Over the next 20 years, an estimated $84 trillion will change hands in the U.S.; some call this the Great Wealth Transfer, others the Silver Tsunami. This wealth is held in cash and assets, but also in the estimated 2.9 million private U.S. businesses that are owned by those over 55. Many retiring business owners will look to sell their company to private equity or larger conglomerates, while others will pass their businesses on to their heirs.
A few are considering something more radical: giving their company away to good causes, like Paul Newman who gave his eponymous food company to Newmans Own Foundation when he passed away in 2008. This idea remains radical enough that when 83-year-old Yvon Chouinard and his family announced that all of Patagonias future profits would go to fight climate change in September 2022, the New York Times devoted a full-page spread to the move. Now, theres even a book dedicated to Patagonia and its transition.
100% for Purpose companies like Newmans Own and Patagonia are still the exception, but there are more of us than you think: ticketing platform Humanitix, search engine Ecosia, browser Mozilla, consumer brands like The Good Store and Thankyou, and more. Former New York mayor Michael Bloomberg also announced plans to donate a controlling stake of his company to a trust that will continue to fund Bloomberg Philanthropies after his death.
As President and CEO of a 100% for Purpose organization, Ive begun to hear more and more from businesses that are looking to follow in our footsteps.
Why this move?
You may ask: Why would philanthropically minded business owners and founders give their company away versus just selling the business later on, and creating a foundation with the proceeds?
The short answer: Its a great way to cement your legacy, preserve the company, and maximize giving.
Lets imagine your business makes $10M in profits and you sell it for $50Mcongrats! You can then choose to manage a foundation endowment and give away $2.5M a year (5% as per the minimum distribution rule). Or you spend it down, giving away $10M a year for five years.
Compare these options to giving your company away to a foundation (like Newmans Own Foundation) or a trust (like Patagonia). The company and its employees stay in place, and continue to generate $10M annual profits, which can then be given away to good causes year after year.
You have created a philanthropic annuity. But more than that, you have given your business, employees, and customers a gift as well. Every product they make, sell, or buy is now a product whose profits go to support good causes.
And for those starting new business, it may not be a fair comparison today, but Paul Newman and A.E. Hotchner put in $40,000 of their own funds to get Newmans Own started back in 1982. That could have been a one-time gift but instead, Paul and Newmans Own have since given away over $600 milliona 15,000x philanthropic return!
A range of models
How do you get started on the 100% for Purpose journey? Here are a few models to consider, from simple to more advanced:
Give Your Profits Away Today: You can do so with an existing corporate structure. Paul Newman did this at first with Newmans Own as the Foundation was established years later. Thats also how Cummings Properties and The Good Store got started. Depending on your jurisdiction, there are more or less tax-friendly ways to go about this, and if you dont already have an existing foundation, you might find a Donor-Advised Fund an easy way to get started.
Donate your Business to an Existing Foundation or Non-Profit: Why re-create the wheel when there are already close to two million 5013(c) organizations in the U.S.? Id venture to say theres at least one among these that aligns to your value and your giving priorities, and that they would welcome a profit-fueled philanthropic annuity.
Establish your own Foundation and Donate your Business to it: You want to be more hands on? Establish your own foundation. When Paul Newman died in 2008, he gifted the food company to Newmans Own Foundation, but that was actually not legal at the time. The IRS granted us an exception to be able to continue operating until the Philanthropic Enterprise Act was passed in 2018. This new law allows foundations to own profitable companies outright, versus in the past, being limited to no more than 20% equity stakes.
Split Voting Rights and Economic / Profit Rights via a Perpetual Purpose Trust: Perpetual Purpose Trusts are also relatively new in the U.S.: the first on record dates back to just 2018, but their European equivalent, steward foundations, including Novo Nordisk, Ikea, and Rolex, have been around for decades. Purpose Trusts offer flexibility, for example allowing you to keep some or all voting rights of the company while giving away the economic rights to your foundation, a non-profit, your employees, or a mix of all these. This is what Patagonia chose to do, with a HBR case study on the details for the legal aficionados among you.
Giving Tuesday is almost upon us, and while I dont expect people to make such a decision in one day, I want to invite current business owners and future founders to think about joining the 100% Purpose movement.
Giving a business away is still considered a radical move, but it offers business owners, their employees, and their customers something a traditional sale never can: legacy.
In early 2022, the meal delivery company I founded, Tovala, went out to raise $100mm from venture capitalists. Our business could not have been hotter. Wed crossed $110mm of revenue, growing over 100% YoY. We had retention that was 34 times better than other meal delivery services. We had low awareness, lots of room for product innovation, and a seemingly clear path to an IPO.
Then the war broke out in Ukraine, and capital markets started to get spooked. All of the sudden, fast-growing, unprofitable consumer businesses were out of vogue. We managed to raise $32mm, not a small sum, but it felt like a failure.
It ended up being the best thing that ever happened to us.
A new game
That struggle made us realize the game had changed. Investors no longer wanted to fund unprofitable growth. In fact, they might never fund unprofitable growth in our category again. So we had to find a way to stretch that $32mm as far as possible.
That was easier said than done. In 2021, we burned $26mm. We had to change how we operated Tovala. Fast.
This was more than just cutting some costs. It meant a complete shift in mindset of every team member. For years we had been focused on scaling as quickly as possible. For example, for our operations team, that meant thinking about how we could safely fulfill an increasing number of meals every week and, in their spare time, figuring out how to improve our margins. We had to flip that mindset on its head. And instead of thinking about rapid scaling, think about where we could find efficiencies in the business.
We started to repeatedly pound the drumbeat of profitability. We talked about it at every company all hands, and most importantly, we helped everyone understand why it mattered. We celebrated wins as small as a slight reduction in our AWS fees and as big as launching new product offerings. We got much more disciplined with hiring and performance management, pushed every team to identify margin wins, and we scrutinized our P&L for any waste. We found big levers on pricing and marketing spend and small levers in renegotiating many contracts. It all mattered.
Focus, focus, focus
What most surprised me during this period was not just our teams ability to execute. It was the value of focus. Wed built a company culture that was frugal and yet, when the team was tasked with finding waste and inefficiencies, it was everywhere. With the benefit of hindsight, its clear to me that it is not realistic to prioritize growth, (which the team had been doing for several years), while simultaneously having real rigor on minimizing all waste and inefficiency.
We ultimately achieved our goal. We havent raised a single dollar since that $32mm fundraise. Weve been profitable for two years. And weve built a culture that can operate in the chapter were now in: one defined by growth and profitability.
In a perfect world, my job wouldnt exist. I’m a consumer privacy advocate, which means I spend my days fighting for something that should be automatic: your right to control and protect your own personal information.
Unfortunately, we dropped the ball. In the era of social media and hyper-targeted ads, we didnt build the right privacy infrastructure to protect ourselves. Instead, we let tech companies sell us the story that knowledge is power and data is the price.
Yes, knowledge is power. But dataa dry, emotionless word for who and what we are as humansshould be our super power. It should be ours to control and use to improve our lives, not just something companies profit from while leaving us vulnerable to harm.
Now, AI is making this dynamic worse. As we enter the AI Age, our datawho and what we arehas become more valuable, and more vulnerable, than ever.
Weve got OpenAIs CEO dreaming of a day when every conversation youve ever had in your life, every book youve ever read, every email youve ever read, everything youve ever looked at is in there, plus connected to all your data from other sources. And your life just keeps appending to the context.
Weve got tech companies building wearable devices to track our emotions claiming that the only way AI can be effective is if it can know how were feeling in real time. Were rapidly entering a future where wearing smart glasses on our faces capable of recording and having AI process everything around us will be normal.
Weve got AI chatbots passing themselves off as real therapists to get people to share their deepest, darkest thoughts and feelings. Some of those people have died by suicide after long conversations, fed by deeply personal data, that spiraled out of control.
In the AI Age, personal data isnt just a record of who we are. Its our actions, transactions, locations, conversations, preferences, inferences, and vulnerabilities. Its our identities, our intimate selves, our hopes, dreams, fears, and flaws. And in a future full of AI friends, AI therapists, and AI agents, this data wont just reflect who we are: it will help shape who we become. Leaving all that in the hands of companies with questionable ethics, or governments with shifting priorities, is a dangerous bet. We need better options.
A deliberately oversimplified history of privacy
Before we look ahead, it can be helpful to remember how we got here.
In Biblical times, privacy was a nope. God was all-seeing, and surveillance was divine. Take Hebrews 4:13 for example: And no creature is hidden from his sight, but all are naked and exposed to the eyes of him to whom we must give account.
The Middle Ages didnt offer much privacy either. People often lived on top of each other and were literally all up in each others most intimate business. The Renaissance rolled around and privacy burst onto the scene, thanks in large part to the printing press. Give people access to more books, and, it turns out, they tend to go off by themselves, silently read, and nurture internal private thoughts.
The Age of Enlightenment saw the concept of personal privacy start trending. Private thoughts, notions of personal property rights, even the idea that your mail shouldn’t be read by strangers started becoming normal.
The Industrial Age brought more than factories, trains, and booming cities. Personal privacy rights started getting written into law. The US Bill of Rights gave people the right to be protected from unreasonable search. British Common Law gave us protections against harms like defamation (privacy for your reputation) and trespass (private property).
In 1890, the right to privacy was born. In an essay of the same name, lawyers Samuel D. Warren and Louis Brandeis argued that people have the right to be let alone. It wasnt just peoples property that should be protected from intrusion, they wrote, but also their thoughts and emotions. Privacy as a civil liberty starts to take shape.
Then the Technology Age comes along, and things get complicated. Telephones mean wiretapping. Cameras mean surveillance. World Wars I and II saw the rise of government intelligence agencies. The Cold War brought with it many spy vs spy vs spy games. Governments learned to love snooping. George Orwell wrote 1984. Privacy gets kicked in the teeth.
In response, people decided they needed laws to better protect them from government surveillance. Germany adopted the worlds first data protection law in 1970. The US passed the Privacy Act of 1974
The Internet Age clicks on and things go downhill for privacy real fast. Social media, targeted advertising, cookies tracking us all around the web, phones pinging our locations everywhere we go, the rise of big data: privacy begins to enter a death spiral.
The definition of privacy swings from the right to be let alone to something called contextual integrity. This is the idea that our personal information will be collected, but will only be shared with those we choose, and only when we want it shared, based on context and consent.
But his definition of privacy fails miserably because it turns out that our personal information is quite valuable. Over time, it became the norm for companies to bury consent in terrible privacy policies and behind Click to Agree links.
There are some legal data rights, if you live somewhere lucky enough to have them. Laws like Europes GDPR or Californias CCPA give you the right to know whats collected about you, to delete it, or opt out of having it sold. But even with those protections, todays most stringent privacy rules and systems are struggling to kep up with the social media age, let alone whats coming next.
Now were entering the AI Age and the Grim Reaper is standing right there, glaring at privacy, ready to usher it to the eternal hereafter.
AI could doom privacy or it could save it
These days, its not just what were watching or buying that is being surveilled. Its every single aspect of our existence: our facial expressions, the thoughts in our language. The potential abuse of this technology for privacy is staggering. And were helping.
Performing real time facial recognition on the missed connection on the train so you know where they live? Check. Granting access to our email, our calendar, our credit card info, our hopes and dreams to an AI agent to help order groceries, book flights, or make our lives a little easier? Check. Pouring our hearts out to our AI therapist or girlfriend because were feeling lonely or too shy to share these thoughts with a real person? Check. (The top self-reported use case for AI in 2025 is therapy and companionship.)
What does privacy mean in an era of AI therapists and companions and agents that work in ways no one quite understands? We dont know how these AI models work, yet were being told to give them all our very intimate, personal information so they can work better for us? The idea of privacy in the AI Age feels like its come full circle, like were returning to those Biblical times dominated by some kind of all-seeing, all-knowing entity. But even if some people are becoming convinced it is, AI isnt God. AI is a mix of code and algorithms and human decisions, often with the goal of building power and making profits.
But theres some good news. AI could help save privacy too.
Its time for the next printing press
To reclaim privacy in the AI Age, wed be wise to borrow a page from the past.
Six hundred years ago, the printing press cracked the world open. It turned knowledge from something hoarded into something accessible. People could now carry ideas into the forest, read them in private, and come back changed. That one invention would later help spark the Enlightenment, a revolution in how people thought about power, truth, and freedom. People could read in private. Think in private. And eventually, demand the right to live in private. The printing press helped transform thinking and innovation, because it gave birth to the very idea of individual privacy.
Today, we need a new printing press: a system that gives us control over the story of our livesour dataand, perhaps, sparks our next advances.
Let me introduce you to a scrappy, overlooked right called data portability. At its core, this dry-sounding term means something radical: that you can easily and securely move your data where you want, when you want, and actually use it to serve you, not just companies.
But theres a big gap between that vision and our reality. Too often, data portability tools are buried and convoluted, or completely nonexistent. Ever tried downloading your data and ended up with a giant, unreadable zip file youre not sure what to do with? Thats not empowerment; thats a digital paperweight.
Data portability is the underdog of privacy rights. Barely known, rarely prioritized. But if developed and backed with intention, it could reshape the future.
Imagine a world where your data isnt trapped in distant data centers. Instead, its close to homein a secure data wallet or pod, under your control. Now imagine pairing that with a loyal personal AI assistant, a private, local tool that lives with you, learns from you (with your permission), and acts on your behalf. Your AI. Not theirs.
Heres a simple example: period tracking. It doesnt get much more intimate than that. And in places with abortion bans or restricted healthcare, it doesnt get much more dangerous, either. Right now, millions share that info with apps owned by companies that can sell it or hand it over to law enforcement under subpoena.
But imagine if that data lived only in your data pod, controlled only by your AI, to predict symptoms, suggest care, flag concerns, or automatically order chocolate and Advil. With data portability, you can take your data, transfer it to your AI, and use it to benefit you. Thats the difference between being surveilled and being served.
And thats just the beginning. Local, controlled AI plus portable, personal data could potentially help us address huge problems like healthcare, climate change, job loss, financial precarity, and unlock services we havent even dreamed of yet.
Will it be easy? Nope. The technical and regulatory infrastructure to do this doesnt existyet. Some people, including the founder of the World Wide Web, are working on solutions that could lead there.
The incentives to do this the right way arent obvious to everyoneyet. The companies that could help build this infrastructure dont want to prioritize thisyet. But neither did the wealthy and powerful want the printing press.
Were at a turning point. If we dont push for systems that give people control over their data, well sleepwalk into a future far more dystopian than divine. But if we doif we build the next printing press for the AI Agewe just might write ourselves into a better story.
Control your data, and you control your destiny.
Yes, that sounds grand. But once so did the idea of ordinary people owning books. And look what came next.
Jen Caltrider is Director of Research and Engagement at the Data Transfer Initiative and formerly led Mozillas Privacy NotIncluded initiative.
After more than 70 years, the Ford Motor Co. finally has an architectural centerpiece.
The automaker’s new global headquarters has officially opened in Dearborn, Michigan, just outside Detroit and within eyeshot of some of the main facilities that have sustained the company for more than a century. Covering 2.1 million square feet and designed by the architecture and design firm Snhetta, the new building sprawls across four circuitous stories. Getting from one side to another is a trek.
During a two-hour walking tour of the building, a week ahead of its official opening, I traversed at most a quarter of the overall space. This immense size is the building’s strength, as it allows the company to bring much of its executive, engineering, design, and fabrication teams under one (very large) roof for the first time. About 2,000 Ford employees work there now, with around 4,500 expected by 2027.
Jim Dobleske, CEO of Ford Land, the company’s real estate arm, says the headquarters was designed to enable collaboration and a more flexible approach to office worktwo post-pandemic prerequisites. More importantly, the building is meant to streamline how different arms of the company work together, using proximity, shared resources, and the simplicity of a single building to break down historic silos.
“It’s not just a building,” Dobleske says, walking through its airy front lobby. “It’s a tool.”
The Ford of 2025 is a different company than its mid-20th-century self, then still heavily influenced by the top-down approach of founder Henry Ford, even years after his death. Still, there are strands of the corporate DNA that have carried through over the company’s 122-year history. Ford has historically been a deeply stratified corporation, with a longstanding emphasis on command and control. Today, its evolving architecture is a reflection of a company that’s reconsidering its approach and priming itself for a particularly dynamic era in the history of automaking.
[Photo: Ford]
The new building sits 2 miles away from Ford’s former headquarters, a 12-story modernist box known as the “Glass House,” which has been the buttoned-up main office for 2,000 of the corporation’s higher-ups since it opened in 1956. Located on the other side of a highway cloverleaf and moated by a wide belt of lawn and parking lots, the building was emblematic of Ford’s corporate architectural sensibility, as well as its corporate structure.
The “Glass House,” Ford’s former headquarters. [Photo: Bill Pugliano/Getty Images]
The new building is designed as the new hub of an increasingly concentrated campus of Ford buildings, situated within walking distance to an estimated 14,000 Ford employees, each of whom can use the building’s common spaces, bookable meeting rooms, and 1,000-seat food court. That includes staff at the product development center, engineers from the recently renovated Ford Engineering Lab across the street, and researchers in its components laboratory.
“It’s the most horizontally and vertically integrated building I know of,” says Craig Dykers, cofounder of Snhetta and architect of the building. His firm also created the campus master plan that has reshaped the corporate landscape of Ford.
During the tour, Dykers stood near a window and pointed out the buildings and facilities in the area that are all part of the Ford machine. “We took a lot of facilities that were spread all over and pushed them together,” he says.
[Photo: Ford]
[Photo: Ford]
Inside the HQ
A few finishing touches remain before the project is officially complete in 2027including parking garages that will be tucked beneath additional performative landscape that’s able to divert and clean stormwater and building runoffbut the building is already humming with activity.
From the outside, Ford’s new headquarters is a gleaming spaceship of a building, with scalloped edges covered by flat and subtly shaded glass. The building’s plan, seen from overhead, is of three hexagons arranged into a kind of triangle, with spaces cu out from their centers to create large internal courtyards.
[Photo: Ford]
Walking through the building, its sheer size is hard to fully grasp, and parts can feel disorienting. But there are even more places where a corner is turned, or a stairway is climbed, to reveal a view down a corridor that resets the internal map. Glimpses can often be seen of the four accessible courtyard spaces, each of which has been designed by Snhetta to reflect a different regional habitat. The largest courtyard, inspired by the Great Lakes, features cascades of stone, two bookable meeting canopies, and large sliding doors that connect to seating in the building’s dining area.
[Photo: Ford]
This area is accessible to any Ford employee, even those not working within the headquarters building. Jennifer Kolstad, global design and brand director at Ford Land, says it’s part of the company’s effort to rethink its global real estate portfolio and make more spaces more accessible for different types of work, be it a lunch meeting or a heads-down cram session in a private booth. It’s a far cry from the culture of desks that long reigned at Ford, she says.
[Photo: Ford]
The design, informed by Kolstad’s deep experience in interior architecture and hospitality design, is intended to create a human scale. “The challenge of this is 2.1 million square feet at human scale,” she says. Working closely with the architects at Snhetta, Ford’s design team integrated hotel lobby-style seating across the building, as well as grand staircases that double as seating for informal meetings or large gatherings.
[Photo: Ford]
The right amount of transparency
With so many parts of the company situated in this one building, including highly sensitive operations like the development of new car designs, there was a challenge in making the building accessible without completely blowing the doors open. One solution has been the creation of 14 “arrival areas” outside the secured doors of specific business functions. These are café-like seating areas and meeting spaces where people can gather for coffee or a meeting without having to navigate through secured parts of the building.
[Photos: Ford]
This attempt at openness extends to the architecture itself. Walking through the straight spine that runs between the three hexagons of the building, Dykers points up at a narrow atrium that runs through the top three floors of the building. A skylight pours light down, and people on each floor can get glimpses of what’s happening elsewhere, even if they don’t have the badge to get them through the door.
[Photo: Ford]
There are four different levels of security in the building, according to Ford Land’s Dobleske, including one for the top floor where there are several design studios that often move full-scale car models and properties across the building’s 22-inch-thick concrete floors. A corporate spy’s dream, these concepts and nascent designs are cleverly obscured behind frosted glass and partitions, while still allowing the skylight and atrium to spread light and views to the floors below. “We still want people to be able to see people and properties moving through the building,” Dobleske says.
[Photo: Ford]
But there’s a limit to that spirit of transparency, especially when it comes to product development. The design studios are located on the building’s two top floors, including spaces along window-lined edges of the building that could potentially offer views to prying eyes outside.
[Photo: Ford]
To allow light in while maintaining privacy, the glass that wraps the entire building has been treated with a specially designed frit patterning that obscures the view. In a nod to Ford’s famous logo, the frit is made up of millions of tiny ovalsblack on the interior side of the window and white on the exteriorto help manage heat inside while also preventing design secrets from spilling out. “It took us over a year to develop that,” Dykers says.
[Photo: Ford]
The design studios are also directly connected to an even more useful space: a large exterior courtyard where scale models and concepts can be given a good look in natural daylight. Elisangela Previte, global business operations manager for Ford Design, says the space makes it much faster for designers to vet their design choices, moving a model out of the controlled environment of the modern design studio and into the harsh glare of the sun. Though there are minor concerns about the potential for drone surveillance, the bigger concern is the geese that are trying to use the courtyard for their nest. Previte says they’re still trying to figure out the right way to keep the geese out.
[Photo: Ford]
A quick ride in a freight elevator can bring a new model down to the building’s other prize space, a large domed showroom equipped with 10 in-floor turntables to slowly rotate cars, a large overhead light that can emulate light from any time of day, and a large conference room for executive meetings and new car reveals. The showroom also connects to its own courtyard, allowing those formal car design reviews to occur under natural light, and with the benefit of view lines that can stretch 180 feet. It’s the kind of space where the final approval for a new car model can come through or an emerging concept can be doomed to the archives.
Each stepfrom a design concept to a full-scale model to a new car approved for productioncan feasibly all happen within this new headquarters building. It’s a radical concentration of abilities for Ford, marking a new approach for a company that can feel steeped in its own history, both for good and for bad. Given the pace of automaking, it will take time for consumers to see what impact all of this has on the cars that Ford produces. But for now, the building itself is a big indication of how the company sees itself evolving in the near term.
New locker rooms. Rows of seats removed. Every last Real Madrid sign hidden from sight. These are just some of the measures the National Football League took to transform one of the world’s most iconic soccer stadiums for a matchup between the Miami Dolphins and the Washington Commanders. On November 16, the two teams will compete on the field of Real Madrid’s Santiago Bernabéu, though the pitch won’t look anything like its usual self.
To get the field ready, the NFL spent $2.32 million on a series of temporary renovations. The most fundamental change was to the playing surface itself. Since soccer pitches are shorter than American football fields, the playing field had to be extended from 115 yards to the official NFL length of 120 yards. To make this happen, entire rows of seats in the stadiums North and South Stands were physically removed.
[Photos: Victor Carretero/Real Madrid/Getty Images, courtesy of the author]
The fact that this could be done at all is a testament to the clever modular work by L35 Architects; von Gerkan, Marg and Partners (gmp) Architects; and Ribas & Ribas Architects, who designed the stadium. Also important is the stadium’s patented, retractable pitch, which is divided into six sections and can be moved horizontally and vertically using electric motors and hydraulic systems. The sections are stored in an underground chamber called the Hypogeum, where the grass is attended to. The Bernabéu’s unique retractable pitch system makes it arguably the most versatile large-scale entertainment venue in the world; it can transform to host soccer, football, tennis, basketball, concerts, conventions, or almost any other event you can imagine.
The logistical needs of NFL teams also forced significant, albeit temporary, structural changes. The locker rooms were expanded to handle the 53-man rosters and their extensive support staff (more than double Real Madrid’s 25-man soccer squad). Because the traditional central tunnel used by soccer players was unsuitable for so many people to go through in a timely, organized manner, new access points to the locker rooms were created in the corners of the bench areas. The league also installed a new, separate press room to meet its specific media protocols.
[Photo: courtesy of the author]
Unlike soccer, where teams occupy designated benches, NFL teams are positioned along the length of the field. The narrower NFL field width meant the front rows of the side stands did not need to be altered, but the home and visitors team boxes had to be removed to make space for the halftime-show stage.
[Photo: courtesy of the author]
The NFL even tried to fix the stadium’s noise problems, which became known worldwide thanks to Taylor Swift (and, months later, caused Real Madrid to cancel all future music concerts until a solution to the acoustic pollution is found). That in itself is remarkable. And necessary: While Real Madrid games cause extraordinary noise for 90 minutes, the NFL game will cause a lot more because of its halftime show. The NFL installed noise-absorption panels throughout the stadium, probably hoping to avoid the PR backlash that would have ensued (and still might) without them.
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Wow
As someone who lives close to the Bernabéu, I’ve been watching the transformation closely. I went to the stadium to see all the changes just before writing this article, and the most shocking thingat least for a Real Madrid fan like mewas to see every trace of my club erased. All club shields and branding are either covered up or removed entirely. Signs for the NFL, the Commanders, and the Dolphins are everywhere, just as they are throughout Madrid, thanks to the regional government, which spent about $3.5 million to promote the event.
During the game, the stadiums 1,120-foot, 350-degree screenwhich is the spectacular ever-present visual frame for every Real Madrid home matchwill display the flags of Spain, the United States, and the NFL, plus all the sponsors and game information. Even the clubs public-facing commercial spaces have been repurposed; the Bernabéu museum, which displays all the trophies and historic memorabilia of FIFA’s Club of the Century since its 1902 foundation, ceded space for a temporary NFL museum. The official team store also gave up a large portion of its retail area for a merchandise shop selling gear from all 32 NFL franchises.
Everyone in Spain is betting on this being worth the money and the effort. Certainly, it will be for fans and curious people: About 84,000 will fill the stadium after the initial sale window saw 700,000 different devices attempting to purchase tickets. The regional government estimates that the game will bring in approximately $81.2 million in revenue.
[Photo: Eduardo Parra/Europa Press/Getty Images]
It is yet to be seen whether it will be worth it for football itself. While the NFL is the highest-grossing sport in the U.S., it pales i comparison to the globally popular game of soccer. According to Deloittes 2024 fiscal year report, in Europe alone the soccer market generated revenue of $45.1 billion compared to the NFLs $23 billion.
Still, all of Madrid has seemingly been swept up by the current spectacle. Just yesterday, my son and I were amazed to see a giant double-decker bus for NFL fans decorated with Miami Dolphins colors. All around the city there are flags and bus stop ads announcing the game. According to NFL executive Jon Barker, bringing football to a wider audience is generational work. “I dont think at this point that we have any idea 100 years from now what football is going to look like on a global scale,” he told The Washington Post.
The league views this game as a pivotal moment for its expansion into the Spanish-speaking market. A flashy show, for sure. A mini Super Bowl of sorts. But the NFL has an uphill battle if it wants to make a dent in the markets where real footballthe one you play with your feet, not with your handsis the undisputed king.
Outdoors brand Yeti dropped its new holiday commercial, and it has a lot of what youd expect from a seasonal spot. Bad Idea outlines all the reasons you probably shouldnt get a Yeti for someone you care about: Dont get them a Yeti, says the voice-over, as a ribboned cooler flies out the back of a pickup truck. Unless you like dogs that are always wet, eyebrows that are still growing back, and sand in places sand should never be.
By the end of the commercial, its clear that the brand is aiming at people who are obsessed. It could be surfing, fishing, camping, golf, whateverits about those chasing the dream wherever it leads them.
But for all its charming predictability, this is more than just another ad for Yeti; its a major shift in the way the company approaches marketing and advertising. Thanks to a partnership with Wieden+Kennedy, this commercial is the first piece of advertising Yeti has made with an outside agency, and it signals a new era for a brand that has been staunchly self-made.
For the past 19 years, Yeti has largely created all its own marketing and advertising, including ambitious projects like its ongoing series of short documentaries under the Yeti Presents banner. Thats why my ears perked up when Yeti CEO Matt Reintjes announced the W+K partnership on his companys November 7 earnings call. This came amid outlining how revenue was up 2% year over year but profits were down slightly by 2%, which the company credited to higher tariff costs. International revenue was up 14%.
Mixing strong in-house creative cultures with big-name agencies is rare, especially today, as more brands build out robust in-house teams to replace or reinforce their long-standing relationships with agencies. When the two do mix, one typically emerges as the alpha.
When I spoke to Reintjes recently, he told me that teaming up with the same agency as Nike, Ford, DoorDash, and McDonalds is a reflection of Yetis ambition and expansion into mainstream sports, backyards, and yoga studios around the world.
We’re incredibly proud of the team that we have at Yeti and the way this brand has come to life with their vision and creativity, he says. We saw an opportunity to take the power of the in-house creative and content we have at Yeti and pair it with an incredible partner in Wieden+Kennedy and their global scale and global brand storytelling experience capabilities.
Its also an opportunity to redefine how a world-class creative marketer can coexist and thrive with a world-class creative shop.
The Great In-house Debate
Over the past 15 years or so, there has been an omnipresent tension in advertising between the role of in-house creative departments and ad agencies. Many in-house agencies were created to save a brand money by not having to outsource all of its creative work. It was also about control, the theory being that an in-house team would know the brand better, and it would be able to produce work faster to keep up with the pace of culture as social media exploded.
The reality is that brands were also fed up with unnecessary fees and bloated holding company bureaucracy. So they started to build out their own teams. The Association of National Advertisers (ANA) publishes an in-house report every five years. Its 2023 report said that 82% of its members had an in-house agency, up from 78% in 2018. Some estimates now put that figure closer to 90%, though the trade groups next report wont be published until 2028. Each brand has its own model.
Almost all brand work from Airbnb, Squarespace, and Liquid Death comes from their in-house teams. Patagonia, another heavyweight in outdoorsy film content, produces all of its marketing in-house, too. In the past three years, Kraft Heinzs in-house agency, the Kitchen, has expanded its work from 4 of the companys brands to 19, and grown its team from 35 to more than 135 across two offices. PepsiCo has three different in-house agenciesSips & Bites for bigger projects, D3 for PepsiCo Foods in the U.S., and Creators League, which is focused on beverages. All told, its a major investment for these companies.
Ad agencies began to feel threatened. Every project or creative win by an in-house agency could conceivably have been theirs. Trade group In-House Agency Council reported last year that external agencies did 70% of the workload in 2021, but by 2023 that dropped to just 30%. Some execs estimated that 30% to 40% of revenue had bled from the traditional creative agency model through in-housing.
Yet Krafts most high-profile (and awarded) work still comes primarily from partner agencies like Rethink. When Pepsis in-house agency made the infamous Kendall Jenner ad in 2017, many ad agencies not-so-quietly celebrated the blowback.
What makes Yeti and W+K unique is their chance to reset this narrative and show what two incredibly strong creative entitiesin-house and externalcan achieve together.
Irrational Commitment
Last year, Yeti released a short film called All That Is Sacred. Directed by Scott Ballew, the 34-minute film is a portrait of Jimmy Buffett and his group of friends in Key West, Florida, back in the late 1960s and 70s. It shows the balance between the work and leisure life of writers and musicians, including Thomas McGuane, Jim Harrison, Guy de la Valdéne, and Richard Brautigan, and their shared obsession with fishing.
No ad agency on earth wouldve made this. Or let e rephrase: No client would likely buy this idea from an agency. Not because ad agencies lack the creative talent. Ad agencies can, and do, make great, unexpected creative work. Even if we just stick to films, look no further than The Seat on Netflix (Modern Arts for WhatsApp), award-winning short doc The Final Copy of Ilon Specht (McCann for LOréal Paris), or waaay back to Pereira ODells role in Werner Herzogs 2016 feature doc Lo and Behold for Netscout.
But All That Is Sacred is ambitious even by Yeti standards. Most of Yetis best work has a direct tie to the brand, typically telling a personal story or chronicling an adventure of one of its many ambassadors. This is none of that. The tie to the brand is less direct, and more about vibes. That can be tough for an agency to push from the outside.
To use a Yeti-appropriate metaphor here, as a piece of brand content goes, its not just out in the wildernessits fully off-grid, to a point that would make most marketers feel naked and afraid. But its beautiful. And it fits. It fits in a way that only a brand so fully confident in itself and its point of view could.
That point of view has been the backbone of Yetis overall brand strength. Pierre Jouffray, Wieden+Kennedy executive creative director, says the agency worked with the internal Yeti team to really crystallize what that point of view is. After talking to all the brands ambassadors, one thing stood out. There’s something that is so true about their product, about the ambassadors, about the people, and about the way we would work together, which is this idea of irrational commitment, he says. Thats something that you can really connect with no matter what your pursuit is.
For Reintjes this isnt about taking a weird left turn for the brand. This isn’t about doing something different; it truly is additive, he says. It’s almost like a layer cake. We’re just adding another layer on top of the incredible work that our team does from the most grassroots, endemic, connected, authentic audiences across social media and different platforms. We look at this as augmenting and a partnership in and how we scale this brand for a really long time.
Bad Idea is a great start, blending what both companies do incredibly well. Its even narrated by musician and actor Ryan Bingham (Yellowstone), who hosted a Yeti show called The Midnight Hour in 2020.
The real test will be to build up the global brand work that truly taps into that idea of irrational commitment while still connecting and creating with the audiences who built this brand in the first place. Just Yeti It.
A reader writes: I have a new employee who is refusing to do some parts of her job. She hasnt done this with me directly, but when I left for a weeks vacation, I gave very clear guidance on what she should be working on. That included learning to use some of our equipment, practicing her job skills, and reviewing training videos with the team.
Unfortunately, while the other team members were focused on the training videos, she was watching personal videos on her phone. Each team member later told me separately that when they asked her to participate, her response was, No, Im not going to do it.
What should I do now?
Minda Zetlin responds:
Unless your employee is covered by a union contract, or a contract between you and her, you certainly have the legal right to fire her. Ethically, you have that right as well. When you hire someone to do a specific job, you can reasonably expect that they will do that job. The exceptions would be if you asked her to do something dangerous, illegal, or that violated her own ethics. Or, if you had unreasonable expectations for when or how much she would work, as in last weeks Ethics question.
Assuming none of that is the case, you can do whatever you choose. So ask yourself whats best for you and for your company, and also whats best for her. The answer will depend on why you hired her in the first place. Does she have skills your company needs? Do you see potential in her? Is she refusing to do these things because shes inexperienced and perhaps afraid of doing them badly?
Your next step should be to have a one-on-one meeting with her. Id begin by asking her why she declined to do tasks that clearly are part of her job. Id also ask about her future career goals both inside and outside your organization. Her answers will help you make an informed decision about what to do next.
Update:
The reader writes that they met with this employee one-on-one. I asked if she wanted the job, and she said yes, they write. I then listed the specific behaviors that needed to changeincluding refusing to participate and using her phone during work time. This was done firmly but with kindness, the reader says.
The reader also explained that the goal was to help this employee develop valuable professional skills. I made sure she understood the opportunity in front of her. The more senior person in her role earns more than $82,000 a year, and I explained that the training shes receiving could put her on a similar path at this company or anywhere else. The reader then printed out a list of the expectations this employee was to fulfill, and they each signed it.
The two met again for a follow-up two weeks later. By that time, her performance had improved dramatically. Shes now on week seven, and time will tell if she continues to grow into the role, the reader writes. But the kindly, structured explanation seems to have made a real difference.
Got an ethical dilemma of your own? Send it to Minda at minda@mindazetlin.com. She may address it in a future column.
This week’s biggest business news is perhaps that the U.S. federal government shutdown finally ended; however, that ending didn’t come without more than a few noteworthy concessions. Meanwhile, a beloved coffee chain walked straight into a strike on one of its biggest promo days, and a regional grocer found a way to turn literal loose change into both PR and foot traffic.
In the background, the tech world reminded everyone that hype cycles come with fine print. CoreWeave, one of the hottest names in AI infrastructure, delivered blockbuster revenue but still saw its stock sink on news of a delayed data center. IBM, facing louder rivals in quantum computing, rolled out new chips and a faster manufacturing plan to reassure customers it is still a contender. And amid all of that, Target is telling workers to smile more, and Google is suing over scam texts. Here are the stories that defined the week in business.
Marriott and Sonders Split Leaves Guests on the Street
Marriott abruptly terminated its licensing deal with Sonder, and within a day, the short-term rental operator announced plans to liquidate and file for Chapter 7 bankruptcy protection. The collapse has created chaos for roughly 1,400 employees across more than 35 cities, not to mention for guests caught in the middle of stays. Some travelers reported being told to vacate with little warning, and others were denied access to their rooms or forced to navigate partial refunds and small credits after hours while on hold on the phone. Marriott says its priority is minimizing disruption for guests who booked through its channels, but both companies have gone quiet publicly as blame for the failed partnership flies in both directions.
Google Sues Alleged Smishing Kingpins Behind Fake USPS Texts
If you have ever gotten a fake USPS or toll road text, Google says it has found one of the groups responsible. The company filed a lawsuit against 25 unnamed individuals it ties to a global phishing as a service operation called “Lighthouse,” which allegedly used hundreds of fake website templates to mimic brands such as Google, USPS, and New York City agencies. Google argues that the nefarious network may have stolen as much as a billion dollars over three years by tricking users into entering logins and payment information. The suit leans on RICO, trademark, and computer fraud laws, and aims to disrupt Lighthouses infrastructure, even if the operators themselves are based overseas and beyond easy reach of U.S. law enforcement.
Starbucks Baristas Turn Red Cup Day Into a Red Cup Rebellion
On what is usually one of Starbuckss biggest promotional days, unionized baristas at more than 65 stores across 42 cities walked off the job. Members of Starbucks Workers United say negotiations over pay, hours, and hundreds of alleged unfair labor practices have stalled, and they accuse the company of refusing to bring serious proposals to the table. Starbucks insists the strike has had minimal impact so far and says it is ready to bargain when the union returns. The union counters that it is prepared to escalate into the largest, longest strike in company history if leadership does not agree to a contract that improves scheduling and take-home pay.
Hemp Becomes Collateral Damage in the Shutdown Deal
To move a bill that would reopen the federal government, senators accepted language that could effectively outlaw many hemp-based products within a year. The provision bans unregulated sales of items containing THC, which even legal hemp can include in trace amounts, and could devastate a $28 billion industry built after the 2018 Farm Bill loosened restrictions. Kentucky Sen. Rand Paul tried and failed to strip the hemp language, arguing that it threatened thousands of jobs in his home state and elsewhere.
Shutdown Fix Sets Up a 2026 Sticker Shock for Health Insurance
The same deal that moved the government toward reopening will leave millions of Americans facing higher health insurance premiums in 2026. Senators agreed to fund the government without extending enhanced Affordable Care Act premium tax credits that currently keep exchange plans more affordable. Data from the Kaiser Family Foundation suggests that individuals could pay up to $1,836 more per year, and families of four could pay up to $3,735 more a year, if the credits expire. Democrats secured only a promise of a future vote on an extension and will now have less leverage, while employers are expected to hike premiums on workplace plans as well, continuing a decades-long trend of costs outrunning inflation.
Target Bets on Smiles and Service With New 10-4 Policy
Target is testing a back-to-basics strategy for its in-store experience as it heads into the holiday rush. A new 10-4 policy instructs employees to smile, wave, and acknowledge customers who are within 10 feet and to actively greet shoppers who are closer than 4 feet. The initiative lands just ahead of Black Friday and at the start of weeks of rolling promotions that stretch through late December, a period when two-thirds of Americans say they will already be shopping. Behind the friendlier vibes, Target is coming off better-than-expected second-quarter earnings, but also traffic declines, DEI-related boycotts, and recent layoffs that trimmed about 8% of its corporate staff.
CoreWeaves Data Center Delay Spooks AI Investors
AI infrastructure firm CoreWeave reported staggering growth, with revenue up 134% year over year and a $55.6 billion backlog of future business, yet its stock slid nearly 10%. The problem is a delay at a third-party data center that forced the company to lower its full-year 2025 revenue forecast by about $200 million. CoreWeave says the affected customer has agreed to keep the contract intact, meaning the revenue should arrive in 2026 instead, and stresses that 41 other data centers remain on track. Even so, the market reaction shows how jumpy investors have become about richly valued AI names, and how quickly sentiment can swing when execution hiccups threaten hyper-growth narratives.
IBM Pushes Back in the Quantum Arms Race
With DARPA publishing a list of top quantum contenders, and with rivals like Quantinuum touting record-setting machines, IBM is working to remind customers that it is still on schedule. The company announced two new processors: Nighthawk for near-term quantum advantage experiments, and Loon for longer-term, fault-tolerant architectures backed by advanced error correction codes. IBM is also moving quantum chip production into a 300-millimeter wafer fabrication plant at the Albany NanoTech Complex, a shift that should double its manufacturing speed and allow for much more complex processors. Executives say the goal is to make sure both hardware and classical software tools are ready so that real-world applications can scale by the latter half of the decade.
Pennies End, but a Grocer Turns Them Into a Marketing Win
With the U.S. Mint pressing its final penny this week after an order from President Trump to stop producing one-cent coins, a regional grocer is trying to capture both coins and customers. Market 32 and Price Chopper stores in six Northeastern states are hosting a Double Exchange Day that will swap up to $100 in pennies for gift cards worth twice as much. For shoppers, it is a way to turn jars of change into a sizable grocery credit. For the chain, it is a clever way to stock up on coins ahead of a looming shortage.
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Generally speaking, housing markets where inventory (i.e., active listings) has returned to pre-pandemic 2019 levels have experienced weaker home price growth (or outright declines) over the past 36 months. Conversely, housing markets where inventory remains far below pre-pandemic 2019 levels have, generally speaking, experienced more resilient home price growth over the past 36 months.
Of the 50 largest metro area housing markets, 21 major metros now have more homes for sale than at the same point in 2019. Last year, that count was 13 markets.
These are the 21 major markets where homebuyers have gained the most leverage: Memphis, TN; Austin, TX; Phoenix, AZ; Tucson, AZ; Denver, CO; San Antonio, TX; Orlando, FL; Nashville, TN; Tampa, FL; Oklahoma City, OK; Dallas, TX; Charlotte, NC; Seattle, WA; Houston, TX; Jacksonville, FL; Las Vegas, NV; Raleigh, NC; Birmingham, AL; Miami, FL; San Francisco, CA; and Portland, OR.
Many of the softest housing markets, where homebuyers have gained the most leverage, are located in the Southeast, Southwest, and Mountain West regions. Many of those areas were home to many of the nations top pandemic boomtowns, which experienced significant home price growth during the Pandemic Housing Boom, which stretched housing prices beyond local income levels.
There are some markets within Florida that have struggled with some inventory balance issues,” D.R. Horton COO Michael Murray said on the company’s October 28 earnings call. “Notably, Jacksonville and Southwest Florida have had some excess inventory, and demand has been a while coming to absorb that. So that’s kind of what you’re seeing in the current quarter’s results in the Southeast for us.”
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Once pandemic-fueled domestic migration slowed and mortgage rates spiked, markets like Punta Gorda, Florida, and Austin, Texas, faced challenges as they had to rely on local incomes to sustain frothy home prices. The housing market softening in these areas was further accelerated by the abundance of new home supply in the pipeline across the Sun Belt.
When and where needed, builders are often willing to reduce prices or make other affordability adjustments to maintain sales. These adjustments in the new construction market also create a cooling effect on the resale market, as some buyers who might have opted for an existing home shift their focus to new homes where deals are still available.
In contrast, many Northeast and Midwest markets were less reliant on pandemic domestic migration and have less new home construction in progress. With lower exposure to that migration pullback demand shockand fewer homebuilders doing large incentivesactive inventory in these Midwest and Northeast regions has remained relatively tight, keeping the advantage in the hands of home sellers.
While Im happy to extol the powers of the written word, sometimes you need a little something extra to get your point across.
Im not just referring to pictures, either, but also to annotations, flowcharts, and freeform drawings. These illustrative tools can be a powerful way to convey your message, whether by themselves or on top of an existing image.
Allow me to (*ahem*) illustrate exactly what I mean, using a free tool that might end up being the image-editing, markup-magic-creating supplement you never knew you needed.
This tip originally appeared in the free Cool Tools newsletter from The Intelligence. Get the next issue in your inbox and get ready to discover all sorts of awesome tech treasures!
The picture of productivity
Next time you need to mark up an image or feel like rolling your own flowchart, remember this website: Excalidraw.com.
Excalidraw is a web-based app that bills itself as a digital whiteboard, but it is actually much more than that. With Excalidraw, you can also import your own images and then insert arrows, boxes, lines, and textor create completely freeform drawingsall on top of them.
Youll be ready to start drawing or annotating in just a few seconds. The site is free to use and doesnt require any logins.
To start using Excalidraw, just pick one of the drawing tools at the top of the screen, then click and drag on the canvas to insert it.
You can easily import any image into Excalidraw and then mark it up in all sorts of interesting ways.
To add an image, either click the image icon orif youre using the site on a computer and the image is in your clipboardjust hit Ctrl+V or Cmd+V to paste it in.
Use the Cursor tool to select items that you want to move or delete, and use the Hand tool to move around the canvas.
Excalidraw lets you save works-in-progress as files on whatever device youre using. Once youre finished, you can copy the resulting image to your clipboard or export it as an image file.
If youre an expert at editing photos on your phonethanks, perhaps, to my colleague JR Raphaels Android Photography Masterclassyou may wonder why youd need a separate app for annotating images.
For one thing, Excalidraw works on any device, not just your phone or tablet. (Ive found it especially helpful when marking up screenshots for my own tech advice newsletters.)
Excalidraw also supports illustrations without an image, so you can build a flowchart from scratch or doodle away on an infinite canvas.
Lastly, Excalidraw has more powerful annotation features than your phones photo markup mode, with additional drawing tools and a Layers feature for moving elements to the foreground or background.
Excalidraw’s annotation options are especially exceptional.
Some extra tips to keep in mind when using Excalidraw (some of which will only make sense if youre using a device with a mouse or keyboard):
Right-clicking on the canvas reveals some useful options, including a grid mode and a Zen mode that hides the toolbar.
Right-clicking individual items is helpful as well, allowing you to duplicate, flip, or move items forward or backward in the scene.
While drawing lines or arrows, you can connect them to the edges of a shape, and theyll stay connected even if you move the shape later.
Use Ctrl+Z or Cmd+Z to quickly undo edits.
If you ever want to start from scratch, click the menu button in the top-left corner, then select Reset the canvas. (But consider saving your work first.)
To save your creation as an image file, click the menu button and select Export. Youll see a preview of what your image will look like along with some extra options. (Of note: Embed scene includes some data in the image file to allow for future editing in Excalidraw.) You can then save the file (as a PNG or .SVG) or copy it to your clipboard for easy sharing elsewhere.
Excalidraw.com is entirely web based, though you can install it as a Progressive Web App if youd like.
The site is free to use with no ads, including the ability to save project files to your local device and export images. An optional subscription for $6 per month lets you save files online and access extra features such as presentation mode and team management.
Excalidraw requires no sign-in, doesnt ask for personal information, and advertises end-to-end encryption for drawings.
Treat yourself to all sorts of brain-boosting goodies like this with the free Cool Tools newsletterstarting with an instant introduction to an incredible audio app thatll tune up your days in truly delightful ways.
