Transcript
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Scott Galloway (1:37)
Welcome to office Hours with Prof. G. This is the part of the show where we answer questions about business, big tech, entrepreneurship and whatever else is on your mind. If you'd like to submit a question for next time, you can send a voice recording to office hoursprovgmedia.com Again, that's office hourspropgmedia.com or post your question on the Scott Galloway subreddit and we just might feature it in our next episode. What a thrill. First question Our first question comes from NoSound6866 on Reddit. They say I'm a senior majoring in software engineering, graduating from a good school, Iowa State. I'm also an international student and stressed out about finding a job that sponsors my work visa that I'm really good at. I have a great strength in sales and have a solid technical background while my parents are growing older back in Lebanon and they see me working with them. I'm anxious about that due to the war and due to any potential long term family business issues. What would you do if you were me? Oh God no. Sound6866 there's no easy answer. Here we talk about immigration, but we don't, I don't know, we don't really think about it or break it down in economic terms. And essentially, what is an organization or what is an organization supposed to do? A for profit organization of which the American experience has produced the most impressive for profit organizations in the world. The American corporation is the greatest wealth generator in history and it's a key part of our democracy. You need this sort of full body contact innovation such that it can create shareholder value and get taxed and you can pay for our navy and food stamps. So I'm a big fan of the private corporation. And also America's success has largely been based on or somewhat based on that we are at the cutting edge of regulation. We'd rather, when I say cutting edge, we would rather have it be a little bit more Wild west and overregulated, such as it is, or people feel in Europe. Now, having said that, what does an organization do? It tries to take in inputs and then figure out a way through culture, intellectual property, innovation, create a whole that's greater than the inputs and then sell it. I get a bunch of metal or I get a bunch of plastic, glass movements and leather, and then I figure out a way to run ads showing Italian submariners and I get a bunch of famous masculine people wearing my watch and Boom, I can $2,000 worth of these materials for $11,000. That's called Panerai. And there's a million examples of this across every organization. They create something that they can command a greater price for than the cost of the inputs. The most important input in terms of your ability to charge a greater price than the cost of those inputs, is a culture that attracts the best human capital. And if you look at the sector that has done the best job of creating exceptional shareholder value by selling shit for a lot more it costs them to produce. It is the tech community. And what does the tech community have in common? Risk, aggressiveness, access to universities, research, a government that has funded big expensive things, whether it's GPS or darpa. But what it also has is an environment where they attract entrepreneurs, founders that are often from other countries, and then attracts a lot of very smart people who in fact are immigrants. This has been key. About 20% of the NASDAQ by market capitalization is not only run by immigrants, it's run by immigrants from one country, India. So the fact that we are taking this input or making it harder or constraining or hamstringing this input, specifically, amazing human capital from Other nations. It's just really stupid. And part of that is our ability to hold on to great students who want to stay here. It has gotten harder and harder. One of my most talented analysts at L2 came into my office and said, I have to go home. I can't seem to get my visa. She was from Canada. She was very upset, and I said, don't worry about it. Money fixes most problems. I hired an immigration attorney, and we were able to figure it out and sponsor her. So, traditionally, the route for you would be to find a sponsor, a company that would sponsor you. Now it has gotten so difficult and so expensive that most companies aren't willing to do that. So I don't want to pretend this is going to be an easy road for you. I think that you do your best to just try and find an organization that will sponsor you or find other means of getting the ability to stay here. But the current vibe in America is, okay, let's shoot ourselves in the foot and try and pretend that our problems are being started by immigrants and have what is a mendacious and stupid immigration policy. I apologize that I don't have better ideas here, but again, research every means of trying to figure out the right visa status or find, if you can, a company that is willing to sponsor you. But I don't have. I'm not here with a message of hope, and I apologize. I think probably when you came to Iowa State, the promise to you was different than it is now. I think we've invited a lot of international students under the auspices. If you have a chance to make a life in America and then have pulled out the rug from under them, it is wrong. There's no excuse for it, and I hope that it gets better. I appreciate the question. Our second question comes from Glenn from South Africa. He asks, hi, Professor Galloway.
