WEBVTT 00:00:00.000 --> 00:00:01.000 Chris Anderson: Welcome to TED. NOTE Paragraph 00:00:01.000 --> 00:00:05.000 Richard Branson: Thank you very much. The first TED has been great. NOTE Paragraph 00:00:05.000 --> 00:00:07.000 CA: Have you met anyone interesting? NOTE Paragraph 00:00:07.000 --> 00:00:10.000 RB: Well, the nice thing about TED is everybody's interesting. 00:00:10.000 --> 00:00:12.000 I was very glad to see Goldie Hawn, 00:00:12.000 --> 00:00:15.000 because I had an apology to make to her. 00:00:15.000 --> 00:00:20.000 I'd had dinner with her about two years ago and I'd -- 00:00:20.000 --> 00:00:24.000 she had this big wedding ring and I put it on my finger and I couldn't get it off. 00:00:25.000 --> 00:00:28.000 And I went home to my wife that night 00:00:28.000 --> 00:00:30.000 and she wanted to know why I had another woman's big, 00:00:30.000 --> 00:00:33.000 massive, big wedding ring on my finger. 00:00:33.000 --> 00:00:35.000 And, anyway, the next morning we had to go along to the jeweler 00:00:35.000 --> 00:00:37.000 and get it cut off. 00:00:37.000 --> 00:00:41.000 So -- (Laughter) -- 00:00:41.000 --> 00:00:42.000 so apologies to Goldie. NOTE Paragraph 00:00:42.000 --> 00:00:44.000 CA: That's pretty good. 00:00:44.000 --> 00:00:47.000 So, we're going to put up some slides 00:00:47.000 --> 00:00:49.000 of some of your companies here. 00:00:49.000 --> 00:00:52.000 You've started one or two in your time. 00:00:52.000 --> 00:00:55.000 So, you know, Virgin Atlantic, Virgin Records -- 00:00:55.000 --> 00:00:58.000 I guess it all started with a magazine called Student. 00:00:58.000 --> 00:01:03.000 And then, yes, all these other ones as well. I mean, how do you do this? NOTE Paragraph 00:01:04.000 --> 00:01:07.000 RB: I read all these sort of TED instructions: 00:01:07.000 --> 00:01:09.000 you must not talk about your own business, and this, 00:01:09.000 --> 00:01:10.000 and now you ask me. 00:01:10.000 --> 00:01:12.000 So I suppose you're not going to be able to kick me off the stage, 00:01:12.000 --> 00:01:14.000 since you asked the question. 00:01:14.000 --> 00:01:15.000 (Laughter) NOTE Paragraph 00:01:15.000 --> 00:01:17.000 CA: It depends what the answer is though. NOTE Paragraph 00:01:18.000 --> 00:01:24.000 RB: No, I mean, I think I learned early on that if you can run one company, 00:01:24.000 --> 00:01:25.000 you can really run any companies. 00:01:25.000 --> 00:01:29.000 I mean, companies are all about finding the right people, 00:01:29.000 --> 00:01:35.000 inspiring those people, you know, drawing out the best in people. 00:01:35.000 --> 00:01:40.000 And I just love learning and I'm incredibly inquisitive 00:01:40.000 --> 00:01:44.000 and I love taking on, you know, the status quo 00:01:44.000 --> 00:01:46.000 and trying to turn it upside down. 00:01:46.000 --> 00:01:50.000 So I've seen life as one long learning process. 00:01:50.000 --> 00:01:54.000 And if I see -- you know, if I fly on somebody else's airline 00:01:54.000 --> 00:01:58.000 and find the experience is not a pleasant one, which it wasn't, 00:01:58.000 --> 00:02:02.000 21 years ago, then I'd think, well, you know, maybe I can create 00:02:02.000 --> 00:02:05.000 the kind of airline that I'd like to fly on. 00:02:05.000 --> 00:02:11.000 And so, you know, so got one secondhand 747 from Boeing and gave it a go. NOTE Paragraph 00:02:11.000 --> 00:02:12.000 CA: Well, that was a bizarre thing, 00:02:12.000 --> 00:02:17.000 because you made this move that a lot of people advised you was crazy. 00:02:17.000 --> 00:02:22.000 And in fact, in a way, it almost took down your empire at one point. 00:02:22.000 --> 00:02:25.000 I had a conversation with one of the investment bankers who, 00:02:25.000 --> 00:02:29.000 at the time when you basically sold Virgin Records 00:02:29.000 --> 00:02:31.000 and invested heavily in Virgin Atlantic, 00:02:31.000 --> 00:02:34.000 and his view was that you were trading, you know, 00:02:34.000 --> 00:02:36.000 the world's fourth biggest record company 00:02:36.000 --> 00:02:40.000 for the twenty-fifth biggest airline and that you were out of your mind. 00:02:40.000 --> 00:02:42.000 Why did you do that? NOTE Paragraph 00:02:42.000 --> 00:02:48.000 RB: Well, I think that there's a very thin dividing line between success and failure. 00:02:48.000 --> 00:02:52.000 And I think if you start a business without financial backing, 00:02:52.000 --> 00:02:55.000 you're likely to go the wrong side of that dividing line. 00:02:55.000 --> 00:03:02.000 We had -- we were being attacked by British Airways. 00:03:02.000 --> 00:03:05.000 They were trying to put our airline out of business, 00:03:05.000 --> 00:03:09.000 and they launched what's become known as the dirty tricks campaign. 00:03:10.000 --> 00:03:15.000 And I realized that the whole empire was likely to come crashing down 00:03:15.000 --> 00:03:17.000 unless I chipped in a chip. 00:03:17.000 --> 00:03:21.000 And in order to protect the jobs of the people who worked for the airline, 00:03:21.000 --> 00:03:25.000 and protect the jobs of the people who worked for the record company, 00:03:25.000 --> 00:03:31.000 I had to sell the family jewelry to protect the airline. NOTE Paragraph 00:03:31.000 --> 00:03:34.000 CA: Post-Napster, you're looking like a bit of a genius, actually, 00:03:34.000 --> 00:03:35.000 for that as well. NOTE Paragraph 00:03:35.000 --> 00:03:41.000 RB: Yeah, as it turned out, it proved to be the right move. 00:03:41.000 --> 00:03:47.000 But, yeah, it was sad at the time, but we moved on. NOTE Paragraph 00:03:47.000 --> 00:03:49.000 CA: Now, you use the Virgin brand a lot 00:03:49.000 --> 00:03:52.000 and it seems like you're getting synergy from one thing to the other. 00:03:52.000 --> 00:03:55.000 What does the brand stand for in your head? NOTE Paragraph 00:03:55.000 --> 00:03:57.000 RB: Well, I like to think it stands for quality, 00:03:57.000 --> 00:04:01.000 that you know, if somebody comes across a Virgin company, they -- NOTE Paragraph 00:04:01.000 --> 00:04:03.000 CA: They are quality, Richard. Come on now, everyone says quality. Spirit? NOTE Paragraph 00:04:03.000 --> 00:04:05.000 RB: No, but I was going to move on this. 00:04:05.000 --> 00:04:11.000 We have a lot of fun and I think the people who work for it enjoy it. 00:04:11.000 --> 00:04:14.000 As I say, we go in and shake up other industries, 00:04:14.000 --> 00:04:18.000 and I think, you know, we do it differently 00:04:18.000 --> 00:04:20.000 and I think that industries are not quite the same 00:04:20.000 --> 00:04:22.000 as a result of Virgin attacking the market. NOTE Paragraph 00:04:22.000 --> 00:04:25.000 CA: I mean, there are a few launches you've done 00:04:25.000 --> 00:04:27.000 where the brand maybe hasn't worked quite as well. 00:04:27.000 --> 00:04:30.000 I mean, Virgin Brides -- what happened there? 00:04:30.000 --> 00:04:32.000 (Laughter) NOTE Paragraph 00:04:32.000 --> 00:04:34.000 RB: We couldn't find any customers. 00:04:34.000 --> 00:04:37.000 (Laughter) 00:04:37.000 --> 00:04:38.000 (Applause) NOTE Paragraph 00:04:38.000 --> 00:04:40.000 CA: I was actually also curious why -- 00:04:40.000 --> 00:04:43.000 I think you missed an opportunity with your condoms launch. You called it Mates. 00:04:43.000 --> 00:04:47.000 I mean, couldn't you have used the Virgin brand for that as well? 00:04:47.000 --> 00:04:50.000 Ain't virgin no longer, or something. NOTE Paragraph 00:04:50.000 --> 00:04:52.000 RB: Again, we may have had problems finding customers. 00:04:52.000 --> 00:04:58.000 I mean, we had -- often, when you launch a company and you get customer complaints, 00:04:58.000 --> 00:05:00.000 you know, you can deal with them. 00:05:00.000 --> 00:05:02.000 But about three months after the launch of the condom company, 00:05:02.000 --> 00:05:05.000 I had a letter, a complaint, 00:05:05.000 --> 00:05:09.000 and I sat down and wrote a long letter back to this lady apologizing profusely. 00:05:09.000 --> 00:05:11.000 But obviously, there wasn't a lot I could do about it. 00:05:12.000 --> 00:05:18.000 And then six months later, or nine months after the problem had taken, 00:05:18.000 --> 00:05:21.000 I got this delightful letter with a picture of the baby 00:05:21.000 --> 00:05:26.000 asking if I'd be godfather, which I became. 00:05:26.000 --> 00:05:28.000 So, it all worked out well. NOTE Paragraph 00:05:28.000 --> 00:05:31.000 CA: Really? You should have brought a picture. That's wonderful. NOTE Paragraph 00:05:31.000 --> 00:05:32.000 RB: I should have. NOTE Paragraph 00:05:32.000 --> 00:05:34.000 CA: So, just help us with some of the numbers. 00:05:34.000 --> 00:05:36.000 I mean, what are the numbers on this? 00:05:36.000 --> 00:05:38.000 I mean, how big is the group overall? 00:05:38.000 --> 00:05:40.000 How much -- what's the total revenue? NOTE Paragraph 00:05:40.000 --> 00:05:43.000 RB: It's about 25 billion dollars now, in total. NOTE Paragraph 00:05:43.000 --> 00:05:44.000 CA: And how many employees? NOTE Paragraph 00:05:44.000 --> 00:05:47.000 RB: About 55,000. NOTE Paragraph 00:05:47.000 --> 00:05:51.000 CA: So, you've been photographed in various ways at various times 00:05:51.000 --> 00:05:59.000 and never worrying about putting your dignity on the line or anything like that. 00:05:59.000 --> 00:06:03.000 What was that? Was that real? NOTE Paragraph 00:06:03.000 --> 00:06:06.000 RB: Yeah. We were launching a megastore in Los Angeles, I think. 00:06:06.000 --> 00:06:07.000 No, I mean, I think -- 00:06:07.000 --> 00:06:08.000 CA: But is that your hair? 00:06:08.000 --> 00:06:09.000 RB: No. 00:06:12.000 --> 00:06:14.000 CA: What was that one? NOTE Paragraph 00:06:14.000 --> 00:06:15.000 RB: Dropping in for tea. NOTE Paragraph 00:06:15.000 --> 00:06:16.000 CA: OK. 00:06:16.000 --> 00:06:19.000 (Laughter) NOTE Paragraph 00:06:19.000 --> 00:06:22.000 RB: Ah, that was quite fun. That was a wonderful car-boat in which -- NOTE Paragraph 00:06:22.000 --> 00:06:24.000 CA: Oh, that car that we -- actually we -- 00:06:24.000 --> 00:06:27.000 it was a TEDster event there, I think. 00:06:27.000 --> 00:06:29.000 Is that -- could you still pause on that one actually, for a minute? 00:06:29.000 --> 00:06:30.000 (Laughter) NOTE Paragraph 00:06:30.000 --> 00:06:31.000 RB: It's a tough job, isn't it? NOTE Paragraph 00:06:31.000 --> 00:06:33.000 CA: I mean, it is a tough job. 00:06:33.000 --> 00:06:34.000 (Laughter) 00:06:34.000 --> 00:06:38.000 When I first came to America, I used to try this with employees as well 00:06:38.000 --> 00:06:40.000 and they kind of -- they have these different rules over here, 00:06:40.000 --> 00:06:41.000 it's very strange. NOTE Paragraph 00:06:41.000 --> 00:06:46.000 RB: I know, I have -- the lawyers say you mustn't do things like that, but -- NOTE Paragraph 00:06:46.000 --> 00:06:47.000 CA: I mean, speaking of which, tell us about -- NOTE Paragraph 00:06:47.000 --> 00:06:49.000 RB: "Pammy" we launched, you know -- 00:06:49.000 --> 00:06:51.000 mistakenly thought we could take on Coca-Cola, 00:06:51.000 --> 00:06:56.000 and we launched a cola bottle called "The Pammy" 00:06:56.000 --> 00:06:59.000 and it was shaped a bit like Pamela Anderson. 00:06:59.000 --> 00:07:02.000 But the trouble is, it kept on tipping over, but -- 00:07:02.000 --> 00:07:05.000 (Laughter) NOTE Paragraph 00:07:05.000 --> 00:07:07.000 CA: Designed by Philippe Starck perhaps? NOTE Paragraph 00:07:07.000 --> 00:07:08.000 RB: Of course. NOTE Paragraph 00:07:09.000 --> 00:07:14.000 CA: So, we'll just run a couple more pictures here. Virgin Brides. Very nice. 00:07:14.000 --> 00:07:20.000 And, OK, so stop there. This was -- you had some award I think? NOTE Paragraph 00:07:21.000 --> 00:07:26.000 RB: Yeah, well, 25 years earlier, we'd launched the Sex Pistols' 00:07:26.000 --> 00:07:29.000 "God Save The Queen," and I'd certainly never expected 00:07:29.000 --> 00:07:32.000 that 25 years later -- that she'd actually knight us. 00:07:32.000 --> 00:07:36.000 But somehow, she must have had a forgetful memory, I think. NOTE Paragraph 00:07:36.000 --> 00:07:39.000 CA: Well, God saved her and you got your just reward. 00:07:39.000 --> 00:07:42.000 Do you like to be called Sir Richard, or how? NOTE Paragraph 00:07:42.000 --> 00:07:44.000 RB: Nobody's ever called me Sir Richard. 00:07:44.000 --> 00:07:47.000 Occasionally in America, I hear people saying Sir Richard 00:07:47.000 --> 00:07:51.000 and think there's some Shakespearean play taking place. 00:07:51.000 --> 00:07:54.000 But nowhere else anyway. NOTE Paragraph 00:07:55.000 --> 00:07:59.000 CA: OK. So can you use your knighthood for anything or is it just ... NOTE Paragraph 00:08:00.000 --> 00:08:04.000 RB: No. I suppose if you're having problems 00:08:04.000 --> 00:08:06.000 getting a booking in a restaurant or something, 00:08:06.000 --> 00:08:07.000 that might be worth using it. NOTE Paragraph 00:08:07.000 --> 00:08:11.000 CA: You know, it's not Richard Branson. It's Sir Richard Branson. NOTE Paragraph 00:08:12.000 --> 00:08:15.000 RB: I'll go get the secretary to use it. NOTE Paragraph 00:08:15.000 --> 00:08:18.000 CA: OK. So let's look at the space thing. 00:08:18.000 --> 00:08:22.000 I think, with us, we've got a video that shows what you're up to, 00:08:22.000 --> 00:08:25.000 and Virgin Galactic up in the air. (Video) 00:08:29.000 --> 00:08:32.000 So that's the Bert Rutan designed spaceship? NOTE Paragraph 00:08:32.000 --> 00:08:37.000 RB: Yeah, it'll be ready in -- well, ready in 12 months 00:08:37.000 --> 00:08:40.000 and then we do 12 months extensive testing. 00:08:40.000 --> 00:08:42.000 And then 24 months from now, 00:08:42.000 --> 00:08:47.000 people will be able to take a ride into space. NOTE Paragraph 00:08:49.000 --> 00:08:52.000 CA: So this interior is Philippe Starcke designed? NOTE Paragraph 00:08:52.000 --> 00:08:57.000 RB: Philippe has done the -- yeah, quite a bit of it: 00:08:57.000 --> 00:09:02.000 the logos and he's building the space station in New Mexico. 00:09:02.000 --> 00:09:05.000 And basically, he's just taken an eye 00:09:05.000 --> 00:09:10.000 and the space station will be one giant eye, 00:09:10.000 --> 00:09:12.000 so when you're in space, 00:09:12.000 --> 00:09:15.000 you ought to be able to see this massive eye looking up at you. 00:09:15.000 --> 00:09:21.000 And when you land, you'll be able to go back into this giant eye. 00:09:21.000 --> 00:09:25.000 But he's an absolute genius when it comes to design. NOTE Paragraph 00:09:25.000 --> 00:09:28.000 CA: But you didn't have him design the engine? NOTE Paragraph 00:09:28.000 --> 00:09:30.000 RB: Philippe is quite erratic, 00:09:30.000 --> 00:09:34.000 so I think that he wouldn't be the best person to design the engine, no. NOTE Paragraph 00:09:34.000 --> 00:09:36.000 CA: He gave a wonderful talk here two days ago. NOTE Paragraph 00:09:36.000 --> 00:09:37.000 RB: Yeah? No, he is a -- NOTE Paragraph 00:09:37.000 --> 00:09:39.000 CA: Well, some people found it wonderful, 00:09:39.000 --> 00:09:41.000 some people found it completely bizarre. 00:09:41.000 --> 00:09:43.000 But, I personally found it wonderful. NOTE Paragraph 00:09:43.000 --> 00:09:48.000 RB: He's a wonderful enthusiast, which is why I love him. But ... NOTE Paragraph 00:09:49.000 --> 00:09:54.000 CA: So, now, you've always had this exploration bug in you. 00:09:55.000 --> 00:09:57.000 Have you ever regretted that? NOTE Paragraph 00:09:57.000 --> 00:09:58.000 RB: Many times. 00:09:58.000 --> 00:10:05.000 I mean, I think with the ballooning and boating expeditions we've done in the past. 00:10:05.000 --> 00:10:09.000 Well, I got pulled out of the sea I think six times by helicopters, so -- 00:10:09.000 --> 00:10:13.000 and each time, I didn't expect to come home to tell the tale. 00:10:13.000 --> 00:10:15.000 So in those moments, 00:10:15.000 --> 00:10:18.000 you certainly wonder what you're doing up there or -- NOTE Paragraph 00:10:18.000 --> 00:10:20.000 CA: What was the closest you got to -- 00:10:20.000 --> 00:10:24.000 when did you think, this is it, I might be on my way out? NOTE Paragraph 00:10:24.000 --> 00:10:29.000 RB: Well, I think the balloon adventures were -- each one was, 00:10:29.000 --> 00:10:32.000 each one, actually, I think we came close. 00:10:32.000 --> 00:10:35.000 And, I mean, first of all we -- 00:10:35.000 --> 00:10:39.000 nobody had actually crossed the Atlantic in a hot air balloon before, 00:10:39.000 --> 00:10:46.000 so we had to build a hot air balloon that was capable of flying in the jet stream, 00:10:46.000 --> 00:10:48.000 and we weren't quite sure, 00:10:48.000 --> 00:10:50.000 when a balloon actually got into the jet stream, 00:10:50.000 --> 00:10:56.000 whether it would actually survive the 200, 220 miles an hour winds that you can find up there. 00:10:56.000 --> 00:11:02.000 And so, just the initial lift off from Sugarloaf to cross the Atlantic, 00:11:02.000 --> 00:11:05.000 as we were pushing into the jet stream, this enormous balloon -- 00:11:05.000 --> 00:11:10.000 the top of the balloon ended up going at a couple of hundred miles an hour, 00:11:10.000 --> 00:11:14.000 the capsule that we were in at the bottom was going at maybe two miles an hour, 00:11:14.000 --> 00:11:16.000 and it just took off. 00:11:16.000 --> 00:11:20.000 And it was like holding onto a thousand horses. 00:11:20.000 --> 00:11:23.000 And we were just crossing every finger, 00:11:23.000 --> 00:11:28.000 praying that the balloon would hold together, which, fortunately, it did. 00:11:29.000 --> 00:11:34.000 But the ends of all those balloon trips were, you know -- 00:11:34.000 --> 00:11:36.000 something seemed to go wrong every time, 00:11:36.000 --> 00:11:42.000 and on that particular occasion, the more experienced balloonist who was with me 00:11:42.000 --> 00:11:47.000 jumped, and left me holding on for dear life. 00:11:47.000 --> 00:11:50.000 (Laughter) NOTE Paragraph 00:11:50.000 --> 00:11:53.000 CA: Did he tell you to jump, or he just said, "I'm out of here!" and ... NOTE Paragraph 00:11:53.000 --> 00:11:57.000 RB: No, he told me jump, but once his weight had gone, 00:11:57.000 --> 00:12:03.000 the balloon just shot up to 12,000 feet and I ... NOTE Paragraph 00:12:03.000 --> 00:12:06.000 CA: And you inspired an Ian McEwan novel I think with that. NOTE Paragraph 00:12:06.000 --> 00:12:10.000 RB: Yeah. No, I put on my oxygen mask and stood on top of the balloon, 00:12:10.000 --> 00:12:13.000 with my parachute, looking at the swirling clouds below, 00:12:13.000 --> 00:12:18.000 trying to pluck up my courage to jump into the North Sea, which -- 00:12:18.000 --> 00:12:20.000 and it was a very, very, very lonely few moments. 00:12:20.000 --> 00:12:22.000 But, anyway, we managed to survive it. NOTE Paragraph 00:12:22.000 --> 00:12:24.000 CA: Did you jump? Or it came down in the end? NOTE Paragraph 00:12:24.000 --> 00:12:30.000 RB: Well, I knew I had about half an hour's fuel left, 00:12:30.000 --> 00:12:34.000 and I also knew that the chances were that if I jumped, 00:12:34.000 --> 00:12:37.000 I would only have a couple of minutes of life left. 00:12:37.000 --> 00:12:41.000 So I climbed back into the capsule and just desperately tried 00:12:41.000 --> 00:12:44.000 to make sure that I was making the right decision. 00:12:44.000 --> 00:12:48.000 And wrote some notes to my family. And then climbed back up again, 00:12:48.000 --> 00:12:49.000 looked down at those clouds again, 00:12:49.000 --> 00:12:51.000 climbed back into the capsule again. 00:12:51.000 --> 00:12:54.000 And then finally, just thought, there's a better way. 00:12:54.000 --> 00:12:57.000 I've got, you know, this enormous balloon above me, 00:12:57.000 --> 00:13:02.000 it's the biggest parachute ever, why not use it? 00:13:02.000 --> 00:13:06.000 And so I managed to fly the balloon down through the clouds, 00:13:07.000 --> 00:13:11.000 and about 50 feet, before I hit the sea, threw myself over. 00:13:11.000 --> 00:13:13.000 And the balloon hit the sea 00:13:13.000 --> 00:13:17.000 and went shooting back up to 10,000 feet without me. 00:13:17.000 --> 00:13:20.000 But it was a wonderful feeling being in that water and -- NOTE Paragraph 00:13:20.000 --> 00:13:23.000 CA: What did you write to your family? NOTE Paragraph 00:13:23.000 --> 00:13:27.000 RB: Just what you would do in a situation like that: 00:13:27.000 --> 00:13:30.000 just I love you very much. And 00:13:30.000 --> 00:13:35.000 I'd already written them a letter before going on this trip, which -- 00:13:35.000 --> 00:13:37.000 just in case anything had happened. 00:13:37.000 --> 00:13:42.000 But fortunately, they never had to use it. NOTE Paragraph 00:13:42.000 --> 00:13:48.000 CA: Your companies have had incredible PR value out of these heroics. 00:13:49.000 --> 00:13:54.000 The years -- and until I stopped looking at the polls, 00:13:54.000 --> 00:13:58.000 you were sort of regarded as this great hero in the U.K. and elsewhere. 00:13:58.000 --> 00:14:02.000 And cynics might say, you know, this is just a smart business guy 00:14:02.000 --> 00:14:07.000 doing what it takes to execute his particular style of marketing. 00:14:07.000 --> 00:14:12.000 How much was the PR value part of this? 00:14:12.000 --> 00:14:19.000 RB: Well, of course, the PR experts said that as an airline owner, 00:14:19.000 --> 00:14:24.000 the last thing you should be doing is heading off in balloons and boats, 00:14:24.000 --> 00:14:27.000 and crashing into the seas. 00:14:27.000 --> 00:14:31.000 (Laughter) NOTE Paragraph 00:14:31.000 --> 00:14:33.000 CA: They have a point, Richard. NOTE Paragraph 00:14:33.000 --> 00:14:37.000 RB: In fact, I think our airline took a full page ad at the time saying, 00:14:37.000 --> 00:14:39.000 you know, come on, Richard, 00:14:39.000 --> 00:14:42.000 there are better ways of crossing the Atlantic. 00:14:42.000 --> 00:14:43.000 (Laughter) NOTE Paragraph 00:14:43.000 --> 00:14:45.000 CA: To do all this, 00:14:45.000 --> 00:14:48.000 you must have been a genius from the get-go, right? NOTE Paragraph 00:14:49.000 --> 00:14:52.000 RB: Well, I won't contradict that. 00:14:52.000 --> 00:14:53.000 (Laughter) NOTE Paragraph 00:14:53.000 --> 00:14:57.000 CA: OK, this isn't exactly hardball. OK. NOTE Paragraph 00:14:57.000 --> 00:15:01.000 Didn't -- weren't you just terrible at school? NOTE Paragraph 00:15:01.000 --> 00:15:09.000 RB: I was dyslexic. I had no understanding of schoolwork whatsoever. 00:15:12.000 --> 00:15:15.000 I certainly would have failed IQ tests. 00:15:15.000 --> 00:15:21.000 And it was one of the reasons I left school when I was 15 years old. 00:15:22.000 --> 00:15:30.000 And if I -- if I'm not interested in something, I don't grasp it. 00:15:30.000 --> 00:15:31.000 As somebody who's dyslexic, 00:15:31.000 --> 00:15:33.000 you also have some quite bizarre situations. 00:15:33.000 --> 00:15:38.000 I mean, for instance, I've had to -- you know, 00:15:38.000 --> 00:15:41.000 I've been running the largest group of private companies in Europe, 00:15:41.000 --> 00:15:44.000 but haven't been able to know the difference between net and gross. 00:15:47.000 --> 00:15:49.000 And so the board meetings have been fascinating. 00:15:50.000 --> 00:15:51.000 (Laughter) 00:15:51.000 --> 00:15:53.000 And so, it's like, good news or bad news? 00:15:53.000 --> 00:15:56.000 And generally, the people would say, oh, well that's bad news. NOTE Paragraph 00:15:56.000 --> 00:15:59.000 CA: But just to clarify, the 25 billion dollars is gross, right? That's gross? 00:15:59.000 --> 00:16:00.000 (Laughter) NOTE Paragraph 00:16:00.000 --> 00:16:03.000 RB: Well, I hope it's net actually, having -- 00:16:03.000 --> 00:16:06.000 (Laughter) -- 00:16:06.000 --> 00:16:08.000 I've got it right. NOTE Paragraph 00:16:08.000 --> 00:16:10.000 CA: No, trust me, it's gross. 00:16:10.000 --> 00:16:13.000 (Laughter) NOTE Paragraph 00:16:13.000 --> 00:16:17.000 RB: So, when I turned 50, somebody took me outside the boardroom and said, 00:16:17.000 --> 00:16:20.000 "Look Richard, here's a -- let me draw on a diagram. 00:16:20.000 --> 00:16:22.000 Here's a net in the sea, 00:16:22.000 --> 00:16:26.000 and the fish have been pulled from the sea into this net. 00:16:26.000 --> 00:16:29.000 And that's the profits you've got left over in this little net, 00:16:29.000 --> 00:16:31.000 everything else is eaten." 00:16:31.000 --> 00:16:34.000 And I finally worked it all out. 00:16:34.000 --> 00:16:35.000 (Laughter) 00:16:35.000 --> 00:16:37.000 (Applause) NOTE Paragraph 00:16:37.000 --> 00:16:40.000 CA: But, I mean, at school -- so as well as being, 00:16:40.000 --> 00:16:42.000 you know, doing pretty miserably academically, 00:16:42.000 --> 00:16:45.000 but you were also the captain of the cricket and football teams. 00:16:45.000 --> 00:16:47.000 So you were kind of a -- you were a natural leader, 00:16:47.000 --> 00:16:51.000 but just a bit of a ... Were you a rebel then, or how would you ... NOTE Paragraph 00:16:53.000 --> 00:17:01.000 RB: Yeah, I think I was a bit of a maverick and -- but I ... And I was, 00:17:01.000 --> 00:17:03.000 yeah, I was fortunately good at sport, 00:17:03.000 --> 00:17:08.000 and so at least I had something to excel at, at school. NOTE Paragraph 00:17:08.000 --> 00:17:10.000 CA: And some bizarre things happened just earlier in your life. 00:17:10.000 --> 00:17:12.000 I mean, there's the story about your mother 00:17:12.000 --> 00:17:17.000 allegedly dumping you in a field, aged four, and saying "OK, walk home." 00:17:17.000 --> 00:17:18.000 Did this really happen? NOTE Paragraph 00:17:18.000 --> 00:17:20.000 RB: She was, you know, 00:17:20.000 --> 00:17:23.000 she felt that we needed to stand on our own two feet from an early age. 00:17:23.000 --> 00:17:27.000 So she did things to us, which now she'd be arrested for, 00:17:27.000 --> 00:17:31.000 such as pushing us out of the car, 00:17:31.000 --> 00:17:33.000 and telling us to find our own way to Granny's, 00:17:33.000 --> 00:17:37.000 about five miles before we actually got there. 00:17:37.000 --> 00:17:40.000 And making us go on wonderful, long bike rides. 00:17:40.000 --> 00:17:43.000 And we were never allowed to watch television and the like. NOTE Paragraph 00:17:43.000 --> 00:17:44.000 CA: But is there a risk here? 00:17:44.000 --> 00:17:47.000 I mean, there's a lot of people in the room who are wealthy, and they've got kids, 00:17:47.000 --> 00:17:50.000 and we've got this dilemma about how you bring them up. 00:17:50.000 --> 00:17:53.000 Do you look at the current generation of kids coming up and think 00:17:53.000 --> 00:17:55.000 they're too coddled, they don't know what they've got, 00:17:55.000 --> 00:17:57.000 we're going to raise a generation of privileged ... NOTE Paragraph 00:17:57.000 --> 00:18:00.000 RB: No, I think if you're bringing up kids, 00:18:00.000 --> 00:18:07.000 you just want to smother them with love and praise and enthusiasm. 00:18:07.000 --> 00:18:13.000 So I don't think you can mollycoddle your kids too much really. NOTE Paragraph 00:18:13.000 --> 00:18:16.000 CA: You didn't turn out too bad, I have to say, I'm ... 00:18:16.000 --> 00:18:18.000 Your headmaster said to you -- 00:18:18.000 --> 00:18:21.000 I mean he found you kind of an enigma at your school -- 00:18:21.000 --> 00:18:24.000 he said, you're either going to be a millionaire or go to prison, 00:18:24.000 --> 00:18:26.000 and I'm not sure which. 00:18:26.000 --> 00:18:29.000 Which of those happened first? 00:18:29.000 --> 00:18:30.000 (Laughter) NOTE Paragraph 00:18:30.000 --> 00:18:34.000 RB: Well, I've done both. I think I went to prison first. 00:18:34.000 --> 00:18:40.000 I was actually prosecuted under two quite ancient acts in the U.K. 00:18:40.000 --> 00:18:44.000 I was prosecuted under the 1889 Venereal Diseases Act 00:18:44.000 --> 00:18:46.000 and the 1916 Indecent Advertisements Act. 00:18:46.000 --> 00:18:52.000 On the first occasion, for mentioning the word venereal disease in public, which -- 00:18:52.000 --> 00:18:56.000 we had a center where we would help young people who had problems. 00:18:56.000 --> 00:18:59.000 And one of the problems young people have is venereal disease. 00:18:59.000 --> 00:19:00.000 And there's an ancient law that says 00:19:00.000 --> 00:19:04.000 you can't actually mention the word venereal disease or print it in public. 00:19:04.000 --> 00:19:07.000 So the police knocked on the door, and told us they were going to arrest us 00:19:07.000 --> 00:19:09.000 if we carried on mentioning the word venereal disease. 00:19:09.000 --> 00:19:11.000 We changed it to social diseases 00:19:11.000 --> 00:19:13.000 and people came along with acne and spots, 00:19:13.000 --> 00:19:15.000 but nobody came with VD any more. 00:19:15.000 --> 00:19:19.000 So, we put it back to VD and promptly got arrested. 00:19:19.000 --> 00:19:23.000 And then subsequently, "Never Mind the Bollocks, Here's the Sex Pistols," 00:19:23.000 --> 00:19:30.000 the word bollocks, the police decided was a rude word and so we were arrested 00:19:30.000 --> 00:19:33.000 for using the word bollocks on the Sex Pistols' album. 00:19:33.000 --> 00:19:37.000 And John Mortimer, the playwright, defended us. 00:19:37.000 --> 00:19:42.000 And he asked if I could find a linguistics expert 00:19:42.000 --> 00:19:46.000 to come up with a different definition of the word bollocks. 00:19:46.000 --> 00:19:48.000 And so I rang up Nottingham University, 00:19:48.000 --> 00:19:50.000 and I asked to talk to the professor of linguistics. 00:19:50.000 --> 00:19:55.000 And he said, "Look, bollocks is not a -- has nothing to do with balls whatsoever. 00:19:55.000 --> 00:19:59.000 It's actually a nickname given to priests in the eighteenth century." 00:19:59.000 --> 00:20:02.000 (Laughter) 00:20:02.000 --> 00:20:06.000 And he went, "Furthermore, I'm a priest myself." 00:20:06.000 --> 00:20:08.000 And so I said, "Would you mind coming to the court?" 00:20:08.000 --> 00:20:10.000 And he said he'd be delighted. And I said -- 00:20:10.000 --> 00:20:12.000 and he said, "Would you like me to wear my dog collar?" 00:20:12.000 --> 00:20:14.000 And I said, "Yes, definitely. Please." 00:20:14.000 --> 00:20:16.000 (Laughter) NOTE Paragraph 00:20:16.000 --> 00:20:17.000 CA: That's great. NOTE Paragraph 00:20:17.000 --> 00:20:19.000 RB: So our key witness argued that it was actually 00:20:19.000 --> 00:20:21.000 "Never Mind the Priest, Here's the Sex Pistols." 00:20:21.000 --> 00:20:23.000 (Laughter) 00:20:23.000 --> 00:20:25.000 And the judge found us -- reluctantly found us not guilty, so ... 00:20:26.000 --> 00:20:27.000 (Laughter) NOTE Paragraph 00:20:27.000 --> 00:20:29.000 CA: That is outrageous. 00:20:30.000 --> 00:20:32.000 (Applause) 00:20:32.000 --> 00:20:37.000 So seriously, is there a dark side? 00:20:37.000 --> 00:20:39.000 A lot of people would say there's no way 00:20:39.000 --> 00:20:42.000 that someone could put together this incredible collection of businesses 00:20:42.000 --> 00:20:45.000 without knifing a few people in the back, 00:20:45.000 --> 00:20:47.000 you know, doing some ugly things. 00:20:47.000 --> 00:20:49.000 You've been accused of being ruthless. 00:20:49.000 --> 00:20:51.000 There was a nasty biography written about you by someone. 00:20:51.000 --> 00:20:55.000 Is any of it true? Is there an element of truth in it? NOTE Paragraph 00:20:55.000 --> 00:20:58.000 RB: I don't actually think that the stereotype 00:20:58.000 --> 00:21:03.000 of a businessperson treading all over people to get to the top, 00:21:03.000 --> 00:21:05.000 generally speaking, works. 00:21:05.000 --> 00:21:07.000 I think if you treat people well, 00:21:07.000 --> 00:21:12.000 people will come back and come back for more. 00:21:12.000 --> 00:21:15.000 And I think all you have in life is your reputation 00:21:15.000 --> 00:21:19.000 and it's a very small world. 00:21:20.000 --> 00:21:24.000 And I actually think that the best way 00:21:24.000 --> 00:21:31.000 of becoming a successful business leader is dealing with people fairly and well, 00:21:31.000 --> 00:21:35.000 and I like to think that's how we run Virgin. NOTE Paragraph 00:21:36.000 --> 00:21:40.000 CA: And what about the people who love you and who see you spending -- 00:21:40.000 --> 00:21:42.000 you keep getting caught up in these new projects, 00:21:42.000 --> 00:21:45.000 but it almost feels like you're addicted to launching new stuff. 00:21:45.000 --> 00:21:47.000 You get excited by an idea and, kapow! 00:21:47.000 --> 00:21:50.000 I mean, do you think about life balance? 00:21:50.000 --> 00:21:52.000 How do your family feel about 00:21:52.000 --> 00:21:54.000 each time you step into something big and new? NOTE Paragraph 00:21:55.000 --> 00:21:59.000 RB: I also believe that being a father's incredibly important, 00:21:59.000 --> 00:22:02.000 so from the time the kids were very young, 00:22:02.000 --> 00:22:05.000 you know, when they go on holiday, I go on holiday with them. 00:22:06.000 --> 00:22:12.000 And so we spend a very good sort of three months away together. 00:22:12.000 --> 00:22:15.000 Yes, I'll, you know, be in touch. We're very lucky, 00:22:15.000 --> 00:22:19.000 we have this tiny little island in the Caribbean and we can -- 00:22:19.000 --> 00:22:23.000 so I can take them there and we can bring friends, 00:22:23.000 --> 00:22:25.000 and we can play together, 00:22:25.000 --> 00:22:29.000 but I can also keep in touch with what's going on. NOTE Paragraph 00:22:29.000 --> 00:22:31.000 CA: You started talking in recent years 00:22:31.000 --> 00:22:33.000 about this term capitalist philanthropy. 00:22:33.000 --> 00:22:35.000 What is that? NOTE Paragraph 00:22:35.000 --> 00:22:39.000 RB: Capitalism has been proven to be a system that works. 00:22:39.000 --> 00:22:44.000 You know, the alternative, communism, has not worked. 00:22:44.000 --> 00:22:46.000 But the problem with capitalism is 00:22:46.000 --> 00:22:49.000 extreme wealth ends up in the hands of a few people, 00:22:49.000 --> 00:22:54.000 and therefore extreme responsibility, I think, goes with that wealth. 00:22:54.000 --> 00:22:58.000 And I think it's important that the individuals, 00:22:58.000 --> 00:23:03.000 who are in that fortunate position, do not end up competing 00:23:03.000 --> 00:23:05.000 for bigger and bigger boats, and bigger and bigger cars, 00:23:05.000 --> 00:23:11.000 but, you know, use that money to either create new jobs 00:23:11.000 --> 00:23:14.000 or to tackle issues around the world. NOTE Paragraph 00:23:15.000 --> 00:23:18.000 CA: And what are the issues that you worry about most, care most about, 00:23:18.000 --> 00:23:21.000 want to turn your resources toward? NOTE Paragraph 00:23:22.000 --> 00:23:25.000 RB: Well, there's -- I mean there's a lot of issues. 00:23:25.000 --> 00:23:32.000 I mean global warming certainly is a massive threat to mankind 00:23:32.000 --> 00:23:36.000 and we are putting a lot of time and energy into, 00:23:36.000 --> 00:23:40.000 A, trying to come up with alternative fuels 00:23:40.000 --> 00:23:49.000 and, B, you know, we just launched this prize, which is really a prize 00:23:49.000 --> 00:23:53.000 in case we don't get an answer on alternative fuels, 00:23:53.000 --> 00:23:56.000 in case we don't actually manage to get the carbon emissions 00:23:56.000 --> 00:23:59.000 cut down quickly, and in case we go through the tipping point. 00:23:59.000 --> 00:24:03.000 We need to try to encourage people to come up with a way 00:24:03.000 --> 00:24:06.000 of extracting carbon out of the Earth's atmosphere. 00:24:06.000 --> 00:24:09.000 And we just -- you know, there weren't really people 00:24:09.000 --> 00:24:13.000 working on that before, so we wanted people to try to -- 00:24:13.000 --> 00:24:16.000 all the best brains in the world to start thinking about that, 00:24:16.000 --> 00:24:18.000 and also to try to extract the methane 00:24:18.000 --> 00:24:21.000 out of the Earth's atmosphere as well. 00:24:21.000 --> 00:24:26.000 And actually, we've had about 15,000 people fill in the forms 00:24:26.000 --> 00:24:28.000 saying they want to give it a go. 00:24:28.000 --> 00:24:31.000 And so we only need one, so we're hopeful. NOTE Paragraph 00:24:31.000 --> 00:24:35.000 CA: And you're also working in Africa on a couple of projects? NOTE Paragraph 00:24:35.000 --> 00:24:39.000 RB: Yes, I mean, we've got -- we're setting up something called 00:24:39.000 --> 00:24:41.000 the war room, which is maybe the wrong word. 00:24:41.000 --> 00:24:45.000 We're trying to -- maybe we'll change it -- but anyway, it's a war room 00:24:45.000 --> 00:24:49.000 to try to coordinate all the attack that's going on in Africa, 00:24:49.000 --> 00:24:52.000 all the different social problems in Africa, 00:24:52.000 --> 00:24:56.000 and try to look at best practices. 00:24:56.000 --> 00:24:59.000 So, for instance, 00:24:59.000 --> 00:25:02.000 there's a doctor in Africa that's found that 00:25:02.000 --> 00:25:08.000 if you give a mother antiretroviral drugs at 24 weeks, when she's pregnant, 00:25:08.000 --> 00:25:15.000 that the baby will not have HIV when it's born. 00:25:15.000 --> 00:25:20.000 And so disseminating that information to 00:25:20.000 --> 00:25:22.000 around the rest of Africa is important. NOTE Paragraph 00:25:22.000 --> 00:25:25.000 CA: The war room sounds, it sounds powerful and dramatic. 00:25:25.000 --> 00:25:30.000 And is there a risk that the kind of the business heroes of the West 00:25:30.000 --> 00:25:34.000 get so excited about -- I mean, they're used to having an idea, 00:25:34.000 --> 00:25:37.000 getting stuff done, and they believe profoundly 00:25:37.000 --> 00:25:39.000 in their ability to make a difference in the world. 00:25:39.000 --> 00:25:42.000 Is there a risk that we go to places like Africa and say, 00:25:42.000 --> 00:25:45.000 we've got to fix this problem and we can do it, 00:25:45.000 --> 00:25:48.000 I've got all these billions of dollars, you know, da, da, da -- 00:25:48.000 --> 00:25:52.000 here's the big idea. And kind of take a much more complex situation 00:25:52.000 --> 00:25:57.000 and actually end up making a mess of it. Do you worry about that? NOTE Paragraph 00:25:57.000 --> 00:26:04.000 RB: Well, first of all, on this particular situation, we're actually -- 00:26:04.000 --> 00:26:06.000 we're working with the government on it. 00:26:06.000 --> 00:26:10.000 I mean, Thabo Mbeki's had his problems with accepting 00:26:10.000 --> 00:26:15.000 HIV and AIDS are related, but this is a way, I think, 00:26:15.000 --> 00:26:21.000 of him tackling this problem and instead of the world criticizing him, 00:26:21.000 --> 00:26:24.000 it's a way of working with him, with his government. 00:26:24.000 --> 00:26:26.000 It's important that if people do go to Africa and do try to help, 00:26:26.000 --> 00:26:29.000 they don't just go in there and then leave after a few years. 00:26:29.000 --> 00:26:31.000 It's got to be consistent. 00:26:31.000 --> 00:26:37.000 But I think business leaders can bring their entrepreneurial know-how 00:26:37.000 --> 00:26:41.000 and help governments approach things slightly differently. 00:26:41.000 --> 00:26:44.000 For instance, we're setting up clinics in Africa 00:26:44.000 --> 00:26:46.000 where we're going to be giving 00:26:46.000 --> 00:26:48.000 free antiretroviral drugs, free TB treatment 00:26:48.000 --> 00:26:51.000 and free malaria treatment. 00:26:51.000 --> 00:26:54.000 But we're also trying to make them self-sustaining clinics, 00:26:54.000 --> 00:26:58.000 so that people pay for some other aspects. NOTE Paragraph 00:26:58.000 --> 00:27:02.000 CA: I mean a lot of cynics say about someone like yourself, or Bill Gates, 00:27:02.000 --> 00:27:05.000 or whatever, that this is really being -- it's almost driven by 00:27:05.000 --> 00:27:08.000 some sort of desire again, you know, for the right image, 00:27:08.000 --> 00:27:13.000 for guilt avoidance and not like a real philanthropic instinct. 00:27:13.000 --> 00:27:14.000 What would you say to them? NOTE Paragraph 00:27:14.000 --> 00:27:16.000 RB: Well, I think that everybody -- 00:27:16.000 --> 00:27:20.000 people do things for a whole variety of different reasons 00:27:20.000 --> 00:27:22.000 and I think that, you know, when I'm on me deathbed, 00:27:22.000 --> 00:27:25.000 I will want to feel that I've made a difference 00:27:25.000 --> 00:27:27.000 to other people's lives. 00:27:27.000 --> 00:27:30.000 And that may be a selfish thing to think, 00:27:30.000 --> 00:27:32.000 but it's the way I've been brought up. 00:27:32.000 --> 00:27:34.000 I think if I'm in a position to 00:27:34.000 --> 00:27:37.000 radically change other people's lives for the better, 00:27:37.000 --> 00:27:39.000 I should do so. NOTE Paragraph 00:27:39.000 --> 00:27:40.000 CA: How old are you? NOTE Paragraph 00:27:40.000 --> 00:27:41.000 RB: I'm 56. NOTE Paragraph 00:27:41.000 --> 00:27:46.000 CA: I mean, the psychologist Erik Erikson says that -- as I understand him 00:27:46.000 --> 00:27:52.000 and I'm a total amateur -- but that during 30s, 40s people are driven by 00:27:52.000 --> 00:27:57.000 this desire to grow and that's where they get their fulfillment. 00:27:57.000 --> 00:28:01.000 50s, 60s, the mode of operation shifts more to the quest for wisdom 00:28:01.000 --> 00:28:03.000 and a search for legacy. 00:28:03.000 --> 00:28:05.000 I mean, it seems like you're still 00:28:05.000 --> 00:28:07.000 a little bit in the growth phases, 00:28:07.000 --> 00:28:09.000 you're still doing these incredible new plans. 00:28:09.000 --> 00:28:11.000 How much do you think about legacy, 00:28:11.000 --> 00:28:13.000 and what would you like your legacy to be? NOTE Paragraph 00:28:16.000 --> 00:28:19.000 RB: I don't think I think too much about legacy. 00:28:19.000 --> 00:28:25.000 I mean, I like to -- you know, my grandmother lived to 101, 00:28:25.000 --> 00:28:28.000 so hopefully I've got another 30 or 40 years to go. 00:28:29.000 --> 00:28:35.000 No, I just want to live life to its full. 00:28:35.000 --> 00:28:37.000 You know, if I can make a difference, 00:28:37.000 --> 00:28:39.000 I hope to be able to make a difference. 00:28:39.000 --> 00:28:42.000 And I think one of the positive things at the moment is 00:28:42.000 --> 00:28:46.000 you've got Sergey and Larry from Google, for instance, 00:28:46.000 --> 00:28:48.000 who are good friends. 00:28:48.000 --> 00:28:51.000 And, thank God, you've got two people 00:28:51.000 --> 00:28:55.000 who genuinely care about the world and with that kind of wealth. 00:28:55.000 --> 00:28:58.000 If they had that kind of wealth and they didn't care about the world, 00:28:58.000 --> 00:29:00.000 it would be very worrying. 00:29:00.000 --> 00:29:03.000 And you know they're going to make a hell of a difference to the world. 00:29:03.000 --> 00:29:05.000 And I think it's important 00:29:05.000 --> 00:29:09.000 that people in that kind of position do make a difference. NOTE Paragraph 00:29:09.000 --> 00:29:10.000 CA: Well, Richard, when I was starting off in business, 00:29:10.000 --> 00:29:13.000 I knew nothing about it and I also was sort of -- 00:29:13.000 --> 00:29:15.000 I thought that business people were supposed to just be ruthless 00:29:15.000 --> 00:29:19.000 and that that was the only way you could have a chance of succeeding. 00:29:19.000 --> 00:29:21.000 And you actually did inspire me. I looked at you, I thought, 00:29:21.000 --> 00:29:23.000 well, he's made it. Maybe there is a different way. 00:29:23.000 --> 00:29:26.000 So I would like to thank you for that inspiration, 00:29:26.000 --> 00:29:28.000 and for coming to TED today. Thank you. 00:29:28.000 --> 00:29:29.000 Thank you so much. 00:29:29.000 --> 00:29:36.000 (Applause)