Remarks by Michael Bloomberg

Context and Opening Remarks

• Speaker (Mike Bloomberg) shares his birthday (February 14) with the audience, noting statistically that 1 in 365.25 people share this date.
• References Bloomberg LP's growth from a one-person operation to approximately 20,000 employees.
• Acknowledges Lloyd Blankfein, Catherine Jolong-Kolscher, and John Rogers for organizing the event.

Founding Narrative and Early Strategy

• Founded the company before the invention of personal computers and the public internet.
• Engaged in hardware assembly, soldering components onto circuit boards to create proprietary computers that initially failed but eventually worked.
• Developed a custom "internet" to connect with clients.
• Secured the first major client, Merrill Lynch, through direct, persistent personal outreach.
  • Method involved visiting a deli for a year to buy coffee and tea to deliver to the target company.
  • Broke into offices to deliver drinks to employees, including a chairman, regardless of their preferences (tea vs. coffee, with or without milk).
  • Proposed a risk-free trial where the client would use the new product as a bridge before their existing system launched, with no cost if cancelled.

Business Philosophy and Management Principles

• Emphasizes that businesses remain "analog" in nature despite digital tools; people and relationships are the primary drivers of success.
• Identifies specific operational traits of successful small businesses:
  • Owners often perform menial tasks (e.g., sweeping floors) to maintain connection with operations.
  • Critical projects are assigned to the "most overworked" employees, viewed as a form of crowdsourcing for the most competent staff.
  • Avoids assigning new projects to employees with excessive free time.
• Advocates for customer-centric revenue growth over cost-cutting.
  • Recommends direct contact with clients to express gratitude and ask how to improve their experience.
  • Argues that customer satisfaction drives word-of-mouth referrals more effectively than price competition.

Entrepreneurial Culture in America

• Distinguishes the U.S. economic environment by its tolerance for failure; entrepreneurs can restart after a business fails, unlike in many other regions where failure is permanent.
• Attributes the prevalence of new industries in the U.S. to this "ethic of trying again."
• Notes that while smart people and capital exist globally, American business growth is unique due to this cultural resilience.

Immigration and Policy Critique

• Criticizes current Washington policies as harmful to small business growth.
• Identifies roughly one million immigrant-owned small businesses in the U.S. that create significant employment.
• Cites statistics that approximately 40% of Fortune 500 companies were founded or co-founded by immigrants or their children.
• Opposes proposals to deport working immigrants or restrict new immigration, labeling them "stupid" and "insane" given their economic contribution.
• Argues that the U.S. was built on immigrant drive and opportunity-seeking behavior.

Economic Trends and Forward-Looking Statements

• Observes a divergence in economic performance: while unemployment is down, job creation and growth are concentrated in large businesses.
• Warns that this trend is unsustainable for the future because today's small businesses are the source of tomorrow's large corporations.
• Projects that without policy changes, economic growth and business formation will shift overseas.
• Calls for specific government interventions to support small businesses:
  • Reduction of regulatory red tape.
  • Improved access to financing.
  • Easier access to government contracting.

Call to Action

• Urges entrepreneurs to actively engage elected officials (Congress, city council, mayors, governors).
• Advises contacting officials via secretaries to deliver specific demands:
  • Need for support for small businesses.
  • Demand for open immigration policies to facilitate workforce and business creation.
  • Request for regulations that protect without stifling growth.
• States that elected officials will respond to voter concerns regarding job creation and business viability.