Innholdsfortegnelse for Mar/Apr 2018 i Fast Company

I got my first glimpse of Apple’s newest product as the sun was coming up. It was just after 7 a.m. on a Wednesday in January, two days after Apple executives, including CEO Tim Cook, began moving into Apple Park, the company’s new spaceship-like headquarters in Cupertino. As I was escorted around the gleaming structure, it occurred to me that it embodied everything Apple’s products represent: a glimpse of the future, and yet also something familiar—not science fiction, but a tangible vision made real. When I sat down with Cook a while later, in a conference room labeled simply CEO, he talked about how central “humanity” is to Apple’s products, how tech specs and silicon advancements only matter if they enable users to improve their lives. Apple has long been…

As other big-box stores drown in Amazon’s wake, Walmart is rising, with on line sales up 50% over the past year and same-store physical sales growing for 13 straight quarters. Marc Lore, who took over Walmart’s U.S. e-commerce efforts after it acquired his Jet.com in 2016, made key acquisitions in hard-to-crack categories such as outdoor gear (Moosejaw) and fashion (Bonobos, ModCloth), adding talent for privatelabel rollouts. Plans for 2018 include a redesigned Walmart.com and outfitting the company’s 4,700- plus stores to provide more immediate delivery. “To win the future of retail,” Lore says, Walmart “has to play offense.”…

When Nintendo’s Switch debuted in March 2017, it was like nothing that gamers had seen before: a console that you can hook up to a TV in your living room but also pluck from its dock and use as a handheld anywhere. The $300 device was so appealing—and well executed— that it was practically impossible to find one in stock for months after its release. Now that Nintendo is catching up with demand, the company says that the Switch is the fastest-selling console in U.S. history, besting the record set by its legendarily successful ancestor, 2006’s Wii. Meanwhile, Switch titles such as The Legend of Zelda: Breath of the Wild and Super Mario Odyssey are setting sales records. And in January, Nintendo unveiled Labo, a line of build-them-yourself toys that…

Getting any new drug to market is a moonshot, but Novartis’s August 2017 launch of the potent new CART therapy, Kymriah, was more like landing on Mars. Kymriah, which is used to treat relapsed or resistant B-cell acute lymphoblastic leukemia, the most common child cancer in the U.S., is the first gene therapy drug ever approved by the FDA. Customized to each individual, the treatment takes T cells from the patient, reengineers them with a surface protein that targets tumor cells, and infuses them back into the body. In clinical trials, the overall remission rate within three months of treatment was 83%; many patients have passed the four-year survival mark. With its research partners at the University of Pennsylvania, Novartis is now developing a pipeline of CAR-T drugs for other…

The 82-year-old Ford Foundation is upending the model for grant-making institutions by wielding its endowment like an impact investor. Though foundations traditionally spend 5% of their funds on cause-related grants and initiatives, the other 95% typically goes toward unrelated investments that keep the endowment growing. Ford spends between $500 million and $550 million a year to support social justice work around the world. But last year, it also pledged to plow up to $1 billion of its overall $12.5 billion endowment over the next decade into so-called mission related investments (MRIs) that generate both financial and social returns Since April, Ford has committed $30 million in MRIs aimed at solving the affordable housing crisis in the United States. That includes backing fair-rate housing developers like Jonathan Rose and Avanath, along…

Darktrace’s Enterprise Immune System (EIS) slows attacks on computing systems by emulating the way humans fend off viruses: The AI-enabled platform embeds in a network, learns what be - haviors are normal, and flags anomalies. It became more formidable last April with the launch of Antigena, which automatically stops or slows compromised networks and devices. “Our system is self-running,” says CEO Nicole Eagan, “so [customers] don’t have to touch anything.” When the Wanna- Cry ransomware proliferated last May, Antigena disrupted it in less than 30 seconds. More than 4,000 networks (including those of Jet.com and the city of Las Vegas) rely on EIS, worth some $300 million in contracts.…

Last November, the mobile flight-booking platform Hopper hit a milestone: It sent its 2 billionth push notification. Unlike other flight-price-prediction apps that help determine the best and cheapest time to fly, Hopper watches users’ searches, then starts a conversation around alternative airports, dates, even destinations that could bring down the price. The result: A full 20% of Hopper’s $500 million in bookings have now come from flights people didn’t even ask for. “Through machine learning, we are able to figure out that you just want to book a weekend getaway,” says founder and CEO Frederic Lalonde, “so the app might suggest a better weekend, or pick Cape Cod over Napa.” The company, which saw downloads increase to 1 million a month in 2017, recently launched Flex Watch, which allows users…

In the fall, Fenty Beauty—the makeup brand developed by musician and entrepreneur Rihanna—smacked into the earth like a meteor, launching at once in 1,600 Sephora stores across 15 countries. Offering a full 40 shades of foundation, Fenty incited a frenzy among options starved beauty consumers that played out across social media and Sephora outlets, helping boost the Q3 cosmetics and perfume sales of LVMH—both Fenty and Sephora’s parent company—by 17%. It was one of many recent inclusive beauty successes for Sephora, the exclusive U.S. distributor for Fenty and architect of its unprecedented same-day global launch. “A few years ago, we felt that we could do more, and lead in a much more inclusive manner,” says Calvin McDonald, president and CEO of Sephora Americas. In 2017 alone, that mandate resulted in…

Crowdfunding startup Patreon has facilitated a boom in content creation by giving indie musicians, podcasters, and other artists an easy way to receive recurring revenue in exchange for perks such as bonus content. In 2017, 1 million members raised more than $150 million from roughly 50,000 benefactors. To help artists grow, Patreon released new tools last year, including a CRM dashboard and the ability to stream live video exclusively to patrons. (It also, smartly, ditched a plan to tack a processing fee onto each pledge after artists protested the idea.) “If you solve creators’ problems, they’re going to bring all their fans [here],” says CEO Jack Conte.…

Last year, more than half of all Americans made an online purchase powered by payments startup Stripe (Amazon is a customer), but cofounder and CEO Patrick Collison is focused on future growth. He keeps a poster in the office showing a ranking of countries by GDP— in 2030. “That’s what we should be building for,” he says. Stripe, valued at $9 billion, is laying the foundation with two tools designed to help startups get up and running as fast as possible: Atlas, which streamlines the process of incorporating, and Connect, which enables automatic payout to sellers and contractors on marketplaces such as Uber and Lyft. The company has also expanded into China, Japan, India, and Singapore.…

Diamond Foundry is ushering in a new precious-mineral rush in California— this time for clear, undetectably labgrown diamonds made by plasma reactor technology that mimics the outer core of the sun. When founder and CEO Martin Roscheisen had trouble getting his solar-panel company off the ground, he refitted its technology into the five-year-old Diamond Foundry, which produces 100,000 carats a year in its new South San Francisco facility and had around $100 million in sales last year. The company’s raw products are sold wholesale to jewelers around the world and used in-house for its directto- consumer jewelry brand, Vrai & Oro, which Diamond Foundry acquired in November 2016. Geared toward millennial women, with unique cuts, a 121,000-follower-strong Instagram presence, and ethical sourcing (no blood diamonds!), Vrai & Oro accounted for…

Rover is transforming the fragmented mom-and-pop dog-sitting and dog-walking industry into both the Airbnb and Uber for dogs. The platform uses data science to pair a pet with the most suitable caregiver and provides owners with something new: transparency. Clients receive updates, pics, and even GPS maps of walks. “We let you know the quality of care being delivered,” says Rover CEO Aaron Easterly. After successfully acquiring and integrating its rival Dog- Vacay last March, the company’s network now includes more than 200,000 sitters (93% more than 2016) and 139,000 dog walkers who book services every four seconds. The total value of Rover’s services last year was nearly $225 million.…

We’re unapologetically redefining what it means to be a brand,” says Tina Sharkey, cofounder and CEO of the startup CPG company Brandless, which sells plainly packaged, high-end staples for $3 apiece. She’s not alone. Consumers, overwhelmed by choice and conducting chaotic lives, are getting fatigued by the narratives brands have constructed about themselves. After decades of new brands rising by virtue of storytelling, a wave of upstarts are letting customers color in the lines. Now, says Sharkey, “brands are much more about what friends tell friends.” M/F People, a cosmetics and clothing startup that, like Brandless, launched last year, starts from the idea that we all do the same things when we wake up, so why do we have to navigate a “clusterfuck of labels and brands,” as founder Greg…

POGLIA KNIVES From $270 each poglia.co “A well-crafted knife is an essential, versatile, and beautiful tool. Poglia Knives embraces and highlights the wabi-sabi of their handmade objects, raising them up to the status of art pieces.” Sandra Richter Cofounder and CEO, Soofa RULES FOR RADICALS $10 penguinrandomhouse.com “This 1971 book by Saul Alinsky on community organizing is so good I refer to it every time we’re conceiving a new digital campaign at GLAAD. It’s still relevant.” Jim Halloran Chief digital officer, GLAAD L. ORGANIC TAMPONS From $4.95 per month thisisl.com “L.’s monthly organic tampon subscription is synced to your cycle. With every purchase, L. provides hygiene products to women in developing countries.” Cayla O’Connell Brand manager, Under the Canopy BLIND BARBER BARBERSHOP $55 for a haircut blindbarber.com “This old-school shop…

On a recent trip to Bangkok, Todd Yellin, Netflix’s VP of product, saw “the future”: two kids on the back of a motorbike, watching Netflix on a phone. To serve mobile heavy markets, the streamer has rethought everything, enabling quicker menu scrolling and encoding content at different levels. For Bojack Horseman, say, it will use fewer bits, while rendering The Punisher’s action scenes at high quality. “We save up for crashing through glass,” Yellin says. In 2017, subs grew 25%, to 117 million, and more people subscribed via mobile than either TV or laptop.…

When Jeff Bezos was spotted striding between meetings at the annual Allen & Company Sun Valley Conference last summer, biceps bulging and looking like a real-life Terminator, the image of “Swole Jeff Bezos” went viral: The Amazon CEO, it seemed, had come to embody his killing machine of a company. He had just acquired Whole Foods Market for $13.7 billion, wilting rival grocers’ stock prices as much as 14% merely on the news. He eradicated the upscale market’s long-standing “whole paycheck” reputation in a single day by cutting prices on popular items like kale and salmon. He also turned the stores into showrooms for Amazon’s expanding line of Echo home-assistant devices, which includes the camera-enabled Look (for AI-powered fashion advice), the touch-screen Show (which can play videos), and Spot, an…

CVS has expanded from retail health center to patient advocate. It has begun selling a less-expensive EpiPen alternative and stopped stocking sunscreens with an SPF below 15. Last April, the company announced it would remove parabens, phthalates, and other “chemicals of concern” from nearly 600 store-brand personal-care items after cutting trans fats from its food products. “We think about the customer first,” says CVS Pharmacy president Helena Foulkes. “If you do so, partners want to work with you.” Updated stores have seen a 2.5% boost in overall sales and a 7% increase in food purchases. And CVS will likely get even healthier once it completes its $69 billion acquisition of insurer Aetna.…

Last season, the NBA set new records for attendance (22 million) and global fan engagement (more than a billion viewers around the world tuned in at some point). That growth was powered in part by a mobile-focused digital strategy that engages fans in compelling new ways. “We’re bringing the world courtside,” says Melissa Brenner, the NBA’s executive vice president of digital media. In 2017, the NBA made significant enhancements to League Pass, its live-stream product that allows fans to view games in all markets. The league also installed additional cameras in every arena and introduced Mobile View, which provides tighter, zoomed-in angles for smaller screens; today, more than a third of subscribers are tuning in via handheld devices. “We used to call it the second screen,” Brenner says of mobile,…

When Stitch Fix filed its IPO prospectus last fall ahead of its November offering, the curated clothing and accessories subscription service revealed that its 2.2 million active users had generated a surprising $977 million in annual sales. These impressive figures were powered by a mix of adaptive algorithms and a warm human touch. Cofounder and CEO Katrina Lake, leader of the only woman-run tech startup to go public in 2017, talks about the power of personalization. You launched three new services over the past year: Stitch Fix for men; premium brands, which pulls from higher-end lines like Rag & Bone and Theory; and plus sizes. You also recently added maternity and petites. What role did technology play in determining these moves? We certainly had data [showing] demand for men’s and…

Bytedance is an AI-centric startup that uses technology to power content creation and consumption across its network of smartphone apps. Its breakout hit, Toutiao, offers personalized rankings of news, videos, and content from thousands of media sources and millions of users. It updates in real time based on a user’s actions—what she clicks on, completes, and comments on. “This is a new platform to connect people with information,” says Ma Weiying, the head of Bytedance’s AI Lab. In 2017, Toutiao reportedly grew from less than 70 million to 120 million users, who spend an average of 74 minutes on the app each day.…

Launched in January 2017, OneOme’s RightMed is a gene-based drug-matching test that can predict adverse reactions and eliminate trial and error in finding an antidepressant or cancer remedy that works for a particular patient. “Our mission was to have the most comprehensive test,” says Paul Owen, CEO of OneOme, a Minneapolis-based startup established by the Mayo Clinic through healthcare incubator Invenshure. While earlier pharmacogenomic tests have focused on a specific gene or condition, the RightMed test covers 23 genes, with indications for hundreds of medications, meaning that it can improve the efficacy of prescription medications. “Because we can take care of a breadth of indications,” Owen says, “we’ve had significant success bringing pharmacogenomics into the health system.” The $349 price is lower than most single-gene tests, and since RightMed launched,…

After regulators decided to remove 86% of India’s cash from circulation in November 2016, Paytm became the country’s leading digital wallet. “It was a once-in-a-lifetime opportunity,” says founder Vijay Shekhar Sharma. But for Paytm and its parent company, One97 Communications, digital wallets are just the start. Last year, the company expanded into banking, insurance, and lending, and introduced Paytm Mall, an e-commerce app, in August. Paytm Wallet now has 90 million active users, and the new app Paytm for Business aims to add merchants to the 6 million already plugged in. Next up, appropriately enough: a new wealth management division.…

“You’ve eaten Compass food, you just didn’t know it was Compass,” says the company’s North America CEO, Gary Green. He’s probably right: Under some two dozen brands and companies, the Compass Group serves millions of meals a day at its cafeterias at schools, stadiums, museums, and corporate and government offices nationwide. Compass has been wielding its enormous reach to introduce new food brands and concepts into the mainstream—and prove that sustainability can scale in the food industry. It worked with the Global Animal Partnership to commit to serving humanely raised meat, and supplemented its vegetarian offerings through deals with plant-based food companies including Impossible Foods, known for its meatless (yet “bloody”) Impossible Burger, and Hampton Creek, the startup behind the egg-free Just Mayo and eggless scrambled “eggs.” Over the next…

How do you make over a gummy bear? Luxury confectioner Sugarfina, which opened 15 stores last year and took in more than $40 million in revenue, puts its candy in Tiffany-esque boxes and cooks up adultfriendly flavors such as Peach Bellini. “You have to go above and beyond to capture customers’ attention,” says cofounder and co-CEO Rosie O’Neill, who collaborates with cult brands to amplify her own. Sugarfina’s most successful 2017 launch was a Green Juice gummy made in collaboration with Pressed Juicery; in January, it debuted a line with Tito’s Vodka. Sugarfina also taps artists such as Gray Malin to design its “bento boxes,” giving the company an extra-sweet gloss.…

Alfred CEO Marcela Sapone and COO Jessica Beck have wanted to bring their personal-concierge service company, which offers busy urbanites laundry, housekeeping, and grocery delivery as well as experiences such as meal preparation and at-home haircuts, into highrise apartments since they founded it more than three years ago. “We just didn’t know when buildings were going to be ready to work with us,” Sapone says. Turned out the answer was 2017. The company hit 1 million home visits this past year and signed a significant deal in December with Related Companies, one of the largest residential real estate developers in the U.S. Alfred will bring its app-powered, on-demand services—which rely on human assistants who can anticipate what customers want—to an additional 11,000 units and help Related’s luxury buildings woo and…

ACTIVISION BLIZZARD ALFRED ALIVECOR AMAZON APPLE BYTEDANCE CAVA COMMONBOND COMPASS GROUP CVS DARKTRACE DIAMOND FOUNDRY DJI DUOLINGO EVERLANE FORD FOUNDATION GRADUATE HOTELS GUCCI HOPPER INSTAGRAM KAKAO BANK MARVEL STUDIOS THE MUSE NBA NETFLIX NINTENDO NOVARTIS ONEOME PATAGONIA PATREON PAYTM PELOTON PINTEREST RELIANCE JIO ROVER SEPHORA SLACK SOCIAL CAPITAL SPACEX SPOTIFY SQUARE STITCH FIX STRIPE SUGARFINA TENCENT THUMBTACK VIPKID WALMART THE WASHINGTON POST WAZE…

Even with its new $999 checkout system for larger merchants, called Register— and a roughly $16 billion market cap—Square has never forgot ten about the little guy. When the mobile payments company launched, in 2009, it was because “sellers were being underserved by financial institutions and treated un fairly,” founder and CEO Jack Dorsey says. Now, Square is helping the roughly 35 mil lion U.S. households categorized as unbanked or underbanked: Cash Card, its prepaid card, gener ated early buzz in April (thanks to a tweet from Dorsey), and Cash App, a digital wallet that facilitates peer-to-peer payments, has edged out PayPal and Venmo on the App Store charts. In November, the company leaped even further ahead of its rivals with a feature for buying and selling bitcoin. Digital currencies,…

In September, The Washington Post revealed that it had signed up more than 1 million digital-only subscribers, up 300% in just a year. But there’s more to the company’s current boom than intrepid journalism: The 140-year-old paper, owned by Amazon founder Jeff Bezos since 2013, functions as a software company as well, with proprietary code powering its app’s augmented-reality storytelling features and moderating comments. The Post also sells its robust in-house publishing platform, Arc, as a service (which the Los Angeles Times and The New Zealand Herald started using in 2017). “If it works here, most likely it’s going to work for other large newsrooms,” says CTO Scot Gillespie.…

When Kiwi indie director Taika Waititi pitched Marvel Studios on why the company should hand him its third Thor film, he set his sizzle reel to Led Zeppelin’s “Immigrant Song.” Marvel not only hired Waititi but also included the iconic rock anthem in both the campaign for Thor: Ragnarok and the film itself, underscoring Marvel’s delight in nonintuitive creative choices, which have made the studio an unparalleled success story in Hollywood. The movies in its interconnected universe continue to energize the comic-book genre while reaping outsize rewards at the box office. “We’ll say, ‘We want to do a space movie. We want to do a high school movie. We want to do a heist movie. We want to do a thriller,’” says Marvel Studios president Kevin Feige of the company’s…

India’s first 4G LTE network, Jio began in 2010 as a bet by longtime wireless innovator Reliance Industries that it could help the country compete in what Reliance president Kiran Thomas calls “the fourth industrial revolution, which will be defined by information, data, and AI.” To build a next-gen broadband infrastructure, the company installed more than 100,000 new cell towers, laid some 155,000 miles of fiber, and built 500,000 square feet of cloud data centers. It then created a device, JioFi, to enable existing smartphones to connect to its 4G network via Wi-Fi, and launched its own mobile phone. Most important, when Jio debuted in September 2016, it had to persuade Indians “to overcome their fear factor with consuming data.” Jio dropped the price from as much as $60 per…

For knowing its users’ hearts By the end of 2017, AliveCor, known for its revolutionary smartphone based Kardia Mobile EKG monitor, had helped customers record more than 20 million EKGs. Now it’s focused on rolling out further heart monitoring technologies. “At core,” says CEO Vic Gundotra, “we are an AI company disguised as a medical device company.” AliveCor’s new KardiaBand EKG reader is the first FDA-approved medical-grade accessory for the Apple Watch, and the company also recently released machine-learning software called SmartRhythm, which continuously analyzes data from the watch’s built-in heart-rate sensor and accelerometer to spot unexpected patterns. In addition, AliveCor has partnered with Columbia and other top medical schools on clinical trials to see if its devices can identify even more lifesaving signals in the EKG, including early warning…

It’s standing room only in the Thumbtack cafeteria at the last “all thumbs” meeting of the year. Marco Zappacosta, the company’s bearded, 32-year-old cofounder and CEO, grabs the microphone in front of more than 300 staffers at the San Francisco headquarters, as 300 others stream in from a customer service center in Salt Lake City. He cues up an emoji-filled graph of his “emo ro-co”—startup pidgin for “emotional roller coaster”—from the past year. Zappacosta’s nine-year-old platform connects customers with local professionals to book everything from landscaping services to math tutoring. The rocky ride over the past year was tied to the company’s development of a new system called Instant Match, which automates the bidding process for pros and algorithmically pairs them with customers’ job requests. The emojis form a bowl…

South Korean mobile app Kakao Bank attracted 300,000 customers in its first 24 hours in July. The secret to its rapid rise? Sister app KakaoTalk, the messaging platform that 84% of South Koreans use each day. The two apps work together seamlessly—the bank even incorporates the chat service’s beloved cartoon characters—to deliver features like peer-to-peer payments, taking Venmo’s social model to the next level. Before the summer ended, Kakao Bank customers were generating 40% of Korea’s loan volume, with some gaining approval in less than 60 seconds. Facebook-owned Messenger and WhatsApp are surely taking note.…

Beijing-based VIPKid is giving American teachers an income boost from halfway around the world. Under cofounder and CEO Cindy Mi, the online learning company contracts with more than 30,000 North American instructors and matches them with some 200,000 primarily Chinese pupils for one-on-one video sessions in English—along with a growing stable of other subjects. Educators rave on Facebook and YouTube about the ability to teach classes from anywhere (and to typically make about $20 an hour, usually in the time before or after school). Parents seem to share their enthusiasm: The platform has a 95% student-retention rate. In 2017, VIPKid’s 25-minute-long classes brought in $760 million in revenue—up from $300 million the previous year. Below, Mi shares her vision for the future of education. What is it about China that…

Last year, Slack moved closer to its dream of killing office email with the launch of Enterprise Grid, a version of its workplace-messaging platform that offers separate spaces for different teams, along with cross-company channels and a unified directory. Another new product, Shared Channels, connects teams from different organizations to collaborate. With more than 9 million weekly active users (2 million paid), Slack’s annual recurring revenue has reached $200 million. “Whole companies want to use Slack at a scale we never anticipated,” says Noah Weiss, head of search, learning, and intelligence.…

Activision Blizzard is the first video-game giant to bring a pro-sports sheen to e-sports. For the January launch of the inaugural season of Overwatch League (tied to its namesake two-year-old video game, which has 35 million–plus players worldwide), Activision recruited NBA and NFL owners to pay a reported $20 million franchise fee and offered pro players a minimum $50,000 salary and health insurance. Overwatch League also introduced hometown pride, anchoring teams in 12 cities, from Dallas to Seoul. “The local teams,” says Pete Vlastelica, president of Activision’s Major League Gaming, “give people in the city a reason to care.” That helped Activision sell two seasons of streaming rights to Twitch for some $90 million.…

Student loan refinancing company CommonBond spent 2017 devising education repayment solutions. It turned an internal program for helping its own employees pay down their student loans into CommonBond for Business, which now serves 200-plus firms, including Plated and WeWork. “It’s the biggest thing to hit employer benefits since the 401(k),” says CEO David Klein. In April, Common- Bond entered the directloan business at national scale, offering low-rate financing with forgiving terms to undergrads and grad students at more than 2,000 U.S. colleges. For every loan it funds, the company pays to educate a child in the developing world through the nonprofit Pencils of Promise.…

The two-year-old Graduate hotel in Ann Arbor, Michigan, features colorful pennants that double as DO NOT DISTURB signs, lobby chalkboards emblazoned with mathematical equations that pay homage to the University of Michigan’s engineering prowess, and plaid bedspreads in the school’s signature blue and yellow. It also has 204 guest rooms with rates that outperform those of its competitive set by 40%. Launched in 2014, Graduate Hotels spent the past year spreading its kitschy-cool brand of hospitality to college towns across the country: It now has 10 properties, from Oxford, Mississippi, to Berkeley, California, with 8 more in development. “There’s generally a lack of interesting hotel product in our markets, yet [university] communities are incubators for innovation, job growth, and culture,” says AJ Capital Partners founder and CEO Ben Weprin, who…

People hoping to learn more about their genetic predispositions have never had more options. In April, DNA-testing pioneer 23andMe scored a major victory when the FDA approved the first direct-to-consumer genetic-health-risk reports, which are compiled using a limited DNA profile. For $199, the reports cover your propensity to develop eight serious conditions, including Alzheimer’s and Parkinson’s diseases. Relative upstart Color introduced a $99 test for the BRCA1 and BRCA2 mutations linked to elevated risk for ovarian and breast cancers, along with a $249 scan for hereditary high cholesterol. As product lineups grew, both companies raked in funding: They raised a combined $330 million last year alone. On the high end of the market, Veritas Genetics introduced its myGenome service, which sequences a customer’s entire genome and interprets it for $1,000—down…