Four takeaways from Peter Diamandis’ Bold: How to Go Big, Create Wealth & Impact the World, as embodied by the following excerpts…
1. The six Ds of exponentials:
Moore’s Law put a linear world on an exponential growth curve that scales-up according to the following progression…
Once something goes from the physical to digital world, it transitions from a linear to exponential growth curve.
Once we start riding the exponential growth curve, the changes are hard to notice at first, because while growth is multiplying, it’s off such a small, imperceptible base.
When exponential growth reaches an inflection point (i.e. “hockey stick” or “knee of the curve”), it surpasses the linear growth curve’s progress and becomes truly disruptive to incumbents.
Technology makes everything exponentially less expensive (i.e. exponentially disinflationary decay), removing money from the equation, lowering barriers to entry and deep-pocketed incumbents.
Technology can integrate a lot of software function that used to be available in physical, hardware form (e.g. a flashlight on your phone as opposed to handheld).
After the first 5 steps, costs approach zero as volumes explode, allowing everyone to partake. Hence, technology empowers so much more of the global population by giving everyone a voice.
2. Google’s 8 innovation principles:
i. Focus on the user:
Larry Page, Jeff Bezos, Richard Branson, and many other successful entrepreneurs speak about the importance of building customer-centric businesses. Everything you do should solve a problem or fill a need for your “user.”
ii. Open will win:
In a hyperconnected world with massive amounts of cognitive surplus, it’s critical to be open, allow the crowd to help you innovate, and build on each other’s ideas.
iii. Ideas can come from everywhere:
Ideas are everywhere these days, and tapping into the power of the crowd is the best way to succeed fast. This is the basis for XPRIZE itself – when you’re looking for a breakthrough, turn to crowdsourcing for incredible ideas, insights, products and services.
iv. Think big, but start small:
This is the basis for Singularity University’s 10^9+ thinking. You can start a company on Day 1 that affects a small group (with a minimally viable product), but aim to positively impact a billion people within a decade.
v. Never fail to fail:
The importance of rapid iteration: Fail frequently, fail fast, and fail forward.
vi. Spark with imagination, fuel with data:
Agility—nimbleness—is a key discriminator against the large and linear. And agility requires lots of access to new and often wild ideas and lots of good data to separate the worthwhile from the wooly. The most successful startups today are data-driven. They measure everything and use machine learning and algorithms to help them analyze that data to make decisions.
#Data #Analytics #Quantitative
vii. Be a platform:
Look at the most successful companies getting billion-dollar valuations — AirBnb, Uber, Instagram, Whatsapp — they are the platform plays. Is yours?
#Platform vs Feature
viii. Have a mission that matters:
Does the company you’re starting have a massively transformative purpose (#MTP)? Passion is fundamental to forward progress, and having an MTP is absolutely necessary to keep you moving during the most difficult times, keep you focused and attract the best talent to your company.
3. Be a “Passionate Explorer,” not a stubborn founder:
There are those who are so passionate as to be blind or close-minded to anything constructive, then there are “passionate explores” who “see the domain, but not the path.”
4. Crowdsourcing resources: