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Synchrodestiny and Taking Career Chances with Steve Nelson
Episode 1565th January 2022 • Be EPIC Podcast • Brent Williams
00:00:00 00:29:14

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In this episode of Be Epic, Matt sits down with Steve Nelson, co-founder of 3-D printing technology company Carbon, Inc and empowerment initiative Re Inc. Steve is an investor, entrepreneur and board member who shares his journey from IBM to Wakefield Group to launching several successful start-ups along with his recent move to Northwest Arkansas.

Transcripts

Matt Waller:

co-founder at Carbon Inc, and co-founder of Re

Matt Waller:

Inc. Steve has tremendous experience as a financier, as a

Matt Waller:

entrepreneur and as a leader, and he has lots of board

Matt Waller:

experience as well. Thank you so much, Steve, for joining me

Matt Waller:

today. I really appreciate it.

Steve Nelson:

Matt. Delighted to have the conversation. Thanks so

Steve Nelson:

much for including me.

Matt Waller:

You really have a tremendous background in so many

Matt Waller:

things. I know when you started your career, you were at IBM and

Matt Waller:

you were there for 14 years and left as vice president and

Matt Waller:

general manager. Rather than talk about the earlier days in

Matt Waller:

your career, I would like to start a little bit sooner. Start

Matt Waller:

by talking a little bit about your experience with Wakefield

Matt Waller:

Group as managing partner. And Wakefield is a venture capital

Matt Waller:

firm for those listening.

Steve Nelson:

Sure, maybe we'll describe a little bit this whole

Steve Nelson:

notion of Synchro destiny, which you and I have had some fun

Steve Nelson:

conversations about before. But it was a bit fortunate for me

Steve Nelson:

that I was with a person that was looking for somebody to kind

Steve Nelson:

of come in and be the new Research Triangle Park, North

Steve Nelson:

Carolina General Partner and ultimately to be the managing

Steve Nelson:

general partner of the firm. And I ended up being in New York

Steve Nelson:

City offering advice on folks that might be good. And then I

Steve Nelson:

said, you know, if not for the fact that I love what I'm doing

Steve Nelson:

in California, we're raising our children. They're only five and

Steve Nelson:

seven, we have a great place, great lives. If not for that, I

Steve Nelson:

might be interested. I was surprised to hear myself say it.

Steve Nelson:

Surprised to get the question. I think they were surprised to

Steve Nelson:

hear me say it. And they asked me to put my thoughts together

Steve Nelson:

and fly to Charlotte, North Carolina. In this case, from the

Steve Nelson:

Bay Area. I lived in East Bay and I lived and worked in

Steve Nelson:

Silicon Valley, I guess for seven years. Before I knew it. I

Steve Nelson:

was moving to North Carolina and I was basically asked to be the

Steve Nelson:

managing general partner of Wakefield Group, which is a

Steve Nelson:

private investment vehicle for an amazing family, the Spangler

Steve Nelson:

family out of Charlotte. They'd be a first generation success

Steve Nelson:

story that would have gone long in Charlotte banking. That thing

Steve Nelson:

is now called Bank of America went long and building products.

Steve Nelson:

So what long in a bunch of industries almost a Warren

Steve Nelson:

Buffett of the South, just an incredible family. And I got

Steve Nelson:

asked to be their person, that was an amazing 14-year almost

Steve Nelson:

15-year run for me ultimately kind of covering private

Steve Nelson:

investment. Think of it as more venture capital with some growth

Steve Nelson:

equity investing in and around the southeast with a base and

Steve Nelson:

Research Triangle Park. I learned enormously from my

Steve Nelson:

partners, but enormously on the job by doing the job.

Matt Waller:

Still, it was a big change for you in many different

Matt Waller:

ways, not only in terms of location, but you had been

Matt Waller:

involved in IBM, you've been involved in a software company

Matt Waller:

Informix. And you'd been involved in a digital sports

Matt Waller:

media company, a tremendous experience. But this seemed to

Matt Waller:

be a bit of a change in terms of your path. Is that right? In my

Steve Nelson:

I'd say in a way yes. But the last role that I

Steve Nelson:

had, I jokingly referred to myself getting bigger and bigger

Steve Nelson:

jobs and smaller and smaller companies from IBM to Informix

Steve Nelson:

software to this fun little company called Quokka Sports

Steve Nelson:

which was a digital sports company that ultimately went

Steve Nelson:

public. In that role, I kind of learned that company creation

Steve Nelson:

business, and I was the one that Quokka Sports, I joined that

Steve Nelson:

thing. We had no money. I'm like thinking back on what was I

Steve Nelson:

thinking? We had no money. Two lovely young children. I had no

Steve Nelson:

way to pay myself. But somehow I wanted to be that first kind of

Steve Nelson:

senior executive behind the co founders. And I was raising the

Steve Nelson:

money. And ultimately, a great group called Accel Partners

Steve Nelson:

became our lead investor. So I kind of learned the venture

Steve Nelson:

business by being on the inside of a young company. And I kind

Steve Nelson:

of saw it from the ground up. So I was on the other side. And I

Steve Nelson:

often think that the best way to be in a lot of businesses is to

Steve Nelson:

see it from different perspectives. So the fact that

Steve Nelson:

I'd been a young company person, but maybe trained in big,

Steve Nelson:

important companies, too. Before I knew it, I felt like I knew

Steve Nelson:

the VC business pretty well. So all of a sudden, now I'm the one

Steve Nelson:

when I joined Wakefield Group to try to assess it from the other

Steve Nelson:

side and try to help it add value to the companies we decide

Steve Nelson:

to go back to invest in.

Matt Waller:

Boy, that's so true. And you know, some of the

Matt Waller:

extremely successful business people I've interviewed on

Matt Waller:

podcasts, I've seen this as a pattern. You know, some people

Matt Waller:

want to stay in the same line of business or in the same vertical

Matt Waller:

or same function within a company. But sometimes, you

Matt Waller:

know, whether you're in a company getting different

Matt Waller:

functional experience, or going to other companies and seeing

Matt Waller:

things from different perspectives, it really gives

Matt Waller:

you an advantage in future years.

Steve Nelson:

I completely agree. I mean, I jokingly think

Steve Nelson:

of it as kind of forks in the road that you look at every

Steve Nelson:

two to three years to assess whether you're learning,

Steve Nelson:

growing, developing and still getting excited every day. And I

Steve Nelson:

started thinking if it wasn't for the first path, I was at

Steve Nelson:

IBM, as you said, for almost 15 years, the fact that I was

Steve Nelson:

willing to join a Silicon Valley based software company, I didn't

Steve Nelson:

have to do that either. And didn't have to take other

Steve Nelson:

functions that IBM or other moves at IBM and you think of

Steve Nelson:

your patchwork body of work is all based on kind of those

Steve Nelson:

choices. In many ways. I think there's the choices we make that

Steve Nelson:

are the most important thing. And for me, it's all about

Steve Nelson:

vitality, learning, growing and getting energized and I always

Steve Nelson:

do that when I'm growing and developing with amazing new

Steve Nelson:

people where I think I can learn and contribute in some way.

Matt Waller:

I'd like to skip up to Carbon, the fun one. You

Matt Waller:

co-founded that in 2013. So you've been engaged there for

Matt Waller:

eight years. But would you tell us a little bit about that

Matt Waller:

story?

Steve Nelson:

Yeah, it's a a joy that's still being told. And

Steve Nelson:

it's amazing book instead of chapters were the next chapters

Steve Nelson:

are still to be told as well. But I then ran this Wakefield

Steve Nelson:

Group venture firm. So I felt like I had been in the company

Steve Nelson:

creation business, trying to back people that wanted to

Steve Nelson:

change the world. And I thought in many ways, it was like

Steve Nelson:

America's great business that I had, that involved investment

Steve Nelson:

judgment and company building skills. But I noticed that what

Steve Nelson:

I loved the most about being an investor was helping the

Steve Nelson:

companies because I felt like I go back to my IBM or Informix or

Steve Nelson:

Quokka Sports days, I got a real joy out of being on the inside.

Steve Nelson:

So I was invited by people that I knew, the people that I

Steve Nelson:

invested in, people that we had actually had an investment in,

Steve Nelson:

we called liquidity of technologies, taking a company

Steve Nelson:

public. In fact, I was on the board, I was the lead investor,

Steve Nelson:

I got drafted from and by the board to actually be the CEO for

Steve Nelson:

18 months when we were making a leadership transition at the

Steve Nelson:

time at the company. And one of my friends that I knew well from

Steve Nelson:

liquidia said, Hey, we got this really cool 3D printing company

Steve Nelson:

idea. Love to run it by you. Love to get your thoughts. Maybe

Steve Nelson:

you want to be an investor, an advisor, launch president,

Steve Nelson:

somehow get involved. And I'm like, well, this is like really

Steve Nelson:

interesting. Tell me more. At the same time, I also had plenty

Steve Nelson:

on so I wasn't really looking to do new things. And I guess, back

Steve Nelson:

to my forks in a road, this might have been 2013 or

Steve Nelson:

something like that. They kind of say overnight on a text

Steve Nelson:

exchange, what do you think about coming to join us as one

Steve Nelson:

of the four co-founders, two professors, a theoretical

Steve Nelson:

physicist from Moscow State and me, and I didn't want to have

Steve Nelson:

any sense of imperialism. I was going to be the CEO. But I

Steve Nelson:

called myself in my own mind chief business guy. But these

Steve Nelson:

were extraordinary people that I knew really well, so I knew who

Steve Nelson:

I was getting into business with. But I also joined the

Steve Nelson:

company at the time, we had $9,200 in the bank. We owed

Steve Nelson:

lawyers $72,000. We had a printer made out of wood, and we

Steve Nelson:

were going to try to change manufacturing worldwide. We

Steve Nelson:

wanted to change the way things were made. And I knew how

Steve Nelson:

extraordinary my partners were in many ways. I felt honored to

Steve Nelson:

be their partners. So they built this first 3D printer for 200

Steve Nelson:

bucks in Dr. Alexander Ermoshkin's home. He's one of my

Steve Nelson:

co founder partners; he and his son built it. They're amazing

Steve Nelson:

folks. And if you think of building a 3D printer made out

Steve Nelson:

of wood, a broken projector off of eBay, a stepper motor from

Steve Nelson:

Radio Shack, and some materials, I think, from Lowe's and maybe

Steve Nelson:

Ace Hardware, both plywood and resins or chemical materials,

Steve Nelson:

and it ended up also they came up with really what they called

Steve Nelson:

a window or a way of actually producing the 3D printed parts.

Steve Nelson:

I call it a magic window they dreamed up and I had some

Steve Nelson:

probably the best polymer chemist in the world and one of

Steve Nelson:

the best entrepreneurs in the world. Now Dr. Joe DeSimone is

Steve Nelson:

one of my partners they came up with I was just the lucky

Steve Nelson:

beneficiary of a contact lens type of material that was

Steve Nelson:

transparent to light, permeable to oxygen, and you could 3D

Steve Nelson:

print in a photo chemical way, not in the electromechanical way

Steve Nelson:

of the previous 25 years. All of a sudden, we had a 3D printer.

Steve Nelson:

And I remember the first drawing was of an ice cube, but you

Steve Nelson:

could 3D print 25 times, maybe even 100 times faster. So it was

Steve Nelson:

kind of a breakthrough. We put all of our research and studies

Steve Nelson:

into a research report into a paper. We debuted on the cover

Steve Nelson:

of Science Magazine, on the floor of a TED talk in

Steve Nelson:

Vancouver, and I was the one is my cheap business guys. Instead

Steve Nelson:

of the VC world, so well, I went to Sequoia Capital who are for

Steve Nelson:

Well, your investor group is really impressive Sequoia

Steve Nelson:

sure the best venture capital firm in the world and for sure,

Steve Nelson:

the best in history and one of my great friends was at the time

Steve Nelson:

still a young and getting proven person named Jim Goetz who's now

Steve Nelson:

gone on to become five years in a row, the number one tech

Steve Nelson:

investor in the world Midas list number one, and we tried to

Steve Nelson:

raise one to 2 million from Jim and we ended up getting a

Steve Nelson:

commitment basically for them to lead a round of 11 million the

Steve Nelson:

same afternoon we started. And it's kind of gone crazy good.

Steve Nelson:

Four of us started with negative 63,000 bucks in the bank and now

Steve Nelson:

we got 500 employees Silicon Valley based blue so the blue

Steve Nelson:

chip and enterprise customers you name a prestigious

Steve Nelson:

enterprise customer, we kind of have them. I call it a tiger by

Steve Nelson:

the tail, for sure. And I went from CEO to becoming chairman.

Steve Nelson:

We then recruited Alan Mulally, who iconically ran Ford, and was

Steve Nelson:

the President/CEO of Boeing Commercial to join our board and

Steve Nelson:

he's been amazing. And then even Ellen Kullman -- who I think

Steve Nelson:

Alan helped recruit to the board, but Joe DeSimone's help

Steve Nelson:

-- is now our CEO and she's the first woman in 212 years to run

Steve Nelson:

Dupont. It's one of our big chemical suppliers. So it's been

Steve Nelson:

this handoff of amazing talent to amazing talent. And now I

Steve Nelson:

just feel like the lucky guy, just active co-founder, but

Steve Nelson:

we've had a crazy fun run and I think the next chapters are

Steve Nelson:

still to be told.

Steve Nelson:

Capital, Silverlake, Google Ventures, Piedmont Capital,

Steve Nelson:

Wakefield Group, GE Ventures, Fidelity, Johnson & Johnson,

Steve Nelson:

BMW, IDs and more.

Steve Nelson:

Yeah, we made $680 million nobody's been coming at us. We

Steve Nelson:

haven't even really tried to raise it. It's phenomenal. So

Steve Nelson:

we're super well capitalized got hundreds of millions of dollars

Steve Nelson:

in the bank. And I guess one of the big recruits that we have

Steve Nelson:

and I think about it was I met again through Jim Goetz is a bit

Steve Nelson:

like going to to me, Steven Spielberg that knows who you

Steve Nelson:

want in your movie if you want to have a blockbuster. Sequoia

Steve Nelson:

introduced me to Craig Carlson. At the time, he was immediately

Steve Nelson:

former original VP of Engineering at Tesla for Elon

Steve Nelson:

Musk for the first eight years pre-revenue. And I got to meet

Steve Nelson:

Craig on bench in his hometown. Fast forward a couple of months

Steve Nelson:

and Craig Carlson is our chief technology officer. And we

Steve Nelson:

probably have 35 or 40 Tesla people there. And we've got the

Steve Nelson:

founding engineering head of Tesla is our head of

Steve Nelson:

engineering. Greg has been phenomenal. Joe's son, Phil De

Steve Nelson:

Simone has been phenomenal from the beginning is really the

Steve Nelson:

Chief Business Development product person, he closes all

Steve Nelson:

the big deals, we've got this amazing team, but it's a bit

Steve Nelson:

again, back to my analogy of that Spielberg movie, everybody

Steve Nelson:

watched the movie, everybody wants to invest, everybody wants

Steve Nelson:

to join.

Matt Waller:

you taking something that in my mind still

Matt Waller:

is very new and cutting edge like 3D printing, and

Matt Waller:

reinventing it that's quite remarkable. You had described to

Matt Waller:

me before, when we met how this works, it does seem a little bit

Matt Waller:

like magic.

Steve Nelson:

Yeah, let me maybe describe it a little bit as if

Steve Nelson:

you imagine Terminator 2 liquid metal man growing up out of the

Steve Nelson:

broth out of a puddle, we literally do a CAD drawing of

Steve Nelson:

anything, think of that magic window that's made out of that

Steve Nelson:

contact lens kind of material. And we now have probably not

Steve Nelson:

current, but 40 plus patents, maybe a couple 100 pending, so

Steve Nelson:

it's truly new to the world. You literally do all that play a

Steve Nelson:

movie of the part you want to produce, and it stays liquid at

Steve Nelson:

the puddle on the magic window and you have a UV curable light,

Steve Nelson:

I think it's a wavelength of 365, the same kind of DLP chip

Steve Nelson:

you'd have in a movie theater, and you literally can pull the

Steve Nelson:

product out of the broth or out of the lake. And if you've seen

Steve Nelson:

again, Liquid Metal Man where they just grew up out of a

Steve Nelson:

puddle, it's very similar. So as a result, it's a breakthrough 25

Steve Nelson:

to 100 times faster, much less expensive, higher quality parts,

Steve Nelson:

you can do used parts, instead of it being the parts that you

Steve Nelson:

would use only for prototyping. It really changes supply chain

Steve Nelson:

logistics, why would you make hundreds in advance if you don't

Steve Nelson:

need them? Why don't you do it just in time? Why wouldn't you

Steve Nelson:

bring some of those jobs or that capability back to the US? And

Steve Nelson:

why wouldn't everything be made for you? Why wouldn't there be a

Steve Nelson:

size mat for pretty much everything things in your feet,

Steve Nelson:

maybe things in your ears, maybe medical devices, I mean, kind of

Steve Nelson:

watch this space, because you can actually make everything

Steve Nelson:

different. So it's bespoke. And its won because of its speed

Steve Nelson:

because it's really focused on end-use manufacturing. So it's

Steve Nelson:

it's been a breakthrough and kind of the joy of a lifetime.

Steve Nelson:

And I'm thinking about how in the world that I get involved in

Steve Nelson:

that. I guess the commonalities are amazing people that you

Steve Nelson:

hustle and try to work hard for that invite you in to be a

Steve Nelson:

co-founder. And also when I think back on it, I had to leave

Steve Nelson:

my 15 year venture capital job to join a company that had no

Steve Nelson:

money. Printer made out of wood. But I'd never thought of it that

Steve Nelson:

way. Man. I just thought of it as the opportunity. And then the

Steve Nelson:

whole idea of getting back inside a company just felt like

Steve Nelson:

a joy. And I had enough pattern recognition in a while this is

Steve Nelson:

really different. Almost like we had an amazing screenplay. So I

Steve Nelson:

sole sourced it to Steven Spielberg. In this case, Jim

Steve Nelson:

Goetz who again, I knew how good Jim was. And he said yes in one

Steve Nelson:

afternoon to offer us five times more money than we were seeking.

Steve Nelson:

We're done. And we went stealth for 18 months. And Jim is now

Steve Nelson:

the lead investor, quarterback and calling all the shots. I'm

Steve Nelson:

just a cheerleader, helper, active, you know, with some free

Steve Nelson:

time to do a few other things.

Matt Waller:

What an amazing story. Congratulations.

Steve Nelson:

So watch the space company's going really good. I

Steve Nelson:

think the zero to one part was the invention that Alexander

Steve Nelson:

Ermoshkin and his son came up with with Joe DeSimone's help.

Steve Nelson:

But at some point, scaling these companies is both fun and the

Steve Nelson:

next opportunity. And we've been scaling it beautifully. And this

Steve Nelson:

is a company that's definitely built to last.

Matt Waller:

You are also co-founder of re Inc.

Steve Nelson:

Yeah, there's a fun story there too. I guess

Steve Nelson:

when I think back on themes, again, I'm a less young guy,

Steve Nelson:

much less young guy than you. So I've kind of seen the movie

Steve Nelson:

before and what I ended up gravitating towards the big

Steve Nelson:

theme. So the whole idea of transforming manufacturing,

Steve Nelson:

that's exciting. I'm also a proud dad, two amazing

Steve Nelson:

daughters, wonderful wife of 30 plus years and this whole idea

Steve Nelson:

of equity, equality, fairness, even diversity inclusion for

Steve Nelson:

women just resonated with me. And it turns out having lived in

Steve Nelson:

Chapel Hill, where UNC Chapel Hill is, they have this iconic

Steve Nelson:

women's football team meaning soccer team. And I knew that I

Steve Nelson:

was Mr. Nelson to a bunch of them because I kind of guess

Steve Nelson:

drawn to greatness and that program's iconic in terms of how

Steve Nelson:

good it is going back to the Mia Hamm days and they're the ones

Steve Nelson:

that won the women's World Cup back in 2015. And at the same

Steve Nelson:

time are going to sue their boss over being treated unfairly. You

Steve Nelson:

don't often aren't often best of the world at what you do. So I

Steve Nelson:

was advised you're number one to the US Women's National Team

Steve Nelson:

Players Association. We brought in McKinsey to do a study about

Steve Nelson:

getting them paid fairly etc. I came down to a friendly match in

Steve Nelson:

Brazil. This we were joking about it. I just came from New

Steve Nelson:

York with my re friends, my soccer friends Now iconic

Steve Nelson:

people, they weren't at the time, we said, you know, yes,

Steve Nelson:

you ought to fight for equal pay, you ought to fight for

Steve Nelson:

being fair pay, I think fair is a better word. Maybe you ought

Steve Nelson:

to get paid more, you ought to be treated equally and paid

Steve Nelson:

fairly. But have you thought about starting a new company, we

Steve Nelson:

call it newco -- N.E.W.C.O. --, where there isn't a bunch of

Steve Nelson:

unfairness, older white men that decide how much you're worth?

Steve Nelson:

Let the world decide. So we kind of built this thing launched it

Steve Nelson:

in 2019 at the Women's World Cup, the fundraising there has

Steve Nelson:

been crazy as well literally raised money, I think, well, the

Steve Nelson:

first money was from Kleiner Perkins, which would be a top

Steve Nelson:

two firm in history. We raised that literally at a zoom call,

Steve Nelson:

and the money was in the bank in two days before the woman played

Steve Nelson:

their first match. And it started out in streetwear. And

Steve Nelson:

it's really now morphed in this vertical social network for

Steve Nelson:

change makers, some biking enthusiasts would know the Apple

Steve Nelson:

Strava that kind of tracks everything for the biking

Steve Nelson:

enthusiast. This is more for the people that want to change the

Steve Nelson:

world and be changemakers and it turns out my partners -- Megan

Steve Nelson:

Rapinoe, Kristen Press, Tobin Heath, Meghan Klingenberg --

Steve Nelson:

became synonymous with the cultural movement of fairness,

Steve Nelson:

equity, equality, fairness, and changing the world in a good

Steve Nelson:

way. And even the fight for fair pay. It's been another tiger by

Steve Nelson:

the tail, they invited me in because they knew me as Mr.

Steve Nelson:

Nelson, they now call me Steve as a co founder. And it's 85%

Steve Nelson:

women owned all but probably 90% women run and me, they call me

Steve Nelson:

OG, I thought that meant old guy, which is true. And that was

Steve Nelson:

actually original gangster. I said, Okay, what does that mean?

Steve Nelson:

I said, no, it's actually good. You've been here from the

Steve Nelson:

beginning. So I'm OG to my young friends. I'm twice as old and

Steve Nelson:

we've had a ball. And we've added now to Kleiner Perkins, we

Steve Nelson:

raised money from New Enterprise associates, NEA, who's fantastic

Steve Nelson:

firm from CAA, that probably the most important talent agency in

Steve Nelson:

history out of LA, this university called Stanford that

Steve Nelson:

you probably heard of, and it's kind of gone really good. For

Steve Nelson:

me, it's a joy, I would do anything with these folks, I

Steve Nelson:

would do a not for profit, build a house. Anything. By the way,

Steve Nelson:

Megan Rapinoe is not like one of these iconic people on the

Steve Nelson:

planet. And she's my friend four years ago, almost five years

Steve Nelson:

ago. So it's been a bit of a wild ride. And for me a joy in

Steve Nelson:

the fact that we actually have a company. And by the way back to

Steve Nelson:

the whole notion of Yeah, fight to get paid fairly. But if you

Steve Nelson:

own something, there's this thing called ownership that

Steve Nelson:

nobody decided that the world and how good you're going to be.

Steve Nelson:

And we're off to a really good start. And let's just say their

Steve Nelson:

time and effort has been really well spent with a lot of upside

Steve Nelson:

to research been a joy. Absolutely a joy.

Matt Waller:

Well, that's awesome. You have a lot going

Matt Waller:

on. You're on many boards, we haven't gone through that. But

Matt Waller:

there's one board that I would like to talk a little bit about.

Matt Waller:

You are one of the founding board members of the Whole

Matt Waller:

Health Institute.

Steve Nelson:

Yeah, it's gonna be the Whole Health School of

Steve Nelson:

Medicine and Health Sciences, kind of the new med school, but

Steve Nelson:

also I was kind of a founding advisor before the whole health

Steve Nelson:

institute even started. I had the great joy of meeting Alice.

Steve Nelson:

Alice Walton that is, to me is like an entrepreneur. She's an

Steve Nelson:

innovator, she's an out of the box thinker. A lot of people

Steve Nelson:

would say she's the most like her dad, pretty iconic guy that

Steve Nelson:

started this fortune one company, there in town. Alice

Steve Nelson:

has become a amazing person in my life, amazing friend and

Steve Nelson:

invited me not only was there from the beginning of the Whole

Steve Nelson:

Health Institute, a bit of a founding advisor, even into

Steve Nelson:

leading the search for Tracy Gaudet, who's done a fantastic

Steve Nelson:

job, and the team behind all of that. But now this new med

Steve Nelson:

school and I guess her first are tied for first new board member

Steve Nelson:

of the Whole Health School of Medicine and Health Sciences.

Steve Nelson:

But love Alice and what she wants to do to transform

Steve Nelson:

healthcare in America.

Matt Waller:

Clearly, you've been involved in some very

Matt Waller:

transformational businesses. This seems to be remarkably

Matt Waller:

transformational because it could transform healthcare

Matt Waller:

business in the United States.

Steve Nelson:

Yeah, it's, it's got big dreams. I just love

Steve Nelson:

people that are big dreamers, I kind of say it all begins with a

Steve Nelson:

dream. And Alice Walton and her whole initiative at Whole Health

Steve Nelson:

wants to transform healthcare in America, think of it as also

Steve Nelson:

East meets West. So it's not all about fee for service. It's

Steve Nelson:

about keeping people healthy. It's about the move to value

Steve Nelson:

based care, new payment models, new approaches, new

Steve Nelson:

partnerships, you may have seen a big launch of a conversation

Steve Nelson:

and for specialties with the Cleveland Clinic, pretty much

Steve Nelson:

everybody on the planet that's anybody or even best in the

Steve Nelson:

world of what you do wants to partner so it's been a good a

Steve Nelson:

joy that you put some amazing people in the same room. And the

Steve Nelson:

beautiful thing is it's starting in Northwest Arkansas in the

Steve Nelson:

hometown of where this amazing family and you know, my friend

Steve Nelson:

Alice, grew up. So it's a joy for me to try to help any way I

Steve Nelson:

can. And that case, it's completely not for profit. I

Steve Nelson:

don't need or want anything out of it. I just get energy and

Steve Nelson:

vitality. I love hanging around people like Alice in the whole

Steve Nelson:

health crowd. They've been amazing.

Matt Waller:

It is. It's tremendous. What made you decide

Matt Waller:

to move to Northwest Arkansas? Was it that?

Steve Nelson:

yeah, I guess COVID has a way of doing things

Steve Nelson:

for everybody in the world. Right? I mean, we always joke

Steve Nelson:

about that. We were 20 year people in North Carolina. Our

Steve Nelson:

daughters have 20 Somethings that live in LA in Santa Monica,

Steve Nelson:

Brentwood kind of area. And they couldn't really come back and

Steve Nelson:

see us so we couldn't really go see them in that window of time

Steve Nelson:

and my wife beautifully proudly pronounces hey, I want to buy a

Steve Nelson:

sprinter van. When we get a sprinter van and just kind of do

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our life from the road a little bit, so which is what we did,

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and we're out visiting them. And again, at this point, I'm

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hundreds of conversations into life with Alice and the whole

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health crowd. And she has a stop through town on our trip,

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literally from LA back to North Carolina, because we were still

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at the time owning a home and property in North Carolina after

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20 years of living there. Big empty nester house, it wasn't

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really required. We stopped, stayed at the 21-C, spent a lot

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of time with Alice and some of her family members toured the

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place. Before you know it, somebody called and said, hey,

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there might be a unit available. And we took a look at it on like

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10 minutes notice. And at the seven minute mark of being

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toured around it, my wife says we'll take it. So that's back to

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the was that planned? Was that in a spreadsheet? No, I guess

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that's a blank moment of just forks in roads and amazing

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people. And I really, I'll add to it. So Alice and the Whole

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Health Institute for both my wife and I, my dear wife, Susan,

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and I is a huge draw for us. Because we just feel like we

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could have been involved from the ground up with something

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great. That's really important. Again, if you think of themes,

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health and wellness, and healing is really important theme. So is

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changing manufacturing. So is equity, equality, fairness for

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women. But I also think Bentonville in Northwest

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Arkansas could be this next great place to start and grow a

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business. There's no way. And the reason any reasons, it can't

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be that next great place. It's very much the way I felt about

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North Carolina in late 1999, when we moved there when we just

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picked up and moved. So it's very similar to pick up and

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move. And there's been amazing folks. And I feel like there's

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no reason. And by the way that told you, Matt, you're fantastic

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at what you do, we wouldn't have to invent somebody as good as

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you that wanted to actually be transformative on a local level,

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and so many professional ways, and just had joyous times with

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you already. So the whole idea of being around people, when you

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wake up every day excited about who's there. It's just something

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I get excited about. And I love it as a base for next chapters.

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So that's the way I guess it came to be. And here we are. And

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it's been fantastic.

Matt Waller:

What you say is so true. What makes life joyful is

Matt Waller:

the people you're around. I so much agree with that. And there

Matt Waller:

are so many wonderful people to be around. So we are fortunate.

Matt Waller:

You have been an extremely successful business leader in

Matt Waller:

many, many different dimensions. Really a paragon, I think for

Matt Waller:

young people who want to go into business, what would you

Matt Waller:

recommend to our students, whether they be undergraduates

Matt Waller:

or graduate students?

Steve Nelson:

I really appreciate the question. And of

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all the things we've talked about, this is probably my

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favorite, I get so much energy out of young, talented people.

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At some point, I'm the less young guy no matter what. So the

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whole idea of trying to help. And we come across Matt, you and

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I as wise, but we just have seen the movie before and lived

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longer and have some life learnings to share. There's a

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few if you don't mind me mentioning them would be, I'me

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really big on exploring your interests to find your passions,

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and then open the aperture wide to find out what you love. And

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if you could find the people, places, things that or even who

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inspire you, give you energy, give you vitality. I think that

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brings inspiration into your life. And it helps you or even

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create your life calling and I'm really big on what's your life

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calling What's your reason for being. And for me, it's those

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things that give you the most energy, the most vitality is

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usually your passions over time, and you can over time, find a

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way to work in those fields. And then find the people around that

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that are kind of best at what they do. And prioritize those

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folks. You know, first and foremost, I love to go to work

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on them, with them, for them. I don't need any gain out of it.

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My gain is the energy and vitality I get out of it and the

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learnings I get out of it. And as we talked about the joy, and

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sometimes I feel like I've I'm honored privileged lucky to even

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be alongside them. Like who am I? I'm just this guy that's had

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these forks in the road that some of them are worked out

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pretty well. So this whole idea of combining what you love to do

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what you with what you do for a living. I think it's fantastic

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as well, I guess if I was thinking of skills to grow, I

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think Systems Thinking is good. That's where innovation and

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opportunity think of those key skills, you know, wide and deep

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be an expert at something but be broad enough liberal arts, with

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the sciences. I think being technology aware, and or savvy.

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I think being able to use these tools is really important. I

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think being competitive and actually wanting to do well. I

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don't mean competing against other people but wanting to do

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well. Maybe that's better said as conscientiousness or grit.

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And then there's nothing better than being a great communicator,

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I think both verbal and written. And I love the idea of being of

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service to others. And so the longer you live, the more and

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I'm sure you realize that maybe you've realized that your whole

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life. I really got it in the last decade or so. This whole

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idea of being service to others is where I get my joy. It's not

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by doing my thing is is by helping others. So I guess those

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are the big things that I would say. But I'd actually add to it,

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you know, be a dreamer, you know, I now hang around because

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of Sequoia and Alice Walton and my friends at Kleiner, Perkins,

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John Doerr, these are dreamers that think anything is possible.

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And I guess I've always been the person personally, no matter

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what I'm going to give everything my absolute best

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effort, they're going to get my best me. If we can control

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having a positive attitude and being upbeat about things I

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don't know many pessimistic successful folks. I don't hang

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around with them anyway. And then being a great team player,

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and then it doesn't feel like work if you're working alongside

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amazing people. Those are some of the things that I really have

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enjoyed, I guess over the last many years is picking projects

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that I'm passionate about finding the absolute best people

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associated with it. And there's, you know, there's been talk on

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the engineering side of things of 10x. Engineers, like some

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engineers are 10 times better, doesn't mean they're better

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people. And this means just engineers, I just think some

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people are just extraordinary at what they do. And if you could

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find a way to be a talent scout, and get your way to those

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extraordinary people. That's where the magic really happens

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is, you know, big dreams, big needs, extraordinary people. And

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it doesn't thence feel like work at all, it feels like a joy. And

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we've used that word. I think, you know, happiness is fleeting.

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Joy is not, I think you get joy from serving and helping others.

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And for me, it never fades to try to be of service and helping

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other folks. And it never fades to want to be around incredible

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people. So I guess those would be some of the life lessons. You

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can't always do that job. One. I'm thinking when I was a young

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IBM guy that did I know this? No way. But this is like if I was

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to get beamed up to another planet and had to offer these

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words based on now many decades of being around extraordinary

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people and some fun projects. I'd want to share those words,

Matt Waller:

Based on my observation of you, you really

Matt Waller:

live this service to others. I know you're doing it in many

Matt Waller:

ways with the Whole Health Institute. No, but you you're

Matt Waller:

doing it with the university too helping us with the

Matt Waller:

entrepreneurship efforts. And I really appreciate that we're,

Matt Waller:

we're lucky you decided to move here and get engaged.

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So I'm the lucky one. And again, lucky to have

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met you, man have so enjoyed our conversations, and I hope

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there's many, many more opportunity to work side by

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side. I'm really proud of what you're doing. And your team is

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doing. And there's a big opportunity for somebody to do

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something really special somewhere in the nation. And I

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don't know why northwest Arkansas, and things emanating

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from your leadership and kind of locking arms with some other

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incredible people and I'm, I'm bringing my friends through

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town. So my you know, dear friend, John Doerr of Kleiner

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Perkins is coming to town for the second time. Jim Goetz is

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coming to town as you well know, from Sequoia and I don't think

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he's spoken publicly in six years. He's coming in April. So

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we're getting the best in the world kind of folks that want to

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come to town to tell their story to listen, learn and offer

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thoughts and these are folks that in theory have already won

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at life. But they want to offer gifts to others and they're

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picking our town in Northwest Arkansas to have those

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conversations.

Matt Waller:

Steve, thank you so much for taking time today to

Matt Waller:

visit with us andit's been a really interesting conversation

Matt Waller:

and really appreciate you. Have a wonderful holiday.

Steve Nelson:

I appreciate that Matt.

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