EP #20 Ask Peter Anything Part 2: How to be a Great Entrepreneur, Leader, and Father

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If they're faking it, they're not making it past us. Get award winning scam detection today. McAfee.com Keep it real. Another trick that I did and it's worked well is I bought a watch on Etsy. I don't have it on right now, but on the face it says now. And that's it. It's art. It's not digital. It just says now. And so I'm so habituated at looking at my watch to see what time it is to see what's next. And whenever I do that, it says now. It's like, okay, be present, right? It's a reminder to be. To be present. And I put that on on weekends and on vacation. And a massive transformative purpose is what you're telling the world.

It's like, this is who I am.

This is what I'm going to do. This is the dent I'm going to make in the universe. Welcome to our, our one on one mentorship time. I'll call it mentorship time. And one of the things that I love about what Nick has set up here is for everybody to be hearing everybody else's concept and my feedback. One, because each of you will have the ability to add value to each other. But second, when I'm giving feedback and mentorship to one of you, hopefully each of you will learn something from that interaction as well. So, you know, there's a phrase that my coach, Dan Sullivan says, more is often caught than taught. So listening in is going to be a great opportunity to hear. Well, that, that actually applies to me as well. Nick, do you want to frame this further?

Yeah. Really well said, Peter. And that's exactly why we're doing this. Hey, everybody, I'm Nick. If you didn't happen to make the one on one or, sorry, the AMA call a couple days ago. I see some familiar faces. You're all part of a really special group. Over the past two months, we put together a show called Moonshots and Mindsets. As you know, and it's just risen and it's done really well. And as a thank you to you all for being just great and avid early supporters and helping the show rank top 10 in the United States, we wanted to make time for you to chat with Peter individually. Everybody was chosen at random, and you were all chosen because you went above and beyond to support Peter in the show. And the reason we do this is not because we're short of things to do. The reason we do this is because Peter's mission is to uplift humanity and find people that he can inspire to help him do that. So you're all just fellow missionaries on that role with us. So thank you.

Let me just take a second to say thank you to all of you for your support in launching Moonshots and mindsets. It is for me, the means by which I help entrepreneurs like yourself, you know, create a hopeful, compelling and abundant future, encourage you to take on moonshots and really have the right mindset. And we've talked about this before, that your mindset is your single most important asset. More important than technology, than capital, the networks. Your mindset really guides you on how you see opportunities and dangers and how you react to them. So I'll be coming back to what mindset you have when you're speaking about your, your challenge, your company, and then really how you might think about the moonshots you're taking on. But thank you for the work that you do and excited to be working with you.

Sounds good. Peter, I'm going to kick this off with just some welcoming stuff from you. Where are you right now in the world?

And.

And do you have a.

So I am, I am in my venture capital offices here at Bold Capital Partners in Santa Monica. Bold has just crested over a half a billion dollars of assets under management, investing about 30 to 40% in exponential technologies and about 60% in biotech. And I just finished recording with a company out of Israel called Hour one H O U R W O N E AI My digital avatar. So uploading myself so they do image capture and voice capture so I can preserve or actually be in many places at once. So it's a future of digitization, right? We Talked about the six Ds in our exponential journey that whatever you can digitize and dematerialize, demonetize, democratize. So my goal eventually is that each of you have access to a digital version of me that you can ask any questions that you have. But not just digital version of me, a digital version of Tony Robbins, of Elon Musk, of whomever you want. Imagine ability to have personal relationships with somebody that. Or something that thinks, like, reacts to. Has the same mindsets as the Persona you want. So that's. That was. Been a fun morning. Just recording that.

Yeah. Fun fact. This whole thing is AI Peter. This isn't real. Peter. In the flesh. I'm totally kidding. But let's dive in. Yeah, exactly right. Maybe you'll find out by the end of the call, but let's dive in. Donna, who's up first?

Up first we have Julian. Julian. Do you like Julian or Julian, which. Which is your mom call you?

My mom. It's funny, when my mom gave me my name, she didn't imagine people would call me Julian. So yeah, I'm from Colombia, so Julian is like what she calls me, but almost everyone calls me Julian. And I probably prefer it since, like, it's a little harder to get the Hispanic version right.

Awesome. When given a tristate, both. All right, let's jump in.

All right, so want me to kick this off, set some context here, please? All right, cool. So awesome. Thanks for taking the time, Peter. So to set some context here, I want to ask you some questions around my startup, Mind Flow. So setting some context in the next minute. Started Mind Flow in January, have pivoted twice since then. And in this new direction, we launched our app, which is a social app centered on personal growth, enabling people to become their best self, to become 1% better every day. We launched at three and a half months ago, but hasn't been going as well as we'd hoped. So in about four months we've gotten 700 downloads. And part of the challenge here is both on marketing. We haven't found a reliable marketing channel. And on the product side, there's, there's been like users that have told us there's real tangible value they're getting and some. There's like a small group of four to eight users that have had like one to two month retention, but. But they're not inviting their friends. And like, there doesn't seem to be like very long term retention or usage. So we don't think that it's working very well and are kind of like, okay, I think we need to like, find a more specific niche. We think we're too broad. But I guess the main, the main starting point question here is like, how do you know when to pivot? Because there are some things we've heard that work about this, but it's not working super well, especially for a social app that needs to become viral. So how do you know when to pivot we are like considering a new direction and testing an mvp. But that's kind of like the starting point of a general question here.

Yeah, I mean, so it's a really important question. And I faced this so many times as probably everybody else on this, on this conversation has too. And the challenge is each of us come to our product idea, imagining the solution right off the bat. Maybe it's something that you want for yourself, and maybe it's something that you think the world needs, but then you hit reality. And if the uptake isn't there now, the question is, is the uptake not there? For what reason? Because it's not being properly presented. Because it actually isn't what people want. Because it's too hard to use. One of the very first things. And you know this, it's about product market fit. It's interviewing people. And so we've seen companies like Airbnb, which has this long story of how they got from an idea to actually eventually becoming successful, and they iterated and pivoted, but it wasn't until they actually went and sat down with their customers and literally lived a day in their shoes to understand what they wanted. So the first thing is really interviewing people and understanding what their pain point is. So I. So getting an understanding of what you think your customer, who they are and what they really need. There's another concept of vitamins versus aspirin, right? So it's like vitamins are nice to have and if you don't take it, you forgot, I'll take it tomorrow, I'll take it when I get around to it. But you know, aspirin is like, if you have a headache, you need it now and you'll go out and get it now. So how do you be aspirin versus vitamins, right? How do you find a pain point in this field that really a person needs to address? So it's the interviews, it's understanding, nice to have versus need to have. And then it's all about experimentation. It's all about not trying to pre guess. But how do you do rapid iteration on your product cycle? And I'm with this all the time. One of my companies, Future Scope, that produces these AI driven newsletters, it's like I'm constantly pushing the team. Iterate, iterate, iterate. A B test, try it again, do something different, and when you find a signal, you'll see it. But I think the point of when to pivot is when you've been trying the same thing over and over again and nothing is working. Where it's not really the definition of insanity. Julian, as you know, is doing the same thing over and over again, expecting a different outcome. So you have to get to a point where you feel like you've tried this enough and you're not getting the uptake. So then it's interviewing those customers, getting them on the phone and listening to them. And it's with your co founders sitting down and coming up with, you know, perhaps crazy iterations. But after having interviewed people, after having actually going outside yourself and your and your closest friends and talking to individuals. Let me pause there. I mean, I think those things are pretty obvious, but yeah, they're important.

Yeah. Cool. Well said. I think one, yeah, if you don't have a painkiller, the market will ignore you. Vitamins just don't fly. And the second thing is like, yeah, you should not pivot until you've tried a lot of different things. I think the hard thing is the constraint of money, right? Like if we have X amount of time until we run out of money and therefore die. So it's like if we had more time, I would feel comfortable like experimenting a little more. But there seems to be a pressing need around the fact that like, yeah, we need to find something like soon and we don't have that much time. So that's a concern I'll bring up in the last part here. But one thing I'm also curious about here is that you, you talk about solving the world's biggest problems. And I love that. It resonates with me so deeply. But my question is, like, should you always begin with solving the world's biggest problems?

Right?

And because like now I realize, like, hey, like this, what we're doing now is broad, like a whole social media platform. Like, that's kind of a huge undertaking. But I've realized, like, we probably need to start smaller, like in a smaller nation. The idea we're testing right now is around gratitude and connecting the world through gratitude, which is like a smaller thing. And it makes me uncomfortable that it's not as big, but I don't know, it feels like.

Julian, I get it. So this challenge of do you build something small and revenue generating or something big and billion person hitting. That was the same conversation we had at the first year of Singular University. And I went to the whiteboard and I drew an exponential curve and I said, listen, at the end of the day, you need to build a product that generates near term revenue as soon as possible, but it should have a big, bold vision. In other words, our Our massive transformative purpose for this company is to create a global movement of gratitude, whatever it might be. And we're going to generate revenue on day one. Companies that are able to get super well funded and can work for five, six, seven, eight years before generating revenue. I think those days are kind of behind us. Unless you happen to have become super successful, had an exit and you can fund and fund and fund the thing yourself. Very few, very few companies are investing in manana companies. So I'm always saying, how can you generate immediate revenue? How can you do something that is super useful instantly and don't charge much for it, you know, a dollar a month, but just demonstrate people are willing. The difference between someone getting something for free and some money, somebody paying for something is infinite. Right. The ratio of 0 to 1. And. And when someone pays for something, they are making a value definition instantly. So I think it's possible to have your, your moonshot and have a immediate, like we're going to start earning revenue in the first 90 days. You know, Abundance360 began as, as something like that. I was able to fund it myself, you know, the first year charge something that was super affordable and I sold it one at a time and then grew it from there with a vision of impacting millions of entrepreneurs around the world. I mean, I think so having both. Because when you're selling your idea, you want to say, and we have revenue and customers who are excited and they're sharing their ideas, but this is where we're going. This is what wakes you up. That moonshot wakes you up in the morning. It isn't the $10,000 in revenue that wakes you up in the morning, but the moonshot does.

Yeah, yeah, yeah. I love that. I think the way I think about it too is kind of like, what's the big massive problem you want to solve, but what's the roadmap to get there? Right. It doesn't have to be immediately go to there, but what's the adjacent problems along the way in order to get to that big moonshot in problem? So that's what I've been trying to.

And when you're doing that, Julian, you're establishing yourself, establishing yourself as a thought leader. You're beginning to build a cadre of customers and thought partners that are going to support you and you can then enroll them in the moonshot and enable them to be on that journey with you. Great.

Yeah, love that.

Cool.

Also, final topic I had here is fundraising. This is a tough one given market conditions.

Yes.

So, yeah, so We've, for context, raised the precede round of $220,000 at an $8 million valuation five months ago. We started raising like two weeks before markets kind of went crazy. And so we currently have 70k left in the bank and we want to start raising again in a month or two. But as I've told you, we're in a bit of a tight position without having, like, great traction yet and tested whether this new idea around gratitude will work. So curious. Like, you know, how. How can we best prepare ourselves and be in a good position to. And maybe even like, do we keep the same valuation? Do we lower it because the market conditions have gone down? How do you communicate that to investors?

Sure, sure. And for people listening to this podcast, if you want to check out Julian's program, it's www.mindflow.gg. and so go check it out and see if you want to join. I will. So listen, we're gonna. I'm sure fundraising is going to be an important conversation for others as well. So take a minute to discuss it and we'll double down. And I'm going to do an entire moonshot mindset podcast, probably a number of them on fundraising, because if there's anything I consider myself an expert at. Over the years, it's been fundraising, and I've raised billions of dollars for 26 startups over the course of the. Over the last few decades. So in any startup, people are principally investing in you. That's what you have to remember at the earliest days of any startup. They're not investing in the company. They probably don't understand it. They're investing in you. And so they want to see you succeed. And so in the earliest days, it really is what's called friends and family. It's people who see you as an extraordinary entrepreneur. They're excited about the level of passion you have, and they want to help you fulfill that passion. And one of the things I always warn entrepreneurs about is raising your valuation too fast, especially now, because it's hard to do down rounds. And at the end of the day, especially if this is early in your entrepreneurial career, owning the majority of the company at the end and having it not succeed versus owning a smaller percentage and having it properly capitalized and succeed. This is not your first and only company. It may be. I mean, you may be a Zuckerberg and it's like you're just going to do Facebook and that's it. But chances are it's going to be one on a number. And so what you really want out of this is to return investment to a return to your investors. You want to increase your status as an entrepreneur, you want to learn when deliver a product and you don't want to be spending all of your time fundraising. So make it a good deal for your early investors. Right. And that is. And we'll touch on fundraising, I'm sure with a few other people on this call. So let me pause there and say during hard or economic times, it's even more important to find those who want to support you as an entrepreneur and back you as an entrepreneur and allow yourself to give them a good deal. And at the end of the day, if the company succeeds, you'll get additional CEO warrants and you'll do fine. So, Julian, thank you for your passion. I love it. And thanks for your questions.

Melissa, thanks so much Peter. Appreciate it. Grateful for you.

Thank you.

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Awesome. Thanks, Julian. Now we have Yali. Hi, how are you?

Peter, it's so good to see you.

I'm well. Good to see you too.

Yeah, I'll be very brief because I want to. You know, there are other people. So I have two moonshots. One of them is teaching people how to prepare for the future and what is. Okay. Yeah, I think we. Well, this is why you have the moonshot and this is why you created the podcast. So what is happening right now is that I became, you know, quite a known lecturer in Israel. So I'm working with the intelligence, with the military, with the idf, with big corporates. But it's not, first of all, it's not sustainable. I mean, I mean, I'm doing it, but it's random. This is one thing. And, and more than that, I don't think this is enough. I think I should go for the. I should go further and I don't know what is the next step. How can I create an organization that will teach people how to think about the future, how to prepare themselves? I think this is. So this is the first and the second. The other moonshot that I'm working on is preventative medicine, which is the holy grail of. Yeah, well, mainly early detection. So right now, for example, I have a client, 1,000 people, it's a group, and I'm creating for them now a roadmap how to, I mean, really adopt all the new tools, correlli and so forth, in order to have, you know, early detection and so forth. So there. It's a little bit. It's. It's a little bit trickier because I'm not a doctor, I'm not an md, but I have some ideas already. But regarding the first mtp, which I'm extremely passionate about, anything you can, you know.

Yes, I have. I have concrete advice for both of them. And it's the same advice, which is not focusing on everybody and focusing on a very, initially a very narrow niche. So in teaching about the future, instead of saying, I'm going to teach everybody about the future, which group are you going to teach about the future? Is it going to be kids age 15 to 18? Is it going to be parents? Is it going to be military advisors? I think one of the most important things for you to do is to more clearly define your target. We talk about when creating a massive transformative purpose and mtp what you want to do and to which group you want to focus and what you want to accomplish. The more narrow the group, the more you're going to find yourself succeeding because you're going to dig down into that. So, for example, and I don't. You can tell me more, but you know, maybe it's high school kids in Israel, maybe it's high school kids in Tel Aviv specifically. Right. And, and it's get that going, get that successful, and then broaden your scope after that. Because what happens is when you narrow geography, age range, all of those things and focus in, you could very quickly identify what is it they need, what's the point of entry, who you're going to work with, how are you going to measure the results that you're creating and when that begins, succeeding, because if you're trying to serve everybody, you're serving nobody. But when you narrow it down and focus in, you create this incredible ability to have the largest impact and success in that group. There's a rapid feedback cycle like we spoke about to some degree with Julian, because you can ask what they need, you can ask the parents, the teachers, whatever it is, what their kids needs, what their hopes are and serve that. And then on success, you can then go broader. The example for me was for me, the XPRIZE Foundation. When I started the xprize Back in 1994, we launched it in 1996. This is 28 years ago, thereabouts. I didn't say I'm going to create a platform to solve the world's biggest problems. I said I'm going to create a prize for spaceflight. In fact, a prize for suborbital spaceflight, a very narrow niche. And I was able to find the right people, get it focused. Only when that succeeded was I able to then begin broadening the scope of what we did. That's for me, one of the most important things that entrepreneurs need to be thinking about early in their career is, is real, real focus. Does that make sense?

Yeah, totally. I just want to say that what is happening, because I'm coming from strategic planning for big corporation. I know what, what, what they need. But what it, what is very interesting is to you find the immune system of the, of the corporates there.

Yeah.

So what they do.

So along, yeah, along those lines, I mean, the work that Salim Ismail does with exponential organizations. Right. And I'm happy to connect you with Salim, but that's what he does. He has a, with his organization Open Exo, Salim has a process in which he goes into companies, he Helps them find their mtp, helps them create their moonshots and identify their immune system and so forth. But it's a process he's created. But it's one company at a time, right? It's not all companies, it's one company at a time. And maybe, you know, maybe working with him would be a good, you know, becoming one of his team members there.

Okay, and about. About the other mtp. I mean, any other.

Yeah. On the longevity front. So listen, I think giving people a roadmap is a really important process.

And.

You don't need to be a medical doctor. In fact, the best support for this is going to be understanding where is a person today in their health status, honestly, evaluating where are they on food, diet, exercise, sleep, medicines, all of those things. Mindset, and what is it their biggest complaint and then what is a journey for them to take. Now I think that there is a lot of technologies coming to enable that. A lot of this is going to be AI based. A lot of this is going to be closed loop where I'm measuring, right. I've got my OURA ring, I'm wearing a levels continuous glucose monitor, I've got my Apple watch. And a lot of that is going to be becoming more and more where we're measuring everything all the time. And eventually it's going to be our AIs that are gathering this data and advising us, right? So I walked this morning for 30 minutes to get here instead of driving my car. Why? Because I try and get 10,000 steps a day. Now one of the things you need to think about, or I encourage you yali, to think about, to think about, is that where is this going? So I think I've shared this story before, which is the founders of Siri, who were creating Siri before they sold it to Apple, I was having dinner with them at the early days of a360, I'm sorry, of Singularity University. And they told me a story that has never left me. They said when we started this company, the technology to build what we envisioned did not exist yet. We had to project where the tech would be in three years and we built the product and service to intercept where the technology would be three years from now. And that always seemed amazing because if you build a product or service based upon the technology that exists today, by the time you launch it, it could be out of date. And so how do you build something that's at least going to incorporate the technology? So we're seeing what companies like OpenAI with ChatGPT and what stable diffusion and DeepMind, all of these AI platforms are creating, it's hard for me to imagine that they're not going to become to some degree, your AI health coach or your AI longevity coach. With that coming, what would you start thinking about today that would enable you to utilize those technologies a year, two years from now?

Wonderful. Thank you. I'm going to be Daniel Kraft now is starting again. Not the exponential Next.

Next minute. Yes.

Yeah, yeah. And then I'm going to come to us. So to our meeting. So. Yeah, yeah, definitely.

Beautiful. A pleasure. I hope that was useful.

Thank you.

It was very useful. Thank you so much. Thank you so much.

Great, great. Awesome. Thank you. Yali. Now we'll have Suki.

Hello, Peter.

Hi. Hi. Nasuki. Pleasure. Where are you calling from?

The United States.

Okay.

Yeah. So first of all, I would like to say thank you because, you know, I started reading your work when I was 15 and you know, it inspired me to, you know, go after my entities. And I would like to just say thank you because, you know, it inspired me to actually do something in the world. So. Yeah, my pleasure. Yeah. Because. So I'd like to ask you this question as icebreaker first because you're like the biggest, world's biggest longevity junkie. So I wanted to ask you eternal. Eternal youth or eternal life?

Oh, fantastic. How old are you by the way, Nasuki?

I just turned 18 a few months ago.

Listen, first of all, I love it that you're having these conversations at 18. I have two 11 year old boys. I hope that they have the same spirit you have when they're 18. So thank you for that. So that's a great question. You know, I used, I used to joke my, one of my Peter's laws is when given a choice, take both. You know, eternal life undefined is, you know, without having the energy, the spirit, the curiosity, the vitality to be, you know, no one wants to be alive in a wheelchair, brain dead. So it really is going to be, it needs to be a mix of the two, I think. I mean, what we, what I want us to work towards in the work that I do is having the vitality, the energy, the cognition, the aesthetics, the mobility at 100 that you had when you were. At least for me, when I was 40, 50, 60. I don't need to be 20, but that would be nice too. I don't jokingly say, I say we've got the same genes when we're born, when we're 18, when we're 50, when we're 80, when we're 100. We look differently because different genes are on and different genes are off. So can we discover that that means. But I don't have an A or B answer for you, my friend.

All right, then that's okay. Anyways, my question for you today is I'm building a blockchain project. I'm building my own blockchain. And once I'm. So far, it's a side project right now. But once I'm done, I would like to know, where exactly do I start with building an audience and finding investors. Because right now, you know, I'm a nobody right now. So, you know, I have to get my voice out somewhere, you know, at the start somewhere. So I'd like to know, where do I start? What's your advice on that?

So we'll come back again, I think, you know, no bucks, no Buck Rogers, probably. You don't know what that means. Buck Rogers was a, was a, was a rocket ship guy in 50 years ago. But the idea, the idea is you need capital for sure. In the early days of a pure startup, the capital is your sweat labor. It's you and your friends investing your time and your energy and thinking through the idea. And you're going to go one of three places for early capital. The first place is going to be friends and family. And that means, you know, moms, dads, uncles, mentors, individuals who are, who you're going to take. It's staging. Like you stage a rocket. Your first stage is your sweat capital. It's thinking it through, it's doing the work, it's showing diligence. And by the way, one of the tricks here is in stage one going to people that could potentially give you friends and family capital. And don't ask them for anything. Just say, ask them, you know, I want to share with you what I'm doing. I don't have any asks. And maybe ask them for some advice. Get them interested in what you're doing at the early stage. And then when they watch you succeeding and they watch you making progress, they have increasing confidence in you. So then you get to a point where when you go and ask them for seed capital, they have seen you start at zero and get to one, and now they want to help you get from one to n. There's an incredible book, one of the best fundraising books I've ever read. It's a kid's book. It's called Stone Soup. Have you ever heard of Stone Soup?

No. I'll take note of it, though.

Yeah. So I'm going To tell the story in short, and I'm going to not take this away from your time. So there. This takes place in the French wars of the 1700s. Three soldiers are coming back from the war and they're hungry. They haven't eaten in days. And they are approaching a village. The villagers see the soldiers coming and they say, hide, hide all your food. You know, the hungry soldiers are coming into town. And so the soldiers come into town and they knock on the door and they say, may we have some food? And they say, I'm sorry, we have none. We had a bad harvest next door. No, I'm sorry, our food was stolen next door. They had hidden all their food. And the soldiers are out of luck. What happens next is the soldiers have an idea. And in the village square, they say to the villagers, dear villagers, we're going to make stone soup. And the villagers go, what's stone soup? And they say, we're going to make soup from stones. And the villagers go, this is something we have to see out of curiosity. And the soldiers say, do you have a cauldron and some firewood? I have a cauldron, I have some firewood. And they bring it in, they put the water to boil, they find three stones and they put it in the cauldron, and then they're mixing it. And the villagers are going, man, you know, soup from stones, I need to see this. And then the soldier goes, if we only had some celery and some carrots would be so much better. And one of the villagers goes, I have some carrots, I have some celery. And they add it into the mix. And then if we only had some barley, if we only had some beef. And slowly all the villagers start contributing parts to this soup. And eventually the soup is done and everybody feasts together. And the villagers go, that's amazing. This is the soup made from stones. It's one of the best stories for fundraising because it's very true. Okay, Coming back to you, having the people who you will eventually ask for money watch you making progress and then going to friends and family, that's one category. The other category of potential investors are your customers. And so this is where you might go to a Kickstarter campaign and get your potential customers to pre purchase your product or service and give you advanced sales. And because of things like Kickstarter, it's almost possible these days to build a product or a service and not need dilutive capital. The third area is potentially your suppliers. And here I have another story. I was running an organization At MIT called sed Students for Exploration and Development of Space. And I remember I needed money to print the newsletters and to mail them out. This is before the Internet, in the deep dark ages when you produced something and you mailed it out. And I went to DARPA Labs. Not DARPA Labs, it was Draper Labs at mit. And I went and met with the heads of Draper and was pitching them on $5,000. And at the end of the day, they said, I'm sorry, we can't make grants. That's not the kind of organization we are. And I was like. And so I was leaving the. Leaving my meeting, and I paused at the door, and I turned around to the head of Draper and I said, you know, do you have a printing press and a mail room? Could I ask you to print our newsletters and mail them for us? And they said, sure. And so rather than getting money, what I got were the services I wanted the money for in the first place. And I got far more than the $5,000 I want because they printed our newsletters and mailed them for five years, which was probably like $50,000 worth of services. So that's again, some ways of thinking about jump starting in early days.

What about the audience part?

Yeah, the audience part is. Is really about creating viral growth. And so when you're creating a product or service, how do you incentivize the early adopters who are, again, friends and family, people that, you know, it's getting to, folks that help spread it. But how do you build into your product or service a viral component where it's in their best interest to share your product or service with somebody else? And I think that's really some of the most extraordinary companies are the ones that are viral. If you can eventually get to a platform where you enable other people to make money using your. Using your technology, they will promote the hell out of what you have for their best interests. So you need to be thinking about their best. You know, how do you help them fulfill their objectives, whether it's capital or audience, whatever. How do you build that in to your design from the beginning?

All right, and then I have one more question. One more question. I think. I think a few years ago, maybe. Yeah, I'm pretty sure a few years ago you talked about releasing Abundance 2.0, the 10th anniversary. I remember that. I read all your books. It's good stuff. So, yeah, thank you.

Steven Kotler and I both continue talking about it, and the story for Abundance has gotten better than ever. We just saw the. The announcement on yesterday. I've got two other books in the works and then hopefully to Abundance 2.0, a book on the exponential organization's playbook that Salim and I are writing, which will come out in Q1 of 23. And then I've got a book on moonshots and mindsets to help people find their mtp, to help people build a abundance, exponential longevity and moonshot mindset. And that will be hopefully by the end of 2023. And then I, I deeply want to do abundance 2.0. All right, we've actually, Stephen and I have outlined it. We have a half a proposal written so busy. So. But thank you for asking.

All right, thank you. Thank you so much, sir.

My pleasure. Thank you. Awesome.

Thank you, Naisuki.

Now we'll have Diana. Hi, Diana.

Hi, Peter. First, thank you for all you do. I mean I'm. I find you so inspiring. I, I appreciate your focus on the growth on growth and their gratitude mindset and your focus on agency for us to create a better future for ourselves. And you've inspired me to focus on my mtp. I do it when I can because I also have a full time job that I need to do. So my question for you is related to building and scaling a niche community for maximum impact in the shortest amount of time. So I want to give you some context. I'm guided by the seventh generation principle based on the Haudenosaunee philosophy, this is first nations confederacy in the Northeast North America, that our decisions and actions today should result in a sustainable world seven generations into the future. You know this. That's what you do. That's what the moonshots are all about. And in collaboration with singer, songwriter and environmental activist Bill Madden, we're building out activist360co.

Okay.

It's a moonshot community that's protecting our planet for future generations. When I say community, this is the part that I really want your advice on. When I say community, I'm asking about composition and momentum. In terms of composition, the baseline is communication that includes integrity, respect, speaking factually, being less myopic and low ego, being more holistic and symbiotic, and understanding the interconnectedness of everything. So in essence, operating at a higher level of maturity and achieving a greater purpose. And when I speak of momentum, I'm asking about adding speed to building that baseline community to achieve momentum. So I know that's hard because like if you look at all the communities now, we're not operating at a higher level in many communities, you know, Anyway, so I'm interested in your thoughts and suggestions on that.

Sure. I mean obviously what you're proposing is, is beautiful and desirable. The question is how do you, how do you bring that community together and how do you make sure it's actually aiming in the right direction and achieving things? My first reaction is twofold. One you get what you incentivize and the second is without a target or without metrics, you'll miss it every time. So what are my thoughts there? You named a number of elements in the seventh generation principle in your personal moonshot there. One of the questions is can you make those elements actually objectively measurable? Can you then create a means for applying a score to those? And then if in fact members of the community can be scored objectively, that's the hard part. It could be by the actions they take. It could be by vote of the community. It could be by a number of things but objective or could be subjective but from multiple directions so it's, it's real. How do you then give people a measurable score and create a little competition or incentivize them to go higher and higher on that score? The closest analogy Diana I have is I'll share with something I call the Impact pledge idea. There's something called the Giving Pledge which, which Bill Gates and, and Warren Buffett had put forward that says you have to give away half of your wealth while you're live and so forth. And I'm like kind of doesn't make sense that that actually does anything. It's like you can give your wealth away to a non profit that does nothing with it or you know, you still can't take it with you. So what are you going to do? Die with it. I mean, so giving your wealth away, half your wealth away without having it have meaning for me is kind of meaningless. And so I put forward an idea that someday I want to operationalize. I call it the Giving Pledge where I said what if instead individuals pledge to make a specific dental. Tony Robbins is doing this right now. We'll be talking about it at Abundance 360 this year where he originally pledged to fund a billion meals, which he did in a measurable fashion. And now he's pledged and to put together a consortium to fund 100 billion meals. Right? And he's focused on growing trees and preventing child trafficking. But imagine if anybody, especially those who are means, could publicly put forward their pledge like this is what I'm going to do and this is how I'm going to measure it and I'm going to report on it every year. For me, that kind of setting, you know, choosing your target and then committing to it and measuring it and then inviting other people to join you in that, in that process. But measuring it is one of the key elements. A little bit of collaboration and competition is another key element. Does that ring useful in any way?

Yeah, absolutely it does. And it's a, it's, it's something that I didn't even, I didn't, I knew about the Giving Pledge, but I never made that connection. So I appreciate that, that direction. Yeah, it's very helpful.

Please.

So like for the Met, it seems awfully difficult to do though. Do you have any tools or, or, I mean, I know that you mentioned the computation is one way, but it.

Is, it is a challenge to do and a lot of times simple measurement is, is all you need to get people there. And I don't have an answer in specific. Right. But if you, you know, I mean, when we measure things, we might measure our, our likes and our Twitter followers and, and things like that, but people play that game of how am I, how am I doing on getting those, those numbers up? If, if you're, you know. So let's, let's narrow in a little bit. Give me a very specific example in what you want to do so we can talk about it.

So I want to hear from experts. So I want to hear like for example, from the people who are coming up with solutions like the, like the fusion ignition that you mentioned earlier on energy. So I want. We hear a lot about the problems that are happening with the climate crisis, but we don't hear a lot about the solutions or the people that are, that are working on it right now. So I want to hear from them and I want to, I want to learn.

You want to create. You want to aggregate the platform where they talk about it?

Yeah. So where the, where the people that are concerned about those issues are also learning about things that people are doing to solve them. So it's not just an echo chamber of everybody saying we have a climate crisis, but there's also multiple viewpoints and other viewpoints of here's some solutions that are happening right now that are actually in play for the future that'll look a lot different than what it looks right now.

So two thoughts there. Number one, sometimes it's easier to build on a pre existing platform than to try and build your own platform. In other words, go to where the, the traffic is already and become a voice of that aggregates. So one of the questions is, you Know, is it, is it a Facebook group? Is it on Twitter, Is it on, you know, I don't have an immediate answer for you there. But understanding a platform and then being able to invite experts to come in and give, you know, having a very clear question, listen, you can get, you can get a little bit of people's time no matter who they are, if you make it really easy for them. What do I mean? It's make the question you ask super simple and make their ability to answer it super simple. Imagine if you sent someone an email saying I aggregate communities around energy and this community has a question for you, short question, could you respond with a 50 or 100 word answer and then taking that answer and putting it in the community, make it so simple the person doesn't have to link any place. All I have to do is hit respond on an email. I like to say when I'm sending out emails to people, my easiest thing is please respond yes or no. I mean it's making it as easy as you can and then the chances are you'll get a response. If you're got a long, lengthy email, someone, Mr. Reed, you know, honestly, time, you're stealing time. So make it super simple. And then as you get more and more of an audience and more and more then in fact. So that's one idea. Another is, I'll just mention to you where XPRIZE is going. We are heading towards a program we call abundance. I'm not Abundance360 we call Global Visioneering, which will be a four day event and we're going to focus on five areas, probably energy in the environment, education, healthcare, exploration, biodiversity might be the five. And our mission is during this four day event for each of those areas, not to, you know, moan about the problems, but to deliver all the technologies and all of the approaches that are working on solving it. Right. It's solution oriented mindset in those areas where we aggregate experts. So when that eventually gets built out, that will become a platform that you could build on top of and utilize. And I hope that will be our first one. Could be as early as October of next year, a mini version and then grow from there.

Well, I'll start before then because I'm already starting, but maybe when it's ready I'll switch over. All right, thank you so much, Peter. It was lovely.

I had a pleasure, thank you for your time.

A brief note from our sponsors. Let's talk about sleep. Sleep has become one of my number one longevity priorities in life. Getting eight deep, uninterrupted Hours of sleep is one of the most important things you can do to increase your vitality and energy and increase the health span that you have here on earth. You know, when I was in medical school years ago, I used to pride myself on how little sleep I could get. You know, it should be five, five and a half hours. Today I pride myself on how much sleep I can get. And I shoot for eight hours every single night. Now, usually I'm great at going to sleep if I'm exhausted. You know, I've worked a hard day, I'm right out. But if I'm having difficulty and it occurs, I'm having insomnia or my mind's overactive and I need help to get that eight hours. I turned to a supplement product by Lifeforce called Peak Rest. Now, Peak Rest has been formulated with an extraordinary scientific depth and background. Includes everything from long lasting melatonin to magnesium to L glycine to rosemary extract, just to name a few. This product is about creating a sense of rest and really giving you the depth and length of sleep that you need for recovery. It's a product I hope you'll try. It works for me and I'm sure it will work for you. If you're Interested, go to mylifeforce.com Peter to get a discount from Lifeforce on this product. But you'll also see a whole set of other longevity and vitality related supplements that I use. We'll talk about them some other time. But in terms of sleep, Peak Rest is my go to supplement supplement. Hope you'll enjoy it. Go to mylifehorse.com backslash Peter for your discount.

I'm just gonna hop off mute and say two things. One, Peter, on your note about writing an email, our most read blog on diamandis.com backslash blog is how to write an email. Peter wrote that blog himself. So if you're curious, go have a look and it's, it's really good. I've learned actually a lot by reading it. And we publish that twice a week, so feel free to sign up if you'd like.

Awesome. Now, David.

All right, thank you, Donna. Thanks, Peter, for taking the time. Also, Donna, thanks for the organization, Nick as well. Really, really great. And also thanks to everybody else. I mean, I had the advantage of hearing, you know, all the other stories. Damn, that's impressive. Now, okay, how can I change that up a little bit? So what I'd like to do is actually zoom out of the entire business context and look a little bit more at the person behind the business. And talk about something that is, well, dear to my heart, I assume, Peter, to yours as well, and many entrepreneurs too, which is how to be a good parent while at the same time not letting go of the ambition that you have, you know, making the world a better place and building your businesses. And to give you a little context. And also, Peter, why, why I really wanted to talk to you about that is I. I listened to a podcast or an interview that you gave 2018, and you were talking about your upbringing, your own ambitions and your kids. And back then there were six. You were just mentioning that. 11 years old now. And you know, if you fast forward now these couple of years, so we, you know, my wife and I, we're both trying to build a business. We have two kids. One is two, the other one is four. And you know, kids just turn your life upside down.

Yes, 100%.

And I know there is no silver bullet, but I'm still looking, you know, for someone. And you're certainly further, you know, down the path with your kids being older and also professionally, there must be some nuggets, you know, that all of us can actually take away from that.

Wow, you ask a critically important question, right? Because I would say being a father is probably the most important thing for me. Being a great dad and having kids added a brand new dimension to my life. I'll talk about myself specifically and then happy to have you ask any questions. So I waited Till I was 50 to have kids. I'm 61 now. And that was for a number of reasons, but it was a big advantage. A because the turbulent part of my career was. Had settled out the point at which I could take risks and not worry about anything other than did I have to go find another form of income. So if you have family, you have a secondary responsibility or primary responsibility of making sure you're able to support them. And it limits to some degree the risks you can take. So I just note that because it isn't possible for everybody, but that made a difference for me. And then the other secondary benefit is having young kids keeps you young. So it's definitely a great secondary benefit. I used to say, and I still believe that the most important thing I want for my kids are three things. One is for them to find their passion, which today for them is video games. It is. And it's interesting, right, because I've had lots of debates and discussions around.

Is.

That healthy or unhealthy? I've seen both sides of the debate. I think it's probably Nick going to be A good podcast for us to bring a couple of folks in and talk about that. My sister was adamantly against it and then she sent me a note saying, oh, this research says it's actually good for them. And so we'll see our kids, your children, mine are going to live in the virtual world to a large degree, and they're going to live in the metaverse. And the skills that they're learning in these games are skills that are going to map much better than the skills that I grew up with are going to map. And they're digital natives. So the first was for them, the first goal was finding their passion. For me, everything I've done in my life came from my childhood passion of wanting to open up space. It was intrinsic motivators, meaning I was doing this for myself because I was personally excited about it and that drove me. My parents wanted me to become a doctor and I felt that tension and I went and became a medical doctor to make them happy. But it wasn't what I really wanted. So I'm very cautious not to burden my kids with my desires for them other than for them to be purpose driven and happy. The second, what I want for them is to ask great questions. And so we'll play games around. Okay, what's a better question you can ask about that? And then the third was grit, not giving up. And by the way, video games are really good at teaching you grit and not giving up to a large degree. So the balance between being a dad, raising a family and being an entrepreneur is interesting. I was on stage with Tony Robbins and I said, tony, talk to me about work life balance. And his answer surprised me. And I've fully accepted this, which is he said, there's no such thing as work life balance. There's work life integration. And so how do you integrate your work and your life together? And I think when you have a spouse or a partner, that's got to be an active conversation. And if you're both working in the business, it's. Unless you have the means to have, you know, third party support, mother, mother in law, nanny, whatever the case might be, it can become challenging, especially if both. I don't know what your relationship with your wife is in the business, if you're just equal partners, whatever, but separate businesses, actually. Oh, separate businesses. Okay, well, that's better. I think it's challenging to be working in the same business, but in separate businesses. You're still. It's like my business isn't less important than your business, so why should I be Doing this. Right. So it is about all open communications. It's tough because your business is a child. You're raising that child as well. What other questions do you have? I'm just sharing openly how I think about it. Yeah.

Fascinating. And thanks for that. It's. I was wondering, especially when it comes to, you know, you were mentioning earlier as well, like, it's super intense, right. Your day today probably is also very intense. There's a lot of things going on. And one thing that I always try is I'd like to be on the one hand available, of course, for my kids, but then also when I'm available, I also want to be present. Present, not only physically, but also mentally. And that can be really hard. Right. You know, you just come up a meeting or, you know, whether it's during lunch break or whatever, you just rush there and then you. You see them and, you know, you have these cute little things in front of you and you try, okay, how do I just be present right now? So I wonder whether you have.

100%. Right. So I'm. What I try and do is have windows of time, like all day Saturday. It's like, I take. Unless it's an emergency, I'll take no meetings. And it's all about them on Monday afternoons and evenings and Tuesday afternoons and evenings. So I've set aside time where I'm doing my very best to prioritize them. Another trick that I did, and it's worked well, is I bought a watch on Etsy. I don't have it on right now, but on the face it says now N O, W. And that's it. It's art. It's not digital. It just says now. And so I'm so habituated at looking at my watch to see what time it is to see what's next. And whenever I do that, it says now. It's like, okay, be present. Right? It's a reminder to be. To be present. And I put that on on weekends and on vacation. And that's, you know, that's part of it. But being. Being present and not having your mind someplace else, it's tough as a driven entrepreneur to do that, but it's so important. The last thing you want your kids to feel is your lack of presence because it makes them feel unimportant.

Exactly. And there's maybe then one segue in into another question with it. You mentioned you started later with kids because you mentioned, okay, you first wanted to have that, be able to take that risk and then progress with the companies that you started as well. Now I'm 38. Right. So the oldest is four years old now. So that's a little different in terms of the setting. I wonder just from your experience, if you're looking back now, if you could transform yourself back into 38 years and having kids, what would be your advice? Like how to approach maybe life, the business, the family, maybe? You have a couple of thoughts.

Yeah. So there's one frame I would offer you. You have a hundred years ahead of you. It's a very different mindset than if you think, I've got 30 years ahead of me until I retire and I've got to make my mark and I've got to do it all in the next. In other words, if you think about. If you give yourself permission to think about a much longer time frame, you can relax a little bit and you can prioritize the kids because they're about to start becoming fun, you know, when they hit five or six through, you know, through, you know, for me now, I mean, they're incredibly fun right now. And so how do you give yourself permission to enjoy them and to make part of your job and responsibility for the next five or six years to be a great dad? There was a piece of advice that was given to me a little bit later in my child raising, but it makes sense. It's like in the early days of your kid's birth, through age 9 or 10 or 11, it's being strict and helping give them guidelines and not being, as my wife calls it, Disney dad, it's really helping them. And then that's the important part where you're shaping their boundaries and so forth. And then when they post puberty, age 13 and later, then really trying to become a close friend to them so they can open up and trust you and be with you. So being stricter and being more guiding and early on and being more connected and friendly later on, and that makes some intuitive sense to me in that regard. But the longer time frame I think is, listen, living healthfully, way over 100, I think is coming. I think you're in an amazing position at 38 to be able to benefit from all that. And so realizing that you're not going to have your kids at this age range for more than 6 to 10 years gives you permission to focus on them. The question is, how do you build out your company? I've. I have. Something I've done as an entrepreneur is gotten to a point where I take the role as chairman or executive chairman of the company and hire a CEO to run the day to day operations. And I've done that in Fountain Life, in X Prize and Singularity University, and in Life Force, in Cellularity and Vaccinity, in all of my companies. And so I'm not dealing with the emergency. Right. Julie van Amerongen runs a360 and I can do more by staying a level higher and having an amazing partner who runs day to day. And then if my kid has a baseball game I need to go to, I can say, sorry, I'm not showing up for the phone call. You take care of it.

But thank you. Thank you, Peter. Thank you for sharing these persons.

It's an important conversation. David, I wish you the very best of luck.

Thank you so much.

Yeah. And guys, thank you everybody. I think Dana, that's the group. Thank you for your support in building the podcast and thank you for your passion in making the world a better place. Ultimately, it's entrepreneurs like yourselves that find great problems and solve them that makes the world uplifts humanity. Right? The world's biggest problems, the world's biggest business opportunities. Want to become a billionaire, Help a billion people. So.

And Peter, thank you for your time. This was really lovely to listening to everybody. I actively took notes. If you have any follow up questions for me and the team, you can feel free to email me@nickdiamandez.com we ended this a touch early and I wanted to see Peter, if I could ask you one more question to add one more inch of value to everybody on this call.

Of course.

And it was actually, sorry, I forget how to pronounce your name. Is it Nash Nishaki? Nice. Okay, thank you. It was the initial question that he wrote down and I listened intensively to everything that you guys have going on. And I think this question would probably be the question that benefits everybody here if they took the answer to heart. And he wrote, if you suddenly Peter became a nobody and but you had an mtp, how would you go from I don't know anyone and have nothing to my MTP is a massive success and I have connections with the biggest names and the people that I need to know. And I'm going to ask you part A and part B. One, how do you find your mtp? And two, how do you evangelize it and build a massive community around it in a way that supports others?

So thank you for that question. And Nick, thank you for all of your support on building moonshots and mindsets. I'm grateful. The first part of how you find your mtp and we will be sharing this in podcasts and in other forms in the future. It's really the thing that wakes you up in the morning. It's what gives you energy in life. My MTP is to inspire and guide entrepreneurs to create a hopeful, compelling, and abundant future for humanity. I think about it as, what are the verbs that you are honest to you, right? So I love inspiring and guiding people. That's the work I do with Xprize, with my venture fund, with Singularity, with A360. It's all about inspiring and guiding. And then who do I want to be a hero to? It's entrepreneurs like yourselves. It's like not the entire world, not corporate CEOs, not venture capitalists, it's entrepreneurs who are looking to uplift humanity and make a change in the world. And then what do I want to do? I want to support you in creating a hopeful, compelling, and abundant future. Each of those words is special to me. And so if I were instantly in a parallel universe in which I knew nobody but I had that mtp, still, first of all, one of the most important things you need to do is share it. And you share it with people that you meet. It's people in conversation. It's all. It's. I share this and say this, you know, a dozen times a day. And when you share it and when you say it, what happens? First of all, you're in. You're reinforcing those neurons in your own mind, and you're saying, yeah, that's who I am. That's what my purpose is. And so all of a sudden, you start to see opportunities in the world, and we're living into a world of increasing opportunities more than ever before. And if an opportunity is in line with your mtp, you jump on it. If it's flashy and exciting, but not in line with your MPT mtp, you ignore it. In other words, it's about how do you focus on things that are in line with. And you need to know your MTP to do that. And when you share your. Your massive transformative purpose with individuals, they connect with you in a different way. And they say, you know what? I know somebody that you should meet. And they start to network you. So putting your MTP out into social media, but in conversation with friends, in what you write and what you do. And, and this is the doubling of small numbers. Right in the beginning, it's one person then and four people and eight people, and they spread it. But 30 doublings later, you know, it's. It's increased A billion fold. And so you've got to have something that you're proud of and you're excited about and you're not fearful to share. If you're not willing to share, you know, to shout it from the mountaintops. You know, I think that you don't have the right mtp. You should be proud of it and willing to share it. And I think what happens is you start doing things that are in line with your mtp. People see you living it and it brings you new people and new opportunities into your life. Let me pause there, Nick. Was there a second part of that that I need to answer?

That was lovely. I think you answered it in part which is how do you evangelize it? I mean, you're somebody who has built a massive community around you through your mtp. I think people get the impression of them needing to have this massive hundred thousand million person community. In my experience they don't. They just need the right people around them. What's your opinion here and how can people build the right community around their mtp?

Yeah, great question, Nick, as always. And you know, this has been a 10 year journey for me. You know, I published Abundance the future is faster than you think just 10 years ago and was on stage at Ted in 2012. And I didn't have really a personal community then. I had XPRIZE had a community and Singularity had a small community and it was really the book Abundance. So writing a book helps. If you're book is sharing your MTP or exemplifying your mtp, you can, anybody can put forward a podcast or a blog. So how do you communicate out? And if what you're communicating out finds an audience who aligns with it. If you don't have an audience that aligns with your messaging, then it's never going to work. You have to find messaging that's authentic to you and meaningful to others. If it's just authentic to you, but no one else cares, I'm sorry, it's not going to work unless you're able to really convince people and then ultimately it's going to be a lot more work. So can you find something that resonates both in your heart and the heart of that group? You want to be a hero to entrepreneurs or teenage girls in Africa who need, you know, to generate revenue, whatever it might be. So I think getting the message out and building the community step by step by step and that's, you know, it was Abundance bold and the future as fast you think. My three books, it was Building Abundance 360 over the last 11 years. You know, the last six months, it was getting this podcast going. It was my mindset blogs I put out on Mondays. My other blogs I put out twice a week. And each of these things didn't. I didn't do everything at once. I did one thing and started building it, and then on the back of that, did the next thing and start building it. And you'll be amazed. You know, compound interest over the course of 10 years will grow your community. So. But don't be afraid to start. Start with, you know, one person or a small group and see what resonates and then do more of that.

It's a really great answer. Peter, thank you. And I do want to take a moment to publicly acknowledge Donna and Greg for everything I've been on the show. They have been 10x more helpful in and behind the scenes. So Donna, thank you. And Greg, thank you as well. And Peter, thank you. What a phenomenal answer. What a really beautiful way to end this. To each of you that joined the call, your support is not lost on us. If you want to listen back to the answers that Peter gave you here, we're going to be publishing this sometime within the next few weeks, so feel free to look out for the show. I'm on Apple podcasts and Spotify, wherever you listen. And Peter, thank you for your time and generosity again.

Thank you. And Nick, thank you. You know, it was. How long ago was it that you emailed me, Nick?

Oh, I think that it was. Geez, I think it was like five months ago or something now.

It was amazing. Nick emailed me out of the blue. And his email was sufficiently compelling. I shared it with Tyler, my head of marketing. Tyler reached out to Nick and found the genius that he is and in partnership built this podcast. So, Nick, thank you.

Yeah, and honestly, the pleasure is mine. I'm going to continue to accept the thanks, but also deflect it back on Donna and Greg and the rest because they. They sure as hell deserve it. So thank you all. I'm impressed by each of you. I think that you're all going to go change the world in your own right, and I'm glad that we know of each other. Peter, let's do more of these.

I. I agree. Let's do it. Everyone, this is Peter again.

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Sam.