Rapid Response: Hourly workers are a ‘hero class’ w/Cue Ball’s Tony Tjan

Masters of Scale

WaitWhat

Entrepreneurship, Business, Management, Reid Hoffman, Mindset, Diversity & Inclusion, Jeff Berman, Bob Safian, Startups

4.6 • 4.4K Ratings

🗓️ 31 March 2020

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Hourly workers are the 'hero class,' says VC Tony Tjan. And the pandemic is wreaking havoc on their financial stability. At Boston’s Cue Ball Group, Tony’s portfolio includes companies that employ hundreds of nail care workers, cooks and servers, and he's asking: How can we protect hourly workers and help them prepare for an uncertain future? And how can we plan for the long term, when the daily keeps changing? Co-hosted by Masters of Scale editor-at-large Bob Safian.

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Transcript

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0:00.0	Today we're at 3.3 million jobless, four to five times the highest level since 1982's
0:08.2	great recession.
0:10.5	Our nail studios in the period of 12 days going from 552 people down to seven, effectively
0:18.9	down to zero revenue.
0:21.5	All of these hourly workers in this country really represent a hero class.
0:26.5	They're incredibly resilient.
0:29.4	For many people, it's not a stimulus plan for them.
0:32.4	This is a personal relief emergency plan.
0:36.3	I see the spirit of those people who are out there as the heartbeat of our economy, who
0:42.3	are helping each other.
0:45.0	In the end, we are all just so very human.
0:49.2	It's going to be our collective humanity that gets us through this.
0:52.9	I really, really believe that.
0:58.6	High listeners, it's Reed.
1:00.6	We're continuing our special coverage today and we're honored to have Tony Chan with us
1:05.4	to think about the impact of the pandemic on hourly workers.
1:09.8	Tony's the managing director of Cueball Capital in Boston and he has a long-term orientation
1:15.4	that's rare in the VC world.
1:17.7	Cueball's portfolio is filled with purpose-driven companies, including several that are reckoning
1:22.7	with the near elimination of their entire industry.
1:26.6	These asking questions that may resonate with many of you.
1:30.4	How can you both protect your hourly workers and prepare them for an uncertain future?
	...

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