Keller At Large: How Technology Shapes The Economy

welcome back to our conversation about the economy with Peter Cohen of Babson College author of scaling your startup and in the new book you talk about how we're at a disadvantage with one of our biggest tech sector competitors Silicon Valley a lot of places are at a disadvantage with them but how is that affecting us and what should we be doing a near view to level that playing field or at least try to level it it's a very difficult challenge because Boston's high tech industry really excels at developing technology for business computing things like storing data and analyzing data and protecting data from cyberattacks and things like that whereas in Silicon Valley there's that but there's also big consumer focused world-changing brands like you know Facebook and Google and Airbnb and companies like that that have really just created entirely new industries that didn't exist whereas in Boston we have a lot of sort of back office kinds of technology so if you have somebody who's really ambitious and interesting we talked about weight fair before I talked to a manager there who last year left Wayfarer to go work for one of these companies in Silicon Valley because first of all it was a very well financed pre-ipo company that they were going to get stock in that company before it went public and the opportunity to grow there was just so much greater and Silicon Valley has lots of these companies and the Boston area basically has very few I mean at some in like TripAdvisor which is sort of consumer focus but it's it's a relatively small industry it's not sort of a world transforming industry like like Facebook and you look at Mark Zuckerberg who start at Facebook in his dorm room in in Cambridge and now you know I've moved it out to Kelvin well realistically what could we do about it there's really not much we can do about it unless somebody who has the ability and does create this company like that decides not to go out there I mean in theory there's no reason why you could you don't have you you could do it here the talent you could you could get here I mean a lot of that talent is educated in yeah so what you know the why don't they stay I mean it's less expensive to run a business here even though it's very expensive it's compared to Silicon Valley it's relatively inexpensive so it really would take somebody who instead of mark like Mark Mark Zuckerberg going out to Silicon Valley decides to stay here and that could create an ecosystem here well look Peter like many of our viewers I'm not all that far away from retirement age the the hair dye helps helps maintain my deceptively youthful appearance you are Decepticons you know so I'm sort of nervously eyeing the market and eyeing my 401k I try not to you know ride the roller coaster too hard but how nervous should I be amid these trade wars and the things like the president threatening to fire the Fed Chairman there's there's a lot of you know instability and I think there's going to continue to be instability at least until the election I think that the president enjoys reinforcing that instability because he thinks it works with his base so and you know there's gonna be a lot of up and down the stock market you know since there was a crash last December and it's basically been it's come back a lot from that but it's still basically flat since then so the answer is if you have a lot of time keep regularly investing in a stock index fund in your 401k or retirement fund over time the stocks earn a 7% returns over a long long time for time frame so I think that's the place to be if you are really nervous and you want to just lock in whatever gains you have and you evaluate the tax implications of it I think now would be a perfectly good time to just you know lighten up on stocks because there's a lot of negative things that could potentially happen and nobody really knows what's gonna happen tweet – tweet in the world well I'm already growing a lot of basil in my backyard it's at least I can well you need the tomatoes the pesto exactly yeah listen thank you very much please come back again soon thank you very much for inviting me continue the conversation that's Peter Cohen of Babson College author of scaling your startup mastering the four stages from idea to 10 billion dollars that's all our time for this weekend and now I'm going to send it back over to my colleagues for more WBZ news

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