Senators John Hickenlooper and Ben Cardin & Others Talk Small Businesses, Technology & The Economy During SiriusXM’s Post-Pandemic Job Market Special / SiriusXM Audio
Q1 2021 hedge fund letters, conferences and more
SiriusXM Business Radio's "Wharton Business Daily" focused their show on the post-pandemic job market and spoke with the following guests:
- Colorado Senator/Fmr. Colorado Governor/Businessman, John Hickenlooper who opened up to show host Dan Loney about why he believes that small businesses are where real innovation happens.
- Maryland Senator/Senate "Small Business & Entrepreneurship Committee" Chair, Ben Cardin spoke about how the federal government can help support small, minority-owned businesses.
- Yahoo Finance Anchor, Sibile Marcellus, explained why Apple CEO, Tim Cook's recent courtroom testimony is extremely important for the tech world.
- Nobel Prize-Winning Economist/Policy Entrepreneur/Former "World Bank" Chief Economist, Paul Romer shared his economic outlook for the rest of 2021.
- AT&T Business" CEO, Anne Chow, explained how 5G technology will bring about major advancements in telehealth.
Colorado Senator John Hickenlooper: Small Businesses...NOT Big Corporations...Are Where Real Innovation Happens!
“The timing is critical and for the last several decades, the number of startups has been declining. And people always are reading about tech and this next tech company is going public for billions of dollars. And so tech is doing fine, but actual startups for what I call truly small businesses, little teeny restaurants, home cleaners, you name it, all these different small businesses, hardware stores, they have been declining. In other words, the starting of new businesses have been declining. And those new small businesses is where all the innovation occurs. It's where all the job creation occurs, that the big companies, all these mergers and the roll-ups, I mean, obviously they create value, but that value is created because they basically are shedding jobs. They have two accounting departments, two marketing departments so they pick the best people from both and basically lay off a lot of people. Small businesses don't do that. Small businesses are always trying to hustle and trying to find an advantage, a method by which they can compete to the big businesses or compete with the big businesses. And therefore they're innovating and actually creating jobs and finding new ways to do things that most big corporations are kind of figuring out what the best practices and then stick with it. They're trying to innovate, but they are not as effective at innovating like small businesses.”
Maryland Senator Ben Cardin Explains How The Federal Government Can Help Support Small, Minority-Owned Businesses
“There's several ways that we can help. We have a major program that sets aside 23% of all federal procurement of goods and services to small businesses. And I'm pleased to tell you that we meet those goals. So we meet that 23%. We think we could do better than that. So let us increase that number. When you look at the subsets, the mount's going to minority small businesses or women owned small businesses or veteran owned small businesses, those numbers aren't quite as encouraging. So I think we can do better in that regard, but it goes beyond that. We have to make capital available to small businesses, new startup companies. It's so difficult for a minority, small business or small business located in an underserved community to get venture capital dollars. So we have to have more sensitivity in the SBA for emerging markets, with minority, small businesses. We have issues about younger, small businesses, incubator programs, and accelerator programs. And we want to make sure that they're fairly available to all small businesses, particularly at this time when there's going to be increased opportunity. So there's so many areas that we think we can work on to help provide opportunity for everyone in our community.”
Yahoo Finance Anchor, Sibile Marcellus, Explains Why Apple CEO, Tim Cook's Recent Courtroom Testimony Is Extremely Important For The Tech World
“Apple CEO, Tim Cook, has been facing the heat on Capitol Hill, and now he's going to be testifying in federal court. Epic accuses Apple of exercising monopolistic control over its iOS operating system. Meanwhile, Apple says there are other places to go, and that the reason why they had these restrictions is because they are helping improve their own devices and making them more secure for their own customers. So this is epic and we'll see the reverberation around the world.”
"If you look back at the recoveries from the last two big recessions, the recovery from the financial crisis, the recovery from the recession, the beginning of the 2000s, in neither case, did we get back to the point we should've gotten back to, which is what the labor market looked like in the late 1990s. This was a tight labor market..the employment to population ratio was higher than it's been ever since. And the tight labor market meant that wages were going up faster for low skilled workers. So we failed to recover sufficiently from the last two crises, and it's going to take a long time to recover from this much bigger crisis of the pandemic. So I think people who are saying, oh my God, we might be recovering too fast, or we're going to go too far, that is not the thing we need to be worried about. The thing we need to worry about is that we lose our commitment to full recovery too soon. And we can't measure recovery here by the stock market. We gotta measure it by what's going on in the labor market. And forget about unemployment, it's a bad metric. The thing people should look at..look for the employment to population ratio for prime age adults, basically twenty-five to fifty-five. And you'll see that we've never gotten back to where it was in the late 1990s. That's gotta be our goal, and it's going to take pretty active measures to get there.”
"AT&T Business" CEO, Anne Chow, Explains How 5G Technology Will Bring About Major Advancements In Telehealth
“5G will take this to a new level. It's not just about establishing conductivity across different brick and mortar facilities. We're now talking about and working with clients around remote patient monitoring and mobile health applications. So if you can envision, we've heard the term internet of things. Well, the internet of medical things will help support the advancement in healthcare right around artificial intelligence, remote medical learning, remote patient monitoring. If you are no longer bound to have to go to, let's say, a hospital or a doctor's office, and if doctors and your healthcare providers can actually reach you and take care of you and monitor you wherever you are, but especially when you're at home, right? I mean, how might that evolve? Another use case that we're partnering with is VITAS, which is the leading hospice provider in the country today is a 5G use case using virtual and augmented reality to help manage chronic pain and anxiety in hospice patients. And this is a very powerful use case that we didn't really anticipate. And I think this is one of the exciting things about 5g today is that we're innovating and co-creating with our clients. And we are largely shaping the future because a lot of this is true innovation. We're not quite sure what will stick, but the ability to innovate together, and shape what the future will be is incredibly powerful.”
