Introduction:
Smartling, a cloud-based enterprise platform for translation management, helps companies quickly translate and deploy their digital content.

Mutual Respect:
Anil Bushrey and Jerry Yang, co-founders of Workday and Yahoo respectively, are highly regarded as “nice guys” in the tech industry. Employees at companies founded by both individuals have a strong sense of loyalty and admiration for their leadership.

Common Ground:
Anil and Jerry met through mutual friends at an Allen & Company event. They discovered shared values, such as a commitment to building enduring companies and a belief in the power of technology to improve people’s lives.

Fighting Hostile Takeovers:
Both Anil and Jerry have faced hostile takeover attempts. They share a common understanding of the challenges and emotions involved in defending a company against such threats.

Entrepreneurial Spirit:
Despite their success, Anil and Jerry remain passionate about entrepreneurship and innovation. They continue to actively invest in and mentor startups, helping to nurture the next generation of business leaders.

Jerry and Anil’s Friendship:
Anil Bushrey, a board member at Workday, initially felt intimidated by Jerry Yang, a co-founder of Yahoo. Jerry Yang was impressed by Anil’s intelligence and their shared passion for golf. They quickly became friends, despite their different backgrounds in enterprise and consumer tech.

Why Jerry Joined Workday’s Board:
Jerry was impressed by Anil’s diverse skills and experience as an operator, venture capitalist, and founder of two successful companies. He saw Anil as a valuable asset to Workday’s board due to his relentless focus, cultural alignment, and belief in customer-centricity. Jerry also recognized the potential for Workday to disrupt the enterprise software space again, like many Web 2.0 services companies had done in their respective industries.

Their Shared Values and Beliefs:
Jerry and Anil share many common values and beliefs, such as the importance of culture, companies, and customers. They both believe that enterprise and consumer tech are converging rapidly and see opportunities in this convergence. Their shared values and beliefs made them a good fit for working together at Workday.

Jerry’s Journey to Workday:
Jerry was one of the founding members of Yahoo and played a significant role in shaping the early internet landscape. He joined the Workday board a year ago after receiving a call from Anil. Jerry was attracted to Workday’s potential to disrupt the enterprise software space and the opportunity to work with Anil and Dave Duffield, Workday’s CEO.

Jerry Yang’s Stanford Years:
Jerry Yang and David Filo started Yahoo at Stanford in November 1994, 20 years before the interview. The internet was still in its early stages, and Yahoo quickly became one of the most trafficked websites. The Stanford IT administrator helped them by providing more connectivity resources.

Netscape’s Collaboration:
Jim Clark, the founder of Netscape, had a strong connection to Stanford. Netscape provided Yahoo with essential services like a browser and server software. Yahoo highlighted Netscape’s websites, and Netscape promoted Yahoo.

Procrastination and Entrepreneurship:
Jerry Yang and David Filo were Ph.D. students at Stanford. They tried to avoid their thesis work by playing sports and participating in other activities. Both Yang and Filo wanted to work in a startup environment after completing their degrees.

The Birth of Yahoo:
The internet and the web inspired Yang and Filo to come up with ideas for a business. One of their early ideas was selling textbooks online, but they realized they were not skilled entrepreneurs. Yahoo started as a hobby, and they didn’t initially intend to turn it into a business.

Yahoo’s Founding and Early Days:
Yahoo began as a hobby project created by Yang and Filo while they were graduate students at Stanford. They received multiple venture capital calls after leaving messages on an old answering machine. Initial investors included Mike Moritz of Sequoia Capital, who recognized the potential in Yang and Filo despite their lack of experience and business plan.

Early Leadership Challenges:
Yang acknowledges that he and Filo lacked the expertise and ability to run Yahoo effectively during its early stages. They appointed Tim Kugel as CEO, recognizing that they should focus on product development and innovation.

Yahoo’s Changing Culture and Founder CEOs:
Yang discusses the shift in Silicon Valley’s culture toward venerating founders and the belief that founders should remain as CEOs. He reflects on how Yahoo’s board and management team supported his return as CEO, despite pressure to sell the company or bring in an external CEO.

Key Leadership Decisions:
Yang emphasizes the importance of CEOs making tough decisions and working closely with their boards. He recalls Steve Jobs’ advice to fire half of Yahoo’s vice presidents, highlighting the need for bold leadership and a willingness to make difficult choices.

Balancing External Pressure and Long-Term Vision:
Yang discusses the challenges of navigating external pressure and criticism as a CEO, stressing the importance of focusing on long-term goals and making decisions based on values rather than popularity. He emphasizes the value of trusting one’s own judgment and decision-making abilities.

Reflections on Alibaba’s Success:
Yang expresses admiration for Alibaba’s achievements and acknowledges that he wishes he had built the company himself. He credits Jack Ma’s leadership, Terry Semel’s dedication as CEO, and Masayoshi Son’s early investment and support for Alibaba’s success. Yang highlights Son’s innate sense for people and ability to recognize and seize opportunities.

Personal Leadership Style:
Yang describes himself as an “all-in” person who trusts people deeply once he establishes trust. He contrasts his approach with Masa Son’s more analytical and intuitive investment style.

Early Days and Culture in Enterprise Software:
Anil Bushrey and Dave Duffield were the exceptions to the aggressive and cutthroat culture prevalent in enterprise software in the 1990s. They prioritized customer care and employee well-being, which was uncommon at the time. In contrast to the “asshole culture” that was prevalent, Bushrey and Duffield focused on being empathetic and nice, which they believed was essential for long-term success in the enterprise business.

Consumer-Centric Approach in the Cloud Era:
Workday’s success stems from its consumer internet-like approach to technology, user interface, product development, and people management. Treating customers and employees well has become a significant competitive advantage in the cloud era, where service delivery is crucial. Workday’s focus on delivering excellent service and treating people well has earned it recognition as one of the best companies to work for in the Bay Area.

Dave Duffield’s Kindness and Leadership:
Dave Duffield, co-founder of PeopleSoft and Workday, is known for his exceptional kindness and commitment to animal welfare through his rescue foundation. Bushrey and Duffield met when Bushrey was a young business school graduate, and they instantly connected. Duffield saw a younger version of himself in Bushrey, and they developed a strong friendship and business partnership that has lasted over 20 years.

Competitive Spirit and Ruthlessness:
Bushrey and Duffield are both fiercely competitive but channel their competitiveness externally, focusing on outperforming competitors rather than engaging in internal conflicts. They prioritize rallying their teams to achieve shared goals and avoid internal competition. Bushrey emphasizes that being competitive and ruthless are distinct qualities, and he believes in focusing on external competition while maintaining a positive and supportive internal culture.

Finding Out About Oracle’s Hostile Takeover Offer:
Anil Bushrey, the Vice Chairman of PeopleSoft, received a fax with an offer from Oracle to acquire the company at $11 per share. The offer was considered unfair, and the company’s CEO, Craig Conway, did not believe it was fraudulent.

Motivations Behind Protecting Customers and Shareholders:
PeopleSoft’s leadership prioritized protecting their customers and creating shareholder value. Oracle’s reputation for acquiring customer bases and its unclear intentions raised concerns among PeopleSoft’s management.

Negotiations and the Importance of Innovation:
The PeopleSoft board engaged in lengthy negotiations with Oracle, eventually selling the company for $26.50 per share. Bushrey and other executives believed that staying independent and focusing on innovation would have created more value for shareholders.

Starting Fresh with Workday:
Bushrey and PeopleSoft’s former CEO, Dave Duffield, saw an opportunity to create a new company, Workday, with a focus on innovation and customer-centricity. They recognized the potential of Salesforce’s cloud-based model and aimed to apply it to core business systems.

Challenges and Doubts in the Market:
The cloud computing market was still in its early stages, and many VCs were skeptical about the viability of building a software company with a subscription model. Workday faced doubts and criticism from industry analysts and competitors, who questioned their strategy of directly targeting SAP and Oracle’s core systems.

The Determination of Bushrey and Duffield:
Despite the skepticism, Bushrey and Duffield remained confident in their vision and continued to push forward with Workday. They regularly assessed the chances of success versus failure, acknowledging the high-risk nature of their venture.

The Advantage of Being the Only Game in Town:
While other cloud companies focused on niche areas, Workday targeted the core systems of SAP and Oracle, which were aging and outdated. This strategic move allowed Workday to gain a competitive edge and establish itself as the only modern alternative in the market.

The Role of Dave Duffield:
Duffield’s enthusiasm and determination played a crucial role in driving Workday’s success. He remained actively involved in the company, despite his age and the challenges faced during the early stages.

Bushrey’s Dual Role at Greylock and Workday:
Bushrey initially managed to balance his commitments to both Greylock and Workday. As Workday gained momentum, he gradually reduced his involvement at Greylock while maintaining a connection with the firm.

The Significance of Dave Zee’s Contribution:
Bushrey credits Dave Zee, a talented investor and friend, as a key factor in Greylock’s revival. Zee’s expertise and insights helped position Greylock as a leading venture capital firm.

Anil Bushrey’s Comfort in Being an Entrepreneur:
Anil Bushrey prefers being an entrepreneur and operator rather than a venture capitalist. He enjoys building things and working with teams.

Jerry Yang’s Transition from Entrepreneur to Investor:
Yang initially felt intimidated by the rapid changes in the technology scene upon leaving Yahoo. He wanted to learn from entrepreneurs and gain insights by investing in them.

The Golden Era of Innovation:
Yang believes the current time is the “golden era of innovation.” He cites cloud computing, mobile technology, e-commerce, and hardware as driving factors. Global entrepreneurship and advancements are contributing to this era.

Jerry Yang’s Role in Workday:
Yang is an advisor to Anil Bushrey and Dave Duffield in building Workday. He plays a crucial role in understanding the consumer internet world’s innovations and their impact on enterprise technology.

Humility and Adaptability:
Yang acknowledges that the abundance of ideas and resources makes starting a company easier today. He emphasizes the importance of humility and adaptability in the fast-paced technology landscape.

The Ephemeral Nature of Fame in Silicon Valley:
Yang reflects on the rapid shifts in recognition and fame in the Valley. He mentions Andreessen’s encounter with Mark Zuckerberg, highlighting the changing dynamics of the industry.

Contentment in Being Yesterday’s News:
Yang expresses contentment in being “yesterday’s news” and moving away from the spotlight. He values the freedom to learn, listen, and explore without the burden of recognition.

Happiness Index:
Yang prioritizes his happiness index over external validation and recognition. He finds fulfillment in engaging with intelligent individuals and learning from them.

Jerry Yang’s Departure from Yahoo:
Yang left Yahoo in 2012 and has not been back to the office since. He appreciates the company’s culture and people but does not miss the daily grind. He believes David Filo’s continued involvement and Marissa Mayer’s leadership are beneficial for Yahoo.

Jerry Yang’s Emotions about Yahoo:
Jerry Yang expressed pride in Yahoo’s alumni and their leadership roles in the tech industry. He feels emotional attachment and pride in Yahoo’s journey and the culture it has fostered. He believes that Yahoo’s success reflects positively on its founders and early employees.

Jerry Yang’s Perspective on Not Acquiring Google and Facebook:
Yang clarified that Larry Page and Sergey Brin of Google and Mark Zuckerberg of Facebook were not interested in selling their companies. He acknowledged their exceptional vision and determination in building successful businesses. He questioned whether anyone else could have done better than these entrepreneurs in running their companies.

Jerry Yang’s Views on the Success of Independent Companies:
Yang emphasized that many entrepreneurs thrive and shine when they maintain independence and control over their companies. He believes that staying independent allows them to preserve their imagination and independence, leading to remarkable success. He cited YouTube and PayPal as examples of companies that benefited from remaining independent.

Jerry Yang’s Reaction to Larry Ellison’s Outburst at the D Conference:
Yang recalled an incident at the D conference where Larry Ellison lost his composure while answering a question about Workday, a competitor to Oracle. Yang described Ellison’s transformation from calm and collected to agitated and stammering, creating an uncomfortable atmosphere. He mentioned Zach Nelson’s humorous remark after the incident, commenting on Ellison’s behavior.

Surprise and Positive Reaction to Ellison’s Criticism:
Anil Bushrey expressed surprise at Larry Ellison’s sudden attack on Workday during an investor presentation. Instead of being concerned, Bushrey saw it as a positive opportunity for free press and brand recognition for Workday, especially considering the timing just before their IPO. The audience’s reaction to Ellison’s outburst was perceived as skepticism, further benefiting Workday’s image.

Brand Recognition and Competition:
Bushrey emphasized the importance of brand recognition for upstart companies like Workday, given the long-standing presence of established competitors like SAP and Oracle. He welcomed the opportunity for competitors to discuss Workday, as it helped build their brand and generate interest among potential customers.

Larry Ellison’s Perception of the Cloud:
Bushrey acknowledged that Ellison recognized the shift towards cloud computing early on, evidenced by his investments in Salesforce and NetSuite. However, Bushrey argued that it is not enough to merely see the trend; one must also be able to adapt and execute a new business model to succeed in the cloud.

Challenges of Transitioning to the Cloud:
Bushrey highlighted the challenges of transitioning from traditional on-premises software to the cloud, especially for companies with an aggressive sales organization and a focus on short-term gains. He contrasted this with the long-term retention model adopted by companies like Amazon and Google, which aligns better with the cloud business model.

The Importance of Innovation:
Anil Bushrey believes that a culture of change is harder for established companies like SAP and Oracle to achieve compared to the technology shift, despite its significance. Bushrey emphasizes the importance of continuous innovation and staying alert to potential disruptions from smaller companies with a clean slate. He highlights that innovation typically originates from startups, not large incumbents, and cites examples such as Google, Facebook, and Snapchat disrupting existing markets.

The Risk of Complacency:
Bushrey cautions against losing focus on innovation, as seen in the case of PeopleSoft, which resulted in a decline in innovation and eventual takeover. He believes that successful companies must maintain a product and customer-centric approach, avoiding the common trend of prioritizing revenue maximization at the expense of innovation. Bushrey stresses the need for incumbents to keep innovating and thinking like small companies to remain competitive in the long run.

Workday’s IPO and the Changing Landscape:
Workday’s successful IPO in 2012 marked a significant moment for the enterprise software industry, attracting attention and interest from investors and entrepreneurs. The IPO sparked a renewed focus on enterprise software, particularly among Y Combinator startups, which had previously been more focused on consumer-oriented products.

The Challenges of Enterprise Software:
However, the subsequent challenges faced by enterprise software companies, such as Box, have led some to question the viability of the sector and the suitability of consumer-focused entrepreneurs entering the market. Bushrey acknowledges the challenges of enterprise software, including the need for sales and customer support, which can be difficult for startups without experience in these areas. He suggests that a background in enterprise is advantageous, as it provides a deeper understanding of the specific requirements and complexities of enterprise software.

Technological Convergence:
The consumer internet has become the primary source of technology innovation, driven by the scale and data volumes it handles. Companies like Cloudera, Hadoop, Cassandra, and OpenStack emerged from the consumer internet to address their unique challenges.

Sales and Marketing Expertise:
While innovation comes from the consumer internet, successful enterprise solutions require savvy sales and marketing teams that understand the enterprise landscape.

Disruptive Innovation:
To achieve success, companies need to offer products or services that are significantly better than existing solutions. Incremental improvements of 10-20% are insufficient; disruptions require improvements of 50-100%.

Examples of Disruptive Consumer and Enterprise Innovations:
Hello Mobile’s sleep device: a new category creation with potential applications beyond sleep monitoring. Planet Labs: a B2B enterprise that images the entire Earth daily at a four-meter resolution using 128 satellites.

Challenges in Enterprise Software:
Replacing existing enterprise software is challenging due to the zero-sum game dynamics and the need for rip-and-replace strategies. Workday’s success in HR software highlights the need for bold moves and innovative approaches.

China’s Complex Market:
Jerry Yang emphasizes the difficulty of navigating the Chinese market for consumer businesses. Yahoo, Google, Facebook, AOL, eBay, and Amazon have all faced challenges in China. The success or failure of a company in China depends on whether it is in the consumer business.

Changing Perspectives on China’s Internet Landscape:
Jerry Yang observes that China’s internet landscape has undergone significant changes, with companies like Baidu, Tencent, and Alibaba potentially surpassing US-based firms in size. He emphasizes that the perception of China as a stagnant market is inaccurate, as the country is constantly evolving, and the people are demanding more choice and consumables.

Impact of Rising Quality of Life and Education:
Yang believes that as the quality of life and education in China continue to improve, the middle class will grow, leading to increased demand for more disposable income and choice. He anticipates that this trend will ultimately align China with global standards regarding consumer preferences and economic expectations.

Challenges for Western Companies in China:
Yang acknowledges that Western companies face challenges in operating in China due to the government’s policies and regulations. He highlights Google’s decision to withdraw from China and cautions against underestimating the Chinese government’s long-term perspective and resilience.

Underappreciated Growth of Chinese Internet Companies:
The speaker points out that many multi-billion dollar internet companies have emerged from China, yet their significance is often overlooked. The global consumer internet landscape is largely dominated by US and Chinese companies, with occasional exceptions.

Challenges for Chinese Companies Expanding to the West:
Yang suggests that Chinese companies aspiring to expand to the West might encounter similar difficulties that Western companies faced in China. He raises the question of whether the global consumer internet will remain dominated by China and the US or if other countries will emerge as major players.

The Future of the Global Consumer Internet:
Yang acknowledges the need to consider Neil’s perspective on the future of the global consumer internet, particularly regarding the potential for other countries to join China and the US as major players. He notes that the internet in China has undergone a wild west phase and is now transitioning into a more stable growth phase, which may impact the strategies of Chinese entrepreneurs.

Challenges of Chinese Tech Expansion:
Difficulty in replicating the large-scale growth environment of China in Western markets. Regulatory hurdles and cultural differences pose significant barriers to entry. Western markets emphasize meritocracy, requiring high-quality products for success. Chinese tech companies must adapt their products and business models to suit Western preferences and needs.

Opportunities for Chinese Tech Expansion:
Western markets offer vast potential for growth and revenue. Established infrastructure and regulatory frameworks provide a solid foundation for expansion. Western consumers are receptive to innovative products and services. Chinese tech companies can leverage their expertise in business model iteration and logistics to gain a competitive edge.

India’s Potential for Tech Growth:
India possesses a large consumer market and a growing entrepreneurial spirit. Bifurcated economy and limited access to the formal economy present challenges. India’s population size and entrepreneurial drive offer potential for tech growth.

Mobile Technology and HR:
Mobile devices have become the dominant platform for accessing HR systems. Workday designs its systems primarily for mobile devices, recognizing the shift in usage patterns. Mobile-first design ensures that HR and finance professionals can effectively manage their tasks on smartphones and tablets.

Mobile-First Approach:
Anil Bushrey emphasizes the significance of a mobile-first approach in HR and finance software. He highlights the iPad’s superiority over desktops for business users due to its larger screen size and suitability for data consumption. The attachable keyboard form factor is seen as the winning design for tablets, catering to both consumers and producers of information. The challenge for tablet innovation lies in finding new vectors due to the existing tablets’ high quality.

Scaling Customer-Centric Companies:
Anil Bushrey emphasizes the importance of culture in scaling customer-centric companies. Customer support goals and compensation plans should be integrated into everyone’s roles. The initial focus should be on personalizing customer interactions and understanding their issues. Scalability should only be considered after establishing a repeatable model. Founders’ actions set the tone for customer-centric values, and annual targets with a customer satisfaction component can align the company’s efforts.

Balancing Technology and Customer Focus:
Jerry Yang stresses the need for balance between technology, features, bookings, and customers. It’s easy to lose focus on customer satisfaction while prioritizing the other aspects. Workday’s commitment to customer focus is evident in board meetings and company culture. Anil Bushrey advocates for viewing the company from the outside in, rather than inside out, to better understand customer experiences and improve products.

GeoCities and Website Building:
Jerry Yang reflects on Yahoo’s acquisition of GeoCities and its subsequent discontinuation. He acknowledges that continuous innovation is crucial to stay ahead in the website-building landscape. The technology behind website building has evolved significantly since GeoCities’ time, leading to the emergence of multiple formats and the integration of artificial intelligence. Tumblr is mentioned as a potential successor to GeoCities, but Yang refrains from commenting due to his limited knowledge of the platform. User bases tend to shift between platforms, and content creators need to adapt to different platforms to maintain their audience.

Tension between Customer Support and Product Teams:
Anil Bushrey discusses the natural tension between frontline customer support and product teams. In the early stages, developers handling customer support can provide quick feedback to the product team. Creating a dedicated customer support organization is necessary as the company scales. Customer success is crucial because it ensures that customers are using the product effectively and achieving their desired outcomes.

Happy Customers Drive Success:
Happy customers are the best salespeople, driving success and attracting more happy customers. Creating happy customers requires listening to their needs and wants, which is often overlooked in the tech industry.

Engineering Team Structure:
Avoid bifurcating engineering teams into separate functions (dev, QA, bug fixing, ops) until necessary. Integrated teams ensure faster bug fixes and overall efficiency.

Silos in Organizations:
Silos can be damaging, as seen in Yahoo’s case, where teams operated like separate businesses. Common infrastructure and platforms can mitigate silos and promote collaboration.

Challenges of Acquisitions:
Acquisitions can damage the acquiree company due to employee uncertainty, customer hesitation, and employee departures. Protection mechanisms like breakup fees and DOJ involvement are crucial in M&A processes.

Specific Example:
The PeopleSoft-Oracle hostile takeover and Yahoo’s acquisition faced similar challenges due to employee and customer dynamics. Yahoo’s acquisition by Microsoft lasted six quarters, causing significant disruption and uncertainty.

Challenges of Developing New Enterprise Software Products:
Building a new enterprise software product from scratch is incredibly challenging. It requires a complete transformation of technology, user interface, and sales model. Factors like scale-out architecture, open-source software, and consumer-style interfaces contribute to the complexity. Enterprises face difficulties in implementing new products due to lock-in models and the need for innovation in both product-market fit and go-to-market strategies.

Evolution of Enterprise Software:
The early days of client-server software saw highly customized versions, leading to disparate systems and communication challenges among customers. Today, cloud-based enterprise software provides a consistent experience for all users, eliminating customization issues. This shift towards standardization has made it easier to manage and maintain enterprise systems.

Bitcoin’s Potential as a Global Currency:
Bitcoin’s public ledger and global accessibility make it a promising transactional vehicle. Companies like BitPay are enabling merchants to accept Bitcoin payments, facilitating its use as a currency. Bitcoin is gaining momentum as a speculative asset and a frictionless global currency, particularly in regions like Europe and Latin America.

Improving the Transition from Sales to Customer Success:
Involving customer service personnel during the sales process ensures a smooth handoff and avoids post-sale disconnect. Establishing a culture of trust between development, sales, and customer service teams is crucial for successful customer transitions. Utilizing technology and data analytics to monitor software usage patterns helps identify areas for improvement and align product development with customer needs.

Jerry Yang’s Involvement with Stanford:
Jerry Yang’s deep involvement with Stanford University was briefly mentioned, but the details were not explored during this segment of the presentation.

Stanford’s Role in Silicon Valley:
Stanford University used to be more central to Silicon Valley but now has become less connected. Despite this rift, Stanford remains a place where entrepreneurs go to refresh and generate new ideas.

Stanford’s Mission and Donor Support:
Stanford sees its mission as education, with commercialization of research being a positive byproduct rather than an expectation. Entrepreneurs who choose to give back to Stanford are motivated by the value they received, not necessarily a sense of obligation. The Valley’s growing philanthropy reflects the quality and social-mindedness of entrepreneurs.

Stanford’s Relevance in Technological Innovation:
Stanford and universities are strong in primary research, leading to groundbreaking inventions like Yahoo, Netscape, and Google. The current phase of innovation involves building on existing technologies, not requiring the same level of scientific research. However, future disruptive cycles will likely originate from Stanford and other universities.

Life Sciences and Material Sciences as Emerging Areas:
Stanford is actively involved in commercializing research in life sciences, bioengineering, and material sciences. These fields have the potential to drive new waves of innovation and economic growth.

Stanford’s Patience:
Stanford is a patient institution that will continue to thrive regardless of the current discussions surrounding its identity.

Serial Entrepreneurship:
The success of serial entrepreneurs varies depending on the case. Experience is beneficial, but starting a company is challenging and requires passion and commitment. Successful second-time entrepreneurs maintain the same enthusiasm and willingness to take risks as they did in their first venture. Some second-time entrepreneurs may struggle with legacy concerns, fear of failure, and a sense of overconfidence.

Culture in Companies:
Anil Bushrey emphasizes the importance of company culture, stating that it is more crucial than the product itself. Culture shapes the product, not vice versa.

Contrarian Thinking:
Jerry Yang believes that contrarian thinking can be advantageous. When everyone agrees with him, he becomes wary. He seeks out minority viewpoints and comes up with ideas that most people disagree with, provided he believes in them. Currently, he favors slow-cooked startups with low burn rates and long gestation periods, which goes against the grain of conventional wisdom in the tech industry.

Final Question:
The final question posed to the panelists is “If you could have one mediocre superpower, what would it be?”

Mediocre Superpowers:
Mediocre superpowers have limitations, such as the ability to temporarily detach one’s arm while spooning or controlling the weather only around one’s hair.

Most Coveted Mediocre Superpower:
Jerry Yang desires the ability to speak any foreign language while traveling, enabling him to comprehend conversations and enhance his experiences.

Golfing Skills:
Anil Bushrey and Neil Blumenthal enjoy playing golf together, despite their different skill levels.

Closing Remarks:
The audience applauds the speakers for their engaging and entertaining discussion.