Kevin Yeaman0:00
I want to start by introducing a few of our special guests we have with us today: Honorable Mayor Ed Lee, Honorable Supervisor Jane Kim, Honorable Supervisor Scott Wiener, and Honorable Chinese Deputy Consulate General Ren. I also want to thank the Tenderloin Community School, who will be participating in our ribbon cutting today. I want to thank each of you; each of you is a very important member of the Dolby community, and it really means a lot to us that you're here to share this special occasion with us. And I have to give a shout out to our employees around the world; this is being simulcast to them, so hello everybody. And a big thank you to everybody who came together, both within Dolby and our partners outside of Dolby, to make all of this a reality. Thank you so much.
This is a really special day for us, and you may know that it coincides with our 50th year as a company. This is Dolby's 50-year anniversary, and it all started in 1965. Ray and Dagmar were on their way back from India, traveling cross-country in their VW bus, when they mailed in Ray's first patent to London. The company was founded in 1965, and it was in 1976 that they moved the company back to San Francisco to a small office. We were a small company on Sansome Street in downtown San Francisco and became part of this San Francisco community, and have been ever since. We grew over the years, and in fact over time we began to spread out in San Francisco. Most recently we were in three different buildings in San Francisco and a building in Brisbane. We've grown to over 700 employees, and we knew it was time to find a new home, a home to support our growth, to bring everybody back together. And we knew that we wanted to continue to be an important member of this vibrant community that is San Francisco. So we're so pleased to have found this new home. We knew right away it was a unique opportunity to establish a space that really embodies who we are as a company and what we do, and to enable our employees to do their best work and really be a part of this community.
We start with Dolby's purpose as a company, the reason that Dolby continues to thrive for 50 years: we advance the science of sight and sound to create and enable spectacular experiences. And we wanted that to resonate throughout the building. One of the ways that we've done that, and it's really special and I'm really thrilled the way it's come together, is we worked with a number of artists around the world, 21 artists, about a third of them are from here in the Bay Area. We shared with them what we do, how we see the world, how we see our purpose, and we asked them to come up with art installations. There are 36 throughout this building that represent their interpretation of who Dolby is, where Dolby's been, and where Dolby is going. I couldn't be more thrilled with the result. Some of them took the interpretation quite literally and have done quotes; some of them have created exhibits that make you think about how sound and sight come into play in your daily lives. Many of them are interactive, so they change as you interact with them. It starts the moment you walk in this building. Hopefully you all had a chance to notice the video wall. We have a complete audio-visual installation, an art installation created by a local artist. It's ever-changing, and the full Dolby Atmos system that goes along with it is also ever-changing, and that will continue to evolve over time. It's something that the community sees, hopefully, as a little bit of a tip of the iceberg as to what's going on between these walls. I'm really excited that one of the next installations the team has partnered with a local high school and a group of high school students, as an extension of their art program, is going to be learning to program that wall, and that will be one of the upcoming installations here in our new home. So we really have created an intersection of art, science, and community, and we're really excited about that.
Of course it starts with science, it starts with engineering for us, it always has. So this building is also a working laboratory. Dolby Laboratories, we've created a working lab. There are almost 65,000 square feet of lab spaces in this building, a hundred labs. It starts with the science of sight and sound, so a good place to start, we've started many of our tours in the biophysical lab. This is where we study how the brain processes and reacts to sight and sound experiences. This is how we discovered not long ago that when people are experiencing one of our newest visual technologies, Dolby Vision, which will be coming to the world through Vizio in a few months' time, we learned that they had a physical response to images of fire when Dolby Vision was being taken advantage of, a phenomenon that didn't exist when it wasn't being taken advantage of. Their cheeks flushed, there was a visceral response. It reminded me of the first time that I experienced Dolby Atmos, our immersive audio system. The team was toggling between Dolby Atmos and Dolby 5.1 surround sound, and it was just rain, simply rain. I'd heard it a million times, it sounded like rain, but when it went to Dolby Atmos I had a visceral response. I felt like I was about to get wet, I was looking for my umbrella. And that's why we start with the science of sight and sound. From there we have labs to emulate any type of entertainment or communications experience you might have. We have labs where we can emulate the film environment, the broadcast environment, online, mobile. And these labs are interspersed throughout the building. I think it's really important that's part of what makes it a working lab: we didn't choose one floor or two floors to make those the labs with key cards and fingerprints and retina scans. These are throughout the building where people are working, so on virtually every floor you will find labs where people are doing their daily work and interacting with one another.
One of our big labs we just broke ground on, and that's going to be a full Dolby Cinema right next to where I'm standing here. It's going to be the most immersive way to experience a movie. It's going to be built as a working lab, it's going to be a place where the creative community can come and work on their projects. We're really looking forward to finding opportunities to have community events and host community events in the Dolby Cinema. So we're really looking forward to that.
This is of course also a home. It's a home for 750 employees in San Francisco, it's a headquarters for over 1,800 employees around the globe. One of the things we set out to do, and this was a big change for Dolby, was to create more open space, more common areas we call them interaction hubs. It was a big change, it was a big investment, and I can't tell you how heartening it is to see those come to life and see them used the way they were intended. I have chosen not to have an office, I don't even have a cube. I'm working throughout the building. I might pick two or three days at a time to spend, base myself on a floor, or on other days I'm just moving up and down the building. So I've had the opportunity to see this really come to life. The reason that's important is because what we do relies on both structured and unstructured interactions. I've heard from so many employees, and I've observed myself, those unstructured interactions where people are spending time with somebody they may not have spent time with, where ideas are shared, and those are where those little sparks of innovation occur. So it's really wonderful to see just how it's come together.
When we moved to this building, we of course are not at all new to San Francisco. We've been a member of the San Francisco community for nearly 40 years, and really excited to move to this revitalizing mid-market neighborhood. We wanted, even though we weren't new to San Francisco, to learn about our new neighborhood. We started that actually well before we moved in. The team put in a lot of effort to go out and familiarize themselves and introduce themselves to local businesses. So when employees moved in, their orientation was an invitation to go visit some of the local businesses, some of the restaurants, meet some of the local proprietors. That was part of familiarizing ourselves with the neighborhood, learning about it, helping people to understand us and what we're about. We also reached out to a number of community organizations in the neighborhood. Last year the company volunteered collectively over 2,000 hours of service to local organizations. On Monday morning when we kicked off our grand opening week festivities, the way the employees kicked off the celebration is we had over 400 employees go out into the community, 19 different projects, most of them a short walk from here, and volunteered over 1,200 hours of service on Monday of this week alone.
Many of our community partners are with us today. The Women's Audio Mission is here, the Bay Area Women's and Children's Center is here, St. Anthony's is here. I see many more of you, and I'm really pleased to have you here, and we look forward to continuing to grow these partnerships over the coming months and years. Financial assistance is very much a part of our program and a very important part of the program, but it was also really important to us that we look for opportunities to form deeper partnerships than that. Our employees are really enjoying the opportunity to get out in the community and share their time and their expertise. Sometimes it means doing gardening and cleaning and all those things that need to be done, and we've also found a lot of opportunities to share expertise. It could be the legal team going out and providing legal services, it can be sound engineers going out and helping with a film or broadcast program. It's just been a fantastic way to learn about our new home and our new neighborhood.
I want to close my remarks with a quote. It's a quote from Ray, Ray Dolby, our founder. Ray continues to be an inspiration to all of our employees around the world at Dolby. Ray will always be an inspiration to those of us at Dolby. I had an opportunity to see one of our early employees who joined very early on in the company's history a couple days ago. He worked very closely with Ray over the years, and he spent some time here in the building. At the end of his tour he told me, 'You know Kevin, if Ray were here, he would just be beaming. He would love this new space.' And that just meant the world to me. So I want to close with a quote from Ray: 'To be an inventor, you have to be willing to live with a sense of uncertainty, to work in this darkness and grope towards an answer, to put up with anxiety about whether there is an answer.' I love that quote because that quote of course applies to innovation and what we do as a company. I think it equally applies to life in general. I think it applies to Dolby, and I think it applies to the city of San Francisco. That willingness to work through the uncertainty is what allows us as a company to evolve and to thrive, and to have done that for 50 years, and to be opening this new home at a time when we have a pipeline of new experiences coming to the world that's as large or larger than any time in our history. Under Mayor Ed Lee's leadership, the city continues to evolve, the city continues to thrive. And under Mayor Lee's leadership, this mid-market community that we're now a part of, it's just really exciting to watch the revitalization of this neighborhood. We literally have the opportunity to watch this neighborhood transform right before our eyes every day. So it's my great pleasure to introduce Mayor Lee.