WEBVTT 00:00:00.039 --> 00:00:03.013 Over the last two decades, India has become 00:00:03.013 --> 00:00:06.052 a global hub for software development 00:00:06.052 --> 00:00:10.079 and offshoring of back office services, as we call it, 00:00:10.079 --> 00:00:15.099 and what we were interested in finding out was that 00:00:15.099 --> 00:00:19.039 because of this huge industry that has started 00:00:19.039 --> 00:00:21.050 over the last two decades in India, 00:00:21.050 --> 00:00:24.041 offshoring software development and back office services, 00:00:24.041 --> 00:00:26.064 there's been a flight of white collar jobs 00:00:26.064 --> 00:00:30.015 from the developed world to India. 00:00:30.015 --> 00:00:33.071 When this is combined with the loss of manufacturing jobs 00:00:33.071 --> 00:00:37.001 to China, it has, you know, led to considerable angst 00:00:37.001 --> 00:00:40.089 amongst the Western populations. NOTE Paragraph 00:00:40.089 --> 00:00:43.051 In fact, if you look at polls, they show a declining 00:00:43.051 --> 00:00:48.087 trend for support for free trade in the West. 00:00:48.087 --> 00:00:51.086 Now, the Western elites, however, have said 00:00:51.086 --> 00:00:53.086 this fear is misplaced. 00:00:53.086 --> 00:00:56.008 For example, if you have read — I suspect many of you 00:00:56.008 --> 00:00:59.040 have done so — read the book by Thomas Friedman 00:00:59.040 --> 00:01:02.074 called "The World Is Flat," he said, basically, in his book 00:01:02.074 --> 00:01:06.093 that, you know, this fear for free trade is wrong 00:01:06.093 --> 00:01:09.067 because it assumes, it's based on a mistaken assumption 00:01:09.067 --> 00:01:13.051 that everything that can be invented has been invented. 00:01:13.051 --> 00:01:16.037 In fact, he says, it's innovation that will keep the West 00:01:16.037 --> 00:01:18.010 ahead of the developing world, 00:01:18.010 --> 00:01:21.052 with the more sophisticated, innovative tasks being done 00:01:21.052 --> 00:01:24.025 in the developed world, and the less sophisticated, 00:01:24.025 --> 00:01:25.083 shall we say, drudge work being done 00:01:25.083 --> 00:01:28.099 in the developing world. NOTE Paragraph 00:01:28.099 --> 00:01:32.031 Now, what we were trying to understand was, 00:01:32.031 --> 00:01:35.007 is this true? 00:01:35.007 --> 00:01:38.086 Could India become a source, or a global hub, 00:01:38.086 --> 00:01:42.003 of innovation, just like it's become a global hub 00:01:42.003 --> 00:01:45.090 for back office services and software development? 00:01:45.090 --> 00:01:49.072 And for the last four years, my coauthor Phanish Puranam 00:01:49.072 --> 00:01:53.002 and I spent investigating this topic. NOTE Paragraph 00:01:53.002 --> 00:01:57.002 Initially, or, you know, as people would say, you know, 00:01:57.002 --> 00:01:59.043 in fact the more aggressive people who are supporting 00:01:59.043 --> 00:02:01.069 the Western innovative model, say, 00:02:01.069 --> 00:02:04.027 "Where are the Indian Googles, iPods and Viagras, 00:02:04.027 --> 00:02:08.053 if the Indians are so bloody smart?" (Laughter) NOTE Paragraph 00:02:08.053 --> 00:02:10.088 So initially, when we started our research, we went 00:02:10.088 --> 00:02:12.098 and met several executives, and we asked them, 00:02:12.098 --> 00:02:15.027 "What do you think? Will India go from being a favored 00:02:15.027 --> 00:02:18.027 destination for software services and back office services 00:02:18.027 --> 00:02:21.037 to a destination for innovation?" 00:02:21.037 --> 00:02:23.023 They laughed. They dismissed us. 00:02:23.023 --> 00:02:26.030 They said, "You know what? Indians don't do innovation." 00:02:26.030 --> 00:02:28.060 The more polite ones said, "Well, you know, Indians 00:02:28.060 --> 00:02:31.067 make good software programmers and accountants, 00:02:31.067 --> 00:02:34.017 but they can't do the creative stuff." NOTE Paragraph 00:02:34.017 --> 00:02:38.083 Sometimes, it took a more, took a veneer of sophistication, 00:02:38.083 --> 00:02:41.033 and people said, "You know, it's nothing to do with Indians. 00:02:41.033 --> 00:02:44.094 It's really the rule-based, regimented education system 00:02:44.094 --> 00:02:49.032 in India that is responsible for killing all creativity." 00:02:49.032 --> 00:02:51.086 They said, instead, if you want to see real creativity, 00:02:51.086 --> 00:02:53.085 go to Silicon Valley, and look at companies 00:02:53.085 --> 00:02:56.051 like Google, Microsoft, Intel. NOTE Paragraph 00:02:56.051 --> 00:02:59.005 So we started examining the R&D and innovation labs 00:02:59.005 --> 00:03:01.057 of Silicon Valley. 00:03:01.057 --> 00:03:03.071 Well, interestingly, what you find there is, 00:03:03.071 --> 00:03:06.064 usually you are introduced to the head of the innovation lab 00:03:06.064 --> 00:03:08.061 or the R&D center as they may call it, 00:03:08.061 --> 00:03:12.024 and more often than not, it's an Indian. (Laughter) NOTE Paragraph 00:03:12.024 --> 00:03:15.027 So I immediately said, "Well, but you could not have been 00:03:15.027 --> 00:03:16.062 educated in India, right? 00:03:16.062 --> 00:03:18.018 You must have gotten your education here." 00:03:18.018 --> 00:03:22.004 It turned out, in every single case, 00:03:22.004 --> 00:03:26.026 they came out of the Indian educational system. 00:03:26.026 --> 00:03:28.075 So we realized that maybe we had the wrong question, 00:03:28.075 --> 00:03:31.062 and the right question is, really, can Indians 00:03:31.062 --> 00:03:35.042 based out of India do innovative work? NOTE Paragraph 00:03:35.042 --> 00:03:37.070 So off we went to India. We made, I think, 00:03:37.070 --> 00:03:40.092 about a dozen trips to Bangalore, Mumbai, Gurgaon, 00:03:40.092 --> 00:03:43.011 Delhi, Hyderabad, you name it, to examine 00:03:43.011 --> 00:03:48.036 what is the level of corporate innovation in these cities. 00:03:48.036 --> 00:03:50.094 And what we found was, as we progressed in our research, 00:03:50.094 --> 00:03:53.090 was, that we were asking really the wrong question. 00:03:53.090 --> 00:03:55.065 When you ask, "Where are the Indian Googles, 00:03:55.065 --> 00:03:59.099 iPods and Viagras?" you are taking a particular perspective 00:03:59.099 --> 00:04:04.015 on innovation, which is innovation for end users, 00:04:04.015 --> 00:04:05.078 visible innovation. NOTE Paragraph 00:04:05.078 --> 00:04:09.047 Instead, innovation, if you remember, some of you 00:04:09.047 --> 00:04:11.048 may have read the famous economist Schumpeter, 00:04:11.048 --> 00:04:13.055 he said, "Innovation is novelty 00:04:13.055 --> 00:04:17.031 in how value is created and distributed." 00:04:17.031 --> 00:04:19.044 It could be new products and services, 00:04:19.044 --> 00:04:21.077 but it could also be new ways of producing products. 00:04:21.077 --> 00:04:24.091 It could also be novel ways of organizing firms and industries. NOTE Paragraph 00:04:24.091 --> 00:04:28.077 Once you take this, there's no reason to restrict innovation, 00:04:28.077 --> 00:04:32.077 the beneficiaries of innovation, just to end users. 00:04:32.077 --> 00:04:35.038 When you take this broader conceptualization of innovation, 00:04:35.038 --> 00:04:38.072 what we found was, India is well represented 00:04:38.072 --> 00:04:42.006 in innovation, but the innovation that is being done in India 00:04:42.006 --> 00:04:45.026 is of a form we did not anticipate, and what we did was 00:04:45.026 --> 00:04:47.091 we called it "invisible innovation." 00:04:47.091 --> 00:04:50.078 And specifically, there are four types of invisible innovation 00:04:50.078 --> 00:04:52.098 that are coming out of India. NOTE Paragraph 00:04:52.098 --> 00:04:55.068 The first type of invisible innovation out of India 00:04:55.068 --> 00:04:58.057 is what we call innovation for business customers, 00:04:58.057 --> 00:05:01.042 which is led by the multinational corporations, 00:05:01.042 --> 00:05:04.035 which have -- in the last two decades, there have been 00:05:04.035 --> 00:05:10.064 750 R&D centers set up in India by multinational companies 00:05:10.064 --> 00:05:14.086 employing more than 400,000 professionals. 00:05:14.086 --> 00:05:19.012 Now, when you consider the fact that, historically, 00:05:19.012 --> 00:05:22.029 the R&D center of a multinational company 00:05:22.029 --> 00:05:26.098 was always in the headquarters, or in the country of origin 00:05:26.098 --> 00:05:30.088 of that multinational company, to have 750 R&D centers 00:05:30.088 --> 00:05:33.025 of multinational corporations in India 00:05:33.025 --> 00:05:35.082 is truly a remarkable figure. NOTE Paragraph 00:05:35.082 --> 00:05:38.005 When we went and talked to the people in those innovation 00:05:38.005 --> 00:05:40.066 centers and asked them what are they working on, 00:05:40.066 --> 00:05:42.076 they said, "We are working on global products." 00:05:42.076 --> 00:05:45.039 They were not working on localizing global products 00:05:45.039 --> 00:05:49.011 for India, which is the usual role of a local R&D. 00:05:49.011 --> 00:05:51.061 They were working on truly global products, 00:05:51.061 --> 00:05:55.037 and companies like Microsoft, Google, AstraZeneca, 00:05:55.037 --> 00:05:58.024 General Electric, Philips, have already answered 00:05:58.024 --> 00:06:01.072 in the affirmative the question that from their Bangalore 00:06:01.072 --> 00:06:05.067 and Hyderabad R&D centers they are able to produce 00:06:05.067 --> 00:06:08.069 products and services for the world. 00:06:08.069 --> 00:06:11.036 But of course, as an end user, you don't see that, 00:06:11.036 --> 00:06:12.087 because you only see the name of the company, 00:06:12.087 --> 00:06:16.064 not where it was developed. NOTE Paragraph 00:06:16.064 --> 00:06:19.048 The other thing we were told then was, "Yes, but, you know, 00:06:19.048 --> 00:06:21.072 the kind of work that is coming out of the Indian R&D center 00:06:21.072 --> 00:06:23.075 cannot be compared to the kind of work that is coming out 00:06:23.075 --> 00:06:26.010 of the U.S. R&D centers." 00:06:26.010 --> 00:06:27.071 So my coauthor Phanish Puranam, who happens to be 00:06:27.071 --> 00:06:30.008 one of the smartest people I know, said 00:06:30.008 --> 00:06:31.053 he's going to do a study. 00:06:31.053 --> 00:06:34.019 What he did was he looked at those companies 00:06:34.019 --> 00:06:37.090 that had an R&D center in USA and in India, 00:06:37.090 --> 00:06:40.047 and then he looked at a patent that was filed 00:06:40.047 --> 00:06:43.018 out of the U.S. and a similar patent filed out of the same 00:06:43.018 --> 00:06:45.068 company's subsidiary in India, 00:06:45.068 --> 00:06:48.076 so he's now comparing the patents of R&D centers 00:06:48.076 --> 00:06:52.077 in the U.S. with R&D centers in India of the same company 00:06:52.077 --> 00:06:55.007 to find out what is the quality of the patents filed 00:06:55.007 --> 00:06:56.094 out of the Indian centers and how do they compare 00:06:56.094 --> 00:06:59.073 with the quality of the patents filed out of the U.S. centers? NOTE Paragraph 00:06:59.073 --> 00:07:01.094 Interestingly, what he finds is 00:07:01.094 --> 00:07:04.065 — and by the way, the way we look at the quality of a patent 00:07:04.065 --> 00:07:07.055 is what we call forward citations: How many times 00:07:07.055 --> 00:07:11.072 does a future patent reference the older patent? — 00:07:11.072 --> 00:07:14.023 he finds something very interesting. 00:07:14.023 --> 00:07:16.091 What we find is that the data says 00:07:16.091 --> 00:07:20.010 that the number of forward citations of a patent filed 00:07:20.010 --> 00:07:23.051 out of a U.S. R&D subsidiary is identical to the number 00:07:23.051 --> 00:07:27.023 of forward citations of a patent filed by an Indian subsidiary 00:07:27.023 --> 00:07:29.044 of the same company within that company. 00:07:29.044 --> 00:07:32.035 So within the company, there's no difference in the forward 00:07:32.035 --> 00:07:34.086 citation rates of their Indian subsidiaries versus 00:07:34.086 --> 00:07:35.096 their U.S. subsidiaries. 00:07:35.096 --> 00:07:39.078 So that's the first kind of invisible innovation coming out of India. NOTE Paragraph 00:07:39.078 --> 00:07:42.033 The second kind of invisible innovation coming out of India 00:07:42.033 --> 00:07:46.003 is what we call outsourcing innovation to Indian companies, 00:07:46.003 --> 00:07:49.005 where many companies today are contracting 00:07:49.005 --> 00:07:52.097 Indian companies to do a major part of their product 00:07:52.097 --> 00:07:57.038 development work for their global products 00:07:57.038 --> 00:07:59.069 which are going to be sold to the entire world. 00:07:59.069 --> 00:08:01.091 For example, in the pharma industry, a lot of the molecules 00:08:01.091 --> 00:08:04.051 are being developed, but you see a major part of that work 00:08:04.051 --> 00:08:07.006 is being sent to India. 00:08:07.006 --> 00:08:10.007 For example, XCL Technologies, 00:08:10.007 --> 00:08:12.099 they developed two of the mission critical systems 00:08:12.099 --> 00:08:16.019 for the new Boeing 787 Dreamliner, 00:08:16.019 --> 00:08:18.091 one to avoid collisions in the sky, 00:08:18.091 --> 00:08:22.015 and another to allow landing in zero visibility. 00:08:22.015 --> 00:08:24.078 But of course, when you climb onto the Boeing 787, 00:08:24.078 --> 00:08:27.016 you are not going to know that this is invisible innovation 00:08:27.016 --> 00:08:28.043 out of India. NOTE Paragraph 00:08:28.043 --> 00:08:31.044 The third kind of invisible innovation coming out of India 00:08:31.044 --> 00:08:34.043 is what we call process innovations, because of an injection 00:08:34.043 --> 00:08:37.016 of intelligence by Indian firms. 00:08:37.016 --> 00:08:41.042 Process innovation is different from product innovation. 00:08:41.042 --> 00:08:44.063 It's about how do you create a new product or develop 00:08:44.063 --> 00:08:46.063 a new product or manufacture a new product, 00:08:46.063 --> 00:08:48.067 but not a new product itself? NOTE Paragraph 00:08:48.067 --> 00:08:53.077 Only in India do millions of young people dream 00:08:53.077 --> 00:08:57.096 of working in a call center. 00:08:57.096 --> 00:09:00.098 What happens — You know, it's a dead end job in the West, 00:09:00.098 --> 00:09:03.031 what high school dropouts do. 00:09:03.031 --> 00:09:06.043 What happens when you put hundreds of thousands 00:09:06.043 --> 00:09:09.059 of smart, young, ambitious kids 00:09:09.059 --> 00:09:11.089 on a call center job? 00:09:11.089 --> 00:09:16.079 Very quickly, they get bored, and they start innovating, 00:09:16.079 --> 00:09:20.009 and they start telling the boss how to do this job better, and 00:09:20.009 --> 00:09:23.030 out of this process innovation comes product innovations, 00:09:23.030 --> 00:09:25.003 which are then marketed around the world. NOTE Paragraph 00:09:25.003 --> 00:09:27.042 For example, 24/7 Customer, 00:09:27.042 --> 00:09:29.071 traditional call center company, used to be a traditional 00:09:29.071 --> 00:09:31.055 call center company. Today they're developing 00:09:31.055 --> 00:09:35.000 analytical tools to do predictive modeling so that before 00:09:35.000 --> 00:09:38.005 you pick up the phone, you can guess 00:09:38.005 --> 00:09:44.078 or predict what this phone call is about. 00:09:44.078 --> 00:09:47.028 It's because of an injection of intelligence into a process 00:09:47.028 --> 00:09:50.010 which was considered dead for a long time in the West. NOTE Paragraph 00:09:50.010 --> 00:09:53.041 And the last kind of innovation, invisible innovation 00:09:53.041 --> 00:09:56.002 coming out of India is what we call management innovation. 00:09:56.002 --> 00:09:57.075 It's not a new product or a new process 00:09:57.075 --> 00:10:00.010 but a new way to organize work, 00:10:00.010 --> 00:10:02.059 and the most significant management innovation to come 00:10:02.059 --> 00:10:06.015 out of India, invented by the Indian offshoring industry 00:10:06.015 --> 00:10:08.080 is what we call the global delivery model. 00:10:08.080 --> 00:10:11.009 What the global delivery model allows is, it allows you 00:10:11.009 --> 00:10:14.059 to take previously geographically core-located tasks, 00:10:14.059 --> 00:10:17.060 break them up into parts, send them around the world 00:10:17.060 --> 00:10:19.061 where the expertise and the cost structure exists, 00:10:19.061 --> 00:10:22.044 and then specify the means for reintegrating them. 00:10:22.044 --> 00:10:24.057 Without that, you could not have any of the other 00:10:24.057 --> 00:10:26.085 invisible innovations today. NOTE Paragraph 00:10:26.085 --> 00:10:29.049 So, what I'm trying to say is, what we are finding 00:10:29.049 --> 00:10:34.012 in our research is, that if products for end users 00:10:34.012 --> 00:10:37.041 is the visible tip of the innovation iceberg, 00:10:37.041 --> 00:10:41.033 India is well represented in the invisible, large, 00:10:41.033 --> 00:10:46.057 submerged portion of the innovation iceberg. NOTE Paragraph 00:10:46.057 --> 00:10:51.053 Now, this has, of course, some implications, 00:10:51.053 --> 00:10:55.077 and so we developed three implications of this research. 00:10:55.077 --> 00:10:59.001 The first is what we called sinking skill ladder, 00:10:59.001 --> 00:11:01.073 and now I'm going to go back to where I started my 00:11:01.073 --> 00:11:04.095 conversation with you, which was about the flight of jobs. 00:11:04.095 --> 00:11:08.008 Now, of course, when we first, as a multinational company, 00:11:08.008 --> 00:11:10.090 decide to outsource jobs to India in the R&D, 00:11:10.090 --> 00:11:14.034 what we are going to do is we are going to outsource the 00:11:14.034 --> 00:11:17.042 bottom rung of the ladder to India, the least sophisticated jobs, 00:11:17.042 --> 00:11:20.063 just like Tom Friedman would predict. NOTE Paragraph 00:11:20.063 --> 00:11:23.035 Now, what happens is, when you outsource the bottom rung 00:11:23.035 --> 00:11:28.017 of the ladder to India for innovation and for R&D work, 00:11:28.017 --> 00:11:31.040 at some stage in the very near future you are going to have 00:11:31.040 --> 00:11:33.054 to confront a problem, 00:11:33.054 --> 00:11:35.043 which is where does the next step 00:11:35.043 --> 00:11:38.069 of the ladder people come from within your company? 00:11:38.069 --> 00:11:41.059 So you have two choices then: 00:11:41.059 --> 00:11:43.077 Either you bring the people from India into 00:11:43.077 --> 00:11:46.068 the developed world to take positions in the next step 00:11:46.068 --> 00:11:49.042 of the ladder — immigration — 00:11:49.042 --> 00:11:51.086 or you say, there's so many people in the bottom step 00:11:51.086 --> 00:11:54.050 of the ladder waiting to take the next position in India, 00:11:54.050 --> 00:11:58.073 why don't we move the next step to India? NOTE Paragraph 00:11:58.073 --> 00:12:00.068 What we are trying to say is 00:12:00.068 --> 00:12:05.091 that once you outsource the bottom end of the ladder, you -- 00:12:05.091 --> 00:12:08.061 it's a self-perpetuating act, because of the sinking skill ladder, 00:12:08.061 --> 00:12:11.034 and the sinking skill ladder is simply the point that 00:12:11.034 --> 00:12:13.049 you can't be an investment banker 00:12:13.049 --> 00:12:15.048 without having been an analyst once. 00:12:15.048 --> 00:12:17.075 You can't be a professor without having been a student. 00:12:17.075 --> 00:12:20.061 You can't be a consultant without having been a research associate. 00:12:20.061 --> 00:12:23.020 So, if you outsource the least sophisticated jobs, 00:12:23.020 --> 00:12:27.047 at some stage, the next step of the ladder has to follow. NOTE Paragraph 00:12:27.047 --> 00:12:29.032 The second thing we bring up is what we call 00:12:29.032 --> 00:12:32.068 the browning of the TMT, the top management teams. 00:12:32.068 --> 00:12:35.032 If the R&D talent is going to be based out of India 00:12:35.032 --> 00:12:37.056 and China, and the largest growth markets 00:12:37.056 --> 00:12:39.080 are going to be based out of India and China, 00:12:39.080 --> 00:12:41.053 you have to confront the problem that 00:12:41.053 --> 00:12:43.013 your top management of the future 00:12:43.015 --> 00:12:46.016 is going to have to come out of India and China, 00:12:46.016 --> 00:12:47.099 because that's where the product leadership is, 00:12:47.099 --> 00:12:50.015 that's where the important market leadership is. NOTE Paragraph 00:12:50.015 --> 00:12:52.093 Right? And the last thing we point out in this slide, 00:12:52.093 --> 00:12:56.036 which is, you know, that to this story, there's one caveat. 00:12:56.036 --> 00:13:00.042 India has the youngest growing population in the world. 00:13:00.042 --> 00:13:04.072 This demographic dividend is incredible, but paradoxically, 00:13:04.072 --> 00:13:07.011 there's also the mirage of mighty labor pools. 00:13:07.011 --> 00:13:10.004 Indian institutes and educational system, 00:13:10.004 --> 00:13:12.097 with a few exceptions, are incapable of producing students 00:13:12.097 --> 00:13:15.047 in the quantity and quality needed 00:13:15.047 --> 00:13:18.001 to keep this innovation engine going, 00:13:18.001 --> 00:13:21.022 so companies are finding innovative ways to overcome this, 00:13:21.022 --> 00:13:23.082 but in the end it does not absolve the government 00:13:23.082 --> 00:13:28.029 of the responsibility for creating this educational structure. NOTE Paragraph 00:13:28.029 --> 00:13:31.062 So finally, I want to conclude 00:13:31.062 --> 00:13:34.094 by showing you the profile of one company, IBM. 00:13:34.094 --> 00:13:37.031 As many of you know, IBM has always been considered 00:13:37.031 --> 00:13:39.029 for the last hundred years to be one of the most 00:13:39.029 --> 00:13:40.056 innovative companies. 00:13:40.056 --> 00:13:43.031 In fact, if you look at the number of patents filed over history, 00:13:43.031 --> 00:13:45.071 I think they are in the top or the top two or three companies 00:13:45.071 --> 00:13:49.041 in the world of all patents filed in the USA as a private company. NOTE Paragraph 00:13:49.041 --> 00:13:51.091 Here is the profile of employees of 00:13:51.091 --> 00:13:55.084 IBM over the last decade. 00:13:55.084 --> 00:13:58.059 In 2003, they had 300,000 employees, 00:13:58.059 --> 00:14:02.068 or 330,000 employees, out of which, 135,000 00:14:02.068 --> 00:14:06.027 were in America, 9,000 were in India. 00:14:06.027 --> 00:14:11.030 In 2009, they had 400,000 employees, by which time 00:14:11.030 --> 00:14:13.087 the U.S. employees had moved to 105,000, 00:14:13.087 --> 00:14:17.014 whereas the Indian employees had gone to 100,000. NOTE Paragraph 00:14:17.014 --> 00:14:20.016 Well, in 2010, they decided they're not going to reveal 00:14:20.016 --> 00:14:22.048 this data anymore, so I had to make some estimates 00:14:22.048 --> 00:14:23.088 based on various sources. 00:14:23.088 --> 00:14:26.052 Here are my best guesses. Okay? I'm not saying 00:14:26.052 --> 00:14:27.098 this is the exact number, it's my best guess. 00:14:27.098 --> 00:14:29.060 It gives you a sense of the trend. 00:14:29.060 --> 00:14:34.023 There are 433,000 people now at IBM, out of which 00:14:34.023 --> 00:14:36.083 98,000 are remaining in the U.S., 00:14:36.083 --> 00:14:40.039 and 150,000 are in India. 00:14:40.039 --> 00:14:43.051 So you tell me, is IBM an American company, 00:14:43.051 --> 00:14:47.057 or an Indian company? (Laughter) NOTE Paragraph 00:14:47.057 --> 00:14:52.020 Ladies and gentlemen, thank you very much. (Applause)