00:25:23,300 --> 00:25:27,020
You're now a foreman. I was
22, you're now a foreman.

517
00:25:27,020 --> 00:25:29,750
You have 400 people, three shifts,

518
00:25:29,750 --> 00:25:33,620
local 1145 Teamsters Union, good luck.

519
00:25:33,620 --> 00:25:36,410
So that was my one year prep program.

520
00:25:37,310 --> 00:25:39,405
That was three weeks.

521
00:25:39,405 --> 00:25:41,210
I, I went there

522
00:25:41,210 --> 00:25:45,080
and I went up to the floor that day

523
00:25:45,080 --> 00:25:47,515
and I got the group leaders together

524
00:25:47,515 --> 00:25:49,640
who were union members also.

525
00:25:49,640 --> 00:25:53,720
They got paid, I think
30 cents more an hour.

526
00:25:53,720 --> 00:25:56,690
And I said, I have no idea what you do,

527
00:25:56,690 --> 00:25:59,240
but if you'll tell me what we should do,

528
00:25:59,240 --> 00:26:00,320
I'll make sure we do it.

529
00:26:01,400 --> 00:26:05,540
And I learned that work that
it came back time after time.

530
00:26:05,540 --> 00:26:08,360
I took what they wanted to get done.

531
00:26:08,360 --> 00:26:10,490
'cause everybody wants to be successful

532
00:26:10,490 --> 00:26:12,560
and everybody wants to be a winner.

533
00:26:12,560 --> 00:26:15,770
And so I took that and
I've done that every place.

534
00:26:15,770 --> 00:26:20,690
As I grew up in, in the
organization, we traveled a lot,

535
00:26:20,690 --> 00:26:22,400
we were moved a lot of times.

536
00:26:22,400 --> 00:26:24,650
We moved 23 times.

537
00:26:24,650 --> 00:26:27,560
But I had just moved back

538
00:26:27,560 --> 00:26:30,560
to Minneapolis from four moves

539
00:26:30,560 --> 00:26:33,050
and I had all, I had about 10,000 people

540
00:26:33,050 --> 00:26:34,850
reporting to me then.

541
00:26:34,850 --> 00:26:39,440
And I took the plan book into my boss

542
00:26:39,440 --> 00:26:40,910
and he threw it at me.

543
00:26:40,910 --> 00:26:44,160
I'll never forget this. And
he said is not a good plan.

544
00:26:44,160 --> 00:26:47,430
He hadn't even looked at it.
So I walked out of the room,

545
00:26:47,430 --> 00:26:52,430
left, went to Mary Joy that
night at home, told her,

546
00:26:52,440 --> 00:26:55,355
probably gonna get fired
tomorrow, but I'm gonna go back

547
00:26:55,355 --> 00:26:56,610
and tell that man,

548
00:26:56,610 --> 00:26:59,940
that's not the way I'll
let my people be treated.

549
00:26:59,940 --> 00:27:01,980
So I got there early that next morning,

550
00:27:03,810 --> 00:27:05,910
his secretary was there.

551
00:27:05,910 --> 00:27:07,050
She said, why are you here?

552
00:27:07,050 --> 00:27:09,210
And I said, I want to talk to Mr. Soandso.

553
00:27:10,500 --> 00:27:13,470
And, and, and she said, okay,

554
00:27:13,470 --> 00:27:15,660
but he's not expecting you.

555
00:27:15,660 --> 00:27:18,030
And I said, I understand
that he got there,

556
00:27:18,030 --> 00:27:21,390
this was back in the cigarette days.

557
00:27:21,390 --> 00:27:24,690
And this guy was smoking
a cigarette. He walked in.

558
00:27:25,890 --> 00:27:28,350
The carol secretary, I can still remember,

559
00:27:28,350 --> 00:27:29,700
brought his coffee and he said,

560
00:27:29,700 --> 00:27:31,290
why in the blank blank are you here?

561
00:27:31,290 --> 00:27:35,460
And I said, because you can
get rid of me if you choose,

562
00:27:35,460 --> 00:27:37,980
but you can't treat people like that.

563
00:27:37,980 --> 00:27:39,570
If you're gonna treat people. Like

564
00:28:00,005 --> 00:28:02,250
when I moved to, to Europe,

565
00:28:02,250 --> 00:28:04,020
and I'll never forget when he came in

566
00:28:04,020 --> 00:28:06,000
and he said, you had the courage

567
00:28:06,000 --> 00:28:08,520
that you all must have and should have.

568
00:28:08,520 --> 00:28:11,070
You're always gonna run into a situation

569
00:28:11,070 --> 00:28:14,970
and sometime during your career
that you have to just say,

570
00:28:14,970 --> 00:28:17,640
I'm gonna do what my beliefs do.

571
00:28:17,640 --> 00:28:19,950
And I did that all the way up.

572
00:28:19,950 --> 00:28:23,400
And I still do it because
I think it's so important.

573
00:28:23,400 --> 00:28:27,510
So long answer again, but
it will work. I promise you.

574
00:28:28,770 --> 00:28:31,170
- Well you also challenge some
of us to do more research on,

575
00:28:31,170 --> 00:28:34,170
on this kind of humble and
principled kind of leadership.

576
00:28:34,170 --> 00:28:36,840
Yeah. Which, which I think
is, is, is inspiring.

577
00:28:36,840 --> 00:28:39,000
I wish we saw more of it out there,

578
00:28:39,000 --> 00:28:41,430
but we, we at least have
you to, to show us the way.

579
00:28:41,430 --> 00:28:44,435
So somebody who is this humble and, and,

580
00:28:44,435 --> 00:28:46,770
and principled as was
successful in leading

581
00:28:46,770 --> 00:28:48,210
so many enterprises.

582
00:28:48,210 --> 00:28:49,565
Let's turn to your philanthropy.

583
00:28:49,565 --> 00:28:53,190
And, and so, so how does
that, how does your career,

584
00:28:53,190 --> 00:28:54,840
your family, your civic roles, how does

585
00:28:54,840 --> 00:28:56,045
that inform your philanthropy?

586
00:28:56,045 --> 00:28:57,240
What's yeah, we, what's your approach

587
00:28:57,240 --> 00:28:58,240
- There?

588
00:28:58,240 --> 00:28:59,130
We, Mary Joy

589
00:28:59,130 --> 00:29:03,180
and I tithed on that 2,900 a year

590
00:29:03,180 --> 00:29:06,540
and gave to the Methodist church At

591
00:29:06,540 --> 00:29:08,640
that point we learned

592
00:29:08,640 --> 00:29:12,810
that Mary Joy had
missionaries in her family.

593
00:29:12,810 --> 00:29:15,660
In fact, her great-grandfather
was a missionary

594
00:29:15,660 --> 00:29:18,030
for 42 years in India.

595
00:29:18,030 --> 00:29:22,865
I had two pastors in my family in a

596
00:29:22,865 --> 00:29:27,510
very two wonderful grand grandmother,

597
00:29:27,510 --> 00:29:31,800
sorry, very, very giving oriented.

598
00:29:31,800 --> 00:29:35,190
And we grew up with,
you know, time, talent

599
00:29:35,190 --> 00:29:36,690
and treasure, the three T's

600
00:29:36,690 --> 00:29:40,200
and how do we, how do we help
the world be a better place?

601
00:29:41,260 --> 00:29:44,860
Example, only when I was
a paper boy, my nana said,

602
00:29:45,820 --> 00:29:49,935
any profit, I got a third,
went to the church, a third

603
00:29:49,935 --> 00:29:51,730
to savings and a third to me.

604
00:29:51,730 --> 00:29:54,370
And we actually grew up believing that.

605
00:29:54,370 --> 00:29:57,880
So we, we always felt, and, and and,

606
00:29:57,880 --> 00:30:02,740
and it was so fun when we did
that, when we were 19, 20, 21,

607
00:30:02,740 --> 00:30:05,860
we learned the joy of giving then

608
00:30:05,860 --> 00:30:10,445
and the first job that I
got at Honeywell and it,

609
00:30:10,445 --> 00:30:14,890
and we continued to,
I mean we felt rich on

610
00:30:14,890 --> 00:30:19,540
my first starting, my first
job was $6,780 a year.

611
00:30:19,540 --> 00:30:24,010
And that we felt rich
on it, bought a house,

612
00:30:24,010 --> 00:30:25,300
went from there.

613
00:30:25,300 --> 00:30:28,815
And the second first move we
had, they moved us after two

614
00:30:28,815 --> 00:30:30,400
and a half years was

615
00:30:30,400 --> 00:30:34,750
to a house in suburb
Arlington Heights of Chicago.

616
00:30:34,750 --> 00:30:36,190
And Mary Joyce said,

617
00:30:36,190 --> 00:30:40,690
someday when we can give more, I want

618
00:30:40,690 --> 00:30:42,520
to give more than we make.

619
00:30:42,520 --> 00:30:46,030
And that became a goal.
And it was a great goal.

620
00:30:47,290 --> 00:30:51,430
We, I can remember the day
we, we made that happen.

621
00:30:51,430 --> 00:30:54,250
It was when we returned from Europe

622
00:30:54,250 --> 00:30:57,430
and I took over as executive VP

623
00:30:57,430 --> 00:30:59,380
at Honeywell with three groups.

624
00:30:59,380 --> 00:31:04,090
And that was the year we were
able to tip the side over.

625
00:31:04,090 --> 00:31:06,040
Now we were blessed
because I always worked

626
00:31:06,040 --> 00:31:07,480
for public companies.

627
00:31:07,480 --> 00:31:09,550
I always helped them be successful.

628
00:31:09,550 --> 00:31:13,360
And I therefore helped
owned a lot of equity, all

629
00:31:13,360 --> 00:31:16,210
of which we gave away over the years.

630
00:31:16,210 --> 00:31:18,460
And it, it's always been because,

631
00:31:18,460 --> 00:31:23,460
and it doesn't matter if it
was $290 a year at 2,900,

632
00:31:23,500 --> 00:31:26,650
what matters is the joy
you get out of doing it,

633
00:31:26,650 --> 00:31:29,710
the joy you get out of
helping other people

634
00:31:29,710 --> 00:31:32,800
and the joy you get to
see them feeling good.

635
00:31:32,800 --> 00:31:36,220
So we've done that forever and
I know you all feel that way,

636
00:31:36,220 --> 00:31:39,855
but it's a wonderful, it's
a wonderful thing in life

637
00:31:39,855 --> 00:31:42,670
to be able to see others be successful.

638
00:31:42,670 --> 00:31:45,490
And there's nothing better than that.

639
00:31:45,490 --> 00:31:48,580
And that's why we got so
involved with nonprofit

640
00:31:48,580 --> 00:31:51,070
and philanthropic and,

641
00:31:51,070 --> 00:31:56,070
and we've led 26 capital
campaigns over the years

642
00:31:56,350 --> 00:32:00,730
to help create great institutions
like you're all part of.

643
00:32:00,730 --> 00:32:05,410
And over those years we've
always thought about how do we,

644
00:32:05,410 --> 00:32:09,340
how do we help be role models for others?

645
00:32:09,340 --> 00:32:14,340
How do we make the example
of how great giving truly is?

646
00:32:14,620 --> 00:32:18,790
And and I know you all know
this, but it's true for us.

647
00:32:18,790 --> 00:32:22,960
The more you we give, the more
you get. That's really true.

648
00:32:22,960 --> 00:32:27,250
The more joy you get, the
more good feelings you get,

649
00:32:27,250 --> 00:32:29,140
the more happiness you get

650
00:32:29,140 --> 00:32:31,000
and the more opportunities we get to be

651
00:32:31,000 --> 00:32:33,130
with wonderful people like you all.

652
00:32:33,130 --> 00:32:35,350
And that's what life's all about.

653
00:32:35,350 --> 00:32:37,690
So we've done that more and more and more.

654
00:32:39,110 --> 00:32:42,590
The generosity commission
that we're just completing

655
00:32:42,590 --> 00:32:45,200
that you all give 'em two minutes on that

656
00:32:45,200 --> 00:32:47,000
so I can take my part of it.

657
00:32:47,000 --> 00:32:48,410
- Oh, the Generosity commission. Yeah.

658
00:32:48,410 --> 00:32:51,770
So this is a, this is a national
commission that was formed

659
00:32:51,770 --> 00:32:55,495
after research by Unes team at our school.

660
00:32:55,495 --> 00:32:57,260
And the philanthropy panel study showed

661
00:32:57,260 --> 00:33:00,320
that households in the
United States are giving less

662
00:33:00,320 --> 00:33:01,430
than they did in the past.

663
00:33:01,430 --> 00:33:04,340
And so this National Generosity
Commission was founded

664
00:33:05,240 --> 00:33:08,660
to study the implications of
that for the nonprofit sector

665
00:33:08,660 --> 00:33:10,310
and for our democracy more broadly.

666
00:33:10,310 --> 00:33:12,705
And, and Jerre was a major
investor in making, yeah, we

667
00:33:12,705 --> 00:33:14,420
- Happen, we paid for it

668
00:33:14,420 --> 00:33:18,025
because I couldn't think of
a better way to take this.

669
00:33:18,025 --> 00:33:20,210
That's now being completed.

670
00:33:20,210 --> 00:33:23,090
You'll see the final report in September.

671
00:33:23,090 --> 00:33:25,580
What was, what we, we learned a lot.

672
00:33:25,580 --> 00:33:26,960
But what was so interesting

673
00:33:26,960 --> 00:33:30,680
to me was we're now
turning over our findings

674
00:33:30,680 --> 00:33:33,470
to the Aspen Institute to implement them.

675
00:33:35,060 --> 00:33:39,170
What what what, what strikes
me with all of that effort?

676
00:33:39,170 --> 00:33:40,645
'cause it's so exciting.

677
00:33:40,645 --> 00:33:43,940
'cause this is gonna make
a better country for us.

678
00:33:43,940 --> 00:33:46,490
I spend all of my time in nonprofit

679
00:33:46,490 --> 00:33:48,710
and profit world now saying,

680
00:33:48,710 --> 00:33:50,990
we gotta get rid of the red and blue.

681
00:33:50,990 --> 00:33:52,700
We need red, white, and blue.

682
00:33:52,700 --> 00:33:56,630
And it's, everything I
do is my very best effort

683
00:33:56,630 --> 00:34:00,440
to get people to think it's
okay to disagree, it's okay

684
00:34:00,440 --> 00:34:03,020
to have different feelings about things,

685
00:34:03,020 --> 00:34:05,660
but the end of the day
you've gotta be able

686
00:34:05,660 --> 00:34:07,370
to respect each other.

687
00:34:07,370 --> 00:34:09,860
And so that's what we've
been doing in all the

688
00:34:09,860 --> 00:34:11,900
philanthropy things we do.

689
00:34:11,900 --> 00:34:16,760
And Jane Wells, who was
the original chair and

690
00:34:16,760 --> 00:34:19,250
and I both believe in that so much

691
00:34:19,250 --> 00:34:22,250
because our country we're so blessed

692
00:34:22,250 --> 00:34:23,750
and I know you know this,

693
00:34:23,750 --> 00:34:26,395
but what we've learned outta generosity

694
00:34:26,395 --> 00:34:28,850
and you can look at it,
you'll see the report,

695
00:34:28,850 --> 00:34:31,580
but out of that commission,
one of the things,

696
00:34:31,580 --> 00:34:35,090
because I did finance it, I asked

697
00:34:35,090 --> 00:34:39,440
to make sure happened was we
had the guy that's the head

698
00:34:39,440 --> 00:34:42,740
of the Salvation Army for
the Americas on there.

699
00:34:42,740 --> 00:34:45,560
And he, he, he's by
the way a Harvard grad,

700
00:34:45,560 --> 00:34:49,100
a lawyer now leads the Salvation Army.

701
00:34:49,100 --> 00:34:52,640
He taught the rest of
them more good things

702
00:34:52,640 --> 00:34:55,765
because they touch more
people, more people give

703
00:34:55,765 --> 00:34:58,790
to the Salvation Army than anything else.

704
00:34:58,790 --> 00:35:02,960
And yet they touched, they
helped 33 million people a year.

705
00:35:02,960 --> 00:35:07,010
I mean that's the ultimate if
you think about efficiency.

706
00:35:07,010 --> 00:35:08,930
So as we went through all that

707
00:35:08,930 --> 00:35:12,620
and now I'm so excited about
how it's gonna play out for us.

708
00:35:12,620 --> 00:35:15,895
The other thing we realized is that some

709
00:35:15,895 --> 00:35:20,060
of the larger institutions
have become so bureaucratic

710
00:35:20,060 --> 00:35:23,780
that people are giving up, going to them.

711
00:35:23,780 --> 00:35:26,395
And that's a job we all gotta work on

712
00:35:26,395 --> 00:35:30,290
because that should,
that should never happen.

713
00:35:30,290 --> 00:35:32,120
And so I, it it,

714
00:35:32,120 --> 00:35:36,230
I just couldn't feel better
about what's coming out of that.

715
00:35:36,230 --> 00:35:38,820
And I, I, I love Mary Jo

716
00:35:38,820 --> 00:35:43,650
and I love leading the campaigns
for different organizations

717
00:35:43,650 --> 00:35:46,110
'cause it helps great
people do great things.

718
00:35:47,100 --> 00:35:50,790
- No, and and yeah, that's
wonderful initiative.

719
00:35:50,790 --> 00:35:53,250
And I'll just remember folks remind folks

720
00:35:53,250 --> 00:35:56,490
that Jane Wales came to our
school about four years ago

721
00:35:56,490 --> 00:35:58,530
and that was an opportunity
for Ted Grossnickle

722
00:35:58,530 --> 00:36:01,980
to recruit her to join the
generosity com at work.

723
00:36:01,980 --> 00:36:05,010
So we, we, we definitely
embrace her philosophy

724
00:36:05,010 --> 00:36:07,110
of helping other other folks succeed and,

725
00:36:07,110 --> 00:36:10,080
and lifting, lifting all boats.

726
00:36:10,080 --> 00:36:12,065
So let's, I'll, I'll ask my last question

727
00:36:12,065 --> 00:36:14,010
before we open it up to the audience.

728
00:36:14,010 --> 00:36:16,920
And that would be kind of the,
on the theme of innovation

729
00:36:16,920 --> 00:36:18,750
and everything you've
done both in business

730
00:36:18,750 --> 00:36:21,450
and nonprofit has been
about fostering innovation.

731
00:36:21,450 --> 00:36:24,540
And recently, I believe last
year you started something you

732
00:36:24,540 --> 00:36:28,290
referred to with its acronym
SIVs stead Impact Ventures.

733
00:36:28,290 --> 00:36:29,430
Tell us a little bit about that

734
00:36:29,430 --> 00:36:30,390
and why you, what you hope to

735
00:36:30,390 --> 00:36:31,620
achieve with step stead impact.

736
00:36:31,620 --> 00:36:34,740
- Yeah, and I'll give you
a real life lesson on this

737
00:36:34,740 --> 00:36:37,410
and I think it exists everywhere.

738
00:36:37,410 --> 00:36:41,045
There are millions of smart
people, including every one

739
00:36:41,045 --> 00:36:43,355
of you in this room that have an idea

740
00:36:43,355 --> 00:36:45,210
that could be successful.

741
00:36:45,210 --> 00:36:48,600
And it's so hard because you
don't know how to, where to go

742
00:36:48,600 --> 00:36:51,090
or to get the capital and so on.

743
00:36:51,090 --> 00:36:54,090
And one of the example I've done,

744
00:36:54,090 --> 00:36:57,300
I've now sponsored 47 startups.

745
00:36:57,300 --> 00:37:00,840
It has been my hobby all during my career.

746
00:37:00,840 --> 00:37:04,590
And now we're at the
point that it's, I have

747
00:37:04,590 --> 00:37:07,170
to say it's my hobby 'cause
Mary Joyce says I'm retired,

748
00:37:08,280 --> 00:37:11,400
but it's a wonderful
hobby that Tiffany leads.

749
00:37:11,400 --> 00:37:14,730
We have seven startups, but
I'll give you an example of it

750
00:37:14,730 --> 00:37:17,160
and then, 'cause this
is what's so exciting.

751
00:37:18,330 --> 00:37:20,550
I was at University of Iowa

752
00:37:20,550 --> 00:37:23,790
'cause I'm very active on the

753
00:37:24,930 --> 00:37:26,395
teaching there, et cetera.

754
00:37:26,395 --> 00:37:30,600
And I was meeting a friend of my son's,

755
00:37:32,580 --> 00:37:37,580
a friend of my son's son
and he's chemical engineer

756
00:37:37,800 --> 00:37:41,160
and he was in his third year
and I met him for breakfast

757
00:37:41,160 --> 00:37:43,350
and I said, how are things going?

758
00:37:43,350 --> 00:37:47,490
And he said, great, a, a
team I'm working on just one,

759
00:37:47,490 --> 00:37:51,090
the entrepreneurial contest
for Rice University.

760
00:37:51,090 --> 00:37:55,230
And I went like, wow, 'cause
that, that's the ultimate.

761
00:37:55,230 --> 00:37:58,560
And I said, tell me more
about it. What she did.

762
00:37:59,400 --> 00:38:02,370
Not one person at the
university knew these

763
00:38:03,240 --> 00:38:06,540
I'm was gonna call 'em kids,
I'm sorry to me, the ARC kids.

764
00:38:06,540 --> 00:38:08,370
I'm 81 so it's okay.

765
00:38:08,370 --> 00:38:12,815
But young, young people I,
and nobody had helped them.

766
00:38:12,815 --> 00:38:14,790
Nobody knew anything about it.

767
00:38:14,790 --> 00:38:16,860
So I started that company for them.

768
00:38:18,000 --> 00:38:22,200
It was first called the Iowa
Way, it's now called ferpa.

769
00:38:23,130 --> 00:38:26,580
Last month the FDA approved it

770
00:38:26,580 --> 00:38:30,690
as the only e exterior instrument,

771
00:38:30,690 --> 00:38:34,170
medical instrument that
adjust heart pressures

772
00:38:34,170 --> 00:38:38,800
and heart timing that have ever existed.

773
00:38:38,800 --> 00:38:42,280
We sold it for 1.2 billion
to Boston Scientific.

774
00:38:43,450 --> 00:38:47,800
And, and I'll tell you about
the founder in just a second

775
00:38:47,800 --> 00:38:49,630
'cause they're all out there for us

776
00:38:49,630 --> 00:38:51,250
and we need to find them.

777
00:38:51,250 --> 00:38:54,700
But what made this one
so good was that we went

778
00:38:54,700 --> 00:38:56,230
to Europe first.

779
00:38:56,230 --> 00:39:00,550
If you know the world
of getting FDA approval,

780
00:39:00,550 --> 00:39:04,150
you can speed it up quite a
bit by getting it in Europe.

781
00:39:04,150 --> 00:39:06,915
87,000 people have been treated

782
00:39:06,915 --> 00:39:10,330
that way while our FDA took an extra year

783
00:39:10,330 --> 00:39:12,820
and a half, doesn't matter.

784
00:39:12,820 --> 00:39:15,820
It's now there and it's now happening

785
00:39:15,820 --> 00:39:17,980
and it allows surgeons

786
00:39:17,980 --> 00:39:21,700
to do eight a day versus two or three.

787
00:39:21,700 --> 00:39:26,700
It's a hundred percent accurate
on 87,000 people in Europe,

788
00:39:26,770 --> 00:39:30,820
the ablation program in
the US has been about 50%.

789
00:39:32,020 --> 00:39:34,750
And so what that did is incredible,

790
00:39:34,750 --> 00:39:37,750
but it only happened by accident.

791
00:39:37,750 --> 00:39:42,700
The, the founder who is a
researcher, if Steve was here,

792
00:39:42,700 --> 00:39:44,710
he would not look at any of you.

793
00:39:44,710 --> 00:39:49,030
He'd look at your shoes. He
doesn't ever look at people.

794
00:39:49,030 --> 00:39:51,190
But he's one of the most
brilliant guys I've ever

795
00:39:51,190 --> 00:39:52,630
met in my life.

796
00:39:52,630 --> 00:39:57,370
He's still there. After a
year, he called Mary Joy and I

797
00:39:57,370 --> 00:40:01,630
and said, I don't
understand the share stuff.

798
00:40:01,630 --> 00:40:04,450
Give me money, I'll
give you all my shares.

799
00:40:04,450 --> 00:40:06,460
And I said, no Steve,
you're not gonna give me any

800
00:40:06,460 --> 00:40:07,900
of your shares someday.

801
00:40:07,900 --> 00:40:10,780
This is gonna make you a wealthy person.

802
00:40:10,780 --> 00:40:13,660
So we loaned him, I think $400,000.

803
00:40:14,710 --> 00:40:19,060
He just collected $85
million two years ago.

804
00:40:19,060 --> 00:40:21,940
And now guess what he's doing?

805
00:40:21,940 --> 00:40:23,950
He's taking that money with people

806
00:40:23,950 --> 00:40:26,440
that are at the University of Iowa

807
00:40:26,440 --> 00:40:29,080
to help them start startups.

808
00:40:29,080 --> 00:40:32,200
So I I I've never seen more

809
00:40:32,200 --> 00:40:35,770
where the innovation is
there, you can find it.

810
00:40:35,770 --> 00:40:38,530
We just need to be curious

811
00:40:38,530 --> 00:40:41,350
and we need to, I, one
of the things Tiffany

812
00:40:41,350 --> 00:40:45,040
and I talk a lot about,
because each of our seven

813
00:40:45,040 --> 00:40:48,760
and we'll do many more in
the years to come, each

814
00:40:48,760 --> 00:40:53,080
of them are unique
entrepreneurs in their own way.

815
00:40:53,080 --> 00:40:55,810
But they need help and they need respect.

816
00:40:55,810 --> 00:41:00,700
You know, I have 74, 75 people
now that, including Tiffany,

817
00:41:00,700 --> 00:41:03,460
that have worked with me that are now CEOs

818
00:41:03,460 --> 00:41:05,050
of their own companies.

819
00:41:05,050 --> 00:41:07,840
And the success that we see, most of

820
00:41:07,840 --> 00:41:11,440
that comes from finding
often internal innovation in

821
00:41:11,440 --> 00:41:14,530
corporations, but it's a nonprofit too.

822
00:41:14,530 --> 00:41:15,820
So be that.

823
00:41:15,820 --> 00:41:19,360
We just all have to be looking
for that as we move forward.

824
00:41:20,620 --> 00:41:21,730
- Yeah, I think that's really important.

825
00:41:21,730 --> 00:41:24,670
I think in terms of the,
the, the requirements

826
00:41:24,670 --> 00:41:26,710
to join our community,
they're, they're very tough.

827
00:41:26,710 --> 00:41:29,145
You just have to be curious
about philanthropy. Exactly.

828
00:41:29,145 --> 00:41:30,705
And that, and that's, that's how you can,

829
00:41:30,705 --> 00:41:33,290
and that's the right word,
that's the right, the curiosity

830
00:41:33,290 --> 00:41:37,880
- Is, is can't be
overemphasized doing what you do

831
00:41:37,880 --> 00:41:39,860
and do 'em really well.

832
00:41:39,860 --> 00:41:42,110
And staying curious

833
00:41:42,110 --> 00:41:46,400
and staying focused on where
do I wanna go in the future?

834
00:41:46,400 --> 00:41:49,280
One of the things I do that can help you,

835
00:41:49,280 --> 00:41:52,670
but I, I don't believe in big breaks.

836
00:41:52,670 --> 00:41:55,250
I believe in little things
that happen to get us

837
00:41:55,250 --> 00:41:56,750
to where we want to be.

838
00:41:56,750 --> 00:42:01,310
I always reach out to
the future 3, 4, 5 years

839
00:42:01,310 --> 00:42:03,290
and say with companies I lead

840
00:42:03,290 --> 00:42:05,840
or myself for nonprofits,

841
00:42:05,840 --> 00:42:08,480
what do we wanna be doing
five years from now?

842
00:42:08,480 --> 00:42:12,470
Reaching that, setting a
vision for that and a mission

843
00:42:12,470 --> 00:42:14,330
and then working backwards.

844
00:42:14,330 --> 00:42:16,430
And it works personally too.

845
00:42:16,430 --> 00:42:19,280
And tell him I'm glad
he works at La Mackay.

846
00:42:19,280 --> 00:42:20,720
I think that's great.

847
00:42:20,720 --> 00:42:24,895
What you all should know is
Mary Joy is the first female in

848
00:42:24,895 --> 00:42:27,350
history to be on a
national fraternity board.

849
00:42:28,280 --> 00:42:32,060
- Hi everyone. I I, I first
wanna publicly thank Mary Joy

850
00:42:32,060 --> 00:42:35,065
and Jerre again for founding
the stat family chair in

851
00:42:35,065 --> 00:42:37,315
international philanthropy,
which I'm so grateful

852
00:42:37,315 --> 00:42:39,740
to be holding since 2018.

853
00:42:39,740 --> 00:42:42,680
So thank you so much. Can I
get a round of applause please.

854
00:42:47,810 --> 00:42:50,575
And as a step family chair in
international philanthropy,

855
00:42:50,575 --> 00:42:53,240
I get to teach global
philanthropy to our students.

856
00:42:53,240 --> 00:42:55,640
And one of the things my
students do in the course,

857
00:42:55,640 --> 00:42:57,830
the master course I teach, is they have

858
00:42:57,830 --> 00:43:00,500
to interview two people who identify

859
00:43:00,500 --> 00:43:04,370
with a different culture than
themselves, themselves to.

860
00:43:04,370 --> 00:43:07,430
And what they have to ask in
an interview those people is

861
00:43:07,430 --> 00:43:09,740
what does generosity mean to you?

862
00:43:09,740 --> 00:43:12,920
- Generosity for any of
us is giving yourself,

863
00:43:13,880 --> 00:43:16,130
that's the most important thing.

864
00:43:16,130 --> 00:43:20,360
And getting and knowing
what you're gonna get back

865
00:43:20,360 --> 00:43:22,880
and what you will get back is joy forever.

866
00:43:23,870 --> 00:43:28,670
I happen to believe in the way
we op Mary Joy and I operate.

867
00:43:28,670 --> 00:43:32,240
The more we give, the more
we get, the more we get

868
00:43:32,240 --> 00:43:34,370
to meet wonderful people like you,

869
00:43:34,370 --> 00:43:37,220
the more opportunities
we have to give more.

870
00:43:37,220 --> 00:43:41,960
And I think generosity is never ending.

871
00:43:41,960 --> 00:43:45,620
I think the more you're able to provide

872
00:43:45,620 --> 00:43:48,230
and remember it's time,
talent, and treasure.

873
00:43:48,230 --> 00:43:52,430
Treasure is always third time.
And talent is so critical.

874
00:43:52,430 --> 00:43:57,430
And, and a lot of us have, I I

875
00:43:57,560 --> 00:43:59,360
I've always thought 'cause people say,

876
00:43:59,360 --> 00:44:01,400
how did you do all the
things you did plus leading

877
00:44:01,400 --> 00:44:02,425
companies and so on.

878
00:44:02,425 --> 00:44:05,930
And I said, 'cause there
is no limit to time.

879
00:44:05,930 --> 00:44:09,470
There's no limit to time. People
tell you I don't have time.

880
00:44:09,470 --> 00:44:11,300
I always sit down and
talk to 'em about it.

881
00:44:11,300 --> 00:44:14,360
'cause I say, well let's
talk about that together.

882
00:44:14,360 --> 00:44:17,270
There is time we can make time.

883
00:44:17,270 --> 00:44:20,720
I'll even say, you know, just think about

884
00:44:20,720 --> 00:44:24,140
what things you are doing
that you don't need to do.

885
00:44:24,140 --> 00:44:28,610
But the generosity to
me is, is is being able

886
00:44:28,610 --> 00:44:32,220
to feel the pleasure of seeing successful.

887
00:44:33,510 --> 00:44:36,780
I mean, it's as simple to
me with, as an example,

888
00:44:38,400 --> 00:44:40,950
when I walk through the car park

889
00:44:40,950 --> 00:44:43,805
of organizations I've led I love

890
00:44:43,805 --> 00:44:47,070
to see if the cars are more
expensive over the years.

891
00:44:47,070 --> 00:44:51,150
That means I'm doing some
things to help every person in

892
00:44:51,150 --> 00:44:53,700
that organization be successful.

893
00:44:53,700 --> 00:44:56,400
And I believe the thing
that's so important

894
00:44:56,400 --> 00:44:57,900
to me is generosity.

895
00:44:58,980 --> 00:45:01,830
No matter where you are,
no matter what you do,

896
00:45:01,830 --> 00:45:06,180
remember the person that's
walking into that room, that door

897
00:45:06,180 --> 00:45:10,770
of that organization today
has carrying a lot of burdens.

898
00:45:10,770 --> 00:45:14,190
And if we can find one
of those or two of those

899
00:45:14,190 --> 00:45:17,700
and take that burden off
of them, that's generosity.

900
00:45:17,700 --> 00:45:20,855
And it's just, I've never
gotten tired of trying to do

901
00:45:20,855 --> 00:45:23,280
that in a positive way.

902
00:45:23,280 --> 00:45:26,820
Then the last thing on
generosity to me is that

903
00:45:27,870 --> 00:45:30,510
don't ever let it be a scorecard.

904
00:45:31,920 --> 00:45:35,700
I, I've met too many
people that want to tell me

905
00:45:35,700 --> 00:45:37,380
how much they've done.

906
00:45:37,380 --> 00:45:39,060
Don't ever let that happen.

907
00:45:39,060 --> 00:45:42,090
'cause it's not, it should
be your life's scorecard.

908
00:45:42,090 --> 00:45:44,400
If you want to have a scorecard on

909
00:45:44,400 --> 00:45:46,530
how do you feel about what you've done?

910
00:45:46,530 --> 00:45:50,130
Great question. All the things we did

911
00:45:50,130 --> 00:45:54,270
that we were successful
doing were for a purpose.

912
00:45:54,270 --> 00:45:57,605
And that was to help other
people in the nonprofit side.

913
00:45:57,605 --> 00:45:59,370
That's the way we grew up.

914
00:45:59,370 --> 00:46:02,340
And I I can promise you,
if you think that way, live

915
00:46:02,340 --> 00:46:05,640
that way, act that way, it'll happen.

916
00:46:05,640 --> 00:46:10,080
It's, that's the amazing thing.
And what was the first part?

917
00:46:10,080 --> 00:46:12,960
- How would you convey
the spirit of philanthropy

918
00:46:12,960 --> 00:46:14,610
to the younger generation?

919
00:46:14,610 --> 00:46:16,170
- And I'll tell you seriously, it's

920
00:46:16,170 --> 00:46:18,930
so important when they turn five,

921
00:46:18,930 --> 00:46:21,510
we don't give them gifts anymore.

922
00:46:21,510 --> 00:46:24,180
What we give them on their
birthdays and Christmas

923
00:46:24,180 --> 00:46:27,930
and holidays is the
opportunity to depict something

924
00:46:27,930 --> 00:46:29,850
to give to a charity.

925
00:46:29,850 --> 00:46:32,550
And we started that with
every one of the grandkids.

926
00:46:32,550 --> 00:46:34,895
We now have grandkids
between the age of 32

927
00:46:34,895 --> 00:46:37,020
and 15, seven of 'em.

928
00:46:37,020 --> 00:46:41,300
And every one of them
think and believe and,

929
00:46:41,300 --> 00:46:42,780
and generosity.

930
00:46:42,780 --> 00:46:45,750
Every one of them think
and believe in giving

931
00:46:45,750 --> 00:46:48,300
because that's, that's
the way you grow up.

932
00:46:48,300 --> 00:46:49,950
That's the way you embrace

933
00:46:49,950 --> 00:46:52,620
and that's the way you get
the opportunity to live.

934
00:46:53,610 --> 00:46:58,530
I will tell you, and it won't
surprise you, one of my plans,

935
00:46:58,530 --> 00:47:01,110
you learn to make change with plans.

936
00:47:01,110 --> 00:47:03,030
Mary Jo and I always thought, well,

937
00:47:03,030 --> 00:47:06,270
the Stead Family Foundation
would go to our sons

938
00:47:06,270 --> 00:47:08,790
and then eventually to our grandchildren,

939
00:47:10,140 --> 00:47:13,350
getting seven grandchildren
to agree on a focus

940
00:47:14,550 --> 00:47:16,440
we found an easier way.

941
00:47:16,440 --> 00:47:18,630
We gave them all their own foundations

942
00:47:19,470 --> 00:47:21,990
because there is a big think about us

943
00:47:21,990 --> 00:47:24,330
and what we've lived through and done.

944
00:47:24,330 --> 00:47:27,990
They're givers and they're
great believers in philanthropy,

945
00:47:27,990 --> 00:47:30,040
but it's a different view of the world.

946
00:47:30,040 --> 00:47:34,450
So the more you can help
them enjoy that time, talent,

947
00:47:34,450 --> 00:47:36,105
and treasure, the better.

948
00:47:36,105 --> 00:47:39,490
So that's why we've set up s civ

949
00:47:39,490 --> 00:47:43,570
because under Tiffany is our foundation

950
00:47:43,570 --> 00:47:46,540
and our startups and
the way we've got that.

951
00:47:46,540 --> 00:47:48,730
'cause we want that to be never ending.

952
00:47:50,440 --> 00:47:52,990
Tiffany can retire when she's 75.

953
00:47:53,950 --> 00:47:55,815
We may still be here, we'll see.

954
00:47:55,815 --> 00:48:00,250
But in case we aren't, her
job is that she creates the,

955
00:48:00,250 --> 00:48:02,470
the next positions with people

956
00:48:02,470 --> 00:48:06,340
because all of all the,
what we do with the,

957
00:48:06,340 --> 00:48:11,140
with the startups as they're
successful and get sold off

958
00:48:11,140 --> 00:48:15,190
or taken public, what goes every cent

959
00:48:15,190 --> 00:48:18,730
that we didn't put in
that, that we've made

960
00:48:18,730 --> 00:48:21,615
with those startups that we
didn't put in at the beginning

961
00:48:21,615 --> 00:48:23,200
goes to the foundation.

962
00:48:23,200 --> 00:48:25,090
So we want to see that and,

963
00:48:25,090 --> 00:48:29,440
and we want that to become a
role model for, for the world.

964
00:48:29,440 --> 00:48:31,930
And it, it's one I hope it will be.

965
00:48:31,930 --> 00:48:36,490
'cause I I love being able to set

966
00:48:36,490 --> 00:48:38,710
with wonderful people like you

967
00:48:38,710 --> 00:48:41,350
and talk about the most
important thing in the world,

968
00:48:41,350 --> 00:48:43,240
which is the joy of giving.

969
00:48:43,240 --> 00:48:45,245
So thank you very much.

970
00:48:45,245 --> 00:48:47,530
- I hope, I hope you got
a little taste of, of,

971
00:48:47,530 --> 00:48:50,500
of the wisdom and the curiosity

972
00:48:50,500 --> 00:48:54,700
and the fun that I have been
a beneficiary of in, in terms

973
00:48:54,700 --> 00:48:56,020
of talking to Jerre

974
00:48:56,020 --> 00:48:59,530
and Mary Joy ever since I
became Dean Gene Temple.

975
00:48:59,530 --> 00:49:03,880
And I, my first trip as Dean
was with him to go visit with,

976
00:49:03,880 --> 00:49:05,050
with Jerre and Mary Joy.

977
00:49:05,050 --> 00:49:08,320
So this is a, a wonderful
homecoming that they get

978
00:49:08,320 --> 00:49:10,120
to see the school for the first time

979
00:49:10,120 --> 00:49:12,580
and our new place here as well.

980
00:49:12,580 --> 00:49:15,640
And so please join me once
more in congratulating them on

981
00:49:15,640 --> 00:49:17,620
the spirit of philanthropy

982
00:49:17,620 --> 00:49:19,930
and for thanking them, for
including us in their community

983
00:49:19,930 --> 00:49:20,620
of philanthropy.