Thinking Big and Bold with Peter Diamandis - I Love Marketing Episode #276

I'm dean jackson, he's joe polish. And this is the I love marketing podcast.

In this episode, you'll discover the power of thinking big and bold with Peter Diamandis. Peter is the founder and chairman of the xprize foundation, co founder of Human Longevity, Inc. Co founder of Singular University, co founder of Planetary Resources, co founder of Space Adventures and Zero Gravity Corporation, as well as a New York Times best selling author of Abundance the Future Is Better Than youn Think and Bold how to Go Big, Create wealth and Impact the World. Recorded live from the Genius Network event. If you would like access to the full feature video presentation, the show notes and the special resources for this episode, please visit ilovemarketing.com 276. That's www.ilovemarketing.com 276.

Our first presenter is my dear friend, Mr. Peter Diamandis. You could say Diamandis. Diamandis.

I've never.

I still don't know what his name is. But the point is he has done incredible stuff. I always say, because he doesn't quite say it this way, that he's responsible for private spaceflight. Because in 2004, with the XPrize foundation and a $10 million prize that he put up, he actually had 26 teams compete in SpaceShipOne, went up into space and they won a $10 million prize, although they spent $26 million to win the $10 million prize. But what it did was it started a massive industry that Peter, when I say started the massiveness of this industry, is just going to get bigger and bigger and bigger. But Peter, along the way has done all kinds of stuff from International Space University, co founder of Zero G Flights, Planetary Resources, which is an asteroid mining company. Eric Anderson over here is the CEO of Planetary Resources, Singularity University with Ray Kurzweil. He is the author of the New York Times bestseller Abundance the Future Is Better Than youn Think. And his presentation is called Thinking Big and Bold. And he's gonna talk about stuff that I don't even know what he's gonna say.

But. But it will blow your mind.

Because every time I see Peter speak, he shares stuff that is so incredible, so insightful and so optimistic about what you can do. And so I want to really give it up for Mr. Peter Diamandis. Where's he at?

Wherever he's at.

There he is.

Thank you.

Awesome, Joe. That was a great opening. Wasn't that fun? Wasn't that great? Unfortunately, he sets the bar really high for being funny, which I'm not, but you are not funny. Looking just funny. But Joe's become a dear friend and a great partner across the board. So thank you, Joe for putting this on and it's a pleasure to be back here again. I want to share with you what I've been working on. Years ago, abundance flowed out of me as my mission and purpose. And hopefully some of you have had a chance to read it and it's touched your lives. Two years ago, I started on a new journey, which is a project I call Bold. And if abundance is where we're going in the next 20 to 30 years, Bold is the blueprint, the tools on how to get there. It's the notion that today all of us can do what only governments and large corporations used to be able to do. You have the tools in your tool chest to literally take on the world's biggest problems and really take on billion dollar ambitions. And I've been working on Speaking to over 100 CEOs, about 30 billionaires, the top tech folks, about what are the tools that they're developing in the lab today and coming to market in the next two, five, ten years, and how do you use those tools? In fact, working with Dan Sullivan, who's in the room here, who's another great mentor of mine, to make these tools teachable. And calling this abundance 360 is a theme to really keep the Abundance theme going forward. So Joe mentioned my own personal passion, which I share with my, my good friend and business partner, Eric Anderson, about opening the space frontier and the notion that today that's doable by individuals. It's no longer the world's biggest companies or governments. People can make an impact in something extraordinary like that. And it's going to become more and more of that kind of thinking that you're enabled. And in fact, it's your limitations of your thinking that hold you back most of the time. So I start with this lesson I hope you all will get, which is we've evolved on this planet as local and linear thinkers on the plains and savannas of Africa hundreds of thousands of years ago, the world was local and linear and our brains evolved to think in a local and linear fashion. And we don't realize that we're thinking in a local and linear fashion. But today the world is anything but that. Today the world is exponential and global. Something happens in China or India, you know about it seconds later. Things don't change century to century or decade to decade, they're changing year to year. If you stop and you realize that we are local linear thinkers in a global and Exponential world that causes challenges. So that red line is us. It's our customers, it's our politicians. We extrapolate linearly. But the world around us is exploding in technology. Exploding. And the difference between that exponential technological growth and our linear thinking is disruptive stress or disruptive opportunity. Let me explain. If you're a large corporation that's stuck in linear thinking, making billion dollar assets, hiring hundreds of thousands of people, and all of a sudden technology comes along that displaces the need for those people, you know, it's disruptive stress. If you're one of us, an entrepreneur who sees, wow, how can I use this piece of technology that replaces the work of a thousand people or allows me to do, you know, to manufacture stuff? It's disruptive opportunity you can overcome. You can leapfrog an entire, you know, a company that's been around for 100 years, and a great example is this company that was around for 100 years, Kodak. So the year is 1996. Kodak has a $28 billion market cap. It's 140,000 employees. It's 104 years old at this date. And it was in 1996, sorry, 1976, 20 years earlier, that Kodak invented the digital camera. That ultimately puts them out of business. And what happened was the engineer who invented the digital camera explained to his folks what this was going to do, what the potential was. But this first digital camera was only.01 megapixels. 0.01 megapixels. And the CEO and the heads of the business said, looked at this, it's a toy for kids. What do you mean? And we're in the chemicals and paper business, not this digital camera stuff. And so they ignored it. They ignored this. And unfortunately, last year, in 2012, Kodak goes bankrupt. What's interesting though, in that same year, another company, also in the digital imagery business, called Instagram, gets acquired by Facebook for a billion dollars, but with 13 employees. I call this process of going from a linear company being displaced by an exponential one, the new Kodak moment. So this is the world we're living into. And this is the information and material that I've been researching that I'm working with Dan to make teachable. It's how do you become Instagram and not Kodak? In fact, how do you go finding the Kodaks out there that you can displace and how do you do that? So what I've been studying for the last two years are a number of key exponential technologies. We teach this to Singularity University. I teach this at my Abundance360 program. And then in addition to the exponential technologies, what I call exponential organizational tools, I'll explain what that means. But fundamentally it's how do you as an entrepreneur, leverage genius in the world to do your work for you many times for free. So we'll come back in defining these two areas in a moment. But let me give you your first lesson. I want to talk about the six Ds of exponential framework. So any technology that becomes digitized by Google becomes an information technology. What does that mean? Biology has become an information technology. Biology has become digitized. We now sequence your human genome and you get information on a digital stream, right? You can go to a number of companies and find out what your genetic normalities or abnormalities would be. But what becomes digitized enters a period of exponential growth. And the early parts of exponential growth are deceptive. It's deceptive. People don't notice that a technology is an exponential growth. I'll explain this in more detail. It then becomes disruptive all of a sudden. When they do notice third D is disruptive, it then causes dematerialization. I'll explain what that means. Demonetization and eventually democratization. So these are the six Ds and I'll come back to these one at a time and explain what that means. So let's go into deceptive and disruptive. So exponential growth is a simple doubling. 1 becomes 2 becomes 4 becomes 8. 1632. And to give you a visual picture of this, I want you to imagine I have a test tube with a colony of algae in it. They're doubling every minute. And in the beginning of this story, it's 11:54am and this test tube has got 1.5% full with algae. Small amount of algae. They barely bump into each other. They don't know each other. They haven't gone around and met each other yet. But they're doubling. They meet other algae and they have a party and they double. A minute later, it's 11:55. We have 3% full. Minute later, it's 6% full. They still haven't noticed that they're in exponential growth. After all, it's just 6% full. Minute later, it's 12% full, 25% full. Now it is starting to meet people more regularly. It's 50% full. 11:59 at noon, they're panicking. It's 100% full. They're out of resources only five minutes later. Thankfully, one of these pioneering algae said, oh my God, look out There in the universe, I saw three other test tubes and totally empty. And they go, we're saved, we're saved. And so the algae organize and they say, OK, 25% of you go to that test tube, 25% go to this test tube, this test tube, and 25% here stay here. But what they don't realize is that they're in exponential growth. And that savior really doesn't mean much because a minute later they're 50%, and two minutes later they're dead. So the early stages of exponential growth are very deceptive. We don't notice it. Kodak didn't notice the the digital camera increasing in megapixels, becoming easier. Other technologies organizing around it, like digital printers and higher memory density. And then by the time that Kodak noticed the digital camera was becoming the new standard, it was too late. So my question is, are you noticing other technologies out there that are in exponential growth that you can be hopping on early? The next D of exponentials is dematerialization. What do I mean by dematerialization? There are lots of things we used to own that we don't own as things anymore. We own them as apps. My favorite image 20 years later, all of these things fit in your pocket and come free on your smartphone. I don't have a GPS anymore on my car shelf, it's a GPS on my Android phone. I don't have libraries of books or music. It's on my phone. I don't have an HD video camera or an HD still camera. It's on my phone. All these physical things are dematerializing as they become digitized. So if you're in the thing business, you have to be wondering which of your things that you sell could be dematerialized. Or if you're an entrepreneur, you may be looking at, how do I dematerialize that thing? So Airbnb is dematerializing hotels, right? If you wanted to be in the hotel business before, what would you have to do? You'd have to buy real estate. You'd have to get a hotel designer. You'd have to invest tens, if not hundreds of millions of dollars. And I guarantee you, the hotel industry never thought that two guys in a garage could give them competition. But they are, aren't they? You've got companies dematerializing rental car industries. So when you start thinking about industries, what industries could you dematerialize? Not just physical things, but industries. So I'm studying this process, interviewing the companies and the people who've dematerialized and what did they think? How did they do it? Where are they going? Make sense. You with me still? Next one is demonetization. What do you mean by demonetization? Well Craigslist demonetized the classifieds. It took the money out of the newspapers and put it into the consumers pockets. Skype demonetized long distance, itunes, the record store, Google research libraries, ebay, the local store, Amazon bookstores, it demonetized. So a lot of industries are becoming demonetized and scaring the shit out of a lot of companies. And so is your business going to become demonetized where the money, where it literally becomes free freeware? And then how does it change your business model? Or how can you demonetize an industry and take a small amount of that business, give 99% back to the consumer and take the 1%? And when these things become dematerialized and demonetized, they're literally freeware on the Internet. They become democratized, they go everywhere, right? The Maasai warrior in the middle of Africa on a smartphone has got democratization of an HD video camera, still camera, radios, books, all these things free on their smartphone. And this stuff has become democratized around the world. So those six Ds make sense. Powerful forces over these next now, right now, these next two, five, ten years are going to change the face of every industry because we're in rapid exponential growth for a whole series of technologies. And let me just talk about this. I've been researching and spending time with the CEOs, the top in these exponential technologies. I can't talk about many of them given the time. I'm going to just pick two robotics and 3D printing. And I'm not going to teach these. I'm just going to give you an overview of what's going on. But you need to understand where these technologies are going and how do you use them. So robotics, this is a friend, Scott Hassan, who was one of the earliest Google shareholders and has been building a series of robots. This is the PR2. And the PR2 is a precursor to the robots that will be in your homes. What happens when labor forces change? So which businesses are labor intensive today that are going to transform when labor becomes effectively free? Because these robots are going to enter every aspect of our lives. This is cruelty to robots. But I have an emotional reaction when I see this. I don't know if you do as well, but robots are going to enter every aspect of our world because they don't have fights on Friday night, they don't come in Late, they don't have sick, they don't have unions. They're going to transform every business. This is another robot. This is the Google autonomous car. Those of you who join me on the next adventure trip that we're doing, we're going to be focusing on robotics and 3D printing and going and riding in this Google autonomous car up in San Jose. This is what the car is doing. It's a robot. It's fully autonomous. This is it driving down University Boulevard. It's driven now over half a million miles. It's been in two accidents, only twice when it's been driven by humans. Guarantee you now legal in a number of states. You see that thing on the roof that's spinning around? That thing on the roof that's spinning around? That's in the image over here is called a LIDAR laser imaging radar. It's got 64 lasers at 10 RPM. It's generating 750 megabytes of data per second. So you can see what the computer is seeing, right? It's seeing everything. 750 megabytes of data per second. It's seeing a person open a door. It's seeing a butterfly. Come along. It's seeing a person piece drop a piece of trash. It's seeing some guy being pickpocketed. It's seeing everything. Now I want you to imagine tens of millions of these cars on the road in the future. What kind of business opportunities is that going to create? Because you're now going to be able to have a record backwards in time of every single thing that occurred in the open public. Do you get what the power of that is in terms of information and information mining? But it doesn't stop there. That's just one example. Because in the future you're going to be able to know anything you want, any time you want. So Eric and I are in the space business. This is an example. There are a number of low Earth orbit constellations that are being launched in the next year. And so there will be a number of these commercial constellations giving imaging at half a meter resolution. And you'll be able to look in any parking lot anywhere in the world and find out exactly at that moment how many cars are in that parking lot of your competition, or how many trucks are carrying supplies down from one mining location down to another. What do you want to know about your competition? You can know it. Powerful thinking. Right now it's a matter of thinking, what information do I want to know? Because it doesn't stop there. There's Going to be an army of AI drones giving you literally centimeter resolution, flying over every city and every parking lot. You guys played with this stuff yet? Amazing. And so these drones, forget about this. The satellite constellations, those are going to be displaced by these drone populations flying at 10,000ft or 1,000ft over your home, whatever the case might be, taking lots of these imaging, and that isn't even anything yet. Because now think about this. As you've got millions of people walking around Google Glass on record taking information, you're going to have knowledge of everything going on everywhere. How has that changed your business models? What kind of business opportunities does that create? I mean, I'm talking about quarter million dollars. We're talking about quarter billion dollars, talking multi billion dollar opportunities. If you could figure out what information this stuff is coming down the pike. It is happening. It's not a matter of if, it's when. So how are you going to use this and take advantage of this stuff? Other technology to mention 3D printing. And again, I'm just giving you a quick overview. I'm not teaching this stuff. My intention is to teach this and the implications and how you use it and where it's going and what it can go and do for you. But I want to give you an overview of this technology. 3D printing is the Star Trek Replicator. It's the closest thing. I've just joined the board, my first public board, a company called 3D Systems. They're a $5 billion 3D printing company, the best in the world. I want to learn about this. So I'm doing a deep dive in this industry. The manufacturing industry around the world is $10 trillion. $10 trillion. And it's about to become disrupted. There's $10 trillion of opportunity boom on the table by 3D printing. So 3D printing is the ability to print things at a layer at a time, where you take any object you want digitally and again everything is becoming digitized and you can print it out. So this is a, a polygon within a polygon within a polygon that's been 3D printed. These are high temperature titanium turbine blades that were 3D printed. GE is now 3D printing their injectors for their jet engines because they can't actually physically manufacture it in the old manufacturing process. You see, 3D printing is additive manufacturing. It used to be that it was subtractive. You take a block of aluminum and you cut away everything you didn't want. What was left was the piece. Now you do just the opposite. You just add Atoms where you want them effectively. And 3D print the structure. And it turns out there are many things you couldn't subtractively manufacture that you can additively manufacture. This is a future of 3D printing homes. Here's 1,000 home designs you want. Which one you want. Print Boom. And you print a 3D home. This is a person who lost his right lower limb, scanned his left limb, flipped the image and 3D printed a composite prosthetic. This is a full scale 3D printed motorcycle in the lobby of Autodesk. And one of the industries that's becoming just fun because it's a mom and pop industry is the whole jewelry industry. This is the gear ring that you print. What's interesting is when it's printed, it works the first time. All the parts. It's manufactured as a workable 3D moving geared ring in one shot. Perfect to your size, whatever engraved on it you want. Let me show you a few other things. We're now beginning to 3D print foods. This is a joint venture with Hershey's and 3D systems. Imagine if you would being able to 3D print your foods at home. But what you're adding and 3D printing into the foods is exactly the proteins and vitamins and things that you want. So your foods are being manufactured in your home for you. You know, I need some more calcium in my diet. Great. I'm going to up that in the 3D printing. I love these examples for the women in the room. Imagine being able to 3D print your shoes. You don't like the shoes you want, you recycle them and you 3D print a new design or you're going out at night and you3D print a dress that evening. This is on the right. This is an entrepreneur, Alison Taylor, who knew nothing about 3d printing and wanted to go after the doll industry. And she started. I'm going to teach. How did she do this? How do you start an industry or a business in the 3D printing world? So she learned online and I'm going to show you how you do that. And she created a company that's 3D printing custom made dolls. It's a $3.5 billion marketplace that she's going after to disrupt. And right now everything is made in China and is mass manufactured. This is about customized production. You can go large scale. This is a company called Invisalign that is manufacturing 17 million unique items per year. Every single Invisiligner. It's replacing the metal braces, 65,000 items per day so you can mass produce. This is built with 54 3D printers. They're doing 17 million items in a San Francisco warehouse. That's dark, it's running robotically, seven by 24. You know, I give keynotes to manufacturing companies that are old style manufacturing companies. They are deers in the headlights of this technology. Again, $10 trillion up for grabs in 3D printing. Makes sense. I mean, I just want to show you a little bit of what's coming down the pike. Because what 3D printing is going to allow is every one of us to become designers and manufacturers. You know, I need a device that can do this. And you're talking to your AI and say, can you make it a little bit rounder and stretch it out here? Oh yeah, that's perfect print. That's what it's going to be like. And then you're going to upload your design to the cloud and, and say charge 50 cents for it. Anybody else wants to print it? Your kids are not going to be patient enough to buy on Amazon and wait 24 hours for a delivery. They're going to hit print on that LEGO set and have it manufactured in their closet. This is where we're going. It's going to disrupt multi hundred billion dollar transportation industries. You're not going to have warehouses full of stuff. You're going to have it on the cloud. Do you guys get the impact of where this is going? And then finally 3D printing of biologics. We're now, this is Tony Atala who's now working on 3D printing of organs. I won't go into detail, but it's, but the work is going on right now. So that's just a small piece about some of the exponential technologies. Again, AI, synthetic biology. I haven't touched any of these things. Let me give you a little bit of overview of the other side that I've been researching and working. And I want to teach you guys about how to use, which I call exponential organizational tools. Exponential organizational tools. Incentive competitions, Data mining, gamification, Crowdfunding, DIY communities on demand, workforce crowd ideation. So my friend Bill Joy has a famous quote. He says no matter who you are, most of the smartest people work for someone else. Even if you're Larry Page at Google with 40,000 employees, that's 40,000 out of 7 billion. So the question is, how do you get those 7 billion or some subset of those people to do stuff for you for free, for fun? And so what I've been researching is the areas of What I call exponential organizational tools. And one of them is gamification. How do you take your problem that you have and gamify it? Oh my God, I've got this crazy problem, I don't know how to solve it. Well, how do you get other people to solve it for you? Either for a fixed price or for free? Because you make it fun and you gamify it. There are amazing companies which I've spent time with and extract information like Badgeville. And if you guys get my blogs, a lot of the research and information are on my blogs@diamandis.com two examples of gamification. This is a gamification of how do you get my park cleaned up? How you make it fun for people to clean up. Your park. Even works for deaf people. In one day, 72 kg was cleaned up, 41 kg more than normal. Here's another one. How do you get people to exercise. Sa. All right, you get the idea. A friend of mine, an SU graduate, was trying to deal with malaria and by the way, there's potentially new vaccine that's come out from malaria which would be life changing in the world, but malarial detection is expensive. And so what he did was the way that you detect malaria today is that you actually have a person who has a microscope and actually looks at a slide and is looking for the malaria parasite in the blood and he has to basically do a count and it's time intensive and it costs a large amount of money. So what this person said is we're going to take blood samples, image them, put the images up on the web and teach the public how to find the parasite by making it a first shooter game, we gamified it. So MalariaSpot.org is a first shooter game for looking for the malaria parasite in blood images. And it was amazing. Just come to the stats here. It was launched in April 2012 in 30 days at 8,000 players in 95 countries. If you combine 22 games from non expert players, they achieved an accuracy of 99%. And if they gave those people one minute of training and combined 13 games you had 99%. So again, how do you take your problem and make it fun for people to solve? It's gamification on demand workforce. So I talk about this to people running $10 billion companies, 100,000 people in their workforce, I'm saying, yet 100,000 people in your workforce is a lead keel for you. How do you instead, instead of employing a large number of people, employ people on demand when you need them. So think about it. Can you get the people to do the work for you as a large scale labor force, where you pay them only when they do the work. So there are companies like Crowdflower, like Freelancer, like a number of them. Crowdflower is one. It's one of the largest. It's got millions of people around the world that you can get where you say, I'll give you five cents to do this piece of work. So here's an example. This is Sarah Fortune in Harvard Med School, who I know, who does work in tuberculosis. And she was working on TB survivor cells. And she had to have hundreds of thousands of images looked at. Now forget about its TV cells. Maybe it's images of pretty women. Maybe it's images of homes on the Internet. Maybe it's images of whatever you need to get her work done. She had two options. She either hired 100 graduate students for a year to look at these images. She created an AI to look at the images for her, or she went out to the crowd. And so what she did is she went out to the crowd to 3 million people on Crowdflower, and she offered $0.05 per image analysis, whatever the case might do, and she got it done in a week. We're all in the marketing world here. There's a company called Freelancer. I want to show you an example of what they did. Freelancer is 6.7 million. How many folks have no Freelancer as a company? How many folks have used it? Okay, small number. I have for a lot of my work. 6.7 million people in 234 countries, $200 million of projects online, 600 categories of work. You can get a freelancer in synthetic biology. If you want to start a synthetic biology company in astronomy, in quantum physics, in anything. 600 different categories of experts who are available per hour or per finished project. And so what Freelancer did was in the average. It's a $200 paid gig. These people are super smart. PhDs in Pakistan you can hire. They said, what can we get for $25,000? And they put up a challenge that said for $25,000 and expose our Freelancer logo in your local community. They had 441 entries. The winning team got 3,000 villagers in Bangladesh to put on 3,000 T shirts, 3,000 bandanas and 3,000 flags and march into a stadium. And they won 10,000 of the 25,000. Let me show you a video of what that looked like. You ready to win $25,000?

Well, listen up, because thefreelancer.com Exposure Logo Contest is back.

F y e L a n c e r C o m F Y W e L a CER yo So.

If I had a little more time, I could work on my million dollar idea. Make a million online. And if I had a little more cash, I could get my team together, make a product, get to market real fast. And if I had a little bit of help, I could bootstrap, take a new path, make a little bit of wealth. And if I had a little bigger crew, I could take on bigger deals. Ain't no telling that kind of stuff I could do. I could migrate my projects off a dot net, start fresh with the model objects. I can rewrite the sales pitch, strategize plans, market research online, analyze brands. I can lower my cost, but increase my sales, hire talent worldwide. With a specialized skill, I can put the puzzle pieces together to make a move with freelancer.com no limit what I can do.

So another area is crowd creation. So how many of you have used 99 designs? A great number. You're great. So you know this, you can go and I, I, I use it all the time for logo. It used to be I would hire a production company and they charge me, you know, thousands of dollars and I get one final product with 99 designs. It's extraordinary. And you guys should, you know, if you haven't used it, you should t.

Shirt or print Design, go to 99Designs. The number one marketplace for crowdsourced graphic design. 99Designs helps you host a design contest where a crowd of graphic designers compete to give you the design you love or your money back. In just seven days, you'll have dozens of custom designs to choose from at a fraction of the price. Logos start at just 299. Start your next graphic design project. Go to 99designs.com but what you might.

Not know about is a company called Tongle that is a version of that for creating television commercials. Anybody here use tongle at all? So, so I've used tongle. Brendan, do you enjoy it? So what tongle realized is that the old Madison Avenue way of creating TV commercials looked like this. It would cost you between a quarter million dollars to a million dollars to get a TV commercial made. It cost about six to 12 months of your time. You get one finished product and distribution of that product, well, that's extra. What tongle has done is it said, you know, there are 40,000 people in Los Angeles with a 1080p HD camera and a Mac who want to be known and they will fight tooth and nail. To create a TV commercial for you 40,000 Garage studios. So they put up 10,000 to $100,000 competitions. And in those competitions, you actually get ideas and final product. So here's an example. Sure. Tech that makes duct tape wanted to refresh their brand. And so what they did was they created a competition for 10,000 bucks. They put out to the community of players, and they said, give us ideas for a TV commercial for Duck Tape. They got 500 ideas back. And by the way, the idea has to be in a 140 character tweet. They narrowed those 500 ideas down to five ideas. They said, okay, these are the five ideas we like. They put those five ideas back out to those garage studios and they said, make TV commercials around these five ideas. They haven't paid anything yet. Right? They haven't paid a dollar yet. Those Garage Studios created 60 final videos for them to choose from. Let me show you what the winning video looked like. By the way, the timeline was in weeks. Remember Tron.

Jay?

I told you to clean the garage, not play with duct tape. Yes. There's no way she's his girlfriend. But this video, on top of being produced for that fixed price, then goes viral and has 2.5 million views. This past year, Tong made its first super bowl commercial. So if creating television commercials has been out of reach, here's a way to get the crowd to do it and compete their butts off to do it for you. So what are the best ways to do that? What are the platforms you can use? This is the work that I'm learning to teach and share with you guys. Data mining. You may have heard about this. I want to share it with you because it's one of the most powerful things in the world. You guys have a. I think the technical term is a shitload of data. And in that data, there's literally gold. How do you extract that information? And by the way, if you don't have data, you can actually go to the crowd to Crowdflower or Freelancer and have the crowd create the data sets for you. Like, I'll pay a penny for any piece of data on this subject. But once you have that data, the question is, can you extract value from that data? So I'll give you two quick examples. This is a good friend of mine up in Toronto I just introduced to Dan Rob McEwen. Rob is the chairman of Goldcorp. You may have heard this story from me before, but it's important you hear it again. What Rob did was basically had a gold mine, and he had no idea how much gold was in his mine. He spent nine years collecting geological data from his mine. And when he went to his geologist and asked, where can I find this next 6 million ounces of gold? His geologist, the best he could employ, had no idea. So what he did is he created a competition and he took all of his geological data. Think of it as marketing data for you. Think of it as customer data for you. Think of it as whatever data that you have in your files. And he put it up on the web. And he said, I'm going to give up a half a million dollar prize for the person who can show me where the 6 million ounces of gold are in this mine. He had 1,400 data requests, 125 entries in the competition. Three winners showed him where to find 6 million ounces of gold. None of these came to his mind. One was in Russia, two were in New Zealand. What they did was look at his data in a different way. And he only paid the winners and ultimately about a million dollars of total investment on his part generated $3 billion in value creation. Here's another example, and what I'll do is, if you follow my work, introduce you to a company called Kaggle. That's one of the best data mining companies. Turnkey is a process. How do you use Kaggle? How can you extract the data? What Kaggle did was they did a demonstration with Allstate. Allstate Insurance, $32 billion company. What are they in the business of doing? They're in the business of saying, if you're A woman, age 25, living in this city, unmarried, your probability of having an accident is X percent. That's the business they're in because they then set your rate based upon your probability of having an accident. And so they employ 40 statisticians, the best in the world, but they decide to do an experiment. They said, okay, well, we're going to see if the data mining experts out there in the world can do a better algorithm to tell us if we have this kind of data, what the result is. So they put up a $10,000 competition. The 107 teams entered this. Ten weeks later, they put up a training set. They said, here's a bunch of people. Here's their accident rates. Here's a bunch of people. You tell me what their accident rates are and the test set. In the course of 10 weeks, they improved Allstate's internal process and algorithm. 340% for 10K. That's worth billions of dollars to them. So what data do you have that the crowd could give you an algorithm on to tell you predictively which customers will buy or whatever the case might be, what is that worth to you? If you could create that kind of competition and have these data analysts who, by the way, during the day work at Google or JPL at night, they do this because they want to prove they're the best in the world. I'll end here on crowdfunding. No bucks, no Buck Rogers. One of the most powerful things out there that you should be doing right now, I don't know. Is Slava here? Not yet, but you'll meet. So there are 530 crowdfunding platforms out there. Indiegogo is one of the biggest. You'll meet Slava. You've got Rocket Hub, you've got Kickstarter. They generated $2.8 billion of revenue last year. They're slated to create $15 billion of cash available by 2015. Every company should be doing a crowdfunding because by doing a crowdfunding project, you are not only getting revenue in, you're testing interest in your products, and you're creating a passionate community of people who are following your work. So I interviewed the top people. Eric Migovsky is a guy. I won't go into the story in detail. I only got a minute left. Eric is a guy who basically was running out of money, decided to create a competition out there to fund his Pebble Watch. He had six weeks of cash left in the bank, put up this competition, and raised $10 million he needed. $200,000 was what he was looking for. Just a few months ago, Eric Anderson and I and the team at. At Planetary Resources, I think Mike Klein is here in the room who is working with us as well. We ended up doing a crowdfunding campaign for a public use space telescope. Used all of the techniques I've been learning here, and we went out and beat our goal by 50%. Our goal was a million bucks raised. 1.5 million. So let me pause there a second and say I've given you just a small smattering, and I'm sorry, this is on overload. My goal here is simply to give you an overview. All of these powerful technologies are coming down the pike. And all of these exponential tools that you can use. The technologies you can use and the tools you can use. Last year, after this event, we had a great event on teaching abundance and exponential tech in Silicon Valley. I know a number of you joined us there. Raise your hand if you were there in January with us. We have A small number of you. It was great. Dan, you brought an amazing group from Strategic Coach with you. We created a video series here and we marketed it for 1000 bucks this past year. I have a copy for everybody here in the room. Marissa, would you raise your hand here? Marissa Brassfield, the amazing Marissa Brassfield, who is my right and left arm has a copy if you want copy. It's a gift to you guys. Joe's way of giving back to Joe and the community here. We're going to be teaching, by the way, in January again. Dan has been helping me take all this content you've seen and make it teachable and modular and sort of in a year long process. So if you're interested in that again, see Marissa. But we're going to be teaching this stuff. I want to show a fun video. Last year Joe was kind enough to allow us to announce the XPRIZE adventure trip on space and oceans. And a lot of you came. How many folks came on the adventure trip last year with us? A bunch of you. And it was amazing fun. Brendan, a blast. So awesome. So show you some of. You'll see some fun photos. Part of our mission is with your help to brainstorm where should we be doing future X prizes.

The people on the trip are industry, Transformers, incredibly smart people.

The initial missions to Mars would just.

Be make a big ass rocket and.

Just go to wreck.

I had an amazing time on this trip. One of the most unique opportunities. Some very big thinkers. It was an experience that probably marked my life forever. It was mind blowing and I could never imagine doing something more exciting than some of the things we experienced the last three days. This year we're doing the adventure trip on 3D printing. Robotics and synthetic biology in January. Anyway, we have about 10 minutes for Q and A, I think and it'd be my honor and pleasure to take questions. Dr.

I don't quite understand. I'm Dr. Steve Hoch of Houston, Texas. Don't quite understand on 3D printing how that really works. How do you print food? You gotta have. You got to have molecules or something. How can you print a car? You've got all. You got iron, you got plate, you got chrome, you got rubber. How does that happen?

I mean it seems so what's going on is that the 3D printing companies today are actually created 3D printers that can print in up to 200 different materials. And for a car, for example, in jet planes, every car today has 3D printed components in it. And so certain components. So they will in the design process they might 3D print an entire dashboard to take a look at it for prototyping. But a lot of custom pieces are actually 3D printed. And they have the ability to 3D print a bunch of different metals where they can actually metal sintering, where particles of metals are laid down and then melted together. And then you have the ability to actually mix, do mix mode, where different heads will inject different materials at different times.

Well, let me ask this. The 3D printer would have to. You'd have to have different 3D printers for different type of materials, I presume, wouldn't you?

Well, actually, no, because. So it depends. But a lot of times what will happen is it will print a layer of one material and then come back with a different head injecting a layer of a different material and a different head injecting a layer of different material. So you'll actually get mixed materials in a final product. And it's getting better and better. The end result of all this is eventually nanotechnology, where precisely placing atoms. But today, we're on a very steep. 3D printing was invented 30 years ago by a guy named Chuck hall, that was the founder of 3D Systems. It's taken 30 years. It's been in this deceptive mode for 30 years. It's just entering the disruptive mode right now. Again, we're 3D printing. 3D Systems is a $5 billion company. There are a number of other companies in the marketplace, but we're going to see an explosion of everything because 3D printing complexity and personalization comes for free.

One other question. This is on crowdsourcing. Say, for instance, you wanted to come up with a logo, and you have, and you offer a prize of 5,000 or 10,000, whatever, and you get 125 submittals, and you end up picking out one of them. I mean, what's to keep people from cheating the system and just say, Look, I got 125 different deals. I can use those anytime, anywhere. How does that work?

So that kind of cheating does take place, and it's protected to some degree, but it's a minority of times. Now, I know you're coming in January, you're coming on January 9th and 10th to the Ritz Carlton. Yes. I'm going to be taking each of these modules and actually, with Dan and Bab's work, really breaking these down and teaching, here's the best company to use it. Here's what you have to do, here's how you can use it in your business, here's how you can apply it and we're actually going to be piecing that out and teaching it in a very methodical fashion. Strategic.

Peter, thank you for your great work in helping us.

Thank you. My pleasure.

Please, Peter. Great presentation. If I didn't get a 250,000 idea out of that, then miss the boat, but I'm sure I did. So thank you.

Pleasure. Thank you.

We're on a. On another note, where do you see this 3D printing, the role it has in pharmaceuticals and in illegal. In the illegal pharmaceutical.

So let's talk about the pharmaceutical. There's a company I know that is actually going to be 3D printing personal pills. So imagine if you're taking a lot of people as they're getting older and older, taking a mix of medicines and you've got all these different pills. I know my dad has got. On Monday, I'm taking this in the AM and this on the pm. Imagine if you had one pill. Most of those pills are filler. Imagine if you took one pill that had your personal medicines and it was labeled with your name. 11am on Friday was printed on it so that you had a pill that you know you were going to take at that particular time. So I think we're going to start to get personalized pharmaceuticals in that regard. On the illegal front, you know, again, every technology is going to have its downside applications and that's not something I really focus on. I mean, on the 3D printing. You guys heard the whole discussion about 3D printing guns, for example, that was recently talked about. Anyway, thank you.

Thank you, please.

Hey, Peter. A.J. thank you. A.J. is there a specific company on the forefront for the food 3D printing? So I don't know of one yet. I think that's a huge opportunity. I think we're going to start to have. What's happening is it used to be manufacturing was all mass generation in. It used to be all. Everything was local. Right. And then it slowly moved to regional and then it moved to China with low cost shipping. I think a lot of manufacturing is going to move into the kitchen, into the bedroom, into the office, where what you need is going to be manufactured at home. So I do believe that in the food industry and in even the nutritional bar industry and pharmaceutical industry, you may have printers at home that you get raw supply and you can mix up and change up what you feel like that day. So I think there's huge opportunities in that arena. So is it more so like a protein bar which has like protein fats and carbs? Sure.

Different types of foods as well.

Imagine that. I know there's a lot of fun stuff is going on now with these chocolates, but imagine stuff that tastes good and is good for you as a future and has exact calories and nutrients in it. Whatever you need and in the future. I haven't talked about this, but another area I'm going to be teaching about is the whole world of Internet, of everything about the mass explosion in sensor networks that's going on. I talked about it a little bit with the idea of the drones and Google Glass that you'll be annoying anytime. But one of the other mass explosions going on that's coming out of the Qualcomm Tricorder, xprize, the Nokia sensing Xprizes right now. Anybody wearing a Fitbit here in the room? One. Okay. You're wearing a Nike band Fuel band. Okay. Anyway, the notion is that when I have a Tesla at home and an SR22 airplane and those vehicles have 100 microprocessors and thousands of sensors, my refrigerator is wired for information better than I am and better than most of you are. That's going to change in the next five to 10 years. We're all going to be wired for information. We're all going to be dribbling data about our biology constantly. And so what might happen is your biology is going to be feeding an AI that's going to feed your home printer. So depending on what your glucose levels are, how much exercise you got that day, your bar will have less or more calories in it. It's going to close the loop. So imagine that as a business model. It's fascinating. Yeah, right. Where again, you can know anything you want in the future. Pretty much. So how would that drive your business.

In dematerialization and demonetization? The only thing I'm seeing companies do is put their head under the ground and hope it goes away and then just die at some point. There seems nobody, that nobody's handling this gracefully unless, you know, otherwise. I mean, is there a way to handle this gracefully or is it just sell now?

Nicely put. I think we're in a feeding frenzy. Feeding frenzy for entrepreneurs. So let me give you an analogy that works really well for me. 67 million years ago, what happened? Yeah, dinosaurs got extinct, right? An asteroid hit the Earth and the dinosaurs that were unable to adapt to the rapid change died. But the furry mammals that were scurrying around that were much more resilient and able to adapt dominated the world. The asteroid hitting the world today is exponential technologies. And the entrepreneur, who knows how to use. These are the furry mammals. The dinosaurs will die. They can't. Few are adapting. IBM just skirted death. Right. Anyway, I don't go there. But it's very difficult for a large company to reinvent itself. So my question to you is what billion dollar industries are out there that you want to take over? Because they can't. When they're a public company reporting quarter to quarter, they cannot make the changes required. They're trapped. They're in a success trap. A massive multibillion dollar success trap. That make sense?

The exponential technologies that you were talking about, I'm assuming you're saying those are already in the disruptive stage.

They are. So sorry, go ahead.

So my question I guess would be what do you believe is in the deceptive stage that we should be focusing on for the next step?

Right.

I mean jumping on. These ones of course are great.

Absolutely.

What would be your next. So thank you so.

Yeah, no, thank you for that. It's a great question. So I'm actually in my book and in January when we teach these things, I'm actually going to be sharing that exact thing. These are the exponentials in the. So synthetic biology is in the deceptive stage. People don't get how big. Biology is the new programming language. Biology is the new programming language. We are going to start to program with A, T, Cs and GS. You want a protein for your protein bar that does this. You want a molecule for a fuel that does this. What do you want? We're going to. There are. So part of what I'm researching as well is on top of these technologies are user interfaces. User interfaces. So the web was a disruptive, was a deceptive technology that was out there growing from arpanet until what happened. Marc Andreessen comes up with Mosaic at University Illinois Urbana. And Mosaic is a user interface on top of this military platform that makes it possible for you to create a website and that explodes huge industry. So what I'm researching and writing about and teaching is going to be what are the user interfaces on top of synthetic bio? Because you couldn't do web stuff, you'd have to be a coding genius to have used the web. Now we all use it because our user interface is on top of this. So all of these disruptive technologies have user interfaces being built on top of them. On top of 3D printing on top of synthetic biology. AI is going to be. Is massive and we ain't seen nothing yet. But again, I could spend a day. So if you're interested by the way, in this, please see Marissa, she has information about everything. And by the way, let me say.

That this is a program that people pay $5,000 to come to. It is incredible content. If you want to go very deep with some of the things he talked about, obviously listen to it. I did a great interview with Mike Klein on crowdfunding right before the launch of the Kickstarter campaign that he did. All about crowdfunding, which I think you'll find valuable. And one of the reasons I hang around Peter and and I became a platinum partner in Singularity University is because this shit is fascinating. And I feel like a total dumbass when I sit and listen to him because I'm like, wow. Well, I am kind of a dumbass anyway. But that being said, my kind of business. This is great. And at some point, you're gonna be here for the whole.

Yeah, I'm here both days.

So I'll ask you at some point to come back up and talk about some things that will be helpful for this.

So awesome.

Thank you.

All right, buddy. Thank you.

Thanks for listening to this episode of I Love Marketing. If you'd like to learn more about the Genius Network annual event, go to geniusnetworkevents.com that's GeniusNetwork Events. If you would like access to the full feature video presentation, the show notes, and the special resources for this episode, please visit ilovemarketing.com 276 that's ilovemarketing.com 276.

Sa.