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<ul><li>Did you know that sitting in your office for long hours and meeting the same people every day can suppress your creativity? </li><li><keyword id="6528042" type="COMPANY" weightage="20" keywordseo="Hewlett-Packard">Hewlett-Packard</keyword> was conceived in a garage and for the first few years, the team continued to work and grow there. </li><li><keyword id="2162473" type="PERSON" weightage="100" keywordseo="Charles-Leadbeater">Charles Leadbeater</keyword>, Author and Leading Authority on innovation and creativity, tells us how an uncertain environment can lead to newer possibilities and the creative side of the brain can shine when you meet new people and break similar patterns. </li></ul><div type="Video" msid="74341058" hostid="261" title="How to create the right working environment that nourish disruptive ideas" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=74341058"></div>

<br />Working at an advertising agency can be hectic. The client demands faster results, meeting deadlines at odd hours and always staying a step ahead of competitors. Meeting all these demands can be stressful and amidst this pressure cooker, nurturing an environment that breaks the knots in the brain, lets ideas flow free and unleash the creative side of employees can be difficult. <br /><br />We spoke to Charles Leadbeater, Author and Leading Authority on innovation and creativity on the sidelines of the recently held Star FLOW Fest on how to create a healthy work environment for employees. <br /><br />He said, “I think it's vital to create the right environment. What people want from that is good leadership, and not necessarily detailed management. They want leadership that can inspire, give them a sense of purpose, and a sense of confidence. They want good people to work with. So they want to be able to work with people that they respect and who they can share problems with. And they want to sense that they're achieving something that it might be making money, but it may also be achieving the sense of satisfaction, meaning and worth in their work, that they're contributing something valuable. And when you get that together, then you get a sense of an organization that has a kind of dynamic that can take on bigger challenges.”<br /><br />He further said that sitting in your office for long hours and meeting the same people every day can suppress your creativity. Hewlett-Packard was conceived in a garage and for the first few years, the team continued to work and grow there. Location doesn’t matter in the end, ideas can spark from anywhere. <br /><br />He thinks that the banking companies have a long way to go, in terms of creating work environments that can help it's employees' creativity flow. They have strict routines and still work behind closed cabins. It doesn’t push your mind to be curious. <br /><br />Telling us which brands have successfully created a healthy work environment worldwide, he said, “It's easy to see when brands got it right, because they have a real sense of dynamic and they do what they say, they don't just say it so you can feel it. So I think Patagonia has got that right. I think Tough Mudder got that right. Apple in some ways embodies that or at least it used to, I think many big banks and companies in general don't embody that. So you can feel that gap when you're with companies where that doesn't work. Feeling authentically that you're a part of something that is really on your side is important. In a way, I think IPL in India might have got that right. It is a brand that people feel passionate about. They feel they're part of a tribe. I think that's been a brilliant example of creating something new. That's really powerful.” <br /><br />To unlock creativity completely, Leadbeater suggested to follow three c’s -- be curious, collaborative and committed. <br />

Creativity Expert Charles Leadbeater shares tips on how to create the right working environment that nourish disruptive ideas

How to create the right working environment that nourish disruptive ideas

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>BI Intelligence</span></p></div><p></p></div></div></p><p><em>This story was delivered to BI Intelligence "<a href="http://www.businessinsider.com/intelligence/fintech-research-briefing-daily-newsletter-research?IR=T&amp;utm_source=businessinsider&amp;utm_medium=content_marketing&amp;utm_term=content_marketing_subscription_text_link_nesta-launches-open-api-competition-2017-2&amp;utm_content=subscription_content_marketing_text_link&amp;utm_campaign=content_marketing_subscription_link&amp;vertical=fintech">Fintech Briefing</a>" subscribers. To learn more and subscribe, please <a href="http://www.businessinsider.com/intelligence/fintech-research-briefing-daily-newsletter-research?IR=T&amp;utm_source=businessinsider&amp;utm_medium=content_marketing&amp;utm_term=content_marketing_subscription_text_link_nesta-launches-open-api-competition-2017-2&amp;utm_content=subscription_content_marketing_text_link&amp;utm_campaign=content_marketing_subscription_link&amp;vertical=fintech">click here</a>.</em></p><p>Nesta, a UK innovation group, has launched its Open Up Challenge, a competition that will invite participants to develop tools that leverage open application programming interfaces (APIs), <a href="http://e.businessinsider.com/click/8889381.4666/aHR0cHM6Ly93d3cuZmluZXh0cmEuY29tL25ld3NhcnRpY2xlLzMwMTQ0L25lc3RhLWxhdW5jaGVzLTUtbWlsbGlvbi1vcGVuLWFwaS1jaGFsbGVuZ2U/56378b5356cf60046a8b4ca0Bb5faf2a5" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://e.businessinsider.com/click/8889381.4666/aHR0cHM6Ly93d3cuZmluZXh0cmEuY29tL25ld3NhcnRpY2xlLzMwMTQ0L25lc3RhLWxhdW5jaGVzLTUtbWlsbGlvbi1vcGVuLWFwaS1jaGFsbGVuZ2U/56378b5356cf60046a8b4ca0Bb5faf2a5&amp;source=gmail&amp;ust=1487420985285000&amp;usg=AFQjCNGjQyOjziHIZDDS7HxYHTVLPmGPGA">Finextra</a> reports.</p><p>The competition aims to foster the development of tools that can help SMBs better compare loan products, transfer funds more quickly, and better access their cash flow records.</p><p>These tools will be designed to take advantage of banks' APIs, which these firms will be mandated to open to third parties beginning in 2018, when the UK's <a href="http://e.businessinsider.com/click/8889381.4666/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9ob3ctdHJ1bXBzLXJlZ3VsYXRvcnktcG9saWNpZXMtbWF5LWFmZmVjdC1maW50ZWNoLS13ZWFsdGhmcm9udC1sYXVuY2hlcy1yZXRpcmVtZW50LXByb2R1Y3QtLXVrLW9wZW4tYmFua2luZy1yYWNlcy1haGVhZC0yMDE3LTI/56378b5356cf60046a8b4ca0B69f22593" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://e.businessinsider.com/click/8889381.4666/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9ob3ctdHJ1bXBzLXJlZ3VsYXRvcnktcG9saWNpZXMtbWF5LWFmZmVjdC1maW50ZWNoLS13ZWFsdGhmcm9udC1sYXVuY2hlcy1yZXRpcmVtZW50LXByb2R1Y3QtLXVrLW9wZW4tYmFua2luZy1yYWNlcy1haGVhZC0yMDE3LTI/56378b5356cf60046a8b4ca0B69f22593&amp;source=gmail&amp;ust=1487420985285000&amp;usg=AFQjCNG9zwdG4ZmtDaDU6y4cZ4opFZkTAw">Open Banking</a> rules come into play. The competition will be open to developer teams, startups, and established companies from all countries, with applications accepted from <span data-term="goog_707663266">March 23 to May 31</span>. Participants will have access to troves of anonymized data, as well as advice from industry experts, and the overall prize pot is worth £5 million ($6 million).</p><p>The prize money will come from the UK's largest retail banks. Contributors include Barclays, Lloyds, Santander, HSBC, RBS, and three of Northern Ireland's largest banks. Heavy involvement with the project from such major players suggests that banks are increasingly regarding Open Banking as an <a href="http://e.businessinsider.com/click/8889381.4666/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9iYW5rcy1hcmUtc3RhcnRpbmctdG8tZW1icmFjZS1vcGVuLWJhbmtpbmctMjAxNy0x/56378b5356cf60046a8b4ca0B59fe7339" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://e.businessinsider.com/click/8889381.4666/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9iYW5rcy1hcmUtc3RhcnRpbmctdG8tZW1icmFjZS1vcGVuLWJhbmtpbmctMjAxNy0x/56378b5356cf60046a8b4ca0B59fe7339&amp;source=gmail&amp;ust=1487420985285000&amp;usg=AFQjCNGGrpiGMncIdLd5sdTNhH_BCNuU7Q">opportunity</a>, rather than a threat.</p><p>They are likely hoping that early involvement with the competition will give them a head start in shaping how third parties make use of access to their APIs. Although Open Banking will probably mean more competition for incumbents, those that take a proactive approach to the new environment may have an easier time adapting.</p><p>We've entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs.</p><p>No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new fintech revolution.</p><p>The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology &amp; processes:</p><ul><li><strong style="line-height: 1.5em;">Traditional Retail Banks vs. Online-Only Banks:</strong><span style="line-height: 1.5em;"> Traditional retail banks provide a valuable service, but online-only banks can offer many of the same services with higher rates and lower fees </span></li><li><strong style="line-height: 1.5em;">Traditional Lenders vs. Peer-to-Peer Marketplaces</strong><span style="line-height: 1.5em;">: P2P lending marketplaces are growing much faster than traditional lenders-only time will tell if the banks strategy of creating their own small loan networks will be successful </span></li><li><strong style="line-height: 1.5em;">Traditional Asset Managers vs. Robo Advisors</strong><span style="line-height: 1.5em;">: Robo advisors like Betterment offer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for.</span></li></ul><p>As you can see, this very fluid environment is creating winners and losers before your eyes…and it's also creating the potential for new cost savings or growth opportunities for both you and your company.</p><p>After months of researching and reporting this important trend, Sarah Kocianski, senior research analyst for <a href="http://www.businessinsider.com/intelligence/bi-intelligence-fintech-and-payments-research-bundle?IR=T&amp;utm_source=businessinsider&amp;utm_medium=content_marketing&amp;utm_term=content_marketing_subscription_text_link_nesta-launches-open-api-competition-2017-2&amp;utm_content=subscription_content_marketing_text_link&amp;utm_campaign=content_marketing_subscription_link&amp;vertical=fintech">BI Intelligence</a>, Business Insider's premium research service, has put together <a href="http://www.businessinsider.com/intelligence/research-store?IR=T&amp;utm_source=businessinsider&amp;utm_medium=content_marketing&amp;utm_term=content_marketing_store_text_link_nesta-launches-open-api-competition-2017-2&amp;utm_content=report_store_content_marketing_text_link&amp;utm_campaign=content_marketing_store_link&amp;vertical=fintech#!/The-Fintech-Ecosystem-Report/p/58319011/">an essential report on the fintech ecosystem</a> that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies. These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the financial services industry like:</p><ul><li><span style="line-height: 1.5em;">Retail banking </span></li><li><span style="line-height: 1.5em;">Lending and Financing </span></li><li><span style="line-height: 1.5em;">Payments and Transfers</span></li><li><span style="line-height: 1.5em;"> Wealth and Asset Management </span></li><li><span style="line-height: 1.5em;">Markets and Exchanges </span></li><li><span style="line-height: 1.5em;">Insurance </span></li><li><span style="line-height: 1.5em;">Blockchain Transactions </span></li></ul><p>If you work in any of these sectors, it's important for you to understand how the fintech revolution will change your business and possibly even your career. And if you're employed in any part of the digital economy, you'll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable.</p><p>Among the big picture insights you'll get from <em><strong><a href="http://www.businessinsider.com/intelligence/research-store?IR=T&amp;utm_source=businessinsider&amp;utm_medium=content_marketing&amp;utm_term=content_marketing_store_text_link_nesta-launches-open-api-competition-2017-2&amp;utm_content=report_store_content_marketing_text_link&amp;utm_campaign=content_marketing_store_link&amp;vertical=fintech#!/The-Fintech-Ecosystem-Report/p/58319011/">The Fintech Ecosystem Report</a></strong><strong>: Measuring the effects of technology on the entire financial services industry:</strong></em></p><ul><li>Fintech investment continues to grow. After landing at $19 billion in total in 2015, global fintech funding had already reached $15 billion by mid-August 2016.</li><li>The areas of fintech attracting media and investor attention are changing. Insurtech, robo advisors, and digital-only banks are only a few of the segments making waves. B2B fintechs are also playing an increasingly prominent role in the ecosystem. </li><li>It's not all good news for fintechs.<strong> </strong>Major hurdles, including customer acquisition and profitability, remain. As a result, many are becoming more willing to enter partnerships and adjust their business models. </li><li>Incumbents are enacting strategies to ensure they remain relevant.<strong> </strong>Many financial firms have woken up to the threat posed by fintechs and are implementing innovation strategies to stave off disruption. The majority of these strategies involve some interaction with fintech firms. </li><li>The relationship between incumbents and fintechs continues to evolve. Fintechs are no longer viewed exclusively as a threat, nor can they be ignored. They are increasingly viewed as partners, but that narrative alone is too simple - in reality, a <span>more nuanced connection is taking hold. </span></li></ul><p>This exclusive report also:</p><ul><li>Assesses the state of the fintech industry. </li><li>Gives details on the drivers of its growth. </li><li>Explains which areas of fintech are gaining traction. </li><li>Outlines the range of current and potential models for fintech and incumbent interaction. </li></ul><p><em><strong><a href="http://www.businessinsider.com/intelligence/research-store?IR=T&amp;utm_source=businessinsider&amp;utm_medium=content_marketing&amp;utm_term=content_marketing_store_text_link_nesta-launches-open-api-competition-2017-2&amp;utm_content=report_store_content_marketing_text_link&amp;utm_campaign=content_marketing_store_link&amp;vertical=fintech#!/The-Fintech-Ecosystem-Report/p/58319011/">The Fintech Ecosystem Report</a>: Measuring the effects of technology on the entire financial services industry</strong></em> is how you get the full story on the fintech revolution.</p><p>To get your copy of this invaluable guide to the fintech revolution, choose one of these options:</p><ol><li><span style="line-height: 1.5em;">Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. &gt;&gt; <strong><a href="http://www.businessinsider.com/intelligence/bi-intelligence-fintech-and-payments-research-bundle?IR=T&amp;utm_source=businessinsider&amp;utm_medium=content_marketing&amp;utm_term=content_marketing_subscription_text_link_nesta-launches-open-api-competition-2017-2&amp;utm_content=subscription_content_marketing_text_link&amp;utm_campaign=content_marketing_subscription_link&amp;vertical=fintech">START A MEMBERSHIP</a></strong></span></li><li><span style="line-height: 1.5em;">Purchase the report and download it immediately from our research store. &gt;&gt; <strong><a href="http://www.businessinsider.com/intelligence/research-store?IR=T&amp;utm_source=businessinsider&amp;utm_medium=content_marketing&amp;utm_term=content_marketing_store_text_link_nesta-launches-open-api-competition-2017-2&amp;utm_content=report_store_content_marketing_text_link&amp;utm_campaign=content_marketing_store_link&amp;vertical=fintech#!/The-Fintech-Ecosystem-Report/p/58319011/">BUY THE REPORT</a></strong></span></li></ol><p>The choice is yours. But however you decide to acquire this report, you've given yourself a powerful advantage in your understanding of the fast-moving world of financial technology.</p><p class="tagline"><div id="categorypromo"><p><h2><span>Learn more:</span></h2><ul><li><a href="http://read.bi/pay1">Credit Card Industry and Market</a></li><li><a href="http://read.bi/pay2">Mobile Payment Technologies</a></li><li><a href="http://read.bi/pay3">Mobile Payments Industry</a></li><li><a href="http://read.bi/pay4">Mobile Payment Market, Trends and Adoption</a></li><li><a href="http://read.bi/pay5">Credit Card Processing Industry</a></li><li><a href="http://read.bi/pay6">List of Credit Card Processing Companies</a></li><li><a href="http://read.bi/pay7">List of Credit Card Processing Networks</a></li><li><a href="http://read.bi/pay8">List of Payment Gateway Providers</a></li><li><a href="http://read.bi/pay9">M-Commerce: Mobile Shopping Trends</a></li><li><a href="http://read.bi/pay10">E-Commerce Payment Technologies and Trends</a></li></ul></p></div></p>

Nesta launches open API competition

<p class="enhanced-subtitle">There's a battle for people brewing — and the Sunshine State is winning</p><p class="drop-cap">The sun is shining bright on Florida. The population of the aptly named Sunshine State exploded over the coronavirus pandemic: Roughly 752,000 residents moved to Florida from July 2019 to July 2022 and it is now <a href="https://www.census.gov/library/stories/2022/12/florida-fastest-growing-state.html#:~:text=Florida's%20population%20increased%20by%201.9,its%201946%20population%20of%202%2C440%2C000." target="_blank" rel="noopener">the fastest-growing</a> state in the US according to Census Bureau estimates.</p><p>For over two decades, <a href="https://www.theatlantic.com/business/archive/2013/10/the-golden-age-of-american-cities-and-whats-really-behind-it/280875/" target="_blank" rel="noopener">the dense metropolises</a> of the Northeast, California, and the <a href="https://www.seattletimes.com/seattle-news/data/census-seattle-is-the-fastest-growing-big-city-in-the-u-s/" target="_blank" rel="noopener">Pacific Northwest</a> attracted migrants from other states and abroad with <a href="https://www.nytimes.com/2022/11/30/opinion/covid-pandemic-cities-future.html" target="_blank" rel="noopener">jobs in high-growth industries</a> like tech and finance. But that era has come to an end — at least for now. The <a href="https://www.businessinsider.com/best-small-cities-for-remote-work-from-home-wfh-2021-9">flexibility of remote work</a>, the boom in <a href="https://www.businessinsider.com/side-hustles-self-employment-entrepreneurship-boom-jobs-pandemic-online-2022-4">entrepreneurship</a>, and the availability of gig work have led to a migration away from the industrial centers of the past. States like New York and California that relied on the allure of high-earning industries to attract and maintain residents are seeing people leave for fair weather and <a href="https://www.businessinsider.com/zoom-town-inequality-remote-workers-work-from-home-big-cities-2022-4">more affordable</a> places.</p><p>While it's increasingly clear that Florida came out on top during the dramatic shake-up of the pandemic, there are also early signs that younger generations of Americans are more willing to <a href="https://www.brookings.edu/research/americans-local-migration-reached-a-historic-low-in-2022-but-long-distance-moves-picked-up/" target="_blank" rel="noopener">move around for new opportunities</a>. That means states will have to compete even more aggressively for new residents to keep their economies and budgets afloat. This interstate battle for people is already taking shape — and it isn't just cloudless skies that are tilting the scales toward Florida. The state has managed a balance of affordability, quality of life, economic opportunities, and governance that many Americans are looking for. For other states to compete, they will need to pay attention to what Florida is doing right.</p><h2><strong>A sunny disposition</strong></h2><p>While the pandemic opened up the <a href="https://eig.org/metro-employment-2023/" target="_blank" rel="noopener">floodgates of interstate migration</a>, the trend toward Florida and other Sun Belt states began well before 2020. Over the past several years, Florida, Texas, North Carolina, South Carolina, Tennessee, and Georgia have seen <a href="https://www.brookings.edu/research/new-census-estimates-show-a-tepid-rise-in-u-s-population-growth-buoyed-by-immigration/" target="_blank" rel="noopener">the largest gains</a> in domestic migration — but even among this fast-growing cohort, Florida stands out. The state's population jumped by 1.9% from 2021 to 2022 — a net gain of 417,000 new residents — marking the <a href="https://www.businessinsider.com/map-states-population-growth-decline-largest-increases-decreases-census-data-2022-12">first year since 1957</a> that Florida held the distinction of America's fastest-growing state. California and New York, on the other hand, lost 180,000 and 114,000 residents respectively. Since the start of the pandemic in 2020, the contrast is even more stark: Florida welcomed 655,000 new people, according to Census estimates, while New Yok and California have seen their population fall by a combined 903,000.</p><p>Some commentators have worried that Florida's <a href="https://www.bloomberg.com/opinion/articles/2021-08-21/florida-is-america-s-future-old-southern-and-retired?leadSource=uverify%20wall" target="_blank" rel="noopener">growth is a sign of America's impending doom</a> as our population ages and sails off into retirement, leaving fewer young workers to support the economy. But contrary to these concerns, both young and old people have moved to the peninsula. "Florida has different attractions for different people," William Frey, a senior fellow and demographer at the Brookings Institution, told me. The state's brand has evolved from a place for retirees to a hub for techies and entrepreneurs: In <a href="https://smartasset.com/data-studies/where-millennials-are-moving-2022" target="_blank" rel="noopener">an analysis of census data</a> by the online consumer-information service SmartAsset, two of the 10 hottest cities for millennial movers in 2021 were in Florida.</p><p>All this population growth has been a blessing for Florida's booming $1.4 trillion economy — already the fourth-largest in the country. Florida had the second-highest rate of job growth in 2022, according to the Bureau for Labor Statistics, adding about 440,000 jobs over the course of the year. The state is also tied for the <a href="https://www.bls.gov/web/laus/laumstrk.htm" target="_blank" rel="noopener">sixth-lowest unemployment rate</a> at just 2.7%, well below the national rate of 3.4% and trailing only much smaller states like Alabama and South Dakota. And for the first time since the government started collecting state-level statistics in 1990, the number of employed people living in Florida has <a href="https://fred.stlouisfed.org/graph/?g=YUMJ" target="_blank" rel="noopener">surpassed that of New York</a>.</p><p>This influx of new people is also inspiring <a href="https://www.businessinsider.com/ken-griffin-citadel-moving-headquarters-to-miami-from-chicago-2022-6">more businesses</a> and entrepreneurs to move to the state. According to <a href="https://eig.org/2022-business-formation/" target="_blank" rel="noopener">data from the Economic Innovation Group</a>, Florida had the third-highest rate of new business formations per capita in 2022, behind only Wyoming and Delaware. And the state's three main metro areas — Tampa, Orlando, and Miami-Fort Lauderdale — have also seen their economies boom thanks to the growth of industries like finance and healthcare. This has helped drive low unemployment rates and <a href="https://thehill.com/homenews/nexstar_media_wire/3567472-the-us-cities-where-wages-are-growing-fastest-and-where-theyre-shrinking/" target="_blank" rel="noopener">higher-than-average wage growth</a> in those metros.</p><h2><strong>What other states can learn from Florida</strong></h2><p>While much of the conversation about state competition has centered on politics, which certainly affects <a href="https://www.businessinsider.com/northerners-moved-south-jobs-homes-regrets-roe-v-wade-midterms-2022-10">where people choose to live</a>, there are a broad swath of economic and cultural factors that influence whether people are moving in or out. Florida is <a href="https://www.governing.com/community/the-sunny-outlook-in-the-sun-belt-and-why-it-matters" target="_blank" rel="noopener">winning people over</a> for a few key reasons.</p><p>Floridians pay no income tax and fewer taxes overall than people in states like New York, California, or Massachusetts. A 2020 journal review found that <a href="https://www.aeaweb.org/articles?id=10.1257/jep.34.2.119" target="_blank" rel="noopener">taxation did have an impact on migration</a>, particularly among white-collar knowledge workers with the ability to more easily move. But a low tax rate isn't the only thing people care about. Plenty of states including Alaska, South Dakota, and Wyoming have no state income-tax burdens but did not see as much migration. For those who have the flexibility, a major consideration is also a state's level of services: What do they get for what they pay?</p><p>Despite having a budget half the size of New York's and a larger population, Florida, by many metrics, is able to do significantly more with the taxes it collects. <a href="https://drive.google.com/file/d/1uO90D97HcVedGLf91-hy-PzwMQPUbDl-/view" target="_blank" rel="noopener">State and local spending</a> totaled $9,300 a Floridian in 2019, less than half New York's $19,500 a resident. But <a href="https://drive.google.com/file/d/1uO90D97HcVedGLf91-hy-PzwMQPUbDl-/view" target="_blank" rel="noopener">compared with New York</a>, Florida has a lower poverty rate, less wealth inequality, a quarter of the number of homeless residents, and higher high-school graduation rates. On more subjective metrics like well-being, <a href="https://news.gallup.com/poll/247034/hawaii-tops-wellbeing-record-7th-time.aspx" target="_blank" rel="noopener">Florida is consistently ranked</a> highly, with Naples, Florida, <a href="https://news.gallup.com/poll/228314/naples-florida-metro-tops-third-time.aspx" target="_blank" rel="noopener">topping the list</a> for highest well-being among cities in a 2018 Gallup survey. New York ranked among the bottom 15 states.</p><p>Florida is also outshining New York and other major population centers in tackling the soaring cost of housing. The state issued 212,206 <a href="https://www.census.gov/construction/bps/statemonthly.html" target="_blank" rel="noopener">building permits</a> for residential units <a href="https://www.statista.com/statistics/1199034/housing-permits-issued-state-usa/" target="_blank" rel="noopener">in 2022</a>, compared with just 41,254 in New York and 118,065 in California. This building boom creates a larger stock of housing that keeps prices <a href="https://fred.stlouisfed.org/release/tables?rid=97&amp;eid=206085#snid=206087" target="_blank" rel="noopener">more affordable</a>: 17.6% of all housing in Florida has a value of less than $100,000, whereas in New York the rate is in the single digits. As a result, 69% of Floridians are <a href="https://www.census.gov/housing/hvs/data/ann20ind.html" target="_blank" rel="noopener">homeowners</a> compared with only 54% of New Yorkers — and <a href="https://www.huduser.gov/portal/datasets/ahar/2020-ahar-part-1-pit-estimates-of-homelessness-in-the-us.html" target="_blank" rel="noopener">fewer people in Florida are homeless</a>.</p><p>A theory from the economist Mancur Olson suggests why states like Florida get more out of their tax spending than others and avoid the kind of political gridlock that's contributed to the <a href="https://www.aeaweb.org/articles?id=10.1257/mac.20170388" target="_blank" rel="noopener">soaring cost of living in places</a> like New York and California. According to Olson, a higher concentration of narrow interest groups leads to what is known as <a href="https://www.jstor.org/stable/j.ctt1nprdd" target="_blank" rel="noopener">institutional sclerosis</a>, which <a href="https://www.fullstackeconomics.com/p/why-america-cant-build-big-things-any-more" target="_blank" rel="noopener">stymies innovation</a> and collective action. But instead of <a href="https://www.theatlantic.com/ideas/archive/2022/04/local-government-community-input-housing-public-transportation/629625/" target="_blank" rel="noopener noreferrer">holding up new projects with endless reviews and delays</a>, Florida has worked to balance community input and the need to speed up <a href="https://www.washingtonpost.com/opinions/2022/07/25/desantis-florida-reform-home-building/" target="_blank" rel="noopener noreferrer">approval of critical projects</a>. This has helped fuel its house-building boom and deliver quality-of-life improvements like the new high-speed rail network, <a href="https://www.businessinsider.com/virgin-trains-investor-wes-edens-interview-brightline-florida-passenger-rail-2019-4" target="_blank" rel="noopener noreferrer">Brightline</a>, which is on the way to connecting the state's major metro areas.</p><p>The economist Charles Tiebout <a href="https://journals.sagepub.com/doi/abs/10.1068/d010339?journalCode=epda" target="_blank" rel="noopener">also hypothesized that people shop around</a> for a preferred package of government taxes and spending in the same way they make any major purchase like a home or car. So not only can tax competition be a deciding factor for people who vote with their feet, but if they don't like one jurisdiction's governance, they will consider the town or state nearby. The differences between Florida and New York's economies suggest that there's an optimal tax policy and an optimal level of government spending that states should be targeting.</p><h2><strong>What's the matter with Florida</strong></h2><p>As sunny as things appear right now, there are clouds forming on Florida's horizon that could threaten its newfound status. In particular, the clock is ticking on the climate crisis: Surging sea levels and increasingly severe hurricane threats are already <a href="https://www.businessinsider.com/florida-residents-moving-leaving-climate-change-refugees-hurricanes-flood-2023-2">forcing residents out of the Florida Keys</a>. And more of the state is facing what climate scientists call a "<a href="https://www.heraldtribune.com/story/news/climate-change/2023/02/13/climate-change-in-sarasota-water-poses-triple-threat/69886383007/" target="_blank" rel="noopener">triple threat from water</a>": rising sea levels, storm surges, and extreme rainfall. It is difficult to imagine a scenario in which Florida manages to avert all these crises forever while managing other risks such as the heat, which <a href="https://wusfnews.wusf.usf.edu/environment/2021-05-14/florida-is-getting-hotter-and-wetter-according-to-new-climate-normals" target="_blank" rel="noopener">has steadily risen in recent decades</a>.</p><p>A recent <a href="https://www.axios.com/2023/02/17/climate-change-real-estate-bubble" target="_blank" rel="noopener">study</a> found Florida real estate to be overvalued by more than $50 billion because of unaccounted flooding risk — a bubble that could eventually burst. The state has spent <a href="https://www.tampabay.com/news/environment/2022/03/11/floridas-climate-change-plan-ignores-what-causes-climate-change/" target="_blank" rel="noopener">hundreds of millions of dollars</a> to mitigate the crisis, hiring chief resilience officers, and Miami has gone as far as hiring chief heat officers to try to keep residents cool. But to keep its destination status, the state will need to develop a sustainable path to addressing these issues.</p><p>Another limitation of the state is its lack of public transportation. While the state opened up a high-speed rail last year with <a href="https://www.floridatoday.com/story/news/2021/10/08/brightline-planning-320-mile-florida-passenger-rail-route-miami-tampa-2028/5929729001/" target="_blank" rel="noopener">plans to expand it</a>, decades of <a href="https://sites.utexas.edu/cm2/files/2021/01/Mobilizing-Investment-in-Americas-Transportation-Infrastructure_FINAL.pdf" target="_blank" rel="noopener">underinvestment</a> in rail and public transit certainly <a href="https://www.brookings.edu/opinions/high-costs-of-underfunding-rail-and-other-needs/" target="_blank" rel="noopener">handicapped economic activity</a> and <a href="https://www.theatlantic.com/business/archive/2015/05/stranded-how-americas-failing-public-transportation-increases-inequality/393419/" target="_blank" rel="noopener">has made it harder for poorer Floridians to escape poverty</a>.</p><p>And while Florida's <a href="https://meric.mo.gov/data/cost-living-data-series" target="_blank" rel="noopener">cost of living ranks in the middle</a> among the 50 states, the state's median wages are significantly lower than most states' — though they are climbing <a href="https://www.usatoday.com/story/money/2022/11/29/9-states-where-wages-are-rising-the-fastest/69679907007/" target="_blank" rel="noopener">fast</a>. And real <a href="https://fred.stlouisfed.org/release/tables?eid=259515&amp;rid=249" target="_blank" rel="noopener">median household income</a> in 2021 was $59,000, $13,000 lower than in New York and roughly $30,000 lower than in the three highest states: New Jersey, New Hampshire, and Utah. Florida as a whole may be a bargain, but the steep rise in cost of living and <a href="https://www.nar.realtor/blogs/economists-outlook/where-people-moved-in-2022" target="_blank" rel="noopener">influx of new residents</a> in major cities like <a href="https://www.bls.gov/regions/southeast/news-release/consumerpriceindex_miami.htm" target="_blank" rel="noopener">Miami</a> and <a href="https://www.bls.gov/regions/southeast/news-release/consumerpriceindex_tampa.htm" target="_blank" rel="noopener">Tampa</a> threaten to make these locales unaffordable. If efforts to reduce cost burdens or the climate crisis become a larger threat, the <a href="https://www.businessinsider.com/why-move-to-florida-regret-fastest-growing-state-2022-12?international=true&amp;r=US&amp;IR=T">trade-off for prospective residents could shift</a>. Local residents may also move to more <a href="https://www.miamitodaynews.com/2023/03/07/apartment-rental-market-strong-and-stable/" target="_blank" rel="noopener">affordable parts of Florida</a>. But given the size of the pivot to the state, a full-on reversal of the population shift seems unlikely.</p><h2><strong>For states, it's about blocking and tackling</strong></h2><p>Florida certainly has its problems, but its recent appeal offers a glimpse into what Americans are looking for in a home state nowadays. Other parts of the US may not be able to replicate the Sunshine State's great weather or luxurious beaches, but they can learn from Florida's efforts to build a dynamic economy and effectively deliver public services.</p><p>States will have to change their decision-making if they want to keep residents — much less attract new ones. The battle for people is on, and if leaders take this competition seriously, they will be forced to provide better services and a high quality of life at a fair cost to residents. And in the end, that will mean better outcomes for all Americans.</p><p><em><a href="https://www.businessinsider.com/author/emil-skandul" rel="">Emil Skandul</a> is a writer on technology and urban economics, and a Tony Blair Institute fellow.</em></p>

There's a battle for people brewing &mdash; and Florida is schooling the competition

<ul class="summary-list"><li>A massive container ship was blocking the <keyword id="168216" type="COMPANY" weightage="60" keywordseo="Suez-canal">Suez canal</keyword> for the better part of a week.</li><li>Crews successfully pulled it out of the side of the canal with tugboats after drudging sediment.</li><li>Many people thought more elaborate solutions would be better. Here, we catalogue several.</li></ul><p>Last week, <a href="https://www.businessinsider.com/how-would-you-fix-ever-given-ship-stuck-in-suez-canal-2021-3">we laid an offer down on the table</a>: Sure, send in your weird idea to dislodge the <a href="https://www.insider.com/ship-blocking-suez-canal-called-the-ever-given-not-evergreen-2021-3">Ever Given</a> container ship from the Suez Canal - what could go wrong?</p><p>I received 1,033 emails in the course of three days. Exactly 6% of them said something to the nature of "destroy the <keyword id="10986979" type="UNKNOWN" weightage="60" keywordseo="Ever-Given">Ever Given</keyword>."</p><p>The rest, from some of the finest <keyword id="27859" type="ORGANIZATION" weightage="60" keywordseo="engineering">engineering</keyword> minds in the world, laid out comprehensive proposals to extricate the container ship from its unfortunate harbor.</p><p>Now clearly these methods will not be necessary given the <a href="https://www.businessinsider.com/ever-given-freed-from-the-suez-canal-2021-3">successful efforts to remove the ship from the Suez on Monday</a>.</p><p>However, like any skunkworks, it's our obligation for posterity to share the innovative approaches lest we find ourselves in a similar position yet again.</p><p>Here's a representative group of the ideas our pop-up maritime think tank provided. The world is forever in your debt, and my inbox is just as jammed as the Suez was before the big boat was finally dislodged.</p><h3>Michael Scherr</h3><p style="padding-left: 40px;">Time for a mining engineer to show you boat nerds how this is done. when you are dealing with big things that have suction pressure you need more big things. suction pressure is what you feel when you step in mud with a boot. you need to get a fleet of backhoes down there to start trenching the mud and sediment away from that bow of the ship. you are going to need a lot and you are going to have to dispose of the spoil. once the suction pressure is released the tugs should be able to reflect the ship. all I see tho are boat nerds in the water. this is now a land based operation so let the mine engineers do mine engineering things.</p><h3>Liam Neane</h3><p><em>[Editor's note: Liam was kind enough to send in a fairly comprehensive PowerPoint, however, these two slides alone will give you the gist]</em></p><div type="image" title="Screen Shot 2021 03 29 at 2.52.10 PM" height="902" width="1588" msid="81750466" hostid="261"></div><h3><div type="image" title="Screen Shot 2021 03 29 at 2.52.33 PM" height="894" width="1606" msid="81750469" hostid="261"></div></h3><h3>Nathan Anders </h3><p style="padding-left: 40px;">Salt will increase the density of the water under and around the Ever Given. This could make the vessel rise high enough to dislodge. A potentially stupendous amount of salt may have this effect. The salt would be added to the Suez Canal near the Ever Given, as much as needed</p><h3>Margaret Garcia</h3><p style="padding-left: 40px;">Dig under the boat in multiple areas. This will clear way for some sort of machinery to go underneath the boat and through to the other side to possible pull/push/drag the boat. Or give room for any type of machinery to do anything else like possibly lifting it? I have attached some very poorly done diagrams.</p><div type="image" title="IMG_6119" height="4032" width="3024" msid="81750473" hostid="261"></div><h3>Richard Helke</h3><p style="padding-left: 40px;">Egypt has a bunch of obsolete Cold War-era Soviet fighter aircraft, most of which are probably broken.  However, surely they can salvage a few working jet engines off of those broken aircraft.  Then, you attach one to the front end of the ship and one to the back end, as indicated in the attached PowerPoint.  Fire the engines briefly, enough to generate some thrust and get the ship floating back toward the centerline of the canal.  Obviously, don't fire the engines too long, or else you'd just get the ship stuck in the opposite direction.</p><div type="image" title="Screen Shot 2021 03 29 at 2.49.09 PM" height="894" width="1596" msid="81750477" hostid="261"></div><h3>Sinéad Baker, Insider <keyword id="6355005" type="UNKNOWN" weightage="100" keywordseo="news">news</keyword> reporter</h3><p style="padding-left: 40px;">Put slippy banana skins in a u shape so the boat can easily be pulled out and back into the water! </p><div type="image" title="IMG_6317" height="1000" width="1439" msid="81750479" hostid="261"></div><h3><strong>Bernard Deschner</strong></h3><p style="font-weight: 400; padding-left: 40px;">Pump liquid nitrogen under the boat for  about ¾ of the length( in the center of the length), whereas the Ice formation under the boat will lift it up enough to tug it (spin it free).</p><h3>E. Christian Trejo</h3><p style="padding-left: 40px;">The weight of the boat is 200,000 tons. A MIL-Mi 26 Russian helicopter can lift 22 tons. You just need a perfectly synchronized flight of 9,000 helicopters. You better position the helicopters in different height levels and angles to avoid accidents</p><h3>Gabriel P.</h3><p style="padding-left: 40px;">The Ever Given is clearly permanently stuck in the Suez. No way around that... unless we build a bridge around it...The Belgians have already rumbled how to do this, as shone in the picture of the <a href="https://goo.gl/maps/VgF9srfqkB5JRSi26" target="_blank" rel="noopener">Pont du Sart Aqueduct</a>.</p><div type="image" title="Suez" height="885" width="1779" msid="81750481" hostid="261"></div><p style="padding-left: 40px;">Our only recourse to open up the shipping artery is to build a similar bridge over the beached Ever Given. As you can see in the attached schematic, this would be easy, cheap, and probably completed by the end of the weekend. Any liability issues with the likely loss of shipping containers at the waterfall or balloon stages of the bridge would have already been faced by shipping lines, who frequently <a href="https://www.wired.com/story/where-shoes-ordered-check-ocean-floor/" target="_blank" rel="noopener">lose things overboard</a>. I hope you and the Suez Authority find my design helpful.</p><h3>Leigh Haugen</h3><p style="padding-left: 40px;">Soil Liquefaction via the sequential detonation of explosive charges buried in the ground on both sides along with simultaneous force applied on both sides via tugboats…</p><h3>Sophie Rose</h3><p style="padding-left: 40px;">Freeze the boat to make the metal smaller. Then move the boat</p><h3>Kim Steins</h3><p style="padding-left: 40px;">I think they should just take it apart, piece by piece, and then reassemble it somewhere else. Like the way you'd put the dean's car in his office</p><h3>Charles Frederick </h3><div type="image" title="suez idea" height="405" width="720" msid="81750483" hostid="261"></div><div type="image" title="suez idea" height="405" width="720" msid="81750486" hostid="261"></div><div type="image" title="suez idea" height="405" width="720" msid="81750488" hostid="261"></div><h3>Andy Kiersz, Insider Quantitative Editor</h3><p style="padding-left: 40px;">dig a new side canal around it (looks like mostly just desert over to the right of the boat, should be fine) and leave the boat there as a testament to the hubris of man</p><div type="image" title="Andy Kiersz canal pitch" height="1306" width="1812" msid="81750490" hostid="261"></div><h3>Samuel Hamilton McBride </h3><p style="padding-left: 40px;">I would simply tie a bunch of ropes to it and get a ton of people to physically drag the ship free, <a href="https://www.youtube.com/watch?v=xWeb7i8IjYs">Fitzcarraldo</a> style. I have to assume Werner Herzog is available to consult on this.</p><h3>Jason Horwitz</h3><p style="padding-left: 40px;">Ok, here's my idea based on an engineering background and having read almost no details about the stuck boat.<br />1) Start pumping water from the canal INTO the boat's hull. This will greatly increase the weight of the boat and cause it to sink further into the mud/ dirt/ clay at the bottom of the canal. (Note this is worthless if the canal is just rock. Which it might be. Who knows?)</p><p style="padding-left: 40px;">2) Then, pump all of that water back out, while also removing as much of the cargo as possible (they could use those cool heavy lift helicopters). This will now cause the boat to want to float up probably quite a good distance.<br />This would be the sinking/ floating equivalent of "jimmying" the boat free.</p><h3>Jared Mukina</h3><p style="padding-left: 40px;">I don't know what has been tried nor do I know all the details about the situation, but here is my idea. Create two whirlpools on each side of the vessel. Have a means to control these whirlpools so that the vessel does not over correct and become wedged 180 degrees around on the other side. Might have to make some big whirlpools. How would these whirlpools be create? idk, but I have some ideas. My theory is the combined force between the two whirlpools on the vessel should allow it to become unwedged. These whirlpools might also create water level rise for the vessel to lift off the ground that has beached the Ever Given. If this sounds like a winner contact me for more details.</p><h3>Tsunami Films</h3><p style="padding-left: 40px;">1. Inflatable Barricade retains water on both sides of the ship into a makeshift lock system.<br />2. Water Pump Boats (or Shore Water Pumps) water into barricaded lock.<br />3. Water lifts ship by increasing float.<br />4. Ship is pushed and pulled from sand.<br />5. Lock opens on one side to float ship away.</p><div type="image" title="ArchimedesPrinciple_animation" height="1080" width="1920" msid="81750492" hostid="261"></div><h3>Tim Woodard</h3><p style="padding-left: 40px;">this is probably really dumb and wouldn't work but just get a crapton of like tug boats and have them pull/push the sides in opposite directions as they continue to remove dirt and stuff</p><p>Far from being dumb, Tim, <a href="https://www.businessinsider.com/how-ever-given-ship-freed-suez-canal-2021-3">this is what they actually did</a>, and successfully so. Congratulations to Tim Woodard for solving the Suez problem.</p>

1,033 people sent us ideas on how to dislodge the Ever Given ship from the Suez Canal. Here are 19 of our favorite.

<p> </p><p>Hello readers!</p><p>Let's talk about jobs.</p><p>We've written plenty this year about Wall Street <a href="https://www.businessinsider.com/wall-street-headcount-revenue-fell-first-half-2019-coalition-data-2019-9">headcount;</a> <a href="https://www.businessinsider.com/deutsche-bank-nyc-office-as-layoffs-began-2019-7">layoffs</a> at places like <a href="https://www.businessinsider.com/jpmorgan-emerges-as-victor-amid-deutsche-bank-prime-brokerage-exit-2019-9">Deutsche Bank</a> and <a href="https://www.businessinsider.com/charles-schwab-managing-director-brad-sorensen-out-with-layoffs-underway-2019-9">Charles Schwab;</a> <a href="https://www.businessinsider.com/credit-suisse-hiring-freeze-for-traders-research-analysts-2019-8">hiring freezes</a>; and <a href="https://www.businessinsider.com/ubs-head-of-americas-wealth-management-on-adviser-headcount-robos-2019-8">shrinking financial adviser ranks</a> at <a href="https://www.businessinsider.com/wells-fargo-financial-adviser-headcount-falls-again-in-q3-2019-10">wirehouses</a>. With 2019 drawing to a close, we're already hearing a lot of chatter from insiders about how things will shake out next year.</p><p>It's not all doom and gloom (some <a href="https://www.businessinsider.com/as-wework-cuts-staff-competitors-look-to-hire-hundreds-2019-11">positive news</a> below, I promise.) Here's what you need to know. </p><p>Recruiters and career coaches at a CFA Society of New York gathering this week said they expect more challenges after a "wonky" 2019. There's been a yearslong trend of consolidation in <a href="https://www.businessinsider.com/category/asset-management">asset management</a> and <a href="https://www.businessinsider.com/category/investment-banking">investment banking</a>, while <a href="https://www.businessinsider.com/category/equity-research">sell-side</a> equity businesses have been decimated this year, they noted. There were bright spots, including <a href="https://www.businessinsider.com/family-offices-angling-for-more-visibility-power-direct-investments-2019-10">family offices</a> and middle-market investment banks. Still, they advised job-seekers to keep an open mind (and a sense of humor) heading into 2020. <strong><a href="https://www.businessinsider.com/recruiters-tell-job-seekers-that-2020-will-be-challenging-year-2019-11">Read the full story here. </a></strong></p><p>Meanwhile, there's been activity in parts of the job market that heat up as <a href="https://www.businessinsider.com/jpmorgan-job-posting-for-a-recession-readiness-team-shows-how-the-bank-is-preparing-for-a-possible-downturn-2019-11">recession worries rise</a>. Recruiters told us they're seeing an uptick from the $800 billion private-credit industry, with large direct lenders now looking to staff up their restructuring teams. But it's a delicate balance for a business that's ballooned over the last decade as banks retreated from riskier corporate lending - people who saw the last recession through don't come cheap, and firms aren't willing to warehouse them indefinitely. <strong><a href="https://www.businessinsider.com/shadow-lenders-playing-wait-and-see-game-on-restructuring-experts-2019-10">Read more here. </a></strong></p><p>In wealth management, we've written a lot about how firms are trying to <a href="https://www.businessinsider.com/bank-of-america-merrill-lynch-financial-adviser-trainee-trends-shift-2019-10">bridge a generational gap</a> before a wave of <a href="https://www.businessinsider.com/bank-of-america-merrill-lynch-wealth-management-changes-2019-11">adviser retirements</a> in the coming years.</p><p>This week, we learned how Morgan Stanley is using a reverse-mentoring approach to train 15,000-plus financial advisers on its year-old <a href="https://www.businessinsider.com/morgan-stanley-rolling-out-financial-adviser-feature-navigate-news-data-2019-10">WealthDesk platform.</a> That's not just an exercise for newer, tech-savvy staffers in helping out full-fledged advisers - it's a chance to show off and "prove to the advisers that they would be useful to a team in the branch," Andy Saperstein, the head of <a href="https://www.businessinsider.com/category/morgan-stanley">Morgan Stanley</a> Wealth Management, told a conference in New York this week. <strong><a href="https://www.businessinsider.com/morgan-stanleys-wealth-head-andy-saperstein-on-wealth-tech-training-2019-11">Get all the details here. </a></strong></p><p>When it comes to tech talent and the battle for the best engineers, Wall Street execs declared something of a truce this week. "The war for talent is over - all the talent is working on open source," Donald Raab, a managing director at BNY Mellon, said at a Fintech Open Source Foundation event. <strong><a href="https://www.businessinsider.com/banks-use-of-open-source-code-is-ending-the-war-for-talent-2019-11">See the full story here. </a></strong></p><p>We also had a fresh batch of news on <a href="https://www.businessinsider.com/insurtech-hippo-acquires-a-preventative-home-maintenance-company-2019-11">proptech</a> and <a href="https://www.businessinsider.com/insurtech-hippo-acquires-a-preventative-home-maintenance-company-2019-11">insurtech </a>deals and fundraisings. More great reads below, including a roundup of VC outlooks on the payments space, a new <a href="https://www.businessinsider.com/latest-goldman-sachs-news-2019-5">Goldman Sachs</a> memo, and a look at a wealth startup that's taking the <a href="https://www.businessinsider.com/charles-schwab-imitating-netflix-subscription-model-2019-7">Netflix-like subscription approach</a>. </p><p>Have a great weekend, </p><p>Meredith </p><h3>Lone Pine Capital's latest client letter argues value investing is going extinct - and says downtrodden stocks are cheap for a reason</h3><p><em>The <a href="https://www.businessinsider.com/hedge-funds-whacked-in-momentum-shift-morgan-stanley-warns-more-ahead-2019-9">market-rattling momentum-stock crash</a> in September did not spare billionaire Stephen Mandel Jr.'s Lone Pine Capital.</em></p><p><em>The $19 billion hedge fund firm saw its two funds - Lone Cypress and Lone Cascade - drop 2.1% and 2.6%, respectively, for the quarter, paring year-to-date returns down to 16.9% and 19.2%, a letter to investors said. The firm cited the sudden decline in momentum stocks as reason why, but told investors that it does not plan on changing its strategy. </em></p><h3><a href="https://www.businessinsider.com/lone-pine-just-told-investors-that-its-sticking-to-growth-stocks-2019-11">See all the details from the investor letter here. </a></h3><h3>Execs at Warburg Pincus-backed startup Facet Wealth told us why they went with Netflix-style subscription pricing for financial planning</h3><p><em>If an investor assembled a basket of themes shaping the <a href="https://www.businessinsider.com/category/wealth-management">wealth management</a> industry today and fed them into a blender, they would end up with a creation that looks a lot like Facet Wealth.</em></p><p><em>Facet, a Baltimore-based registered investment adviser with a fintech twist, uses Facet-branded digital tools to pair clients with certified financial planners who work remotely from homes around the US.</em></p><p><em>The firm, founded by a financial planning executive and two venture capitalists, finds clients primarily by referrals from independent broker-dealers, hybrid robo-advisers, and traditional RIAs who might pass on them because their asset base is too small.</em></p><h3><strong><a href="https://www.businessinsider.com/warburg-pincus-backed-fintech-facet-wealth-client-referrals-growth-2019-11">Read more about the subscription pricing push here. </a></strong></h3><h3>We watched 15 Blackstone employees pitch charities to senior dealmakers to learn what it takes to impress the firm's top brass</h3><p><em>At The Blackstone Group's New York headquarters this week, the firm's top brass convened in a large room on the 43rd floor to assess junior talent.</em></p><p><em>With a small stage at the center, senior dealmakers would get to see how well a group of associates, product managers, and other staff brought in from offices around the world could make a pitch.</em></p><p><em>The pitches were for the firm to make charitable donations, not investments, but the process gave us insight into what it takes to impress Blackstone's senior leaders. </em></p><h3><strong><a href="https://www.businessinsider.com/seven-junior-blackstone-execs-score-charity-check-from-top-brass-2019-11">Learn more about the winning pitches here. </a></strong></h3><h3>Goldman Sachs just unveiled a new gender pronouns initiative as part of a broader inclusion push at the Wall Street firm</h3><p><em>Goldman Sachs is embracing gender identity with a new initiative that gives employees a choice to identify themselves by their pronoun. </em></p><p><em>The Wall Street bank has enacted a multi-faceted initiative, to be rolled out in one stage beginning immediately and adding elements over time, according to a memo sent to all employees today and viewed by Business Insider. The memo was signed by global diversity committee co-chairs Gwen Libstag and Liz Martin.</em></p><p><em>"Few things are more personal than how people address us, and using a person's self-identified pronouns," according to the memo, "is an important way to show respect."</em></p><h3><strong><a href="https://www.businessinsider.com/goldman-sachs-pronouns-initiative-memo-2019-11">Read the full memo here. </a></strong></h3><h3>We talked to 4 VC investors about the hottest trends in payments and the biggest innovations to keep an eye on</h3><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Citi Ventures; Insight Partners; Bain Capital Ventures; Andreessen Horowitz; Shayanne Gal/Business Insider</span></p></div><p></p></div></div></p><p><em>The fintech world is big, and funding is flooding into startups like robo-advisors, neobanks, and alternative lenders. </em></p><p><em>In the third quarter, total fintech funding topped $8.9 billion, a record when adjusted for Alibaba's fintech Ant Financial's $14 billion last year, <a href="https://www.cbinsights.com/reports/CB-Insights_Fintech-Report-Q3-2019.pdf">according to CB Insights</a>. Globally, there are now 58 fintech unicorns (startups valued at more than $1 billion). </em></p><p><em>Payments is interwoven into nearly every segment of the fintech landscape, from credit card processing to online sales to analytics around consumer behavior. Some unicorns that have made big waves in payments include AvidXchange, Brex, <a href="https://www.businessinsider.com/wells-fargo-execs-talk-plaid-and-blockchain-2019-9">Plaid</a>, Stripe, and <a href="https://www.businessinsider.com/transferwise-reports-third-straight-year-of-profits-2019-9">TransferWise.</a></em></p><p><em>We spoke to investors at <a href="https://www.businessinsider.com/andreessen-horowitz-anish-acharya-innovations-payments-and-lending-2019-11">Andreessen Horowitz,</a> <a href="https://www.businessinsider.com/bain-capital-ventures-matt-harris-explains-payments-need-to-do-more-2019-11">Bain Capital Ventures</a>, <a href="https://www.businessinsider.com/citi-ventures-vc-capital-innovation-payments-where-to-monetize-next-2019-11">Citi Ventures,</a> and <a href="https://www.businessinsider.com/insight-partners-byron-lichtenstein-on-the-value-of-pairing-payments-with-software-and-vice-versa-2019-11">Insight Partners</a> about where they see the next innovations and opportunities in payments tech.  Here's the full roundup: </em></p><ul><li><strong><a href="https://www.businessinsider.com/andreessen-horowitz-anish-acharya-innovations-payments-and-lending-2019-11">Uber and Apple are just the start, and eventually every company will want to be a fintech. An Andreessen Horowitz general partner explains why.</a></strong></li><li><strong><a href="https://www.businessinsider.com/bain-capital-ventures-matt-harris-explains-payments-need-to-do-more-2019-11">A partner at Bain Capital Ventures explains why payments companies need to do more than just move money to survive</a></strong></li><li><strong><a href="https://www.businessinsider.com/citi-ventures-vc-capital-innovation-payments-where-to-monetize-next-2019-11">Citi Ventures is betting on cars that pay their own bills, and its co-head of investing envisions a future where your devices make payments without you</a></strong></li><li><strong><a href="https://www.businessinsider.com/insight-partners-byron-lichtenstein-on-value-pairing-payments-with-software-2019-11">An Insight Partners principal says the era of 'dumb payments' is over, and sees opportunities in using machine-learning to combat fraud</a></strong></li></ul><p> </p><p> </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/economist-weighted-voting-could-help-save-us-democracy-2018-5">This top economist has a radical plan to change the way Americans vote - weighted voting</a></h3>        <div>                    </div>    </div>

The outlook for Wall Street jobs after a 'wonky' 2019; banking execs declare a truce in the tech talent war

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div></p><p>Water, water everywhere - but less than half of a percent of Earth's reserves are drinkable.</p><p>That's just one shocking fact <strong>Neil deGrasse Tyson</strong> and five experts dropped at this year's <a href="http://www.amnh.org/explore/amnh.tv/isaac-asimov-memorial-debate" target="_blank">Isaac Asimov Memorial Debate</a> at the <span>American Museum of Natural History</span> - all about the surprising origins, scarcity, and value of water.<em> </em></p><p><span style="line-height: 1.5em;">Before the event, we joined a closed-door meeting with Tyson and the five experts.</span></p><p><span style="line-height: 1.5em;">B</span><span style="line-height: 1.5em;">elow are just a handful of facts they shared that help put water shortages like </span><a href="http://www.businessinsider.com/photos-of-california-drought-2015-5">California's crippling four-year drought</a><span style="line-height: 1.5em;"> into stark perspective.</span></p><h2><strong>$0.002 per gallon is the average <a href="http://www.epa.gov/ogwdw/wot/pdfs/book_waterontap_full.pdf">cost</a> of US municipal tap water.</strong> </h2><p>That's cheap but not free, as <a href="http://denverwaterblog.org/2015/05/26/an-open-letter-to-jay-z/" target="_blank">Jay-Z might have you believe</a>. Yet the panel said <span>we </span><a href="http://www.businessinsider.com/bottled-water-costs-2000x-more-than-tap-2013-7">pay hundreds or thousands of times more</a><span> for bottled water<span> - even though</span></span> there's no real difference compared to what comes out of a hose. To boot, the panel referenced <a href="https://www.youtube.com/watch?v=YFKT4jvN4OE">this classic episode</a> of Penn and Teller filling up bottles with a garden hose and serving the water in a fancy restaurant. (No unsuspecting patron was the wiser.)</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><p><strong>What's more, bottled water requires 5 to 11 times more water to produce than the bottle holds. </strong>Panelist Kathryn Sullivan<span>, the administrator of NOAA, the government agency which studies Earth's water stores from space,</span> says m<span style="line-height: 1.5em;">ost of that water waste comes from filtering. The process c</span>an rack up waste water in shocking amounts - up to 9 ti<span style="line-height: 1.5em;">mes more water is wasted than actually gets bottled. </span></p><p><span style="line-height: 1.5em;">Then there's the plastic bottle itself. </span><em>Making the plastic demands twice as much water as the bottle's volume.</em><span style="line-height: 1.5em;"> Add in the fuel to make the plastic and truck the filled-up bottles around, and you're staring at a significant environmental conundrum. "Our world is topsy-turvy," Sullivan says. "We pay more for bottled water than we pay for oil or gas or Coca-Cola."</span></p><h2><strong>Agriculture uses about <a href="http://www.ers.usda.gov/topics/farm-practices-management/irrigation-water-use.aspx">80% of all US freshwater</a></strong>.</h2><p><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div></p><p>We're pumping so much groundwater in some locations, says Russo, that they don't have time to recharge naturally via rain, melting snow, and other sources. Some aquifers only have left the glacial meltwater deposited there <a href="http://academic.emporia.edu/schulmem/hydro/TERM%20PROJECTS/Ringler/HPA%20system%20web%20page.htm">about 10,000 years ago</a>.</p><h2><strong>Pumping water is causing earthquakes, landslides, sinkholes, and more.</strong></h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><p>Russo noted part of northern California as an example. She says parts of the region are actually <em>rising</em> because the state is pumping out so much water - i.e. it's making the Earth's crust there lighter and more buoyant. "That crust material [is] floating … and releasing parts of the pressure on the San Andreas [Fault]" and triggering earthquakes, she says.<span style="background-color: #ffff00;"><br /></span></p><h2><strong>The average Las Vegan uses twice as much water as a New Yorker - but it rains 10 times more in the Big Apple.</strong></h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><p>"Those sorts of asymmetries are just crazy," says Sullivan. And with <a href="http://www.businessinsider.com/terrible-effects-of-climate-change-2014-10">climate change</a> mixing up weather patterns we've grown accustomed to, Hammel says we can expect more of these disparities. </p><p><strong>Nevada agriculture uses 90% of the state's water but only employs about 6,000 people. </strong>"The Mirage Hotel <span>- <em>singular</em> <span>- in [Las] Vegas <span>employs more people than that," says Ellen Stofran, </span></span></span><span style="line-height: 1.5em;">NASA's chief scientist and another of Tyson's panelists. She cited it as just another example of water use not jibing with reality. "We have to start valuing water as a precious, finite commodity," Sullivan added.</span></p><p><strong>Right now, 35 US states are fighting legal battles over water</strong>. Take Des Moines, Iowa's municipal utility, for example, says Stofran. The city is in the process of suing three upstream counties for dumping too much nitrate into the Raccoon River, which feeds the city freshwater.</p><h2><strong>In the 1970s, a Saudi Arabian prince started an iceberg-towing company</strong>.</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><p>Mohammed al Faisal once established "Iceberg Transport International" (ITI) to tow Antarctic 'bergs to Mecca and melt them into freshwater, says panelist and r<span>etired U.S. Air Force </span><span></span>General Charles Wald<span>, who's seen water's importance in armed conflict</span>.</p><p>ITI estimated it'd <a href="http://content.time.com/time/magazine/article/0,9171,915637,00.html">cost $100 million to tow 100 million tons of ice</a>, and that the trip would take eight months, writes <a href="http://www.theatlantic.com/technology/archive/2011/08/the-many-failures-and-few-successes-of-zany-iceberg-towing-schemes/243364/">The Atlantic</a>. But after debating the scheme in an international conference in Iowa and doing a test in the San Francisco Bay with a giant block of ice, the company determined the plan <a href="https://books.google.com/books?id=AYgEFsz0tCQC&amp;lpg=PA285&amp;dq=Mohammed%20al-Faisal%20iceberg&amp;pg=PA285#v=onepage&amp;q&amp;f=false" target="_blank">wouldn't work</a>. That was in the late 1970s and early 1980s. Even today, <a href="http://blogs.scientificamerican.com/observations/get-your-iceberg-water-here530-a-glass/">towing icebergs remains uneconomical</a>.</p><h2><strong>85% of the water on the International Space Station is recycled.</strong></h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><p>If you're hip to space operations lingo, using what you've got wherever you're at is called "in situ resource utilization," or ISRU. Most ISRU water comes from condensed astronaut breath, sweat, and urine. Yes, NASA installed a fancy <em>pee-recycling machine</em> in 2008 to save launching 2,800 liters per year into low-Earth orbit. (<a href="http://www.businessinsider.com/scott-kelly-will-drink-730-liters-of-recycled-sweat-and-urine-2015-3">And the water tastes great!</a>)</p><p>This is important when we're talking about making feasible a <a href="http://www.businessinsider.com/science-fiction-writers-on-going-to-mars-2015-5">human mission to Mars</a>. Stofran said we'll need to boost water recycling capabilities to <em>95%</em>, partly because water is a heavy thing to launch into space. "Mars is [also] a pretty harsh place. It's not a live-off-the-land kind of place," Stofran said.</p><h2><strong>1 kilometer: Suspected depth of Martian aquifers</strong>.</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><p>While Mars seems dry and dusty in images, it does seem to have water, deep below the surface. "It gets warmer as you go deeper," Hammel said. "There should be a water table on Mars." Trouble is, we don't have a drill that can go that deep into the Martian surface. (<a href="http://www.lpi.usra.edu/meetings/roundtable2004/pdf/6002.pdf">Yet</a>.)</p><h2><strong>The US will never run out of water</strong>.</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><p>All of the experts agreed on this point, since there are replenishable supplies of freshwater available across the country (unlike some very dry, land-locked nations). But they noted this liquid abundance creates a huge problem: It means people living in the US, one of the wealthiest nations in the world - and perhaps the most capable of solving water crises - rarely feel the strain that others do on their water sources.</p><p>General Wald said in Ethiopia, for example, he's met people who walk 6 hours to fill up water containers and bring them back to their village. And during conflict in the Middle East, he adds, attackers often target armored convoys in part to steal their potable water.</p><p><strong>This will likely get worse, since in about 2 years, the Gaza Strip in the Middle East could run dry</strong>. That's because water use there is outstripping the region's ability to supply freshwater, says General Wald. Gaza is about the size of Washington D.C. and borders the Mediterranean Sea, but it has no desalinization plants that would convert that salty seawater into something drinkable. And not to rag on soft drink manufacturers, but General Wald noted one company is building a plant in Gaza - even though making soft drinks consumes an incredible amount of water.</p><p><strong>In fact, it might take between 168-309 liters of water to make a single 0.5 liter bottle of cola</strong>. One <a href="http://waterfootprint.org/media/downloads/Ercin-et-al-2011-CorporateWaterFootprint-Softdrink.pdf">study from 2010</a> estimated the "grey water footprint" (i.e. the water dirtied during manufacturing) to be roughly <em>20 to 40 times</em> as much water as there is in a half-liter bottle - that's not including the water required to grow the beverage's source of sugar - usually corn. Add that and other water use during manufacturing and transport, and the water used per bottle skyrockets.</p><h2><strong>Around 2030, there could be a "very serious" worldwide water crisis</strong>.</h2><p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><p><span style="line-height: 1.5em;">Naturally the military is worried about it, General Wald said. "Water wars are not new," he said. "If anything they're being exacerbated [by water]." He cited Egypt's constant threat of war with Ethiopia over the </span><a href="http://www.newscientist.com/article/mg22630235.700-winwin-deal-helps-avoid-war-over-ethiopias-5-billion-nile-dam.html">Grand Ethiopian Renaissance Dam</a> <span style="line-height: 1.5em;">- a $5 billion hydroelectric plant on the Blue Nile, a major southern tributary of the Nile River (you'll recall the Nile flows North). Completing that project would mean holding back the tributary's waters for a year while the dam fills up, threatening Egypt's water supplies and the capacity of its hydroelectric dam on Lake Nasser.</span></p><p><strong>"We're going to have to hit bottom,"</strong> says Tyson, before we wake up and realize just how bad things are - and a full innovative engine to solve water shortages kicks into gear.</p><p>Until then, now is a good time to savor a closing era of cheap, reliable, and free-flowing freshwater.</p><p><em>Disclosure: The author is married to a communications employee at the American Museum of Natural History.<span style="background-color: #ffff00;"><br /></span></em></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/university-miami-net-zero-water-system-college-dorms-2015-5">California could learn a few things about water conservation from this college dorm in Florida</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="IxZzd5dDpqm_qEpj_8ms5SjIVUnCX7sC" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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