Monday, October 31, 2022

🧍🏽‍♀️ An army of women

Plus: Moonshots fall to Earth | Monday, October 31, 2022
 
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Axios What's Next
By Jennifer A. Kingson, Joann Muller and Alex Fitzpatrick · Oct 31, 2022

What would happen if the country's working women banded together to fight for better child care benefits? Jennifer has that story today.

  • 🎧 Check out How it Happened: Elon Musk vs. Twitter — Axios' new podcast about how Musk built his cross-industry empire, the rise of Twitter, and what the collision between the two could mean for us all.

Today's newsletter is 1,132 words ... 4 minutes.

 
 
1 big thing: Building an army of women voters
Illustration of a mom pushing a baby stroller up the stripes of the US flag.

Illustration: Shoshana Gordon/Axios

 

Working women across the country need to become loud-and-proud "mom voters," exclusively supporting politicians who promise to expand child care benefits, says Reshma Saujani, CEO and founder of the Marshall Plan for Moms, Jennifer A. Kingson reports.

Why it matters: Millions of mothers have left their jobs during the COVID-19 pandemic because of inadequate child care, deferring their professional hopes and dreams — perhaps forever.

Driving the news: The Marshall Plan for Moms, a two-year-old nonprofit, has been galvanizing voters, employers and officials — and notching significant wins.

  • The group helped pass landmark child care legislation in New York City that could lead to universal child care there.
  • It's working with big companies, armed with McKinsey research on the business case for employer-sponsored child care.
  • And it has released a "Playbook" for employers, listing the "10 Ways To Make the Workplace (Finally) Work for Moms."

By the numbers: 1.1 million women are still out of the labor force since the pandemic began, the group says.

  • 69% of women with children under 5 would be more likely to choose an employer providing on-site child care or related benefits, McKinsey found.
  • Employers offering child care benefits see an 80% increase in loyalty among working mothers and a 40% increase in productivity, said Charles Bonello, CEO of Vivvi, a provider of corporate child care programs.

Backstory: Saujani, a Democrat who ran unsuccessfully for Congress and New York City Public Advocate, is a bestselling author ("Brave, not Perfect") who founded Girls Who Code to close the gender gap in tech — and she's just out with a new book, "Pay Up," about the future of women and work.

  • She has a compelling personal story — a latchkey child who faced discrimination as the daughter of Indian immigrants and went on to graduate from Yale Law School.

What they're saying: Congress' failure to pass new child care subsidies last year was a blow, Saujani admits — but one that got her to double down on private-sector employers and getting out the "child care vote."

  • When it became clear that child care funding was being dropped from the Build Back Better package, "20 million mothers should have marched on Washington," she said at a recent New York City event about her work.
  • "Because I'm telling you — student loan activists? They got it done. Climate activists? They got it done. Because every single day, they were calling up their elected officials, they were showing up in Washington.
  • "We did not do that. And so — and I say this with love to myself — we got what we deserved."

Now, Saujani says, she's "putting my energy, my effort, my time, my resources into organizing moms in a different way" than has been done in the past.

  • She's exhorting women to speak up for their needs in the workplace and apply a "working mother" lens at the ballot box.

Even as national child care legislation remains elusive, the Marshall Plan for Moms is working with top business leaders to enact change company by company.

  • In May, it established the National Business Coalition for Child Care, whose members include Patagonia, Synchrony, Harvard University, Gibson Dunn, Etsy and Archewell (Prince Harry and Meghan Markle's nonprofit).

The bottom line: Women are a force to be reckoned with in American politics, especially when they join together across class and racial divides.

  • If Saujani can help bridge those gaps — and get the corporate world on board — she'll be that much closer to success.

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2. Why Elon Musk's Twitter deal matters
Photo illustration of Elon Musk next to the twitter logo

Photo illustration: Sarah Grillo/Axios. Photo: Dimitrios Kambouris/Getty Images for The Met Museum/Vogue

 

It's finally over: Elon Musk owns Twitter, after seven months, two lawsuits and one poop emoji, Axios' Dan Primack writes.

Why it matters: Twitter remains the global public square. When politicians or other power brokers want to share information or opinions, they often do so via tweets.

  • Its rules will now be set by a single individual, who also happens to be the world's richest man — and one of its most idiosyncratic.

What's next: Musk now must figure out how to make Twitter worth more than $44 billion, so he can eventually find a buyer or take it public without suffering more financial or reputational hits.

  • It's a tall task, but not necessarily an impossible one — particularly if the broader markets someday rebound and Elon manages to evolve Twitter into a WeChat-style app that incorporates other services such as fintech and commerce.

Read the rest.

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3. Moonshots are falling to Earth
Illustration of a rocket ship being pulled back by a lasso

Illustration: Annelise Capossela/Axios

 

High interest rates have changed capitalists' calculus for big bets on money-losing next-gen tech projects, Axios' Matt Phillips writes.

  • Low rates make speculative, long-shot bets far more attractive. High rates kill investors' tolerance for such risky moves.

Why it matters: Companies building the future will suddenly find it far harder to fund their efforts.

Catch up quick: Shares of social networking giant Meta crashed last week, in part because its floundering virtual reality projects lost nearly $4 billion in the most recent quarter.

  • Separately, Ford saw its shares go up after shuttering Argo AI, the autonomous driving startup in which it had invested billions.

This is a big shift from investor sentiment during the early pandemic era, when interest rates were at rock bottom.

  • From March 2020 until early this year, shares of highly speculative tech companies — which often lost gobs of money — were hot.

Read the rest.

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A message from Robin Powered

Getting your employees back into the office
 
 

A successful hybrid workplace requires more than just meeting room and desk scheduling.

A new survey of 200 business leaders revealed what companies are getting wrong, how leaders can overcome hybrid work roadblocks and practical steps to improve office engagement.

Read the insights.

 
 
4. Who speaks for the ancient trees?
Illustration of a forest in a bell jar.

Illustration: Gabriella Turrisi/Axios

 

Scientists and historians are pushing to protect the world's ancient trees from climate change, fire and other threats, Axios' Alison Snyder reports.

Why it matters: Elder trees contain a wealth of useful info about the Earth's past, which can be used to model climate change and more.

Where it stands: Longer warm seasons and climate change-related CO2 are spurring the growth of temperate and boreal forests.

  • But forests are skewing young — one-third of the world's old-growth forests were lost between 1900 and 2015, according to a 2020 study.

What to watch: The Biden administration earlier this year issued an executive order directing the creation of an inventory of old-growth forests and related conservation efforts.

Read the rest.

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5. One fun thing: NHL hockey, college-size
Mullett Arena's split Arizona State/Coyotes logos.

Photo courtesy of Arizona State University

 

The NHL's Arizona Coyotes made their home debut Friday against the Winnipeg Jets at the newly opened Mullett Arena in Tempe, Arizona, Axios' Jeff Tracy reports.

Yes, but: Mullett is a college-size arena, home of the Arizona State Sun Devils. And its 5,000-fan capacity is the smallest in NHL history.

Catch up quick: The Coyotes previously played at Gila River Arena in nearby Glendale, but were evicted with over $1 million in unpaid taxes and venue fees.

  • They're hoping to build a new arena, but as a stop-gap they struck a deal with Arizona State.

Between the lines: The cozy confines should create a fun atmosphere — the 'Yotes expect to sell out every game.

Read the rest.

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A message from Robin Powered

Get hybrid work right. Level up your workplace strategy
 
 

The conversation around hybrid work has moved past return to office logistics and onto long-term measures of success.

What you need to know: Leverage insights from interviews with 200 business leaders and get practical tips for creating workplace strategies that stick.

Download the free report.

 

Big thanks to What's Next copy editor Amy Stern.

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