Society depends on managed institutions to solve most of our problems and to deliver the goods and services we need. It is those institutions that in many cases are letting us down. Management is something we've been teaching here for a long time. We must see managed institutions perform better as a consequence of what we do here, what we teach here, what we study here, the experiences people have here, and what we research here. Recently CNBC did a live morning broadcast here as part of a week in Silicon Valley.
Silicon Valley has an abundance of both.
Well, I think Bill was only partly right. Yes, you need ideas, and we believe in the power of ideas to change the world. Money and ideas may be enough to start companies, but to build companies you need motivated people, and that's the thing we need to focus on just as much as on the financial resources and the ideas. That's the job of a manager. That's what managers do.