<ul><li><strong>The video of Welspun India’s CEO Dipali Goenka dancing with her colleagues, to the tune of <em>Muqabla </em>song from the Street Dancer 3D, has gone viral on the internet<br /></strong></li><li><strong>The 50-year old Joint Managing Director and CEO of the ₹4,500-crore (over $600 million) Welspun India. </strong></li><li><strong>This is just one party on the road to the targeted $2 billion in revenue by 2022</strong></li></ul>The video of Welspun India’s CEO Dipali Goenka dancing with her colleagues, to the tune of <em>Muqabla </em>song from the Street Dancer 3D, has gone viral on the internet. Many industry leaders,<a href="https://twitter.com/Varun_dvn/status/1230035375734784001"> bollywood actors</a> and politicians applauded the 45-sec video giving a glimpse at a ‘happy workplace’. <br /><br />But the 50-year old Joint Managing Director and CEO of the ₹4,500-crore (over $600 million) Welspun India has a lot more to her credit than a viral video.<br /><br />
	
	<div type="twitter" handle="hvgoenka" handlename="Harsh Goenka" image="http://pbs.twimg.com/profile_images/1100471315016732672/VQXLpkHZ_normal.jpg" favoritecount="13586" retweetcount="2226" status="Rare to see a CEO dance and have fun in an office setting. That’s the way to create a happy culture @DipaliGoenka… https://t.co/DHDlNz8Gy9" createdat="1582045195000" id="1229812801889357824"></div>





<br />The reason for the celebration: Welspun India, which makes towels, bathrobes, and bedsheet, registered a whopping 55% growth in net profit for the third quarter ending on December 31, 2019, sparking hopes of a turnaround amidst gloomy prospects for the entire sector.  This is just one party on the road to the targeted $2 billion in revenue by 2022. <br /><br /><strong>Goenka had a tough start as the boss</strong><br />
  
  <div type="image" title="BCBE8AC1-8420-48A1-A8D7-E84E24DD23EC" msid="74211911" hostid="261"></div> Goenka was a homemaker, and the wife of <keyword id="949657" type="PERSON" weightage="20" keywordseo="Balkrishan-Goenka">Balkrishan Goenka</keyword> (the Chairman of the <keyword id="157753" type="COMPANY" weightage="20" keywordseo="Welspun-Group">Welspun Group</keyword>) until she decided to become an executive back in 2002. She became an entrepreneur with a new business line, Spaces, a brand that targets premium for towels and bedsheets at a domestic level. <br /><br />Nine years ago, in 2011, Goenka shook the textile industry in India when she took charge of the company. Some industry leaders thought the “Welspun has lost its mind” <a href="https://www.thehindubusinessline.com/business-wire/forbes-ranks-dipali-goenka-as-the-16th-most-powerful-businesswoman-in-asia/article8446854.ece">reported Forbes</a>. ‘Is she here because she is a part of the management?” <a href="https://wow.outlookbusiness.com/dipali-goenka/">Goenka told the media</a>. <br /><br />Two years later, she became the joint managing director in 2013. A few years into the business, Goenka proved the skeptics wrong. Welspun India’s annual revenue was nearly ₹5,500 crore last year. In fact, a look at the stock price of Welspun India shows that the real wealth generation for investors happened only after she took over. <br /><br />
  
  <div type="image" title="welspun india share price" msid="74211828" hostid="261"></div>





<sup>Source: Google Finance</sup><br /><br />Now, the company expects the WelHome and Spaces brands to touch ₹3,500 crore, according to an Edelweiss report, by next year whereas the current market value of entire Welspun India is just ₹4,500 crore. <br /><br />What makes her achievement special is that she has managed to grow the company at a time when the textile industry has been struggling to survive. Particularly, the textile exporters from India have been losing out <a href="https://scroll.in/article/810671/three-charts-show-how-indian-textile-industry-lost-the-race-to-bangladesh-and-vietnam">cheaper competition from Bangladesh and Vietnam</a>.<br /><br /><strong>The early setback</strong><br />Sexism was not the only challenge for Goenka. One of the biggest setbacks for the group was in 2016, when Target Corp, second largest value retailer in the US, informed their customers that Welspun India sold them substandard bedsheets.<br /><br />
  
  <div type="image" title="Capture" msid="74211847" hostid="261"></div>





<br />At the time, Target gave about 10% of Welspun India’s billion-dollar revenue every year. Their market cap took a steep fall of 54% — from ₹103.34 billion to ₹46.97 billion between August 19, 2016 and August 30, 2016. <br /><br />Goenka <a href="https://economictimes.indiatimes.com/industry/cons-products/garments-/-textiles/how-welspun-india-is-emerging-from-a-crisis-that-rocked-its-credibility/articleshow/69706022.cms">took responsibility and met all her customers </a>including JCPenney, Costco, <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> in the US to Sainsbury in Europe. In 2017-18, the company’s gross sales fell by 9%. <br /><br />But the company seems to have recovered from that now. It was ranked as the <a href="http://outlookindia.com/outlookmoney/investment/the-weaver-welspun-india-2122">top home textile suppliers in the US in 2017 </a>and has a distribution network in over 32 countries including US, UK, Europe, Canada and Australia.<br /><br /><strong>The good fight<br /></strong><br />Goenka has not only chased her corporate aspirations, she has also strongly backed gender equality. “The biggest change is that the percentage of women has gone up from 7% to 23% in our workforce. IQ is not the only thing that will take an organisation forward. It is also the EQ. And that’s the balance women bring,” Goenka<a href="https://wow.outlookbusiness.com/dipali-goenka/"> told <em>Outlook Business. </em></a><br /><br />While prodding other billionaire-owners of big businesses like <keyword id="46425" type="PERSON" weightage="20" keywordseo="Anand-Mahindra">Anand Mahindra</keyword>, <keyword id="55796" type="PERSON" weightage="20" keywordseo="Kiran-Mazumdar-Shaw">Kiran Mazumdar Shaw</keyword> and <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword> to make their workplace more fun, Goenka has also become the face of a changing corporate culture in India. <br /><br />SEE ALSO:<br /><a href="https://www.businessinsider.in/business/corporates/article/escorts-share-price-and-inside-story-of-how-market-value-nearly-doubled-in-a-new-book/articleshow/73763872.cms">The inside story of how Escorts turned around to become a nearly ₹10,000-crore company</a><br /><a href="https://www.businessinsider.in/business/corporates/news/profit-margin-on-jockey-and-speedo-shrinks-shows-page-industries-q3-earnings/articleshow/74119148.cms">Biting slowdown is squeezing Page Industries' profit margin on Jockey and Speedo</a><br /><a href="https://www.businessinsider.in/business/startups/news/manish-malhotra-ritu-kumar-sabyasachi-and-other-top-designer-clothes-are-available-for-rent-thanks-to-this-indian-startup/articleshow/72326885.cms">Manish Malhotra, Ritu Kumar, Sabyasachi and other top designer clothes are available for rent thanks to this Indian startup</a><br /><a href="https://www.businessinsider.in/business/news/everybody-needs-a-haircut-says-celebrity-stylist-jawed-habib-who-does-not-fear-the-effect-of-a-slowdown/articleshow/74132791.cms">Star hair stylist Jawed Habib reveals why $30 million franchise hasn't cut prices this slowdown</a><br />

Welspun CEO Dipali Goenka is more than a dancing CEO⁠— she’s a homemaker-turned-CEO engaged in the good fight

<ul><li><keyword id="6355315" type="UNKNOWN" weightage="20" keywordseo="elon-musk">Elon Musk</keyword> and <keyword id="424838" type="PERSON" weightage="20" keywordseo="Jack-Ma">Jack Ma</keyword> came together at the <keyword id="8039087" type="UNKNOWN" weightage="20" keywordseo="world-artificial-intelligence">World Artificial Intelligence</keyword> Conference in Shanghai. </li><li>The two geniuses took digs at each other as they spoke about <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">Artificial Intelligence</keyword>, Mars, aliens and more. </li><li>Ma once again brought out his love quotient, and Musk agreed to say, ‘love is the answer’.</li></ul>The world waited with bated breath as the greatest tech minds of the generation – Elon Musk and Jack Ma came together at the World Artificial Intelligence Conference in Shanghai. <br /><br />As expected, sparks flew. <br /><br />The geniuses behind Tesla and Alibaba had a war of words over Artificial Intelligence and much more. While Ma believes that AI is not a threat, Musk fears the intelligence of AI and computers.<br /><br />In an hour long conversation, Ma and Musk took digs at each other. When Ma said that it’s impossible that human beings will be controlled by machines, Musk laughed out loud. <br /><br /><strong>Jack Ma is not scared of AI, Musk calls them famous last words</strong><br /><br />Jack Ma: I’m not a tech guy, I think more about life. I think AI is going to open a new chapter of this society of the world, where people try to understand ourselves better, rather than outside the world. I’m quite optimistic, I don’t think AI is a threat or it is something terrible, human beings are smart enough to learn that. People like us are street smart, we’re never scared of that.<br /><br />Elon Musk: I don’t know man, that’s like famous last words. In general, the rate of advancement of computers is insane. A good example would be video games. If you go back 40 years ago, you had Pong that was just two rectangles and a square. Now, you have got photo-realistic real time simulations with millions of people playing simultaneously. If you assume any rate of improvement at all, the games will be indistinctionable from reality. You will not be able to tell the difference. Either that or civilization will end. I’m naturally optimistic person to be clear, i'm just saying the rate of change of technology is very fast, its outpacing our ability to understand it. <br /><br /><strong>Elon Musk is from Mars, Jack Ma is from Earth </strong><br /><br />Jack Ma: You want to go to Mars. I’m not interested in Mars, I’m more interested in Earth. Why are you so curious about Mars?<br /><br />Musk: It’s important for us to take the set of actions that are most likely to continue consciousness into the future. We should not take it for granted that consciousness will continue, we haven’t encountered any aliens. Where are the aliens? This is the Fermi paradox. This is one of the most important questions. How come we’ve not found any aliens? There are people out there who think we have found aliens. Trust me, I would know, we have not....  People ask me you’ve been to Area 51, please.. at SpaceX actually has Area59, that’s 8 better. <br /><br />One of those actions (we can take) is to become a multi-planet species or ensure that life is multi-planetary. Not from the centre point of an escape path, but there is a probability at a certain point that some either external force or some internal unforced error causes civilization to be destroyed or sufficiently impaired such that it can no longer extend it to another planet.<br /><br />This is the first time in a 4-and-a-half billion year history of Earth, that it is possible to extend life beyond Earth. <br /><br />Ma: I’m not a fan of Mars because I think it’s easy to go to Mars. <br /><br /><strong>You need Love Quotient to survive the times of AI: Jack Ma</strong><br /><br />Jack Ma: In our company, if things are without logic, human beings can do better. For example, when you love someone, I have no reason. But when I hate someone, there is logic. At Ant financial, we teach the machine all the bad things, bad guys want to do, machine can learn quickly and arrest all the bad things but the good things, not necessarily. <br /><br />Musk: AI means love.<br /><br />Ma: That’s absolutely right. If you want to be successful, you have to have EQ and IQ. In the future if you want to survive you need to have the Love Quotient, otherwise you cannot survive in the time of AI. <br /><br />Musk: I agree with it, Love is the answer.<br />

Elon Musk and Jack Ma fight about AI and Mars, but agree that ‘love is the answer’

<p>Hi readers, </p><p>One word caught our eye this week: "aggressive."</p><p>As in, JPMorgan CEO Jamie Dimon saying the firm is going to be "<a href="https://www.businessinsider.com/jpmorgan-wealth-asset-management-on-potential-deals-hiring-us-expansion-2020-2">much more aggressive in acquisitions across the board</a>." So what else could the biggest U.S. bank be looking to add, exactly? Well, there were some clues. Buying another deposit-taking bank is a no-no for JPMorgan. Sheer scale doesn't exactly appear to be the goal, and Dimon said the bank will be "open-minded" and "creative."</p><p><a href="https://www.businessinsider.com/personal-capital-yodlee-acquistion-targets-for-jpmorgan-analysis-2020-2">So Rebecca Ungarino talked to insiders to learn what could fit the bill for JPMorgan - particularly when it comes to its asset and wealth management division. </a></p><p>And with all the deals already going on with fintechs and newer players as targets - Intuit said it would <a href="https://www.businessinsider.com/intuit-turbo-tax-acquire-credit-karma-consumer-data-2020-2">buy Credit Karma</a> just days after <a href="https://www.businessinsider.com/why-morgan-stanley-is-buying-e-trade-for-13-billion-2020-2">Morgan Stanley revealed plans to buy E-Trade</a> - Dan DeFrancesco laid out <a href="https://www.businessinsider.com/top-fintech-merger-and-acquisition-targets-for-2020-2020-2">7 other buzzy fintechs that could be looking like a good buy</a> for whoever is on the hunt. </p><p><em><strong><a href="http://newsletter.businessinsider.com/join/4np/wall-st-insider&amp;hash=f4e91136c13f3c40c496d77bc7347502">If you aren't yet a subscriber to Wall Street Insider, you can sign up here.</a></strong></em></p><img src="https://static-ssl.businessinsider.com/image/5df2f19dfd9db278833863d4-1201/wealth management and tech 2 2x1.png" alt="wealth management and tech 1 4x3" /><p class="source"><span>Samantha Lee/Business Insider</span></p><h3><a href="https://www.businessinsider.com/why-private-equity-firms-have-been-slow-embrace-data-analysis-2020-2">A culture clash is holding private equity back from using data to do deals - here's how firms can overcome the human roadblock</a></h3><p>To understand why the use of data in the investment process is <a href="https://www.businessinsider.com/how-private-equity-firms-are-hiring-data-scientists-and-analysts-2020-2">only in its early stages in the private-equity industry,</a> look no further than conversations at a massive industry gathering this week. <a href="https://www.businessinsider.com/insider-tips-to-navigate-biggest-private-equity-event-of-2020-2020-2">Casey Sullivan was part of the crowd of thousands at SuperReturn in Berlin.</a> He chatted with insiders about the challenges of getting getting investment professionals and data scientists to work together - as one put it, "EQ is more important than IQ" when it comes to collaboration. </p><h3><a href="https://www.businessinsider.com/citadel-blackrock-d1-short-positions-in-coronavirus-related-shorts-2020-2">Citadel, BlackRock, and D1 Capital are racking up hundreds of millions in gains as coronavirus fears tank airlines, cruises, and movie-theater stocks</a></h3><p>While we were unpacking all the M&amp;A action, coronavirus fears were also dominating headlines and tanking the markets this week. But as Bradley Saacks writes, there are some asset managers making money off of the chaos. <a href="https://www.businessinsider.com/citadel-blackrock-d1-short-positions-in-coronavirus-related-shorts-2020-2">BlackRock, Citadel, D1 Capital, and Adelphi Capital are all racking up big gains on short positions</a> in airlines, cruise companies, movie theaters, and malls - companies that were directly impacted by the unfolding public health crisis.</p><h3><a href="https://www.businessinsider.com/symphone-ceo-fintech-futures-plans-messaging-2020-2">Symphony's CEO is plotting a big strategy shift as the messaging startup struggles to lure hedge-fund clients</a></h3><p>Messaging startup Symphony, which has raised $460 million from some of the biggest firms on Wall Street en route to a <a href="https://www.businessinsider.com/goldman-backed-chat-platform-symphony-raises-165-million-in-new-funds-2019-6">$1.4 billion valuation,</a> is adding a referral program allowing customers to sign their own clients up to the platform for free.</p><p>The plan, as explained by Symphony CEO David Gurle in an exclusive interview with Dan DeFrancesco, will be rolled out in the coming months and is meant to entice more buy-side firms, <a href="https://www.businessinsider.com/inside-symphonys-battle-to-break-into-a-28-billion-market-for-wall-street-chat-and-avoid-becoming-bloomberg-roadkill-2018-8">long a sore spot of the firm</a>, as it looks to gain traction helping facilitate complicated financial trades. </p><h3><a href="https://www.businessinsider.com/bofa-has-poached-a-goldman-partner-amid-markets-leadership-reshuffle-2020-2">Bank of America is shaking up its global markets division and poached a Goldman Sachs exec to fill a key new role</a></h3><p>Alex Morrell reported all the details - plus we've already updated our <a href="https://www.businessinsider.com/bank-of-america-equities-org-chart-2019-9">equities</a> and <a href="https://www.businessinsider.com/bank-of-america-merrill-lynch-ficc-org-chart-power-structure-2019-7">FICC</a> org charts to help you map out the new power structure. And the Goldman partner exit means we've also got another name to add to Dakin Campbell's running list - <a href="https://www.businessinsider.com/list-of-goldman-sachs-partners-that-exited-in-2019-2020-1">you can check that out here. </a></p><img src="https://static-ssl.businessinsider.com/image/5d2f8609767d29366a2d12ff-1201/baml thumb update 21.png" alt="BAML thumb update 2*1" /><p class="source"><span>Bank of America Merrill Lynch; Yutong Yuan/Business Insider</span></p><h3><a href="https://www.businessinsider.com/seth-klarmans-out-of-print-book-doubted-index-funds-quant-2020-2">We got a look at billionaire investor Seth Klarman's super-rare book. Here are the predictions he nailed, and where he missed.</a></h3><p>Klarman's book "Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor," is something of a (very expensive) cult classic. It's out of print, and first editions of the book sell online for thousands of dollars. Bradley took a read of the 1991 text, and while some of its proclamations don't exactly stand the test of time (indexing, as it turned out, wasn't just a fad), others hold up just fine. </p><p>That's it from me! A round of of fintech news and must-know people moves below, if you need to catch up with everything we published this week. As always, my line is open at <a href="mailto:mmazzilli@businessinsider.com">mmazzilli@businessinsider.com</a>. </p><p>Enjoy the weekend, </p><p>Meredith</p><hr /><h2>People moves</h2><ul><li><a href="https://www.businessinsider.com/barclays-hires-ex-goldman-sachs-partner-taendler-for-ficc-trading-2020-2">Barclays has hired an ex-Goldman Sachs partner to bolster its sales and trading unit and grab market share from US rivals</a></li><li><a href="https://www.businessinsider.com/goldentree-coo-bill-christian-no-longer-at-30-billion-fund-2020-2">The COO of billionaire Steve Tananbaum's GoldenTree Asset Management is out after 15 years at the firm, sources say</a></li><li><a href="https://www.businessinsider.com/bridgewater-ceo-eileen-murray-on-wall-street-diversity-inclusion-2020-2">Eileen Murray, Bridgewater's departing co-CEO, explains why sponsorships, not mentorships, are the best way to help people succeed. </a></li></ul><h2>Fintech and proptech</h2><ul><li><a href="https://www.businessinsider.com/google-cloud-opens-salt-lake-city-facility-paypal-silicon-slopes-2020-2">Google Cloud opens new 'Silicon Slopes' facility to help it chip away at Microsoft and Amazon's cloud dominance - and PayPal is an early customer</a></li><li><a href="https://www.businessinsider.com/payroll-advance-startup-dailypay-launches-savings-product-2020-2">DailyPay, the payday advance startup used by Berkshire Hathaway and Six Flags, is launching a savings product to help customers break the paycheck-to-paycheck cycle</a></li><li><a href="https://www.businessinsider.com/intuit-turbo-tax-acquire-credit-karma-consumer-data-2020-2">Intuit is set to buy Credit Karma for $7.1 billion - here's what the TurboTax owner has to gain from the buzzy startup known for its free credit scores</a></li><li><a href="https://www.businessinsider.com/the-diverse-industry-backgrounds-of-five-construction-tech-founders-2020-2">5 startup founders explain how they reimagined an old-school industry to break into the buzzy construction-tech scene</a></li></ul>            <h3>NOW WATCH: <a href="https://www.businessinsider.com/pediatrician-child-psychologist-debunk-baby-myths-2020-2">2 experts debunk baby myths, from using a walker to putting honey on a pacifier</a></h3>                    <iframe class="bijwplayerclass" src="https://content.jwplatform.com/players/yNJ29uFb-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;"></iframe>            

JPMorgan is on the hunt; private equity's data culture clash; Symphony's plan to win over the buy side

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/57eae61e077dcc1b008b8988-1280/unnamed.jpg" alt="Thasunda Duckett JPMorgan" data-mce-source="JPMorgan" /><p class="source"><span>JPMorgan</span></p></div><p></p></div></div>JPMorgan just announced a change at the top of its consumer banking business.</p><p>The US bank has named Thasunda Duckett<span> as CEO of the consumer bank, reporting to Gordon Smith, CEO of consumer and community banking. </span></p><p><span><span></span></span><span></span>"T is an extraordinary leader and talent," Smith said in a memo announcing the appointment. "For anyone who knows T, you know she has both great IQ and EQ."</p><p>The new role puts <a href="http://leanin.org/stories/thasunda-duckett/">Duckett</a>, who was<span> previously CEO of Chase Auto Finance, at the heart of JPMorgan's biggest business. </span><span><span>Consumer and community banking generated $11.5 billion in revenue in the second quarter, with $2.7 billion in net income. </span></span></p><p><span>Duckett replaces Barry Sommers, who is moving to a new unit called Wealth Management and Investment Solutions. </span><span>That unit will combine the wealth management businesses across asset management and consumer and community banking, according to a separate memo from Mary Erdoes, CEO of asset management at JPMorgan.</span></p><p><span>Sommers will become CEO of wealth management, while Brian Carlin will become CEO of investment and banking solutions. Carlin will also oversee the bank's digital wealth management and institutional wealth management business. </span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/former-wells-fargo-employees-fired-reporting-fraudulent-activity-2016-9">Former Wells Fargo employees say they were fired after reporting fraudulent activity</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="AyMHYxNjE6zGA5OnirMAgI1EBDWDFJUD" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'AyMHYxNjE6zGA5OnirMAgI1EBDWDFJUD',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

JPMorgan just promoted a rising star in its biggest business

Microsoft CEO Satya Nadella talks AI, closing the Activision Blizzard deal, and his best business decision so far

<img src="https://static-ssl.businessinsider.com/image/5e57fcfcfee23d77bf7bbf22-2400/harris160607-5687 1.jpg" alt="Matthew Granade" /><p class="source"><span>Point72 Asset Management</span></p><p class="caption">Matthew Granade, Point72 Asset Management</p><ul class="summary-list"><li>The biggest challenges facing the widespread adoption of data by private-equity firms are human.</li><li>There must be collaboration between data scientists and investment professionals, and those in data roles must approach data-sets with one goal upfront, rather than looking for insights in a vast trove of information. </li><li>Those were among a handful of key takeaways offered by data professionals at this year's SuperReturn conference in Berlin.</li><li>Business Insider sat in on a panel discussion of alternative data and then interviewed several professionals to better understand the challenges and opportunities for data in the private equity industry.</li><li>"It's the challenge of collaboration and communication for a data scientist to walk into the room and explain what it is they did," said Matthew Granade, chief market intelligence officer at hedge fund Point72.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Click here for more BI Prime stories.</a></li></ul><p>To understand why the use of data in the investment process is only in its early stages in the private-equity industry, look no further than conversations at a massive industry gathering this week. </p><p>In Matthew Granade's mind, there are at least two big challenges in using data to invest. </p><p>The chief market intelligence officer of hedge fund Point72 told an audience at SuperReturn here in Berlin that one challenge is simply <a href="https://www.businessinsider.com/goldman-sachs-alternative-data-investing-quantitative-2020-1">finding actionable insights from large swaths of information</a>.</p><p>"There are thousands of data sets and only a handful of them are actually useful," he said during a panel discussion about alternative data on Tuesday. </p><p>"Take a credit card," he went on. "A lot of them have sample-size issues and biases in their data. There is a huge process of just getting to a useful data set."</p><p>But that's only the beginning. </p><p>Afterward, there is the challenge of explaining the importance of those findings to the firm's investment professionals and collaborating with them during the investing process. </p><p>"My view is that we have the best portfolio managers in the world," said Granade. Most, though, he said, "are not statisticians; they are not data scientists. It's not what they grew up doing."</p><p>"It's the challenge of collaboration and communication for a data scientist to walk into the room and explain what it is they did ... and what risks there are, in a sensible and clear way," he said. </p><h2>How to get data analysts to work better with investment professionals</h2><p>Those comments touched on a cultural issue that some sources tell Business Insider has served as a road block for the expansion of data analysis within PE firms, which have traditionally best compensated and empowered their investment professionals, with others in the organization servicing their work.</p><p>Afsheen Afshar, who previously served as chief artificial intelligence officer at Cerberus Capital Management and is now a managing director at his own investment firm, Pilot Wave Holdings, agreed with Granade's comments about collaboration as a challenge. </p><p>"I've seen the same movie so many times," said Afshar. "EQ is more important than IQ in deploying this capability. There are many who have high-performing degrees who often forget about that."</p><p>The pair didn't get into specific examples of instances where they saw lack of communication become an issue, but Pamela Hendrickson, chief operating officer of private equity firm The Riverside Company suggested that a question of judgment is at the heart of it.</p><p>"I think sometimes, especially with our younger team members, there is a tendency to over-rely on the data set," she said.</p><p>"We need the combination of technology and human judgment."</p><h2>Data was far from center stage at SuperReturn</h2><p>Data, which has so far been viewed as <a href="https://www.businessinsider.com/how-private-equity-firms-are-hiring-data-scientists-and-analysts-2020-2">greenfield opportunity rather than a must-have in private-equity firms</a>, fittingly appeared in the earliest part of SuperReturn's agenda, before all the biggest private-equity <a href="https://www.businessinsider.com/heres-what-private-equity-ceos-are-saying-about-returns-coronavirus-2020-2?r=DE&amp;IR=T">CEOs showed up and made headlines.</a></p><p>Instead, the data conversation was part of a pregame, which went under the radar to many people attending the main event. Business Insider sat in on the panel and then spoke with several data and technology professionals afterward to better understand the biggest challenges and opportunities in employing data - including alternative data, meaning non-traditional data sets that the hedge fund industry has already sized upon with hopes of gaining an investing edge. </p><p>Specifically, though, we were interested in learning more about data use in private-equity.</p><p>And Granade, even though he is a hedge fund executive, offered some comments that applied to the PE industry. </p><p>For instance, he noted that it's important to have an end-goal in mind when approaching data. </p><p>"You can swim around in a pool of data and do all sorts of crazy stuff," said Granade. But he said you have to ask yourself: "What are you trying to do and is that data set going to help you do it? If you're trying to predict Chipotle's earnings, can that line item get you want you want?"</p><p>In response to a question from an audience member, Granade also refuted the notion that the commoditization of data posed any threat to the role of the investor.</p><p>He said that data is simply one insight out of many, and that it is far more important how humans analyze the data, rather than the existence of the data itself. </p><p>"We produce whatever returns we produce on a lot of commoditized data," he said. "People who analyze it well do well with it, and those who don't don't. For us, it's another input. I don't worry too much about the commoditization."</p><h2>Private-equity firms could eventually use data analytics as a fundraising selling point</h2><p>If there is a commoditization challenge, private-equity firms, for their part, don't seem to be contributing to it. </p><p>Vishal Shah, a director in the data intelligence group of financial services outsourcing company TresVista, told Business Insider that private-equity firms are not yet selling their data to outside parties, like hedge funds, which he thinks could be a good business later down the line, with the caveat that they anonymize the data. </p><p>Such a sale would go "straight to the bottom line of private-equity firms," he said. "Currently they aren't doing anything with the data."</p><p>Shah also believes that there is an opportunity for PE shops to fundraise with data analytics capabilities as a selling point. This hasn't yet been done, he said, but he's confident it will develop in three years time, after specific examples develop where data was responsible for boosting PE returns. </p><p>To the extent PE shops are embracing data, Zineb Sebbar, product manager of investment software company eFront, said use cases include due diligence and deal sourcing processes. </p><p>"For example, sentiment analysis of customer reviews or social media mentions are tools that can help [PE firms] appraise investment opportunities," she said. </p><p>Still, though, many PE shops have yet to build out their own data science divisions like some have done, such as Cerberus Capital Management and Blackstone. </p><p>Hendrickson, the Riverside Company chief operating officer, said that her firm has used data to look at employment growth in portfolio companies, as well as to understand how to target sales prospects. But she said the firm still relies on outside vendors for data analysis. </p><p>"Most firms will give you a pretty cheap testing opportunity," she said. "It's a competitive world out there." </p><p class="tagline"><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"><img src="https://static.businessinsider.com/image/5dcb0cab7eece5025933c502" alt="Exclusive FREE Slide Deck: 10 Up and Coming Fintechs by Business Insider Intelligence" style="margin: 0 auto !important; width: 100% !important; min-width: 280px !important; max-width: 640px !important" /></a></p>            <h3>NOW WATCH: <a href="https://www.businessinsider.com/fighting-nhl-hockey-violence-sports-code-referee-2017-2">Why fighting is allowed in pro hockey - and why the NHL has no plans to ban it</a></h3>                    <iframe class="bijwplayerclass" src="https://content.jwplatform.com/players/CYSyhgc4-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;"></iframe>            

Private equity can't just flip a switch to embrace data analysis, and investing execs explain why humans are the biggest roadblock to wide adoption

Mr. Crypto goes to Washington

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/583369e9ba6eb637008b5a3a-1135/screen shot 2016-11-21 at 43854 pm.png" alt="Sherlock Holmes genius smart" data-mce-source="BBC One HD" data-link="https://www.youtube.com/watch?v=VaT7IYQgyqo" /><p class="source"><span><a href="https://www.youtube.com/watch?v=VaT7IYQgyqo">BBC One HD</a></span></p><p class="caption">Here are some signs that you're a smart cookie.</p></div><p></p></div></div></p><p>Stupid people tend to overestimate their competence, while smart people tend to sell themselves short. As Shakespeare put it in "<a href="https://www.amazon.com/You-Like-Dover-Thrift-Editions/dp/0486404323?tag=bisafetynet-20">As You Like It</a>": "The fool doth think he is wise, but the wise man knows himself to be a fool."</p><p>That conventional wisdom is backed up by <a href="http://psych.colorado.edu/~vanboven/teaching/p7536_heurbias/p7536_readings/kruger_dunning.pdf">a Cornell University study</a> conducted by David Dunning and Justin Kruger. The phenomenon is now known as the Dunning-Kruger effect.</p><p>So, if you're not too sure about your own intellect, it actually might be a indication that you're pretty intelligent - thoughtful enough to realize your limitations, at least.</p><p data-valid-location="true">Here are some subtle signs that you are considerably smarter than you think.</p><h2 data-valid-location="true">1. You took music lessons</h2><p>Research suggests that music helps kids' minds develop in a few ways:</p><p style="padding-left: 30px;">• <a href="http://pss.sagepub.com/content/early/2011/10/03/0956797611416999.full.pdf+html">A 2011 study</a> found that scores on a test of verbal intelligence among 4- to 6-year-olds <a href="http://www.psmag.com/books-and-culture/music-training-enhances-childrens-verbal-intelligence-36701" target="_blank">rose after only a month of music lessons</a>.</p><p style="padding-left: 30px;">• <a href="http://pss.sagepub.com/content/15/8/511.full.pdf+html">A 2004 study</a> led by Glenn Schellenberg found that 6-year-olds who took nine months of keyboard or voice lessons <a href="http://www.pbs.org/parents/education/music-arts/the-benefits-of-music-education/" target="_blank">had an IQ boost</a> compared with kids who took drama lessons or no classes at all.</p><p>Meanwhile, a <a href="http://www.utm.utoronto.ca/~w3psygs/FILES/CorrigallEtAl2013.pdf" target="_blank">2013 study</a>, also led by Schellenberg, suggested that high-achieving kids were the ones <a href="http://www.telegraph.co.uk/news/science/science-news/9876911/Learning-instrument-does-not-make-children-more-intelligent-experts-claim.html">most likely to take music lessons</a>. In other words, in the real world, musical training may only enhance cognitive differences that already exist.</p><h2>2. You're the oldest</h2><p>Oldest siblings are usually smarter, but it's not because of genetics, <a href="http://www.sciencemag.org/content/316/5832/1717.long">one study found</a>.</p><p>Norwegian epidemiologists used military records to examine the birth order, health status, and IQ scores of nearly 250,000 18- and 19-year-old men born between 1967 and 1976. Results showed that the average firstborn had an IQ of 103, compared to 100 for second children and 99 for third children.</p><p><a href="http://www.nytimes.com/2007/06/25/us/25sibling.html?_r=1">The New York Times reports</a>: "The new findings, from a landmark study published [in June 2007], showed that eldest children had a slight but significant edge in IQ - an average of three points over the closest sibling. And it found that the difference was not because of biological factors but the psychological interplay of parents and children."</p><p>For this and other reasons, <a href="http://www.businessinsider.com/first-born-children-smarter-and-more-successful-2014-6">firstborns tend to be more successful</a> (but <a href="http://www.neurology.org/content/67/7/1208.short">not <em>that</em> much more successful)</a> than their siblings.</p><h2>3. You're thin</h2><p>For <a href="http://www.neurology.org/content/67/7/1208.short" target="_blank">a 2006 study</a>, scientists gave roughly 2,200 adults intelligence tests over a five-year period and results suggested that the bigger the waistline, the lower the cognitive ability.</p><p><a href="http://www.nature.com/ijo/journal/v30/n9/full/0803279a.html">Another study</a> published that same year found that 11-year-olds who scored lower on verbal and nonverbal tests were more likely to be obese in their 40s. The study authors say that smarter kids might have pursued better educational opportunities, landed higher-status and higher-paying jobs, and therefore ended up in a better position to take care of their health than their less intelligent peers.</p><p>Meanwhile, a <a href="http://www.ncbi.nlm.nih.gov/pmc/articles/PMC4558558/">more recent study</a> found that, among preschoolers, a lower IQ was linked to a higher BMI. Those researchers also say environmental factors are at play, since the relationship between BMI and smarts was mediated by socioeconomic status.</p><h2>4. You have a cat</h2><p>A <a href="http://www.businessinsider.com/the-difference-between-dog-and-cat-people-2014-5">2014 study</a> of 600 college students found that individuals who identified as "dog people" were more outgoing than those who identified as "cat people," <a href="http://www.personalityresearch.org/papers/fehringer.html">according to a test</a> that measures personality and intelligence.</p><p>But guess what? Those same cat people <a href="http://www.businessinsider.com/why-cats-are-better-than-dogs-2015-1">scored higher</a><a href="http://www.businessinsider.com/why-cats-are-better-than-dogs-2015-1"></a> on the part of the test that measures cognitive ability.</p><h2>5. You were breastfed</h2><p><a href="http://www.pnas.org/content/104/47/18860.full">2007 research</a> suggests that babies who are breastfed might grow up to be smarter kids.</p><p>In two studies, the researchers looked at more than 3,000 children in Britain and New Zealand. Those children who had been breastfed scored nearly seven points higher on an IQ test - but only if they had a particular version of the FADS2 gene. (That version of the gene was present in roughly equal numbers among kids who were and weren't breastfed.)</p><p>Figuring out the exact mechanism of this relationship between FADS2, breastfeeding, and IQ will require further study, the scientists noted in <a href="http://www.pnas.org/content/104/47/18860.full">their paper on the finding</a>.</p><h2>6. You've used recreational drugs</h2><p><a href="http://www.sciencedirect.com/science/article/pii/S1047279712001706">A 2012 study</a> of more than 6,000 Brits born in 1958 found a link between high IQ in childhood and the use of illegal drugs in adulthood.</p><p>"In our large population-based cohort study, IQ at 11 years was associated with a greater likelihood of using selected illegal drugs 31 years later," wrote researchers James W. White, Catharine R. Gale, and David Batty.</p><p>They conclude that "in contrast to most studies on the association between childhood IQ and later health," their findings suggest "a high childhood IQ may prompt the adoption of behaviors that are potentially harmful to health (i.e., excess alcohol consumption and drug use) in adulthood."</p><h2>7. You're lefthanded</h2><p>Left-handedness <a href="http://www.newyorker.com/tech/elements/sinister-minds-are-left-handed-people-smarter" target="_blank">used to be associated with criminality</a>, and researchers are still unclear as to whether and why there are <a href="http://www.sciencedirect.com/science/article/pii/S0028393200001342">slightly more lefties</a> among criminal populations.</p><p>More recent research associates left-handedness with "divergent thinking," a form of creativity that allows you to come up with novel ideas from a prompt - at least among men.</p><p>In her review of <a href="http://synapse.princeton.edu/~sam/coren95_am_j_psychol_divergent-thinking.pdf">a 1995 paper</a>, New Yorker reporter Maria Konnikova <a href="http://www.newyorker.com/tech/elements/sinister-minds-are-left-handed-people-smarter">writes</a>:</p><p>The more marked the left-handed preference in a group of males, the better they were at tests of divergent thought.</p><p>Left-handers were more adept, for instance, at combining two common objects in novel ways to form a third - for example, using a pole and a tin can to make a birdhouse. They also excelled at grouping lists of words into as many alternate categories as possible.</p><h2>8. You're tall</h2><p>A 2008 Princeton study of thousands of people found that taller individuals scored higher on IQ tests as kids and earned more money as adults.</p><p><a href="http://www.ncbi.nlm.nih.gov/pmc/articles/PMC2709415/">The researchers write</a>: "As early as age 3 - before schooling has had a chance to play a role - and throughout childhood, taller children perform significantly better on cognitive tests."</p><h2>9. You drink alcohol regularly</h2><p>Evolutionary psychologist Satoshi Kanazawa and colleagues <a href="http://personal.lse.ac.uk/kanazawa/pdfs/RGP2010.pdf">found that</a>, among Brits as well as Americans, adults who had scored higher on IQ tests when they were kids or teens drank more alcohol, more often in adulthood than those who had scored lower.</p><h2>10. You learned to read early</h2><p>In 2012, <a href="http://onlinelibrary.wiley.com/doi/10.1111/cdev.12272/full">researchers looked at</a> nearly 2,000 pairs of identical twins in the UK and found that the sibling who had learned to read earlier tended to score higher on tests of cognitive ability.</p><p>The study authors suggest that reading from an early age increases both verbal and nonverbal (e.g. reasoning) ability, as opposed to the other way around.</p><h2>11. You worry a lot</h2><p>A growing body of research suggests that anxious individuals may be smarter than others in certain ways, <a href="http://www.slate.com/articles/health_and_science/science/2015/04/do_smart_people_worry_more_iq_is_correlated_with_anxiety.html">according to Slate's coverage of several different studies on anxiety</a>.</p><p>In one <a href="http://www.sciencedirect.com/science/article/pii/S0191886914005558">study</a>, for example, researchers asked 126 undergrads to fill out questionnaires in which they indicated how often they experienced worry. They also indicated how often they engaged in rumination, or thinking continuously about the aspects of situations that upset them, <a href="https://www.psychologytoday.com/blog/overcoming-self-sabotage/201002/rumination-problem-solving-gone-wrong">as psychologist Dr. Edward Selby reported in Psychology Today</a>.</p><p>Results showed that people who tended to worry and ruminate a lot scored higher on measures of <em>verbal</em> intelligence, while people who didn't do much worrying or ruminating scored higher on tests of <em>nonverbal </em>intelligence.</p><h2>12. You're funny</h2><p><a href="https://www.psychologytoday.com/sites/default/files/attachments/95822/humor-predicts-mating-success.pdf">In one study</a>, 400 psychology students took intelligence tests that measured abstract reasoning abilities and verbal intelligence.</p><p>Then they were asked to come up with captions for several New Yorker cartoons, and those captions were reviewed by independent raters.</p><p>As predicted, smarter students were rated as funnier.</p><h2>13. You're curious</h2><p>In University of London business psychology professor Tomas Chamorro-Premuzi's <a href="https://hbr.org/2014/08/curiosity-is-as-important-as-intelligence">post for Harvard Business Review</a>, he discussed how the curiosity quotient and having a hungry mind makes one more inquisitive.</p><p>Regarding the importance of CQ, he wrote that, "It has not been as deeply studied as EQ and IQ, but there's some evidence to suggest it is just as important when it comes to managing complexity in two major ways. First, individuals with higher CQ are generally more <a href="http://ruccs.rutgers.edu/~jacob/Papers/briscoe_feldman.pdf">tolerant of ambiguity</a>. This nuanced, sophisticated, subtle thinking style defines the very essence of complexity. Second, CQ leads to higher levels of <a href="http://www.ncbi.nlm.nih.gov/pubmed/23231531">intellectual investment</a> and knowledge acquisition over time, especially in formal domains of education, such as <keyword id="41551" type="ENTERTAINMENT" weightage="60" keywordseo="science">science</keyword> and art (note: this is of course different from IQ's measurement of raw intellectual horsepower)."</p><p><a href="http://www.ncbi.nlm.nih.gov/pubmed/23231531">A Goldsmiths University of London study </a>found that intellectual investment, or "how people invest their time and effort in their intellect," plays a major part in cognitive growth.</p><h2>14. You're messy</h2><p><a href="http://www.psychologicalscience.org/index.php/news/releases/tidy-desk-or-messy-desk-each-has-its-benefits.html">A study published in "Psychological Science"</a> by the University of Minnesota Carlson School of Management's Dr. Kathleen Vohs revealed that working in an untidy room actually fuels creativity.</p><p>In the study, 48 participants were asked to come up with unusual uses for a pingpong ball. The 24 individuals working in neat rooms came up with substantially less creative responses than the individuals working in cluttered rooms.</p><p>So if you are a pack rat, tell everyone you're just fueling your sense of creativity and innovation the next time someone tells you to clean up your act.</p><h2>15. You didn't have sex until after high school</h2><p>High schoolers with higher IQs are more likely to be virgins than those with average or lower IQs, <a href="http://www.ncbi.nlm.nih.gov/pubmed/10706169?dopt=Abstract">according to a study from the University of North Carolina Chapel Hill</a>. The core sample looked at 12,000 teens from the 7th to the 12th grade.</p><p>Not only were the teens with the higher IQs more likely to be virgins, they were also less likely to kiss or hold hands with a romantic partner. <a href="http://www.gnxp.com/blog/2007/04/intercourse-and-intelligence.php">A number of explanations have been put forward by the science blog Gene Expression</a> to explain this gap, including suggestions that smart people possess lower sex drives, are risk adverse, or simply less able to find sexual partners.</p><h2>16. You're a night owl</h2><p><a href="https://personal.lse.ac.uk/kanazawa/pdfs/paid2009.pdf">One study</a> published in the "The Official Journal of the International Society for the Study of Individual Differences" found that, when all other variables are factored out, night owls tend to beat out early birds in terms of intellect. It concluded that ethnographic evidence indicates that "nocturnal activities" were rarer in the ancestral environment. That means that more intelligent individuals are more likely to stay up late because smarter people are more likely to "espouse evolutionarily novel values."</p><h2>17. You don't always have to try hard</h2><p>This isn't to say that laziness is a sign of being smart. But it is fair to say that smart people simply don't always have to try as hard as "strivers" who fight to build up their skills - at least in certain fields.<a href="http://www.nytimes.com/2011/11/20/opinion/sunday/sorry-strivers-talent-matters.html">In an opinions piece for The New York Times</a>, psychologists David Z. Hambrick and Elizabeth J. Meinz cited <a href="https://my.vanderbilt.edu/smpy/files/2013/02/DoingPsychScience2006.pdf">a Vanderbilt University study of highly intelligent young people</a>.</p><p>The study tracked 2,000 people who scored in the top 1% of the SAT by the age of 13. Hambrick and Meinz wrote that, "The remarkable finding of their study is that, compared with the participants who were "only" in the 99.1 percentile for intellectual ability at age 12, those who were in the 99.9 percentile - the profoundly gifted - were between <em>three and five times</em> more likely to go on to earn a doctorate, secure a patent, publish an article in a scientific journal or publish a literary work. A high level of intellectual ability gives you an enormous real-world advantage."</p><p>They concluded that while striving to be smarter is commendable, there are certain innate abilities that can't always be learned.</p><h2>18. You don't constantly need to be around people</h2><p>We tend to be happier when we spend more time with friends.</p><p>That is, except for the hyper-intelligent people among us. <a href="http://www.businessinsider.com/why-smart-people-should-spend-less-time-with-friends-2016-7">As Business Insider previously reported</a>, a Singapore Management University and London School of Economics <a href="http://www.ncbi.nlm.nih.gov/pubmed/26847844">study</a> found that smart people differ from the rest of us when it comes to happiness levels and socialization.</p><p>So if you adore your friends but require a solid chunk of "me time" too, that could be a sign that you're super smart.</p><h2>19. You live in a 'walkable' city</h2><p>As it turns out, geography could be a pretty good indicator of how smart you are. <a href="http://www.businessinsider.com/smart-people-move-to-more-walkable-cities-2016-7">As Chris Weller wrote for Tech Insider</a>, Smart Growth America's <a href="http://www.smartgrowthamerica.org/foot-traffic-ahead-2016/" rel="nofollow">study</a> found that cities built for pedestrians tend to attract more college grads than cities built for cars. Washington DC scored highest in education and second in walkability, while New York City was voted "the most walkable metro area" in the US.</p><p><em>Drake Baer and Chelsea Harvey contributed to a previous version of this article.</em></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/autonomous-garden-sun-brightest-robot-innovation-art-2016-8">This intelligent garden rolls through the city find the sunlight</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="k0ZnEwNTE6lBlKTMmLVZKAreNcnfGGPp" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'k0ZnEwNTE6lBlKTMmLVZKAreNcnfGGPp',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

19 signs you're intelligent - even if doesn't feel like it

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5451506a6bb3f71d44258e5b-742-556/jimmy-lee-11.png" border="0" alt="Jimmy Lee"><p class="source"><span>Getty Images/ Andrew H. Walker</span></p><p class="caption">Jimmy Lee</p></img></div><p></p></div></div>JPMorgan Vice Chairman Jimmy Lee is a legendary dealmaker on Wall Street. </p>
<p>We caught up with Lee on the phone this week before <a href="http://www.bloomberg.com/tya2015/">Bloomberg's "The Year Ahead" summit</a> and he shared his keys to success. </p>
<p>"I think it's just a few thing that you have to do every day," Lee told us. </p>
<p>Here they are: </p>
<p style="padding-left: 30px;"><strong>1. Work hard. </strong></p>
<p style="padding-left: 30px;">"You have to work really hard. There's just no getting around that." </p>
<p style="padding-left: 30px;"><strong>2. Become an expert.</strong></p>
<p style="padding-left: 30px;">"You have to know each of the major products exceptionally well. You've got to know high-yield debt. You've got to know investment grade debt. You've got to know loan syndication. You've got to know M&amp;A. You've got to know IPOs and follow-ons, i.e. the equity business. You have to have a deep vertical experience and expertise."  </p>
<p style="padding-left: 30px;"><strong>3. Don't be afraid to give honest, objective advice to powerful people.</strong></p>
<p style="padding-left: 30px;">"You have to be unafraid of just telling the truth, especially with respect to CEOs. A lot of bankers are always looking to please the CEO, and in doing do they please them, but they may not give them, you know, objective advice. So I think being honest, open and give you best objective advice and be unafraid as to what can happen from that so long as you've thought it through. " </p>
<p style="padding-left: 30px;"><strong>4. Don't underestimate the importance of working well with people.</strong></p>
<p style="padding-left: 30px;">"The most successful people tend to have relatively high IQs and relatively high EQs [<span>the emotional quotient]</span>. So having strong EQ and just fundamental working well with people I think is very, very important. Because <span style="line-height: 1.5em;">investment banking at the end of the day-it's very technical, it's very complicated, but once you've learned all those skills it's really just about people. If you are a really good student of people and hopefully have a relatively high EQ, then you are better able to both work with them and you're better able to make bets on them. Because a lot of what you do when you get to my level, you know, I can sort of simplify it by saying 'I make bets on people.' Because at the end of the day, companies are run by people, managed by people and lead by people. And while every industry is different and every company is different, there's no substitute for a great leader. So my job is to both find those great leaders and put bets on them and also be experienced enough to avoid the people we shouldn't be making bets on." </span></p>
<p><span style="line-height: 1.5em;">On November 13-14, Lee will be speaking at <a href="http://www.bloomberg.com/tya2015/">Bloomberg's "The Year Ahead" summit</a> where he'll talk about industry and economic issues going into 2015 along with other top executives. </span></p>

JP Morgan's Top Dealmaker Has 4 Keys To Success

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5d1cd916a17d6c3b2a53fde8-1792/hampton jitney.jpg" border="0" alt="Hampton Jitney" data-mce-source="LaCroix" /><p class="source"><span>LaCroix</span></p><p class="caption">A display ad campaign by LaCroix.</p></div><p></p></div></div></p><ul class="summary-list"><li>LaCroix's sales and stock price nosedived after a 2018 lawsuit alleged that the bubbly water contains artificial ingredients.</li><li>But LaCroix's problems were exacerbated by increased competition, poor leadership moves, and outmoded marketing, according to brand experts.</li><li>LaCroix's <a href="https://digiday.com/marketing/the-lacroix-guide-micro-influencers/">unconventional marketing strategy</a> and<span> neon-colored cans helped fuel its ascent. But it's time for a new marketing approach, experts say.</span></li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories.</a></li></ul><p>Once the epitome of an it-brand, sparkling water LaCroix has fallen flat in recent months.</p><p>LaCroix became the beverage of choice of woke fitness buffs and Silicon Valley bros alike. But the brand has taken a hit in recent months, with sales nosediving, competition ramping up, and a 2018 lawsuit alleging that LaCroix contains artificial ingredients, contrary to its claims of being natural. </p><p><em><strong>Read More:</strong> <a href="https://www.businessinsider.com/la-croix-sales-decline-free-fall-2019-5">LaCroix faces a crippling 'free fall' as it turns 'from bad, to worse, to disastrous,' analyst says</a></em></p><p>"LaCroix enjoyed an extended honeymoon for years, but other than some retro branding and interesting flavor combinations, consumers have woken up to the fact that it may not be all that," said Chris Allieri, founder and principal of the public relations firm Mulberry &amp; Astor.</p><p>Business Insider asked LaCroix's parent company National Beverage Corp. for comment. A spokesperson pointed toward ongoing marketing efforts but did not directly comment on criticism of its strategy.</p><h2><strong>LaCroix has turned 'from bad to worse to disastrous' </strong></h2><p>Started in 1981, LaCroix was a sleepy regional brand until it burst into the national spotlight around 2011 with a relaunch emphasizing its natural ingredients. Its neon-colored packaging, relatively affordable price and widespread distribution popularized it around the country.</p><p>Then in October came a whistleblower class action lawsuit alleging that LaCroix contained several synthetic compounds and misled customers into thinking it was 100% natural.</p><p>The company has refuted the allegations. Nevertheless, its sales and stock have since fallen. National Beverage Corp. last week reported its second straight quarter of year-over-year sales declines. Its stock price has plummeted 62.5% since September 2018.</p><p>"The LaCroix brand has gone from bad to worse to disastrous in a relatively short period of time following negative media attention regarding the 'natural' claim of the brand's flavoring ingredients that surfaced in October of last year," Laurent Grandet, analyst at financial services company Guggenheim Partners, wrote in May, calling the brand "effectively in a free fall."</p><h2><strong>The brand also faces stiff competition</strong></h2><p>LaCroix still maintains the largest market share in the sparkling water category, but companies like Spindrift and Perrier and deep-pocketed rivals like PepsiCo.'s Bubly and Coca-Cola's Smartwater are starting to eat into its share, according to Guggenheim.</p><p>People are seeking out new options like CBD- and caffeine-infused flavored waters, and LaCroix has mainly stayed with flavored bubbly water, said Deb Gabor, CEO of Sol Marketing.</p><p>Matt Rizzetta, CEO of brand communications firm North 6th Agency, called it a "missed opportunity."</p><p>"They got complacent and didn't pivot or adjust as the landscape became competitive," said Rizzetta. "They had a golden opportunity, but they never made a concerted effort to capitalize on it."</p><h2>LaCroix's organic approach to marketing only took it so far<span></span></h2><p>LaCroix bypassed traditional channels like TV in favor of word-of-mouth and participatory social media campaigns on channels like Instagram that played into the <a href="http://www.wsj.com/articles/lacroix-bubbles-up-in-sparkling-water-brand-competition-1460047940"><span>millennial desire for authenticity and discovery.</span></a></p><p>But its  <a href="https://digiday.com/marketing/the-lacroix-guide-micro-influencers/">unconventional marketing strategy</a> <span>and neon-colored cans only took it so far. </span>The competition heated up and social media platforms pulled back on the organic reach that brands could get, say experts.</p><p>"A disruptor brand can absolutely stick to social media, guerrilla-type marketing," said Mulberry + Astor's Allieri. "But when you're coming up against a PepsiCo, who's putting hundreds of millions of dollars, you can't avoid paid marketing. All of that organic, earned media, and PR was not going to go on forever."</p><p>LaCroix spent a mere $626,000 on platforms on traditional media in 2018, while Pepsi's Bubly shelled out nearly $27 million the same year, according to Kantar Media, followed with a Super Bowl spot featuring Michael Bublé this year. </p><h2>The leadership response hasn't helped </h2><p>Branding experts said the company's leadership failed to show empathy and take responsibility.</p><p>National Beverage Corp. chairman and CEO Nick Caporella blamed the financial slump on unjust smear campaigns and compared the dented brand to people with disabilities, saying that "managing a brand is not so different from caring for someone who becomes handicapped."</p><p><a href="https://www.businessinsider.com/lacroix-lawsuit-claims-executives-sparred-over-bpa-free-claims-2019-6">As Business Insider reported</a>, the company is also facing a new lawsuit that claims that National Beverage Corp. president Joseph Caporella planned to prematurely and falsely state in April that its sparkling water cans were free of the chemical BPA.</p><p>"People want EQ over IQ, and empathy over excuses - and that reaction itself signals poor leadership," said N6A's Rizzetta. "Hubris and arrogance is usually what gets brands from the grey area to the dead zone in the middle of a crisis."</p><p>"Instead of addressing the health and safety concerns head-on, the leadership has been more dishonest and inauthentic," said Gabor. "The CEO asking for a free pass and absolving himself of responsibility is a big cop-out."</p><h2>Social media still fuels LaCroix's marketing</h2><p>The company is still eschewing "traditional higher-cost national <keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising">advertising</keyword>" in favor of social media platforms, regionally-focused marketing programs, and in-store placement, according to its <a href="http://ir.nationalbeverage.com/sec-filings/sec-filing/10-k/0001437749-19-012816">most recent annual report.</a>  </p><p>This summer, for example, it's running ads on buses and in grocery stores, giving away samples, sponsoring regional festivals, running podcast ads, and hosting social media giveaways tied to the hashtag #LiveLaCroix, a National Beverage Corp. spokeswoman told Business Insider.</p><p>There is no quick fix for LaCroix's brand problems, but shaking up its marketing can be a good first start, experts said.</p><p>"A solid mix of marketing could help them move forward, but they have to move quickly," said Allieri. "They probably don't have the budget for a big TV ad spend, so they will need think outside the box. They could get behind a cause in a big way, and that might earn the trust of consumers."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/animated-map-where-american-accents-come-from-2018-5">Animated map shows where American accents came from</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/P3AiyhHD-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

LaCroix's retro branding and word-of-mouth marketing catapulted it to the top. But it also exacerbated the crisis it faces today, experts say.

Here's exactly what it takes to get a job as a banker at Goldman Sachs, according to Wall Street recruiters, current and former employees, and the head of HR

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/555b880269beddb07b8b4570-609-545/screen%20shot%202015-05-19%20at%202.55.56%20pm.png" border="0" alt="kara kleindienst the barking meter"><p class="source"><span>instagram.com/teamtbm</span></p><p class="caption">Kara Kleindienst, center, with her employees and her two French bulldogs.</p></img></div><p></p></div></div>Kara Kleindienst's business, <a href="http://www.thebarkingmeter.com/">The Barking Meter</a>, is as high-pressure as a dog-walking company can be.<p>TBM is trusted with more than 100 of New York City's most pampered and posh pups (pictured throughout this post) - dogs owned by designer Philip Lim, fashion industry pro Lauren Santo Domingo, actress Blair Brown, and a slew of other bold-faced names that can't be disclosed.</p><p>The company turns a neat profit, employs seven people, and is responsible not only for walking dogs, but also training them and taking them to the groomer and the vet.</p><p>And it was all started by one woman seven years ago, without any venture capital.</p><p>Kleindienst worked in politics for the first year or two of her professional life, but quickly realized the cutthroat environment on Capitol Hill wasn't for her. So in 2007, she moved in with friends in New York City - but her Plan B didn't extend much farther than relocation.</p><p>While figuring out how to make ends meet, she was offered a side gig walking Philip Lim's dog by her roommate, who worked for the designer. Kleindienst admits she had no idea what a dog-walking business would entail - but she loved dogs and couldn't turn down a side gig.</p><div><div><iframe src="//instagram.com/p/2rXRn_NOW1/embed/" width="658" height="" frameborder="0" scrolling="no" allowtransparency="true"></iframe></div></div><p class="embed-spacer"><span style="line-height: 1.5em;">&#xa0;</span></p><p class="embed-spacer"><span style="line-height: 1.5em;">She took the job, and now, eight and a half years later, she's the head of a full canine concierge service with 75 of New York City's most discerning human clients - as well as a brand new west coast branch in San Francisco.</span></p><p>Here are Kleindienst's tips for success.</p><h2><strong>Book smarts aren't everything</strong></h2><p>Kleindienst&#xa0;<span style="line-height: 1.5em;">attributes most of her success to one thing: her EQ, or emotional intelligence.</span></p><p>"I don't think my IQ is anywhere near as high as my EQ, and I think that's what's allowed me to be successful in my friendships, my familial relationships and, most importantly, my business," she said.</p><p>In fact, before she decided to turn The Barking Meter into a full-time career, Kleindienst was trying to get into graduate school, but to no avail. Now that she's a successful entrepreneur, she admits it might be a good thing that she didn't get in, although she was discouraged at the time.</p><p>"It's taught me, in a humbling sense, that I am good enough even though I don't have those degrees," she said.</p><div><div><iframe src="//instagram.com/p/2opr_JtOYg/embed/" width="658" height="" frameborder="0" scrolling="no" allowtransparency="true"></iframe></div></div><h2 class="embed-spacer"><span style="line-height: 1.5em;"></span><strong style="line-height: 1.5em;">Work hard on building relationships with your clients</strong></h2><p>In addition to offering services like training and vet visits, what sets The Barking Meter apart from other dog-walking companies is its personal touch.</p><p>The same person will show up to walk your dog every day, Kleindienst said, so the dog gets used to them and feels much more comfortable. And the clients feel better, too - some of them will come home early just to chat with their dog-walker, she said.</p><p>Perhaps most valuable, thanks to her attention to clients' wants and needs, the expansion to San Francisco comes with a built-in client base.&#xa0;</p><p>"A few of our clients moved out there at the end of last year," Kleindienst said, "and they said there really isn't anything out there like The Barking Meter. I visited and checked it out, and I agree."</p><p>Now, TBM is bicoastal - and they're hitting the ground running with built-in Bay Area clients, without even having to advertise.</p><div><div><iframe src="//instagram.com/p/2mRTxHtORB/embed/" width="658" height="" frameborder="0" scrolling="no" allowtransparency="true"></iframe></div></div><h2 class="embed-spacer"><span style="line-height: 1.5em;"></span><strong style="line-height: 1.5em;">As long as your product is top-quality, y</strong><strong style="line-height: 1.5em;">our company doesn't have to reinvent the wheel</strong></h2><p>Kleindienst is on her phone constantly, making sure everything is going smoothly. Each of her seven employees is trained at a high level to deal with every situation.&#xa0;</p><p>"I believe our company will do anything for you and your dog," Kleindienst said. "We joke that we're the dog's personal assistant."</p><p>Many would-be entrepreneurs get caught up in trying to think of something that's never been done before, and this isn't always a successful formula.</p><p>"You just have to do something really well," Kleindienst said, "and there has to be something that sets you apart."</p><div><div><iframe src="//instagram.com/p/19UhditOeV/embed/" width="658" height="" frameborder="0" scrolling="no" allowtransparency="true"></iframe></div></div><h2 class="embed-spacer"><span style="line-height: 1.5em;"></span><strong style="line-height: 1.5em;">It's okay to be discerning about your customers</strong></h2><p>Kleindienst has been meticulous about managing her company's growth - and that includes saying no to clients who might not be a good fit.</p><p>"We interview our clients," she said, "and I'm happy to come out of the introductory meeting and call Joey [Kleindienst, her brother who serves as VP] and say, 'I don't think this is a client we want to work with.'"</p><p>If a client has demands that can't be met, the company would rather send them elsewhere than disappoint them. Also, TBM is so popular that to even get an interview, a potential client must be referred by a current one.</p><p>"We try to develop that relationship from the start - we trust you, you trust us, because your friend told you about us," Kleindienst explained.</p><div><div><iframe src="//instagram.com/p/2JaPnKNOYd/embed/" width="658" height="" frameborder="0" scrolling="no" allowtransparency="true"></iframe></div></div><h2 class="embed-spacer"><span style="line-height: 1.5em;"></span><strong style="line-height: 1.5em;">If you're not taking venture capital, be deliberate with your growth</strong></h2><p>If Kleindienst had sought out investors in the beginning, she said, it would have been much easier to scale her company - but she also might have fallen into debt if she allowed TBM to grow too quickly.</p><p>Instead, she was incredibly prudent, always saving enough to keep the business running for at least another three months before adding new hires or making changes. Even when she moved from DC to New York, she had saved enough money to live for exactly three months.</p><p><span>"I'm a numbers person," she said. "I don't project five years from now. I like to project what's going to happen in three to six months."</span></p><p>After three years of treating TBM like a side project while looking for something else, Kleindienst had an epiphany and realized she could become an entrepreneur and "really turn this into something," she said.</p><p>So she hired her first two employees, but not until after she'd saved enough to pay them for at least three months. By the time the first three months had ended, business had doubled - and it's doubled every single year since.</p><div><div><iframe src="//instagram.com/p/2ECOZLtOeY/embed/" width="658" height="" frameborder="0" scrolling="no" allowtransparency="true"></iframe></div></div><h2 class="embed-spacer"><span style="line-height: 1.5em;"></span><strong style="line-height: 1.5em;">It might be tough in the beginning</strong></h2><p>Kleindienst managed her own budget in an incredibly cautious way for the first few years of her business.</p><p>"I'd count every day - how many dogs are on today, and what's the total?" she said. "That would determine if I could go out to dinner Saturday night with my friends... It wasn't until years later that I stopped counting how many dogs were on every day. I think that really keeps you grounded and committed. It might have been a great day today, but tomorrow, everyone could cancel."</p><p>This is why any entrepreneur has to believe in what she's doing, Kleindienst said.</p><p>"My ego was hit big time," she said. "But you're going to get yourself caught in a situation where you disappoint yourself and disappoint the people you're trying to service if you think you have all the answers."</p><div><div><iframe src="//instagram.com/p/1HGwsRNOV0/embed/" width="658" height="" frameborder="0" scrolling="no" allowtransparency="true"></iframe></div></div><h2 class="embed-spacer"><span style="line-height: 1.5em;"></span><strong style="line-height: 1.5em;">Always remember, you're smart enough</strong></h2><p>"One of my biggest insecurities, and one that's still there [but] much less, is: am I smart enough?" Kleindienst said. "I am smart enough to navigate being a business owner, despite having no experience and not having a degree for it."</p><p>In the beginning of TBM, her friends would introduce Kleindienst as the owner of a business.</p><p>"And I'd be like, 'Yeah, whatever, I'm going to get a drink,'" she recalled. "I was never super proud. Now, I'm like, 'Yeah, can I tell you about it?' I'm very proud of what it's become."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/luxurious-vancouver-hotels-for-dogs-canada-2015-1">These Luxurious Hotels In Canada Are Treating Dogs Like Kings </a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="s1Y2xtcjqjUj00y-I25grZ2ad7jLXTPd" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 's1Y2xtcjqjUj00y-I25grZ2ad7jLXTPd',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

How one woman turned her dog-walking side gig into an elite business without borrowing a dime

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/56462f4c2491f9bf2e8b4d84-1200-900/unknown-1.jpeg" alt="Fast Company Innovation Festival Tech Startup" data-mce-source="Celine Grouard for Fast Company" data-mce-caption="Jon Gertner, Hillary Hartley, Todd Park, Haley Van Dyck, and Lisa Gelobter talk about Washington's new tech coalition during the Fast Company Innovation Festival." /><p class="source"><span>Celine Grouard for Fast Company</span></p><p class="caption">Jon Gertner, Hillary Hartley, Todd Park, Haley Van Dyck, and Lisa Gelobter talk about Washington's new tech coalition during the Fast Company Innovation Festival.</p></div><p></p></div></div>Washington wants to overhaul its tech scene and bring it into the 21st century - and it's recruiting the country's top tech talent to do it.</p><p>"If you're an impact junkie, this is your Mt. Everest," former US chief technology officer and White House tech advisor Todd Park <a href="http://www.innovationfestival.fastcompany.com/">said at the Fast Company Innovation Festival last week</a>. </p><p class="p1"><span class="s1">After rebooting the troubled Healthcare.gov site by bringing in a small task force from the private tech sector including Park, <a href="https://medium.com/@USDigitalService/mikey-dickerson-to-sxsw-why-we-need-you-in-government-f31dab3263a0">the White House decided</a> to replicate its rescue plan and parachute top tech talent into high impact projects like the Affordable Care Act, veterans' affairs, social security, student loans, and immigration. </span></p><p class="p1"><span class="s1">That task force is now known as the <a href="https://www.whitehouse.gov/digital/united-states-digital-service">United States Digital Service</a> (USDS), while </span>18F, another entity that works within the government to fix tech problems, builds products and consults for government agencies that ask the team for help.</p><p class="p1">The White House needs to hire fast if it's going to keep up with demand. According to Park, the White House plans to hire 500 tech recruits by the end of 2016, and demand for USDS and 18F support are 20 times what they can currently handle.</p><p>Since President Barack Obama mandated the government's tech overhaul, 250 tech recruits have been hired, Park <a href="http://www.innovationfestival.fastcompany.com/">says</a>, and 75 more are on their way.</p><p><span>How do they plan to do it? They're </span><span>using Silicon Valley hiring tactics</span><span> </span><span>to find people as driven by </span><span>the</span><span> mission as they are.</span></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/564631552491f99d008b4fce-2443-1832/gettyimages-470790367.jpg" alt="Todd Park" data-mce-source="Alex Wong/Getty Images" data-mce-caption="Todd Park is the former US chief technology officer and is the White House tech advisor." /><p class="source"><span>Alex Wong/Getty Images</span></p><p class="caption">Todd Park is the former US chief technology officer and is the White House tech advisor.</p></div><p></p></div></div>Recruits come from all over Silicon Valley: Josh Miller, formerly a product manager at Facebook, is now director of product at The White House, while <a href="http://www.businessinsider.com/facebook-engineering-director-hired-by-white-house-2015-3">David Recordon</a>, who was Facebook's engineering director, serves as the White House's director of information technology. And Mikey Dickerson, <span class="s1">administrator of the USDS, is an ex-Google engineer.</span></p><p class="p1"><span class="s1">"Some of you, not all of you, are working right now on another app for people to share pictures of food or a social network for dogs," <a href="https://medium.com/backchannel/the-tiny-team-taking-on-a-massive-reform-of-government-it-b5f87b85e2dc">he told an audience</a> at his 2015 SXSW Interactive Festival talk, "How Government Fails and How You Can Fix It." "I am here to tell you that your country has a better use for your talents."</span></p><p class="p1"><span class="s1">The tech coalition started recruiting as soon as it had the idea to build a special team inside government to fix its most important services, Haley Van Dyck, deputy administrator of the USDS, tells Business Insider.</span></p><p class="p1"><span class="s1">The team's two </span><span class="s1"></span><span class="s1">biggest questions at the time were whether they'd get enough traction within the government to be able to start delivering results, and if it was possible to find the caliber of talent in people who ar<strong>e</strong> are interested in coming into government to help us solve the problems.</span></p><p class="p2"><span class="s1"></span>This is not a surprising concern, considering the number of millennials in the federal government is at its<strong> </strong>lowest levels in five years, according to <a href="http://dupress.com/articles/millennials-in-government-federal-workforce/?id=us:2el:3dc:dup1450:eng:dup">a recent Deloitte report</a>, and the jury's still out on whether it's harder to recruit millennials for public service than previous generations. </p><p class="p2"><span class="s1"></span><span class="s1">"We have nothing to compete on in terms of compensation packages that compare to where the talent's coming from," Van Dyck says. "But what we do have and we find is resonating highly with recruits is mission."</span></p><p class="p1"><span class="s1">She adds: "Our competitive advantage - competing with the sunshine and tacos and free dry cleaning and healthcare and everything from the Googles and Facebooks of the world - is that mission: that you can actually put your engineering and your design and your product management skill sets to work for something larger than how are you optimizing clicks on Facebook."</span></p><p class="p2"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5646388c2491f974028b4f89-1280-960/screen shot 2015-11-13 at 2.18.19 pm.png" alt="Mikey Dickerson and Haley Van Dyck" data-mce-source="USDS/YouTube" data-mce-caption="Mikey Dickerson and Haley Van Dyck in a promotional video about the USDS." /><p class="source"><span>USDS/YouTube</span></p><p class="caption">Mikey Dickerson and Haley Van Dyck in a promotional video about the USDS.</p></div><p></p></div></div>Beyond hiring 500 people, Van Dyck says the overall goal is to create an avenue for public service that hasn't existed before in the tech realm.<br /><span class="s1"></span></p><p class="p1"><span class="s1">But just like in Silicon Valley, Washington isn't looking to hire just anyone. Van Dyck says candidates need to be highly driven, extremely talented, and experienced folks that don't just have high IQs, but high EQ (emotional intelligence), too. </span></p><p class="p1"><span class="s1">Recruits right now tend to be more senior and know how to navigate large organizations, though as the effort grows, Van Dyck says the team will look to hire more recent college graduates. </span></p><p class="p1"><span class="s1">And the group isn't just hiring software engineers - they're looking for all kinds of expertise, from cyber security and site reliability to product design and user experience.</span> </p><p class="p1"><span class="s1">The hiring and interview process is comparable to what you'd see in Silicon Valley, Van Dyck says. That means lots of interview questions that focus on the technical side of things and problem solving, as well as how you communicate.</span></p><p class="p1"><span class="s1">When looking for emotionally intelligent recruits, Van Dyck says selection bias works to their advantage - most people don't enter public service looking for stock options, she explains. "Most of the time you're coming in for the right reasons. You're here simply because you want to make a difference in the lives of your fellow citizens."</span></p><p class="p1"><span class="s1">Working to fix the government's tech problem is less like a job and more like a public service tour of duty. On the <a href="https://www.whitehouse.gov/digital/united-states-digital-service/apply">application</a>, recruits check their availability as "less than 6 months," "6 to 12 months," or "1 year or more," and they are encouraged to share the problems they'd like to solve. </span></p><p class="p1"><span class="s1">"We the people can build a more awesome government if we just show the hell up and build with our hands and our hearts," Park tells <a href="http://www.innovationfestival.fastcompany.com/">the innovation festival audience</a>.</span></p><p class="p1">"We hope you join us to kick some ass for America," he says.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/nasa-hiring-astronauts-with-these-traits-2015-11">NASA is hiring new astronauts - here are the requirements</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VmNWVveDq5QV8fDe5M3kV76QHWgiaSqn" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'VmNWVveDq5QV8fDe5M3kV76QHWgiaSqn',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

The White House wants to poach 500 elite tech recruits from companies like Google and Facebook by the end of 2016 - here's how they plan to do it

<p><div class="image-container float_right" style="width:400px"><div class="image"><img src="http://static3.businessinsider.com/image/513ce9f7eab8ea9617000003-620-465/sheryl_sandbergiii.jpg?maxX=400&amp;maxY=300" border="0" alt="Sheryl_SandbergIII" width="400" height="300" /></div><p class="source">REUTERS/ Mike Segar </p></div><keyword id="6354576" type="CITY" weightage="60" keywordseo="Facebook">Facebook</keyword> COO <keyword id="611995" type="PERSON" weightage="60" keywordseo="Sheryl-Sandberg">Sheryl Sandberg</keyword> is promoting her controversial book, "<a href="http://leanin.org/">Lean In</a>," on "60 Minutes" tonight. <a href="http://www.cbsnews.com/video/watch/?id=50142354n">In a CBS preview</a>, she defends her message that women should take more responsibility for their own success by saying, "I'm not blaming women" but "there's an awful lot we can do." </p>
<p>Her critics also say that she is in <a href="http://www.businessinsider.com/sheryl-sandberg-sells-5-million-facebook-shares-2013-2">the 1 percent</a> and therefore not in a position to tell the rest of American women, especially working-class women, what they ought to do. <span style="font-size: 15px; line-height: 1.5em;">But her success is also precisely why she is qualified to give this message.</span></p>
<p>Sandberg's message about the psychological constraints on women is certainly real.</p>
<p>In her book, she <a href="http://www.businessinsider.com/sheryl-sandberg-sitting-at-the-table-2013-3">shares the moment</a> this came into focus: It was a few years ago, during a meeting with then-Treasury Secretary Timothy Geithner. The women in the room chose to sit in chairs surrounding the conference table, but not at the table itself. "Because of their seating choice," she writes, "they seemed like spectators rather than participants ... It was a watershed moment for me. A moment when I witnessed how an internal barrier can alter women's behavior."</p>
<p>A major source of this behavior is what Sandberg calls the "stereotype threat":</p>
<p style="padding-left: 30px;"><strong>"The <keyword id="1262447" type="UNKNOWN" weightage="60" keywordseo="gender-stereotypes">gender stereotypes</keyword> introduced in childhood are reinforced throughout our lives and become self-fulfilling prophesies.</strong> Most <keyword id="34454" type="ORGANIZATION" weightage="60" keywordseo="leadership">leadership</keyword> positions are held by men, so women don't <em>expect</em> to achieve them, and that becomes one of the reasons they don't."</p>
<p>The truth is that women leaders are still few and far between, which is why they get so much attention. Just look at Yahoo CEO Marissa Mayer, who received <a href="http://www.businessinsider.com/sheryl-sandberg-on-marissa-mayer-being-attacked-2013-3">a ton of press this week over her work-from-home ban</a> and who also has been under close scrutiny since she started at Yahoo. We still aren't entirely comfortable with the idea of women in <keyword id="44011" type="CITY" weightage="60" keywordseo="power">power</keyword>, and that will take time. </p>
<p>Another message Sandberg hits home in her book — <a href="http://www.cbsnews.com/video/watch/?id=50142354n">and in the "60 Minutes" interview</a> — is that women are often considered "lucky" for their successes, whereas with men it's more about innate talent. At the end of the day, high achievers, no matter what resources they've been given, all have to put in tons of hours, and <a href="http://www.businessinsider.com/how-to-be-a-superachiever-2013-3">end up creating their own luck</a>. </p>
<p>Sandberg was smart enough to take advantage of opportunities that came her way and develop relationships with mentors like Larry Summers, Eric Schmidt, and Mark Zuckerberg, who told TIME that Sandberg "<a href="http://ideas.time.com/2013/03/07/confidence-woman/3/">has an extremely high IQ and EQ</a>, and it’s just really rare to get that in any single person.”</p>
<p>Forbes writer Meghan Casserly says Sandberg's vision of a world where "half our institutions are run by women and half our homes are run by men" is "<a href="http://www.forbes.com/sites/meghancasserly/2012/08/31/sheryl-sandberg-lean-in-more-aspirational-than-inspirational/">more aspirational than inspirational</a>." But so are many powerful ideas. By laying out a vision of what real equality looks like, Sandberg shows just how far away from it we really are. She doesn't impress her view as an ultimatum, and says that achieving her vision is not reasonable across the socioeconomic spectrum, at least today. </p>
<p>The biggest problem with her book is that, although she gives some great anecdotes about some challenges she's had to overcome, even more honesty would make her story more powerful and Sandberg more relatable. Casserly writes that:</p>
<p style="padding-left: 30px;">"I’d love to read about Sandberg’s career moves at 29. What did she learn as an assistant at the World Bank that affected her career path? She went through a divorce in 2004 — did that shake her confidence? When, if ever, has Sheryl Sandberg struggled?</p>
<p style="padding-left: 30px;">"As a young woman, these are the stories I’d like to see told. These are the stories that could transform Sheryl Sandberg from an unattainable role model — almost a goddess, really — to a human being whose career I can emulate in hopes that one day I, too, can be among the richest, most powerful and well-adjusted women in the world."</p>
<p>That's all true. But as a book that's meant to serve as a "call to action," it serves its purpose. </p>
<p>Sandberg's challenge and "50/50" view of the world is most directed toward the women and men who are in a position to change the conversation and make decisions that are closer to this "50/50" view. That's when the shift will really begin to happen.</p>
<p>As any entrepreneur knows, you have to sell a vision of how the world should be.</p>

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