Transcripts For KPIX 60 Minutes 20130902

Gupta it all started in 2004 when sal khan was working as a Hedge Fund Analyst in boston and his cousin nadia, a seventh grader in new orleans, was struggling with algebra. He agreed to tutor her remotely, and wound up posting lessons on youtube. But then an odd thing happened total strangers started using them, too. Just like we talked about consumer surplus, this is a producer surplus. Innovation never comes from the established institutions. Its always a graduate student or a crazy person or somebody with a great vision. Sal was that person in education. In my view, he built a platform that could completely change education in america. Logan when he was just 29, jack dorsey invented twitter, a technology that changed the way hundreds of millions of people communicate all over the world, from the president to the pope, celebrities, teens and teachers. You just take the card and swipe it through. Logan seven years later, dorsey heads up a Company Called square, which promises to revolutionize the way we pay for things. You dont even take your phone out of your pocket. It just pops up on the screen . Yes. Logan and did we mention he wants to be mayor of new york city . Im steve kroft. Im lesley stahl. Im bob simon. Im lara logan. Im sanjay gupta. Im scott pelley. Those stories tonight on 60 minutes. Break a leg i used to love hearing that phrase. But not since i learned i have postmenopausal osteoporosis and a high risk for fracture. I want to keep acting but a broken bone could change that. So my doctor and i chose prolia® to reduce my risk of fractures. Prolia® is proven to help make bones stronger. I take prolia®. Its different its two shots a year. Do not take prolia® if you are pregnant, are allergic to it or if you take xgeva®. Prolia® can cause serious side effects, including low blood calcium levels, serious infections, some of which may require hospitalization. And skin inflammation, rash and eczema. Tell your doctor if you develop dental problems. As severe jaw bone problems may happen, or if you develop new or unusual pain in your hip, groin or thigh, as unusual thigh bone fractures have occurred. Whats out there matters to me. So does whats in here. Break a leg ask your doctor if prolia® is right for you. [ camera shutters clicking, crowd groans ] no. Closer. I am a veggie, i am so tasty 2007 called, it wants its camera phone back. And i am filled with vitamins and minerals hows this for a drama shot . La la la la la la why arent we getting closer . [ guy ] with the nokia lumia 1020, weve got the best seats in the house. [ male announcer ] meet the nokia lumia 1020 with 41 megapixels and reinvented zoom. Nothing else comes close. [ male announcer ] hurry in for labor day deals, like 10 off all major appliances 399 and above at lowes. I put in the hourswhere i am today by luck. And built a strong reputation in the industry. I set goals and worked hard to meet them. Ive made my success happen. So when it comes to my investments, im supposed to just hand it over to a broker and back away . Thats not gonna happen. Avo when you work with a schwab financial consultant, youll get the guidance you need with the control you want. Talk to us today. Stahl ever since the wreck of the Costa Concordia a year and a half ago, the huge italian luxury liner has been sitting semisubmerged off the coast of tuscany, looking like a big beached whale. Its the largest Passenger Ship ever capsized, easily surpassing the titanic. And, as we reported last year, removing the ship has turned out to be the most complicated, the most expensive, the most daunting and the riskiest salvage operation ever. The Costa Concordia is a rusting carcass, sitting precariously on two underwater mountain peaks. The swimming pools and jacuzzis where passengers sunbathed and sipped cocktails, now empty and askew. A clock remains frozen in time, marking the hour and minute when the ship lost power. And below, ghostly vestiges of the ships contents litter the ocean floor in what the italian authorities have designated an official crime scene. 30 people died; two are still missing. Nick sloane welcome on board. Stahl thank you. Nick sloane from south africa is the senior salvage master. He took us out to the wreck site. How big is that ship . Sloane shes huge, and what you see at the moment is only 35 of her. So 65 underneath is like an iceberg underneath there. Stahl now the plan is to roll the 60,000ton ship in one piece onto an underwater platform, raise it, and then float it away so it can be cut up for scrap. So, youre planning to rotate a ship that weighs 60,000 tons. Sloane yeah. Stahl so, let me see. Youre going to. This is the ship. You have to do it like. Sloane well roll it up right. Stahl . The whole thing together at once, creaking. Sloane all the way along the three football fields long. Stahl three football fields long . Sloane yeah. And were going to rotate it all at the same time. Stahl it sounds like an experiment in defying the laws of physics. The actual work is being shared by nick sloanes titan salvage, an american wreck removal company, and micoperi, an italian engineering firm. Sergio girotto is the companys project director, in charge of refloating a 60,000ton ship filled with seawater. So you have to create much more buoyancy than even the original weight of the ship because of all the water. Girotto absolutely. Absolutely. Stahl a team of engineers came up with something ingenious to, in effect, weld a new ship onto the shipwreck. It starts here with the construction of towering steel boxes called sponsons. Theyre gigantic. The largest ones weigh 500 tons each and stand 11 stories high, and theyll be outfitted with hoses and sophisticated air pumps to create buoyancy. Heres whats supposed to happen one by one, nine of them will be welded across the exposed side of the ship. Girotto they will be joined together like a big lego, outside in the open. Stahl and they have to be precisely welded, correct . Girotto the space from one sponson to the other, it is less than two inches, so they must be fabricated with a very strict tolerance. Stahl this row of hydraulic pulleys will tighten a string of 36 cables attached to the sponsons, slowly rolling the ship upright. Then, other steel boxes will be welded to the other side of the vessel, and, eventually, the hollow, airfilled sponsons will act like waterwings so the Costa Concordia can be floated and towed away. Has this ever been done before . Girotto no, no. Stahl this is brand new . Girotto the brand new technology, brand new methodology. To lift a vessel in this way, it is the first time ever. Stahl and no ones 100 sure lifting a vessel this gigantic in one piece is going to work. Its the biggest Passenger Ship ever wrecked, twice the size of the titanic. Before the accident, it was a 15story floating palace big enough to house a small town of 4,000 people. As this promotional video shows, it had 1,500 luxury cabins, 18 restaurants and bars, four swimming pools, five jacuzzis, and a casino. The accident occurred in january of last year, ominously on the night of friday the 13th. Nervous passengers crowded together as water gushed in. Sailing too close to shore, the ship had struck a huge boulder hidden just beneath the surface. You can see that it just tore the pipes apart. Sloane yeah, the momentum of a large ship like this hitting that rock, she had no chance. Stahl almost like a shark eating the belly of a whale or something, it just ate into that. Sloane yeah, it was a big rock, about 96 tons. Stahl the wrecks an eyesore right off the beaches of tiny giglio island that has been overrun by an armada of support vessels and an army of welders, crane operators, and marine engineers. Because of the angle of the ship, the workers have to take a fourday course in mountain climbing. Here, theyre working on the strong cables that are keeping the ship in place. Much of the work is being done underwater by specially trained salvage divers, 111 in all. Ebano, whos from brazil, is being geared up and safety checked by other divers on his team. Sloane hes got communication for talking. Hes got the air. Hes got backup air. Hes got a camera and a light. Stahl every one who goes in has a support team of at least five up on deck. Once suited up, ebano is lowered down in a cage. The day we were there, the divers were ratcheting, tightening, measuring those massive steel cables that run under and around the ship to tie it down so it doesnt slide off the mountain peaks and sink. Its an exacting and dangerous job, so teammates stand by on deck in case of an emergency, and a dive supervisor monitors and directs the action. Duane morsner do you want to move back on your. On your camera and give us a wide shot of exactly whats going on down there. Stahl duane monster morsner oversees a dive team. So youre just watching everything he does, listening to him . Morsner and explaining to him exactly where to go because sometimes when you go past 30 meters, you can get narcosis and it sort of affects your your thinking. And obviously, if hes in trouble, i can see what the problems are and help him out and check his depth, that sort of thing. Stahl theres a salvage divers camaraderie. They live in close quarters in floating barracks next to the ship. And while they come from eight different countries, speaking different languages, theyre like soldiers in combat they have each others back. Morsner move towards the bow of the Costa Concordia, please. Stahl though these divers are in the water round the clock, each one can stay under no longer than 45 minutes at a time. They have five minutes to get from a depth of 40 feet into a decompression chamber. When a diver surfaces, its a race to strip off his gear and get into the chamber. The divers and everyone else work round the clock, seven days and nights a week, in a race against time. They have to remove the ship before storms like this one last winter break it apart. Sloane every storm weakens the structure, and there will be a certain point where the structure. And she will just say, ive had enough. Stahl so is that what has you worried the most, the weather . Sloane yeah, yeah. When you have bad weather, you dont sleep. Stahl neither do the Insurance Companies that are footing the bill. So, how much is this operation costing . Sloane well, basically, its going to be around about 400 million, plus or minus, and thats a lot of money. Stahl did your company ever consider proposing just blowing it up . Because i know a lot of salvage operations, they just dynamite. Sloane yeah, some places in the world, that would be a solution. In this scenario, i dont think it would ever be allowed. Stahl is the reason because this is such a tourist area . Sloane oh, the environment is the number one priority. Stahl number one. Thats because the ship settled in a nationally protected marine park and coral reef thats home to dolphins, exotic fish, these huge rare mussels, and more than 700 other botanical and animal species. Sergio girotto hi, lesley. Stahl Sergio Girotto took us to one of six shipyards in italy that have been pressed into action. At this one north of venice, theyre building this huge steel platform. Its one of six platforms thatll be lowered into the water, its legs anchored into the hard granite sea floor. When the ship is rolled upright, it will roll onto them. So the ship is over there . And what, its going to roll. . Girotto yeah, its going to rotate, and rotate slowly to rest on this platform, exactly the same area where we are standing. Stahl the platforms are necessary to keep the 60,000ton ship from sliding off its mountain peaks, down into the abyss. But getting the platforms to the wreck site is an operation in and of itself. Girotto and we make the tour of italy. Stahl they will be floated by barge from the shipyard to the shipwreck off giglio island. Around the heel, around the toe and up to giglio. Girotto up to giglio. It is a long trip. Stahl how long . Girotto its going to take. Its going to take 15 days. I tell you, it is a gigantic project. If you simply think of the quantity of steel, it is three times the weight of the tower eiffel. Stahl of the eiffel tower . Girotto exactly. Three times the weight of the tower. Stahl out at the wreck site, theyre lowering giant pipes that are used to drill holes in the seabed for the legs of those massive platforms. So these are these big pipes that youre putting down. To protect the environment, the drill bit will be enclosed in the pipe in order to contain any debris from the digging. Wow, look how huge sloane as you can see, this is about eight feet. Stahl eight feet is the diameter of the legs of those platforms, and the holes for the legs have to line up almost perfectly. When you put the platforms down, whats your margin of error . Sloane the error that we can allow is less than six inches between them. So, if we are more than six inches out, the platforms arent going to fit. Stahl has there ever been a salvage project this big . Sloane no, this is with the complexities and the amount of engineering, the scale of the equipment that were bringing in, the size of the teams, this is by far the largest thats ever been done. Stahl in the history of salvage . Sloane in the history of salvage. Stahl lets talk about the day that you are going to rotate the ship onto the platforms. If somethings not going right, can you stop it . Sloane no, you cant stop it. You have one chance. Stahl one chance . Sloane one chance. Once you start, you have to finish. Stahl weve spoken to arine engineers. They think you have a 50 50 chance. Sloane no, its more than 50 50, for sure. Stahl it is . Sloane basically, weve got a large engineering team. We have over 200 engineering documents, and everything proves that it can be done, so. Stahl on a computer . Sloane yeah, on a computer. Some parts of the ship will collapse internally. Its going to be very noisy. Theres going to be a lot of creaking, groaning, steel snapping. But shell come upright. Stahl steel snapping . Sloane yeah. Stahl that doesnt sound good. Sloane yeah, well, there will be smaller bits of steel, but the larger structure will take it. Stahl is there a plan b . Sloane we have plan b and c, but we dont want to get there. Stahl there is cutting up the ship in place, which would be an environmental catastrophe. Theyll put plan a into effect later this month, when they attempt to raise the ship, under the watchful eyes of the Insurance Companies, the italian authorities, and camera crews from around the world should they succeed, the Costa Concordia will then be towed to a dry dock and cut up for scrap. Theres so much ship, that process will take two years. And now, the price tag is approaching 900 million. Go to 60minutesovertime. Com to see how the 60 minutes team managed to get these shots of the Costa Concordia. Sponsored by viagra. [ alarm sound for malfunctioning printer ] [ male announcer ] youve reached the age where youve learned a thing or two. [ metal clanks ] this is the age of knowing what youre made of. So why let erectile dysfunction get in your way . [ gears whirring ] talk to your doctor about viagra. 20 million men already have. Ask your doctor if your heart is healthy enough for sex. 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As we first reported last year, thats exactly what sal khan is doing on his web site, khan academy. With digital lessons and simple exercises, he is determined to transform how we learn at every level. One of his most famous pupils, bill gates, says khan this teacher to the world is giving us all a glimpse of the future of education. 36yearold sal khan may look like a bicycle messenger, but with three degrees from m. I. T. And an m. B. A. From harvard, his errand is intensely intellectual. In his tiny office above a tea shop in Silicon Valley, he settles in to do what hes done thousands of times before. Sal khan weve talked a lot now about the demand curve and consumer surplus. Now, lets think about the supply curve. Gupta hes recording a ten minute economics lesson. Its so simple all you hear is his voice, and all you see is his colorful sketches on a digital blackboard. Khan in this video, we are going to talk about the law of demand. Gupta when khan finishes the lecture, he uploads it to his web site, where it joins the more than 3,000 other lessons hes done. In just a couple of years, hes gone from having a few hundred pupils to more than six million every month. Has it sunk in to you that you are probably the most watched teacher in the world now . Khan i. You know, i try not to say things like that to myself. You dont want to think about it too much because it can, i think, paralyze you a little bit. So, if we get rid of the percent sign, we move the decimal over. Gupta hes amassed a library of math lectures. Khan 12 4 is 16. Gupta . Starting with basic addition, and building all the way through advanced calculus. Khan we are taking limited delta x approach to zero. Its the exact same thing. Gupta but hes not just a math wiz he has this uncanny ability to break down even the most complicated subjects, including physics, biology, astronomy, history, medicine. How much reading do you do ahead of time . Khan it depends what im doing. If im doing something that i havent visited for a long time, you know, since high school, ill go buy five textbooks in it, and ill try to read every textbook. Ill read whatever i can find on the internet. Lets talk about one of the most important biological processes. Gupta sal khan has tackled so many subjects that, if you watched just one of his lectures a day, it would take over eight years to cover it all. Khan these are huge time scales. Magnetic north is kind of the geographical. And lets say this is point x is equal to. Basic introduction. Light. If this does not blow your mind, you have no emotion. Gupta did you ever think about putting yourself visually in the video . Khan look, if theres a human face there, especially a funnylooking human face, then its actually hard to focus on the math. 4,000 is 2,000 x 3 is 6,000. I dont have to shave, i dont have to comb my hair. I just press record, make a video. There might be spinach in my teeth. Who cares . Gupta the format is so simple. Why does it appeal to so many people . Khan ive gotten a lot of feedback that it really does feel like i. Im sitting next to the person and were looking at the paper together. Let me take out my trusty calculator out. Im 95 of the time working through that problem realtime, or im thinking it through myself if im explaining something. And to see that it is actually sometimes a messy process that, you know, it isnt always this clean process where you just know the answer. I think thats what people like, the kind of humanity there. Gupta it all started in 2004 when sal khan was working as a Hedge Fund Analyst in boston, and his cousin nadia, a seventh grader in new orleans, was struggling with algebra. He agreed to tutor her remotely, and wound up posting lessons on youtube. They helped nadia, but then an odd thing happened total strangers started using them, too. Khan i started getting feedback like, you know, my child has dyslexia, and this is the only thing thats getting into him. I got letters from people saying, you know, were. Were praying for you and your family. Thats pretty heady stuff. People dont say that type of stuff to a Hedge Fund Analyst, normally. laughs gupta so, in 2009, khan quit his job and, working from a desk set up in his closet, devoted himself fulltime to khan academy. Its a nonprofit with a simple but Audacious Mission to provide a free, worldclass education for anyone anywhere. If that goal sounds farfetched for a guy working in his closet, consider what happened next. Bill gates theres a web site that ive just been using with my kids recently called khan academy khan. Just one guy doing some unbelievable 15minute tutorials. Khan i was like, those are just for nadia, not bill gates. I have to. I have to look. I have to take a second look at some of this stuff. Gupta thats right bill gates, one of the smartest and richest men in the world, was using sal khans free videos to teach his own kids. Khan two weeks later, i got a call from. From larry cohen, who is bill gates chief of staff. And he says, you know, you might have heard bills a fan. And im, like, shaking. Im like, yeah, i heard, you know. And he. And he was like, if you have time, you know, love to fly you up to seattle. And then, i was looking at my calendar right then for the month completely blank. And i was like, yeah, you know, i think i could, you know, fly in, you know, between, like, laundry and a bath. laughs and meet with bill. Gupta that was just three years ago. Today, with the help of more than 35 million in funding, much of it from the Gates Foundation and google, khan has been able to hire, with competitive salaries, some of the most talented engineers and designers in the country. The khan Academy Office has the intense vibe of a Silicon Valley startup. The team is working to create software they hope will transform how math is taught in american classrooms. And once theyve done all of these, they really understand proper fractions. Khan right, right. Gupta last year, we visited a class in the Los Altos School district outside San Francisco, where the new khan Academy Software is being piloted. Courtney cadwell grab your computer, log in, and then open khan academy. Gupta right away, you notice something different. There are no textbooks and no teacher lecturing at the blackboard. Instead, students watch khan videos at home the night before to learn a concept. Then, they come to class the next day and do problem sets called modules to make sure they understand. If they get stuck, they can get oneonone help from the teacher less lecturing, more interaction. What you think of as homework you do at school, and school work you do at home. Its called flipping the classroom, and seventh grader laurine forget says using khan academy at home has given her math a big boost. Laurine forget im not a big fan of textbooks. I thought that khan academy was a lot easier, because its on a screen, its easy to find the concept you want to do. Gupta and now, with the videos, do you find yourself rewinding it, playing it again if you need to . Forget a lot, yeah. Gupta do that at home . Forget yeah. Usually when i watch the videos, its because im having trouble on the practices. So if i dont understand the video, i can always rewind it or pause it so that i can go back to the module and do what i learned. Gupta but whats the hardest part about learning this way . Forget i dont really think there is a hard part. Gupta even kids who dont have a computer at home can flip the classroom. Eastside prep in East Palo Alto keeps its computer labs open until 10 00 p. M. So kids like sixth grader Alex Hernandez can take as much time as they need to learn a concept. Alex hernandez my mom, she went to school in mexico. Some things she can explain to me, but some, like, she cant. So, like, i take long to, like, try to finish my homework. Gupta how did you used to do in math . Hernandez pretty bad. Like, at a thirdgrade level math. So, you know, khan academy has helped me. Its like. Its, like, opened doors that i couldnt open. Its helped me a lot. Gupta a lot of people have talked about the idea that flipping the classroom is. Is sort of whats happening here. You take a little bit of issue with that. Khan i kind of view that as. As a step in the direction. The ideal direction is using Something Like khan academy for every student to work at their own pace, to master concepts before moving on. And then, the teacher, using khan academy as a tool, so that you can have a room of 20 or 30 kids all working on different things, but you can still kind of administrate that chaos. Gupta khan academy has created a dashboard so teachers like courtney cadwell can monitor each students progress. So, right now, theyre all working on things, and you can see that realtime . Cadwell yes. Gupta so, as you sit here and look at the dashboard, you see how the students are doing individually, you can see how theyre doing as a whole class, and you can figure out who you need to help . Cadwell exactly. And here, i can track their progress over time. I can see whos rushing ahead, whos lagging behind. I can see if they begin to stagnate. Gupta a blue bar indicates a student knows a concept; orange, theyre still working on it. But if a red bar pops up. Cadwell its kind of the red flag to tell me, hey, its time to step in and intervene. And i can see. Gupta oh, so you can see not only its red, but specifically what the problem is. Cadwell what they missed. And you can see the number of seconds they spent on each problem. I feel like im using my time more effectively with my students because, instead of making the assumption that the entire class is weak in this area and i need to spend time reviewing this, i can really pull those three, four, five kids, do a miniworkshop, address those needs, and allow those other students to move on to problemsolving activities, or projectbased learning with their peers. Gupta so far, the National Education association has supported Nonprofit Technology Like Khan Academy in the classroom, as long as teachers are trained properly. But as with any new innovation, khan says there are always some skeptics. Khan ive seen some subset of teachers who say, oh, what is this video thing . You know, live Human Interaction is important. And the reason why that. That bothers me a little bit is that i know thats exactly what were saying. In fact, we exactly agree with you, that what were trying to do is take the passivity out of the classroom so that you, as a teacher, will have more flexibility. Gupta does it minimize the role of the teacher . Does it make it less impactful . Khan no, i think its the exact opposite. We kind of view teachers playing the role of more like a coach or a mentor, which, once again, i personally believe is a much higher value thing than a lecturer. Gupta khan academys math program is being piloted in 50 schools, mostly in california. Preliminary test scores from a handful of classrooms have shown improvements, especially for students who were struggling. In the meantime, chief operating officer Shantanu Sinha says theyre now gathering massive amounts of data not just from american classrooms, but from every khan academy user around the world. So, you can see how many problems were done over the last 24 hours . How many was it . Shantanu sinha right now, in the last 24 hours, we had close to 1. 8 million. Gupta wow. Not total, but just one day . Sinha yeah. Yeah, just in. In a 24hour period. Gupta and when you take a look at total users over the last 18 months. Sinha 41 million visits from the united states. We can look in from india, 1. 7 million; australia, 1. 4 million. Gupta right. It is Pretty Amazing to think that millions of people all over the world are using khan academy right now. Sinha yeah. Its a gold mine on how to understand, you know, what. What paths through learning are most effective. Gupta khan says they look at all that data and constantly make changes to their software platform. Khan we can start fine tuning things the way that amazon might finetune the button to help you buy that book or find the book that you want, or netflix says, whats the right movie for you . We now get to do with education. Gupta eric schmidt, the pioneering chairman of google, says hes seen a lot of failed attempts to integrate technology into education, but says what sal khan is doing is different. Eric schmidt many, many people think theyre doing something new, but theyre not really changing the approach, which, with sal, he said, what were going to do is not only were going to make these interesting tenminute videos, but were going to measure whether it works or not. Gupta he was the guy to sort of make this happen . Why do you think it was him and not some person who was an educator or who had a background in this area . Schmidt innovation never comes from the established institutions. Its always a graduate student or a crazy person or somebody with a great vision. Sal is that person in education, in my view. He built a platform. If that platform works, that platform could completely change education in america. Khan 17 over 9 is equal to 1. 88. Gupta inside classrooms, its just Khan Academy Math for now, but sal khan believes his strategy can be used to teach subjects like history and science. And not just in elementary schools, but high schools and even colleges. But no matter how big or how successful khan academy gets, sal khan promises hell never put a price tag on it. Khan the forprofits have to mold themselves much more to the education establishment than we do. As a notforprofit, were just like, whats our mission . To educate children as well as possible. Ive said it enough times, and its in our Mission Statement a free, worldclass education for anyone anywhere. Gupta and thats what sixth grader Alex Hernandez says he needs. Has anyone in your family ever gone to college . Hernandez no. Gupta so its a pretty big deal for you . Do you think youre going to be able to do it . Hernandez with help or, like, with more, like, studying or, like, khan academy, i think i can get there. Gupta i think you can, too. Now a cbs sports update. Good evening. Im at the National Tennis center in new york where day seven of the u. S. Open saw the defending champions advance. Topseeded Serena Williams won in straight sets to advance to the quarterfinals and avenge an earlier loss at the australian open. Andy murray rolled past florian meyer. Live coverage begins tomorrow on cbs at 11 00 eastern time. Go to cbssports. Com for more sports news and information. To go to college sas and well help out with the school of your choice. Well, i got the grades and, with dads planning and a lot of hard work, im graduating today with a degree in marine biology. Im so thankful and excited about the future. [ male announcer ] for strategies on how to help your family achieve financial success, visit pacificlife. Com. On how to help your family achieve financial success, [ male announcer ] lets go places. But lets be ready. Lets do our homework. Lets look out for each other. Lets look both ways before crossing. Lets remember whats important. Lets be optimistic. But just in case lets be ready. Lets go places, safely. Because of a migraine. So they trust excedrin migraine to relieve pain fast. Plus sensitivity to light, sound, even nausea. And its 1 neurologist recommended. Migraines are where excedrin excels. Its back to school time. And excedrin wants to make sure your Childs School is equipped to help your child excel. Purchase excedrin for a chance to win one of 5 10,000 donations to your Childs School. Go to excedrins Facebook Page to enter. Chose prego traditional over ragu traditional. Prego . but i buy ragu. [ thinking ] i wonder what other questionable choices ive made. [ pop muzak plays ] [ sigh of relief ] [ male announcer ] choose taste. Choose prego. [ sigh of relief ] logan jack dorsey is one of the biggest and most ambitious innovators of our time. His name doesnt resonate like jobs or bezos or zuckerberg, but his innovations do. And his low profile may have a lot to do with his personality. Dorsey describes himself as extraordinarily reserved and shy, which is ironic considering hes the man who created twitter and changed the way people communicate around the world. Then he created a Company Called square, which is helping to transform the way we pay for things. When we first told you about jack dorsey last spring, square was a startup. Now, its an international company, but jack dorsey already has his eye on the next job he wants mayor of new york city, an unlikely role for a man who calls himself a loner and spends a lot of time dreaming and thinking. Forbes magazine said youre more of a nerd than steve jobs. Jack dorsey which i found insulting. laughter im more of a nerd than steve jobs. I i think the reference was because i was a programmer. So, if that is the nerdy way, then guilty. Im a nerd. Logan many believe jack dorsey is the intellectual successor to jobs. He created the code for twitter with messages that, unlike emails, can be read by anyone in the world. Twitter is so instant. Its that moment. Dorsey yeah, its so instant. And now, i get to see the entire world and how theyre thinking and how theyre feeling and what theyre doing and what they care about and where theyre going. Logan when he created twitter seven years ago, jack dorsey had no idea how big it would become; that 200 Million People would be sending more than a billion tweets every three days; that young revolutionaries would use it to help communicate the strategies that fueled the arab spring; that it would force a congressman to resign. Twitter has become a Marketing Tool for hollywood and big business. We use it at 60 minutes. The president tweets. Benedict xvi tweeted his final message as pope. What are you most proud of with twitter . Dorsey im most proud of how quickly people came to it and used it in a million different ways. Theyre all over the world, and twitter enables them to take a 5 cell phone and, wherever they are, communicate with the world for free. Logan it was a revolutionary new way for people to connect, something dorsey admits hes not very good at in person. What do you think your weaknesses are . Dorsey i do have a tendency to really think about things by myself and decide things. Logan overthink things. Dorsey come out with a decision. I think i can be. I can be silent at some times, which unsettles people a bit because they dont know what im thinking. The biggest thing ive learned is that i need to communicate more. I need to be more vocal. Logan not communicating well created problems for him at twitter, and jack dorsey, like steve jobs, was forced out of running the company he helped found. Were you angry . Dorsey yeah. I was. I was angry. I was angry at, you know, the board. I was angry at my cofounders. I was angry at myself. Logan you once described it as being like a. A punch in the guts. Dorsey yeah. Logan no grudges . You dont hold any grudges . Dorsey im stubborn, but i dont necessarily hold grudges. Logan two and a half years later, new management at twitter invited him back to help run the company, and dorsey accepted. Suddenly, he had two jobs. By then, he had dreamed up a new company, square, that he believes can also change the world. He says he runs it differently than twitter. Decisions made behind closed doors are sent out immediately on the companys mass email system, including Sensitive Information on Company Goals and profits. Dorsey roams around the office, available to talk to anyone. Do you have an office here . Dorsey i dont. I dont have an office. I dont have a desk. Logan you dont have a desk at all, even, like. Dorsey i dont have a desk. I have my. I have my ipad. Logan while twitter is about messages, square is about money. It permits anyone with a smart phone to become a merchant. The concept grew out of a brain rqgd named jim mckelvey, who was both a software ace and a frustrated artist. Dorsey he was at an art fair, and he couldnt sell a piece of glass because he couldnt accept a credit card. So, that was, you know, 2,000 lost, and he just got fed up with that. And he came out to San Francisco that next week, and we spent the week trying to figure out why no one has done this before. Logan and this, at that moment, was what . Dorsey well, we didnt know what it was. It was it was a way to accept credit cards on your phone. Thats all we knew. Logan the software is simple and its fast, two qualities that are most important to dorsey. To take a payment, you swipe a customers credit card through a white square that plugs into the earphone jack. Dorsey so, you just take the card, you swipe it through. Logan the customer signs a receipt electronically. Department stores dont use it yet, but millions of Small Business people do. Dorsey people who are using it to sell things on craigslist to holding garage sales, campaigns. The Obama Campaign and the Romney Campaign both used square to raise funds. Logan dorsey says merchants like square because the fee is less than some credit cards charge. And business at square is booming, accelerating in four years from zero to 15 billion in annual transactions. Jack dorsey started thinking about the software hes built in Silicon Valley nearly 30 years ago when he was growing up in st. Louis. He had a speech impediment as a kid and spent a lot of time alone at home, playing with computers when he was eight. He taught himself how to build computer programs before he was a teenager. Dorsey was fascinated by trains and maps, and he used to spend hours down at these train yards. Most kids would have pictures of Football Players and girls on their walls, or their favorite bands. Dorsey right. Logan and youve got maps. Dorsey i have maps. Logan and trains. Dorsey yeah. Logan studying trains was the beginning of his lifelong obsession to learn how things work in the real world and translating that into the virtual world. Young jack was intrigued by the messages he heard coming out of the st. Louis emergency dispatch center. At home, he listened to it all on a police scanner, and he was struck by the fact that everyone talked in short bursts of sound, a system of communication that later inspired him to invent twitter. Dorsey theyre always talking about where theyre going, what theyre doing and where they currently are. And that is where the idea for twitter came was now we all have these cell phones, we had text messaging, and suddenly we could update where i was, what im doing, where im going, how i feel. And then, it would go out to the entire world. Logan as a teenager, he created software that tracked the movement of emergency vehicles on a map. Then, he tried to get a job with a large dispatch company in new york, but there was no Contact Information on their web site. Dorsey i found a way into into the web site. I found a hole. I found a security hole. Logan is that are you is that the same thing as hacking . Dorsey its ha yes. chuckle hacking. Hacking is. Hacking is. Is. Logan a crime. Dorsey well, no. chuckle criminal hacking is a crime. Hacking is actually a. Logan hacking for a job application is not a crime . Dorsey no, no, no, no, no. chuckle no, not a crime at all. And i emailed them, and i said, you have a security hole, heres how to fix it, and i write dispatch software. Logan and they hired you. Dorsey and they hired me a week later. And it was a dream come true, which is a weird dream for a kid. Logan now the kid who ventured to new york when he was 19 has a new dream to expand square globally. Hes moved into canada and japan, and opened an internet shopping site. Dorsey knows hell have some stiff competition. Paypal is a competitor of yours. It has a similar system. Google, walmart and target are developing their own systems. What prevents the competition from putting you out of business . Dorsey well, you know, our take on this is, you can worry about the competition, you can constantly look in your rearview mirror, and you can constantly look around and really not notice the road ahead of you; or you can focus on whats ahead of you and drive. And drive fast, right . And drive within the speed limit, of course, but drive fast. Logan but hopefully faster than everyone else. Dorsey faster than everyone else. Logan to keep his employees motivated and thinking, you wont be surprised to learn that jack dorsey is a bit unconventional. Instead of a Company Picnic or softball game, he took them to a place in San Francisco called lands end. He wanted to make them think about the golden gate bridge. Why . Dorsey why . Because we see the bridge as, like, this perfect intersection between art and engineering. It has pure utility in that people commute on it every single day. Logan dorseys point to his colleagues is that when people look at the bridge, they dont think about the commuters or how it functions; they admire its simplicity and beauty. He thinks Good Software should work the same way. Dorsey when people come to twitter and they want to express something in the world, the technology fades away. Its them writing a simple message and them knowing that people are going to see it. Logan and that, to you, is functionality and beauty. Dorsey yeah. It disappears. It disappears because its so intuitive, it just works. Logan thats the thinking behind a dorsey invention called square wallet which radically changes the way we pay for things. Is this your favorite place to go for coffee . Dorsey yeah, it is one of my favorite places. Logan to show us how it works, dorsey invited us to visit a cafee just around the corner from his office. Dorsey what would you like . Logan i will have a latte, please. Waitress is whole milk okay . Logan no. With the help of g. P. S. , the baristas ipad knows dorsey and his smartphone are in the house, and his face shows up on the tablets screen before he even orders. So, all your customers i mean, who have this app they just appear. Waitress yeah, yeah, it appears. Logan its like a Virtual Credit card. You dont take your wallet out, you dont even take your phone out of your pocket. Dorsey i could. Logan it just pops up on the screen. Dorsey yeah. Logan the receipt shows up in an email. Its seamless and simple, but, like his other invention, twitter, jack dorsey thinks square fundamentally changes how people interact and how they feel. Dorsey money touches every Single Person on this planet, and at one point in their life, they feel bad about it. It feels dirty sometimes. It never feels great. But it does feel great when it disappears. It feels like youre taken care of. It feels like the world is just working. Logan everything seems to be working for jack dorsey. The wall street journal magazine named him Technology Innovator of the year. Accepting that award brought him back to new york, a city he fell in love with when he worked for the dispatch company he hacked into. Dorsey may spend most of his life in the virtual world, but hes still fascinated by real world systems, and manhattan, with its subways, is the biggest system on earth. It may seem like an unrealistic ambition for such a reserved person, but dorsey not only wants to move here someday, he wants to run for mayor. Dorsey what i love about new york is just the electricity i feel right away. I mean, just look at us in this station. Theres just people walking everywhere and everyone. Logan chaos . Dorsey its chaos. Its kind of like being in a car in the middle of a thunderstorm. Everything is raging around you, but youre safe inside that car. So, new york feels very much to me like that. Logan jack dorsey knows it helps to be a billionaire if you run for mayor in new york. Its worked before. But if hes serious about running, and he says he is, it will be interesting to see just how he communicates with the voters. Do you find it easier to communicate with people via twitter or face to face . Dorsey i guess my natural state would be through mediation of letters or through texts. All those mediums, i definitely find ease with. But do i appreciate as much as face to face communication . No. Do i feel like im an expert in having a normal conversation face to face . Absolutely not. Thats just not my natural state. I would rather be walking lands end and thinking about things. Logan and tweeting. Dorsey and tweeting. laughter telephone rings hi, honey. Hows the camping trip . Well, kids had fun, but i think i slept on a rock. What are you doing . Having coffee. 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