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president obama:hello, everybody. good to see you. male speaker: hi. president obama:good to see you. president obama: what -- male speaker: luis. male speaker:and this is gina. female speaker: i'm gina. nice to meet you.
president obama: hi, gina,and we've got duolingo. did i pronounce it properly? male speaker: that'scorrect, duolingo yeah. president obama: duolingo. male speaker:yep (inaudible) president obama: tellme about duolingo. male speaker: so, i starteddueling about four years ago. president obama: okay. male speaker: i had justsold my second company
to google. president obama: yeah. male speaker: and i wantedto work on something that was related to my passion,which is education. president obama: right. male speaker: now, my viewson education have always been very influenced bythe fact that i'm from guatemala. male speaker: which isa very poor country.
president obama: yes. male speaker: and now, mostpeople talk about education as being something thatbrings equality to different social classes, but i alwayssaw it as the opposite, something thatbrings inequality. but see, the people whohave a lot of money can buy themselves the besteducation in the world, and because that remain having alot of money, whereas people who don't have very muchmoney barely learn how to
read and write. male speaker: and because ofthat, never end up making a lot of money. president obama: that'scertainly true when we're underfunding publiceducation, but that's a whole other topic. so, go ahead. male speaker: so, yeah. so, i wanted to do somethingthat would bring equal
access to educationto everybody. male speaker: now,education's very general. so, i decided to work on onetype of education, which is learning a foreign language. male speaker: it turns outthere's 1.2 billion people in the world learninga foreign language. now, it's a funny market. eight hundred millionof these satisfy three properties.
first, they'relearning english. male speaker: second, thereason they're learning english is in orderto get a better job. male speaker: and third,they (inaudible) economic condition. male speaker: so, mostpeople learning a foreign language are trying tolearn english to get out of poverty. male speaker: but most ofthe ways they were to learn
the language werevery expensive. male speaker:cost about $1,000. male speaker: so, the ironyis that it seems it takes $1,000 to getout of poverty. male speaker: whichmakes no sense. so, i decided to make an appthat would teach languages entirely free. launched it about threeyears ago and today it's the most popular way to learnlanguages in the world.
president obama:this is great. male speaker: there are infact more people learning a language on duolingo in theunited states than in the whole u.s. public school system. president obama: no kidding. female speaker: in fact there -- president obama: now, thatshows there's a problem in the u.s. public school system. (laughter)
(inaudible) go ahead. female speaker: in fact, there areover 100 million people learning languages withduolingo all over the world, and we think there'sthree things that have it (inaudible) the firstis that it's free. female speaker: the second is thatit's made to look like a game. female speaker: and it (inaudible) -- president obama: okay,let me see it working. female speaker: even people who arenot interested in learning a
language and kind of wantto study end up doing this because it's a fun game. female speaker: the third thing isthat it's completely science based. we really care about the waythe way that which people acquire information. president obama:(affirmative) female speaker: and so, we work onthat every day, and there's a study conducted by thestate university of new york
that shows that 34 hours ofduolingo are equivalent to a full university semesterof language education. male speaker: yeah, yeah. president obama: so, if ireally want to spruce up on my spanish -- male speaker: you shoulddownload duolingo. president obama: i'vegot to download duolingo. of course, right now i'mnot allowed to have a smartphone, but that'sa whole other --
female speaker: hi. president obama: hello. i'm jewel . president obama:how are you, jewel? female speaker: i'm well. and what's -- female speaker:happy birthday. president obama:thank you so much. what's your name?
jason crane: jason crane . president obama: jason. jason crane:nice to meet you. president obama: whathave we got here? female speaker: so,this is part pick. president obama: part pick. female speaker: yes, and weare making it super simple to find replacement parts. president obama:for anything?
female speaker: foranything eventually. we're starting out in themaintenance, repair, and operational space. female speaker: so, mostlyfasteners, like nails, and bolts, and screws,and washers. president obama: oh. female speaker:yeah, and we -- president obama: in fact,i've been looking for this. did you just takeour cylinder?
female speaker: we mighthave found it (inaudible) president obama: did youtake it out of the white house? president obama: we've gota loose bolt somewhere. president obama:no, i'm teasing. so, how does this work? this is all operated out --it's an application for your smartphone? jason crane: sure.
so, we created a technology,mobile specific, but we created an api that we allowdistributors, retailers to embed into their websites orinto their mobile app very seamlessly. the application of it isvery straightforward and simple. jason crane: you takea picture of a part. jason crane: we ask theusers to take two images, and as you can see in thescreen, after taking two images we're able to givevery detailed information
about that part, length,diameter, (inaudible) branch drive (inaudible) shaped,even finish part name and part number. president obama: all right,let's stop there for a second. now, if i take a picture ofmy smartphone, and i've got two parts, let's say that ithad the same head on this thing, because -- jason crane: exactly. president obama: -- thisis a little different.
the same head, but how isyour program able to read the size, justbased on a picture? female speaker: yeah -- so, you touched on thereason why we started with fasteners inthe first place. jason crane: we want to getvery good at distinguishing the differencesbetween small details. the difference between thispart and this part is less than an inch, right?
jason crane: so, thetechnology that we built from scratch is based oncomputer vision, and what it does is it uses featureextraction to be able to look at the anatomy of thatpart, look at the specific details, the head, thegrade, and use all of that information to build whatwe consider a digital fingerprint of that part. and use it to match to thebest part in the database. female speaker: and we usea penny as a reference.
so that -- president obama: oh, i see. so you -- female speaker: yep. president obama: i see. that's the way you do it. you do the penny next to it. okay well, see there. that helped mefigure things out.
female speaker: (laughs) president obama: how did youguys get started in this? what's the background thetwo of you and how did you decide that this was sort ofa good business venture for you? female speaker: yes, iwas working in the parts industry. female speaker: managing acall center, and got all the escalations and the angrycallers who we sent the wrong parts out to.
president obama: right,they weren't happy. female speaker:they were not happy. female speaker: so, theywere making my life a little -- female speaker: -- unhappy. female speaker: so, iwanted to help them out. female speaker: andwe actually came from technology sectorbefore that. female speaker: so, we gottogether and decided to also join forces with ph.d.sfrom georgia tech.
female speaker: and so, weare howard and morehouse grads. and wanted to build thisout, and make it work. president obama:that's great. female speaker: been workingon it for about two years now, just -- president obama: so, you'vebeen at it for two years. female speaker:(affirmative) president obama: how didyou finance to start? jason crane: (laughs)good question.
so, we had a -- president obama: yeah,i should have asked you (inaudible) -- that's always the mainquestion there, is like, where'd you get the moneyafter you got the good idea? jason crane: so, wewere very diligent. it was a long road, but wejust closed $1.5 million in seed funding, just lastmonth, and now we're looking to just penetrate the marketand continue to increase
revenue and grow sales. president obama: and yourbusiness model is based on the idea that it's not just-- you're not keeping an inventory of these parts. what you're doing is you'reinteracting -- you've got a base of all the partsmanufactures and -- female speaker: yep and -- president obama: --retailers, and they will all then start using yourprograms, so that people can
easily -- female speaker:yep, we're just -- president obama: -- ordertheir parts online? female speaker: exactly,charging them for the license of the api. president obama: got it. female speaker: and theyembed it in their mobile apps on their websites. and we charge themyearly for that.
female speaker: yeah. tony gitel: happybirthday, sir. president obama: thank you. tony gitel: tony gitel . president obama: tony. tony gitel: this ismy cofounder, billy. male speaker:billy (inaudible) president obama: goodto see you, billy. so, what have we got here?
tony gitel: billy and i wereboth military officers. we met on a deployment. i'm in the marine corps. billy was in the navy. president obama: you'restill active or -- tony gitel: yes, sir. president obama: fantastic. male speaker: i'mseparated from the navy. and so, we've got andrewsair force base on here.
president obama: what isit i'm looking at here? tony gitel: one of theissues that we found is we move from base to base,which most military members do. tony gitel: is sometimesgovernment data is a little bit hard to find. president obama: yes, sir. tony gitel: includingdirectory information, so what we did is we wentthrough and we started pulling in information, andmaking it a lot easier for
people to find it. so, each branch, eachbase would sometimes have different administratorsthat were doing it. they would usedifferent formats. tony gitel: so, we wantedto pull all that data in, standardize it, make onefriendly user interface. so, we kind of think of itas trip advisor, but for military bases. president obama: okay, sojust to -- so, i'm stationed
at fort bragg, and you know,suddenly i get my papers. and i'm transferring out. i'm moving my family. how does this appcome into play then? tony gitel: this is the oneplace or this is one place where you can go, and findall the information no matter -- president obama:ahead of time? tony gitel: ahead oftime, once you get there.
two years on the base you'retrying to figure out what are the hours for, you know,the fitness center, the medical center,that type of thing. tony gitel: when billy gotout of the navy, we'd been working withoutside developers. we ended up sending him to adead boot camp, which i -- male speaker: yeah, so i dida six month coding, full time coding school male speaker: and either ofus had -- we'd very little
technicalexpertise prior to. president obama: so, youhad the idea, but you guys weren't coders atthe time and -- male speaker: correct, andso the initial kind of prototype and first yeariterations were outsourced, in terms of the -- male speaker: -- technology. and so, we decided thatin order to build a real business and a real product,we had to bring a --
president obama: you had toknow a little bit about it. male speaker: of course, andso now after that six month program, i was able toactually maintain it in-house. and so, like, the entire newwebsite and mobile apps are all maintainedby us internally. president obama: so, i'vegot all my stuff here, cars and fuel, banks,barber shop. tony gitel: yep, and thenhere's an example of like,
so at the andrewsthe dental clinic. so, you see the hours. you've got the -- tony gitel: the phonenumbers that you might need, a link to their website ifthat's -- if you're not finding what youneed right here. they provide lots of (inaudible) amplifying information. president obama: well,this is usually helpful. so, the question thenbecomes do you guys have
your business model whereyou're going to have ads alongside this, like a lotof websites, or is the pentagon just going to say,"we should have thought of this," and buythe whole thing? male speaker: (laughs) tony gitel: well, right nowwe have a sponsorship model. so, we have one largesponsor that has military. they're consumers and theyare happy to sponsor the resource.
we also learned so muchabout directory management, which is kind of aboring topic but -- president obama: oh, yeah. tony gitel: -- somethinga lot of people need. president obama: that'sa big deal, yeah. tony gitel: so, it could besoftware as a service model. president obama: excellent. so, if you're active dutyright now, is he doing all the work?
tony gitel: he is. president obama: yeah? tony gitel: actually -- president obama: wow. tony gitel: -- we talk aboutthe ideas, and then billy runs the day today operations. and -- tony gitel: in my off-dutytime, i get to think and work on it.
president obama:congratulations. tony gitel: thanks. president obama: well, we'revery proud of you, and thank you both for your service. come on, let's geta good picture. male speaker: thankyou, mr. president. president obama: all right. we've got to get the basedirectory in the back here, a little free advertising.
come on. fantastic. i'm really proud of you. tony gitel: thank you, sir. thank you. male speaker: thank you. president obama: where'd youget the coding training? male speaker:denver, colorado. president obama: and wasit in like, at a community
college or was it -- male speaker: no, it wasthrough a six month, full time coding boot camp. tony gitel: galvanized. male speaker:galvanize and touring. president obama: okay,did the folks down in (inaudible) cover it? male speaker: no, ourcompany paid for it. i'm proud of you.
great. male speaker:thank you, sir. president obama: great work. hi, how are you? male speaker:good, how are you? president obama:what's your name? male speaker: i'm zach. president obama: hey, zack. male speaker:hi, i'm fadil.
president obama: goodto see you, fadil. male speaker: niceto see you too. female speaker: dea. president obama:nice to see you. female speaker: so, weare presenting emerald. female speaker: the healthcompanion for older people. president obama:what's this? female speaker: all right,helps people stay safe and healthy in their homes.
female speaker: okay. so, i'm sure you have seencommercials where, "i've fallen." president obama: yeah,you're wearing a necklace. president obama:or you've got a -- female speaker: exactly,and you push a button. my grandmotherlived by herself. so, this was always sayingwe were worried about her. female speaker: okay, yeah.
so, also fadil's grandmom,my mom, and all of those people. so, basically one of themajor problems is that we know that for older peopleit's very hard to remember to put the pendanton themselves. female speaker: and evenwhen they have it on themselves -- female speaker: they don'tremember to push the button. president obama: right, orthey're just cranky about it. female speaker: exactly.
president obama: yeah,they're like, "i don't want to wear this thing, ah." all right. female speaker: so, we wanta device that everyone can use. female speaker: people whodon't know anything about technology, and it doesn'thave anything on the body, no sensors on the body. so, our deviceis over there. it's a device that you putin the home, much more like
a wifi router. female speaker: it' usesthe end to end (inaudible) signals to detect false. president obama:that's interesting. female speaker: all right? female speaker: fadil'sgoing to help me demonstrate to you. president obama:don't fall too hard. male speaker: i won't.
female speaker: (laughs) so,if you look at that red dot over there. president obama:yeah, right. female speaker: so, you seethat it's tracking fadil's motion? president obama:this is -- right. he's just walking. female speaker: so,now he walks forward. it tracks him.
female speaker: if he goesto the side, it tracks him too. president obama:it's all good so far. female speaker:okay, so far. now, he's going to fall. fall down to the floor. president obama:oh, goodness. president obama: stetlook at the blue line. female speaker: it detectedhis elevation going to the floor level.
president obama: andit triggers the phone. female speaker: and(inaudible) the phone. and there's nothing on hisbody, all based on wireless signals and the environment. president obama:interesting, and so the sensors are installedin every room? female speaker: no. actually, you don't need to-- it's just once i'm sorry you can't use fora small apartment.
president obama:small apartment. female speaker: or ifyou have like your -- president obama: he has apretty big place, yeah. female speaker:-- house here. president obama: hehas a pretty big place. president obama: butyou know, presume -- female speaker: butpresumably you don't need this yet. female speaker: but ifsomebody has a larger home,
they can usemultiple devices. female speaker:at the same time. female speaker: (inaudible) president obama: and then,if they fall his trigger -- president obama: -- it issent to some central -- female speaker: yeah,yeah, yeah, exactly. it' triggers -- president obama: andsomebody calls -- it's sort of like a consulate
(crosstalk) female speaker:yes, very much. first, it goesto the caregiver. female speaker: and if thecaregiver does not confirm in three minutes, itjust call an ambulance. female speaker: yeah, butthat's not the only cool thing. president obama:okay, there's more. female speaker: oh, yeah. there's more.
we did -- president obama:that was pretty cool. good -- female speaker: thatwas cool enough. female speaker: butthis is even cooler. female speaker: we canmonitor his breathing and heart rate without anysensor on his body from (inaudible) so, forexample here the device is monitoring his breathing.
you see the inhale/exhalemotion of his chest. female speaker:inhaling, exhaling. so, (inaudible) can youcall (inaudible), please? now, you can see that thesignal is a steady level. female speaker: andactually, do you know what this is? sorry, i'm the professor soi'll ask questions all the time. president obama: yeah,i mean, and this is (inaudible) method here.
female speaker:these small blips -- female speaker: theyare his heartbeats. male speaker: doyou (inaudible) female speaker: now, yeah,can you breathe again, please? president obama: yeah,you can (inaudible). this is really getting --starting to turn blue. president obama: thepart about the falling i understand because those arebig motor movements that have taken place.
i'm surprised that you'vegot a sensor that is that sensitive from that distancethat is reliable enough to give meaningful data. female speaker: yeah, yeah. yeah, it's actuallywireless signals. radio signals areamazing creatures. they, just like if youunderstand them enough, you know how to manipulate them. female speaker: they cancapture very minute motions,
even includingour heartbeats. president obama: good. well, that's (inaudible). so, how did you guys --presumably, this potentially then is also an applicationfor babies monitors for example? female speaker: yeah,yeah, for example. president obama:for example. female speaker: forsids for babies.
president obama:for sids, yeah. female speaker: ofcourse, yeah, yeah. president obama: just forparanoid, type a parents. president obama: like me. what are you guys'backgrounds and how did you develop (inaudible)? female speaker: so,we are also mit. female speaker: i'mfrom (inaudible) mit. fadil and zach are mygraduate students, but --
female speaker: originallyi'm from syria. female speaker: fadil isoriginally from lebanon. female speaker: zach. male speaker:potomac, maryland. president obama: potomac,now how boring is that? yeah, well thisis excellent. hey. female speaker: hello. male speaker: hello.
president obama:how you doing? male speaker: nice tomeet you, mr. president. president obama:what's your names? male speaker: i'm aaron . president obama: aaron. female speaker: i'm hannah . president obama:hannah, this is so fun. male speaker: thisis jerry, the bear. president obama: thisis jerry the bear.
okay. so, how's jerrythe bear doing? male speaker: so, we makehealthcare education really fun for kids. male speaker: as you know wehave all these very large healthcare problemslike type 2 diabetes. male speaker: obesity. president obama: i'm marriedto michelle obama, come on. male speaker: you know it.
president obama: i'm allabout the healthy eating and exercise, andall that stuff. male speaker: you want tomake it really fun really early on for kids. male speaker: so, jerryteaches kids about nutrition, exercise, sleep,and mindfulness, and does it in really fun ways. male speaker: but we reallystarted this actually out of personal passion.
we stared in a veryparticular area, type 1 diabetes. male speaker: so, when i wasa kid i was human growth hormone deficient. my body didn't produce thehormone it needed to grow. so, i was much shorter. president obama: yeah, yeah. male speaker: so, iself-administered injections every day.
male speaker: and it gave mea great deal of empathy for what children go through,particularly those who are chronically ill. female speaker: for me, bothof my grandparents had type 2 diabetes, and they passedaway from the complications behind it. female speaker: also, my dadwas diagnosed with type 2 when he was about45 years old. female speaker: i just sawhim, just change his a whole
lifestyle, and we also asthe family members had to change our styles. female speaker: to supporthis healthy eating and exercise, just learner timeand how stressful that could be, and also to learn justempathy to help other people too. so, jerry was a perfectproject for me to work on. male speaker: and so, weactually -- the idea came, we were interviewingfamilies with type 1
diabetes, and we sawsomething real cool. all the kids were takingtheir stuffed animals and playing doctor. president obama: ah. male speaker: they wouldmake their own little insulin pens and pretendto inject their bears. president obama:oh, all right. male speaker: they weredoing everything they weren't allowed todo to themselves.
male speaker: so, we wantedto bring that to life. we wanted to do it in a waythat was educational, but also fun andcomforting because -- male speaker: learning aboutthese things shouldn't be scary, and what kind of theresearch shows is that when stress is reduced in thehome, it leads to much better outcomes later own. and play is how kids learn. four to nine is this reallymagical window, when they're
still forming behaviors,forming their habits, and setting them upfor healthy habits. so, hanna can -- male speaker: -- showyou how it works. female speaker: so, thisbear is specifically for kids with type 1 diabetes. female speaker: so, to seehow he's feeling, you press his finger. jerry the bear:i feel great.
female speaker: hefeels pretty good. female speaker: and what youdo is you can feed him a different insulin. female speaker: so, what wedo is because the age that we are target, kidsare really young. carb counting is verycomplex math for little kids. female speaker: so, we madeit very, really visual. female speaker: so, everyone dot is five carbs. from one dot of food heknew one dot of insulin.
female speaker: so, to feeda cracker, you just swipe the food across his mouth. jerry the bear:num, num, num. female speaker:he makes a plate. it says five carbs. that's a snack. jerry the bear: thanks. female speaker: and now, wehave to give him insulin. so, what we do, because wegive him one dot of food --
female speaker: youneed one dot of insulin. so, i'll tap the penon one of his sites. now, we can match it. so, i'm going to givehim one dot of insulin. female speaker: and jerrythe (inaudible) has 21 (inaudible) of storybooksof jerry training for the olympics games. president obama:oh, well yeah. female speaker: becausehe's a bear training for an
olympics game, he has tolearn climbing, diving with the sharks indifferent stories. so -- male speaker: wehave fun sports too. female speaker: so, you wantto make sure that, you know, learning health is nota very scary thing. female speaker: it'sthrough storytelling. so, that's really a corepart of our curriculum. female speaker: and we workwith parents, educator, and
nurses, so that you know,it's understandable for both parties. and jerry's nutritioneducation has been recognized as thegold standard of -- female speaker:-- education. female speaker: how are you? happy birthday. ramona pearson:ramona pearson. president obama:hey, ramona.
what have we got here otherthan a picture of a very handsome guy, yeah. ramona pearson: yeah, iwas at your inauguration. i was very proudto be there. so, what have we got? ramona pearson: so, whatwe're doing is solving that problem. ramona pearson: the issue ofdata, and content is data. ramona pearson: so, what wesaw is that 30 percent of
the knowledge workers aretrying to find content and experts to help themsolve their problems -- ramona pearson: -- inlearning, and so what we realized is that we neededto really focus on that. so, when you're a knowledgeworker, you use google, you search, or some othersearch platform. you grab the url, stick itinto an email, send it back and forth, and then youlose that conversation. ramona pearson: so, wesought out and solved
we said, "what if there'sone place where a knowledge worker can grab content, putit into one space, be able to share it, and be able tohave people on one platform, and get smarter and smarter. ramona pearson: and so,what we ended up doing is creating a knowledgeinnovation platform. so, we're able to helpsurface the content and experts that are otherwisehidden from anywhere in the world.
ramona pearson: and so, ourbig data algorithms are constantly pulling in all ofthe content in the worldwide web. and even pulling ingovernment content. ramona pearson: so, the cdc,nih, and other kinds of content, so that knowledgeworkers who are trying to invent new things or solvebig real world problems can get access to expertsand information. president obama: so, let'stake a concrete example.
ramona pearson: exactly. president obama: i amsomebody who works in a company, and i've got tofigure out everything there is to know about rockguitars, because you know, we're selling them, or we'redoing this, or we're doing that. so, are you creating a placewhere i can collate all that information more rapidlythan i could just doing a google search or --
ramona pearson:yes, absolutely. so, google, if anybody'sa google person. president obama: no,we're using that -- president obama: itcould have been yahoo. ramona pearson: yeah, yeah. president obama: yeah, i'mnot trying to preference anybody here, but -- ramona pearson: right, butthese technologies and searches are 25years old now.
ramona pearson: and they'realso really good at getting you to buy ads. ramona pearson: and that'show they make money. ramona pearson: but we're ina knowledge platform that really helps people rapidlyget to the knowledge, and to be able to share it, andto access that knowledge. so, for instance if you aretrying to build new policy -- ramona pearson: it would bevery powerful and quick for you to be able to share someinformation out, create a
collection, and have peoplewho are doing research create collection that youcan look over and see. and then people can insight,and i'll show you what that looks like, create insights,and be able to -- which contextualize information. president obama: so,rather than a search, i'm essentially setting up, orsomebody will have set up already some sortof, you know, place. ramona pearson: yes.
president obama: some pagewhere i can go to that's already gathered up a wholebunch of stuff, without me having to searchindividually for your chart? ramona pearson: so, forinstance this is me. so, if i'm in the platform,these are articles that are leveraging predictiveanalytics. so, we're a big datacompany, and what we're doing is actually building acognitive graph on people. what do we got going here?
female speaker: so, sakti3is (inaudible) and very safe, and low cost. and we tried to solve theriddle of how do you get to a very, very high energydensity battery cell and still make it on a veryscalable platform. and we did the math. so, we'resimulations people. female speaker: and so,we started doing some simulations and multiphysicscalculations, and determined
that we believe the best waywas to have an all solid state, no liquidelectrolyte. and so, we started makingbatteries on equipment that we bought on ebay that wasvery cheap, that was used to make things likefood packaging. and last summer wedemonstrated over 1,100 watt hour (inaudible). it was about double what'savailable right now in the marketplace.
president obama: yeah,vino told me about this. president obama: yeah, this(inaudible) ventures so. (inaudible) did our series. president obama:yeah, yeah i know. female speaker: everybodygot a picture of the president of the unitedstates with our battery. president obama: thereyou go (inaudible). president obama: we'll takea bunch of pictures, don't worry.
president obama: thisparticular battery technology applications foreverything from cars, to devices, to you name it. female speaker:that's right, yeah. we just had aninvestment from dyson. female speaker: and so, wewill first put our batteries into their products, vacuumcleaners and consumer electronics, and so forth. and after that thesky's the limit.
the reason we started thecompany was to get into electric vehicles. that's been apassion of ours. female speaker:for a long time. president obama: how do wecut the cost, and the size, and -- president obama:-- longevity -- president obama: --of these better -- president obama: that'sour big stumbling block to
driving downthe price point. president obama:on electric cars. president obama: so,have you solved it? female speaker:we believe so. female speaker: wehave to scale it up. female speaker: and but thiswas after working on the incumbent technologyfor a long time. my team and i came from theuniversity of (inaudible) and i was a professorthere for 17 years.
female speaker: and so, itcame out of my laboratory. and a surprisingthing happened. the first little prototypeswe made at ufm worked, and that was basedon nsf funding. female speaker: so, wedecided to start a company, and we've beenon this journey. president obama: that'sgreat, and what are the barriers to scaling up? what are the things youstill have to figure out in
terms of being able to,you know, for this to then become the standardbearer for batteries? female speaker: theusual engineering work. every time you make a largersale, you deal with the flaws. you have to makethem faster. you get bigger andbigger equipment. female speaker:pieces of equipment. you make them at a higherrate, and so we go through all those development steps.
then you have tostop and test. and then you -- female speaker: -- buildagain and stop and test, so. well, i'm very excited. female speaker: thank you. president obama:let's get a picture. female speaker: all right. president obama: come on. right here.
look at this guy. president obama: lawrence,are you getting the -- male speaker: yes, sir. just want to make sure,because you could tell i was in trouble a little backthere, yeah when i picked up the battery and -- female speaker: i hadto get one of those. congratulations. female speaker:thank you so much.
president obama: good work. hi. tony islow: happy birthday. tony islow: tony islow . president obama: hey, tony. what you got here? student loan genius. tony islow: student loangenius, that's our company. president obama: so, you'regoing to tell me exactly
where i can get mycheapest student loans? tony islow:that's part of it. president obama:that's only part of it? tony islow: so, what weinvented is a 401k for student loans. president obama:oh, i see, okay. tony islow: so, we allowgreat companies to help employees find thebest repayment plan. tony islow: and then thecompany can provide a
matching contribution, justlike they would for 401 k's. it will help you put away-- become debt free faster. president obama: oh,that's interesting. so, let me think about this. so, i graduate. tony islow: yep. president obama: andi go work for sakti. tony islow: yep,that's right.
president obama: and, youknow, my parents didn't pay for my college, so i'vegot $50,000 worth of debt. tony islow: that's right. president obama: so, ifsakti was one of your customers, what am i doing? i go to hr and they say, "doyou have any student debt?" and i say, "yes,"and then -- so, there's threethings that we do. the first thing that anemployee would do, is they
would use our toolthat we built. tony islow: that's similarto a turbo tax book. tony islow: so, i know youcame out of school with over $100,000 in debt. so did i, and you're pullingout loans each semester you're in school. so, for most people it'svery confusing to figure out which programs theyare eligible for. so, what our tool does isit analyzes your loans.
we've built an algorithmto show you every single repayment plan that youspecifically qualify for, right? and so, we allow you to seethem side by side, how it's going to affect you rightnow, but also in the future. and then once you chose aplan, we help you fill out the application. if you want to dorefinancing, we help you fill out that process, butanother really cool thing if
you can see, is that youcan see the impact of your company providingthat contribution. tony islow: so, once youchose a plan, we then integrate with the company'spayroll system to start pulling money right out oftheir paychecks, and sending it off to navient, orsallie mae, or great lakes, wherever it is. and then if the companywants to, they can provide that match on top of that.
president obama:that's smart. tony islow: so, we'rehaving a massive impact on (inaudible) you can see herethe average impact that we can have on people, if thecompany's providing a $25 or $100 match. president obama: is thisa onetime purchase by the company or are youmanaging this and they -- president obama: it'slike a monthly service? tony islow: it'sa monthly service.
so, the company can decideif they want to provide monthly matchingcontributions, or they can do like, annual clips. so, after you're here for 12months, then we'll give you like $5,000, and with ourpayment system we ensure that the money goes to thehighest interest loan, straight to principle, andensure that the loans are getting paid offefficiently. now, given the algorithm(inaudible), why just do a
sale to business, becausethe concept presumably would apply to somebody who isself-employed, or anybody so you could go direct toconsumer on this, couldn't you? tony islow: yeah. great, great, great point. so, the reason that we wantto go straight to the b2b at this point is becauseyou get a match, right? tony islow: from theemployer, right?
so, it's a huge incentivefor a company to use as a recruiting retention tool. president obama:no, it's very smart. i mean this -- president obama: -- part,but i guess once you have this established -- tony islow: then we aregoing to go roll out to b2c. we're actually launchingwith our first university this month, northeasternuniversity.
it's going to open it upto all of their alumni. tony islow: so, they're notgoing to receive the match, but they actuallycan use our platform. president obama: but theycan still use it to make calculations. tony islow: exactly. president obama: quickly. tony islow: and actually,four out of five people who use our tool are choosing toswitch plans that they're
currently on, takingadvantage of the payee or income like, base plans. tony islow: whereyou can contingent. tony islow: and also it'slike, people want this. it just needs to beput in front of them. president obama: and are youplugging in things like the income based prepaymentprogram and -- tony islow: absolutely. this is all here.
tony islow: so,you can use them. see, the grad's standard. tony islow: (inaudible) ofgraduated, income base, income contingent,and payee. president obama: yeah, soyou can make a bunch of decisions. president obama: how'd youget this idea, other than having a lot of debt? tony islow: yeah, so beforethis company actually, i
started the first financialplanning company for millennials. so, working with peoplein their 20s and 30s. and it was through thatcompany where i saw student loans were just impactingpeople's lives. tony islow: and i just hadthe idea that, you know, companies are helping,you know, people save for retirement, but ourgeneration's getting crushed by student loans.
tony islow: so, we're goingto be cool if companies provided those matchingdollars, but for something that we actually care about. tony islow: that's reallyhaving an impact on our life. president obama:how'd you finance? tony islow: so, we'veactually just closed a seed round that was led by oneof the biggest financial services companies in thecountry that we can't announce untillater this month.
president obama: iwon't say anything. quiet, shhh. tony islow: but we arealways looking for strategic partners and investors. so, i just want tothrow that out there. well, congratulations. president obama: look at youguys with all your gadgets. participant: happy birthday! president obama: thank you!
thank you very much. i'm so gray. but i feel good otherwise. welcome to the whitehouse, everybody. as a birthday treat to me, ithought i'd invite business leaders, investors, andgovernment officials here for the first-everwhite house demo day. (applause) i think it's fair to saythat when i was eight, i
would have beenconfused by that choice. but now i think it's reallycool, and i am so grateful to have all of youparticipating. on a typical demo day,entrepreneurs, like many of you, pitch your ideas topotential investors in venture capitalor elsewhere. and it is a high-stress,make-or-break moment that can change thecourse of your life. folks are peppering you withquestions, you don't know
what's going to be coming. today was much more relaxedbecause you just had to pitch the president of theunited states your ideas. so no problem -- in front oftv cameras that everybody is going to watch. fortunately, everybody dida stellar job that i had a chance to meet. and here in this room, we'vegot some of the best and brightest entrepreneursamerica has to offer, folks
from all across the countrywho are working every day to transform the way we liveand learn and communicate. they have takenover my house. we've got people whoare developing the next generation oflithium-ion batteries. a system of radio sensorsthat notices when a senior takes a fall whilethey're in their home. a robotic teddy bear thathelps kids with diabetes learn about managing theirhealth and staying active.
there was an app that helpsmilitary families transition to their new communities;another app that helps you order replacement parts justby snapping a photo of the old one. and then there are the folksat astrobotic technology in pittsburgh. they are shooting for themoon -- literally -- with plans to land a rover on thelunar surface in the next couple of years, whichis pretty exciting.
i wouldn't mind seeinghow that turns out. you know, in america, that'swho we've always been. we explore next frontiers,we're pioneers with a vision for tomorrow -- whether it'slewis and clark, sally ride. we're the nation of franklinand edison, and carver and salk; jobs, gates. and the folks here today areheirs to that legacy, and they're the driving forcein a 21st century economy. startups, young firmsaccount for almost 40
percent of new hires. and as we've fought backfrom the worst economic crisis of our lifetimes,those firms have helped our private sector create morethan 12.8 million jobs over the last 64 straight months,which is the longest streak of private sectorjob growth on record. so as president, i've workedto make it easier for entrepreneurs to strikeout on their own. we've made it easierfor folks to buy health
insurance, making itportable so you can strike out and do your thing. we've made it easier to payoff student loan debt -- although there was an appthat i just saw, somebody who's really good at workingwith businesses to help manage student loan debtin an efficient way. we have tried to downloadgovernment data sets for new apps and innovations,following in the path of the national weather service andother data that's turned
into commercial ventures. we've worked to connect tohigh-speed broadband and open access for a freeand open internet. and we're working on tradeagreements to open up new markets for companiesto sell their products overseas. thanks to the bipartisanjobs act that i signed, it's easier for innovativecompanies to take that next step and go public.
and when it's fullyimplemented, more startups and small businesses will beable to accept support from regular investorsthrough crowdfunding. so today, america is hometo more high-tech companies than anyplaceelse in the world. and business leaders havedeclared that china is no longer the world's numberone place to invest -- america is. with technologicaladvancements like cloud
computing and big data and3d printing, the fact is there has never been abetter time to launch an idea and bring it to scaleright here in the united states, right now. but we've got to make surethat we're taking full advantage of this momentby tapping all the talent america has to offer, nomatter who they are or where they set up shop. and obviously there arechronic challenges for
any entrepreneur. capital is tough to come by,but it's even tougher if you're not in one of ahandful of cities that have a well-developed venturecapital presence. it's always hard to get infront of the right people, but sometimes it's harderif you're a woman or an underrepresented minoritywho all too often have to fight just to get aseat at the table. right now, one study showsthat fewer than 3 percent of
venture capital-backedcompanies have a woman as their ceo. another study showed thatfewer than 1 percent have an african american founder. yet we've seen again andagain that companies with diverse leadership oftenoutperform those that don't. that's the market that isout there -- not just here in the unitedstates, but globally. so that lack ofparticipation from everybody
isn't good for business. we've got to make sure thateverybody is getting a fair shot -- the next steve jobsmight be named stephanie or esteban. they might never setfoot in silicon valley. we've got to unleash thefull potential of every american -- not leave morethan half the team on the bench. and that's something thata growing number of tech companies havebegun to recognize.
so in january, intelannounced that by 2020 they would achieve fullrepresentation of women and minorities in their u.s. workforce. last week, pinterest alsoannounced ambitious new diversity goalsof their own. today, we've got a seriesof public and private commitments to buildon those efforts. we've got more than 40leading venture capital firms who are pledging more-- pledging to do more to
track and hire and supportwomen and underrepresented minorities and veterans attheir firms and portfolio companies. a pair of leading pensionfunds are committing to diversifying the ranks ofthose who manage their money. we got companies like xerox,box, and others that are going to institute their ownversion of the nfl's "rooney rule," named after my goodfriend dan rooney, of the pittsburgh steelers, whichmeans interviewing at least
one woman and one personof color for every senior position -- just so thatfolks get a chance to get in the door. and more than 100 deansat america's engineering schools are committing torecruit and retain more diverse student bodies,building the pipeline for the next generation ofinnovators and entrepreneurs because this is something weare seeing again and again and again.
we are not producing all thetechnical talent, all the engineers that we need. and part of the reason isbecause too many girls and too many young peopleof color are getting intimidated and winnowed outof the process, not being mentored, not beingencouraged, and we deprive ourselves of the talent thatwe need in order for us to continue to be a dynamic,innovative economy -- because that's the partof the population that's
growing. so my administration isalso going to do our part. we're expanding our techhireinitiative to 10 new cities and states -- bringingtogether employers and local governments to create newer,faster training pathways, like coding boot camps, sothat a more diverse group of workers can get hired andperhaps eventually start a business of their own. we're scaling up thenational science
foundation's successfulinnovation corps program at six more federal agenciesso we can help more of our scientists move their ideasout of the lab and into the marketplace. more than 50 new cities havesigned up to our "startup in a day" initiative. many of them have earnedcash prizes from the small business administration tohelp them clear away all the red tape so that a localentrepreneur can apply for
all the licenses and permitsthat they need to start a business in just one day. so we hope that theseefforts are going to open up new opportunities for all ofour entrepreneurs -- all of our would-be entrepreneurs. and in the months ahead, ilook forward to seeing more folks across this country-- investors, accelerators, universities, civic leaders,corporate giants, growing startups -- all take newsteps to build on these actions.
because you never know who'sgoing to have the next big idea, or what pathwill lead them there. so i'm just going to giveyou a couple of examples because these arefolks who are here. take the story oframona pierson. where's ramona? there -- ramona isright back here. so i was justtalking to ramona. ramona is -- this is apretty remarkable story.
back in 1984, when she was22 years old, ramona had already been a u.s. marine. she was a young, dedicated,highly skilled professional in the prime of her life. one day, she's out for arun, and she was hit by a drunk driver. and she was in a coma for 18months -- woke up 18 months later, weighed 64 pounds,was bald and was blind, could not walk, could notspeak, was moved into a
nursing home. i think it's fair to saythat a lot of people would be broken by that. in that nursing home, ramonawas surrounded by dozens of senior citizens, folks witha lifetime of knowledge, and expertise, and skills oftheir own as parents, teachers, andcommunity leaders. and they helped coachramona back to health. they became her mentors.
and over the next few years,ramona had to relearn the most basic skills --walking, speaking, crossing the street -- and she gainedthe perspective of others with challenges. decades later now, ramonalooks back on that process of learning by connectingwith others as the catalyst for a startup she launchedthree years ago called declara. and it's a technologyplatform that combines the power of a search enginewith a worldwide network of
experts, so that we can alllearn things faster from our fellow citizens and theirlifetimes of knowledge. it's sort of like a googlemeets facebook, but there's all kind of stuff to it. ramona was explaining it tome and it was fascinating, and i understoodabout half of it. so today, declara has usersall around the world. it's attracted millionsof dollars of capital. they've got a team of 65employees, with women
serving as ceo, coo, andhead of data sciences. that's the powerof a good idea. and when ramona was in thatnursing home, i don't think anybody would have imaginedthat she was going to be a candidate to be asignificant tech entrepreneur. ideas can come from anybodyand anywhere, and can be inspired by any kindof life experience. and we've got to judge thoseideas on their merits. we've got to make surethey're not filtered by
misperceptions about whopeople are or who's capable of dreaming something up. that's at the very heart ofamerica -- the idea that any of us can make it if we try. and together, if we haveenough effort and enough urgency, our ideacan move the world. we can all be a part ofmaking sure everybody has that chance. and that's what the demoday is about here today.
that's what ourinitiatives are about. that's what our outstanding40 partners that are making announcements areall about here today. i'm very proud of them. and i can't wait to see whatall of you end up doing. and keep in mind that inabout 18 months i'm going to need a job. (laughter and applause) i've got some skills.
thank you verymuch, everybody. appreciate it.
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