Ushering in the Era of Abundance in Entrepreneurship - Cap Con 5 Keynote

The world is getting more and more abundant at an accelerating faster and faster rate. The actual process of capitalism is to take a world of scarcity and to turn it into a world of abundance. Because having a thousand raving fans that you just completely spoil is 100 times more raving fans than Jesus had. You'll be fine. A lot of your e commerce VIP groups will be NFTs a year from now. Technology is going to continue to emerge to make this more and more possible, more and more easy. But we're thinking about it now and you need to be thinking about it now. There's been a theme that's emerged in the last day and a half, and it has been about abundance versus scarcity. How we love to talk about living in a world of abundance. The fact is, most of us got into this game for scarce reasons, and undoing that patterning is holding back a lot of entrepreneurs in this talk. My goal is to convince them that there's a world of abundance and the world of the scarce is an obsolete world. And in order to succeed in an abundant world, you have to be abundant first. That's my goal. Sam kicked things off by talking about starting with an obsession, building off on an obsession. Somebody asked me earlier, do you think passion matters? And I thought, no, because you never jump out of bed every day feeling passionate. But you might jump up out of bed every day feeling interested or curious or obsessed. Nikki Agrawal talked about finding your fire being lit up inside building from that place. I feel like some of you are still buzzing from her talk of finding that place inside first building from there. Even Jenna and Travis talked about how hard life experiences reminded them that there's nothing that is worth trading that good place. There's nothing that is worth doing things that you genuinely hate doing. There's been a consistent theme that is coming up. We've had this theme come up of operating from a scarce place versus an abundant place. Have you noticed that theme coming up? What I hope to convince you of in the time that we have together is that the world is getting more and more abundant at an accelerating faster and faster rate. And if you hold yourself back from that, with scarcity, thinking, with building your business from a scarce place, those types of businesses will soon be obsolete. We're ushering in an era of true abundance. It's my opinion, my personal opinion. I consider this part of my personal mission as a founder of capitalism.com that we're ushering in an era of abundance. This is the last chapter. Like the last era, the last generation that will understand what scarcity is. We'll talk about that a little bit. This theme has come up over and over of what it feels like to be in that place. Isn't that we wanted what we wanted from the first place. If you think about why you started in the first place, there's two sides of the same coin. Most of us got into business, we became entrepreneurs, because we were either running from scarcity, we were running from this idea of not having enough, seeing what happened with our parents or our family or within our own lives, of not wanting that. And yet at the same time, on the other side of the coin, there is this desire for more, this desire to create, the desire to do things that we genuinely want to do. And as entrepreneurs, have you noticed this, that there's this tug, but you between the two worlds, there's this tug of coming from this place of scarcity, not wanting to go back to this place of scarcity, and also this pull, this desire to move more into a place of abundance. And so as capitalists, capitalism itself is the process from us going from a place of scarcity to a place of abundance. It's our job, it's what we do. Not enough food. Capitalism comes in, creates abundance, not enough money. You come in, create money, you solve that problem. When there's holes in the marketplace, we come in and we fill them. The actual process of capitalism is to take a world of scarcity and to turn it into a world of abundance.

Yet most of us got into this game from a place of scarcity. We got punched in the mouth. Sometime in life, we wanted more, we didn't want to go back to scarcity.

And so our job, the becoming process, the entrepreneurial process, the becoming of who you are, is becoming an abundant person. It is that actual game that you are playing. It's only from that place that you can give in the first place. But most of us come from a background of scarcity. We got in because of scarce reasons. And we are in the process of becoming abundant. And yet what we wanted in the first place, place was to operate from an abundant place. Have you ever shown up on a day when you were afraid that you were going to lose everything? Did anyone have this in March or April of 2020? I'm afraid that everything that I have built is now going away. And I don't care if it is your business or it was your E Trade account or it was your real estate portfolio, everyone had this moment sometime in 2021 where it was, oh, shit. I think everything that I've built up to this point is about to go up in smoke. How did you treat people from that place? Just look at what happened in the world last year. We divided ourselves into groups and we blamed the groups. We shouted and we yelled and we had divisiveness all over the country. Why? Because we were scared and we were operating from a scarce place. Can anyone relate to this at all? That's what happened. We got punched in the mouth and we started operating from a scarce place. And then. Yet you've also experienced these times when you wake up and you feel like your cup is just full.

And when your cup is full, how do you treat people? When your cup is full? Don't you genuinely root for the guy or the girl next to you to win? When your cup is full, when you are fully content, when you are fully alive, when you feel what Mickey talked about being lit up, don't you genuinely root for everyone? Don't you genuinely want to share and give and create? Don't you have better ideas? Haven't you ever been on vacation and had a great time and just had the best ideas and created from that place and it like made up for all of the pain and scarcity that you experienced leading up to that point? Haven't you had those glimpses in which you tapped into that place and you created from there and all of the pain and disappointment you had from that just led you to that place? Haven't you ever had those moments that you ever had those times where you tapped into abundance? Just for a half a second you said, how do I live from that place? How do I create from there? It's my opinion, it's my bias, that that's our generational challenge. That's generationally what we are doing. It's almost like our generational purpose. If you look at the course of history, look at the course of history. We tend as human beings to experience the problems of the last generation and say, well, that's kind of weird, we should probably fix this. Then that generation fixes it and they create a higher quality set of problems. And the next generation says, well, this is kind of weird, we should probably do this differently. And so they solve that generation's problems and create a higher, higher quality set of problems. And it goes on and on and on and on. Most of us come from the time right after the World War II baby boom where everybody is working industrial jobs, very safe, secure, long term and boring. And our generation went, I don't think so. Like, I just don't. I Just don't think so. And so we've gone out on our own and we've created and we've ideated and we've explored. And yet we have this other problem that we are all kind of experiencing, which is I really just want to operate from the place as if I already won. I want to operate from this place of having accomplished everything that I wanted to accomplish. Because every time I've experienced that, those are my happiest moments. That's where I create the most. It's where I give the most. It's where I serve the most, where everything seems to just flow through me. I think we're the generation that is answering that question. I hope to share with you how to do that and what's coming. Because it's so tempting to come out of an event like this and experience like a peak experience and then go back home and say, how do I tap back into that? I think that we can structure our businesses in a way that give us a shot at doing that. And it's also my opinion, it's my opinion that that's going to be necessary in the next generation. Those are the only businesses that will survive. There's so much changing in the marketplace, and I think we're going to have to start thinking like that if we want to create businesses that matter and that survive throughout the coming age of abundance. If you look at where we are in history, we have this trend of going from scarcity to abundance. I mean, all the way going back to the agricultural revolution. People just hunted and forested. And then we organized and we said, if we organize, we can have a surplus of food and we can do this thing called trade. We can trade with other people. We'll have something to share. That was revolutionary. It's why it's the agricultural revolution.

If we look at the industrial age, it was the exact same thing. We organize or create products and services and opportunities and jobs. And then the digital revolution happened. This thing called the Internet happened. I think we just glaze over how big of a change each one of these are because we're so focused on now, as we should be. We have this trend of going from scarcity to abundance. And the capitalist is the person who comes in and actually does something about that. And so we have the societal trend of more and more abundance, more and more, creating more and more. We have plenty of evidence from the outside world to see all of this abundance, plenty of it. Then why do some of us still feel scarce?

We have all of this outside evidence of the World getting better and bigger and more and creating more. Why do we sometimes hold ourselves back from that? Why do we still feel scarce? But we created a world that's so abundant right now. I love this tweet from Moyes. It's so abundant right now that literally any entrepreneur can theoretically become a billionaire within five years.

We've seen it happen. More and more abundance has been created in the last 20 years than in all other generations combined. And that's going to continue to accelerate. I believe where we are now is on the cusp of an even greater era of abundance. The events of the last two years have created more and more demand for things like a capital revolution. We're, we're changing the way that we transact what we call money.

It's the Internet 2.0 that's coming. It's actually here. Those opportunities are here. We have trust in government and large institutions that's crumbling. And you know what happens when institutions crumble. All of that control, all of those tied up resources are now freed up and go into the hands of individuals. They go into the hands of capitalists. They go into the hands of entrepreneurs. As that continues to shake, we have such distrust in government now, thank God, we have such distrust in large institutions that will shake out. And that means that all of those tied up resources will start to flow. They'll start to become democratized and flow into the hands of individuals and entrepreneurs. But even more importantly, entrepreneurs and capitalists are already creating new technologies that are starting to converge. And if you look at what is coming, artificial intelligence is decreasing in cost 64% per year. That will affect every single industry. When costs come down, buying goes up. As buying goes up, production goes up. As production goes up, costs continue to come down. I mean, even now you can have content and blog posts and sales pages and ads all written by AI. And it's better than what you can write if you don't think that it's coming for your industry. Of course it is. Of course it is. You're in denial if you don't think it's coming for you. Robotics and automation are similarly going to free up. In economics, we used to call this free up labor resources. That means replacing humans.

There's an economist named Paul Zane Pilzer who says that the number one economic indicator of growth is unemployment due to technology innovation.

We're about to have a lot of that in every single industry. Blockchain and personal finance will free up a tremendous amount of resources from the banking sector, tremendous amount. Customized healthcare will do the same with gene editing and gene sequencing. Customizing health. According to you, all of those resources that are tied up in health care are about to be freed up. It's not just government, it's banking, it's healthcare. And do you realize that still today in 2021, 40% of the world does not even have dial up?

You get that? That's like half the world. Guys.

What happens when the other half of the world and the additional 3 billion people that are projected to be on this earth over the next 20 years all have 5G in their pocket? Conspiracy theorists. Don't get me started. Don't bring up 5G. I see your blog posts.

What happens when those additional 3 billion people, plus the 3 billion people right now that don't have Internet now have it in their pocket? Dramatic reduction in cost. Dramatic new resources. Dramatic freeing up of capacity that is currently tied up in resources. We're on the cusp of a huge age of abundance. So why do some of us hold ourselves back.

Why do some of us hold ourselves back from the growth that's happening.

Now? It's not like the abundance, an abundance mindset. An abundant world doesn't have its problems, they're just different. If you look at a scarce world, which there's not enough problems come from lack not enough food, not enough capital, not enough time, not enough labor. It's not enough is what happens in a scarce world. In a scarce world, we seek survival, looking to protect ourselves. We're at the bottom of the hierarchy of needs. We're in protection mode. We concentrate power, we try to control. We work harder than the next guy. It's effort driven.

And our incentives are to take. There's a fixed amount. You have some, I don't have some, I'm gonna get some. So I use high pressure sales or force to try to get what I need in order to survive. And we pursue availability. There's money over there, there's food over there. We look for what is expedient, we look for what's fast, we look for what's available. That's a scarce world. An abundant world still has problems. But in the abundant world, problems come from excess. Too much food, it's too much food. There's too many opportunities.

There'S too much of things. We have problems of excess. These are higher quality problems, but they're still problems. Instead of seeking survival, we seek belonging. We seek connection. We look to find our place. We're out of survival and now we're looking for meaning. We're looking to define ourselves. We're looking to see where we belong in the tribe. We democratize power, we share it. It gets distributed, it gets broken down. We reward creativity instead of hard work. We have an incentive to serve each other because we're no longer in survival mode. When you're not in survival mode, you can't take from each other, you can't force one another. So your incentives go to service rather than survival.

And instead of pursuing availability, we actually prefer scarcity. We start to look to where there's limits. We start to look to where there are defined rules and defined amounts. A great example of this, the year 2020. We just decided there was an unlimited amount of money to just throw into the system. And a lot of people said, I'm looking for an asset that's fixed. So what boomed? Real estate, crypto, Anything that was fixed, we pursued scarcity. We looked for it, we looked for opportunities to create it.

Now that's the scarce world and the abundant world.

Moving into this chapter, moving into this era of society, the only thing that will determine which side of this that you are on is how you think. It's your mindset. It's the thing that has come up over and over and over again over the last day and a half.

We now have more evidence for an abundant world than ever, and it's only going to accelerate. And the only thing that will hold you back from being a participant in that is your mindset. How you think the scarce mindset looks like this? We know they say there's problems are coming from lack, so you think like, there's never enough or there's never enough for me. When you're seeking survival, you'll say things like, I've got to figure this out. This is riding on my shoulders. You tend to isolate yourself. You go into protection mode. We concentrate power. It's us versus them. It's me versus them. It's me versus the big guy. We're wearing hard work, so we're burning the midnight oil. We tend to hustle. We celebrate burnout. We've seen the consequences of this. We've seen what this leads to.

Our incentives are to take. And so we're obsessed with tactics. We're obsessed with what's working. We're always looking for something new. Can anyone relate to this? These are our worst days. These are the worst days that we experience as entrepreneurs. Whereas on the abundance side, our abundant perceptions are the opposite. Another opportunity is always coming. And we know that's true because the world is always changing, and it's changing at A faster and faster rate.

Our customers are part of a community. We're incentivized to serve them. In an abundant world, everybody wins. You win, I win. The customers win, the investors win, Bystanders win. And I hope you win too. I hope everybody wins. As Brooke said, in an abundant world, it's like everybody has a pile of money hanging over their head and it goes unclaimed if you don't claim it. And you can genuinely root for the other person.

So your focus is on others. I don't know about you, but my worst days are when I have woken up thinking about myself and I'm usually operating from a place of fear. You're in scarcity during those times. How am I going to get X? How am I going to accomplish X? How am I going to look like X? And my happiest moments are almost always focused on other people. There is genuinely no need to get when you are in that place because your cup is full.

So I've just been fascinated with this question of how do we stay more on that side of it?

And I need you to understand, like, why we have to nail this. Why do we have to get this? Why do we have to understand this? It's because if we don't, the scarcity approach is going to stop working very soon. There is too much abundance coming. Do you realize that with all of the innovation that is happening, there will be a dramatic reduction of costs and profits? There will be tremendous pressure, downward pressure on costs and profits because there's going to be so much innovation, there'll be so much available. It's like starting a banana farm is probably not the best market for you to get into. Bananas are 39 cents.

There's an abundance of bananas. Capitalists solve that problem.

And as production costs get more and more efficient, as AI emerges, as more and more innovation happens, we will see a dramatic cost reduction of everything. It'll be amazing for consumers, just amazing for consumers. You will be able to buy anything you want, go anywhere you want, and everything will cost just about nothing. We kind of are on the cusp of that right now. And it's only going to get more and more abundant. But the result of this is on creators of capitalists, entrepreneurs. We're not put into a pinch. How do we keep up in a world? What does entrepreneurship look like in a world where everything is dramatically reduced? What's our role?

How do we continue to create in this place when there are costs through the floor? And most entrepreneurs, most capitalists will go through a dramatic crisis. Of meaning over the next few decades, because the old way of doing things is simply no longer necessary, no longer has a place in the world. We will have to shift over into a new way of thinking. And I've been fascinated with this. What does the role of the entrepreneur look like when there is a world of abundance? Well, I would submit to you that there are three things that if you focus on them now, allow you not only to increase profits now, but also prepare you for this coming age. It's what the world needs and wants now, but dramatically so in the next few years. So in the abundance era, businesses have three characteristics. One, they're community driven. They're community focused. Human beings seek belonging. They're seeking it more and more than ever. And right now we're really creative in the way that we're seeking belonging. We cling to conspiracy theories and weird beliefs and weird diets and all kinds of weird things just to have some sort of identity and belonging. Your brand, your business, your next venture will have to appeal to this, will have to create that for your community. Second is aligned incentives. The day is coming when consumers will expect their purchases to be assets, not expenses. This is coming. In fact, a lot of it's already here. It's a libertarian capitalist paradise to think about everything you purchase going up in value rather than going down in value. In our world, that doesn't exist.

To the existing entrepreneur, but it's coming and it's already starting to rear its head. We'll talk about that. And the third is finite missions. Very, very defined missions. Because the world will change so quickly. It's already changing so quickly that your business has to exist for a very specific and finite reason, meaning understanding that you're not going to be here forever, that you have a defined mission that you are here to accomplish. I loved when Jeff Bezos said there will be a day when Amazon goes out of business. It was like, he gets it. There will be a day when Amazon is no longer relevant. There will be a day when your business no longer matters. That's your job. Your job is to have a finite mission, and you will never get to this place. If you are operating from a place of survival and scarcity, it's impossible because you'll be in defense mode the entire time. But if you show up with this idea that you're here for a specific reason, a specific mission that's finite, you free up all of your focus to go get it done.

And you will create more abundance for yourself and everyone around you in the process. So let's go into this community driven first. In the abundant world, audience building is replaced by community building.

Audience is now community. It's a defined, specific group of people.

I was really surprised, but pleasantly surprised that my team and I have some relationship with almost all of you. This is a community. It's community first in every business that survives in the next era, at least starting with community instead of audience, who's paying attention. That works now, and it worked last year. Moving forward, it will be all community. I mean real community. We're starved for it as humans. That's what influencer marketing is. Moving forward, it's real community. It's actually giving a crap about the people who are paying attention to you. Because if you don't do that, if you don't reward them with that, they will go away to a place that gives them belonging instead. Now, if you look at all movements, all big movements ever, they started as communities, small communities. Christianity, 12 dudes.

500 followers.

A lot more now.

Bitcoin was a bunch of annoying libertarians for a while. I see you, Keith.

A bunch of annoying libertarians spreading the gospel. And they won.

The United States. 100 people in Jamestown and they had their backs against the wall. They started communities. All movements start as a small group of raving people. If 12 people can recruit 500 people, that ends up being 1 billion people 2,000 years later. Then why are you so worried about locking down the biggest influencer in your space? You need 100 people. You need a community. They're community driven in the world of abundance. This is great example. There's this community as anybody familiar with FWB.

Awesome. That's what I was hoping for. FWB, they have $100 million market cap. They're a community. There's an online community. They have no sales page.

They have no sales process, they do no marketing, they have no expenses. They're an online community. Hundred million dollar market cap. They're like the new aaa. You're a member of this community and you unlock member benefits.

And every single person in the community is there serving and opening up new opportunities for everybody else in the community. Why? Why? How? Because you can't buy it. No, you actually have to buy their native currency to get in. You have to buy a certain amount of native tokens for their community and that gets you membership access. But the community's so good, nobody wants to sell. Since nobody wants to sell, the price goes up. Since the price goes up, people are incentivized to stay in. And if people are incentivized to stay in. They give to one another. There's no sales page, there's no marketing, there's no expenses. It's just the individuals incentivized to create community. It's completely community driven. There's a team that manages it and there are participants in there. It's wild. Absolutely wild.

This is a glimpse of what will happen. Just a glimpse, second is that they'll have aligned incentives.

In the abundant world, expenses become assets and they'll go up in value over time.

As a business makes money, your participation with the business will actually reward you rather than be an expense. Here's what I mean. You guys know what this is? How many are familiar with Bored Ape Yacht Club? This example. I love this example. This is an nft. I grabbed this one because it sold on Monday for $150,000. A picture of this ridiculous ape in a stupid hat. It's. What a ridiculous idea. This isn't art. I'm not buying a jpeg.

I can just take a screenshot of the JPEG and put it in a presentation of the Capitalism conference. I'm not paying 150 grand for this. This is the conversation that most people have about this world. But the fascinating thing about this project and a lot of other NFT projects is not that the art is great. It's not. The reason why it's interesting is because the people who are buying these are actually buying them to participate as part of the community. Because members of the Bored Ape Yacht Club organize. They self organize in places all over the country, all over the world. They're opening up bars where you have to have a token, you have to have the NFT in order to get into the bar. And they're communicating with each other and investing with each other. They have aligned incentives. That's the game. That's what's going on. If you want to know what NFT projects are going to boom. Because you want to speculate, look at the community behind it, not the speculation of what people are selling the art for. The technology behind this is so interesting. It's so interesting. It has nothing to do with art. Nothing at all. Has everything to do with. It's creating aligned incentives where the mentors of these projects only make money if the value of what you hold goes up. This is fascinating.

Actually. I want to show you this example. It's called VCR Group. This is a project that Gary Vaynerchuk talked about. This is a restaurant that you have to have NFT access to get in. This is in New York and in order to eat at the restaurant, drink at the bar.

Have a date there, bring a business partner there, meet up with somebody there, you have to be a member.

And it's NFT access. There's only a limited number of them available. And since there's only a limited number of them available, if you move or if you don't want to eat there anymore, you sell your access.

Rather than just not going there anymore, you have an asset. Eating at the restaurant is an asset. You are now, you have aligned incentives with the founder of this restaurant group. You're now incentivized to eat there more often. You're incentivized to tell people about it. The owners of the restaurant are now incentivized to make the experience as incredible as possible that you want everybody else to want your token, to want your membership to a restaurant. Imagine how this impacts gyms.

Imagine how this impacts online content communities.

The online content communities that start seeing as their incentive being the incentive for their members to win. That's going to change the industry real fast.

When the owners of the community no longer can make money just selling more memberships and they actually have to give a care about the value that their people are getting. So much so that the word of mouth advertising that is recruiting other people is what will make everyone more successful. Because their access to the membership is an asset, not an expense. Now you have aligned incentives.

When you have a community driven approach and you have aligned incentives, now you're ready to win.

That's business in the abundant era.

Instead of canceling things, people will sell their access, they'll sell their memberships. Imagine for a second if in order to shop at Whole Foods, you had to have a membership like Costco, except there's only a limited number of Costco memberships that are available. And so if you want to go buy wholesale, you got to buy it from somebody else. Can you imagine how that changes things.

Now? Every time you shop there, your value goes up. And anytime you move or decide now there's a competitor, you want the competitor. Instead you sell your access to one and you buy access to another. Changes the whole game, creates community around every single business. Every single business becomes a community in which you are incentivized to have aligned values, aligned incentives with all the other customers who all of the other owners. And now you're incentivized to do things like serve and be kind to one another.

And to create together.

Isn't that beautiful? It's terrifying to people who are coming into it from a Scarce perspective. It's the coolest thing ever. If you realize that this will force people to actually collaborate rather than be combative. And if you can think about that now, you win now and in the future. If you don't think about this now, that scarce voice in your head will become real.

Because this is the way the business is going to go. I know some of you are thinking about, well, how does this apply to E commerce? How does this apply to physical products, brands? Well, I want you to imagine for a second all of you who do VIP groups and you're wondering how do I get people on a list and how do I get people to review my stuff and how do I get people on a launch list? I want you to just imagine for a second if instead of that being like a small group that you are extracting from all the time, a small group that you are asking for things from, instead it is a real VIP group.

That has ownership in it. No, not equity, no, not stock options.

But for example, one way that this could play out is instead of being in a Facebook group where you are trying to warn people up for a Launch, you AirDrop 2000 NFT tokens to your VIP group for your physical product launch. And now all 2000 of those individuals are incentivized to tell everybody they know.

About this launch that is happening. Guaranteed sales from day one. And now you have an obligation and incentive to make the value of their token as valuable as possible.

Now you are incentivized to just spoil your customers. You are now incentivized to just go all in on those early people. And can you imagine how exciting it is if you find, find a new brand that has a mission that you resonate with and you're like, this is brand new and I'm going to get on the cutting edge, not just because I want their products, because I know that that type of a mission is needed in the world. And I've got three connections that'll help this business and I'm going to be part of the early release and my early access NFT is going to go way up in value over time because I'm going to be early on this brand. Do you get that? Where all your customers are now incentivized for you to win as long as you care about them. If you don't care about them, they don't care about you and your toast. But the minute you actually say my job is to spoil these people in the early access and the financial incentives are lined up for that to happen, oh, my goodness.

So much fun when you get it. Are you getting this? Are you seeing how this is going to change? And it is not like 10 years from now. It's like now. And these opportunities are gonna be coming more and more over the coming months and over the next year to the point where a few years from now, this will be the expectation of the consumer. This is the expectation of the participants and the customers of your business. And if there's no incentive for them to care, they won't care. And in order for you to have an incentive to care, you have to actually care. You have to care first, and then the incentives line up real quickly.

The third is finite missions, very defined missions. And the primary mission, the primary reason you exist, is to spoil the members of your community, is to be absolutely laser clear on who it is that you are serving and be there for them. I think it is wonderful to lay in a hammock and dream about why you exist, but your primary reason for existing is to take care of the people that are in your community, take care of the defined people that you have decided to serve. And bad news. You can't save everybody. You are not a religious leader. You are not a hero. You can't save everybody, but you can take care of the defined customer that you have decided to serve in this finite mission. Finite, by the way, means limited, focused, not everybody. It is not, how do we create a thing that impacts everyone? It's who are those 10,000 people that we're going to relentlessly care about, that we're going to relentlessly create for? Who are those 10,000 people.

Or 100,000 people or 1,000 people? Who is that very targeted group that I will spoil a way that this could play out? When you go do your next VIP group or launch, you don't try to build a Facebook group of 100,000 people. There's a thousand and only ever a thousand. And your job is to just spoil those 1,000. Hopefully when you think about it like that, you relax into it, because having a thousand raving fans that you just completely spoil is a hundred times more raving fans than Jesus had. You'll be fine. It's more than enough to do damage.

So you do that and you get that absolutely raving fan group. That's the starting point for your finite mission. And I think all things, even things that are abundant now.

Will have value because we have to create finite scarcity.

The big bands or the big authors of the next generation will only release a thousand licenses for their music. And Spotify will have to compete with Pandora on getting one of those licenses, and they'll have to come compete with Kiss FM and all the other places that want the license. They'll have to fight for it, which creates a higher value on the creator. You get that you'll still have access to it from a streaming perspective, but the costs that go back to the creator will be dramatically higher because there will be a finite number of licenses, a finite number of access. I wish everything in me that I was launching my book right now. I so wish I was launching my book right now and not 18 months ago, because instead of going to a publishing house to get an advance, I would just release 100 tokens at $10,000 each and have a million dollar advance that I would then say to my investors, I'm gonna use a whole million dollars and put it into marketing for this book to ensure that it's a success. And I'll write into the smart contract that 50% of royalties are, are going to go to the investors and I'm going to take all hundred of you and put you into a mastermind group of authors, speakers and podcasters. And we're going to meet once a month and we're going to promote each other's stuff and create a syndication out of that good crush. I now have a million dollar marketing budget. I now have 100 people who are incentivized to ensure that my book is a winner. I have a distribution platform to be able to nail this, and I didn't have to pay a publisher any of the profits. In fact, a 5050 split would be a higher royalty than most people get with publishers. That's fun. That's fun. Now you have aligned incentives, a community of 100 and finite access, finite access of 100 people who are now incentivized to promote my book. In fact, I can see the day in which Instead of saying 100 investors, you, it's 100 people who have the rights to the book. And now if you want to read the book, instead of going to Amazon to download it, you actually have to rent it from one of the people that owns it. That's going to happen when you have a membership site that has products in it, digital products, and you pay to be a member of this and you don't want it anymore, you cancel, right? Unless, of course, you're one of only a thousand people that will ever have access to that membership site and somebody else wants to go through one of those training products so they rent it from you. So your Membership access is actually an asset rather than expense. What does that do? It creates an aligned incentive for the creator of the membership community to be able to spoil their people and market so well that other people want to rent your access to their community. Shared incentives, community driven, finite mission. That's how business is going to run. When everything is abundant, that is what is coming. Great example of this is the silliest example, but it's relevant to me right now. Kathryn Lavery turned me onto decentralized finance. Fascinated by this world. I'm really, really interested in crypto projects right now because they know nothing about business. They're just a bunch of programmers who are like in a cave trying to keep up with the marketplace. And they have this community that is now financially incentivized to be a part of this thing because they bought their coin. And the developers are like, I mean, we got these people who are buying our coin and I'm not getting paid for this, but I own some of this coin. So if we create a great product, other people want to buy it and it will go up in value. It's fascinating me because I was on the phone with a developer for this project called Koge Coin, which sounds like a scam because it rhymes with Dogecoin, which is a totally stupid idea. And I'm talking to these developers and the developers are just trying to keep up. And he's like, man, if we could just get like 10 people to put in 50 grand into this coin, it would just like you go to the moon. And I was like, yeah, that's called a raise.

And he says, and I so wish that we could just get like users that find us and buy it because of the utility. I was like, yeah, it's called marketing.

They have no idea, no idea how to win in the space because they have no business backgrounds. But what's interesting is like this project, I bought this crypto at 14 cents. In two weeks it went to $1.50. I'm rich. And then it comes down to 50 and then back up to 80. And so it's fascinating to me to watch this community rally around it and all these people are financially incentivized for this product to win. So I'm talking to the developers and the developers are actually having a conversation about if they should pay themselves more. And they decide, no, we shouldn't pay ourselves more because we know that there's way more of an incentive if we just roll the money back into the product and so that our people want it because we own all of this Koge coin, since we own all this Koge Coin, if more people will want it, it'll be a huge financial win for us. So they're actually giving up short term profits and salaries in order to make the project go up. And I said that's aligned incentives with a finite mission. Because there's literally only so many people that can buy it. Which forces them to think about who they are and why they exist. It literally forces them to think about it. They are not thinking about how do we get this into the hands of a billion people. They're thinking about how do we make it irresistible for people to buy this. So much so that a lot of crypto projects, including this one, will say, let's create burn events where the actual access goes down over time. There's fewer of them available rather than more of them available. Fascinating. Because then you are absolutely forced to focus on who is already showing up, who is already there. How do you make them raving fans? How do you make them advocates? I'm fascinated by a lot of these crypto projects because they're accidentally doing a lot of these things. Well, they're community driven. It's a bunch of telegram groups that are speculating on what the price is going to be and figuring out how they're going to make it go up. They have aligned incentives because they only make money if, if the price, if more people want it, they only make money from this project. They're not selling anything. The only time they ever make money is if more people want to buy it than want to sell it. Fascinating. And because it's limited has a finite mission. They have to think about these 50,000 people that hold it. We're only going to focus on them. We're not trying to change the world. We're trying to create utility for these 50,000 people so that they want everybody else to participate. That's how business is going to run. So what do you do with this?

How do you pivot? What do you make of this? How do you implement this one? Community first. And then Gary Vaynerchuk used to say, think of yourself as a media company and instead of an accounting firm, you are a media company. And then an accounting firm. Now it is community first. And then who is my community? And then who am I here to serve? And then that's the answer. It's community first. Second, start thinking about how you can create aligned incentives with your customers, your investors, your influencers, your stakeholders. The technology isn't easy enough for you to be able to Automate this. That's coming and it's coming really fast. So right now your only job is to start thinking about what can I do to create some of those incentives. Again, the example, a lot of your e commerce VIP groups will be NFTs a year from now. And they'll be worthless NFTs, but they'll have aligned incentives with the people who decide to join this. And you won't have to give up equity in order to give them. You're now creating a new asset class. Then incentivize your customers to care about what you do and your mission will matter more than ever at that point because people are voting on mission versus everything else. And it's, it's time to start saying, how do I show up when my intent is simply to spoil the people who are already showing up? How do, how do I, how do I treat my customers when my job is to spoil my people, is to have a finite mission of serving that group of people because it will be necessary moving forward.

Here's how we're doing it once again. Community first. And then, and the day's coming like it's a very good chance a year from now. The 1% is a tokenized community and there's a few thousand people and you can't ever get additional access. And our job as a company, how do we just absolutely spoil our people? You'll have a membership token. They'll get you access to events and online access and access to all of our content. And our job is to say, all right, business is out of the way. All 3,000 of them are in the hands of customers. How do we make it so that nobody ever wants to cancel? Because the only way we'll ever get paid again, the only way we'll ever turn a profit again is, is if there's outside demand for it driving up the value of our members tokens so much so that they have to sell it. They can't say no. And then we get a kickback from the smart contract. There's a very good chance that that's the case a year from now. And I think all membership communities will have that eventually.

In fact, we think about community first in everything. Like for our fund, inside the Capitalism Fund, we treat it like the only mastermind where everyone's incentivized to have an exit together.

I'm very proud of what we've done in the fund. But even if we just completely lost it, like if we did everything wrong.

My intent is for every single person who is an investor in the fund to. To make so many relationships and have such a great time and so many connections that it was worth it just for that. It just so happens that it's the mastermind that creates a return on your investment. And everybody's incentivized for every other project to have an exit together. That's fun. Do you have any idea how much that motivates me? It's a completely different energy. Completely different energy because we all have aligned incentives. Your business will have to have that moving forward. It will have to because the consumer will demand it because they're getting too much ROI from everything else that they're invested in. If you don't have aligned incentives, it'll be a question of why should I even care about you? What are you even doing for me? That will be the question a few years from now. We're also, we're building a marketplace where an entrepreneur can upload their pitch deck, upload their resume, the problem they want to serve, the problem they want to solve. And advisors, investors will apply to work with them. It might make sense for us to build that on blockchain. Not sure yet. It might make sense for us to have a native token that is released so that if somebody wants to liquidate their, their equity, they can just do it on the open marketplace. And if they buy, if you buy a token, you're buying fractionalized shares in all the companies that have done a raise on the marketplace. Maybe, we're not sure yet. That runs into some securities laws. So we're still exploring that. But in the meantime, it might make sense because it aligns all the incentives of all the different stakeholders. It also like, aligns my incentives to work with our customers and promote them on the podcast or the blog or to our email list. It aligns every stakeholder who is involved.

To be able to support that business and those customers.

One thing that I'm so pumped for this, we're taking members of the incubator and we're helping them get to a place where they're stable so that we can go to the investors of our fund or the members of a 1% and put together a syndication so that if we have a great brand in the incubator that we really believe in, we, we can go to the 1% and say, you can have early access on this to deploy capital into this. We'll mentor them. And the entire community is now incentivized for that business to do well. This is how we're thinking about community first and align incentives. Now technology is going to continue to emerge to make this more and more possible, more and more easy. But we're thinking about it now, and you need to be thinking about it now.

And by the way, we're looking for partnerships on that. I wish I had an upsell for you guys right now. I so wish I did. The only upsell I have for you is we're looking for more partnerships and ways that we can create incentives for our community. So this is a link where you can fill out a form for us to plug you into the different places that we have so that we can create more intentional connections and incentives together to introduce you to our people, to create opportunities for our members, to create introductions to our investors. Because the time is coming where this is going to be necessary for all businesses to survive, including ours, and we're starting to build up those relationships now. So you can either scan the QR code or go to capitalism.com partner. Just fill out. If you're an investor, an advisor, an agency, we'd love to plug you into what we have here going on@capitalism.com. let's talk about why this matters and let's close. If there is abundance, and there is. If you believe there is abundance, and I know you do, then as a result of going into this abundant age, we become the servant, not the master. Because if there is abundance, you can't control anyone else. You have to serve people instead of controlling them and being their master. You must become the servant to succeed in the abundant world. If there is abundance, and there is, then we have an incentive to be kind and collaborative rather than cutthroat. Cutthroat doesn't work in the abundant world. It doesn't. You have no incentive to. No one has incentive to work with a cutthroat capitalist. They have incentive to work with a kind and collaborative capitalist. If there is abundance, and there is, then we're financially rewarded for thinking of others rather than ourselves. If there is abundance, and there is, then you're rewarded for the value that you create for others, financially and otherwise, rather than what you can extract from them.

It's happening regardless of if you want it to, regardless of if we're a part of it or not. The only question is, will you be a part of it? Will you help usher it in? Will you create with it, or you hold yourself back from it? We're entering what I believe to be a golden era of capitalism because it's creating a different kind of capitalist. It's a capitalist who is kind, who is humble, who is in service to their customers, to their investors, to all stakeholders. That's what we're going into. You can either hold yourself back from it, or you can participate in what I think will be the joyous, the most joyous era of expansion we've ever had as human beings. It is such a privilege to be ushering that in with you, to be part of this transition. It's such a joy to be with you these last day and a half. Thank you so much for being here. Thank you, everybody. Thank you.