Podcasts about Feeding America

Thursday on AOA, we start the show with a recap of Wednesday's market action and price perspective as the markets are closed for Juneteenth with Mike Zuzolo from Global Commodity Analytics. Then, we get an update on the response to New World Screwworm by USDA as Ethan Lane, Senior Vice President of Government Affairs at National Cattlemen's Beef Association, joins the show. In Segment Three, we get a crop update and discuss issues important to the National Corn Growers Association with newly elected NCGA First Vice President Matt Frostic from Michigan. Then we close the show talking SNAP, Medicaid and more with Vince Hall, Chief Government Relations Officer, Feeding America.  

Casey McNerthney with "Crime and Punishment" // Jill Schlesinger on financial advisors and fiduciaries // Feeding America's Vince Hall on potential cuts to SNAP and Medicaid under the new national budget // Scott MacFarlane on the uptick of "sextortion" crimes against young men in the US // Xavier Walton on "No Kings" protests in Los Angeles over the weekend // Ruhi Jahanpour and Nava Bastani Sarrasino on "When The Moment Comes" and the plight of Baha'i women in Iran during the 1980s // Gee Scott on the potential ICE raid emphasis in Seattle

This week's Open Mic guest is Claire Babineaux-Fontenot, CEO of Feeding America. The most recent food insecurity numbers from the USDA suggest more people are food insecure today than during the Covid Pandemic. Babineaux-Fontenot says food donations and financial contributions are trending lower while more people are seeking assistance. Babineau-Fontenot strongly disagrees with GOP plans to change Supplemental Nutrition Assistance Program funding, saying the cuts could create a 9.5 billion meal shortfall in the nation. 

What if happiness wasn't just a fleeting feeling, but our natural state of being? In this powerful and heart-opening session, Sister Shivani, Brahma Kumaris Spiritual Teacher and host of “Happiness Unlimited,” shares a deeply transformative message from Tony and Sage Robbins' 2024 Date with Destiny stage in Abu Dhabi—a spiritual wake-up call to reclaim your inner power, master your thoughts, and become a radiant force of healing energy in the world. Through her wisdom, you'll discover that happiness is not just a personal pursuit—it's a karmic responsibility—and that we can raise our vibration moment by moment to not only transform ourselves, but to help heal the world. Sister Shivani explores the three pillars of personal power, with a special emphasis on the power to forgive and let go, and reveals how our thoughts, intentions, words, and behaviors ultimately shape our destiny. She breaks down what true karma means—and how to align it with love—while offering a powerful invitation to live happy and leave happy by mastering your inner world. Above all, she reminds us: no one outside of us has the power to disturb our peace—unless we give it away. This talk offers a clear, soulful understanding of how to create happiness from within, no matter what life brings.   Website: https://www.tonyrobbins.com/ Tony Robbins is a #1 New York Times best-selling author, entrepreneur, philanthropist, and the nation's #1 Life and Business Strategist. For more than four and a half decades, more than 100 million people from 195 countries have enjoyed the warmth, humor, and transformational power of his business and personal development events. Mr. Robbins is the author of seven internationally bestselling books, including three #1 New York Times bestsellers: Money: Master the Game, Unshakeable, and Life Force. He created the #1 personal and professional development program of all time, and more than 10 million people have attended his live seminars. Anthony Robbins is the chairman of a holding company comprising more than 110 privately held businesses with combined sales exceeding $7 billion a year. He has been named in the top 50 of Worth Magazine's 100 most powerful people in global finance for three consecutive years, honored by Accenture as one of the "Top 50 Business Intellectuals in the World''; by Harvard Business Press as one of the "Top 200 Business Gurus"; and by American Express as one of the "Top Six Business Leaders in the World" to coach its entrepreneurial clients. Fortune's recent cover article named him the “CEO Whisperer.” He is a leader called upon by leaders, and has worked with four US presidents, top entertainers -- from Aerosmith to Green Day, to Usher and Pitbull, as well as athletes like Serena Williams, Andre Agassi, and the 2022 NBA Champion Golden State Warriors. Billionaire business leaders seek his advice as well; casino magnate Steve Wynn, and Salesforce.com founder Marc Benioff are among those grateful for his coaching. As a philanthropist, through his partnership with Feeding America, Mr. Robbins has provided over 985 million meals in the last 8 years to those in need. He is two years ahead of schedule to provide 1 billion meals. Through the Tony Robbins Foundation, he has also awarded over 2,500 grants and other resources to health and human services organizations, implemented life-changing curricula in 1,700+ correctional facilities and gathered thousands of young leaders from around the world with its teen programs. In addition, he provides fresh water to 250,000 people a day in India in order to fight the number one killer of children in that country-waterborne diseases.

Two in five Americans are providing care for a family member, often at significant emotional and financial expense... and sometimes even to the detriment of their career (at 14:11) --- Dogs may be man's best friend, but dogs and letter carriers have a love-hate relationship... June marks the annual USPS Dog Bite Awareness Campaign (at 21:33) --- Because summertime can be a challenge for families who are food insecure... Reineke Family Dealerships around the area are partnering with Ford Motor Company and Feeding America to help fight hunger in our local communities (at 41:32)

Aimee Gilbreath is the President of PetSmart Charities®, the leading funder of animal welfare in the U.S. and Canada with a $50M annual grantmaking portfolio and 4x Shorty Award winner last month including for Large Non-Profit of the Year. Aimee drives the nonprofit's strategy with focus on increasing access to affordable veterinary care, supporting pets and their families and animal welfare organizations during natural disasters, addressing pet hunger and connecting people and pets through adoption. Under her leadership, the organization has grown thriving partnerships with national social service nonprofits including American Red Cross, Feeding America and Meals on Wheels America to recognize and integrate the needs of pets as important family members. Prior to her current role, Aimee served as executive director of the Found Animals Foundation, Inc., a non-profit dedicated to saving pets and enriching lives, and as a Principal at the Boston Consulting Group, developing and implementing strategic and operational improvements for Fortune 500 clients. Aimee is a seasoned leader in both non-profit and private-sector organizations with extensive experience in a range of industries spanning biotech, consumer goods and philanthropy.  In addition to her role at PetSmart Charities, Aimee serves as Vice Chair of the Human Animal Bond Research Institute (HABRI)Board of Trustees and Secretary/Treasurer of the Veterinary Innovation Council Board of Directors. An Arizona native and lifelong animal lover, Aimee holds an MBA from Stanford University and a Bachelor of Science degree from the University of Arizona.

Today's special edition of "Closer Look with Rose Scott" is a themed show focusing on hunger. According to the latest data from Feeding America, nearly 40% of the food-insecure population in the United States is white. Yet, in most counties, food insecurity rates among Black, Hispanic and Latino households exceed those of white households. This all comes as data also reveals, 1 in 7 people in Georgia are facing hunger. Now, amid federal funding cuts to assistance programs and inflation impacting food prices, Rose talks with local leaders about their efforts to combat summer hunger across metro Atlanta. Guests include: Kyle Waide, the president and CEO of the Atlanta Community Food Bank Jon McMurdo, the development manager at Second Helpings Atlanta Kashi Sehgal, the founder and CEO RetaazaSee omnystudio.com/listener for privacy information.

Dr. Shalabh Gupta, founder and CEO of Unicycive Therapeutics, shares his inspiring journey from practicing medicine to leading groundbreaking innovations in kidney disease treatment. Dr. Gupta discusses his comprehensive framework for identifying and developing medical solutions, his vision for Unicycive's future, and the importance of focus and execution in medical startups. He reveals the challenges and triumphs of bringing life-changing products to market and offers profound advice for new entrepreneurs in the industry.   Guest links: https://unicycive.com/  Charity supported: Feeding America Interested in being a guest on the show or have feedback to share? Email us at theleadingdifference@velentium.com.  PRODUCTION CREDITS Host: Lindsey Dinneen Editing: Marketing Wise Producer: Velentium   EPISODE TRANSCRIPT Episode 056 - Dr. Shalabh Gupta [00:00:00] Lindsey Dinneen: Hi, I'm Lindsey and I'm talking with MedTech industry leaders on how they change lives for a better world. [00:00:09] Diane Bouis: The inventions and technologies are fascinating and so are the people who work with them. [00:00:15] Frank Jaskulke: There was a period of time where I realized, fundamentally, my job was to go hang out with really smart people that are saving lives and then do work that would help them save more lives. [00:00:28] Diane Bouis: I got into the business to save lives and it is incredibly motivating to work with people who are in that same business, saving or improving lives. [00:00:38] Duane Mancini: What better industry than where I get to wake up every day and just save people's lives. [00:00:42] Lindsey Dinneen: These are extraordinary people doing extraordinary work, and this is The Leading Difference. Hello, and welcome back to another episode of The Leading Difference podcast. I'm your host, Lindsey, and today I am so excited to introduce you to my guest, Dr. Shalabh Gupta. Dr. Gupta is the founder and CEO of Unicycive Therapeutics. He is a visionary in healthcare, leading groundbreaking efforts to design innovative therapies and reimagine how we approach unmet medical needs. His work goes beyond the lab as he's driving a healthcare revolution by developing innovative therapies addressing critical gaps in treatment. His perspective combines decades of experience and expertise in drug design with a deep commitment to equity in health care. Well, welcome to the show, Shalabh. I'm so excited that you're here with me today. [00:01:35] Dr. Shalabh Gupta: Thank you. Thank you for hosting me. [00:01:36] Lindsey Dinneen: Of course. I'd love if you wouldn't mind just telling us a little bit about yourself, your background, and what led you to MedTech. [00:01:45] Dr. Shalabh Gupta: By way of background, I'm a physician, trained, practiced, did my medical training in internal medicine, residency in physical medicine and rehab, research fellowship in cardiac and pulmonary rehabilitation, board certified physician, practice in New York at NYU hospital, NYU Medical Center. This is where I did my medical training for roughly decade after finishing medical school. I also have a graduate degree in finance management from NYU. While I was doing my residency training, I realized that I wanted to find a way to have a broader impact on society as well as what we were working on in learning medicine. So, I started my career working initially with a biotechnology company at the time to help them get their drug with FDA through a regulatory approval process. The beginning of the process is called IND following a investigation new drug application, IND application. I actually visited FDA on their behalf, met with FDA back in the time when everything used to be in person. Built from there onward, joined Wall Street from working as a stock analyst. So I covered biotech companies as a stock analyst, and the weekend and holidays that were available, I worked to continue to practice the medicine at NYU as an attending physician, and then joined another bank and covered pharmaceutical stocks and worked covering six of the largest pharma companies that include Pfizer, Merck, Viacom, Selling Power, Eli Lilly, Bristol Myers Squibb. From there, I moved to California. I worked for Genentech in corporate strategy. Genentech, at the time, and continues to be, one of the largest biotechnology companies. And from working at Genentech, I got my inspiration to start my own companies. So I founded two companies prior to finding starting Unicycive. All my companies are focused on aesthetic therapeutic area. Unicycive is focused on nephrology, treatment of kidney diseases, and we have two drugs in development. We have a lead drug that is pending approval from the US FDA in June of 2025 this year. And the second, I guess, finish phase 1 clinical trial in the UK. And we are in discussion with the agency to proceed with the next stage of clinical trial in the US. So that's a quick background. [00:04:14] Lindsey Dinneen: Wow. That's incredible. Thank you for sharing your story. Yeah. So let's talk about your company now. You've become CEO of this company. You're developing these products that are going to change lives. What first made you realize that there was a gap that needed to be filled in the market for this? And then, what prompted you to go, "You know what? Hey, I think I can have the solution for this or I can have the answer to this." [00:04:38] Dr. Shalabh Gupta: The first question that you ask, understanding the unmet need in medicine, there are a lot of problems that you can address. So, to give you a framework, if I am thinking about a problem, I want to understand if a couple of things, and in order of priorities, these are: can I find a solution that with my resources-- resources is time, energy, and money-- can I create a product that will truly make it to the market? Number two is that I also feel that one can get very blindsided that "I have a solution," but not understand what other solutions exist in the market. So understanding the competitive landscape. If I create this drug, this device, this product, and it is going to take three to four years in the market to come to the market-- which, by the way, in medical word is a still very fast track because it takes much longer-- what will the competitive landscape look like for 5 years down the road? So that's the second part. And third is that what is the solution that I'm developing? Is it unique in terms of having a novel, either as a drug device or drug device combination, or as a patented drug, patented device, because in our industry, it's not really possible to scale up something until unless you have an IP or intellectual property protection. And then from there onward, the last thing is also, who's going to fund me, how I think about funding, not for next six months a year, but also a continuum of the product development. If I think about all these 4-5 problems, then you start to narrow it down. There are some problems that are very much worthy of exploration. For example, treatment of Alzheimer's, we all know it's a big unmet need, we all know there's a big market opportunity. But I realized that was something we couldn't do it with the products or the development candidates that I had seen. So, being able to define where is the end point and goal. Being able to understand, can I make an impact? And when I say I, I speak for myself, but each one of us, I always remind entrepreneurs, we each one of us have our own deck of cards. We have to play with our cards, we can't compare ourselves with somebody else, or we can compare some other cases study. So understanding more about what is so unique that I can bring to table that can I make a difference and then making a business around this where the thesis lies. Once you identify that, then there's a question about continuing to execute and keep changing your plan as you go along. [00:07:11] Lindsey Dinneen: Yeah, absolutely. Well, I love your framework for thinking through all of those things. And so of course you use that when you thought, "Hey, here's this issue. I could potentially have a solution," and you went through this process. And then can you tell us about your innovation now and how that is helping and how you expect it to help change all these wonderful lives? [00:07:33] Dr. Shalabh Gupta: So, so for treatment of kidney diseases, first of all, it has been one area of development that has not had that much of innovation. And, and I think that is where the initial part of the thesis was that focusing on nephrology of kidney diseases is not same as developing a drug for cancer treatment. Cancer treatment changes every six months a year. The standard of care continues to evolve. Is there an unmet need in cancer treatment? A hundred percent, but the part is that the pace of innovation is very rapid. Is it same in nephrology? It's getting there, but it's still the development of a new products in nephrology still is not at the same pace. So I thought there was something we could make a difference by a small company. The drug that I acquired from another company was a drug that had finished a clinical trial. So it had shown that the drug is safe. It had also shown some signal of it working in healthy volunteers. That's a phase one trial. And the innovation came from a car battery company that had figured out how to make a big, large size pill to make it smaller. And sometimes greatest innovation, greatest insight come from the fact that when I talk to the kidney doctors, the physicians who take care of these patients there with the treatment of kidney diseases, they said the problem for these patients are the patients have to take 12 to 15 pills per day. And this innovation allowed us to be able to make that number of pills go down from 13 to 12 or 15 to three pills per day, one pill with each meal. And then the regulatory pathway became a bit more clear that if I can show that our drug is similar to the drug that was in the market, maybe there was an opportunity to go through expedited pathway, which is what we did. And I acquired the drug in 2018, went to FDA right after acquiring the drug to expedite the pathway again, thinking about de risking the development pathway. And as I mentioned in 2025, we are expecting the approval. So that is the process about it. And that's the story behind the lead drug. [00:09:51] Lindsey Dinneen: Great. Excellent. So that is really exciting. And as you continue to go forward with this company and the innovations that you're creating, what is your ultimate goal or dream that you're really striving for? [00:10:06] Dr. Shalabh Gupta: So, the focus for Unicycive is building new novel treatment for kidney diseases. Our lead drug is expecting approval in June 2025. But we have a second drug in development, and we continue to think about what will be something that we as a small company can bring to market. There are other areas of unmet need in kidney treatment. But instead of doing too many things at the same time, we continue to think, "How do we grow our company? What will be the vision for the company three years down the road, five years down the road?" And what we want to continue doing is to develop the drug candidates, advance them. Right now, after the first drug we get through approval, it will be the second drug. There is a thought process behind it. One of the biggest challenges that I've seen for smaller companies and startups is that they end up in doing too many things at the same time, which is difficult to do, even for big companies. You know, big companies, they have a one product that is a marquee product, they launch that and then they develop other things. So, being able to stay focused is also key because you can have a lot of energy, you can have a lot of ideas, but you have to focus on which one you can do first. [00:11:22] Lindsey Dinneen: Yeah, that is so true. It's such great advice, a good reminder. Yes, focus is so important. You know, honestly, that's probably one of the tricky things that startups in this particular field might struggle with is that focus. So I'm wondering what kind of advice do you have for say a brand new entrepreneur in the industry who has these great ideas, but you know, maybe has so many that they're a little too scattered. [00:11:52] Dr. Shalabh Gupta: Right. So, I think you may start with 10 ideas but the framework I gave you that: can this idea in this given timeframe with my resources and the funds that I can raise, can it make a difference? So you start to narrow it down. You start with a big funnel, narrow it down. And then maybe you have two or three ideas. Instead of thinking to yourself that "No, I'm not going to tell my idea to anyone because somebody else can take it away," find people who will be willing to pressure test those ideas. Then you will have identified something, maybe one Idea that is worth the pursuit. So then you focus on that. So that's one part of how to triage it because we all have ideas, but those ideas may not be worth developing once you go and talk to the marketplace. And marketplace is your investors, the physicians, and the patients. I keep saying about these three stakeholders, because if physicians cannot prescribe what you are developing, then it's of no use. If patients don't necessarily benefit, then it's of no use. And if you cannot get insurance companies a reimbursement for that means the product will never get here. So it's a process, but nobody can come up with an idea. And there is no great idea. There are ideas that you have to, and then once you find that one idea that resonates with all the stakeholders, physicians are excited about it. If you talk to patients, and you want to do that early on, you don't want to develop an idea and then go, you know, that is the greatest idea but nobody really perceives it that way that except you and a couple of your friends and people who work with you. I don't mean in a bad way. I mean, that you want to be able to test this idea very quickly. So once you get that idea, once you identify what is that the company should be focused on, then the question about is actually building an execution plan. And the only advice I can give is that at any given day for a company, startup, especially whether you're a founder or you're a founding team member, the list of priorities is 50, 5, 0, or maybe 100. It takes time to figure out of those 50, which are the top three that are most important and then being able to focus on those three. You know, the reason I say that no one can work on 50 priorities at the same time. But we all can take two or three priorities and say, "These are the three things that I'm going to work on today. That is this week. Those are the things I'm going to do this month." And therefore you start to develop identifying priorities. The right ones takes time. Sometimes it is a fundraising. Sometimes it's a building a team. Sometimes it's a product development. Sometimes it's all three of them, but being able to allocate your time and energy and focus is a key. People say it's the question of money. I don't think it's a question of money. Money is one of the resources, but the biggest resource we all have is a time and energy and focus. In a company of our size, we are a publicly listed company, and we now have grown from where we used to be, and it's still small. Even today, there are a lot of things we choose not to do. We choose not to go to conferences. We choose not to publish papers. If something is a priority to us, we say, "This is the only thing we're going to focus on. This is the next three months, this is our main goal." And every team meeting I have, I always remind people, three priorities. More than three, way too many. One may not be enough. But because if you can't remind people, what is the priority for the company, then you will not succeed. It is a very challenging environment to think about a startup company or companies in general. And when you have too many priorities, you tend to lose focus on. By building priorities, having priorities, executing them. You create momentum, you create confidence. They create success and you keep climbing the ladder. But truly the biggest challenge for us in the beginning of the career is that identifying which are those three priorities that matter. And once you have had some experience, then the challenge is to keep those priorities and change them as you go along, right? As you go along, you have to continue to grow. For example, in the beginning, it may be the five people you have and that may be enough. But as where we are in the company, it's a question about growth of the organization, right size, not too many people, not too little, hiring enough people so we can continue to execute on our vision and the promises that we made to ourself and to our investors. [00:16:27] Lindsey Dinneen: Thank you for that advice. That was fantastic. And such a great way to narrow it down and help people understand how to narrow down so that they can actually focus and succeed before moving on. I love that. Thank you. So, you know, looking back over your life, and of course, you've had such an incredible career that has really taken you in a lot of different directions. Could 10 year old you have ever anticipated where you'd be today? [00:16:54] Dr. Shalabh Gupta: I don't think so. I think I think we all have a what I call a true north compass. What I did think at the 10 years of age, if I can go back, maybe 10 is too early but maybe 15 or 16 or 17, that hasn't changed. Let me tell you 2 things that I always felt most inspired and excited about. Number one was that I wanted to be in healthcare because, intellectually, I like biological sciences. I felt, "My gosh, what could I do with that if I could make a difference?" And number two was that I, from very early on, I wanted to be something which could help people directly. As you know, there are many ways you can help people, but being in medicine or healthcare, I felt there was a direct impact. Now, looking back after several decades, I feel that part of the influence was my dad. My dad is a physician, continues to see patients and do pro bono work. So that had a very lasting influence on me. That helped me to think about, okay, this is what I want to do. Then being trained as a physician, then going to work on Wall Street, then there was a question about understanding how the impact can be broadened, if you will. The way to think about what I do today versus what I did, say, as a physician, physicians see, say, 10 patients, maybe 12 patients if you're seeing an outpatient basis per day. And if you're in an ICU or ICU doctor, an ER doctor, you could see more number of patients, but then smaller time. And you multiply that impact that many patients, let's just say 10 patients per day, and you work at 300, 350 days, 360 days, 365 days, don't take any break, but that is that many patients a year. What we do today has a potential to impact hundreds and thousands and millions of patients and not just in the U S, globally. So from one vantage point is just magnifying the impact. And the other vantage point is doing what I would have done before. I still love sciences every day. My job is to not just talk about business, but also think about, "How do we fundamentally solve the problem?" And having had those experiences you know, it helps you to keep yourself grounded. One part, I know this wasn't your question, but one advice I can give people who are thinking about developing their careers as an entrepreneur, if you are a founder and CEO, especially think about your career or skill set as I spoke, a wheel, a circle. Every skill that you have, some of us start with more technical background, like me and MD. Then you have to develop their finance and business skills and the business development skills. So sometimes people say, "Well, you know, ABC went to grad school and they dropped out of grad school and they started a company." That's wonderful, but think about much longer beyond a two-year, three-year, five-year time horizon. And that's what helped me to think about my career. So I worked on the Wall Street, but that gave me a finance and understanding about how public companies are valued, not just by the company, but how stock analysts value the company, how investors value the company, what moves the stock, what did Genentech to understood. That gave me the chance to understand how a big biopharma company thinks about their product development. And at Genentech, in some interactions we have had, we were looking at the products from other smaller companies, either to collaborate with them or to acquire those products. So that's a different skill set. I went very early on, as I said, in my career, I went to FDA. So even though I'm not regulatory expert, but I understand how agencies think about the product approval so that helps you to make a more of a holistic viewpoint because the business has become more complex, and you cannot just have a only business degree and you say, "Well, I'm going to succeed." Some people have rounded that up by years and years of experiences. And then there is also innate desire to learn. I learned from not just doing the work I do every day, but my, my, you know, talked a lot about it. I read anytime I get I read books that are not related to medicine, that are not necessarily related to health care, because you have to understand how to grow a revolution. You have to understand leadership skills that are not necessarily taught in schools. So, you have to find a way to continue to refine yourself, because the only way you can create a great company is to become a better version of yourself. [00:21:31] Lindsey Dinneen: Thank you so much for talking about that and for sharing your advice. And I love that image of the wheel. It's a good reminder that sometimes life takes you on very interesting tangents, but sometimes they all do merge at some point. You've got this little sliver of this knowledge that you're working on, and then this experience, and then they start building and I really love that, that, that way of thinking about it and also remembering that It's very useful. So, so like even earlier, I was struck, you talked about how there was inspiration from car batteries, right? And so how interesting is that to go from, what you might expect within your industry, here's how to solve a problem. But then you guys went outside and said, how do other people solve problems? Like maybe we can borrow from that. And I think that's really cool. [00:22:21] Dr. Shalabh Gupta: And I also think that if you stop focusing on only in your industry, learn from anywhere. Some of the best learnings that I have personally, that felt inspirational to me, did not come from biotech companies. They come from tech companies, truly. When you think about the worst, most successful tech companies like Amazon, Apple. I can go on and on, but there are things that you can learn from them. There are things you can learn from the founder of Amazon, Jeff Bezos. He talks about building Amazon and he talks about doing many experiments at a smaller scale that fail at Amazon in order for them to succeed at a few that really work. And this is where I was saying that culling the ideas, you may start with 10 ideas, but no one can develop 10 ideas, no one. And it's not because of money. People say, "Well, that if I had money." There have been numerous examples where companies have been funded with lots of money and the companies fail. Part of the problem is that when you get too much money, I think you may not realize that you still have to deliver. Because focus and execution takes really knowing what the target is, and then hitting the target and not one time and time again. Targets may change, but the companies cannot focus in 20 different things. In the beginning, you have to start with a very key thesis. [00:23:39] Lindsey Dinneen: Yeah. Absolutely. Absolutely. And yeah, so learning from other industries, and that actually kind of also brings up a thought. So as you've gone along in your career and you've had many different iterations of who you are and what you bring to the world, now, are there any moments that really stand out to you as affirming, "Yes, I am in the right place at the right time?" [00:24:04] Dr. Shalabh Gupta: Yeah, that's a very good question. And I have had a chance to think about it every now and then. So there are there, there are certain observations I'll make. You know, people always say, " What will be your dream job?" And I think the dream job for someone is the job that which you will do any given day, and you will feel a joy that you're doing it and you're not doing for remuneration. You're not doing because you're going to get paid. And we all have those different moments in time. People talk about "flow" where the time stops because you're doing something so deeply engaging that you lost track of time. You forgot where you are. You're not feeling tired. For me building of this company and the team that we have assembled at Unicycive is that flow. Any day that I'm not traveling, I am in my office. I don't work from home. I am every single day in my office. And sure we have a small team, but when we work with the team, these are motivated, driven people with decades of experiences. We feel that we are in a common mission, like we are solving the world's greatest problem. And I know that may be exaggeration, but that's how it feels. And being with them in a room and thinking about a complex problem-- and not just thinking of a problem like how big companies think about it-- but thinking of the problem in a scientific way, but delivering it a solution that only a small company can do that to me is a joy. Number two part is that as I've gone further on my career, I, I am a mentor to a number of startups from Stanford and UCSF, and many Stanford companies, many of them come with a very different problem than purely a biotech company. Since the pro bono work, I do this because I find by telling other people from their problem, I get to reflect on my own problem, and I do that on every quarter. There's one or two companies and I've been really privileged. I feel one of the greatest joys to meet with these great CEOs and Stanford has been a great collaborator. They have a program called Start X in which they have these companies that are participating in a accelerator program. And Stanford's accelerator is different and unique that they don't take any equity. They provide you the opportunity for mentorship. I was part of that program many years ago. So I meet with the CEOs and many of these CEOs will come very different problem. As an example, there is a company that's focused on artificial intelligence using interaction between a physician or healthcare provider and patient, and being able to use AI to streamline that interaction. That is a point that I saw of 10 years of clinical practice, how that communication is broken, literally is broken. Patients go to doctors, not because doctors are the world's greatest knowledge source, but patients at the end of day, they need someone to help them feel better, help them understand the problem that the physician can solve it. What ended up in being in today's healthcare system in the U. S. is that doctors have become mechanical and not because doctors are bad, because we are given these many things to document these many things to chart. If you talk to a physician, a primary care physician, many times the physician is sitting behind the computer screen. Those bedside manners are gone, like literally they are not there until you go into concierge medicine because the physician has to fill up this chart. I practice medicine. So understanding how this company and this CEO, this entrepreneur is trying to solve that problem, I lean back to the years of clinical practice. Then I lean back to the building the company. They're prioritizing it, having three priorities, having five priorities, and then being able to understand. And every company has some things which are similar, growth of your product development, continuing to advance the company, continuing to tell the story, attracting the right team members. It just gets magnified at a broader level. But the problems start similar, very similar. You know, think about when we talk about tech companies, Apple, the first thing they had to do, develop a product, then build a team, then sell the product, tell the, sell the vision, you know, and then continue to raise money. And that part is seems sometime very lonely. It also seems that I am uniquely burdened with these problems. And I always remind people, "You know, as much as you would like to think that you are unique. I assure you, it is not a problem that we are gifted with. We all have to face the same set of problems, sometimes more, sometimes less." So then you start to take them less personally. You start to say, "Okay, I'm not the first one to face this problem. These problems have happened to people like me before and they will overcome. How can I do it?" Then you'd become safe, a solution based thinking versus a place where you get overwhelmed with the problem because problems exist. And if anyone is listening to this podcast and if they've developed a started a company, I can assure you the problems come with a flood. They are not going to end ever. So it is disappointing. Sometime it feels that, "Oh my gosh, it is me versus the world," but it is not so. If you have good set of mentors, people who are not directly involved in day to day in your business, there are people who can help you think through it. And that is something that I find a great joy in talking to these CEOs, being able to help them understand the problem. And I say, you know, a couple of hours a month, but then when I go back to my own work, one that I realized this was the same problem I faced a few years ago. Two, it's a similar version of the problem I face at a slightly larger scale today. And three, being able to step out of from your own narrow zone, it gives you perspective. Then what I said to you about that problems are not, these are not personal problems. These are the problems we all face developing a product. It doesn't matter whether you healthcare. People tell me health care or product development is really hard. You talk to my colleagues, our CEOs who are running tech companies. Products in development and tech companies may seem easier, but to create a great product that truly solves customers problem, it's not easy. [00:30:30] Lindsey Dinneen: Yeah, and well, I love that mentorship and sort of teaching and guiding, giving advice to the next generation is something is of a core value of yours and something you really care about. And it actually is a great segue into my next question, which is just pivoting the conversation for fun, imagine that you were to be offered a million dollars to teach a masterclass on anything you want. It can be within your industry, what you're doing right now, but it doesn't have to be. What would you choose to teach? [00:31:02] Dr. Shalabh Gupta: I think as much as we all feel that entrepreneurship is an external game, I think it's a lot of internal mindset, being able to understand yourself better. Being able to understand who you are, what are your true core values, what really drives you. It takes time and it requires a continuous interrogation, asking yourself, "Is this really what I enjoy?" Some of us feel it's a glamour that we feel like we want to be CEO. Some of us would be better off as a CTO, Chief Technology Officer. Some of us would not want to do startups. It's not for everybody. And it's okay because you can work in a bigger company and can be, you know, people talk about entrepreneurial pursued within a large organization. Maybe that's what for you. But being able to understand yourself, it's a very important part. And I think unfortunately, formal education does not help us no matter what degrees and which schools. And it really doesn't matter whether you a science degree, MD, PhD, or your business school degree like MBA, we're all very uniquely different, and we have different values. What one person sees inspired by, for somebody else, it may be a nightmare, you know. It's a thing that people think that startups are so much fun. I read a joke. It says, "People leave 9 to 5 job to work from 5 to 9, which is 5 a. m. to 9 p. m." So I think that's because this is some truth to it. And I've said to people again and again that if making money is your objective, please don't go as to run a startup. It is probably the worst way to think about pursuing the financial part. You do something because you have a faith and belief in something. And it doesn't have to be the faith about changing humanity. It's about something that you have a unique skill set or unique product idea that you believe you can bring to the marketplace. The biggest focus we all can have is making an impact. If I can serve a large number of patients, I can serve a large physician, I will have a product that will make money, therefore, that will make money for enterprise that will make money for investors. And therefore, as a company, we will make money. It's a very simple truth, but we like to make it complicated. I really mean it. The more I got to understand this part of the process better, which goes back to the basic thing that I said to you, if you said that you have a master class, the one thing I will say to you, it's spend time to understand yourself. And it's okay to realize that what I thought I like, I don't like it. The part that I talked to you about flow, it takes efforts. I've had many careers, but when I work in my company, the time can stop for four or five hours, literally we can be working on something. And I have a team and it's not just me alone. I have a team that when we think about a problem, these are people who have spent three decades in working in different companies, large, small, many size companies, we could work cohesively, collectively, think about a problem. And that to me, it's a joy. For me, that is a creation, right? You know, we're thinking about the problem, which may be a design of a clinical trial, because we have to think we have to use brains. And I always say, "God gave us a gift, which is a neuron. So use it, let's use them." And challenge yourself, right? And the challenge in a good way, not be a condescending ending jerk and say "No, how could you do it?" I try to say to people, "Look, I understand this is how it is done, but I want to do two things. Number one, please believe me that we can do better, faster, cheaper. And number two, I promise you that whatever I'm telling you, I'm not going to tell you and walk out of the conference room. I will work hand to hand." We call it a hand to hand combat is essentially that I'm not just telling you I'm going to work with you. I want to find the solution, but we can't do that thing that are you used to. Every trial, people tell me it's going to take 18 months, 12 months, it's going to cost as much. We shrink that thing timeline cost by not 10, 20%. We talking 50%. And these are people have done this before. So, so I need the courage to be honest and say, "No, we can't do it. We have to do it faster, better, cheaper, but how?" And then asking them. So, I say, "It's okay that we walk away and we don't have a clue. It's okay. Today's Thursday. Let's come back. Take three days to think about it." But the reason is that because when you ask yourself from a place that I can't do it, the mind is start to find solution versus when you say, no, I can't do it. Because in that case, it's a subconscious mind that keeps on giving you 15 reasons why you can't do it. People talk about growth mindset. I've always said to people, "We may not be able to do this thing today, but the understanding that with a little bit of help, a little bit of patience, a little bit of it, making ourself better, we can become that company, we can become that organization." And that really requires challenging ourself. And that's where I went back to. I want to go back to this question you asked earlier. People talk a lot about entrepreneurship as if it is some very specific skill set. I think because if you know yourself, you know what is your true zone is, then you want to surround yourself places that you are either not good at, or you don't enjoy doing it, right? In the beginning, it is just you and a vast amount of problems to face. Then you start to build your team. Then you start to see yourself, "You know, maybe Bob can do this work. I really, I'm not that good at it. I don't like doing it." Then you start to rely and surround yourself with not same skill set, but the people who are complementary skill set. And that's how you build a team. That's the foundation of team. Then you build trust and you say to Bob, "Whatever you do, it's not your fault. I'm here to protect you." You don't point fingers at each other. We always remind the example of Navy SEAL. You know, I've never worked in the US Army. I was not an Army veteran, but the ethos that Navy SEAL uses where the team wins, I always tell people we are a winning team. We are not looking for MVPs, you know, because the teams win. Teams create products, teams create value. Individual glories is not useful and this is something you have to keep reminding us that we keep drilling it down and say " No, it's not Bob. It's not John. It's not James. It's us. It's as a team." Again, as you grow through the company stages, your skill set has to continue to evolve and people always say, "Well, how do you lead a team?" The first thing that I always said, "Every single person in my team, you are a leader. Why? You wake up in the morning, brush your teeth. You're leading yourself." Really! Like, what do you do with your day? If you happen to be a parent or partner, a spouse or somebody, you have people you influence around yourself, right? So instead of worrying about, "Oh, you know, I want to lead a company." First, you have to lead yourself and you have to lead with courage. It's starting a company, building a company, right? Yeah. No matter what the media tells you, it is hard. It's hard to develop a product. It's hard because the challenges are not one or two. There are many. Being able to drill down, saying "These are the three things I'll focus on. These are the only things that matter." And then if something new comes up, you have to face that challenge and put the third in your list. It comes in a different page. You know, I use this basic exercise. I have a notebook, a physical notebook and not electronic one, and a piece of paper. What are the top three priorities? And then the other part is that I've asked people to do this exercise when startup companies, CEOs come and tell me all their problems, all the things they want to do. I said, "Humor me if you will. This is the end of the year. And let's say today is we are in 2025. What would you like to tell yourself a year from now? If everything happened the best you could imagine, how many customers, how many products, what will be the stage of product, who would have funded you? Who are the people behind you?" And I asked him to write in a whiteboard. And I say, imagine, no, this is the five thing. If they write 25 things, I say, "No, this is down to five things. What are those five things you would like?" And again, everything has just gone and you can't believe you're sitting there. What will it take? Is it this? And then you start to have a goalpost, right? It's a target. Then you work backward. [00:39:37] Lindsey Dinneen: Yeah. Yeah. Well, that's great. That is such great advice. So thank you, first of all, for sharing, but I think in general, your masterclass would be so much-- you'd have to have a full day or more. That's great though. I love that. How would you wish to be remembered after you leave this world? [00:39:57] Dr. Shalabh Gupta: That's a very good question. That's one that I ask myself every day. The most important thing for me is to be who I am to make a difference for people who are around me. For me, my family is very important. I have kids and I always think about it. What will my children remember? Then it comes down to people who work with me. We want to give an experience to people. I've had people who have worked for I keep saying it two or three decades. My true wish is that I always say for whatever time they work at Unicycive, I want them to be remembering this is the best time they work for a company and that is the best hope we can do it. Because as a entrepreneur, if I can make our company the best experience, best environment, then that creates the best products. And a company like us, we realize that we are going to face challenges and it's not a question of this, the question is how many challenges. The question is not going to be, "Will the challenge defeat us?" The question is, "How do we overcome the challenges?" So it's about growth mindset, having a very distinct, clear vision and empowering people. And last thing is that what we do in healthcare affects millions of people people. Our drug is not going to be just in the U. S. We have partnerships outside U. S. We think about patients in China, South Korea, Southeast Asia. We are talking to companies in Europe. It's an opportunity to make a difference globally. And that is what keeps us going. That's what, you know, when that's when I talk with flow, that is what makes you want to work, whether it's a weekend or whether it's a late evening. And I think that is something which we all need to do to find something that is meaningful. And meaning means different things to different people in different phases of life. So it doesn't have to be, you know, I tell even my own team member, " Unicycive does not have to be the purpose of your life, but let me help you to manifest your best version so you can work well, because you are working here, you are spending your time, might as well make it meaningful for you and for the company." So finding that balance is key and it's a constant challenge. I never take anything for granted. It's a constant to my own team members. How can we make it better? You know, people always say the company grows and we started with the company. We went to IPO with one person. That was just me as an employee, which is not a common thing. I frankly don't know any other company that I've ever seen that went to a straight IPO with one employee. But that wasn't about me. It was about building the company, building the team. Today, we have 25 or so more, but it's still a small team. And people always ask me, "How do we go from 25 to 50 and it still remain the same." I said "Exactly how we became 5 to 10 to 15, 15 to 20." Because if you keep the culture same, focus same, and you remind people that it's not about who we are individually, but it's what we could be collectively. And you have it going and you know, something you're passionate about, you will give all that you got and then some more or else there is not worth fighting for because life is hard and building a product developing a technology or running a company is hard. So, either you are a full believer or else you can't do it. I mean, if you can do it, it's going to be miserable on both front. You want to do a good job and you will find it very difficult. So. [00:43:24] Lindsey Dinneen: Yeah. Indeed. Yeah. Excellent. Well, and then final question. What is one thing that makes you smile every time you see or think about it? [00:43:36] Dr. Shalabh Gupta: I think when you look back on the challenges that you once thought were unsurmountable, and then you say to yourself, "Huh, that was just a curve in the road, not a roadblock." Then you start to smile because of not because how smart you are, but how much together a team can accomplish. And you start to find, if you're working in a company setting, you start to feel that people start to feel empowered. My team says that you did it. I said, "No, we did it. I just showed you a judicious path, but you did it. I didn't do it. All I said to you is to change your framework." Because it's a framework. It's a mindset. And I keep saying about mindset because if you come with the idea that " No, I only, I need this much money, this much time, these many resources," you'll find you the subconscious mind keeps on validating those challenges. But if you say, "No, people like us have done it before I can do it, we can do it." And give them the time and space and say, "Look, you don't have to have an answer right now, but please go back and just think about it." Then they come back with the answer and they themselves surprised. But it truly requires a authenticity, a vulnerability, and being absolutely willing to fall on your face and get up and just fight again. And that's part people don't realize. People think about that every company is a smooth road up, but the companies go through the cycle. It's not when you're going up, it's what happens when you fall down. Can you pick yourself up? And it's not just with your team, but with your investors too. You know, we thought that we're going to file an NDA in 2020. You know, 2024, we had planned for everything and the whole thing was there, but we ended up in having to run an additional trial and then you have to communicate with integrity through transparency. This is what happened. This is what is there, but we can accomplish that. So then that all of all that helps you to look back a smile, laugh and say, "Okay, I accomplished that. We can do the next one." And that keeps the growth happening. And at the end of the day, we are not happy because we accomplished small things by doing small effort. Most of us as human beings want to be challenged in the right way and we feel joy in doing hard things that take a lot of efforts and once seemed just impossible to do it. And the question is, can you do it with your entire team, not just personally? And that's what inspires people. We want to be that company that people want to work for not because they need a job, not because we can take care of their 401k. I mean, those are a wonderful thing and I'm blessed that we can do all of that, because once upon a time, we didn't have any of that. So I don't take it for granted, it is something. But the fact is that what was the mission hasn't changed ever. And you know, that that is something which is worth pursuing it. And I think if people start to see that they can accomplish that, these challenges are not personal, that they are bound to come. And then they have a support group, you know, we all need somebody other than ourselves and people whom we are surrounded with somebody to hold our hand and say no, you fell down, but it's okay. You can get up. I think it's that support system, right? The more you can have it, the more different types of people you can relate to and call them friends, mentors, that helps. And I have tons and tons of them because my gosh, I mean, there are days seems like, how would I ever get out of this? As much as you may think that I have all the source of inspiration, but then if somebody else holds your hand, they say, no, you can do it. That is what gets you going to the next step. [00:47:25] Lindsey Dinneen: Absolutely. Well, goodness, this has been an amazing conversation, just packed full of incredible, helpful advice, and just very practical down to earth sharing. So thank you so much for your time today. I really appreciate everything you're doing to, to make an impact. So thanks again for your time. [00:47:44] Dr. Shalabh Gupta: Thank you very much. Thank you for hosting me and thank you for your time and interest. Really appreciate it. [00:47:49] Lindsey Dinneen: Of course. We are so honored to be making a donation on your behalf today to Feeding America, which works to end hunger in the United States by partnering with food banks, food pantries, and local food programs to bring food to people facing hunger. And also they advocate for policies that create long term solutions to hunger. So thank you so much for choosing that charity to support, and we just wish you the most continued success as you work to change lives for a better world. And thank you also to our listeners for tuning in. And if you're feeling as inspired as I am right now, I'd love it if you'd share this episode with a colleague or two, and we will catch you next time. [00:48:31] Ben Trombold: The Leading Difference is brought to you by Velentium. Velentium is a full-service CDMO with 100% in-house capability to design, develop, and manufacture medical devices from class two wearables to class three active implantable medical devices. Velentium specializes in active implantables, leads, programmers, and accessories across a wide range of indications, such as neuromodulation, deep brain stimulation, cardiac management, and diabetes management. Velentium's core competencies include electrical, firmware, and mechanical design, mobile apps, embedded cybersecurity, human factors and usability, automated test systems, systems engineering, and contract manufacturing. Velentium works with clients worldwide, from startups seeking funding to established Fortune 100 companies. Visit velentium.com to explore your next step in medical device development.

Have you ever felt torn between who you are... and who you used to be?  Inside all of us live competing identities—conflicting desires, beliefs, and values. True growth begins not by choosing one or the other, but by learning to honor and integrate them with compassion and clarity. In this powerful intervention from Date with Destiny 2024, Tony Robbins works with tech entrepreneur Josh—whose journey took him from washing dishes in college to building software used by hundreds of millions. He's achieved incredible success—and endured painful setbacks—but even with everything he's built, something feels off. The fire inside him has burned out. Josh has embraced the spiritual, laid-back “hippie” within—the side of him that no longer chases external wins. But that identity conflicts with the ambitious, relentless entrepreneur he used to be... and that internal battle has left him stuck. Tony helps Josh uncover how his unconscious mind has kept these parts of himself at odds—and how to bring them into alignment to unlock his full potential. Using tools like the Psychology of Human Needs and Collapse Anchors, Tony guides Josh to create a new story: one where he doesn't have to choose between sides but can rise as something greater. This isn't just one man's breakthrough—it's a reflection of the journey we all face. Because when we create harmony within, we awaken the power to become who we're truly meant to be. We hope this serves you—and we'd love to hear what insight you take away. *You can watch this intervention (and tons of powerful Tony Robbins content) on our official YouTube channel: youtube.com/@TonyRobbinsLive       *Tony Robbins is a #1 New York Times best-selling author, entrepreneur, philanthropist, and the nation's #1 Life and Business Strategist. For more than four and a half decades, more than 100 million people from 195 countries have enjoyed the warmth, humor, and transformational power of his business and personal development events. Mr. Robbins is the author of seven internationally bestselling books, including three #1 New York Times bestsellers: Money: Master the Game, Unshakeable, and Life Force. He created the #1 personal and professional development program of all time, and more than 10 million people have attended his live seminars. Anthony Robbins is the chairman of a holding company comprising more than 110 privately held businesses with combined sales exceeding $7 billion a year. He has been named in the top 50 of Worth Magazine's 100 most powerful people in global finance for three consecutive years, honored by Accenture as one of the "Top 50 Business Intellectuals in the World''; by Harvard Business Press as one of the "Top 200 Business Gurus"; and by American Express as one of the "Top Six Business Leaders in the World" to coach its entrepreneurial clients. Fortune's recent cover article named him the “CEO Whisperer.” He is a leader called upon by leaders, and has worked with four US presidents, top entertainers -- from Aerosmith to Green Day, to Usher and Pitbull, as well as athletes like Serena Williams, Andre Agassi, and the 2022 NBA Champion Golden State Warriors. Billionaire business leaders seek his advice as well; casino magnate Steve Wynn, and Salesforce.com founder Marc Benioff are among those grateful for his coaching. As a philanthropist, through his partnership with Feeding America, Mr. Robbins has provided over 985 million meals in the last 8 years to those in need. He is two years ahead of schedule to provide 1 billion meals. Through the Tony Robbins Foundation, he has also awarded over 2,500 grants and other resources to health and human services organizations, implemented life-changing curricula in 1,700+ correctional facilities and gathered thousands of young leaders from around the world with its teen programs. In addition, he provides fresh water to 250,000 people a day in India in order to fight the number one killer of children in that country-waterborne diseases.

This week we are going to hear about some very important work being done by organizations helping to alleviate hunger. When we think of places that are experiencing a lack of food and malnutrition, we often first think of places in third-world countries or far-off nations. But hunger is a big problem right here in the United States and has been for many years. But fortunately, there are people and organizations dedicating great energy and time to ease that struggle for the hungry among us.One such organization is the Southeast Regional Cooperative based in Atlanta, GA. (SERC). SERC provides fresh produce to food banks in seven Southeastern states. As part of the national organization, Feeding America, they aggregate surplus produce from around the southeast region and across the country to match the demand from their member food banks.We are delighted to welcome to the show this week Chris Flint who is the executive director of SERC to tell us about the crucial work they are doing to fight food insecurity. Chris says there is enough food in America to make sure no one goes hungry. Yet the problem is ongoing. Tune in to learn about the challenges they face and the inspiring story about the progress they are making in feeding the hungry among us.

Cuts at the U.S. Department of Agriculture, specifically to programs funding farms, schools, and food banks, mean meals won't make it to many tables across the country.A new report from Feeding America found that people in every county are experiencing hunger. In some areas, child food insecurity is as high as 50 percent.How are food banks and farms responding to a loss in federal funding?Want to support 1A? Give to your local public radio station and subscribe to this podcast. Have questions? Connect with us. Listen to 1A sponsor-free by signing up for 1A+ at plus.npr.org/the1a.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

In today's show Riley Smith is joined by Annette Hacker with Food Bank of Iowa to discuss the recent food insecurity study from Feeding America, Dustin continues the conversation with Senator Joni Ernst, and Andy learns more about the N-Fact program in the latest segment of Pods of Potential.

Picture a weary parent stepping through a hospital door and finding a warm kitchen, a quiet bed, and a team that already knows their child's name. Katie Fitzgerald, Global President and CEO of Ronald McDonald House Charities, joins Ryan to explain how she is scaling that welcome across sixty-two countries, and sketches a clear plan for doubling the number of families RMHC can house and support worldwide.  Katie recalls hard-won lessons from guiding Feeding America through the pandemic's first shockwaves, and also explains why psychological safety is the starting point for every bold target she sets. From slashing treatment-abandonment rates in Peru to raising seventy-six million dollars in a single four-month sprint, Katie shows how steady progress, not perfection, can change a family's story forever.

Is your brain the secret key to spiritual development and happiness? In this live presentation recorded at Tony & Sage Robbins' 2024 Platinum Partners Happiness Event in Abu Dhabi, neuroscientist Andrew Newberg, M.D. explores “The Spiritual Brain: The Link Between Spirituality, Sexuality, and Happiness.” Drawing on cutting-edge fMRI and PET scans, Dr. Newberg defines exactly what a spiritual experience is and shows you where—and how—those moments light up your neural circuitry. You'll discover the core components that make these experiences so transformative and learn how repeated ritual practices reshape the brain over time. Along the way, he reveals the evolutionary roots of ritual and explains why religious and spiritual encounters have the power to change our views of reality, our relationships, our work—and even our deepest beliefs about God, science, and ourselves. Watch now to uncover the surprising ways your own brain is wired for transcendence—and how that wiring can lead you to a more fulfilled, happier life. Don't forget to subscribe for more breakthrough ideas from Tony Robbins, as well as the world's leading thinkers. Please enjoy! For more on Andrew Newberg, M.D.: www.andrewnewberg.com Instagram: @dr.andrewnewberg   *Tony Robbins is a #1 New York Times best-selling author, entrepreneur, philanthropist, and the nation's #1 Life and Business Strategist. For more than four and a half decades, more than 100 million people from 195 countries have enjoyed the warmth, humor, and transformational power of his business and personal development events. Mr. Robbins is the author of seven internationally bestselling books, including three #1 New York Times bestsellers: Money: Master the Game, Unshakeable, and Life Force. He created the #1 personal and professional development program of all time, and more than 10 million people have attended his live seminars.  Anthony Robbins is the chairman of a holding company comprising more than 110 privately held businesses with combined sales exceeding $7 billion a year. He has been named in the top 50 of Worth Magazine's 100 most powerful people in global finance for three consecutive years, honored by Accenture as one of the "Top 50 Business Intellectuals in the World''; by Harvard Business Press as one of the "Top 200 Business Gurus"; and by American Express as one of the "Top Six Business Leaders in the World" to coach its entrepreneurial clients. Fortune's recent cover article named him the “CEO Whisperer.” He is a leader called upon by leaders, and has worked with four US presidents, top entertainers -- from Aerosmith to Green Day, to Usher and Pitbull, as well as athletes like Serena Williams, Andre Agassi, and the 2022 NBA Champion Golden State Warriors. Billionaire business leaders seek his advice as well; casino magnate Steve Wynn, and Salesforce.com founder Marc Benioff are among those grateful for his coaching.  As a philanthropist, through his partnership with Feeding America, Mr. Robbins has provided over 985 million meals in the last 8 years to those in need. He is two years ahead of schedule to provide 1 billion meals. Through the Tony Robbins Foundation, he has also awarded over 2,500 grants and other resources to health and human services organizations, implemented life-changing curricula in 1,700+ correctional facilities and gathered thousands of young leaders from around the world with its teen programs. In addition, he provides fresh water to 250,000 people a day in India in order to fight the number one killer of children in that country-waterborne diseases.

The Trump administration wants to expand the American lumber industry by logging more trees in national forests and raising tariffs on lumber imports. The impact that could have on the domestic timber industry.

Mildred Zayas, a global supply chain executive with over 25 years of experience in the medical technology industry, shares her transformative journey from her early career in Puerto Rico to leading strategic initiatives at Johnson & Johnson. She emphasizes operational excellence, supply chain optimization, and mentoring emerging leaders. She discusses the importance of continuous learning, servant leadership, and the exciting future of MedTech with advancements in robotics and AI. Mildred also highlights her passion for empowering underserved communities and her involvement in nonprofit organizations like America Needs You.    Guest links: www.linkedin.com/in/mildred-zayas/ Charity supported: Feeding America Interested in being a guest on the show or have feedback to share? Email us at theleadingdifference@velentium.com.  PRODUCTION CREDITS Host & Editor: Lindsey Dinneen Producer: Velentium   EPISODE TRANSCRIPT Episode 054 - Mildred Zayas [00:00:00] Lindsey Dinneen: Hi, I'm Lindsey and I'm talking with MedTech industry leaders on how they change lives for a better world. [00:00:09] Diane Bouis: The inventions and technologies are fascinating and so are the people who work with them. [00:00:15] Frank Jaskulke: There was a period of time where I realized, fundamentally, my job was to go hang out with really smart people that are saving lives and then do work that would help them save more lives. [00:00:28] Diane Bouis: I got into the business to save lives and it is incredibly motivating to work with people who are in that same business, saving or improving lives. [00:00:38] Duane Mancini: What better industry than where I get to wake up every day and just save people's lives. [00:00:42] Lindsey Dinneen: These are extraordinary people doing extraordinary work, and this is The Leading Difference. Hello, and welcome back to another episode of The Leading Difference podcast. I'm your host, Lindsey, and today I'm delighted to welcome Mildred Zayas. Mildred is an accomplished leader with extensive and global expertise in strategic planning, operational excellence, and supply chain optimization within medical technology and life sciences. Well, thank you so much for being here today, Mildred. I'm so excited to talk with you. [00:01:15] Mildred Zayas: Thank you for the invitation, Lindsey. [00:01:17] Lindsey Dinneen: Of course. Well, I would love it if you would start off by sharing a little bit about yourself and your background and what led you to MedTech. [00:01:25] Mildred Zayas: Of course. I'm a global supply chain executive with over 25 years of experience in the medical technology industry. I have had the privilege of leading transformative initiatives at Johnson and Johnson, where I optimize manufacturing network, particularly in Asia Pacific, resulting in cost savings, inventory improvements, improved customer service levels as well. We also have introduced what I call the manufacturing ecosystems, which is instead of focusing on the product design on the customer only, which is important-- I'm not saying that it isn't-- but we also want to introduce a product that, of course, is high quality and dependable, but we also enhancing the efficiency and manufacturability is what is called designing for manufacturability. Product design and manufacturing don't have to be mutually exclusive, and that is something that I definitely learned through my career. I was born and raised in Puerto Rico. I'm particularly dedicated to empowering underserved communities to achieve greater economic and career advancement. My career is driven by a commitment to operational excellence, strategic innovation, and mentoring emerging leaders to achieve their full potential. [00:02:43] Lindsey Dinneen: That's amazing. Thank you so much for sharing a little bit about that. So I would love to go back a little bit further and start. When you were young, did you have any idea that something like this was something you wanted to do? What was your dream? What were you thinking about? [00:02:56] Mildred Zayas: So I have to say yes. And I always, I'm an engineer by training and I always wanted to be an engineer. My uncle was an engineer. Even though he actually opened a university and did something different, he was pretty much, you know, I guess the big person in our family, everybody looked at him. We all wanted to be like my uncle, right? Unfortunately, he passed away. But with that, I always knew that I wanted to be an engineer. That's why I went to engineering school. Eventually, being an industrial engineer led me to the manufacturing industry. I started my career in Puerto Rico and manufacturing was big in the nineties. Do we still have manufacturing? Not as much anymore. But that's how I started in the industry and in the manufacturing industry. And then I progressed through roles of increasing responsibility and continuing supply chain in leadership roles. But yeah, everything started by my family, my uncle and seeing what he was doing as an industrial engineer. And I wanted to be like that. Yeah. [00:03:58] Lindsey Dinneen: Oh, I love that. [00:04:00] Mildred Zayas: I'm also good in math. [00:04:01] Lindsey Dinneen: That helps. Excellent. Well, you know, you mentioned during your opening how the values and the core beliefs that you hold to still came from your upbringing in Puerto Rico, and I was wondering if you mind sharing a little bit about that. [00:04:18] Mildred Zayas: Sure. I grew up in a family, my parents, they love to serve. So when I grew up, actually, my mother was always with a cause. She was always helping people. She's still serves. She's 81 years old and she still has a number of ministries and serves. So that's what I saw with my parents since I was growing up. My father used to cook for homeless people when I was a teenager. So at that time, frankly, it bothered me a little bit, but now I can appreciate because really it's about serving and giving others. It's not just about yourself. And I have to thank my parents because they actually taught me that, and not only taught me that, they model it throughout their actions. [00:05:01] Lindsey Dinneen: Yeah, absolutely. And how has that value of service and giving back impacted your own role as a leader and how you relate to other people? [00:05:11] Mildred Zayas: Absolutely. So and that's interesting that you say that because when you talked about leadership, I always say, "be present, be transparent." You need to let people know what you stand for. But I also embrace what I what is called servant leadership. Of course, leadership is about direction and to have a vision and have followers and all that. I'm not saying that it isn't. But when you look about servant leadership, when you are really helping others, collaborating, and so people can move into where they want to go. So that's pretty much the way is looking into others and empowering them to reach their full potential and fostering collaboration and where trust and growth at the core of every decision. [00:05:57] Lindsey Dinneen: Yeah, absolutely. So you've had a really long career with Johnson and Johnson specifically, and it sounds like you have had a lot of different opportunity there. And I was wondering if you could speak a little bit towards your experience and how starting where you did and then now where you are, what was the progression like? What did you learn along the way that was really beneficial in helping you achieve the next milestones? [00:06:22] Mildred Zayas: First of all, let me just say Johnson and Johnson is a big company now, of course, 90 billion dollar and all that. But nowhere I started in the mid nineties, right in the early nineties, I should say. So, so it was a different type of company, number one. Number two, J and J has always been very decentralized, meaning each company-- we call it franchises now business unit-- each business unit is kind of run independently. So I started my career with Ethicon, which is the suture manufacturing company, and that's where I grew up and I worked most of my career on and off. But I was also able to move to other sectors on other franchises as well. So I started in Puerto Rico as a second shift manufacturing supervisor shortly after I had a previous job after college in the pharmaceutical industry, also in manufacturing. But I definitely wanted to be a manufacturing supervisor. And in pharmaceutical industry, you need to have a pharmaceutical background, and it was going to be more difficult for me to be in manufacturing. So Johnson and Johnson offered me an opportunity and I took it and I started in the second shift. From there, I progressed to what now is called process excellence, but it used to be called industrial engineer. Once again, C. I. P. process improvements and all that. Then I move into the planning organization materials management, we call it at the time, all in Puerto Rico. I've worked for five years when Ethicon in Somerville, which we had the headquarters, they called me and they offered me an opportunity to move to New Jersey. And this was in, my goodness, in 1999. So, so I moved to, to, to New Jersey and started working, of course, in the planning organization, supply planning, planning inventory management and all that. But then there was a big opportunity for me, and it was a transformative initiative in Edinburgh, Scotland. It was about manufacturing consolidation and optimization. So there were difficult parts because we closed a manufacturing plant of 800 people, yet we move operations to different places. So in the end, I mean, we definitely grew. It was tremendous for me to work in that initiative. It was my first global experience. I was in a commuter assignment in Scotland. And I had a global team with different functions, different areas, people in Belgium, people in Germany, people in China, because we transfer process to a fair places, people in Puerto Rico, of course, in New Jersey and in Scotland. And I can tell you that I made good friends that still they remember my birthday and we continue connecting via Facebook and all that. So, so that experience was fantastic on gave me a good perspective. I came and talked to my boss at the time and say, "Listen, I already implemented a project. It was fantastic. It was great. But I want to work on strategies." And something that I've always done, and maybe you ask me later about an advice, just ask. You know, people can say no, but I mean, just ask for what you want. So I did! I asked and I got it. I was promoted to a senior manager at the time of my strategy development and deployment. So we were developing the five to seven year initiatives on where you want to have a manufacturing presence, whether make versus buy and those type of things. It did great. It was fantastic. And then I'm like, okay, I have work in the U. S. I have work in Europe. You know, what about Latin America? Because Puerto Rico is kind of in the middle. It's not 100 percent Latin America, especially from a work environment standpoint. We're reporting to the U. S. So I actually moved and worked for Johnson and Johnson Latin America. I was based in Miami and I supported our cardiovascular business. And I was there four years, and then the other two years, our diabetes care business. So I did that for several years and then I moved back to New Jersey where I actually continue developing strategies, was promoted into other directorship level, and work closely with Asia Pacific. That's where I created strategies in the region and help develop the network based on centers of excellence, reduce, of course, the footprint using a lot of suppliers and contract manufacturers as well. We try to optimize the model. So, it was exciting. I actually got to live in Singapore for a year and a half. So it was fantastic. I was there in an international development assignment. Then I came back and I actually went back to Puerto Rico to work in global supply planning. I mean, that's what I started. As I mentioned to you, I did a lot of planning early on, and there was an opportunity there. Even though it was based in Puerto Rico, it was a global opportunity. So I have responsibility for for team in Brussels. I have people in Juarez Mexico, of course, in New Jersey and I was based in Puerto Rico. Did that for a couple of years, and then actually I moved to consumer, to Johnson & Johnson consumer, and I was there for four years. And it was interesting because it's a very different pace, the pace of consumer goods versus medical devices. But it was a great experience. And once again, J and J is big. So I always wanted to take advantage and do different things. After that I came back, late in 2021, back to medtech. It used to be called medical devices by the way, but now it's medtech. And I came back in a strategy and project management role. I have responsibility to develop the overall strategies. But it was not for say, Ethicon, like before one of the franchises, right? It was for all of them. So I was working with orthopedics, of course, surgery, vision care, and then our interventional cardiology. So that's been my career in J and J. I always say three areas or four for me: manufacturing, obviously planning, project management, and strategy. So there's four. Well, I sometimes I put project management and strategy together, but you can call it three or you can call it four. [00:12:33] Lindsey Dinneen: Yeah. Excellent. Well, thank you for sharing more about that. It's an incredible career path you've had and taken you literally all around the world. And something that stood out to me as you were talking is, I'm so intrigued by your story, and courage seems to be a resonating theme. And so, between your willingness to step out of your comfort zone and go try and go learn and keep elevating your own knowledge and career and expertise, but then also to have the courage to ask for the things you want. I loved that advice so much. So I was wondering if you could maybe talk a little bit more about how did you have this courage to ask for what you want and how did this courage serve you as you continue to take advantage of opportunities in very new avenues for you? [00:13:22] Mildred Zayas: Sure. Once again, I have to go to my mother. I come from a pretty, pretty matriarchal family. My grandmother, my mother, they were very strong women. But she always said, "Ask, and you shall receive." [00:13:35] Lindsey Dinneen: Yeah. [00:13:36] Mildred Zayas: Quoting the Bible as well. But also you have to deliver and you have to execute. I mean, you don't have credibility if you don't do the job. So you have to do your homework. And then once you establish that credibility, once the organization knows that you add value, then you can start asking. And once again, the worst thing that can happen is that they say "no." In my experience it's never been no. The worst has been "not now," but it happened two years after. So you know what? You have to tell people what you're looking for and what you would like to do. But again, don't forget you have to deliver too, critically important. [00:14:17] Lindsey Dinneen: Yeah. Yeah. I love that. Well, and to your point, even if the answer is initially no, it's not usually "no, not ever for the rest of your life. It... [00:14:26] Mildred Zayas: Yet. Not now. [00:14:27] Lindsey Dinneen: ...Yeah, it's not yet. Exactly. So I love that, and your willingness to embrace that courage and do those things. So it looks like also, I know service is a big theme in your life, and one thing that I noticed when I was just glancing at your LinkedIn profile is that you have had opportunities to work with a lot of different interesting nonprofit organizations. America Needs You popped up and I was curious if you would speak a little bit about your experience with that. [00:14:53] Mildred Zayas: Oh, absolutely. And thank you for asking that question. America Needs You is an nonprofit organization that works with first generation college students and how they transition from college to the work environment. I'm passionate about it because I truly believe in education and upward mobility, especially in underserved communities. So what they do is definitely fantastic. And the program is a, it's an intense programs. When you commit to be a volunteer, you work two years with your student there, since they're sophomores until graduation, and we help them prepare for interviews, resumes, what to wear, and those type of things, but it is a tremendous and fulfilling program. And you need to have in mind that, for some of us, it makes sense. I always mentioned my mom, she instilled in me, she worked very hard, etcetera. But not everybody has the model, right? I mean, when you're a first generation college student, you don't know how to navigate. And I love the program because helping others navigate I, I mean, I really enjoy it and sometimes I think that I get more than what I give, for sure. When I see people succeeding and doing well in their careers. [00:16:08] Lindsey Dinneen: Yeah. That's really special. Mentorship is such a wonderful key component. I'm sure all of us have stories of these people who have come into our lives and helped lead us to the next thing or given us the crucial piece of advice at the right time. So thank you for being that person for others too. That's really special. [00:16:23] Mildred Zayas: Of course, love to do it. [00:16:25] Lindsey Dinneen: So I. Yeah. So I know one thing that's probably on everybody's mind is supply chain management, and since this is one of your areas of expertise, I was wondering if you could speak a little bit towards what should we look forward to in the future, especially, AI is such a big buzzword, but it is reality now. So I'm curious what are some of your takeaways? What are things that you're looking to as time goes on and technology changes? [00:16:54] Mildred Zayas: So, definitely robotics and digital are going to change the game. And you mentioned AI, which is part of that. But if you think about, before it was called medical devices, because really, it was developing devices, but those devices are going to become smarter now, right? And what's important, I think, understanding the robotics, we're going to transform the way we do surgery. Maybe a doctor is in Germany and is operating in a patient in the U. S., right? So those are the type of things that we need to be open and understand and definitely stay current on the new trends. I believe, again, digital and robotics is the future of medical devices or medical technology, for sure. [00:17:38] Lindsey Dinneen: Okay. Yeah. Excellent. So you've had so much incredible experience literally around the world. Were there any moments or a moment that stood out to you as just really reinforcing that you were in the right industry at the right time? "Yes, I am here for a reason." [00:17:56] Mildred Zayas: You know, I mentioned the strategy in Scotland, but that was definitely a defining moment in my career. Because I had the opportunity. I was quite young, but I led the transformation of a big team. I mentioned 22 people. It was a complex initiative, a lot of alignment from cross functional teams, aligning different regions, managing diverse stakeholders in optimizing overall operations. And there was a challenge to balance operational efficiency with the business goals. But while I was doing that, it really confirmed my passion for supply chain leadership. It was incredibly rewarding to see how our collaboration improved performance, reduced the cost, strengthened really our global manufacturing network. And that experience reinforced my belief in the power of strategic planning and teamwork to drive meaningful transformation. [00:18:53] Lindsey Dinneen: Yeah, of course. As you look towards the future for your own career and even for the future of medical devices, I know we touched on sort of your thoughts with that, but as far as your own career goes, what are you looking forward to coming up? What's your next challenge or adventure? [00:19:07] Mildred Zayas: So I'm glad you asked that question because I'm thinking more and more-- I've been 30 years with J& J again-- but I'm looking more and more into a portfolio career. So where I can definitely continue doing some supply chain strategy, et cetera, perhaps in, in, in a consulting way, but I would also like to serve on boards, participate in podcasts, for example. So I want to do a little bit more of that. I have done for many years, the kind of nine to five one thing in different scales and in different positions, et cetera. But my next step definitely is more into a portfolio career. So I'm not going to do one thing. I'm going to do more than one thing. And of course, I'm going to be using my background and my expertise for that. But I can also combine my passion for helping others [00:20:00] Lindsey Dinneen: Yeah, absolutely. Well, that's exciting. I am looking forward to seeing how that develops. I'll be cheering for you, rooting for you that whole time. Speaking of, you had a great piece of advice, and that was to just ask the question. And I'm wondering if anything else that pops into your mind, just pieces of leadership advice that you might give, especially to someone who's earlier on in their career, and might just need a little confidence boost. [00:20:26] Mildred Zayas: Yeah, obviously, ask the questions is good. But my best advice is really to focus on continuous learning and adaptability while building relationships. Relationships are critically important. The medtech industry is fast paced and constantly evolving, so it's crucial to deepen both our technical expertise and our business acumen. Sometimes you need to seek cross functional projects, mentorship opportunities to broaden your perspective. So it might be above and beyond your day to day job, but it doesn't matter. Ask for those opportunities. Also building this network is critically important, and it's going to help you, demonstrating resiliency and it's going to set you apart as a future leader. I believe Theodore Roosevelt say something that I like: "Whenever you're ask ed if you can do a job, tell them, 'Certainly I can!' Then get busy finding how to do it." So that's the way to do it. Don't stress yourself. Don't be afraid. Be excited. Fear paralyzes us while excitement allows us to move forward. [00:21:34] Lindsey Dinneen: That is such great advice. Thank you for that. I love that. And that's so great because you're absolutely right. You can use that strong emotional pull that often feels like fear, but what if you reframe it and think, "Hey, actually this means I care a lot and I'm very excited about this." So let's use that as energizing, not debilitating. [00:21:52] Mildred Zayas: Correct. Absolutely. [00:21:55] Lindsey Dinneen: Absolutely, absolutely. [00:21:57] Mildred Zayas: By the way, one of my mentors told me that. [00:22:00] Lindsey Dinneen: Ah, back to that. I love it. Full circle. [00:22:05] Mildred Zayas: Absolutely. [00:22:07] Lindsey Dinneen: Well, pivoting the conversation a little bit, just for fun. Imagine that you were to be offered a million dollars to teach a masterclass on anything you want. It can be within your industry, based on your experience, but it doesn't have to be at all. What would you choose to teach? [00:22:24] Mildred Zayas: That's a very intriguing question. And it's something I don't believe they give in college these days, but something along the line of advancing through corporate structures. I would love to teach young professionals how to navigate workplace politics, negotiate promotions and manage career transitions, something along those lines. We were educated very tactically, typically. Like in my case, I was an engineer, so I could do a lot of math and I could do a lot of models. It was wonderful. But I didn't know how to navigate in the corporate environment, and it took some headaches, and it took some time. So, I would love to be able ,to do something like that for young professionals specifically. [00:23:12] Lindsey Dinneen: I love that. Well, I can sense a theme. Your heart is such a lovely heart of service and mentorship. So that is lovely. [00:23:18] Mildred Zayas: That is true. Yes, indeed. [00:23:20] Lindsey Dinneen: Yeah. Well, and sort of along those lines, how would you wish to be remembered after you leave this world? [00:23:27] Mildred Zayas: It's gonna be also very similar. I definitely wish to be remembered for guiding others toward reaching their full potential, especially those who face systemic challenges and for helping them create their own path to success. [00:23:43] Lindsey Dinneen: I love that so much, yeah. And then, final question, what is one thing that makes you smile every time you see or think about it? [00:23:52] Mildred Zayas: Well, you can probably guess this, but I'm telling you, seeing someone I've mentored or supported achieve their goals always make me smile. It reminds me of the difference we can make in each other's lives. [00:24:05] Lindsey Dinneen: Absolutely. That's just absolutely beautiful. Thank you for sharing that. So I am very excited to continue to watch your, how did you put it, portfolio career? [00:24:16] Mildred Zayas: That's what I'm trying to build. [00:24:18] Lindsey Dinneen: Okay. Unfold. So how can people maybe connect with you if they're interested in working with you as a supply chain executive or whatever else you plan to offer in this portfolio career of yours? [00:24:29] Mildred Zayas: They can follow me via LinkedIn. It's the best way. I'm there, Mildred Zayas. So, yeah, they can reach out. I'm happy to collaborate. I believe in teamwork, collaboration, and really helping each other succeed. [00:24:44] Lindsey Dinneen: Excellent. Excellent. Well, goodness gracious, this has been very wonderful. Thank you so much for spending some of your morning with us today, Mildred. Thank you for just sharing your advice and your heart for service and mentorship. And I'm so excited to see where this next step in your career takes you, so like I said, I will be rooting for you every step of the way. [00:25:04] Mildred Zayas: Thank you, Lindsey. I appreciate that. [00:25:07] Lindsey Dinneen: Of course. We are so honored to be making a donation on your behalf today to Feeding America, which works to end hunger in the United States by partnering with food banks, food pantries, and local food programs to bring food to people facing hunger, and also they advocate for policies that create long term solutions to hunger. So thank you so much for choosing that charity to support, and we just wish you the most continued success as you work to change lives for a better world. [00:25:37] Mildred Zayas: Thank you. Very nice. [00:25:40] Lindsey Dinneen: Yeah. And thank you also to all of our listeners for tuning in and if you're feeling as inspired as I am right now, I'd love it if you'd share this episode with a colleague or two, and we'll catch you next time. [00:25:53] Ben Trombold: The Leading Difference is brought to you by Velentium. Velentium is a full-service CDMO with 100% in-house capability to design, develop, and manufacture medical devices from class two wearables to class three active implantable medical devices. Velentium specializes in active implantables, leads, programmers, and accessories across a wide range of indications, such as neuromodulation, deep brain stimulation, cardiac management, and diabetes management. Velentium's core competencies include electrical, firmware, and mechanical design, mobile apps, embedded cybersecurity, human factors and usability, automated test systems, systems engineering, and contract manufacturing. Velentium works with clients worldwide, from startups seeking funding to established Fortune 100 companies. Visit velentium.com to explore your next step in medical device development.

To register to the free 3 day Thrive Event w/ Tony Robbins, Dean Graziosi, Matthew McConaughey, Jay Shetty, and more. Go to http://thrivewithgrant.com/ to secure your spot. Dean Graziosi is an American entrepreneur, real estate investor, best-selling author, and motivational speaker. Born on November 20, 1968, in Marlboro, New York, he overcame a challenging childhood marked by financial hardship and frequent moves. Without a college degree, he launched his first business buying and reselling cars, eventually transitioning into real estate investing, where he gained national recognition through his long-running educational infomercials. Graziosi has authored multiple New York Times bestsellers, including Millionaire Success Habits and Be a Real Estate Millionaire, focusing on personal development and financial empowerment. He later partnered with Tony Robbins to co-found Mastermind.com and co-create programs like the Knowledge Broker Blueprint, helping millions of people turn their knowledge into businesses. Beyond entrepreneurship, Graziosi is active in philanthropy, supporting causes like Feeding America and Village Impact. He currently lives in Phoenix, Arizona, with his wife Lisa and their blended family of four children. Learn more about your ad choices. Visit megaphone.fm/adchoices

On Monday's AOA, powered by Cenex, we start the show with a look at the volatility in outside markets to start the week and perspective on grain and livestock markets with Darin Newsom, Senior Market Analyst at Barchart. In Segment Two, we get a look at what is shaping up to be another active week of weather ahead with DTN Meteorologist John Baranick. In Segment Three, we talk about hunger issues in rural America with Vince Hall, Chief Government Relations Officer, Feeding America. Then we close the show in Segment Four with news headlines including an update on how the sorghum industry is dealing with tariffs and more.

On tonight's show, I'll have Eric Speiser with Denali as he discusses the impact of food waste and easy ways to reduce it this spring. After that, I'll have Feeding America Chief Government Relations Officer Vince Hall to share about the hunger crisis in the U.S., why it's markedly worse in rural areas.

Usually, it's just as easy as supply and demand. But, when it comes to Feeding America, it comes down to this as well.  #hafb #feedingamerica #bitebybite #food #pantry #supply #tkr #TKRApp #TKRPodcast #Podcast #TonyKurreRadio #TonyKurre #MichaelColeman  Grab the free TKR app to ROCK Apple - https://apps.apple.com/us/app/tkr/id1463187328

Delorean Walls is back in the studio to discuss food insecurities in Northeast Wisconsin. Did you know that approximately one in three people in our communities is considered food insecure? Working with Feeding America, Delorean is involved with several upcoming events to discuss what can be done in our communities and food drives to combat the situation. One of the events is the Packers Superfan Food Drive coming up at 1st and Goal in Green Bay on Wednesday, April 23rd, from 7-10pm. He will also attend an Advocacy Day in Madison with Feeding America. A very eye-opening segment! Another eye-opening segment included Greta Gaworek and Sarah Kubiak from Big Brothers/Big Sisters of Northeast Wisconsin. The organization is always in need of "bigs", but they're also promoting the "Big Draft 25" which is pushing to gain 10,000 Bigs in 60 days. Locally, they need just 32 more bigs to meet their part of the nationwide 10,000 goal. Maino and the Mayor is a part of the Civic Media radio network and airs Monday through Friday from 6-9 am on WGBW in Green Bay and on WISS in Appleton/Oshkosh. Subscribe to the podcast to be sure not to miss out on a single episode! To learn more about the show and all of the programming across the Civic Media network, head over to https://civicmedia.us/shows to see the entire broadcast lineup. Follow the show on Facebook and X to keep up with Maino and the Mayor!

Send us a textHow Loyalty Principles Drive Impact in the Nonprofit Sector Loyalty professionals spend much of their time optimizing engagement, designing value exchanges, and driving long-term brand affinity. While these strategies are typically associated with commercial brands, they're just as relevant, and arguably more critical, in the nonprofit sector, where emotional commitment and sustained participation directly impact lives. Feeding America, the largest hunger relief organization in the United States, offers a compelling example of how loyalty principles like hyper-local relevance, omnichannel engagement, emotional connection, and strategic partnerships can be leveraged to build movements, not just memberships.  In a conversation with Loyalty360, Casey Marsh, Chief Development Officer at Feeding America, provided insight into how the organization's work is deeply informed by many of the same mechanics used to grow customer loyalty applied through the lens of social mission. 

IS IT POSSIBLE TO LIVE STRESS-FREE? Get a front-row seat to an exclusive conversation with Mo Gawdat, former Chief Business Officer of Google X, bestselling author of Solve for Happy, and co-founder of Unstressable. In this powerful talk from Tony & Sage Robbins' Platinum Partners 2024 Happiness Event in Abu Dhabi, Mo unpacks the science of stress—how it impacts our minds and bodies, why so many of us unknowingly hold onto it, and how we can finally break free. Drawing from his latest book, Unstressable: A Practical Guide to Stress-Free Living, co-written with Alice Law, and years of research, Mo explores the roots of stress addiction and why high achievers often struggle to let go. He also dives into the emotional toll of loss, relationships, and modern pressures, offering actionable strategies to find balance while still achieving success. This talk is a powerful invitation to rethink how we approach stress and unlock a more peaceful, fulfilling life. Please enjoy!     Tony Robbins is a #1 New York Times best-selling author, entrepreneur, philanthropist, and the nation's #1 Life and Business Strategist. For more than four and a half decades, more than 100 million people from 195 countries have enjoyed the warmth, humor, and transformational power of his business and personal development events. Mr. Robbins is the author of seven internationally bestselling books, including three #1 New York Times bestsellers: Money: Master the Game, Unshakeable, and Life Force. He created the #1 personal and professional development program of all time, and more than 10 million people have attended his live seminars.  Anthony Robbins is the chairman of a holding company comprising more than 110 privately held businesses with combined sales exceeding $7 billion a year. He has been named in the top 50 of Worth Magazine's 100 most powerful people in global finance for three consecutive years, honored by Accenture as one of the "Top 50 Business Intellectuals in the World''; by Harvard Business Press as one of the "Top 200 Business Gurus"; and by American Express as one of the "Top Six Business Leaders in the World" to coach its entrepreneurial clients. Fortune's recent cover article named him the “CEO Whisperer.” He is a leader called upon by leaders, and has worked with four US presidents, top entertainers -- from Aerosmith to Green Day, to Usher and Pitbull, as well as athletes like Serena Williams, Andre Agassi, and the 2022 NBA Champion Golden State Warriors. Billionaire business leaders seek his advice as well; casino magnate Steve Wynn, and Salesforce.com founder Marc Benioff are among those grateful for his coaching. As a philanthropist, through his partnership with Feeding America, Mr. Robbins has provided over 985 million meals in the last 8 years to those in need. He is two years ahead of schedule to provide 1 billion meals. Through the Tony Robbins Foundation, he has also awarded over 2,500 grants and other resources to health and human services organizations, implemented life-changing curricula in 1,700+ correctional facilities and gathered thousands of young leaders from around the world with its teen programs. In addition, he provides fresh water to 250,000 people a day in India in order to fight the number one killer of children in that country-waterborne diseases.

Delorean Walls is back in the studio to discuss food insecurities in Northeast Wisconsin. Did you know that approximately one in three people in our communities is considered food insecure? Working with Feeding America, Delorean is involved with several upcoming events to discuss what can be done in our communities and food drives to combat the situation. One of the events is the Packers Superfan Food Drive coming up at 1st and Goal in Green Bay on Wednesday, April 23rd, from 7-10pm. He will also attend an Advocacy Day in Madison with Feeding America. A very eye-opening segment! Another eye-opening segment included Greta Gaworek and Sarah Kubiak from Big Brothers/Big Sisters of Northeast Wisconsin. The organization is always in need of "bigs", but they're also promoting the "Big Draft 25" which is pushing to gain 10,000 Bigs in 60 days. Locally, they need just 32 more bigs to meet their part of the nationwide 10,000 goal. Maino and the Mayor is a part of the Civic Media radio network and airs Monday through Friday from 6-9 am on WGBW in Green Bay and on WISS in Appleton/Oshkosh. Subscribe to the podcast to be sure not to miss out on a single episode! To learn more about the show and all of the programming across the Civic Media network, head over to https://civicmedia.us/shows to see the entire broadcast lineup. Follow the show on Facebook and X to keep up with Maino and the Mayor! Guests: Delorean Walls, Greta Gaworek, Sarah Kubiak

This evening, Vince Hall will give an overview of food policy, his work with Feeding America navigating the complexities of solving hunger in America with healthy, nutritious foods, while explaining how policy affects the quality and quantity of food on your plate. Mr. Hall will be joined by Jennifer Steele, who will tell us how food policy affects her work with Meals on Wheels. They will work together explaining how food policy affects the ingredients used to make the appetizers you will be sampling this evening. About the Speakers As chief government relations officer at Feeding America, the largest charity working to end hunger in the United States, Vince Hall leads the development and execution of Feeding America's public policy, legislative, and advocacy strategies to empower communities and improve food security. He helps lead efforts to end hunger by advocating for policy changes, supporting advocacy capacity across the network, increasing neighbor enrollment in public benefits, and building partnerships that amplify our collective voice. Jennifer Steele is the CEO of Meals on Wheels of San Francisco. This organization ensures that older adults in the region have home-delivered meals and services that help them live with grace and independence in their homes. Steele has dedicated her professional career to advocating for those who can't advocate for themselves. Before joining Meals on Wheels, she worked in food insecurity and hunger relief both domestically and internationally. Organizer: Patty James   A Nutrition, Food & Wellness Member-led Forum program. Forums at the Club are organized and run by volunteer programmers who are members of The Commonwealth Club, and they cover a diverse range of topics. Learn more about our Forums. Learn more about your ad choices. Visit megaphone.fm/adchoices

Influencer marketing isn't what it used to be. Brands are shifting from chasing big names to working with highly engaged niche influencers. So how do you find the right influencers and create partnerships that actually drive results? I'm joined by influencer marketing expert Sherri Langburt, who's breaking down what's working now and how brands can maximize their influencer partnerships. If influencer marketing is part of your strategy, this episode is a must-listen. In this episode of the podcast, we talk about: How to measure real influence beyond just follower count Why nano & micro influencers are outperforming big names What's working in UGC & brand partnerships right now How AI is shaping the future of influencer marketing …And More!   This Episode Was Made Possible By: Riverside All-in-One Podcast & Video Platform Visit Riverside and use the code DREA to get 15% off any Riverside individual plan. We use it to record all our podcast interviews: https://onlinedrea.com/riverside    About the Guest: Sherri is the founder and CEO of BabbleBoxx, an influencer marketing agency that helps brands mix influencer strategies into their marketing plans for a true omnichannel experience. Early in Sherri's career, she created one of the first SaaS-based influencer marketing platforms, which eventually led to what would become BabbleBoxx. Her approach to marketing invites a 'slow the scroll and engage audiences' strategy by connecting hand-picked influencers across categories with companies of all sizes to execute co-sampling and signature “boxx” marketing strategies largely dependent on social content.  Sherri is an excellent and experienced speaker who has received outstanding reviews for content and delivery. Sherri was the Keynote speaker at the national 2022 AMA Digital Marketing Conference. Other speaking engagements have included the Path-to-Purchase Institute - Executive Network Conference, ANA Influencer Marketing Committee Conference, Digital Summit, and CEO Club of Baltimore. She is also an avid supporter of non-profit and educational organizations, including Feeding America, G.L.A.D.D, UJA, The Ronald McDonald House, U.C.L.A., and Seton Hall University, where she lends expertise and is often a guest speaker at events. Sherri offers volunteer one-on-one business counseling to the Women's Center for Entrepreneurship of the U.S. Small Business Administration. Website: https://babbleboxx.com/ LinkedIn: https://www.linkedin.com/company/babbleboxx/  Instagram: https://www.instagram.com/babbleboxxofficial/    Go to the show notes for all the resources mentioned in this episode: https://onlinedrea.com/350

Comedian Josh Johnson is a writer and correspondent for The Daily Show and his stand-up sets have millions of views on YouTube. Josh talks with Mike about cultivating a fan base via the YouTube videos, why he thinks chasing success in the comedy industry is sometimes antithetical to the art form, and shares the advice he got from Trevor Noah. Plus, Josh helps Mike work out a new story about animals living in Mike's walls.Please consider donating to Feeding America

This is Derek Miller, Speaking on Business. For over a century, Utah Food Bank has been fighting hunger across all 29 counties, making sure Utahns in need don't go without nutritious meals and essential support. President and CEO, Ginette Bott, joins us with more. Ginette Bott: Right now, 415,000 Utahns — including 1 in 6 kids — are at risk of missing a meal, and Utah Food Bank is here to help. We work tirelessly to ensure Utahns facing food insecurity get the support they need. As Utah's only Feeding America affiliate, we partner with over 270 agencies, including food pantries, shelters, and schools, all to distribute food free of charge. Last year, thanks to generous community support, we provided 65.5 million pounds of food — equal to 54.6 million meals — through our state network, our partner agencies and programs like Kids Cafe, Mobile School Pantry, and Food Box deliveries for seniors all help. We couldn't do this without support from the community. Every 1 dollar donated turns into 7.80 dollar worth of food and services, and volunteers contributed an incredible 183,000 hours last year. Whether you give food, time, or money, you make a real difference—get involved at UtahFoodBank.org. Derek Miller: Utah Food Bank plays a crucial role in strengthening communities by providing nutritious meals to those in need. Through partnerships, programs, and the support of donors and volunteers, they fight hunger and make a lasting impact across the state. I'm Derek Miller, with the Salt Lake Chamber, Speaking on Business. Originally aired: 4/9/25

We're back again today with our Warm Hearts, Warm Homes series, and this time, exploring how food assistance helps create warm, stable homes for our neighbors in need. Food insecurity is a big problem in the United States, as 47 million people—including 14 million children—do not have enough to eat and don't know where their next meal will come from. Beyond that figure, many more people—estimated in the millions by Feeding America—do not meet the government's definition of food insecure but still turn to the charitable sector for support. And in Gillette, Wyoming, that includes The Salvation Army. Jenny Hartung, who leads The Salvation Army's Service Extension Unit in Gillette, has witnessed the evolution of need and Salvation Army assistance over the past decade. What started as a single shelf of emergency food has grown into a 15,000-square-foot facility that's warming both hearts and homes through food assistance, social services, and soon, a bridge housing program for women. Today, Jenny is here to share how The Salvation Army in this small town of some 30,000 people is making a big impact—distributing over 2,000 food boxes every month and showing us all what's possible when a community comes together to care for its neighbors. EPISODE SHOWNOTES: Read more. BE AFFIRMED. Get the Good Words email series. JOIN THE HOPEFULS. Get inside the group. WHAT'S YOUR CAUSE? Take our quiz. BE INSPIRED. Follow us on Instagram. DO GOOD. Give to The Salvation Army.  

Listening to her college-aged daughter making calls for AmeriCorps in 2020, Laura Nelkin was surprised at how many people in her community faced food insecurity and hunger every day. A problem that had seemed far away suddenly felt much closer to home, and Laura wanted to find a way to help. She had a feeling that other knitters would want to help, too, so she dreamed up a group effort: the Knit for Food Knit-a-Thon (http://www.knitforfood.com/). In its first 4 years, the effort has raised over $1.25 million for Feeding America, Meals on Wheels, No Kid Hungry, and World Central Kitchen. 2025 is poised to be the largest event yet, with more teams and knitters joining the effort every day. How does it work? Until Saturday, April 5, 2025, crafters register to participate, either as members of a team or solo. Participants reach out to friends, loved ones, colleagues, and other contacts to make a financial pledge to support the effort. Then from 10 am to 10 pm Eastern Time on April 5, participants pick up your craft of choice and knit (or crochet or stitch or whatever you like). Some teams and local craft groups organize public meetups for support. Anyone raising at least $100 receives a link to online events including stretching and knitting ergonomics, live music, games, and presentations from the four benefiting charities. At the end of the day, you've enjoyed 12 hours on your favorite craft, strengthened the fellowship of crafters, and helped raise hundreds of thousands of dollars that directly feed hungry people. Laura (and her saucy alter ego, Lola) develop dozens of innovative ideas every year, from original designs to bead-knitting techniques to a brilliant method for swatching to knit in the round while knitting flat. She documents her ideas and experiments on her YouTube channel, offers kits and mystery knit-alongs, and invites knitters to join her in real life on knitting-related tours and cruises each year. The Knit for Food Knit-a-Thon brings that spirit of fun and inventiveness to a much-needed cause, building the spirit of community with every stitch and donation. Links Knit for Food sign-up page (https://givebutter.com/knitforfood25) Knit for Food FAQ (http://www.nelkindesigns.com/index.cfm/page/knitathon/knitathon25.htm) Check out a list of ideas for charities (https://nelkindesigns.blogspot.com/2021/03/10-ideas-for-charity-knitting.html) for handknitters. Laura Nelkin's website (http://www.nelkindesigns.com/) Laura's YouTube channel (https://www.youtube.com/c/lauranelkin) Nelkin Designs Ravelry group (https://www.ravelry.com/groups/nelkin-designs) Nelkin Designs on Facebook (https://www.facebook.com/NelkinDesigns/) This episode is brought to you by: Treenway Silks is where weavers, spinners, knitters and stitchers find the silk they love. Select from the largest variety of silk spinning fibers, silk yarn, and silk threads & ribbons at TreenwaySilks.com (https://www.treenwaysilks.com/). You'll discover a rainbow of colors, thoughtfully hand-dyed in Colorado. Love natural? Treenway's array of wild silks provide choices beyond white. If you love silk, you'll love Treenway Silks, where superior quality and customer service are guaranteed. KnitPicks.com has been serving the knitting community for over 20 years and believes knitting is for everyone, which is why they work hard to make knitting accessible, affordable, and approachable. Knit Picks responsibly sources its fiber to create an extensive selection of affordable yarns like High Desert from Shaniko Wool Company in Oregon. Are you looking for an ethical, eco-friendly yarn to try? Look no further than Knit Picks' Eco yarn line. Need needles? Knit Picks makes a selection for knitters right at their Vancouver, Washington headquarters. KnitPicks.com (https://www.knitpicks.com/)—a place for every knitter.

Dairy provides 13 essential nutrients that are central to good health for Americans. However, there are still barriers to accessing these benefits for many communities across the country. What health and nutrition benefits do dairy products offer to improve health outcomes? How can the dairy industry partner with physicians to communicate dairy's health benefits?Listen to this week's episode of The Dairy Download to hear from two experts on nutrition access: Claire Babineaux-Fontenot, CEO of Feeding America, and Dr. Virginia Caine, president of the National Medical Association.If your company is interested in sponsoring a block of episodes of The Dairy Download, contact IDFA's Lindsay Gold at lgold@idfa.org.Like the show?Rate The Dairy Download on Apple Podcasts!

Aaron Burnett, founder and CEO of Wheelhouse Digital Marketing Group, delves into the unique marketing challenges faced by the MedTech industry. He discusses the critical importance of continuous messaging and creative iteration in data-constrained environments, highlighting how accurate first-party and zero-party data strategies can drive performance in highly regulated markets like healthcare. He emphasizes the need for proprietary data solutions to stay compliant and effective amidst evolving privacy regulations. Reflecting on his personal and professional journey, Aaron shares practical insights on optimizing marketing strategies for better business outcomes while maintaining a culture of generosity and helpfulness. Guest links: www.wheelhousedmg.com | www.linkedin.com/in/aaronburnett | Aaron@wheelhousedmg.com | https://youtube.com/@wheelhousedmg Charity supported: https://www.feedingamerica.org/  Interested in being a guest on the show or have feedback to share? Email us at theleadingdifference@velentium.com.  PRODUCTION CREDITS Host: Lindsey Dinneen Editing: Marketing Wise Producer: Velentium   EPISODE TRANSCRIPT Episode 050 - Aaron Burnett [00:00:00] Lindsey Dinneen: Hi, I'm Lindsey and I'm talking with MedTech industry leaders on how they change lives for a better world. [00:00:09] Diane Bouis: The inventions and technologies are fascinating and so are the people who work with them. [00:00:15] Frank Jaskulke: There was a period of time where I realized, fundamentally, my job was to go hang out with really smart people that are saving lives and then do work that would help them save more lives. [00:00:28] Diane Bouis: I got into the business to save lives and it is incredibly motivating to work with people who are in that same business, saving or improving lives. [00:00:38] Duane Mancini: What better industry than where I get to wake up every day and just save people's lives. [00:00:42] Lindsey Dinneen: These are extraordinary people doing extraordinary work, and this is The Leading Difference. Hello and welcome back to another episode of The Leading Difference podcast. I'm your host, Lindsey, and today I'm delighted to introduce to you my guest, Aaron Burnett. Aaron is CEO and founder of Wheelhouse Digital Marketing Group, a sought after digital marketing agency based in Seattle, Washington, that helps brands thrive by solving their toughest digital challenges. Every point of Aaron's career has been marked by his ability to leverage technology and his own creativity to drive growth. He has propelled Wheelhouse into working with some of the world's most innovative healthcare and medical device brands for more than a decade, consistently delivering exceptional business value through a combination of deep healthcare marketing expertise, purpose built technology, and creative capabilities. Most notably, Aaron and his team have developed technology and services that guide digital strategy for clients such as Providence, Fred Hutch, Delta Dental, and NASA. Well, welcome, Aaron. Thank you so much for being here today. I'm really excited to talk with you. [00:01:47] Aaron Burnett: Yeah, I'm excited to talk with you as well. Thanks for having me. [00:01:50] Lindsey Dinneen: Of course. Well, if you wouldn't mind starting off by sharing a little bit about yourself, your background, and what led you to MedTech. [00:01:59] Aaron Burnett: So I'm CEO of an agency called Wheelhouse Digital Marketing Group. It's a 14 year old agency. We provide performance marketing for privacy first industries. We have a particular concentration in medtech and healthcare, and have had that concentration for the last dozen or so years. We work with very large health systems like Providence, we work with some of the largest health insurance systems in the U. S. as well as large to mid size medical device manufacturers, and interestingly, we've also worked with NASA for the last six years, which is in neither of those markets but is interesting and complex and is NASA, and we get to do things on a scale that you don't get to do anywhere else. We're probably a little bit different from most other agencies, first in that everything that we do is attuned to privacy first industries. So we are, because of our long standing relationship with healthcare in particular, accustomed to working in environments that are highly regulated. So being attuned with HIPAA compliance and implications on third party tracking, working with much less data than you would work with in a typical e commerce or B2B lead generation sort of a situation. And so we have folks who are deeply expert at working in those markets, know them well, have an orientation toward performance marketing, which is what all of our clients want. They are diverse, but they're unified in that they want us to achieve an outcome with business value. It's important. It's lead generation. It's a transaction. It's something that has tangible value that can satisfy a chief financial officer. So deep expertise. We also have developed our own proprietary technologies and methodologies that help us to deliver performance marketing in these markets. So you know, in a highly regulated industry, you can't just use platform data for audience targeting. You don't get a lot of that data. You can't use platform data for optimization. You have to be very careful about what you collect and what you share and how you evaluate and commingle and analyze that data. So we've created our own HIPAA compliant data warehouse and a BI practice on top of that allows us to bring in not only platform and analytics data, but also CRM information so we can integrate it in an API level with CRM systems and first party data. So we get a lot of insight. We can see the entire user journey, customer journey, prospect journey in the context of our analysis in this platform and not share data with anyone else. So we never fall afoul of any regulations. And then our analysts can identify insights and then activate those insights in advertising platforms in sort of an air gap situation. We never have to share data. We also provide creative, but it's creative in the service of conversion rate optimization. So it's performance creative. We're not going to develop a new advertising campaign or a new branding strategy, but we are highly adept at figuring out how to get creative to perform, which is increasingly foundational to driving exceptional marketing outcomes. Now, because so much advertising is algorithmically driven and because in the absence of audience targeting, it turns out that creative variation and a really broad set of creative variation is kind of the new way to target an audience. So if you have 15 variations on a particular creative and they're attuned to different audiences and different messages, you can in some contexts rely on the platform algorithms to find your audience for you through that creative. So we're attuned to delivering that way. In terms of my own background, I started as a marketing exec. So I was a VP of Sales and Marketing with AT& T Wireless, worked for some other telecom and software companies, and started consulting and helping other folks with marketing, and found that I was good at and loved digital marketing, starting with SEO and then moving into the other disciplines. And the thing that I loved about that and that I continue to love about it is that it combines creativity, the art of marketing, with a definitive outcome which you don't get in traditional marketing. So it's there in the data, whether you did it or you didn't. And that's quite satisfying and also create security when you're working with clients. We can, at the end of a quarter say, "Listen, you're up 85%. And here's how we did it." And that creates certainty around the value of the relationship. It creates longevity in the relationship. We strive very hard to develop long term client relationships. I think our average tenure is about six and a half years now. And we find that just continuing to deliver and continuing to clearly explain what we've delivered puts us in good stead and makes for a nice, stable, and growing business. [00:06:37] Lindsey Dinneen: Nice. Well, first of all, congratulations on that business that you've successfully launched and is going strong. That's awesome. I know that's no small feat. I know a lot of our listeners can relate to that too, of being that CEO and taking on that incredible new job opportunity, and how many things you learn and the day to day ups and downs of entrepreneur. [00:06:57] Aaron Burnett: That's right. You get an opportunity to make a new mistake every day. [00:07:02] Lindsey Dinneen: Indeed. Indeed. Indeed. But that's a good thing. So that's fantastic. Thank you for sharing a little bit about that. So going a little bit back into some of your personal background, and then I'm delighted to delve into the company as well and what you do. But in the growing up, did you have an inkling that marketing would be the thing for you, or did this sort of grow out of schoolwork, or what was that thing that said, "Oh, I think I know where I want to be?" [00:07:30] Aaron Burnett: I figured out where I wanted to be by figuring out where I didn't want to be first. [00:07:34] Lindsey Dinneen: Oh. [00:07:35] Aaron Burnett: So no, the thing that I wanted to be, from the time I was seven until I was in the middle of college, was an attorney. Then the notion that I had of being an attorney was you would fight for truth and justice and fairness and all of those virtues, sort of a cinematic version of being an attorney. And what changed my mind was that I paid my way through college by working in restaurants, and in a particular restaurant in which I worked-- it was a fine dining restaurant-- there were a lot of attorneys who came in with clients or came in after work. There were also a considerable number of law school students during the summer who were taking a breather and recovering before they went back again. And I got really consistent insight and advice, which was sort of distilled. The law school students said, "Yeah, we used to think that's what this was for too. And that was beaten out of us by the second year of law school. That's not what this is for." The attorneys who were successful, particularly financially successful, they were focused on transactions and they were very conventionally successful and very apparently miserable. Then the other thing was that I came to believe that being an attorney would draw out the very worst in me. I'm a little bit competitive and I really enjoy arguing. I couldn't see how that was going to be good for me, a marriage, or being a good father, or any of those sorts of things. So, I figured out what I didn't want to do first. And then when I graduated from college, I had studied communications and then I also had studied political science and eastern philosophy and religion. And after college, I was aware that I wasn't ready to get a job, because I had no idea what that job would be. So, I went backpacking in Southeast Asia. I bought a one way ticket to Bangkok. And the plan was that I would travel for three years, and I would see in person some of the things that I studied. I would learn more and think more and get more clarity as to who I was and who I wanted to be. But that plan changed when five months into that trip, I met a woman on an island off the coast of Malaysia at a beach party during Ramadan when everything else shuts down at sundown and the only thing to do is to hang out with other backpackers. And we met and stayed up until three in the morning talking and both of us knew, like, right away, "Oh, you're the person." So we spent most of the next seven days together. Got engaged at the end of those seven days. Got married three months later in New Zealand. She's a New Zealander who was headed to Europe. And then came back to the U. S. so that she could be in the U. S. for the two years that required to establish permanent residency. And I started working for a telecom company in a temporary role. I worked there for three weeks as a temp. I was hired as an employee into the marketing department and discovered that marketing was an aptitude and something that I really enjoyed. I was also in a really fast growing company. It was a cellular company, part of Macaw Cellular at the time. And kind of the ethos there was, "Doesn't matter if you have done it, because nobody's done this stuff before. If you can do it, and you show aptitude, we're going to give you a shot." And so I got to do all sorts of things that I had no business doing, but that I succeeded at. I built a call center. I built a marketing organization of 75 employees and ran that for about three years. And I ended up becoming VP of Sales and Marketing, about seven years into that stint and just discovered that I love marketing and I particularly love marketing the intersection of marketing and technology. I love the tech part. I love developing new technology. One of the things that I did there was to develop a call completion platform for the network that we worked on that had a significant impact on revenue and a decrease in cost. So I loved identifying technical solutions and then activating them from a marketing perspective. What I also discovered, though, when that company was acquired by AT& T was that I didn't like really big companies, where you got to be VP of something very deep but very narrow, which is how that was going to turn out. And so I went from there to a series of smaller and smaller companies. And the closer I got to entrepreneurship, the happier I became, and the more at ease I became until in the year that my first daughter was born, in a job that was going super well-- I joined two years prior, the company had increased its customer base by about tenfold, things were going super well, it was five minutes from my house. It was easy, I wasn't stressed, but it was also super bored. I quit and started a company, and from there went into, I made all of the first time entrepreneur mistakes in that company. I left that company. Actually, that company left. That company didn't succeed. [00:12:32] Lindsey Dinneen: Oh, no. I'm sorry. [00:12:34] Aaron Burnett: It was great. I learned a lot. I also learned that I loved that and then started to consult and learned that. No, I actually love technology and marketing, but I love more helping people. That feels really good to me. And so sort of fast forward a few years. I created Wheelhouse for a couple of important reasons. One is I wanted to create the agency that I always wished I could hire when I worked for other companies. And what I wanted out of an agency partner was that it was partnership. It was somebody who really did have my best interests at heart that didn't deploy an account manager on me who is constantly looking for opportunities to monetize the relationship, who was playing this sort of kabuki theater where we pretend we're friends, but really it's about the change order, which felt bad on a soul level to me. And I also wanted to create this sort of place I always wanted to work. [00:13:29] Lindsey Dinneen: Yeah. [00:13:30] Aaron Burnett: I worked in larger and larger companies-- and actually this was true in venture backed companies as well-- in most instances, what I discovered is that people were asked to be someone different at work than they were at home. We have a set of values that we all agree to societally. We believe in being helpful and generous and kind. We would help anyone on the street if they asked us. If a friend called, and asked for help, you wouldn't figure out how you were going to get paid for that help. You wouldn't be playing the angles. If you were doing something with a friend, if you were coming to an agreement, if you were writing letters to an exchange of letters to agree on plans, you wouldn't be crafting the language, looking for the way that they might transgress, and you could take advantage of them. And yet, I found lots of instances where that was true in business, and that didn't make any sense to me. So I wanted to create a place that I wanted to work where the same values that you uphold that you believe in that are healthy in your personal life are the values that you adhere to in your professional life as well. And so the core values that have informed and continue to inform the way that we behave here are in part traditional. Integrity and stewardship are there, but so too is helpfulness and generosity and joyfulness. We say to every prospective client, every current client, everybody who works here, "We exist to be helpful." That helpfulness is not constrained by a piece of paper. If a client asks us for help, we will help first. We'll be generous with our time and our expertise and our resources. We'll almost certainly do work that we're not being paid for explicitly. We'll look out for our client's best interests, but we'll look out, we'll ask them to look out for our best interests as well. And we say that explicitly. And my experience is that in almost every instance, if you remind people of who they are at the beginning and that, "Hey, this is a personal relationship here. I know there's a contract and it's a business contract but as a person with my business I'm helping you as a person to achieve your aims as well. And anything we do that's detrimental has a personal impact and anything we do that's additive has a personal impact. And I'm going to try to make this the best experience for you and I'll rely on you to do the same with me." You know it creates a much healthier relationship, and that's part of the reason we have such a long client tenure. Our clients very quickly know, "Oh, you're on my side. You're going to help me. I don't have to walk around with one hand holding my wallet. I don't have to worry every time I call and ask for help. I don't have to review my SOW." [00:16:06] Lindsey Dinneen: Yeah. [00:16:06] Aaron Burnett: Pretty quickly get to a place where neither of us remember what's in an SOW. And we're only going to go back and look at it if something really gets to the size that, "Oh no, that definitely wasn't a part of this initially. We should talk about this being a separate thing." And quite often, it's the client doing that, saying, " Doing this thing, we should pay you more for that." And I love that. I see that as an indication of health. We do other things that are unconventional as well. We do have an account team. They focus on hospitality, not monetization. And one of the metrics that we track internally is laughter. So if we're in all of our client meetings, we're listening for laughter. We're not scoring it. We're not trying to make it happen X number of times, but I see the presence of laughter as an indication of ease and trust and health, and we really care about that, and so we invest in it. [00:17:02] Lindsey Dinneen: I love that. Oh my goodness. I love all of the culture that you have so meticulously crafted, and it's so interesting because as you were talking about it, I was thinking how you had mentioned early on career wise you were saying, "Well, I, I learned by discovering what I didn't appreciate." And I'm wondering then if part of the culture that you have so carefully developed and cultivated over time is also partly, "Oh, I see what hasn't worked very well in the past. So now I'm really focusing in on something that is aligned" to who you are, obviously because you're the CEO, this is your business, but also just, "this is what works well for our client relationships and everyone who works with us." [00:17:45] Aaron Burnett: Yeah, that's true on a number of levels. It's true in that, at times we see the way that other agencies or even writ large, other service organizations behave. Sometimes we bump up-- actually frequently we bump up against other agencies, particularly in large client situations. And we're really explicit in saying we're never going to try to poach business from another agency because we just don't think that's very nice. You have to behave in a very mercenary way to make that happen. You have to undercut someone. And so instead, we talk about creating the conditions that make people want to work with us. So we'll work hard to create the conditions that show us to be expert and clearly demonstrate the value that we can deliver, but we're not going to say, in contrast to those people over there. [00:18:32] Lindsey Dinneen: Yes. [00:18:32] Aaron Burnett: And there's a difference. And so, we come back to our values on that. We also, you're right in that the impetus for the culture came from me, but I also have a strong belief that everyone who comes here should add something to the culture and they are free to express the culture in their own way. Some of those ways might not be comfortable to me the ways that I would think you might go about doing this, but they're great for other people, right? And there are things in the company rights that are kind of like that where I know a majority people love this thing. It's important culturally. It doesn't do anything for me, but that's okay. And then we also have learned-- I joke that you get to make a new mistake every day and that's a joke. It's also pretty true. I make lots of mistakes. I have made cultural mistakes over the years that were very well intentioned and have been costly, either financially or culturally. I think that, you know, there are byproducts of a culture like ours that are behavioral. If you're going to be helpful and generous and pursue joy in your daily work, then the byproducts should be that you also are, you know, kind and gentle, and that you extend grace to people when they mess up. And those are great things, but taken to extreme, they also can be damaging things. And there have been times when I've taken them to extreme, when I thought with a, let's say an employee who wasn't performing well, but I had a great deal of empathy for. I would want to give them many chances and think, "Well, surely, okay, if I explained it one more time but different, or if someone else gave them clearer direction, or we did something else, we're going to get there from here." thinking, "Well, this is very kind to them. I'm giving them more runway. And it's good culturally as well. This is the right, sort of the moral decision to make." And in retrospect, that was totally wrong. It wasn't actually kind to them because we also communicate frequently. They knew where they stood. They knew they weren't performing. And this just extended the non performance in a lot of instances. It was also not kind to their team members because they had to fix the work or do the extra work. It was frustrating to them to see that their merit wasn't held in higher esteem, treated differently, that they were getting less attention than a person who was underperforming. And it took a long time for me to learn that. Other people told me I was doing that wrong for years. And in fact, there's a great book that we have used, that you're probably familiar with, called "Radical Candor" that really speaks to the importance of being quite direct, but in a kind way. And there is, there are four quadrants described in that book for different sorts of styles. And there's one just for me, I think, called Ruinous Empathy. And that's where I lived for a while. Super nice, very empathetic. But sometimes a bad result. [00:21:34] Lindsey Dinneen: Yeah. It's a great book. Highly recommend it for anyone eager to improve communication and how to give feedback and whatnot. [00:21:42] Aaron Burnett: Right, yeah. We call it telling the kind truth. You can say a hard thing, but in a nice way. [00:21:49] Lindsey Dinneen: Indeed. Indeed. And we all need that. We need that personally. We need to be able to give that. So that's incredible. So, now, specifically with medtech companies-- which I know you've chosen to really spotlight in addition to your healthcare organizations that you work with-- what major challenges or common challenges do you see medtech companies have when they're starting to think about-- well, maybe they haven't even gotten to a really good marketing plan yet because, you know, at first maybe they're just building, building and they haven't even thought, "Oh, I'm not quite sure how we're going to communicate about this." But just in general, what are some of the major challenges or common challenges that you see MedTech companies having with their marketing and how can you help? How can we help? [00:22:30] Aaron Burnett: Yeah. Huh. There are a couple of key challenges. One is figuring out messaging that resonates and drives performance. And a mistake that we often see is that messaging is viewed as static rather than iterative. It has always been the case that constant testing has real value, outsized value, particularly in digital advertising. It is exponentially true today that constant iteration and tweaking and tuning in messaging and in creative is absolutely essential to driving performance. And what also is true is that messaging and creative increasingly help you find your audience. So, if you're in a company that is highly regulated, that is governed by privacy regulations, that is perhaps governed by HIPAA regulations, you're significantly constrained in the data you have access to, the things that you can track. In the main, you can't really use third party tracking. It seems every week there is some sort of new announcement that further restricts the data to which you have access. The latest announcement is Meta declaring that they are targeting sensitive industries and categories. And that in targeting those industries and categories, they're going to block certain types of data, and the data that they're blocking in the main is conversion data. And so, you're blind with regard to whether anybody actually did the thing you needed them to do. Did they sign up for a trial? Did they complete a lead form? Did they ask for follow up? If you're using a conventional approach to those sorts of things, if you're using certainly their tracking, which I hope nobody is doing anymore, then that data just goes away on some date. But as you lose fidelity of the data and as you take into account sort of the more meta issue, not Meta the platform, but the global issue of cookie deprecation and privacy settings in browsers and the fact that already about 40 percent of the third party data that you would have gotten through browser signals is gone. You've lost fidelity. So the way that you find an audience now, particularly in a data constrained environment, is through what you put into market. It's messaging variation, and it's through really significant creative variation, not one ad, two ads, three ads, like old school conversion rate optimization, but 15 ads. 15 different creative concepts with variation of messaging that look very different. And as you do that systematically over time, you allow the algorithm to both optimize performance, and those algorithms work very well now, but increasingly-- and this is particularly true again on Meta which we find to be really powerful when done well for medical device clients-- you find that you don't just optimize the creative. In that optimization, the creative finds your audience for you. You're able to tune your creative to the audience that performs for you and continue to iterate in terms of both audience targeting and creative. So first there's, there is a need to test into all of this. And there is intensive testing at the beginning of the process, but there's continuous testing, perhaps at a lower velocity or intensity, even as you go along. It doesn't stop. You don't get to a point where, "Oh good, we're on cruise control. We've got the ad that works. We've got the PPC that works. Everything is working well." It's just constant iteration because it is algorithmically driven and because in the algorithms, you know you can think of this in terms of social media. In social media, I think people are familiar with algorithmic fatigue. If your algorithm in a personal feed on a social platform didn't change, didn't refresh fairly frequently, you get really bored with what you're seeing. The same is true in the platforms. And so we find creative fatigue, even with creative that performs super well, happens fast-- like a week, ten days, something like that. And the fall off isn't subtle. It's you're going along and you do that. It's a big drop. So it's constant iteration. The second thing that we find is a lack of, I was going to say a lack of sophistication with regard to data strategy. It's actually more often the absence of data strategy. I think for a long time data strategy didn't need to be foundational to marketing, even to digital marketing. If you think of digital advertising or even organic forms of digital marketing, the platforms did the work for us. You targeted audiences in the various advertising and social platforms. You got all your data through analytics. You could see what was happening in search through search console. Perhaps you use some third party platforms as well. But what is true now in a data constrained environment is that the most important signal, the signal that delivers greatest value, isn't the signal that's in the platform. It's the signal that's probably in your CRM. It's the one that tells you that a lead converted, someone actually went into trying a device, or they actually became revenue generating. So you need a strategy at a system, at a platform level, to bring all of that data together and to normalize it in a manner that enables it to be evaluated and analyzed as a corpus of data that enables you to see the entire user journey. You need a strategy around naming conventions in advertising that allows you to bring that in a way that can be integrated with CRM data and other analytics data or other platform data. You need a first party data strategy, because in a data constrained environment, in a tracking constrained environment where you can't rely on third party data in the same way, audience targeting and even optimization now rely substantially on first party data. It's the data you own that you have permission to use, or on zero party data. Well, you can't put that in a public database. That has to go in a purpose built data warehouse that has been developed for privacy sensitive industries. And so, in our case, we created a HIPAA compliant data warehouse and a BI practice on top of that that gives our analysts the ability to view the customer journey in entirety, to see people as they move through sort of the prospect funnel, and to optimize for the conversion step that isn't in the platform but delivers business value. And then to use the insights that they glean there to optimize in a platform without sharing data, which is the key. You're able to know, and this is something for people to remember, despite all the increased privacy regulations and constraints, as a website owner, as long as you have the right data environment, meaning the data you collect is in a HIPAA compliant environment, if you're governed by HIPAA, certainly in a privacy sensitive environment, even if you're not, you can collect full fidelity data regarding what people are doing on your site. You can't share it with a third party platform, you can't send it to Meta, you can't send it to Google, but you're able to know everything that you knew before, so long as you collect it in the right way, and evaluate it in the right way. And our experience is, the privacy regulations, despite being uncomfortable and alarming and forcing a lot of intense activity up front to create a new systemic approach, new infrastructure connections and new data strategies, actually yield a much better business outcome. We can drive better performance with first party data. We drive more business value with first party data than we did when we were doing it the easy way and using platforms for targeting and optimization. [00:30:27] Lindsey Dinneen: Yeah. Okay. Yeah. So, so your company really helps to bridge the gap between what maybe, if you're not into the nitty gritty details, say we're speaking with somebody who's developed a device what they may have learned as, as far as like Marketing 101, but it is so different when you have, like you said, very specifically protected industries and they have a lot of regulation and we have to be really careful with how we talk about things. So your company is really helping bridge that gap between what we may have all been taught and kind of know in the back of our head versus here's the actual reality of the situation today. And you're keeping on top of all of those regulations. [00:31:08] Aaron Burnett: True. And then, you know, because we concentrate on the medical device industry, we also are highly attuned to what language we can and cannot use. And we know, alright, we need creative variation, but we also understand that we can't just test anything. That we need to be very careful with language, we have to use language that's approved, it needs to come from certain sources and not from others. If it's new it has to go through a certain approval process. So, we end up creating a lot of efficiency by simply knowing how it all works and having a lot of experience with needing to create new ad variations that win easy approval and can very quickly be put into market. [00:31:50] Lindsey Dinneen: Yeah, of course. Now, you know, in working with MedTech and you've chosen again, some very specific niches, which I love. Have you had any moments that really stand out as, "I'm working with this client and I am in this industry and I am realizing, 'Wow, I am really in my element.' I am here for a reason." It just sort of stands out at this moment that matters. [00:32:15] Aaron Burnett: Yeah. One of the clients we've worked with for a very long time has an insulin monitoring and delivery device. We worked with them when they were sort of mid sized, but also kind of looking for market fit in their digital marketing was dormant. Almost dormant. I'd put it on the verge of dormant. It wasn't doing well. So, we started on a series of projects with them, and they started quite small, and very quickly were able to deliver a lot of performance for them. So, the first year, we increased lead generation by just under 500 percent for them, which was super meaningful and exciting, and enabled us to start this very long term relationship that is broad and multifaceted now. What I've loved about working with them, and we were talking about this when we first got online, is that the people who work there really care about the people they serve. And as a matter of fact, there is almost a universality in that the people who work there either have close friends or family members who deal with diabetes. And so it's not a commercial endeavor. I mean, it is, but it's also a very personal endeavor and they're aware and convinced-- and I think they're right-- because I also have a close family member who uses their device, that their device makes such a difference to the quality of life for the people involved. The difference that I've seen in this family member is that she went, I think, from being aware, moment to moment, "I'm diabetic and I need to keep track of this, and there are some things I need to do at certain points throughout the day," to "That's not really a main thing I have to think about. I mean, I have to be kind of aware of it, and, you know, I've got an app on my phone, and I do have this device, but this is not something that is at the forefront of my brain. I can think about other things, and this is very much in the background." And that's a really big deal. And we feel the same. I know I have been to public events. I went to a high school play and one of the performers was very clearly wearing this device and not hiding it. It was super visible just a part of her life, not anything she felt embarrassed about. And I felt proud of that, even though I have, I play such a small part in that. But, just felt proud that she felt comfortable, and she was a lead in a school play, and it was a good play, and a big deal, and there were hundreds of people in the audience. And so, to see the impact of something like that, and to have confidence that the work that we do actually makes a positive difference in the world, is soul satisfying. [00:35:00] Lindsey Dinneen: Yeah. Thank you for sharing that story. That's, that is really special and impactful. And I always think, you know, we don't always get those moments of realizing the impact of our work. I agree with you, even in the small, like, "Oh my gosh, I had a tiny little piece to play in it." But it just makes you think, "Oh my goodness, what I do really does matter. It does make a difference." And so to get that opportunity to have seen it in action and in such a positive light is incredible. So yeah, I appreciate you sharing that. [00:35:29] Aaron Burnett: It's comfortable. It feels so good to market for clients when you're sure that what you're putting in the marketplace is really good for them. And what you're trying to do is just make sure they're aware of this good thing. That's so different than marketing for a client where you're sure they want to make more money and you're not sure that anybody who buys this thing-- does it matter? Does it not matter? Does anyone really need this thing? You know, that's a very different feeling than being confident that the thing you're promoting will make a positive difference in their lives. So, yeah. [00:36:09] Lindsey Dinneen: Amen to that. And that's a really interesting thing about marketing that can be divisive a little bit among people who aren't as familiar with the industry or as comfortable. And so it's really nice to know, you know, marketing can, and is very often, used in a very positive way to highlight the important things 'cause you know, as I try to remind my lovely engineer friends is you can make the most wonderful thing in the world, but if nobody knows about it, that's that. You know, that you're just, you're stuck. So, so it is important to have marketing and to have that bridge that gap and make it known. But to just know, like you said, that it's going to make a positive impact is just wonderful. So yeah, I love that. So pivoting the conversation a little bit, just for fun, imagine that you were to be offered a million dollars to teach a masterclass on anything you want. It can be within your industry, it can be totally separate. What would you choose to teach? [00:37:07] Aaron Burnett: Oh, the power of culture. [00:37:09] Lindsey Dinneen: Ooh. [00:37:10] Aaron Burnett: And if I had to focus more specifically on the power of generosity in business. My experience, our experience throughout the history of this company, is that helpfulness and generosity are our BD strategy. We're not trying to convince anybody of anything. We're trying to give as much away as we can be as generous as we can. And we find that if you help people, if you are generous and if you do it without expectation-- and I can't fully explain why this is true. I have some guesses. If you help people without expectation, you just help them because you're helpful, and that's the right thing to do, and you do that for a person, that good things happen out of that. I think I can explain it. I can understand it more mechanically. I might bump into you. We may or may not know one another, but we get chatting, and you tell me you've got a problem, and I know the answer to that problem. It's also a service that I offer. And I could certainly play the angles and try to get an engagement to get you to pay me for that service. I could just help you. And you may or may not ever become a client, but I've helped you. And my experience with that is that we've gotten referrals from people who have never been clients. And sometimes those referrals occur years later, like long enough that we only vaguely remember who that person was and what we did for them. But I think that being generous, you can't tell someone to trust you. But you can behave in a trustworthy way. You can't tell someone in a way that inspires confidence, "Look, I'm gonna look out for your best interests. I'm not gonna try and pick your pocket." But you can behave that way. And you can communicate it with your actions. So, I think it's interesting to consider what business and society would be like if the orientation was toward generosity rather than the orientation being toward protection. When we write SOWs, for the longest time we wrote the most naive SOWs. And we did it intentionally. A, because, practically, we're a small agency working with big clients. And if somebody wants to take advantage of us, they probably can because I have a limited attorney budget, and I don't really want to spend my budget on that anyway. But the other reason is that I that seems to have integrity with what we say. We're going to be helpful and generous. We're going to do work you're probably not going to pay us for. We'll look out for you. You look out for us. We're not going to get you with business terms. We're not going to squeeze you with scope of work, that sort of thing. So, let's not kid each other. Let's not now create this document that's super conventional and has five pages of terms and conditions and that sort of thing. It's honestly only as we've worked with larger and larger organizations where their legal teams won't let them sign an SOW that's as goofy as ours were. You have to have certain terms and conditions, and if we don't provide them, they send us theirs. We don't like theirs as much as we like ours, so. Yeah. Yeah. So I think generosity is a tremendous engine for very healthy business growth and very healthy personal relationships. [00:40:30] Lindsey Dinneen: Absolutely agreed. And how do you wish to be remembered after you leave this world? [00:40:36] Aaron Burnett: As kind. [00:40:37] Lindsey Dinneen: The world needs a lot more of that, so I'll take that answer any day. And then final question, what is one thing that makes you smile every time you see or think about it? [00:40:50] Aaron Burnett: Oh, I have two daughters. Yeah. [00:40:54] Lindsey Dinneen: Yeah, excellent. Oh, that's wonderful. Family is important and special. That's wonderful. Well, thank you so much, first of all, for your incredible insights today, for your generosity, to your generosity of your time with us and diving into some really specific areas that, that med tech companies can think about, can be aware of as they're even seeking somebody to help them with their marketing. I really appreciate you being open and willing to talk about some of those those nuances. So thank you very much for that. We are so honored to be making a donation on your behalf today to Feeding America, which works to end hunger in the United States by partnering with food banks, food pantries, and local food programs to bring food to people facing hunger and also they advocate for policies that create long term solutions to hunger. So thank you so much for choosing that charity to support. And gosh, I just wish you the most continued success as you work to change lives for a better world. [00:41:55] Aaron Burnett: Thank you. I really appreciate it. You too. It was a great conversation. I really enjoyed it. [00:41:59] Lindsey Dinneen: Good. Absolutely. Well, and thank you also to our listeners for tuning in. And if you're feeling as inspired as I am right now, I'd love it if you'd share this episode with a colleague or two, and we will catch you next time. [00:42:14] Ben Trombold: The Leading Difference is brought to you by Velentium. Velentium is a full-service CDMO with 100% in-house capability to design, develop, and manufacture medical devices from class two wearables to class three active implantable medical devices. Velentium specializes in active implantables, leads, programmers, and accessories across a wide range of indications, such as neuromodulation, deep brain stimulation, cardiac management, and diabetes management. Velentium's core competencies include electrical, firmware, and mechanical design, mobile apps, embedded cybersecurity, human factors and usability, automated test systems, systems engineering, and contract manufacturing. Velentium works with clients worldwide, from startups seeking funding to established Fortune 100 companies. Visit velentium.com to explore your next step in medical device development.

Our guest this week is a fellow podcaster who also promotes the eating of more fresh fruits and veggies, so we are especially delighted to welcome her to the show. Amanda Keefer handles brand partnerships and marketing communications for the Healthy Family Project in addition to producing and hosting their podcast. The Healthy Family Project is making a huge impact in getting people to eat healthier. They are dedicated to creating a healthier generation through easy, fun, and inspiring content. All their content is crafted with families in mind, showing them delicious, fun, and easy to make recipes. Their Website highlights nutritional information and provides tips to get the most out of their meal planning. Their website and social media are filled with informative and entertaining videos, blog posts, and of course great podcast episodes. The Healthy Family Project is not just about providing entertaining content. Since they began a little over a decade ago, they have helped to raise more than $8 million dollars for charities devoted to feeding needy families, including Feeding America among others. And through their “Produce for Kids” promotions they are training the next generation to be lovers of fresh fruits and veggies. Tune in to get some expert tips to make your meal table healthier.

Our Global Chief Economist Seth Carpenter explains the potential domino effect that President Trump's reciprocal tariffs could have on the U.S. and global economies.----- Listener Survey -----Complete a short listener survey at http://www.morganstanley.com/podcast-survey and help us make the podcast even more valuable for you. For every survey completed, Morgan Stanley will donate $25 to the Feeding America® organization to support their important work.----- Transcript -----Hi, I'm Michael Zezas, Global Head of Fixed Income Research & Public Policy Strategy at Morgan Stanley. Before we get into today's episode, the team behind Thoughts on the Market wants your thoughts and your input. Fill out our listener survey and help us make this podcast even more valuable for you. The link is in the show notes and you'll hear it at the end of the episode.Plus, help us help the Feeding America organization. For every survey completed, Morgan Stanley will donate $25 toward their important work. Thanks for your time and support. On to the show… Seth Carpenter: Welcome to Thoughts on the Market. I'm Seth Carpenter, Morgan Stanley's Global Chief Economist, and today I'm going to talk about downside risks to the U.S. economy, especially from tariffs.It's Thursday, February 20th at 10am in New York.Once again, tariffs are dominating headlines. The prospect of reciprocal tariffs is yet one more risk to our baseline forecast for the year. We have consistently said that the inflationary risk of tariffs gets its due attention in markets but the adverse growth implications that's an underappreciated risk.But we, like many other forecasters, were surprised to the upside in 2023 and 2024. So maybe we should ask, are there some upside risks that we're missing?The obvious upside risk to growth is a gain in productivity, and frequent readers of Morgan Stanley Research will know that we are bullish on AI. Indeed, the level of productivity is higher now than it was pre-COVID, and there is some tentative estimate that could point to faster growth for productivity as well.Of course, a cyclically tight labor market probably contributes and there could be some measurement error. But gains from AI do appear to be happening faster than in prior tech cycles. So, we can't rule very much out. In our year ahead outlook, we penciled in about a-tenth percentage point of extra productivity growth this year from AI. And there is also a bit of a boost to GDP from AI CapEx spending.Other upside risks, though, they're less clear. We don't have any boost in our GDP forecast from deregulation. And that view, I will say, is contrary to a lot of views in the market. Deregulation will likely boost profits for some sectors but probably will do very little to boost overall growth. Put differently, it helps the bottom line far more than it helps the top line. A notable exception here is probably the energy sector, especially natural gas.Our baseline view on tariffs has been that tariffs on China will ramp up substantially over the year, while other tariffs will either not happen or be fleeting, being part of, say, broader negotiations. The news flow so far this year can't reject that baseline, but recently the discussion of broad reciprocal tariffs means that the risk is clearly rising.But even in our baseline, we think the growth effects are underestimated. Somewhere in the neighborhood of two-thirds of imports from China are capital goods or inputs into U.S. manufacturing. The tariffs imposed before on China led to a sharp deterioration in industrial production. That slump went through the second half of 2018 and into and all the way through 2019 as a drag on the broader economy. Just as important, there was not a subsequent resurgence in industrial output.Part of the undergraduate textbook argument for tariffs is to have more produced at home. That channel works in a two-economy model. But it doesn't work in the real world.Now, the prospect of reciprocal tariffs broadens this downside risk. Free trade has divided production functions around the world, but it's also driven large trade imbalances, and it is precisely these imbalances that are at the center of the new administration's focus on tariffs. China, Canada, Mexico – they do stand out because of their imbalances in terms of trade with the U.S., but the underlying driving force is quite varied. More importantly, those imbalances were built over decades, so undoing them quickly is going to be disruptive, at least in the short run.The prospect of reciprocity globally forces us as well to widen the lens. The risks aren't just for the U.S., but around the world. For Latin America and Asia in particular, key economies have higher tariff supply to U.S. goods than vice versa.So, we can't ignore the potential global effects of a reciprocal tariff.Ultimately, though, we are retaining our baseline view that only tariffs on China will prove to be durable and that the delayed implementation we've seen so far is consistent with that view. Nevertheless, the broad risks are clear.Thanks for listening. And if you enjoy the podcast, help us make it even more valuable to you. Share your feedback on the show at morganstanley.com/podcast-survey, or head to the episode notes for the survey link.

David Baldacci has been writing since childhood and published his first novel, "Absolute Power", in 1996. He has just been in Australia, where he both holidayed and conducted some literary events – including this literary lunch in Sydney.

Our co-heads of Securitized Products Research, James Egan and Jay Bacow, explain how the increase in home prices, a tight market supply and steady mortgage rates are affecting home sales.----- Listener Survey -----Complete a short listener survey at http://www.morganstanley.com/podcast-survey and help us make the podcast even more valuable for you. For every survey completed, Morgan Stanley will donate $25 to the Feeding America® organization to support their important work.----- Transcript -----James Egan: Welcome to Thoughts on the Market. I'm Jim Egan, co-head of Securitized Products Research at Morgan Stanley.Jay Bacow: And I'm Jay Bacow, the other co-head of Securitized Products Research at Morgan Stanley.Today, a look at the latest trends in the mortgage and housing market.It's Wednesday, February 19th, at 11am in New York.Now, Jim, there's been a lot of headlines to kick off the year. How is the housing market looking here? Mortgage rates are about 80 basis points higher than the local lows in September. That can't be helping affordability very much.James Egan: No, it is not helping affordability. But let's zoom out a little bit here when talking about affordability. The monthly payment on the medium-priced home had fallen about $225 from the fourth quarter of 2023 to local troughs in September. About a 10 percent decrease. Since that low, the payment has increased about $150; so, it's given back most of its gains.Importantly, affordability is a three-pronged equation. It's not just that payment. Home prices, mortgage rates, and incomes. And incomes are up about 5 percent over the past year. So, affordability has improved more than those numbers would suggest, but those improvements have certainly been muted as a result of this recent rate move. Jay Bacow: Alright. Affordability is up, then it's down. It's wrong, then it's right. It sounds like a Katy Perry song. So, how have home sales evolved through this rollercoaster?James Egan: Well, you and I came on this podcast several times last year to talk about the fact that home sales volumes weren't really increasing despite the improvement in affordability. One point that we made over and over again was that it normally takes 9 to 12 months for sales volumes to increase when you get this kind of affordability improvement. And that would make the fourth quarter of 2024 the potential inflection point that we were looking for. And despite this move in mortgage rates, that does appear to have been the case. Existing home sales had a very strong finish to last year. And in the fourth quarter, they were up 8 percent versus the fourth quarter of 2023. That's the first year-over-year increase since the second quarter of 2021.Jay Bacow: All right. So that's pretty meaningful. And if looking backward, home sales seem to be inflecting, what does that mean for 2025?James Egan: So, there's a number of different considerations there. For one thing, supply – the number of homes that are actually for sale – is still very tight, but it is increasing. It may sound a little too simplistic, but there do need to be homes for sale for homes to sell, and listings have reacted faster than sales. That strong fourth quarter in existing home sales that I just mentioned, that brought total sales volumes for the year to 1 percent above their 2023 levels. For sale inventory finished the year up 14 percent.Jay Bacow: Alright, that makes sense. So, more people are willing to sell their home, which means there's a little bit more transaction volume. But is that good for home prices?James Egan: Not exactly. And it is those higher listings and our expectation that listings are going to continue to climb that's been the main factor behind our call for home price growth to continue to slow. Ultimately, we think that you see home sales up in the context of about 5 percent in 2025 versus 2024.Our leading indicators of demand have softened, a little, in December and January, which may be a result of this sharp increase in rates. But ultimately, when we look at turnover in the housing market, and we're talking about existing sales as a share of the outstanding homes in the U.S. housing market, we think that we're kind of at the basement right now. If we're wrong in our sales volume call, I would think it's more likely that there are more sales than we think. Not less.Jay Bacow: Let me ask you another easy question. How far would rates have to fall to really incentivize more supply and/or demand in the housing market?James Egan: That's the $45 trillion question. We think the current housing market presents a fascinating case study in behavioral economics. Even if mortgage rates were to decline to 4.5 percent, only 35 percent of people would be in the money. And that's still over 200 basis points from where we are today.That being said, we think it's unlikely that mortgage rates need to fall all the way to that level to unlock the housing market. While the lack of any historical precedent makes it difficult for us to identify a specific threshold at which activity could increase meaningfully, we recently turned to Morgan Stanley's AlphaWise to conduct a consumer pulse survey to get a better sense of how people were feeling about their housing options.Jay Bacow: I like data. How are those people feeling?James Egan: All right, so 31 percent of people anticipate buying a home over the next two years, and almost half are considering buying over the next five. Interestingly, only 21 percent are considering selling their home over the next two years. In other words, perceived demand is about 50 percent greater than marginal supply, at least in the immediate future, which we think could be a representation of that lock-in effect.Current homeowners' expectations of near-term listings are depressed because of how low their mortgage rate is. But we did ask: What if mortgage rates were to fall from 6.8 percent today to 5. 5 percent? In that world, 85 to 90 percent of the people planning to buy a home in the next two years stated that they would be more likely to execute on that purchase.So, we think it's safe to say that a decline in mortgage rates could accelerate purchase decisions. But Jay, are we going to see that decline?Jay Bacow: Well, our interest rate strategists do think that rates are going to rally from here. They've updated their 10-year forecast to expect the tenure note ends 2025 at 4 percent. If the tenure note's at 4 percent, mortgage rate should come down from here, but not to that 4.5 percent, or probably even that 5.5 percent level that you quoted. You know, honestly, you don't really want to stay, you don't really want to go. We're probably talking about like a 6 percent mortgage rate. Not quite that level.But Jim, this is a national level, a national mortgage rate, and housing markets about location and location and location. Are there geographical nuances to your forecast?James Egan: People all over the country are asking, should they stay or should they go now, and that answer is different depending on where you live, right? If you look at the top 100 MSAs in the country, 8 of the top 11 markets showing the largest increases in inventory over the past year can be found in Florida.So, we would expect Florida to be a little bit softer than our national numbers. On the other hand, inventory growth has been most subdued in the Northeast and the Midwest, with several markets continuing to see inventory declines.Jay Bacow: All right, well selfishly, as somebody that lives in the Northeast, I am a little bit happy to hear that. But otherwise, Jim, it's always a pleasure listening to you.James Egan: Pleasure talking to you too, Jay. Thanks for listening, and if you enjoy this podcast, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.DISCLAIMERJay Bacow: So, Jim, the lock-in effect is: You don't really want to stay. No. But you don't really want to go.James Egan: That is exactly; that is perfect! Wow. That is the whole issue with the housing market.

Our CIO and Chief U.S. Equity Strategy Mike Wilson suggests that stock, factor and sector selection remain key to portfolio performance.----- Listener Survey -----Complete a short listener survey at http://www.morganstanley.com/podcast-survey and help us make the podcast even more valuable for you. For every survey completed, Morgan Stanley will donate $25 to the Feeding America® organization to support their important work.----- Transcript -----Hi, I'm Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley. Before we get into today's episode, the team behind Thoughts on the Market wants your thoughts and your input. Fill out our listener survey and help us make this podcast even more valuable for you. The link is in the show notes.Plus, help us help the Feeding America organization. For every survey completed, Morgan Stanley will donate $25 towards their important work.Thanks for your time and the support. On to the show… Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief US Equity Strategist. Today on the podcast I'll be discussing equities in the context of higher rates and weaker earnings revisions. It's Tuesday, Feb 18th at 11:30am in New York. So let's get after it.Since early December, the S&P 500 has made little headway. The almost unimpeded run from the summer was halted by a few things but none as important as the rise in 10-year Treasury yields, in my view. In December, we cited 4 to 4.5 percent as the sweet spot for equity multiples assuming growth and earnings remained on track. We viewed 4.5 percent as a key level for equity valuations. And sure enough, when the Fed leaned less dovish at its December meeting, yields crossed that 4.5 percent threshold; and correlations between stocks and yields settled firmly in negative territory, where they remain. In other words, yields are no longer supportive of higher valuations—a key driver of returns the past few years. Instead, earnings are now the primary driver of returns and that is likely to remain the case for the foreseeable future. While the Fed was already increasingly less dovish, the uncertainty on tariffs and last week's inflation data could further that shift with the bond market moving to just one cut for the rest of the year. Our official call is in line with that view with our economists now just looking for just one cut–in June. It depends on how the inflation and growth data roll in. Our strategy has shifted, too. With the S&P 500 reaching our tactical target of 6100 in December and earnings revision breadth now rolling over for the index, we have been more focused on sectors and factors. In particular, we've favored areas of the market showing strong earnings revisions on an absolute or relative basis.Financials, Media and Entertainment, Software over Semiconductors and Consumer Services over Goods continue to fit that bill. Within Defensives, we have favored Utilities over Staples, REITs and Healthcare. While we've seen outperformance in all these trades, we are sticking with them, for now. We maintain an overriding preference for Large-cap quality unless 10-year Treasury yields fall sustainably below 4.5 percent without a meaningful degradation in growth. The key component of 10-year yields to watch for equity valuations remains the term premium – which has come down, but is still elevated compared to the past few years. Other macro developments driving stock prices include the very active policy announcements from the White House including tariffs, immigration enforcement, and cost cutting efforts by the Department of Government Efficiency, also known as DOGE. For tariffs, we believe they will be more of an idiosyncratic event for equity markets. However, if tariffs were to be imposed and maintained on China, Mexico and Canada through 2026, the impact to earnings-per-share would be roughly 5-7 percent for the S&P 500. That's not an insignificant reduction and likely one of the reasons why guidance this past quarter was more muted than fourth quarter results. Industries facing greater headwinds from China tariffs include consumer discretionary goods and electronics. Lower immigration flow and stock is more likely to affect aggregate demand than to be a wage cost headwind, at least for public companies. Finally, skepticism remains high as it relates to DOGE's ability to cut Federal spending meaningfully. I remain more optimistic on that front, but realize greater success also presents a headwind to growth before it provides a tailwind via lower fiscal deficits and less crowding out of the private economy—things that could lead to more Fed cuts and lower long-term interest rates as term premium falls. Bottom line, higher backend rates and growth headwinds from the stronger dollar and the initial policy changes suggest equity multiples are capped for now. That means stock, factor and sector selection remains key to performance rather than simply adding beta to one's portfolio. On that score, we continue to favor earnings revision breadth, quality, and size factors alongside financials, software, media/entertainment and consumer services at the industry level. Thanks for listening. If you enjoy the podcast, help us make it even more valuable to you. Share your feedback on the show at morganstanley.com/podcast-survey or head to the episode notes for the survey link.

Our Global Head of Fixed Income and Public Policy Research, Michael Zezas, joins our Chief U.S. Economist, Michael Gapen, to discuss the possible outcomes for President Trump's immigration policies and their effect on the U.S. economy.----- Listener Survey -----Complete a short listener survey at http://www.morganstanley.com/podcast-survey and help us make the podcast even more valuable for you. For every survey completed, Morgan Stanley will donate $25 to the Feeding America® organization to support their important work.----- Transcript -----Hi, I'm Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley. Before we get into today's episode, the team behind Thoughts on the Market wants your thoughts and your input. Fill out our listener survey and help us make this podcast even more valuable for you. The link is in the show notes, and you'll hear it at the end of the episode. Plus, help us help the Feeding America organization. For every survey completed, Morgan Stanley will donate $25 toward their important work.Thanks for your time and the support. On to the show… Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Global Head of Fixed Income and Public Policy Research.Michael Gapen: And I'm Michael Gapen, Chief U.S. Economist for Morgan Stanley.Michael Zezas: Our topic today: President Trump's immigration policy and its economic ramifications.It's Friday, February 14th at 10am in New York.Michael, migration has always been considered an important feature of the global economy. In fact, you believe that strong immigration flows were an important element in the supply side rebound that set the stage for a U.S. soft landing. If we think back to the time before President Trump took office almost a month ago, how would you categorize immigration trends then?Michael Gapen: So, we saw a very sharp increase in immigration coming out of the pandemic. I would say, if you look at longer term averages, say the 20 years leading up to the pandemic, normally we'd get about a million and a half immigrants, per year into the United States. A lot of variation around that number, but that was the long-term average.In 2022 through 2024, we saw immigration surge to about 3 million per year. So about twice as fast as we saw normally. And that happened at a very important time. It allowed for very significant and rapid growth in the labor force, just at a time when the economy was emerging from the pandemic and demand for labor was quite high.So, it filled that labor demand. It allowed the economy to grow rapidly, while at the same time helping to keep wages lower and inflation starting to come down. So, I do think it was a major underpinning force in the ability of the U.S. economy to soft land after several years of above target inflation.Michael Zezas: Got it. And so now, with a second President Trump term, are we set up for a reversal of this immigration driven boost to the economy?Michael Gapen: Yeah, I think that's the key question for the outlook, and our answer is yes. That if we are going to significantly restrict immigration flows, the risk here is that we reverse the trends that we've just seen in the previous year.So, I certainly believe one of the main goals of the Trump administration is to harden the border and initiate greater deportations. And these steps in my mind come on the back of steps that the Biden administration already took around the middle of last year that began to slow immigration flows.So yes, I do think we should look for a reversal of the immigration driven boost to the economy. But Mike, I would actually throw this question back to you and say on the first day of his presidency, Trump issued a series of executive orders pertaining to immigration. Where are we now in that process after these initial announcements? And what do you expect in terms of policy implementation?Michael Zezas: Well, I think you hit on it. There's two levers here. There's stepped up deportations and removals and there's working with Mexico on border enforcement. Things like the remain in Mexico policy where Mexico agrees to keep those seeking asylum on their side of the border; and to facilitate that, they've stepped up their military presence to do that.Those are really kind of the two levers that the U.S. is pushing on to try and reduce the flow of migrants coming into the U.S. Still to be determined how much these actually have an impact, but I think that's the direction of policy travel.Michael Gapen: And are there any catalysts specifically that you're watching for? I mean, recently the administration proposed tariffs on Mexico and Canada around border control, but those have been delayed. Is there anything on the horizon we should look for this time around?Michael Zezas: Yeah. So obviously the president tied the potential for tariffs on Mexico and Canada to the idea that there should be some improvement on border enforcement. It's going to be difficult for investors, I think, to assess in real time how much progress has been made there. Mostly it's a data challenge here. There are official government statistics which have a good amount of detail about removals and folks stopped at the border and demographics in terms of age and, and whether or not they were working. That might really kind of help us piece together the story in terms of whether or not there's going to be future tariffs – and Michael, probably for you, to what extent there's an impact on the economy if folks are already in the labor force.But that data is on a lag, it'll be really difficult to tell what's happening now for at least several months. Maybe we're going to get some hints about what's going on for comments coming in earnings calls, for example, from companies that deal in construction and food service and hospitality. But I don't know that those anecdotes would be sufficient to really draw substantial conclusions. So, I think we're a bit in a fog for the next couple months on exactly what's happening.But based on all this, Michael, what's your outlook for immigration this year and beyond?Michael Gapen: Yeah, so we, as I mentioned, we were getting about 3 million immigrants per year between 2022 and 2024; long run averages before the pandemic were more like a million and a half a year. Our outlook is that immigration flows should slow below pre- COVID averages to about 1 million this year and about 500,000 in 2026. And again, that would be the well below the long run average of about a million and a half per year.Now, as you mentioned, understanding these flows in real time is hard and there's a lot of uncertainty around this and how effective policies may be. So, I think people should consider ranges around this baseline, if you will. On one hand, we could see a reduction in unauthorized immigration replaced by more authorized immigration. So maybe there's a benign scenario where immigration slows back to its one and a half million per year. But it's more through legal and formal channels than unauthorized channels.Alternatively, it could be the case that some of the policies, you mentioned in terms of, say, stepped up deportations or other measures, and maybe there's a chilling effect. That there's just like an externality on immigration behavior. And in fact, we slow maybe to about 500,000 this year and see a decline in about 250,000 next year.So, I think there's a lot of uncertainty about it. We think immigration slows below its longer run averages, which would represent a major shift from what we've seen over the last three years.Michael Zezas: Got it. So, lots of crosscurrents here, about how the actual labour supply is impacted. But bottom line, if we do arrive at a point where there's a significant reduction in immigration, what's the expectation about what that means for the U.S. economy?Michael Gapen: Yeah, so a lot of cross currents here. Number one, I think with a high degree of confidence, we can say reduced immigration should lead to slower potential growth, right? So, a slower growth in the labor force should mean slower growth in trend hours, right? Potential GDP is really only the sum of growth in trend hours and trend productivity.So, the surge in immigration we saw really boosted potential growth up to 2.5 per cent to 3 per cent in recent years. So, if we reduce immigration, potential growth should slow. I think back towards, say, 2 per cent this year, maybe even 1 to 1.5 per cent next year. So, you slow down growth in the labor force, potential should moderate.Second, and I think the more difficult question is, well, okay, if you also reduce growth in the labor force, you're going to get less employment, and that's a demand side effect. So, which dominates here, the supply side or the demand side? And here, I think to go back to your first question – yeah, I do think we're going to get a reversal of the outcome that we just saw.So, I think it'll moderate both potential and actual growth. So, I think actual growth slows. The amount of employment we see should decline and soften. We're not saying the level of employment will decline, but the growth rate of employment should slow. But it should coincide with a low unemployment rate, so it's going to be a very different labor market. A lot less employment growth, but still a tight labor market in terms of low unemployment.That should keep wages firm, particularly in the service sector where a lot of immigrants work, and we think it'll also help keep inflation firm. So, it could keep the Fed on the sideline for a significant period of time, for example.And I'd just like to close, Mike, by saying I think this is an underappreciated risk for financial markets. I think investors have digested trade policy uncertainty, but I'm not convinced that risks around immigration and their effect on the economy are well understood.Michael Zezas: Got it. Well Michael, thanks for taking the time to talk.Michael Gapen: Thank you.Michael Zezas: And thanks for listening. If you enjoy the podcast help us make it even more valuable to you. Share your feedback on the show at morganstanley.com/podcast-survey or head to the episode notes for the survey link.

The down-to-the-deadline nature of Trump's trade policy has created market uncertainty. Our Head of Corporate Credit Research Andrew Sheets points out a silver lining. ----- Listener Survey -----Complete a short listener survey at http://www.morganstanley.com/podcast-survey and help us make the podcast even more valuable for you. For every survey completed, Morgan Stanley will donate $25 to the Feeding America® organization to support their important work.----- Transcript -----Hi, I'm Michael Zezas, Global Head of Fixed Income Research & Public Policy Strategy at Morgan Stanley. Before we get into today's episode, the team behind Thoughts on the Market wants your thoughts and your input. Fill out our listener survey and help us make this podcast even more valuable for you. The link is in the show notes and you'll hear it at the end of the episode.Plus, help us help the Feeding America organization. For every survey completed, Morgan Stanley will donate $25 toward their important work. Thanks for your time and support. On to the show… Welcome to Thoughts on the Market. I'm Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley. Today I'm going to talk about a potential silver lining to the significant uptick in uncertainty around U.S. trade policy. It's Wednesday, February 12th at 2pm in London. One of the nuances of our market view is that we think credit spreads remain tight despite rising levels of corporate confidence and activity. We think these things can co-exist, at least temporarily, because the level of corporate activity is still so low, and so it could rise quite a bit and still only be in-line with the long-term trend. And so while more corporate activity and aggression is usually a negative for lenders and drives credit spreads wider, we don't think it's quite one yet. But maybe there is even less tension in these views than we initially thought. The first four weeks of the new U.S. Administration have seen a flurry of policy announcements on tariffs. This has meant a lot for investors to digest and discuss, but it's meant a lot less to actual market prices. Since the inauguration, U.S. stocks and yields are roughly unchanged. That muted reaction may be because investors assume that, in many cases, these policies will be delayed, reversed or modified. For example, announced tariffs on Mexico and Canada have been delayed. A key provision concerning smaller shipments from China has been paused. So far, this pattern actually looks very consistent with the framework laid out by my colleagues Michael Zezas and Ariana Salvatore from the Morgan Stanley Public Policy team: fast announcements of action, but then much slower ultimate implementation. Yet while markets may be dismissing these headlines for now, there are signs that businesses are taking them more seriously. Per news reports, U.S. Merger and Acquisition activity in January just suffered its lowest level of activity since 2015. Many factors could be at play. But it seems at least plausible that the “will they, won't they” down-to-the-deadline nature of trade policy has increased uncertainty, something businesses generally don't like when they're contemplating big transformative action. And for lenders maybe that's the silver lining. We've been thinking that credit in 2025 would be a story of timing this steadily rising wave of corporate aggression. But if that wave is delayed, debt levels could end up being lower, bond issuance could be lower, and spread levels – all else equal – could be a bit tighter. Corporate caution isn't everywhere. In sectors that are seen as multi-year secular trends, such as AI data centers, investment plans continue to rise rapidly, with our colleagues in Equity Research tracking over $320bn of investment in 2025. But for activity that is more economically sensitive, uncertainty around trade policy may be putting companies on the back foot. That isn't great for business; but, temporarily, it could mean a better supply/demand balance for those that lend to them. Thanks for listening. If you enjoy the podcast, help us make it even more valuable to you. Share your feedback on the show at morganstanley.com/podcast-survey. Or head to the episode notes for the survey link.

Our Chief Asia Economist Chetan Ahya discusses the potential impact of reciprocal U.S. tariffs on Asian economies, highlighting the key markets at risk.----- Listener Survey -----Complete a short listener survey at http://www.morganstanley.com/podcast-survey and help us make the podcast even more valuable for you. For every survey completed, Morgan Stanley will donate $25 to the Feeding America® organization to support their important work.----- Transcript -----Welcome to Thoughts on the Market. I'm Chetan Ahya, Morgan Stanley's Chief Asia Economist. Today: the possibilities of reciprocal tariffs between the U.S. and Asian economies. It's Tuesday, February 11, at 2pm in Singapore.President Trump's recent tariff actions have already been far more aggressive than in 2018 and 2019. And this time around, multiple trade partners are simultaneously facing broad-based tariffs, and tariffs are coming at a much faster pace. The risk of trade tensions escalating has risen, and the latest developments may have kicked that risk up another notch. The U.S. president is pushing a sweeping tariff of 25 per cent on all foreign steel and aluminum products. Trump has also indicated that he would propose reciprocal tariffs on multiple countries – to match the tariffs levied by each country on U.S. imports. This potential reciprocal tariff proposal suggests that Asia ex China may be more exposed to possible tariff hikes. As of now, Asia's tariffs on US imports are, for the most part, slightly higher than US tariffs on Asian imports. And based on [the] latest available data, six economies in Asia do impose [a] higher weighted average tariff on the U.S. than the U.S. does on individual Asia economies. The tariff differentials are most pronounced for India, Thailand, and Korea. These three economies may face a risk of a hike in tariffs by 4 to 6 percentage points on a weighted average basis, if the U.S. imposes reciprocal tariffs. Individual products may yet face higher tariffs rates but we think [the] overall impact from steel, aluminum and reciprocal tariffs will be manageable. But look, trade tensions may still rise further given that 7 out of 10 economies with the largest trade surplus with the U.S. are in Asia. Against this backdrop, policy makers may have to look for ways to address the demands from the U.S. administration. For instance, Japan's Prime Minister Ishiba has committed to increasing investment in the U.S. and is looking to raise energy imports from the U.S. This is seen as a positive step to reduce the U.S. trade deficit with Japan. Meanwhile, ahead of the meeting between President Trump and India's Prime Minister Modi later this week, India has already taken steps to lower tariffs on the U.S., and may propose [an] increase in imports of oil and gas, defense equipments and aircrafts to narrow its trade surplus with the U.S. However, as regards China is concerned, the wide scope of issues in the bilateral relationship suggests that [the] U.S. administration would cite a variety of reasons for expanding tariffs. As things stand, China has been the only economy so far where tariff hikes have stayed in place. Indeed, the recent 10 percent increase in tariffs has already matched the increase in the weighted average tariffs that transpired in 2018 and 2019. And we still expect that tariffs on imports from China will continue to rise over the course of 2025. To sum it up, there has been a constant stream of tariff threats from the U.S. administration. While the direct effects of [the] tariffs appear manageable, the bigger concern for us has been that this policy uncertainty will potentially weigh on corporate sector confidence, CapEx and growth cycle.Thanks for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

Global Head of Fixed Income and Public Policy Research Michael Zezas and Head of Global Evaluation, Accounting and Tax Todd Castagno discuss the market and economic implications of proposed tax extensions and tax cuts.----- Listener Survey -----Complete a short listener survey at http://www.morganstanley.com/podcast-survey and help us make the podcast even more valuable for you. For every survey completed, Morgan Stanley will donate $25 to the Feeding America® organization to support their important work.© 2025 Morgan Stanley. All Rights Reserved. CRC#4174856 02/2025----- Transcript -----Before we get into today's episode, the team behind Thoughts on the Market wants your thoughts, and your input. Fill out our listener survey and help us make this podcast even more valuable for you. The link is in the show notes, and you'll hear it at the end of the episode. Plus, help us help the Feeding America organization. For every survey completed, Morgan Stanley will donate $25 toward their important work.Thanks for your time and support. On to the show.Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Global Head of Fixed Income Research and Public Policy Strategy.Todd Castagno: And I'm Todd Castagno, Head of Global Evaluation, Accounting and Tax.Michael Zezas: Today, we'll focus on taxes under the new Trump administration.It's Monday, February 10th, at 10am in New York.Recently, at the annual meeting of the World Economic Forum in Davos, President Trump stated his administration will pass the largest tax cut in American history, including substantial tax cuts for workers and families. He was short on the details, but tax policies were a significant focus of his election campaign.Todd, can you give us a better sense of the tax cuts that Trump's been vocal about so far?Todd Castagno: Well, there's tax cuts and tax extensions. So, I think that's an important place to set the baseline. The Tax Cuts and Jobs Act (TCJA), under his first administration, starts to expire in 2025. And so, what we view is, the most likelihood is, an extension of those policies going forward. However, there's some new ideas, some new contours as well. So, for instance, a lower corporate rate that gets you in the 15 per cent ballpark can be through domestic tax credits, new incentives.I think there's other items on the individual side of the code that could be explored as well. But we also have to kind of step back and creating new policy is very challenging. So again, that baseline is an extension of kind of the tax world we live in today.So, Michael, looking at the broader macro picture and from conversations with our economist, how would these tax cuts impact GDP and macro in general?Michael Zezas: Well, if you're talking about extension of current policy, which is most of our expectation about what happens with taxes at the end of the year, the way our economists have been looking at this is to say that there's no net new impulse for households or companies to behave differently.That might be true on a sector-by-sector basis, but in the aggregate for the economy, there's no reason to look at this policy and think that it is going to provide a definitive uplift to the growth forecast that they have for 2026. Now, there may be some other provisions that could add in there that are incremental that we'd have to consider.But still, they would probably take time to play out or their measurable impact would be very hard to define. Things like raising the cap on the state and local tax deduction, that tends to impact higher income households who already aren't constrained from a spending perspective. And things like a domestic manufacturing tax credit for companies, that could take several years to play out before it actually manifests into spending.Todd Castagno: And you're kind of seeing that with the prior administration's tax law, the Inflation Reduction Act. A lot of this takes years in order to actually play through the economy. So that's something that investors should consider.Michael Zezas: Yeah, these things certainly take time; and you know back in 2018 it had been a long ambition, particularly of Republican lawmakers, to reduce the corporate tax rate. They succeeded in doing that, getting it down to 21 per cent in Trump's first term. Now, Trump's talked about getting corporate tax rates lower again here. If he's able to do that, how do you think he would do that? And would that affect how you're thinking about investment and hiring?Todd Castagno: So, there's the corporate rate itself, and it's at 21 per cent currently. There is a view to change that rate, lower it. However, there's other ways you can reduce that effective tax burden through what we've just discussed. So enhanced corporate deductions, timing differences, companies can benefit from a tax system that ultimately gets them a lower effective rate, even if the corporate rate doesn't move much.Michael Zezas: And so, what sorts of companies and what sorts of sectors of the market would benefit the most from that type of reduction in the corporate tax burden?Todd Castagno: So, if you think they're mosaic of all these items, it's going to accrue to domestic companies. That might sound kind of obvious, but if you look at our economy, we have large multinationals and we have domestic companies and we have small businesses. The policies that are being articulated, I think, mostly orient towards domestic companies, industrials, for instance, R&D incentives, again powering our AI plants, energy, et cetera.Michael Zezas: Got it. And is there any read through on if a company does better under this policy – if they're big relative to being small?Todd Castagno: There are a lot of small business elements as well. So, I mentioned that timing difference, being able to deduct a piece of machinery day one versus over seven years. So, there's a lot of benefits that are not in the rate itself that can accrue through smaller businesses.Michael Zezas: YAnd what about for individual taxpayers, particularly the middle class? What particular tax cuts are on the table there?Todd Castagno: So, first and foremost is the child tax care credit. So, it's current policy, but after COVID, it was enhanced. A higher dollar amount, different mechanism for receiving funds. And so, there is bipartisan support and President Trump as well, bringing back a version of an enhanced credit. Now, the policy is a little bit tricky, but I would say there's very good odds that that comes back. You know, you mentioned the state and local tax deduction, right? The politics are also tricky, but there could be a rate of change where that reverts back to pre-TCJA.But one of the things, Michael, is all these policies are very expensive. So, I'm just curious, in your mind, how do we balance the price tag versus the outcome?Michael Zezas: Well, I think the main constraint here to consider is that Republicans have a very slim majority in the House of Representatives and the Senate, and they're unlikely to get Democratic representatives crossing the aisle to vote with them on a tax package this large. So, they'll really need complete consensus on whatever tax items they extend and the deficit impact that it causes this is the type of thing that ultimately will constrain the package to be smaller than perhaps some of the president's stated ambitions.So, for example, items like making the interest payments on auto loans tax deductible, we think there might not be sufficient support for that and the budget costs that it would create. So ultimately, we think you get back to a package that's mostly about extending current cuts, adding in a couple more items like that domestic manufacturing tax credit, which is also very closely tied to Republicans larger trade ambition. And you might also see Republicans do some things to reduce the price tag, like, for example, only extend the tax cuts for a few years, as opposed to five or 10 years.Todd Castagno: Right.Michael Zezas: Todd, thanks for taking the time to talk.Todd Castagno: Great speaking with you, Mike.Thanks for listening. If you enjoy the podcast, help us make it even more valuable for you. Share your feedback on the show at morganstanley.com/podcast-survey or head to the episode notes for survey link.The proceeding content is informational only and based on information available when created. It is not an offer or a solicitation nor is it tax or legal advice. It does not consider your financial circumstances and objectives and may not be suitable for you.

Our Chief Fixed Income Strategist Vishy Tirupattur thinks that efficiency gains from Chinese AI startup DeepSeek may drive incremental demand for AI.----- Listener Survey -----Complete a short listener survey at http://www.morganstanley.com/podcast-survey and help us make the podcast even more valuable for you. For every survey completed, Morgan Stanley will donate $25 to the Feeding America® organization to support their important work.© 2025 Morgan Stanley. All Rights Reserved. CRC#4174856 02/2025----- Transcript -----Hi, I'm Michael Zezas, Global Head of Fixed Income research & Public Policy Strategy at Morgan Stanley. Before we get into today's episode … the team behind Thoughts on the Market wants your thoughts and your input. Fill out our listener survey and help us make this podcast even more valuable for you. The link is in the show notes, and you'll hear it at the end of the episode. Plus, help us help the Feeding America organization. For every survey completed, Morgan Stanley will donate $25 toward their important work.Thanks for your time and support. On to the show…Welcome to Thoughts on the Market. I'm Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. Today I'll be talking about the macro implications of the DeepSeek development.It's Friday February 7th at 9 am, and I'm on the road in Riyadh, Saudi Arabia.Recently we learned that DeepSeek, a Chinese AI startup, has developed two open-source large language models – LLMs – that can perform at levels comparable to models from American counterparts at a substantially lower cost. This news set off shockwaves in the equity markets that wiped out nearly a trillion dollars in the market cap of listed US technology companies on January 27. While the market has recouped some of these losses, their magnitude raises questions for investors about AI. My equity research colleagues have addressed a range of stock-specific issues in their work. Today we step back and consider the broader implications for the economy in terms of productivity growth and investment spending on AI infrastructure.First thing. While this is an important milestone and a significant development in the evolution of LLMs, it doesn't come entirely as a shock. The history of computing is replete with examples of dramatic efficiency gains. The DeepSeek development is precisely that – a dramatic efficiency improvement which, in our view, drives incremental demand for AI. Rapid declines in the cost of computing during the 1990s provide a useful parallel to what we are seeing now. As Michael Gapen, our US chief economist, has noted, the investment boom during the 1990s was really driven by the pace at which firms replaced depreciated capital and a sharp and persistent decline in the price of computing capital relative to the price of output. If efficiency gains from DeepSeek reflect a similar phenomenon, we may be seeing early signs [that] the cost of AI capital is coming down – and coming down rapidly. In turn, that should support the outlook for business spending pertaining to AI.In the last few weeks, we have heard a lot of reference to the Jevons paradox – which really dates from 1865 – and it states that as technological advancements reduce the cost of using a resource, the overall demand for the resource increases, causing the total resource consumption to rise. In other words, cheaper and more ubiquitous technology will increase its consumption. This enables AI to transition from innovators to more generalized adoption and opens the door for faster LLM-enabled product innovation. That means wider and faster consumer and enterprise adoption. Over time, this should result in greater increases in productivity and faster realization of AI's transformational promise.From a micro perspective, our equity research colleagues, who are experts in covering stocks in these sectors, come to a very similar conclusion. They think it's unlikely that the DeepSeek development will meaningfully reduce CapEx related to AI infrastructure. From a macroeconomic perspective, there is a good case to be made for higher business spending related to AI, as well as productivity growth from AI.Obviously, it is still early days, and we will see leaders and laggards at the stock level. But the economy as a whole we think will emerge as a winner. DeepSeek illustrates the potential for efficiency gains, which in turn foster greater competition and drive wider adoption of AI. With that premise, we remain constructive on AI's transformational promise.Thanks for listening. If you enjoy the podcast, help us make it even more valuable to you. Share your feedback on the show at morganstanley.com/podcast-survey or head to the episode notes for the survey link.In the last few weeks… (Laughs) It's almost like the birds are waiting for me to start speaking.The proceeding content is informational only and based on information available when created. It is not an offer or a solicitation nor is it tax or legal advice. It does not consider your financial circumstances and objectives and may not be suitable for you.

Shawn O'Grady (Board Chair of Feeding America) helps guide a nationwide network of American food banks with Feeding America. Shawn says Second Harvest Heartland is the best food bank in the country because of how well run it is. Shawn touches on the ecosystem of collaboration and resource management between organizations like SHH that people rely on.

Congress avoided a government shutdown over the weekend as the House passed a continuing resolution to fund the government through the new year. Dozens of Republicans opposed the bill brought to the floor by Speaker Mike Johnson, with disagreements over how to handle the debt ceiling. President-elect Trump will start his term looking for policy achievements on securing the border and delivering on tax cut promises. Congressman-elect Mike Haridopolos (R-FL-8) joins the Rundown to discuss his goals as a new member of the House, the concerns he has as China continues building their military, and he weighs in on the recently passed spending bill in Congress. Although inflation is subsiding, many Americans still find it hard to put food on the table. In 2023, nearly one in seven households claimed they experienced food insecurity, and food prices are up more than twenty percent since 2020. Feeding America CEO Claire Babineaux-Fontenot joins the Rundown to share why food insecurity is at an all-time recorded high, why it's important to invest in American farmers and Feeding America's partnership with the Department of Health and Human Services. Plus, commentary from host of OutKick's Gaines For Girls, Riley Gaines Learn more about your ad choices. Visit podcastchoices.com/adchoices

The Holidays are here, a time of joyous celebrations, delicious foods, and gift-giving. However, for millions of Americans, it's a time of stress and worry about where their next meal will come from. Food insecurity is not just a holiday issue but a year-round crisis, and Feeding America is tirelessly working to end hunger one meal at a time. Claire Babineaux-Fontenot, CEO of Feeding America, and award-winning actress and advocate Karen Pittman join Sophia for an emotional and revealing chat about the country's hunger crisis and how Feeding America is working to combat it. Karen also opens up about her own experiences with food insecurity over a decade ago as a single mom, the shame and fear she felt, how the experience shaped her perspective and activism, and the joy and healing energy from volunteering and making a difference. Ready to make a difference? You can donate, volunteer, or learn more about Feeding America's mission at feedingamerica.org.See omnystudio.com/listener for privacy information.

Allen Strickland Williams (@.com) is a great comic and has a new CD out called “ran through” and I learn a LOT about They Might Be Giants. You will love.  It's November and that means I ask you NOT to donate to The Dork Forest, but to donate to your local food bank instead. FeedingAmerica.org will have you put your zip code in OR... if you have the google skills... or you live outside the US... GOOGLE "food bank" and the name of your Town/City. January I'll ask you for money for the show again. Nov and Dec ... donate to a local food bank!! Yay dorks. THERE IS NEW MERCH: BEES TSHIRT and BEANIES. I'm Made of BEES. Are you? www.JackieKashianStore.com is the direct. www.jackiekashian.com and www.dorkforest.com have so many other things.  Extra TDF / standup and a storytelling album are available here: https://thedorkforest.bandcamp.com/  Lots of stuff here: https://www.youtube.com/@JackieKashianInc And it's @jackiekashian on all the social mediaz. Audio and Video by Patrick Brady Music is by Mike Ruekberg Learn more about your ad choices. Visit megaphone.fm/adchoices

The great fortune of Marcus Aurelius' life, he says at one point in Meditations, is not just that he himself has never known serious want, it's that he's been lucky enough to be able to help so many people.Rather than give in to the materialism and selfishness of Cyber Monday, we're teaming with Feeding America to contribute to something larger than ourselves. Help us reach our goal of feeding THREE MILLION people, every $1 donated is at least 10 meals. Donate at dailystoic.com/feedingIf you live outside the U.S., check out Action Against Hunger—the global humanitarian organization that fights against hunger across nearly 50 countries. Head here to donate.

Those of us who have been blessed—whether it be love, time, or resources—have an opportunity and responsibility to share it with others. The more we give, the more we will receive.Join us in our annual Daily Stoic fundraiser for Feeding America! Every year instead of contributing to the corporate indulgence of Black Friday and Cyber Monday, we encourage our listeners to make a donation. Every $1 donated helps provide at least 10 meals, just head over to dailystoic.com/feed.

While some of us sit here with stomachs filled with as many Thanksgiving foods as we could manage, there are those feeling the rumblings of an empty stomach. According to Feeding America, 1 in 7 people in the United States face hunger today, and 1 in 5 are children. Join us in making a small dent in a big problem at dailystoic.com/feeding This year we are personally putting up the first $30,000, with our overall goal to raise $300,000. Every dollar we raise provides 10 meals, so if we hit our goal, that will be three MILLION meals!Do you live outside the US? Check out Action Against Hunger—the global humanitarian organization that fights against hunger across nearly 50 countries. Donate here: https://www.actionagainsthunger.org/

In this exclusive and transformative presentation at Tony and Sage Robbins' Platinum Lions event this year, Dr. Richard Bandler—co-founder of Neuro-Linguistic Programming (NLP) and a world-renowned expert in hypnosis—shares powerful insights for overcoming self-sabotaging patterns and creating lasting change. Dr. Bandler's pioneering work in NLP has influenced personal development practices worldwide and has been instrumental in shaping Tony Robbins' approach, impacting countless lives through this transformative methodology. With over five decades of experience, Dr. Bandler has revolutionized personal development and psychotherapy. In this special session with the Platinum Lions, he guides us through methods to break free from self-defeating cycles and repetitive behaviors that hold us back. Dr. Bandler delves into practical strategies for conquering procrastination, building consistency, and cultivating awareness of daily habits to foster growth. He also shares techniques for quieting negative internal dialogue, replacing it with empowering self-talk that promotes a positive mindset. To bring these principles to life, Dr. Bandler uses hypnosis to help audience members overcome personal obstacles and reprogram their subconscious minds for success. If you're ready to make meaningful, lasting changes, this presentation offers invaluable insights and practical tools to start your journey today. Please enjoy!   Website: https://www.tonyrobbins.com/ Tony Robbins is a #1 New York Times best-selling author, entrepreneur, philanthropist, and the nation's #1 Life and Business Strategist. For more than four and a half decades, more than 100 million people from 195 countries have enjoyed the warmth, humor, and transformational power of his business and personal development events.  Mr. Robbins is the author of seven internationally bestselling books, including three #1 New York Times bestsellers: Money: Master the Game, Unshakeable, and Life Force. He created the #1 personal and professional development program of all time, and more than 10 million people have attended his live seminars. He is a leader called upon by leaders, and has worked with four US presidents, top entertainers -- from Aerosmith to Green Day, to Usher and Pitbull, as well as athletes like Serena Williams, Andre Agassi, and the 2022 NBA Champion Golden State Warriors. Billionaire business leaders seek his advice as well; casino magnate Steve Wynn, and Salesforce.com founder Marc Benioff are among those grateful for his coaching. As a philanthropist, through his partnership with Feeding America, Mr. Robbins has provided over 985 million meals in the last 8 years to those in need. He is two years ahead of schedule to provide 1 billion meals. Through the Tony Robbins Foundation, he has also awarded over 2,500 grants and other resources to health and human services organizations, implemented life-changing curricula in 1,700+ correctional facilities and gathered thousands of young leaders from around the world with its teen programs. In addition, he provides fresh water to 250,000 people a day in India in order to fight the number one killer of children in that country-waterborne diseases.