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I'll tell you what get excited.
-- An apple going -- Competition such a fascinating thing in this country and pop launched its new Smartphone.
This weekend called the Palm Pre.
We first -- this -- you back at Consumer Electronics Show in Las Vegas in January but.
What investor thinks that this is definitely going to be some type -- and I thought maybe not a killer but.
At least scratching making -- be a bloody optics on it it's Roger McNamee of Elevation Partners and he so believes the opry that -- -- 400 plus million dollars into it.
Believing that it will.
Be the thing that people want and reach for.
Roger McNamee thank you for joining us explicitly Fox Business.
There's there's always great to see tell me about the weekend you'll watch that it was a sprint stores what happens it well as.
I think we have had our dreams come true if you think about what comments it's.
A start up inside an established company and our job was delivered to the marketing products sufficiently differentiated.
That in this huge category called.
Smartphones that we would be able to find some blank space not currently occupied by Blackberry not currently occupied by Apple's iPhone and you know.
Based on this past weekend I think that that we're off to a really good start but I do have to.
Disagree if you will because I do you know when we made the investment you put 425.
Million dollars into a company as we did.
You don't do it.
If what you have to do is beat the really large successful company we were trying to do it turn around -- -- a broken business and so.
Our focus is quite different we sat there and look at this thing and realize.
80% of the market is still all fashion with -- feature phones the dumb ones that don't -- into the calls him.
Those are all thanks -- the lower cost of semiconductors and you have Intel here and Moore's law.
You're seeing everybody now substitute Smartphones for -- -- because it doesn't cost or cost much less than the perceived increase -- -- And so I think apple will continue to grow very rapidly to very very well I think we -- it will continue to grow very rapidly.
And I don't think either one of those things has anything to do without us we believe that there are people out there for whom.
A keyboard is really important for -- multitasking is really important.
For whom unified search and all the other things that we have that no one else has.
Will matter -- -- -- right holding it up -- turn it around so that Kate can show you.
Exactly what it looks like -- this this is.
What the pre looks like when it's close and that's touch screen and it fits beautifully in your hand and then when you want to -- you to slide out the bottom and there it is their -- QWERTY keyboard is exactly but I have to tell you I've had people come in and say that they switched to the iPhone and missed the Blackberry keyboard so.
You're actually then providing people with a choice and yes I -- I think it's very magnanimous of you have to make the statement that there is room for everybody in this market you're telling me you don't want -- -- apple.
That's exactly what I think it's impossible Apple's the most successful company in history Silicon Valley.
There's no way we're gonna crush and that would be -- ridiculous goal our goal instead.
-- sit there and address all of those people who sit there and go -- I cannot have a real life without a keyboard I can't Leo doing one thing at a time.
Right I mean they've just finally announced copy and paste which is a fantastic add on but.
In other two years into this and the point is if what you care about most.
Is listening to music or playing back videos.
The iphone's gonna be grateful for you but there are a lot of people out there -- were really really busy.
And they need to have their personal information available.
Everywhere no matter what and that's the market we -- it happening hard fast numbers of the sales upon not yet but we do know that -- sold out in many many many locations.
Sad about that because I have to tell you you know.
That's supply and demand are a very important.
And component of true success it's one thing that you don't want to oversupply but that's right running out -- annoyed people or to force it -- this aura of Nelson or you -- -- water running out and unfortunately the factories are running 24 hours a day seven days a week and so there will be steady increases in supply every single -- And the stores are all taking waiting lists of people don't have to keep going back.
And if if the if he -- -- waiting lists you need to get on one -- just contact your sprint store and let him know but I think listen when every start from scratch.
For all these challenges of trying to get out of him and you know it's like people sit there and say wow you guys don't have 50000 apps and that's that -- -- gullible the product shipped on Saturday.
To tell you Apple's people get out there and they whispered that they're dissing the operating system that indicates to me that their threat.
Well it may but what -- I don't really care because the way I look at this is for some people multitasking.
Is a really core application.
And notification you know knowing what's going on I mean this thing told -- we've got this little bar the bottom yet.
And the little bar told you I've got to Fox Business interview right now -- list claimants wait till which I don't want to be -- for helping them and then I've got depth.
All these new I have four email since the last time I looked at.
And see you don't even have to open the thing up and if I want -- to let's say I wanted to do something with Liz -- who's a friend of mine.
And I I -- I'm typing in Liz yeah.
And then I put claiming -- it's showing me all the people named -- is okay in my contacts are felt like telephone number I don't know why but yet only get put -- really large print -- And but.
I wish I could type backwards bear with -- -- OK so here it is but what do I -- look you up on the left -- I can look you up on Google Google Maps Wikipedia or Twitter.
And since I know you're an active Twitter I thought I would just look you up on Twitter and this is what's different because.
This is a web properties we're not a personal computer we've skipped all the things that you have.
In and they're -- -- sure there at your Twitter page everything on so that want that -- Well the great thing about it list is that it can't it's different for the other products and it won't be right for everybody but we have sat there and done little things like you know I ever was while -- -- make sure I don't have a -- in my nose I'm doing an interview on TV all that.
And as we -- -- -- area let's not get us there you know and so you know I can just check and see everything's clear and there's some error every one on this -- out of direct for females I don't that's what is tail end.
No one's ever -- a Smartphone before that ever.
Thought about the needs of OK but you -- 425.
Million dollars -- -- the long term I wish I could have put more propped up that.
How how -- -- Okay youth -- invest it how long can you afford to let that money sloshing around before you start to really want to return because the stock -- -- example is down about 5% -- got a great run over the past.
Well so here's the way I have about a ten year polarized on this investment and the reason is because -- -- arise because the category.
At one point two billion cell phones are sold last year in North America about a third of that number.
The 300 plus almost 400 million sold in North America only 20% of more Smartphones within five years I suspect about two thirds will be.
And that provides huge growth but the best part is we have a brand new -- -- -- Starting.
We have at least ten maybe fifteen years of being able to innovate on -- much as apple continues to innovate on Mac OS-X just as rim continues to innovate on there.
The difference is we're starting from a different place we're starting from all web all the time.
And for busy people and it's just a different thing and why -- like -- weren't much interested to know why the choice of sprint which has been losing millions of customers.
They still have fifty million customers and the thing to understand is that before apple went with AT&T -- was barely bigger -- it.
So -- big issues they've been missing a hero product that people really wanted to -- You know if you want to buy an iPhone you have to go to AT&T if you want to buy a -- have to go to Verizon.
If you want to buy it pre you go to spring wind -- kind of -- the network for this product.
It's very mature it's really solid and as a consequence it really shows off what the product does incredibly well.
They need us as badly as we need that we were company and turn around their company and turn around this is a great partnership I think I think the other thing about it.
This data is so much cheaper -- -- that it is on AT&T it is set -- -- But you know the sprint all you can you just 99 dollar a plate and what got twenty seconds -- -- commit more money to this if necessary you back.
Okay that's -- -- yeah.
What would make it necessary well the great thing about -- I don't think it's going to -- enormous success and all the money we need now is to grow the company and there's millions of people in the outside world wanna provide.
Roger McNamee saying that the Palm Pre sales have made his dreams come true you only see it right here on Fox Business explicitly thank you very much for joining us what.
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