00:09 Neil Blumenthal: We started this company with really lofty goals; one was to radically transform the optical industry because it was our hope that we could transfer billions of dollars from these large multinational corporations to consumers, and likewise, we wanted to create a model for how a for-profit companies should behave.
00:25 Blumenthal: We set out to build this company, we now had sort of the basic tenets on what we felt would work. We thought that, at this point, really, the only thing to do was to test it, and in order to test it, what was gonna be sort of the core things that would guide all of our decision making. And that was sort of where we started to focus on, "Hey, what type of company do we wanna build, where we're gonna be excited to come to everyday?" And for us, that was about building a company that was stakeholder-centric versus just being shareholder-centric. So what do we mean by this? I know it's a lot of buzz words, everyone's talking about these days, in terms of stakeholders, but for us, we try and think about our customers, our employees, the community at large, and the environment in every decision that we make.
01:11 Blumenthal: So, for our customers, it's about, "How can we provide exceptional value, a $500 product at $95, and great customer service?" One of the things that we take most pride in is our customer satisfaction scores and we regularly measure customer satisfaction through net promoter score, which is sort of the standard for measuring customer satisfaction. Basically, you ask, on a scale of one to 10, how likely are you to provide this service to a friend or relative? And we found that we've been consistently in the high 80s, most recently at 88, whereas Apple and Zappos are at 78 and 82, respectively. So it's something that we take a lot of pride in. I think that it goes back to sort of the early days, when Jeff, Andy, Dave and I were sort of sitting in my apartment, thinking about, what does this company stand for?
02:01 Blumenthal: Next, we think a lot about our employees and how do we create an environment for them to thrive? What we're finding is that this generation of workers, it's all about, "What can I learn? How can I be focused towards mission?" A stat came out of the World Economic Forum that 89% of people, sort of 15 to 30, their primary motivation in selecting a job is, is it mission driven? Not rocket science and not that surprising that people are eager to have an impact and make a difference. So we've tried to, in addition to sort of creating this organization where we're all striving towards these two goals which is to radically transforming the optical industry and to create a model for how for-profit companies should behave, we sort of institute mechanisms for people to learn on a regular basis.
02:58 Blumenthal: So for us, we've now moved into two offices. The first thing that we've done in both of them is just knocked down all the walls and created an open office because it gives visibility into all the different departments, because we know people are there to learn. One of our core values is, helping each other grow professionally and personally. So we've created mechanisms to do so, whether it's monthly informal feedback sessions, quarterly 360 reviews, that are both upwards and downwards. We actually have instituted some executive coaching for our management team, which is sort of pretty rare for a company our size and just only being two years old, and we have full team meetings in which there is sort of that opportunity for everybody to understand what the different departments are doing, and even something, setting up as simple as a Google Moderator, where people can unanimously ask questions for us to answer.
03:52 Blumenthal: The other stakeholder that we think a lot about is the environment and we're one of the only carbon neutral eyewear brands out there. And it didn't take much for us to just map out what our carbon emissions are going, taking estimates from what carbon is emitted from the manufacturing of our glasses to shipping overseas and shipping directly to our customers, to the electricity used in our warehouses and office, and sort of purchasing carbon offsets based on that. And then of course...