Lessons From My 20s on Life, Entrepreneurship, and The World - Ryan Allis
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A 1285 slide presentation on everything I learned in my 20s on life, entrepreneurship, and the world, created in advance of my 30th birthday on August 14, 2014.
See full presentation at http://hive.org/20s
2. ABOUT THIS PRESENTATION THIS presentation can be found Online at www.hive.org/20s 3. Lessons from my 20s INTRODUCTION 4. Well, hello thereBest, Ryan Allis If you have questions or thoughts, feel free to email me anytime via [email protected] there,I’m Ryan. I’m an entrepreneur living in San Francisco. I created this presentation in advance of my 30th birthday on August 14, 2014 to share what I learned in my twenties about life, entrepreneurship, and the world. I hope you will ﬁnd it useful! 5. TOPICS THIS 1285 slide PRESENTATION COVERs What I’ve learned about LIFE entrepreneurship The world 1 2 3 567 SlIDES 449 SLIDES 269 SLIDES 6. PART 1 TOPICS GOALS Purpose vision NETWORKS MENTORS HAPPINESS Health MEDITATION PART 1 “LIFE” INCLUDES SECTIONS ON HABITS COMMUNICATION Money Investing Love values Life LESSONS 7. PART 2 TOPICS The big opportunities Entrepreneurship Leadership Business planning Product development Innovation PART 2 “ENTREPRENEURSHIP” INCLUDES SECTIONS ON Venture capital Marketing Building systems Building a team Strategy & execution Steps to get started 8. Human rights Human progress Systems thinking World 2050 PART 3 “THE WORLD” INCLUDES SECTIONS ON PART 3 TOPICS Millennials Climate change The innovation age 9. TARGET AUDIENCE MY PRIMARY TARGET AUDIENCE IS MILLENNIALS 15-35 WHO ARE INTERESTED IN MAKING A POSITIVE DIFFERENCE IN THE WORLD 10. MY MOTIVATION MY MOTIVATION TO COMPLETE THIS PROJECt IS MY MOTHER PAULINE 11. MY MOTIVATION SHE PASSED AWAY in 2012 FROM A BRAIN TUMOR 12. MY MOTIVATION I WANTED TO DOCUMENT ALL THE AMAZING KNOWLEDGE SHE GAVE ME IN HER 60 years 13. MY MOTIVATION She inspired so many to love everybody Follow their bliss and dream big 14. For some context, here is my background Born 1984 in Pittsburgh, PA SON OF A MINISTER from USA & A SOCIAL WORKER from UK GREW UP IN Woonsocket, Rhode Island and Bradenton, florida Started learning web development at age 12 in 1996 Majored in econ at UNC-Chapel Hill Led a software COMPANY CALLED iConTACT from age18-27 Grew icontact to 300 employees then sold company for $170M in 2012 Started mission-driven angel fund called connect ventures in 2012 WENT TO Harvard business school FOR MBA in boston LEFT HBS after first year TO launch CONNECT in SF Now living in san francisco and loving it 15. And here are some of the Topics I’m Passionate about THE ROLE OF BUSINESS & TECH IN MAKING THE WORLD BETTER Purpose-driven companies & Social enterprise CREATING A WORLD WITHOUT POVERTY CREATING A SUSTAINABLE WORLD BUILDING GREAT COMPANIES and cultures INTERNATIONAL RELATIONS & Development economics JOY AND HAPPINESS SCIENCE & INNOVATION Purpose-driven LEADERSHIP TRAVEL & EXPLORATION GOVERNMENT & PUBLIC SERVICE THE MIND & UNDERSTANDING OURSELVES 16. What I’m deeply passionate about Helping CREATe An ABUNDANT, SUSTAINABle, and joyOUS WORLD FOR ALL PEOPLE All people can live peaceful, mindful, and joyous lives All people can live on a sustainable planet with clean energy All people have access to the six basic human needs 1 2 3 17. What I’m working on on today These days I’m the ceo of connect and the chairman of hive in san francisco www.connect.comwww.hive.org Helping people and groups stay connectedA global network of leaders workingon creating a better world 18. If you enjoy this presentation also check out www.startupguide.com www.hive.org/book 19. Let’s get started All right Now Let’s get started 1264 slides to go… 20. Lessons from my 20s LIFE Part I: 21. Lessons from my 20s GOALs PART I, Section 1 22. THE IMPORTANCE OF GOALS VERY FEW PEOPLE ACTUALLY WRITE DOWN THEIR GOALS 23. THE IMPORTANCE OF GOALS FEWER STILL PRINT THEM OUT & FRAME THEM 24. THE IMPORTANCE OF GOALS In my experience Those who write down & FRAME THEIR GOALS ARE THE MOST EFFECTIVE HUMAN BEINGS AT CREATING A BETTER WORLD 25. THE IMPORTANCE OF GOALS WHEN YOU WRITE a goal DOWN your subconcious BRAIN BEGINS TO MORE actively think about bringing into your life THE PEOPLE, RESOURCES & KNOWLEDGE YOU NEED TO ACHIEVE your GOALS 26. THE IMPORTANCE OF GOALS WHEN YOU know what you’re up to In the world your mind can naturally Filter opportunities to find those that Match your goals 27. I STARTED WRITING DOWN MY GOALS AT 16 I STARTED WRITING DOWN MY GOALS AT AGE 16 in the year 2000 AFTER MY MOM GAVE ME THE BOOK THINK AND GROW RICH 28. I STARTED WRITING DOWN MY GOALS AT 16 THE FIRST EVER GOAL I wrote down at age 16 was “BUILD A COMPANY TO $1M IN SALES BY 21” 29. I MISSED MY FIRST BIG GOAL I MISSED THIS GOAL By 18 days I TURNED 21 on August 14, 2005 iContact reached $1M in sales on September 1, 2005 30. I STARTED WRITING DOWN MY GOALS AT 16 I wouldn’t have even come close To achieving this goal had I not Written it down WRITTEN GOALS ARE INDEED POWERFUL FOR FOCUSING THE MIND 31. REFLECTING ON GOALS I’ve been AMAZED AT WHAT I’VE BEEN ABLE TO SEE, and EXPERIENCE and HOW LIFE HAS BEEN ENRICHED SINCE I BEGAN WRITING DOWN GOALS AND THEN PURSUING THE HECK OUT OF THEM 32. REFLECTING ON GOALS HERE ARE JUST A FEW OF THE THINGS in life I’ve been able to achieve In my twenties due to writing down my goals And then pursuing them 33. Age Goal Achieved 21 GREW icontact to $1M in sales 23 Raised $5M in venture capital Series A round for iContact 25 Raised $40M in venture capital Series B for icontact 26 icontact reached 300 employees and $50M in annual sales Joined united nations foundation Global entrepreneur council Got to Meetworld leaders like ban ki moon, kofi annan, bill clinton, barack obama 27 Sold icontact for $170M to a public company Started impact investing firm Connect VENTURES Visited kenya, Uganda, rwanda, egypt, ghana, Invested in off-grid electric in tanzania Got into harvard business school 28 Invested in spacex, change.org, lendingclub in Silicon Valley Completed year one of HBS MBA in boston Started Connect in san francisco 29 FINISHED Losing 50 pounds (205 ! 155) Started meditating daily Connect passed 1 million users What’s happened in my 20s due to writing my down GOALS 34. Building icontact 35. Leading an amazing executive team 36. JOINING THE UN FOUNDATION GLOBAL ENTREPRENEUR COUNCIL 37. Co-chairing Tech for obama in 2012 38. ATTENDING HARVARD BUSINESS SCHOOL 39. ANYTHING IS POSSIBLE NEARLY ANYTHING IS POSSIBLE THAT YOU SET YOUR MIND TO AND WORK HARD AT FOR 10 years 40. An EXAMPLE AS AN ExAMPLE HERE ARE MY current GOALS 41. 1 Year goals GET CONNECT TO 2M MONTHLY ACTIVE USERS RAISE SERIES A FOR CONNECT GROW HIVE FROM 80 TO 300 GLOBAL MEMBERS PUBLISH EVERYTHING I’VE LEARNED BY 30 MEDITATE OVER 300 TIMES (6X/WEEK) VISIT ARGENTINA & ENGLAND 42. 10 Year goals – by 2025 100m people use connect to stay connected built hive into a global community of people working to create a better world with 10 Profitable locations traveled to over 50 countries exploring perpsectives on Human potential and spirituality Published a book on creating a better Life, Company, & world Built a relationship with an amazing life partner Become an extraordinary father 43. LIFETIME GOALS Live a joyous, happy, and fully alive life Be an extraordinary partner and father Create a profitable hive in 1000 cities BUILD a global community of extraordinary people working on creating a better world 44. Never limit your dreams My friends. Do not limit your dreams. 45. A quote “Dream no small dreams for they have no power to move the hearts of men.”- Johann Wolfgang von Goethe, German writer 46. Write down your goals Here is a 12 step process YOU Can use FOR WRITING DOWN YOUR GOALs 47. Writing down your goals You can do this 30 minute exercise right Now Or put a time on your calendar to Come back to it 48. GOALS EXERCISE 49. GOAL SETTING PROCESS OPEN UP GOOGLE DOCS CREATE HEADINGS For 1 YRs, 10 YRs, AND LIFETIME THEN WRITE DOWN 5 TO 7 GOALS IN EACH CATEGORY MAKE EVERYTHING FIT ON ONE PAGE MAKE SURE ALL GOALS ARE MEASURABLE SO YOU’LL KNOW IF YOU GOT THERE OR NOT 1 2 3 50. PRINT OUT TWO COPIES SIGN THEM FRAME THEM 4 5 6 GOAL SETTING PROCESS 51. PUT ONE FRAME IN YOUR BEDRO0M PUT ONE FRAME AT WORK SHARE YOUR ONE-PAGER WITH A CLOSE FRIEND 7 8 9 GOAL SETTING PROCESS 52. 10 11 12 DEC 26-31 CALCULATE RESULTS GREEN = MADE IT YELLOW = 50%+ there RED = <50% there UPDATE GOAL SHEET FOR THE NEXT YEAR & REPRINT/RESIGN/PUT IN FRAME GOAL SETTING PROCESS 53. MAKING YOUR GOALS AMBITIOUS ENOUGH OF YOUR GOALS IF HIGHER, THEN YOUR GOALS ARE NOT AMBITIOUS ENOUGh 66% YOU SHOULD BE HITTING AROUND 54. GOALS Reflection 55. GOALS REFLECTION WHEN WAS THE LAST TIME YOU WROTE DOWN YOUR GOALS? CAN YOU FIND THEM? 56. GOALS REFLECTION DO YOU THINK THE GOALS YOU SET ARE USUALLY TOO AMBITIOUS? OR NOT AMBITIOUS ENOUGH? 57. GOALS REFLECTION WHAT IS THE MOST AMBITIOUS GOAL You’VE EVER SET? DID you achieve it? Why or why not? 58. Lessons from my 20s PURPOSE PART I, Section 2 59. A quote “When you grow up you tend to get told the world is the way it is and your life is just to live your life inside the world. Try not to bash into the walls too much. Try to have a nice family, have fun, save a little money…That's a very limited life. Life can be much broader once you discover one simple fact…Everything around you that you call life was made up by people that were no smarter than you and you can change it, you can inﬂuence it. Once you learn that, you'll never be the same again.” - Steve Jobs 60. How to FIND YOUR PURPOSE 61. MOST PEOPLE NEVER create THEIR LIFE PURPOSE Instead they get sucked into the Dreaded vortex of passionless mediocrity (Don’t let this happen to you) AVOIDING THE VORTEX OF MEDIOCRITY 62. CREATING YOUR LIFE PURPOSE THERE ARE TWO TYPES OF PEOPLE 1. THOSE WHO LIVE WITH PURPOSE 2. THOSE WHO DO NOT 63. creating YOUR LIFE PURPOSE THOSE WHO TAKE THE TIME TO CREATE THEIR LIFE PURPOSE OFTEN ARE ABLE To LIVE WITH EXTRAORDINARY ENERGY AND MOTIVATION & OVERCOME CHALLENGES Most could not dream of 64. A QUOTE - HOWARD THURMAN! “Don’t ask what the world needs. Ask what makes you come alive. Because what the world needs is People who have come alive.” 65. LIFE HAS NO MEANING UNLESS YOU CREATE THE MEANING FOR YOURSELF LIFE HAS NO MEANING UNLESS… 66. CREATING YOUR LIFE PURPOSE SO let’s talk about Your LIFE PURPOSE 67. DISCOVERING YOUR LIFE PURPOSE IF YOU CAN GO THROUGH A PROCESS TO CREATE YOUR PURPOSE THEN YOU CAN ADD GREAT MEANING AND MOTIVATIOn TO YOUR LIFE 68. Your purpose is not Something you HAVE Your purpose is Something you CREATE Creating YOUR LIFE PURPOSE 69. CREATING YOUR LIFE PURPOSE Once you have a clear purpose and goals for your life you can direct your life rather than letting outside factors determine your direction 70. TO0 MANY PEOPLE ARE WAITING to “FIND” THEIR PURPOSE WHEN IN FACT purpose is something you CREATE DISCOVERING YOUR LIFE PURPOSE 71. Standing strong with a clear purpose You will be able to much more easily withstand criticism and challenges when you are internally clear on your Specific purpose on this planet 72. LIVING A PURPOSe-DRIVEN LIFE THE COMMON DENOMINATOR AMONG EVERY SINGLE HIGHLY DRIVEN AND SUCCESSFUL PERSON I HAVE EVER MET, REGARDLESS OF FIELD, IS THAT THEY HAVE COMMITED THEIR GOALS TO WRITING AND CREATED FOR THEMSELVES A PURPOSE-DRIVEN LIFE 73. Your LIFE IS YOUR MESSAGE YOUR LIFE IS YOUR MESSAGE TO THE WORLD MAKE SURE IT IS INSPIRING 74. Living a Purpose-driven life Living a purpose-driven Life is important to me Here’s what I’ve created As My purpose 75. MY life purpose Help CREATe An ABUNDANT, SUSTAINABle, and joyOUS WORLD FOR ALL PEOPLE All people can live peaceful, mindful, and joyous lives All people can live on a sustainable planet with clean energy All people have access to the six basic human needs 1 2 3 76. Creating a Purpose-driven life Everything I do is Driven by this Sense of purpose 77. MY LIFE PURPOSE someday ALL PEOPLE will HAVE ACCESS TO the SIX BASIC HUMAN NEEDS of Food, water, shelter, medicine Education and electricity 78. MY LIFE PURPOSE Someday we will LIVE IN A SUSTAINABLE WORLD POWERED BY RENEWABLE ENERGY 79. MY LIFE PURPOSE Someday all PEOPLE will be able To LIVE PEACEFUl, MINDFUl AND JOYOUS LIVES 80. your LIFE PURPOSE The exercise on the following Slides can help you Create & refine Your life purpose 81. your LIFE PURPOSE You can do this 90 minute Exercise right now or put a time On your calendar to do it 82. Creating your LIFE PURPOSE 83. How to FIND YOUR PURPOSE 84. EXERCISE: CREATE YOUR LIFE PURPOSE LIFE PURPOSE EXERCISE Instructions: 1. Print out this section so you can write in it with pen 2. Use a timer to give yourself exactly 4 mins per question 3. Write out the answers in the ovals 4. At the end, you’ll bring it all together in a final one-page worksheet that you can frame if you choose 5. This exercise should take 90 minutes to complete 85. What do you really love doing? When am I most in ﬂow/in the zone? What excites me? What makes me come alive and be joyous?4 min 86. What does THE WORLD need? What does humanity and the world need to thrive? List as many things as you can think of. 4 min 87. HOW CAN I CREATE WHAT THE WORLD NEEDS WHILE DOING WHAT I LOVE? What are all the things you could do in life that would serve humanity in a big way and allow you to do what you love? Brainstorm below. 4 min 88. WHAT ARE MY PERSONAL FINANCIAL GOALS? What do you want your annual income to be in 10 years? In 20? What do you want to have saved up in investments and savings by age 65? 4 min 89. HOW CAN I GET PAID TO DO WHAT I LOVE? What could you do in life that would serve humanity in a big way, allow you to do what you love, and create economic value that allows you to reach and surpass your personal ﬁnancial goals?4 min 90. DESCRIBE HOW THE WORLD WILL BE DIFFERENT IN 2050 because of you Close your eyes for 5 minutes and imagine all the little details of how our world will be different in 2050 because of you. Then write what you see. 4 min 91. WHAT IS THE CHANGE YOU ARE COMMITED TO? What is so compelling to you that you might be willing to dedicate your life to making it happen?In other words, what might be your “life purpose.” Use the space to brainstorm. 4 min 92. WHAT IS THE CHANGE YOU ARE COMMITED TO? See if you answer the above question as simply as possible so that a 10 year old would understand it. Try to do it in fewer than 15 words (no pressure, this is just a draft). This could be considered your “life purpose.” 4 min 93. POSSIBLE METRICS OF SUCCESS What are some metrics to track whether your life purpose is being realized in the world over the next 35 years? Make these metrics speciﬁc and quantitative so it will be clear when you’ve achieved the impact you want to make in your life.Examples: Global infant mortality < 1%; Global energy from renewables >95%; Carbon dioxide under 350 PPM; Homelessness in Oakland, CA down by 80% 4 min 94. HOW MIGHT YOU MAKE THIS HAPPEN? What can you create/build/do during your life to help make this world that you dream of real? It’s okay if you aren’t completely sure yet. Brainstorm ideas. 4 min 95. LIFETIME GOALS Brainstorm some goals for the rest of your life that align with the impact you want to make. Think about areas of life like health, travel, experiences, adventures, work, ﬁnances, relationships, and impact.4 min 96. 10 YEAR GOALS Brainstorm some goals for the next ten years that align with the impact you want to make. Think about areas of life like health, travel, experiences, adventures, work, ﬁnances, relationships, and impact.4 min 97. ONE YEAR GOALS Brainstorm some goals for the next year that align with the impact you want to make. Think about areas of life like health, travel, experiences, adventures, work, ﬁnances, relationships, and impact.4 min 98. 90 DAY Action plan What are the very ﬁrst action steps you can take over the next 90 days to start realizing your vision? Who should you reach out to? What should you look into? What habits do want to start and stop? 4 min 99. YOUR DESIRED WAY OF BEING Examples: Joyous, mindful, alive, focused, driven, ambitious, kind, compassionate, lovingAs you go about your journey in life, how do you want to be inside and come across to others?What words do you want to deﬁne you?4 min 100. HOW OTHERS WILL REMEMBER YOU Examples: “I will be known in the world as the sustainable energy person”“I will be known in the world as the women’s rights advocate” “I will be known in the world as the global leaders convener” People will help you reach your goals if they can remember what you’re all about. If often hard to discern what the people you meet are up to and who they need to be connected to. Make it simple for others you meet to remember what you’re up to by ﬁnishing the below sentence and making sure those you meet know what you’re up to in the world.I will be known in my community as the_______________________ ____________________ person. 4 min 101. NOW BRING IT ALL TOGETHER On the next page is a blank life plan form.Give yourself some time to review and reﬂect on all your answers from the brainstorming session. Then print out and ﬁll in the life plan form with a pen or pencil. Feel free to adjust your answers as you go, but don’t worry too much about getting it perfect.Consider this form as just a draft. You can print out another one anytime.There are no right answers and you can re-do your life plan as often as you want. I ﬁnd just having something written down helps people a lot. I actually recommend re-doing this exercise at the end of each year.I suggest framing the page after you’re done and putting it up in your ofﬁce or bedroom. Worksheet!Instruc.ons! 15 min 102. Life purpose 1 year goals90 day action plan Signed on _______________, _______ 20___ X______________________________________ Metrics of success by 2050 My desired way of being How I’ll make It happen Lifetime goals I will be known in my community as the ______________________________ ______________________________ person. 10 year goals Life Plan of ___________________________________ 103. EXERCISE: CREATING YOUR LIFE PURPOSE As an example Here is my current “life plan” In the 1 page format I update it about 1x per year 104. Life purpose Example: Life Plan of Ryan Allis Signed on _______________, _______ 20___ X______________________________________ Metrics of success by 2050: Desired way of being: How I’ll make It happen: I will be known in my community as the global leadership person. Building a movement that creates an abundant, sustainable, and joyous world for all people 1) All people have access to the 6 BHNs 2) 95% energy from renewable sources 3) 0 major conﬂicts globally as deﬁned by the UCDP 1) Build Connect into a global platform for connecting communities 2) Build Hive into a global community of extraordinary leaders who are creating a better world. Joyous, happy, fully alive 90 Day Action Plan 10 year goals Lifetime goals 1. 1 million people us Connect each day to stay connected 2. Publish a book about making a difference in the world for initial feedback 3. Hold 4 Hive Global Leaders Programs in San Francisco 4. Visit South America for the ﬁrst time 5. Build habit of meditating 6x per week 6. Deepen relationship with Nadia 1. 10 million people use Connect each day to stay connected 2. Grow Hive to 10 proﬁtable global locations 3. Train others to hold Hive gatherings 4. Build a relationship with an amazing life partner 5. Travel widely to explore perspectives on human society, spirituality, and human potential6. Publish a book on creating an extraordinary life, world, and company 1. Be an extraordinary partner and father 2. Catalyze a movement that creates an abundant, sustainable, and joyous world 3. Create a Hive in 1000 cities around the world 4. Create the world’s most impactful network of global leaders 5. Explore widely and be a lifelong learner 6. Live a joyous, happy, and fully alive life 1 Year Goals 1. Hold September 2014 Hive Global Leaders Program 2. Get Connect to 1,000,000 users 3. Prepare Connect for Series A 4. Meditate daily 5. Travel with Nadia to England6. Publish Everything I Learned By 30 Presentation 105. EXERCISE: CREATING YOUR LIFE PURPOSE Once you have it Share your life plan With five friends & mentors In the next 14 days AND GET THEIR FEEDBACK AND INPUT THEY MAY BE ABLE TO CONNECT YOU TO PEOPLE WHO CAN HELP 106. EXERCISE: CREATING YOUR LIFE PURPOSE When you meet people you should be able to CLEARLY express Your life purpose in 15 WORDS or less WITH AUTHENTIC EXCITEMENT IN A WAY THAT moves people WHEN YOU TELL THEM 107. A quote “Each of us must make the personal choice to be a hero ornot, to be committed to something bigger than ourselves ornot, to go beyond the way we “wound up being” and havethe purpose of our lives and our careers be about somethingthat makes a difference or not, in other words, to be a leaderor not.” – Werner Erhard 108. Lessons from my 20s VISION PART I, Section 3 109. A POEM on life “Short this life is, just one I’ve got, ﬁnite in tenure, whether I like it or not. Dead is embracing fear, replacing dreams with ‘I cannot.’ Alive is taking a new step, having a shot. I will do the impossible, I will change the world, I will give hope to a despairing nation, I’ll give bread to a starving girl. I’ll break all the records, I’ll do what’s never been done, I’ll give and know love, I’ll be a billionaire of fun.What will you do with today, this hour, this minute? Will you ﬁll with dull and fear or will you live it? I will not tolerate any foe no matter weapon or munition, especially if that foe is within me in the form of fear or lack of ambition. Short this life is, just one I’ve got. Finite in tenure whether I like it or not. As sure as the eagle I will ﬂy, ’cos I choose, I choose to live until I die.” - A.E. BALLAKISTEN 110. VISION Great leaders Have a clear purpose And a clear vision of the world they are Working to create 111. VISION BOARds let’s start by talking about VISION Boards 112. VISION BOARds When GOALs & DREAMS BECOME VISUALIZED THEY BECOME ONE BIG LEAP CLOSER TO BECOMING REAL 113. Vision board exercise 114. VISION BOARDS VISION BOARDS ARE WHITE POSTER BOARDS COVERED WITH CUT OUT IMAGES OF WHAT YOU WANT TO SEE IN YOUR FUTURE AND THE WORLD’S FUTURE 115. MY 2009 VISION BOARD 116. A Friend’s 2014 Vision board 117. VISION BOARD CREATING PROCESS SEARCH FOR & PRINT OUT AT LEAST 5 IMAGES IN EACH OF THE BELOW CATEGORIES FAMILY HEALTH EDUCATION TRAVEL Adventure CAREER FINANCIAL QUOTES VALUES ART 118. VISION BOARD CREATION PROCESS ONCE PRINTED & TORN OUT CUT tO SIZE THEN PASTE OR TAPE ONTO YOUR VISION BOARD THEN SHARE IT WITH A FRIEND AND HANG IT IN YOUR BEDROOM 119. VISION BOARD REFLECTION HOW LONG HAS IT BEEN SINCE You’ve created a vision board? DO YOU STILL HAVE IT? 120. VISION BOARD REFLECTION WHAT ARE THE INSTANCES IN YOUR LIFE IN WHICH You’VE SEEN INTENTION TURN INTO REALITY? 121. BUCKET LISTS BUCKET LISTs ALLOW YOU TO CAPTURE YOUR DREAMS THEY ARE another way to CREATE YOUR FUTURE 122. BUCKET LISTS YOU CAN CREATE THEM AS A LIST OR EVEN BETTER PUT THEM UP ON YOUR WALL WITH POST-IT NOTES 123. BUCKET LISTS YOU SHOULD UPDATE YOUR BUCKET LIST ONCE PER YEAR NEAR YOUR BIRTHDAY OR THE LAST 5 DAYS OF THE YEAR 124. BUCKET LISTS HERE’S MY LIFETIME BUCKET LIST 125. MY BUCKET LIST " HELP create a JOYOUS, SUSTAINABlE, and ABUNDANT WORLD " Take CONNECT PUBLIC ON NASDAQ " BUILD AN INVESTMENT FUND THAT INVESTS in SOLVING MAJOR HUMAN CHALLENGES " CREATE A GLOBAL COMMUNITY OF EXTRAORDINARY PEOPLE WORKING TOWARD CREATING A BETTER WORLD 126. MY BUCKET LIST " FINISH MY MBA FROM HBS " WRITE A BOOK ON HOW TO LIVE A PASSIONATE, MINDFUl, HEALTHY LIFE " SOMEDAY WORK IN PUBLIC SERVICE " SOMEDAY LIVE ON ANOTHER CONTINENT 127. MY BUCKET LIST # BUILD A COMPANY TO MORE THAN $1 Billion in SALES # CREATE OVER 1 million jobs # Visit 100 countries by age 50 # CLIMB MT. KILIMANJARO AND REACH UHURU PEAK 128. MY BUCKET LIST " DRIVE on NEW ZEALAND’S HIGHWAY 6 " DRIVE on THE CARRETERA AUSTRAL IN CHILE " HANG GILDE IN RIO DE JANEIRO " Attend The Clinton Global Initiative 129. MY BUCKET LIST " TRAVEL TO SPACE on VIRGIN GALACTIC " MEDITATE WITH DEEPAK CHOPRA " BE A GUEST ON THE DAILY SHOW " SEE A CIRQUE DU SOLEIL SHOW 130. MY BUCKET LIST " SPEAK IN FRONT OF 100,000 people " GIVE A TED TALK " ATTEND THE WORLD ECONOMIC FORUM " JOIN THE UN FOUNDATION BOARD OF DIRECTORS 131. MY BUCKET LIST " BE A HUSBAND WHO EMPOWERS MY WIFE TO ACHIEVE HER WILDEST AND BOLDEST DREAMS " BE A FATHER WHO INSPIRES HIS CHILDREN " WATCH EVERY DISNEY AND PIXAr MOVIE WITH MY KIDS 132. RELATIONSHIP BUCKET LISTS IF YOU ARE IN A RELATIONSHIP TRY CREATING A BUCKET LIST OF THINGS YOU WANT TO DO TOGETHER 133. Nadia and my bucket List 134. Bucket list exercise 135. CREATING YOUR BUCKET LIST NOW, GO AHEAD GRAB SOME POST-iT NOTES OR OPEN A GOOGLE DOC AND START MAKING YOUR BUCKET LIST 136. CREATING YOUR BUCKET LIST WRITE DOWN ALL THE AMAZING EXPERIENCES YOU WANT TO HAVE OVER THE REST OF YOUR LIFE AND DREAM BIG 137. BUCKET LISTS REFLECTION WHAT IS THE MOST EXCITING THING You’VE DONE IN THE LAST YEAR? 138. BUCKET LISTS REFLECTION WHAT IS THE MOST EXCITING THING You’VE DONE IN THE LAST 10 YEARs? 139. BUCKET LISTS REFLECTION WHAT IS THE MOST MEANINGFUL THING You’VE DONE IN THE LAST YEAR? 140. BUCKET LISTS REFLECTION WHAT IS THE MOST MEANINGFUL THING You’VE DONE IN THE LAST 10 YEARs? 141. BUCKET LISTS REFLECTION WHAT ONE THING, iF YOU DID IT in your life WOULD BE EXTREMELY MEANINGFUL TO YOU? 142. Lessons from my 20s NETWORKS PART I, Section 4 143. PEOPLE WHO YOU SURROUND YOURSELF WITH IS WHO YOU BECOME 144. PEOPLE SURROUND YOURSELF ONLY WITH SMART, COMPETENT & POSITIVE PEOPLE (Life is too short not to) 145. SELECTING YOUR FRIENDS CONCIOUSLY YOUR FRIENDS DETERMINE WHO YOU BECOME 146. SELECTING YOUR FRIENDS CONCIOUSLY YOU SHOULD ONLY SPEND TIME WITH FRIENDS WHO INSPIRE YOU 147. SELECTING YOUR FRIENDS CONCIOUSLY IF YOUR FRIENDS Don’t INSPIRE YOU THEN FIND FRIENDS WHO DO! 148. BE INTENTIONAL ABOUT THE PEOPLE IN YOUR LIFE DON’T LET CHANCE DETERMINE WHO’S IN YOUR LIFE 149. What carnegie knew ANDREW CARNEGIE’s EPITAPH SAYS “Here lies one who knew how to get around him men who WERE CLEVERER THAN HIMSELF” 150. BE INTENTIONAL ABOUT THE PEOPLE IN YOUR LIFE IT MIGHT TAKE 5 years to completely change up THE PEOPLE SURROUNDING YOU BUT IT IS ABSOLUTELY WORTH IT 151. What I LOOK FOR IN MY FRIENDS Joy Compassion Intelligence Passion Purpose 152. Intentionally SEEK OUT AMAZING FRIENDS Random FriendsChosen Friends vs.A high impact life An ordinary life 153. BE INTENTIONAL ABOUT THE PEOPLE IN YOUR LIFE IF YOU Don’T LIVE IN An INTELLECTUAL CENTER CONSIDER A MOVE 154. TO AVOID MEDIOCRITY TO AVOID BEING MEDIOCRE YOU MUST SEEK OUT PEOPLE WHO ARE NOT MEDIOCRE AND HANG OUT WITH THEM 155. Your EDUCATIONAL NETWORK YOUR UNDERGRAD & GRADUATE SCHOOLS ARE CRITICALLY IMPORTANT NETWORKS SO PREPARE WELL AND GO TO THE ABSOLUTE BEST SCHOOLS YOU CAN GET INTO WHILE AVOIDING GETTING INTO MOUNTAINS OF DEBT 156. Your EDUCATIONAL NETWORK • Harvard • Stanford • MIT • PRINCETON THESE schools have some Of the best networks So if you can, attend for undergrad, Grad school, or take an exec program at • Penn • Columbia • Yale • BROWN • OXFORD • CAMBRIDGE • LSE • uchicago 157. Your EDUCATIONAL NETWORK KNOWLEDGE IS CRITICAL SO IF YOU CANNOT GET INTO OR AFFORD THE BEST SCHOOLS THEN STILL TAKE THE BEST COURSES FREE On edx or COURSERA 158. Your WORK NETWORK YOUR COMPANY IS YOUR MOST IMPORTANT NETWORK SO CHOOSE YOUR COMPANY VERY CAREFULLY OR BUILD YOUR OWN 159. Your WORK NETWORK WHY DO PEOPLE SPEND 832 WEEKS IN SCHOOL THEN SPEND <4 WeEKs ATTEMPTING TO GET A JOB BY BLIND RESUME BLASTING? 160. WHAT CHANGE WILL YOU WORK TOWARD? IF YOU DON’T LIKE YOUR JOB FIND AN ORGANIZATION WHose MISSION YOU’rE PASSIONATE ABOUT AND DO WHATEVER IT TAKES TO GET IN THERE 161. YOUR WORK NETWORK ONLY GO TO WORK FOR A COMPANY IF YOU DEEPLY BELIEVE IN THE CHANGE THEY ARE TRYING TO MAKE IN THE WORLD 162. YOUR WORK NETWORK Don’t TAKE A JOB UNLESS YOU’ll BE WORKING FOR SOMEONE YOU WILL LEARN LOTS FROM OF HIGH INTEGRITY WHO! 163. THE KEY NETWORKS TO LOOK INTO HERE ARE SOME NETWORKS PASSIONATE YOUNG PEOPLE SHOULD GET INVOLVED WITH 164. THE KEY NETWORKS TO LOOK INTO ASPEN INSTITUTE FELLOWS EMPACT 100 ENTREPRENEURS’ ORGANIZATION 165. THE KEY NETWORKS TO LOOK INTO FORTUNE BRAINSTORM HIVE KAIROS 166. THE KEY NETWORKS TO LOOK INTO NEXUS YOUTH SUMMIT RENAISSANCE WEEKEND SANDBOX SINGULARITY UNIVERSITY 167. THE KEY NETWORKS TO LOOK INTO SKOLL WORLD FORUM SOCIAL CAPITAL MARKETS SOCIAL VENTURE NETWORK 168. THE KEY NETWORKS TO LOOK INTO STARTINGBLOC SUMMIT SERIES TECH STARS 169. THE KEY NETWORKS TO LOOK INTO TED UNREASONABLE INSTITUTE WEF YounG GLOBAL LEADERS 170. THE KEY NETWORKS TO LOOK INTO WHITE HOUSE FELLOWS Y COMBINATOR YOUNG ENTREPRENEUR COUNCIL YOUNG PRESIDENTs’ ORGANIZATION 171. Your weekly roundtable TO BUILD A STRONG SUPPORT NETWORK CREATE A WEEKLY DINNER ROUNDTABLE OF YOUR CLOSEST 8 FRIENDS Try EVERY WEDNESDAY AT 8pm 172. Programs I highly recommend for building relationships Summit holds an annual large event for top entrepreneurs, social entrepreneurs, and artists. Holds frequent gatherings at Powder Mountain in Eden, Utah. StartingBloc holds ﬁve-day Institutes in New York, Los Angeles, D.C., Boston, and Boulder for individuals who want to make a difference in the worldI highly recommend both the Summer Graduate Studies Program (GSP) or the week-long Executive Program (EP). Focuses on using science and technology to solve major human challenges. The Hive Global Leaders Program is a weekend program in San Francisco that brings together a community of extraordinary leaders and entrepreneurs focused on creating a better world. Nexus holds an annual Global Youth Summit in New York City that brings together some of the top entrepreneurs, social entrepreneurs, and philanthropists Social Innovation Summit is a two-day conference held annually in New York and California that brings together the leading minds of the social, government, and business sectors SOCAP (short for Social Capital Markets) is one of the best conferences for bringing together people Passionate about creating positive change in the world 173. EXERCISE: CREATING YOUR INNER CIRCLE You can do the following 20 minute Exercise now Or put a time on your calendar To return to it 174. INNER CIRCLE EXERCISE 175. EXERCISE: CREATING YOUR INNER CIRCLE ON A SHEET OF PAPER LIST YOUR TOP 20 FRIENDS 176. EXERCISE: CREATING YOUR INNER CIRCLE NEXT, circle the names of THE 10 people WHO inspire you MOST BASED ON WHAT THEY ARE DOING WITH THEIR LIVES 177. EXERCISE: CREATING YOUR INNER CIRCLE Now, create a new list of 10 people You aren’t very close with who inspire you 178. EXERCISE: CREATING YOUR INNER CIRCLE Finally, combine the lists of 10 to create your NEW INNER CIRCLE 179. EXERCISE: CREATING YOUR INNER CIRCLE SPEND YOUR TIME WITH inspiring PEOPLE WHO ARE UP TO SOMETHING BIG IN THE WORLD that will help others 180. EXERCISE: CREATING YOUR INNER CIRCLE IF YOU don’t know enough inspiring people Who are up to something big in the world Join the networks Listed in the networks section Of this presentation 181. Lessons from my 20s MENTORS PART I, Section 5 182. TWO OPTIONS: Choose Carefully Random Friends No MentorsJedi Mentors Chosen Friends vs.YouYou A high impact life An ordinary life 183. FINDING AMAZING Mentors VERY VERY FEW PEOPLE ACTUALLY HAVE MENTORS 184. AND YET MENTORSHIP IS CRUCIAL TO LIVING THE LIFE YOU WANT FINDING AMAZING Mentors 185. WHO MENTORS YOU DETERMINES WHO YOU BECOME FINDING Mentors 186. FINDING Mentors WHO MENTORS YOU DETERMINES WHICH NETWORKS YOU ACCESS 187. FINDING Mentors WHO MENTORS YOU DETERMINES WHERE IN LIFE YOU WILL GO 188. FINDING Mentors WHY DO PEOPLE SPEND 832 WEEKS IN SCHOOL And 0 WEEKS SEEKING AMAZING mentors? 189. FINDING Mentors No really, WHY DO PEOPLE SPEND 16 years IN SCHOOL And No time looking For mentors? 190. FINDING Mentors SO, HOW DO YOU FIND MENTORS? AMAZING HIGH-INTEGRITY 191. FINDING MENTORS WITHIN NETWORKS ONE OF THE BEST WAYs IS BY JOINING THE ORGANIZATIONS LISTED IN THE NETWORKS SECTION OF THIS PRESENTATION TO MEET AMAZING MENTORS 192. KEEP EMAILS to potential mentors SHORT The higher the chance Of a reply the shorter your emails to very busy people are TRY EMAILS WITH JUST 1-2 sentences and you’ll be amazed at the reply rates 193. EXAMPLE EMAIL TO A potential MENTOR WHAT MOST PEOPLE SEND: WHAT YOU SHOULD ACTUALLY SEND: Sally--I’m also really passionate about [ex: solar panel efficiency]. What do you [insert short relevant question]? Best, Your Name What a busy professional thinks who gets this:“Don’t have enough time to reply to this. Maybe I’ll get back to this later.” What a busy professional thinks who gets this:“I’m glad they respect my time. Will only take 30 seconds to reply so might as well do it now.” 194. RESEARCH AMAZING PEOPLE ANOTHER WAY IS TO USE THE INTERNET TO FIND PEOPLE WHO • ARE BRILLIANT & CARING • ARE 10-20 YRS AHEAD OF YOU • SHARE SIMILAR PASSION 195. RESEARCH AMAZING PEOPLE FIND 20 POTENTIAL MENTORS WHO ARE “YOU” IN 15 YEARS 196. CONVINCING SOMEONE TO MENTOR YOU AND CONVINCE 2 of THEM THAT you’RE WORTH INVESTING TIME INTO 197. CONVINCING SOMEONE TO MENTOR YOU IDEALLY GET INTRODUCED TO THEM BY ONE OF THEIR TRUSTED CONNECTIONS 198. GET IN TOUCH VIA TWITTER EMAIL, LINKEDIn, or fedex OR BY SHOWING UP AT THEIR OFFICE IF NEEDED AND ASKING TO SPEAK WITH THEM GETTING IN TOUCH WITH MENTORS 199. GETTING IN TOUCH WITH MENTORS SEND THEM A BULKY FEDEX PACKAGE IF YOU MUST 200. GETTING IN TOUCH WITH MENTORS IMPORTANT PEOPLE LIKE OPENING FEDEX PACKAGES 201. MESsAGES BUSY PEOPLE RECEIVE MONTHLY EMAILS: 5,000 TEXTS: 1,000 LETTERS: 500 Linkedin: 50 Twitter: 30 FEDEX: 10 202. USE TWITTER TO GET IN TOUCH WITH WELL KNOWN PEOPLE IMPORTANT PEOPLE ALSO LIKE @Messages on Twitter 203. BE KINDLY PERSISTENT MOST PEOPLE GIVE UP AFTER SENDING 1 EMAIL Don’T GIVE UP This is your life we’re talking about here 204. BE KINDLY PERSISTENT PURSUE THEM REPEATEDLY IN A KIND WAY They will almost always respect your persistence • EXPLAIN YOUR PASSION FOR THE SAME THING • Explain the “why” behind what you do • Explain how you MAY BE ABLE TO HELP THEM • Be 100% authentic 205. BE KINDLY PERSISTENT STAY AT IT FOR 6 Months IF THAT’s WHAT IT TAKES 206. BE KINDLY PERSISTENT THESE ARE PEOPLE WHO CAN CHANGE CHANGE YOUR WHOLE LIFE DO WHAT IT TAKES 207. START SLOW if needed with potential mentors Most people will eventually Agree to a coffee or lunch But if not, ask to start with 1-2 quick Questions via email 208. Then stay in touch every 8 weeks with quick emails AT YOUR FIRST MEETING WITH A MENTOR… BE AUTHENTIC BE SUPER INFORMED about them BUILD TRUST 209. BUILDING THE RELATIONSHIP WITH A MENTOR GO TO THE SAME EVENTS DEVELOP THE RELATIONSHIP SEND VERY BRIEF QUESTIONS ON EMAIL EVERY COUPLE MONTHS 210. BUILDING THE RELATIONSHIP WITH A MENTOR GO TO THE SAME EVENTS DEVELOP THE RELATIONSHIP SEND VERY BRIEF QUESTIONS ON EMAIL EVERY COUPLE MONTHS 211. Three keys to achieving your dreams 1. SURROUNd YOURSELF WITH THE RIGHT PEOPLE 2. INVEST IN YOUR formal and informal EDUCATION 3. WORK FOR A COMPANY whose mission you are deeply passionate about 212. Three keys to achieving your dreams DO THESE THINGS AND You’ll BE ON TRACK TO ACHIEVE YOUR MOST AMBITIOUS GOALS 213. Learning to be a jedi JOIN NETWORKS of other inspiring people LIVE A PURPOSE DRIVEN LIFE SURROUND YOURSELF WITH AMAZINGLY SMART & CARING PEOPLE And YOU WILL BE ON THE PATH TO BECOMING A JEDI 214. BE A PADAWAN like in star wars Padawan (n.) “An individual on a CONSCIOUS journey to become a jedi” PADAWAN IS SANSKRIT FOR “learner” 215. What IS A JEDI? Jedi (n.) “A highly competent, super-connected, and deeply compassionate SOUL & SYSTEMS THINKER, working at the highest levels of societal structuring, whose passion has been fully unleashed toward achieving an identified deeply meaningful mission that awakens them with extraordinary focus and immense energy daily.” 216. The jedi checklist # Highly competent # Super-connected # Deeply compassionate # SYSTEMS THINKER # Working to IMPROVE THE WORLD # Identified meaningful mission # Passion unleashed on achieving mission # Extraordinary focus # Immense vibrant energy 217. FINDING A JEDI MENTOR NOW YOU KNOW THE TRUE MEANING OF FINDING YOURSELF a JEDI MASTER MENTOR 218. FINDING A JEDI MENTOR Who’S YOUR JEDI MENTOR YOUNG PADAWAN? Don’t let this be the CASE 6 months from now Wait, YOU Don’T hAVE ONE? 219. STAND ON THE SHOULDERS OF GIANTS ONE CAN SEE MUCH FURTHER BY STANDING ON THE SHOULDERS OF GIANTS SO FIND MENTORS WHO Are GIANTS iN THEIR FIELD And stand on their shoulders 220. Lessons from my 20s HAPPINESS PART I, Section 6 221. THE GREAT ENGIMA OF LIFE TO KNOW HAPPINESS ONE MUST KNOW SUFFERING 222. THE IMPORTANCE OF CRUCIBLE MOMENNTS IN ORDER TO TRULY FEEL THE HEIGHTS OF ONE MUST HAVE FELT the DEPTHS OF SUFFERING HAPPINESS 223. CHOOSING TO BE HAPPY “A PERSON CAN MAKE HIMSELF HAPPY OR MISERABLE regardless of what IS HAPPENING OUTSIDE just by changing THE CONTENTS OF CONCIOUSNESS” - MIHALI Csikszentmihali! 224. OVERCOMING OBSTACLES - MIHALI Csikszentmihali! “THE ABILITY TO PERSERVERE DESPITE OBSTACLES & SETBACKS IS THE MOST IMPORTANT TRAIT FOR SUCCEEDING IN LIFE.” 225. FORGING YOUR CHARACTER THE MORE DIFFICULTIES & CRUCIBLE MOMENTS YOU HAVE FACED THE STRONGER YOUR RESOLVE WILL BE 226. FORGING YOUR CHARACTER THE HOTTER THE TEMPERATURE THE IRON IS FORGED IN THE STRONGer THE STEEL 227. The element of struggle in life SO DON’T BE AFRAID OF STRUGGLE 228. Don’t be afraid of struggle OFTEN THE GREATEST INDIVIDUALS ARE THOSE WHO HAVE BEEN THROUGH THE MOST 229. My struggles • MY MOM’s death FROM BRAIN CANCER in 2012 • CHRONIC NECK PAIN FROM A 2001 CAR CRASH • HELpING MY DAD THROUGH PROSTATE CANCER • Dealing with a 65 person layoff following the sale of icontact We all go through really hard times.It is our response to the crucible moments that can make us great. 230. FORGING YOUR CHARACTER HAPPINESS in many Cases is A CHOICE 231. FORGING YOUR CHARACTER LEARN TO CONTROL WHAT is IN YOUR THOUGHTS & CONSCIOUSNESS 232. HAPPINESS TRUE HAPPINESS OCCURS WHEN YOUR INHIBITIONS OF REVEALING YOUR TRUE SELF ARE EXTINCT! 233. HAPPINESS TRUE HAPPINESS OCCURS WHEN YOU CAN FULLY EXPRESS YOURSELF & BRING YOUR FULL PASSION INTO YOUR DAILY WORK 234. HAPPINESS TRUE HAPPINESS OCCURS WHEN YOur Daily work IS ACTUALLY THE the greatest CONTRIBUTION you can make TO HUMANITY WITH THE GIFTS YOU HAVE 235. HAPPINESS TRUE HAPPINESS OCCURS WHEN YOU ARE MAKING A DIFFERENCE IN THE LIVES OF OTHERS 236. HAPPINESS TRUE HAPPINESS OCCURS WHEN YOU ARE MAKING A DIFFERENCE IN THE LIVES OF OTHERS 237. HAPPINESS HAPPINESS Comes from being Completely present And in flow in a moment 238. HAPPINESS THERE IS NEVER ANYTHING ELSE OTHER THAN THIS moment 239. THE PAST & THE FUTURE Past PRESENT FUTURE Most people spend their mental energy thinking about either the past Or thinking about the future 240. FOCUS ON THE PRESENT Past PRESENT FUTURE Happiness comes when you focus on enjoying the present moment and don’t worry about what happened in the past and whatever may come in the future. 241. Your mindset affects your happiness your mindset is your how you interpret What happens in your life 242. Your mindset affects your happiness You can decide whether you want to Live in an ordinary world Full of stress & Suffering Or an extraordinary world Full of wonder and possibility 243. THE ORDINARY “DEFAULT” WORLD The Ordinary World anxiety fear scarcity danger anger mistrust reason disappointment resignation manipulation victimization desperation frustration upset defensive limitation cynicism greed insecure inaction 244. THE EXTRAORDINARY WORLD is created by a mindset shift happiness fun caring inventive adventurous acceptance laughter self-expressed generous possibility unreasonable compassionate empathy authenticity openness unstoppable creativity fearless kindness caring The Extraordinary World 245. LIVING WITH JOY LIVING WITH JOYFULLNESS and ease is a choice That you can make 246. Programs I highly recommend for personal growth Includes the Landmark Forum, Advanced Course, and Self-Expression and Leadership Program Available now in 24 countries.Includes the Happiness Program and the Art of Silence Program. Now operating in 152 countries. I highly recommend taking Inner Engineering program, available in both India and the USA. Also available online at www.innerengineering.com though in-person is best. A three-day summer camp 2 hours north of San Francisco in which you lock your phones/laptops away and play joyfully like you’re a child again.The Hive Global Leaders Program brings together a community of extraordinary leaders and entrepreneurs focused on creating a better world. Help every few months in SF. I am the Chairman of Hive. Burning Man is an annual event in the Nevada desert the week before Labor Day in late-August. I’ve now been twice and I highly recommend everyone go. 247. Meditation exercise You can do the following 10 minute Mindset exercise now Or put a time on your calendar To return to it 248. EXERCISE On mindset 249. Exercise: Mindset shift On a sheet of paper Write down for 5 minutes how your life would be Different if you never worried And were never anxious 250. Exercise: Mindset shift On a sheet of paper Write down for 5 minutes All the things that are holding you Back that you can just give up And choose to put in the past 251. Lessons from my 20s health PART I, Section 7 252. HEALTH At age 25 I WAS A STRESSED OUT 208 pound East coast CEO 253. HEALTH My mind often raced I even had two anxiety Attacks from the stress 254. HEALTH Now At age 30 I AM A much calmer 158 pound west coast CEO 255. HEALTH LEARNINGS Between age 24 and 30 I… Here’s EXACTLY WHAT I DID… - Lost 50 pounds - Fixed BAD neck pain - Went from Anxious to calm 256. THE TWO THINGS I DID 1. Changed what I ate 2. STARTED doing a 30 minute per morning yoga and Breathing home practice 257. WHAT YOU EAT IS WHO YOU BECOME THE FOOD WE EAT LITERALLY BECOMES US As nutrients are absorbed and used 258. CHANGING MY DIET MADE A HUGE IMPACT What I’d OFTEN Eat in 2008 What I OFTEN Eat Today Bread Hot pockets Subs Pasta Pretzels Fries Mayonnaise Beer/Wine/Soda Coffee (I was eating way too many carbs)(I cut out 80% of the carbs) Chicken / Steak / Fish Quinoa / Lentils / Beans / Tofu / Tempeh Eggs Almonds Kale / Brussels Sprouts / Broccoli / Avocado Sweet potatoes / carrots / CHIA Seeds BANANas / Berries Protein shakes Water / Tea / Almond milk Cut most of this stuff out! 259. DIET MAKES THE DIFFERENCE A COMBINATION OF HIGH CALORIE & HIGH-SALT DIET WITH LITTLE PHYSICAL ACTIVITY AND INCREASED OBESITY GREATLY DECREASEs THE ABILITY OF THE BODY TO CURE ITSELF FROM CANCEROUS CELLS 260. REDUCING YOUR RISK OF CANCER 78% of CANCER IS CAUSED BY TOBACCO, DIET, SUNLight, and alcohol 30% 35% 10% 10% 7% 4%3% TobaccoDiet SunlightOther VirusesOccupational Alcohol 261. Don’t smoke TOBACCO CAUSES 30% of CANCER CASES AND CONTAIN 4000 HARMFUL CHEMICALs AND TOXIC CARCINOGENS 262. MENTAL HEALTH IN A FAST-mOVING ORGANIZATION MENTAL HEALTH IS JUST AS IMPORTANT AS PHYSICAL HEALTH 263. MENTAL HEALTH Be sure you’re taking time To eat well, sleep well And get into nature Away from your laptop and phone 264. MENTAL HEALTH At least every 3 months Do a complete digital detox With no phones/laptops For at least 72 hours 265. Lessons from my 20s MEDITATION PART I, Section 8 266. MEDITATION I USED TO THINK MEDITATION WAS Complete bs 267. MEDITATION I had no idea how to Do it right 268. MEDITATION I thought meditation Meant just sitting there 269. MEDITATION WHEN I LEARNED HOW TO BREATHe PROPERLY DURING MEDITATION EVERYTHING CHANGED 270. MEDITATION MY MIND BECAME CLEAR AND I WAS WAY MORE CALM & EFFECTIVE AT WORK 271. MEDITATION I took two 4 day programs on meditation Both I’d highly HIGHLY recommend 1. Art of living happiness program 2. ISHA Foundation inner engineering course 272. MEDITATION I took the 4 day ISHA FOUNDATION INNER ENGINEERING COURSE In coimbatore, INDIA IN January 2014 273. MEDITATION I also took the 4 day Art of living happiness program In palo alto in March 2014 274. YOGA THE BASIC YOGA TECHNIQUE “SUN SALUTATION” greatly reduced my neck pain See http://bit.ly/sunsalutations 275. MEDITATION I now do three “sun salutations” Every morning and my neck pain is 85% better 276. MY CURRENT Morning 30 minute routine… 3 sun salutations 5 mins Alternate nostril breathing 2 mins Sudarshan kriya Breathing 15 mins KEEPING EYES CLOSED 5 mins You can learn these routines through the Art of Living Happiness Program which is $395 and available in many countries and cities 277. MEDITATION When I meditate with my eyes cLOSED I am able to see a deeply calming Purple light (Strange I know, but true) 278. MEDITATION There are many good techniques And I am only at the beginning of the learning process 279. SILENT RETREATS In June 2014 I did a 3 day art of living silence course I found that spending 3 days in silence Was extremely beneficial to calming the mind And made me way more productive at work 280. SILENT RETREATS After the 3 days in silence I found myself becoming naturally More collaborative at work 281. SILENT RETREATS Here are some of the most magnificent Silent & ZEN retreats you can visit Art of Silence - http://www.artoﬂiving.org/art-silence-programVipassana - http://www.dhamma.org/ Green Gulch – http://www.sfzc.org/ggf/Esalen - http://www.esalen.org/Vendata Society - http://sfvedanta.org/retreat/ 282. MEDITATION THEse four BREATHING TECHNIQUEs have been very helpful to me Here’s where you can learn a bit more… Bhastrika - http://bit.ly/bhastrikademo Three stage pranayama - http://bit.ly/3stagebreathingAlternate nostril breathing - http://bit.ly/alternatenostrilsRapid nostril breathing - http://bit.ly/rapidnostril 283. MEDITATION Programs I RECOMMEND Includes the Happiness Program and the Art of Silence Program. Now operating in 152 countries. Take the Inner Engineering program, available in both India and the USA. Also online at www.innerengineering.com though in-person is best. 284. Meditation exercise You can do the following 10 minute Meditation exercise now Or put a time on your calendar To return to it 285. Meditation exercise 286. EXERCISE: alternate nostril breathing First watch the video on Alternate nostril breathing Now, sit on the ground cross legged Follow the video instructions for 5 minutes Afterward, make note of how your brain feels (bit.Ly/alternatenostrils) 287. Exercise: Sun salutation Get on the floor and actually try to do 2 sun salutations Video at http://bit.ly/sunsalutationvideo 288. Lessons from my 20s HABITS PART I, Section 9 289. A quote on habits “Your beliefs become your thoughts,Your thoughts become your words,Your words become your actions,Your actions become your habits,Your habits become your values,Your values become your destiny.”Mahatma Gandhi 290. A QUOTE ON HABITS ARISTOTLE “We are what we repeatedly do. Excellence, then, is not an act, but a habit.” 291. A QUOTE ON HABITS Stephen Covey “Our character is basically a composite of our habits. Because they are consistent, often unconscious patterns, they constantly, daily, express our character.” 292. HABITS WHAT YOU DO REPEATEDLY CREATES YOUR LIFE And your results 293. HABITS THERE IS GREAT POWER in HACKING YOUR HABITS 294. HABITS IF You’re not getting the RESULTS YOU WANT IN LIFE ADJUST YOUR HABITS 295. HABITS in my life I am cultivating BE POSITIVE Always DO WHAT I SAY I’ll DO UNDERCOMMIT / OVERDELIVER BE TRANSPARENT GET TRACK OF TASKS REVIEW GOALS ANNUALLY PLAN FOR THE FUTURE SEEK OUT AMAZING PEOPLE IDENTIFY MENTORS Give hugs not handshakes SHARE WHAT I LEARN WITH OTHERS STAY IN TOUCH WITH my NETWORK CONTINUALLY LEARN READ WATCH EDUCATIONAL VIDEOS EXERCISE EAT HEALTHY FOODS SPEND TIME IN NATURE DAILY MEDITATION COMMUNICATE OFTEN Watch <30min/wk of tv SEEK TO UNDERSTAND FIRST 296. HABITS WHAT ARE some NEW HABITS IN YOUR LIFE THAT YOU WANT TO ADD? 297. habits exercise You can do the following 10 minute habits exercise now Or put a time on your calendar To return to it 298. HABITS Exercise 299. EXERCISE: HABITS FIRst, Get a sheet of paper and And write down all your HABITS you want to stART 300. EXERCISE: HABITS Now write down all All the habits you want to stOP 301. EXERCISE: HABITS Now write down all All the habits you want to CONTINUE 302. EXERCISE: HABITS Next, write down bullets of how You’d be Be better off if you IMPLEMENTED YOUR new habit system 303. EXERCISE: HABITS NOW make a weekly plan to ACTUALLY Implement the HABITS IN YOUR LIFE THAT CREATE THE RESULTS YOU WANT 304. EXERCISE: HABITS FINALLY, open up your calendar And put your new habits ACTUALLY ON YOUR CALENDAR on REPEAT 305. Lessons from my 20s COMMUNICATION PART I, Section 10 306. HUMAN COMMUNICATION WHEN YOU TALK TO PEOPLE LOOK THEM IN THE EYE 307. HUMAN COMMUNICATION WHEN YOU GREET PEOPLE BOUND UP TO THEM WITH ENERGY & EXCITEMENT 308. HUMAN COMMUNICATION WHEN YOU TALK TO PEOPLE SMILE 309. HUMAN COMMUNICATION WHEN YOU TALK TO PEOPLE BE JOYOUS NOT STRESSED 310. HUMAN COMMUNICATION ALWAYS LET YOUR PASSION SHINE THROUGH 311. HUMAN COMMUNICATION RESTATE THE OTHER PERSON’S Point BEFORE YOU ADD YOUR OWN 312. HUMAN COMMUNICATION USE THIS FORMULA RESTATE THEIR POINT and ONLY THEN… ADD YOUR OWN POINT WHEN TALKING WITH PEOPLE.. 313. HUMAN COMMUNICATION NEVER NEVER NEVER START A SENTENCE WITH BUT 314. HUMAN COMMUNICATION INSTEAD OF THE WORD BUT USE THE WORD AND 315. HUMAN COMMUNICATION AVOID SAYING THE WORDS UM and UH(Instead just pause) 316. HUMAN COMMUNICATION AVOID THE INFORMAL uSAGE OF THE WORD LIKE(Ex: “She was like oh my gosh I can’t believe she did that” or “I walked like 30 miles” 317. DIFFICULT CONVERSATIONS ANYTIME YOU HAVE SOMETHING DIFFICULT TO COMMUNICATE DO IT IN PERSON(Or at worst, on Google Hangout or Skype) 318. KEEP EMAILS SHORT AVOID SENDING EMAILS WITH MORE THAN 5 sentences 319. KEEP EMAILS SHORT AVOID SENDING EMAILS WITH EMOTIONAL CONTENT 320. GIVING PRESENTATIONS FOR PRESENTATIONS you will give to others NEVER HAVE MORE than 15 WORDS ON A SLIDE 321. GIVING PRESENTATIONS IDEALLY USE 1 powerful PICTURE AND NO MORE THAN 10 WORDS 322. >< 323. GIVING PRESENTATIONS OR SOMETIMES NO WORDS AT ALL 324. >< 325. Lessons from my 20s MONEY PART I, Section 11 326. The middle class versus the rich “Individuals in the middle class accumulate more debt as they become more successful. A pay raise qualiﬁes them to borrow more money from the bank so they can buy personal items like bigger cars, vacation homes, boats, and motor homes. Their wage income comes in and is spent on current expenses and only then on paying off their personal debt. So as their income increases, so does their personal debt. This is what we call the rat race.” - Robert kiyosaki 327. The rich have their money work for them “The rich have their assets work for them. They have gained control over their expenses (by saving and investing money each month) and focus on acquiring or building assets. Their businesses pay more of their expenses, and they have few, if any, personal liabilities.” - Robert Kiyosaki 328. WHICH FINANCIAL PATH WILL YOU TAKE? THERE ARE TWO SEGMENTS OF PEOPLE IN THE WORLD WHICH SEGMENT DO YOU WANT TO BE IN? PEOPLE WHO PAY INTEREST ON LOANS AND WORK FOR COMPANIES PEOPLE WHO RECEIVE INTEREST ON LOANS and own PARTS Of companies 1 2 329. THE TOPIC OF MONEY MONEY IS A REALLY IMPORTANT TOPIC TO UNDERSTAND 330. THE TOPIC OF MONEY MONEY IS SIMPLY A STORE OF VALUE WHICH ENABLES TWO PARTIES TO EXCHANGE EVEN IF they cannot barter 331. YOUR NET WORTH INCLUDING ALL YOUR SAVINGS, INVESTMENTs AND DEBT WHAT IS YOUR NET WORTH RIGHT NOW? 332. AVERAGE & MEDIAN NET WORTH IN THE USA THE AVERAGE NET WORTH of AN AMERICAN IS $301,140 Source: Credit Suiss Global Wealth Report, 2013 333. AVERAGE & MEDIAN NET WORTH IN USA BUT THE MEDIAn Net worth of AN AMERICAN IS $44,911 Source: Credit Suiss Global Wealth Report, 2013 334. ARE YOU AHEAD OR BEHIND? Let’s say your goal IS TO have a net worth of $1M by Age 60 IF YOU start at age 20 and progress linearly you’d need to be at $250k by 30 0 100000 200000 300000 400000 500000 600000 700000 800000 900000 1000000 202530354045505560 335. Money compounds Fortunately, money compounds, so you actually only need to Be at $70,000 in net worth by age 30 to be on track for $1M in net worth by 60 Assumes you save $5,000 per year starting at age 20, and you invest iat a 7% after inﬂation return 0 100000 200000 300000 400000 500000 600000 700000 800000 900000 1000000 202530354045505560 336. 3 Key Lessons about Money HERE ARE THREE KEY LESSONS ABOUT MONEY 337. 3 Lessons about Money SPEND LESS MONEY THAN YOU EARN EVERY MONTH 1 338. 3 Lessons about Money 2 NEVER GO INTO DEBT FOR SOMETHING THAT YOU DO NOT NEED 339. 3 Lessons about Money 3 SAVE EARLY IN LIFE AS the law of compound INTEREST HELPS A LOT OVER TIME 340. EASY IN THEORY THESE 3 LESSONS may sound extremely basic YET still so many people Go into debt for things they don’t need and frequently spend more than they earn 341. THE 6 STEPS TO BUILDING WEALTH HERE ARE SIX STEPS TO BUILDING WEALTH 342. THE 6 STEPS TO BUILDING WEALTH These 6 steps are easy to Understand but Most people Don’t do them 343. THE 6 STEPS TO BUILDING WEALTH Calculate how much you Earn after taxes each month 1 344. THE 6 STEPS TO BUILDING WEALTH 2 ENSURE YOUR ARE SPENDING LESS Than you earn after taxes Each month Monthly income after tax $4000$3000 Monthly spending ! 345. THE 6 STEPS TO BUILDING WEALTH 3 PAY OFF all Your DEBT Starting with the highest Interest rates first 346. THE 6 STEPS TO BUILDING WEALTH 4 Start Saving $1,000 each month (This step, in practice, is often the hardest, yet the most important) 347. THE 6 STEPS TO BUILDING WEALTH 5 After building up 3 months Of salary in your savings Account, start investing Start investing $1000 per month as early as you can in life Do this consistently for 30 years and you’ll have $1 million 348. THE 6 STEPS TO BUILDING WEALTH 6 THEN USE THE CASH FLOW FROM YOUR INVESTMENTS TO MAKE MORE INVESTMENTS 349. The six steps to building wealth 1. Calculate your after tax income 2. Be sure you’re SPENDING LESS THAN YOU MAKE 3. PAY OFF your DEBT 4. BUILD UP 3 months of SAVINGS 5. Start investing 6. THEN Re-INVEST THE RETURNS 350. Becoming FINANCIALLY INDEPENDENT THERE ARE TWO MAIN WAYS TO BECOME A MILLIONAIRE 1) Build a business 2) Or Save & Invest wisely for 30 years 351. Becoming FINANCIALLY INDEPENDENT If entrepreneurship isn’t for you… Here’s how to become a millionaire Automatically 1. Save $1000 per month 2. Invest it at a 7% after inflation return 3. Don’t take any out for 30 years 352. WHAT You’LL HAVE IF YOU SAVE & INVEST Monthly SAVINGS 20 Yrs 25 Yrs 30 Yrs 35 Yrs 40 Yrs 45 Yrs 50 Yrs $1,000 $0.52M $0.81M $1.22M $1.81M $2.64M $3.82M $5.50M $2,000 $1.05M $1.63M $2.45M $3.63M $5.29M $7.65M $10.99M $3,000 $1.57M $2.44M $3.68M $5.44M $7.94M $11.47M $16.49M $4,000 $2.09M $3.26M $4.91M $7.25M $10.58M $15.29M $21.97M ASSUMES 7% AFTER INFLATION ANNUAL RETURN FROM INVESTING | ADD ADDITIONAL TIME TO PAY OFF ANY CURRENT DEBT 353. My journey to financial independence I was born in 1984. I grew up in a middle class American family. My dad was an epsicopalian minister from pennsylvania. My mom was a part-time social worker from England. Our family earned about $40,000 per year. 354. I was very fortunate to Have two parents who Supported Me and encouraged me to Follow my dreams My journey to financial independence 355. I started my first business at 11 Helping senior citizens in florida use the internet for $5/hour My journey to financial independence 356. I started getting into Web development In 1996 when I was 12 My journey to financial independence 357. At16 (back In 2000) I was a NORMAL TEENAGER GROWING UP IN bradenton florida earning AROUND $3000/yr AS A PART TIME WEB developer My journey to financial independence 358. Then I read two books that changed my life and opened My eyes to a whole new world 2. Think And Grow Rich 1. Rich Dad Poor Dad My journey to financial independence 359. After reading these two books at 16 I set an ambitious goal to build a Company to $1 Million in sales by Age 21 My journey to financial independence 360. From age 16 to 21 I worked extremely hard To make this goal real My journey to financial independence 361. At 18 While in college at unc I started Icontact and by 2005 We reached $1 Million in sales When I was 21 My journey to financial independence 362. We then raised venture capital And hired a strong Executive team and grew to $50M in annual sales My journey to financial independence 363. in 2012 we sold icontact for $170 million to a software company called vocus. I was 27. I decided to go back to school at harvard business school for an mba while working on a new start-up called connect My journey to financial independence 364. Anything is possible I found that anything was possible if I: • set my mind to it • worked really hard to make it happen • surrounded myself with positive people who helped me Grow & Learn • Cared about customers & Employees 365. Creating your financial plan So that was my story over the last 18 years Now let’s talk about You 366. Creating your financial plan 18 years from now, your financial Situation will be a function of the plan you put in place And the actions you take today 367. Creating your financial plan Here’s how to create a basic Financial plan 368. Financial plan exercise You can do the following 30 minute Financial plan exercise now Or put a time on your calendar To return to it 369. FINANCIAL PLAN EXERCISE 370. EXERCISE: Creating a basic financial plan 1. Calculate your current monthly income after taxes 2. Calculate your current total monthly expenses 3. Add up your savings, investments, and other assets 4. Calculate the total amount of debt you have 5. Set a goal for your monthly income and expenses 2 years from now 6. Use these figures to fill out the sheet on the next page This exercise should take about 30 minutes. You can do it now or come back to it. 371. Exercise: Creating A BASIC Financial Plan AssetsDebts IncomeExpenses Financial Plan of __________ Signed X__________________________ this ____ day of _____ 20_____ Net Worth Cashﬂow IncomeExpensesCashﬂow Present Monthly 24 Months From Now Monthly Goal 372. Creating your financial plan FiLLING out your one-page Financial plan Will be helpful As we move into the next section On investing 373. Lessons from my 20s INVESTING PART I, Section 12 374. LEARNING HOW TO INVEST saving MONEY is the first step Learning how to invest IT is the second 375. Stocks and bonds THERE ARE TWO TYPES OF INVEStMENTS STOCKs & BONds 376. BONDS BONDS are loans to other organizations IN WHICH YOU EARN A FIXED INTEREST RATE RETURN 377. BONDS BONDS usally pay annual interest Between 0.25% and 15% 378. BONDS THE RISKIER THE BOND THE HIGHER THE INTEREST RATE PAID 379. STOCKS STOCK is Partial OWNERSHIP of a company Which entitles the owner To part of the profits of a company 380. STOCKS WITH STOCKS YOU MAKE MONEY WHEN THE VALUE OF THE COMPANY GOES UP 381. STOCKS THE VALUE OF A COMPANY GOES UP WHEN THE Company’s profits go up (or are expected to go up) 382. STOCKS THE VALUE OF A COMPANY GOES down WHEN THE Company’s profits go Down (or are expected to go down) 383. DIFFERENT TYPES OF STOCKS AND BONDS Mutual Funds Index Funds/ETFS Small Cap Stocks MID CAP STOCKS LARGE CAP STOCKS VALUE STOCKS GROWTH STOCKS Emerging Market Stocks options VENTURE capital FUNDS PRIVATE COMPANIES STOCKS Savings Accounts Treasury Bonds Municipal Bonds Corporate Bonds P2p LENDING BONDS 384. HOW TO BECOME A MILLIONAIRE in 30 years HERE IS A SIMPLIFIED EXAMPLE OF HOW YOU CAN HAVE $1M in 30 years 385. HOW TO BECOME A MILLIONAIRE in 30 years To have $1m in 30 years SAVE $1k every month AND INVEST IT Assumes a 7% per year after inﬂation annual return 386. HOW TO BECOME A MILLIONAIRE in 20 years To have $1m in 20 years SAVE $2k every month AND INVEST IT Assumes a 7% per year after inﬂation annual return 387. AVERAGE INVESTMENT RETURNS HERE IS A TABLE OF AVERAGE YEARLY RETURNS BY TYPE OF INVESTMENT 388. AVERAGE INVESTMENT RETURNS Investment Type Approx. Avg. Annual Return After Inflation (2.8%) Savings Accounts 0.10% -2.70% Certificates of Deposit 1.10% -1.70% Treasury Bonds 2.50% -0.30% Municipal Bonds 4.50% 1.70% Corporate Bonds 6% 3.20% LendingClub A-d Notes 8.30% 5.50% Rental Real Estate 8.60% 5.80% Dow Jones Index Fund 11.10% 8.30% S&P 500 Index Fund 11.30% 8.50% LendingClub E-F Notes 11.70% 8.90% S&P 500 and DJIA is the CAGR for the last 80 years from 1933 until 2013 389. AVERAGE INVESTMENT RETURNS PAST RETURNS Aren’t ensured in the future But they are STILL HELPFUL to see 390. LENDINGCLUB ONE INTERESTING INVESTMENT OPTION IS LENDINGCLUB 391. LENDINGCLUB Since 2007 LENDINGCLUB notes HAVE HAD an annual average return of 5.5% AFTER INFLATION AND DEFAULTS 392. LENDINGCLUB And Since 2007 LENDINGCLUB “E” and “F” notes HAVE HAD an annual average return of 8.9% AFTER INFLATION AND DEFAULTS Past performance is deﬁnitely no guarantee of future performance, yet 8.9% after weathering a big recession in 2008-2009 is pretty good. 393. MARKET INDEX FUNDS The DJIA and S&P 500 Index funds HAVE HAD an annual average return After inflation of 8.4% Since 1933 Look up these symbols: Dow Jones Index Fund – DIA S&P 500 Index Fund - SPY 394. INVESTING IN STOCKS As a rule of thumb Companies are usually worth BETWEEN 5x and 20x their ANNUAL NET PROFITS 395. INVESTING IN STOCKS Net profits is another word for Earnings 396. INVESTING IN STOCKS The multiple of EARNINGS A company is worth Is called a PE Ratio 397. INVESTING IN STOCKS P/E RATIO is: PRICE EARNINGS 398. INVESTING IN STOCKS Here’s the July 2014 p/e Ratio of A few well known companies COMPANY PRICE TO EARNINGS RATIO IBM 12.30 WELLS FARGO 12.74 APPLE 15.77 MICROSOFT 16.91 BANK OF AMERICA 25.25 GOOGLE 29.86 FACEBOOK 97.52 399. INVESTING IN STOCKS THE BEST MEASURE OF WHETHER A STOCK MARKET IS OVERVALUED Is the SHILLER PE RATIO See multpl.com/shiller-pe/ 400. INVESTING IN STOCKS THE AVERAGE ALL TIME SHILLER p/E RATIO IS 16.55 401. INVESTING IN STOCKS This means that on average since 1890 The average company has been valued at 16.55 times it’s an annual net profits 402. INVESTING IN STOCKS AS OF august 2014 the US STOCK market is getting overvalued THE CURRENT SHILLER PE RATIO IS 25.54 403. THE STOCK MARKET IS GETTING OVERVALUED AGAIN Time to Sell Time to Buy Time to Get Ready for an Historic Crash Shiller PE Ratio for the S&P 500 1871-2014, as of August 9, 2014 404. INVESTING IN STOCKS WHEN PE RATIOs ARE over 25 WATCH OUT for a crash 405. INVESTING IN STOCKS WHEN PE RATIOs ARE Under 15 It’s time to LOOK AT INVESTING! 406. ANGEL INVESTING ANGEL INVESTING IS PURCHASING OWNERSHIP In EARLY STAGE PRIVATE COMPANIES 407. ANGEL INVESTING CHECK Out ANGELLIST & FUNDABLE TO SEE EARLY STAGE COMPANIES YOU CAN INVEST IN 408. ANGEL INVESTING ANGEL investing Is highly risky But if you invest in the right firms Highly lucrative 409. MY portfolio Since 2009 I have invested In THESE PRIVATE COMPANIES 410. MY portfolio I focus on investing in companies Which are solving Major human challenges That when solved will Make the world a better place 411. What “going public” means “Going public” means selling part of a company to investors via a public market like the New York Stock exchange or the nasdaq 412. What “going public” means Companies go public in order to 1. Raise capital for growth 2. Create a market for their shares 3. Enable employees to gain liquidity for their options 413. How to properly value a company THE BEST WAY TO DETERMINE THE TRUE VALUE OF A PUBLIC COMPANY IS TO CREATE A DISCOUNTED CASH FLOW (DCF) FORECAST 414. How Buffet invests BUFFET’s investing method INVOLVES UNDERSTANDING A FIRM WELL CALCULATING WHAT HE BELIEVEs THE fiRM IS ACTUALLY WORTH using dcf THEN PURCHASING SHARES WHEN Enough of a margin of safety exists 415. How Buffet works WARREN BUFFET IN ESSENCE CREATES DCF MODELS ON EACH COMPANY HE INVESTS IN AND ENSURES THERE’S A BIG MARGIN OF SAFETy BETWEEN WHAT HE THINKS THE FIRM IS WORTH AND WHAT THE MARKET THINKS THE FIRM IS WORTH 416. BECOMING A VALUe-ORIENTED INVESTOR 1. Avoid stocks with pe ratios over 25, unless they have extremely high REVENUE growth (over 50% year) 2. Learn how to create a dcf valuation 3. Have the discipline to create a DCF valuation for every public company investment you make 4. invest only when you have a 30% margin of safety between what your DCF model says the company is worth and what the market sayS 417. Lessons from my 20s LOVE PART I, Section 13 418. WHAT LOVE MEANS TO ME Laughter Optimism Vibrant Energy & 419. SIX STEPS TO BUILDING A GREAT RELATIONSHIP TELL THE TRUTH BUILD TRUST BE VULNERABLE GIVE TIME FOLLOW THROUGH & SHOW CARE WITH YOUR ACTIONS 420. SIX STEPS TO BUILDING A GREAT RELATIONSHIP A GREAT WOMAN CAN MAKE A HUGE DIFFERENCE TO A GREAT MAN 421. SIX STEPS TO BUILDING A GREAT RELATIONSHIP A GREAT MAN CAN MAKE A HUGE DIFFERENCE TO A GREAT WOMAN 422. SIX STEPS TO BUILDING A GREAT RELATIONSHIP A GREAT pARTNER CAN MAKE A HUGE DIFFERENCE FOR ANYONE 423. The partner you choose makes a huge impact on your life THE PARTNER YOU CHOOSE TO BUILD A LIFE WITH MAKES A HUGE IMPACT ON YOUR ABILITY TO REACH YOUR POTENTIAL LIVE WITH JOY AND POSiTIVITY AND TRULY CHANGE THE WORLD 424. LOVING YOURSELF FIRST BEFORE you CAN FIND SOMEONE ELSE TO FALL IN LOVE WITH You YOU MUST LOVE YOURSELF FIRST 425. BE AMAZING BEFORE YOU LOOK BECAUSE TO FIND AN AMAZING PARTNER YOU YOURSELF MUST FIRST BE AMAZING 426. FOLLOW YOUR DREAMS FIRST TO FIND A PARTNER WHO IS FOLLOWING THEIR DREAMS You must first be following YOUR DREAMs 427. LIVE WITH PASSION FIRST TO FIND A PARTNER WHO IS LIVING PASSIONATEly You Yourself must first be LIVING PASSIONATELY 428. TO FIND A JEDI YOU MUST BECOME A JEDI TO FIND A PARTNER WHO IS ON THE PATH TO BEING A JEDI You Yourself must first be ON THE PATH 429. Yep, MARRY A JEDI WHEN TWO JEDIS marry ALL KINDS OF CRAZY GOOD SHIT HAPPENS in the universe 430. HOW TO WIN A HEART Here’s what I’ve LEARNED SO FAR ABOUt WINNING THE HEART 431. HOW TO WIN A HEART Don’t lead Your partner on (Be open and transparent about your intentions with the relationship) 432. HOW TO WIN A HEART FOLLOW THE GOLDEN RULE IN ALL RELATIONSHIPS 433. HOW TO WIN A HEART BE PLAYFUL And let the little kid Inside out! 434. HOW TO WIN A HEART PUSH YOUR PARTNER TO GET BETTER AND BECOME THE BEST VERSION OF THEMSELVES 435. HOW TO WIN Ryan’s HEART GIVE LOTS OF NECK MASSAGES 436. HOW TO WIN A HEART NEVER EVER TAKE THEM FOR GRANTED 437. HOW TO WIN A HEART NEVER STOP BUYING THEM FLOWERS 438. HOW TO WIN A HEART A LONG PARTNERSHIP REQUIRES MUTUAL RESPECT AND SHARED GOALS 439. Lessons from my 20s VALUES PART I, Section 14 440. GLOBAL VALUES SYSTEMS OriginConcept NameDescription JudaismTikkun OlamThe concept of repairing the world SanskritAhimsaA philosophy of do no harm ConfucianLiA set of norms that teaches brotherliness and community IslamicUmmahA perspective on a supranational community ChristianGolden RuleA practice of treating others as you want to be treated South AfricaUbuntuA spirit of cooperation between people of all colors and creeds ACROSS MANY religion or spiritual traditions a key guideline is to be able to care for others Let’s look at a few global values systems 441. My CORE VALUE HERE IS MY CORE VALUE… DO UNTO OTHERS AS YOU’D HAVE DONE UNTO YOURSELF 442. EXPAND YOUR EMPATHY CIRCLE AND CARE FOR ALL PEOPLE You&You& Family& Community& Na1on& Religion& Gender& Species& 443. What is it to be human? “To be human is to have the ability to transcend our egocentric preconditioning and care so DEEPLY FOR OUR CHILDREn, PARTNERS, FRIENDS or even strangers that we WOULD PUT THEIR INTEREST ABOVE OUR OWN NO MATTER WHAT IT MIGHT COST US PERSONALLY “ - RAY KURZWEIL! 444. My VALUES HERE ARE THE 50 VALUES I HOLD DEARLY AND DO MY BEST TO ALWAYS LIVE BY 445. ACCEPTANCE I shall recognize the Uniqueness and humanity OF THOSE WHO DIFFER FROM MYSELF 446. ACTION THOUGH DELIBERATE & CAREFUL I SHALL HAVE A BIAS TOWARD ACTION 447. ADAPTATION I shall MAINTAIN in A STATE ABLE TO FLOW, LEARN & MODIFY MYSELF TO FIT NEW SURROUNDINGS OR OCCURENCES 448. ANALYSIS I shall analyze what I do and DO NOT DO AND ATTEMPT TO DERIVE INHERENT LAWS, AXIOMS, TENANTS AND GUIDEPOSTS BASED ON THE EFFECTS OF MY ACTIONS & INACTIONS 449. BEST EFFORT I shall PUT FORTH MY FULL AND BEST EFFORT WITHIN THE BOUNDARIES OF PROPER PHYSICAL & MENTAL HEALTH 450. CHALLENGE I shall often challenge MYSELF & STEP OUTSIDE MY COMFORT ZONE SO AS TO REACH WORTHY GOALS 451. COLLABORATION I shall WORK COLLABORATIVELY WITH OTHERS WHO ARE BETTER THAN I AM AT WHAT THEY DO 452. COMMITMENT I shall UPHOLD MY COMMITMENTS AND UNDER-PROMISe AND OVER-DELIVER 453. COMMUNICATION I shall MAKE IT A PRIORITY TO LEARN TO COMMUNICATE EXTREMELY WELL WITH OTHERS 454. CONFIDENCE I shall ALWAYS BE CONFIDENT & OPTIMISTIC AND SET MY GOALS HIGH 455. CONTENTMENT I shall BE ONLY WHERE I AM AND SAVOR EVERYTHING ABOUT THAT MOMENT 456. DETAIl I shall NOT DALLY NEEDLESSLY IN DETAIl BUT EXAMINE TO THE FULL EXTENT NEEDED 457. ENVIRONMENTAL CONCIOUSNESS THOUGH I SHALL PROMOTE THE MASTERY OF NATURE FOR THE BETTERMENT OF LIVING CONDITIONS OF HUMANS I SHALL NEVER FORGET THAT THE EARTH SHOULD BE TREATED AS PRECIOUS AND THAT SUSTAINABILITY MUST BE REQUIRED IF WE ARE TO SURVIVE AS A SPECIES 458. FOCUS I shall RECOGNIZE THAT WHILE I CAN DO ANYTHING I CAN’T DO EVERYTHING 459. FORGIVENESS I shall FORGIVE THOSe WHO HAVE MENDED WAYS INCLUDING MYSELF 460. GENEROSITY I shall GIVE TO OTHERS HOWEVER I AM BEST AND MOST ABLE 461. HEALTH I shall maintain my health and EAT sleep & Exercise IN SUCH A MANNER AS TO MAINTAIN A HIGH LEVEL OF ENERGY I SHALL ELIMINATE NEAGATIVE ENERGY AS MY BODY IS A TEMPLE THAT HOUSES MY SPIRIT 462. HONESTY I shall BE HONEST AND FORTHRIGHT IN ALL REPRESENTATIONS of And Deliberations with MYSELF 463. HUMILITY I shall NOT BE AFRAID TO ASK FOR HELP AND NOT ASSUME MYSELF ABOVE ANOTHER 464. INDUSTRY I shall LOSE NO TIME AND ALWAYS BE EMPLOYED IN SOMETHING USEFUl REFLECTION AND RELAXATION SHALL BE INCLUDED IN THE DEFINITION OF USEFUL 465. INTEGRITY I SHALL ACT WITH INTEGRITY AND IN ALIGNMENT WITH WHAT I SAY I WILL DO 466. JUSTICE I shall WRONG NO oNE 467. KINDNESS I SHALL LIVE A LIFE OF KINDNESS & COMPASSION. THERE’S NO REASON NOT TO. 468. LEARNING I shall be continously LEARNinG AND I SHALL CONTINOUSLY READ 469. LISTENING I SHALL STRIVE TO LISTEN & UNDERSTAND BEFORE I SPEAK 470. MENTORSHIP I shall GIVE THE KNOWLEDGE I HAVE AND WILL GAIN TO OTHERS 471. MISTAKES I shall STRIVE TO LEARN FROM THE MISTAKES I MAKE AND TO NOT MAKE TWICE 472. NATURE I shall CONSERVE AND PROTECT NATURE AND ENSURE IT REMAINS FOR MY GRANDCHILDREN 473. OPTIMISM I shall ALWAYS SEE THE GLASS AS HALF FULL 474. ORGANIZATION I shall KEEP MY LIFE & BELONGINGS IN ORDEr WHILE KEEPING SPACE FOR EXHUBERENCE & CREATIVITY 475. PASSION I shall ALWAYS STRIVE FOR THAT WHICH I BELIEVE 476. PERSERVERANCE I shall NOT GIVE UP NOR GIVE IN TOO SOON AS LONG AS I FEEL A GOAL IS WORTHY OF THE EFFORT 477. PLANNING I shall PLAN FOR MY LIFE AND UPComing EVENTS 478. POSITIVITY I shall be positive DURING ALL TIMES AND BELIEVE IN THE POWER oF A POSITIVE MENTAL ATTITUDE 479. PREPARATION I shall ATTEMPT TO ENTER EACH SITUATION WITH AN INTELLECTUAL FRAMEWORK PRIMED & READY 480. PRESENCE I shall FOCUS MY COMPLETE ATTENTION ON THE SINGLE INDIVIDUAL I AM SPEAKING WITH 481. PUNCTUALITY I shall be on TIME 482. REFLECTION I shall TAKE MOMENTS TO REVIEW WHAT HAS BEEN DONE AND EXAMINE SOCIETY AND MY BEING, GOALS, and HABITS 483. RESPECT I shall RESPECT ALL OTHERS 484. SACRIFICE I shall SAVE & INVEST FOR TODAY SO AS TO GAIN FOR TOMORROW 485. SINCERITY I SHALL BE SINCERE AND ONLY TALK ABOUT PEOPLE IN AN EMPOWERING WAY 486. SPIRITUALITY I shall REALIZE I AM A VERY SMALL PART OF THE UNIVERSE AND HAVE GREAT GRATITUDE FOR LIFE 487. SOLITITUDE I SHALL HAVE A PERIOD OF PEACE AND SOLITUDE AT THE BEGINNING OF EACH DAY IN WHICH I SHALL GIVE THANKS AND ENVISION THE DAY AHEAD 488. SPONTANEITY I SHALL PERFORM WEEKLY EITHER An ACT OF KINDNESS OR AN ACTIVITY WHICH I HAVE NEVER DONE BEFORE 489. SUPERFICIALITY I SHALL NOT FOCUS ON THE OUTER BUT ON THE INNER 490. TEACHING I shall TRANSFER BOTH KNOWLEDGE & ENERGY IN TEACHING 491. TRANQULITY I shall NOT BE DISTURBED BY TRIFLES OR BY THAT WHICH IS NOT TRULY IMPORTANT 492. TRANSPARENCY I shall LIVE A PUBLIC LIFE AND SHARE THE CONTENTS OF MY Dreams & PLANS 493. TRAVEL I shall MAKE A PRIORITY TO SEE AND EXPLORE THE WORLD 494. WORK ETHIC I shall WORK BOTH HARD AND INTELLIGENTLY AND NOT LEAVE FOR TOMORROW WHAT CAN BE DONE TODAY 495. BEN FRANKLIN’s 13 Values 1. Temperance: Eat not to dullness; drink not to elevation. 2. Order: Let all your things have their places; let each part of your business have its time. 3. Resolution: Resolve to perform what you ought; perform without fail what you resolve. 4. Frugality: Make no expense but to do good to others or yourself; i.e., waste nothing. 496. BEN FRANKLIN’s 13 Values 6. Moderation: Avoid extremes; forbear resenting injuries so much as you think they deserve. 7. Industry: Lose no time; be always employed in something useful; cut off all unnecessary actions. 8. Cleanliness: Tolerate no uncleanliness in body, clothes, or habitation. 9. Tranquility: Be not disturbed at trifles, or at accidents common or unavoidable. 497. BEN FRANKLIN’s 13 Values 9. Silence: Speak not but what may benefit others or yourself; avoid trifling conversation. 10. Sincerity: Use no hurtful deceit; think innocently and justly, and, if you speak, speak accordingly. 11. Justice: Wrong none by doing injuries, or omitting the benefits that are your duty. 12. Chastity: Rarely use venery but for health or offspring, never to dullness, weakness, or the injury of your own or another's peace or reputation. 13. Humility: Imitate Jesus and Socrates. 498. IN SUMMARY ON VALUES YOUR LIFE WILL BE ENRICHED AND YOU WILL SLEEP SOUNDLY AT NIGHT KNOWING YOU ARE LIVING WITH A CONsCIOUS SET OF VALUES 499. Financial plan exercise You can do the following 10 minute Values exercise now Or put a time on your calendar To return to it 500. Values EXERCISE 501. Exercise: VALUES Write down the 10 most important Values to you? 502. CONNECT COMPANY VALUES CIRCA 2012 503. Lessons from my 20s LIFE LESSoNS PART I, Section 14 504. LIFE Lessons from 2005 I’ve been KEEPING TRACK OF THE major LESSONS I’ve learned Each YEAR Since 2005 505. LIFE Lessons from 2005 LISTEN TO THAT LITTLE VOICE in the back of your HEAD It’s usually alerting You to something Important 506. LIFE Lessons from 2005 YOU CAN ACHIEVE ANYTHING YOU SET YOUR MIND TO 507. LIFE Lessons from 2005 Don’t let Non-communication Lead to the Degeneration of a Relationship 508. LIFE Lessons from 2005 Don’t AVOID DOING THINGS JUST BECAUSE THEY MAY CAUSE CONFLICT! 509. LIFE Lessons from 2005 AT THE END OF THE DAY Impact & INTEGRITY is What matters! 510. LIFE Lessons from 2005 NEVER Say “BUT” INSTEAD SAY “YES, AND.” 511. LIFE Lessons from 2005 THERE ARE TWO WAYS TO DETERMINE THE RULES OF LIFE TALKING TO SMART PEOPLE and TRIAL AND ERROR EITHER WAY START LEARNING EARLY 512. LIFE Lessons from 2006 IF SOMEBODY SUES YOU GO TALK TO THEM IN PERSON IMMEDIATELY 513. LIFE Lessons from 2006 NETWORKING Isn’T ABOUT BUSINESS CARDS IT’s about building Meaningful relationships 514. LIFE Lessons from 2006 2.4 Billion PEOPLE LIVE ON LESS THAN TWO DOLLARS PER DAY Source: World Bank 515. LIFE Lessons from 2006 Source: World Bank EVERY Day 18,000 CHILDREN UNDER 5 DIE MOST FROM PREVENTABLE DISEASE AND LOW NUTRITION. THIS DOESN’t HAVE TO HAPPEN. 516. LIFE Lessons from 2006 Source: World Bank 80% OF HUMAN BEINGS LIVE oN LESS THAN $10 PER DAY So IF YOU’RE LIVING ON MORE THAN $10 PER DAY Count your blessings 517. LIFE Lessons from 2007 LIFE IS PRECIOUS AND CAN END ANYTIME SO EXPRESS GRATITUDE DAILY AND TELL THOSE YOU LOVE THAT YOU LOVE THEM 518. LIFE Lessons from 2007 THE WORLD HAS MORE OPPORTUNITIES THAN YOU MIGHT THINK so DEFINE YOUR PURPOSE THEN SEEK THEM OUT 519. LIFE Lessons from 2007 PoSITIVE DEVELOPMENTS OCCUR WHEN YOU ASSOCIATE WITH EXTRAORDINARY PEOPLE 520. LIFE Lessons from 2007 GRATITUDE IS AN EXTREMELY POWERFUL CHARACTER ATTRIBUTE 521. LIFE Lessons from 2007 HUMANS HAVE A DEEP DESIRE In THEIR LIVES FOR LOVE AND AFFECTIOn 522. LIFE Lessons from 2007 IF THERE’S ONE THING YOU “OVERDo” IN LIFE MAKE IT COMMUNICATIon 523. LIFE Lessons from 2007 LET YOUR INNER CHILD COME OUT DAILY AND SILLY DANCE 524. LIFE Lessons from 2007 AVOID GETTING MARRIED UNTIL YOU’RE ABLE TO FULLY FINANCIALLY SUPPORT YOURSELF 525. LIFE Lessons from 2007 AVOID HAVING CHILDREN UNTIL YOU CAN SAFELY FINANCIALLY AFFORD CHILDREN 526. LIFE Lessons from 2007 GOOD HEALTH IS EVERYTHING 527. LIFE Lessons from 2008 Don’t ever LET YOUR MIND LIMIT YOURSELF 528. LIFE Lessons from 2008 One way to avoid CRITICISM IS TO DO NOTHING & STAND FOR NOTHING THE WORLD WILL THEN LEAVE YOU ALONE 529. LIFE Lessons from 2008 IF YOU’re up to something that matters in the world CRITICISM is inevitable It comes with the territory 530. LIFE Lessons from 2008 ARROGANCE IS NOT OVER-CONFIDENCE It is being DISMISSIVE OF OTHERS 531. LIFE Lessons from 2008 IT TAKES ten years TO BECOME GREAT AT SOMETHING CHOOSE CAREFULLY Thus You can only BECOME GREAT AT 6 or 7 things 532. LIFE Lessons from 2009 DO SOMETHING WONDERFUL EACH DAY WITH INFECTIOUS ENTHUSIASM 533. LIFE Lessons from 2009 JUST SAY “OK GOOD” TO LIFE 534. LIFE Lessons from 2009 CANCER IS HORRIBLE 535. LIFE Lessons from 2009 WE ALL HAVE CHALLENGES It’s how you INTERPRET & RESPOND TO THEM THAT COUNTS 536. LIFE Lessons from 2009 PEOPLE GENERALLY ACT CONSISTENTLY WITH WHAT IS EXPECTED OF THEM 537. LIFE Lessons from 2009 MANY PEOPLE IN THE UNITED STATES ARE NOT AUTHENTICALLY HAPPY 538. LIFE Lessons from 2009 THERE IS BEAUTY IN UNDERSTANDING NUANCE 539. LIFE Lessons from 2009 ASK FOR ADVICE MORE OFTEN 540. LIFE Lessons from 2009 TO achieve big goals You need TO FOCUS 541. LIFE Lessons from 2009 THERE IS GREAT POWER IN A HANDWRITTEN NOTE 542. LIFE Lessons from 2009 FIND A WAY TO MAKE ALL NEGOTIATIONS BENEFIT BOTH SIDES 543. LIFE Lessons from 2010 THE BEST MEDICINE FOR STRESS IS BREATHING! 544. LIFE Lessons from 2010 THE 2nd BEST MEDICINE FOR STRESS IS LAUGHTER! 545. LIFE Lessons from 2010 TRAVEL THE WORLD FOR AT LEAST 3 weeks per year! 546. LIFE Lessons from 2010 EVERY WEEK WATCH a TED VIDEO 547. LIFE Lessons from 2010 SPEND MORE HOURS READING THAN YOU DO WATCHING TV! 548. LIFE Lessons from 2010 LIMIT TELEVISION To 30 minutes PER WEEK! 549. LIFE Lessons from 2011 INVESTING in AFRICA NOW IS LIKE INVESTING IN INDIA In 1985! 550. LIFE Lessons from 2011 NEARLY SUPER-HUMAN FEATS ARE POSSIBLE WHEN YOU ARE DEEPLY PASSIONATE ABOUT YOUR MISSION 551. Life lessons exercise You can do the following 5 minute Life lessons exercise now Or put a time on your calendar To return to it 552. Life Lessons EXERCISE 553. Exercise: life lessons Write down the 3 most important Life lessons You have ever learned 554. Lessons from my 20s Sage advice PART I, Section 15 555. FAVORITE QUOTES on LIVING LIFE IS EITHER DARING ADVENTURE OR NOTHING - HELEN KELLER! 556. FAVORITE QUOTES on LIVING ABOve ALL TRY SOMETHING - FRANKLIN D. ROoSEVELT! 557. FAVORITE QUOTES on LIVING ONE WHO MAKES NO MISTAKES MAKES NOTHING - GIACOMO CASANOVA! 558. FAVORITE QUOTES on LIVING DO ONE THING EVERYDAY THAT SCARES YOU - ELEANOR ROOSEVELT! 559. FAVORITE QUOTES on LIVING NEVER DOUBT THAT A SMALL GROUP OF THOUGHFUL, COMMITTED CITIZENS CAN CHANGE THE WORLD - MARGARET MEAD! 560. FAVORITE QUOTES on LIVING Don’t chase THE PAPER - P DIDDY! CHASE THE DREAM! 561. FAVORITE QUOTES on LIVING FAR BETTER IT IS TO DARE MIGHTY THINGS THAN TO RANK WITH TIMID SPIRITS WHO KNOW NEITHER VICTORY NOR DEFEAT - THEODORE ROOSEVELT! 562. FAVORITE QUOTES on LIVING HERE’S TO THE CRAZY ONES. THE MISFITS, REBELS, & TROUBLEMAKERS THE ONES WHO SEE THINGS DIFFERENTLY - STEVE JOBS! BECAUSE THE PEOPLE WHO ARE CRAZY ENOUGH TO THINK THEY CAN CHANGE THE WORLD ARE THE ONES WHO DO 563. FAVORITE QUOTES on LIVING WHETHER YOU THINK YOU CAN OR YOU CANNOT YOU ARE RIGHT - HENRY FORD! 564. FAVORITE QUOTES on LIVING FOLLOW YOUR BLISS - JOSEPH CAMBELL! 565. FAVORITE QUOTES on LIVING UNTIL ONE IS COMMITTED, THERE IS HESITANCY THE CHANCE TO DRAW BACK. WHATEVER YOU CAN DO, BEGIN IN. BOLDNESS HAS GENIUS, POWER, & MAGIC IN IT. BEGIN IT NOW. - W.H. Murray! 566. FAVORITE QUOTES on LIVING BEAUTY IS THE ABSENCE OF THE SUPERFLUOUS - Greek SCHOLARS! 567. FAVORITE QUOTES on LIVING - Greek SCHOLARS! SIMPLICITY IS THE ULTIMATE SOPHISTICATION - LEONARDO DE VINCI! 568. Lessons from my 20s entrepreneurship Part II: 569. ABOUT THIS PRESENTATION THIS presentation can be found Online at www.hive.org/20s 570. PART 2 TOPICS Entrepreneurship The big opportunities Leadership Business Planning PRODUCT DEVELOPMENT Innovation PART 2 “ENTREPRENEURSHIP” INCLUDES SECTIONS ON Venture Capital Marketing Building systems BUILDING A TEAM STRATEGY & EXECUTION Steps to get started 571. Lessons from my 20s Purpose-driven entrepreneurship PART II, Section 1 572. A definition Individuals who build organizations which scalably & sustainably solve human problemsEntrepreneurs (n.) 573. Choosing Your PROBLEMChoosing Your PROBLEM How Will you Use Your one Wild and Precious Life? 574. Be a purpose-driven entrepreneur entrepreneurship Is about solving problems And creating value For humanity 575. The virtuous cycle of purpose-driven entrepreneurship An entrepreneur can bring immense value to humanity by building a For-purpose Business that earns money that can be used to reinvest in more opportunities that make the world better 576. Common traits of entrepreneurs Initiative Drive toward efficiency Bias toward action Ability to take feedback Tolerance for stress Determination Decisiveness Courage Ability to deal with failure Perserverence Creativity Ability to learn quickly Ability to plan Ability to delay gratification Drive to achieve Ability to prioritize Ability to build a team Ability to inspire & lead 577. A quote “Both a sparkplug & catalyst the entrepreneur is at once the driving force behind production and the agent who combines the other resources in what is hoped will be a proﬁtable venture” - McConnell and Brue in Economics 578. Understand the system THERE IS AN ENTIRELY DIFFERENT WORLD OUT THERE—A WORLD OF PROSPERITY & UNLIMITED WEALTH You can enter this world IF YOU ARE AWARE IT EXISTS AND YOU WORK HARD 579. Understand the system TO ENTER THIS WORLD YOU MUST UNDERSTAND HOW THE SYSTEM OF ENTREPRENEURSHIP WORKS 580. Understand the system THERE ARE THREE WAYS TO BUILD WEALTH THROUGH ENTREPRENEURSHIP THROUGH A SALARY, THROUGH DIVIDENDS, and through THE SALE OF STOCK YOU OWN 581. Impacting Billions of lives So HOW CAN YOU IMPACT THE LIVES OF OVER ONE BILLION PEOPLE? 582. Impacting Billions of lives WELL YOU NEED TO BE WORKING ON A BIG PROBLEM! 583. Solving big problems Big Problems are actually BIG opportunities! 584. Solving big problems TOO MANY PEOPLE ARE FOCUSED on TOO SMALL OF A PROBLEM! 585. Two key steps many aspiring entrepreneurs miss There are two critical First steps for any entrepreneur 586. THE Two Steps to success in entrepreneurship First you must find A problem that you Passionately want to solve 587. THE Two Steps to success in entrepreneurship Next devote your life to building the Team that will solve That problem better than Any other group of humans That has come before 588. Step 1: Find a really big problem you are passionate about solving. 589. Step 2: Devote your life to building the team that best solves the problem 590. THE Two Steps to success in entrepreneurship As an entrpreneur If you aren’t solving A problem worth dedicating 20 years of your life to You won’t be able to make it Through the hard times ahead 591. THE Two Steps to success in entrepreneurship A problem Worth dedicating your life to Is often called a “wicked problem” 592. To find your problem, you must create your purpose The problem you wish to solve Must deeply align with the Life Purpose you created in part 1! 593. How to do it work on solving a big Problem aligned with your purpose 594. Choosing your sector Once you find the problem You wish to solve then Find The most effective sector To work within to solve it 595. Choose your angle of attack The most common ways to solve big problems: 1. build a purpose-driven business 2. Join a purpose-driven business 3. build a non-profit 4. Join a non-profit 5. Join a government agency 6. Run for political office 7. Become a scientist/researcher 8. Invest in companies solving the problem 9. Convene people who are solving the problem 596. Choosing your sector Much of this part of the presentation is about building a purpose-driven business 597. Be a purpose-driven entrepreneur In many cases, you can Make the most scalable impact On the world By building a For-profit business that is Socially minded 598. Example for-profit impact companies 599. Why Build a for-profit social business vs. a non-profit? Easier to raise funding to scale Ability to use stock options Ability to invest in a more experienced team Better compensation Faster Feedback cycle directly from customers Ability to subsidize lower income customers Ability to invest in R&D 600. Choosing your sector Here is a map of social And economic impact by sector created by Max Marmer in a 2012 HBR article called “Transformational entrepreneurship” 601. A Map of societal and economic impact Harmful Small Businesses Harmful Non Proﬁts Exploitative Entrepreneurship High Growth Entrepreneurship Contributory Small Businesses Ineffective Non Proﬁts SocialEntrepreneurship Transformational Non Proﬁts Societal) Impact) Economic) Impact) TransformationalEntrepreneurship Work here in the green! 602. Look into b Corps 603. Invest in companies solving big problems Another angle is to work At investment funds That invest in companies that are Solving big human problems 604. Venture funds investing in solving big problems 605. Impact investing leaders 606. Determining Your PATH IN YOUR Twenties Determine the big problem you want to solve Create your life purpose statement Decide on sector you want to work in to solve the problem GovernmentNon-ProﬁtBusiness ElectedAppointedJoin ExistingStart NewJoin ExistingStart New Explore widely to ﬁnd what makes you come alive 607. Don’t a be a cog Becoming a highly specialized cog in a meaningless machine Is no way to live a life 608. What most people do What most people do is focus on a specific Type of job & specialize on a profession Don’t do that 609. What most people do Don’t specialize on a niche profession Specialize on a problem 610. WHAT YOU SHOULD DO Instead of specializing on a specific job role Specialize on a specific human problem that you are Dedicated to solving 611. Live an unleashed life When you’re spending your years focusing on A really big human problem you end up living a LIFE of purpose 612. Live an unleashed life And when you’re naturally excited by the Work that you do you end up attracting more Positive and capable people 613. Live an unleashed life THIS process creates a self-reinforcing virtuous Cycle leading to greater fulfillment, meaning, And happiness 614. Find your mission FIND A MISSION THAT YOU ARE DEEPLY PASSIONATE ABOUT AND BUILD A BUSINESS TO PURSUE THE heck OUT OF IT 615. Your motivation SPEND TIME THINKING AND MEDITATING ON YOUR RAISON D’ETRE AND FIGURE OUT WHAT CONSTITUTES THE CORE MOTIVATIONS FOR WHAT YOU DO AND What you stand for 616. Entrepreneurship BEING AN ENTREPRENEUR IS NOT FOR EVERYBODY. BUT IF YOU FIND IT’S FOR YOU AND YOU CAN FIND A WAY TO SUCCEED, it can be EXTREMELY REWARDING. 617. Entrepreneurship BECOMing A SUCCESSFUL ENTREPRENEUR IS NOT EASY YOU MUST HAVE PERSISTENCE DEDICATED, TENACITY & THE ABILITY TO DEAL WITH ADVERSITY 618. What it takes Entrepreneurship is doing Something others won’t for 10 years so you can do what Others can’t for the Rest of your life 619. The big opportunities Next we’ll look at some of the biggest opportunities In the world right now To build a business That makes a huge impact 620. A quote “Entrepreneurship is about passion following a dream and changing the world with plenty of craziness along the way.” - Jeffrey Bussgang, Flybridge 621. Lessons from my 20s The big opportunities PART II, Section 2 622. A quote “I don’t skate to where the puck is. I skate to where the puck is going.” - Wayne Gretzky 623. An innovation Timeline To put everything Into perspective here is A timeline of innnovation 624. An innovation timeline The Wheel (5,500 Yrs Ago) Iron (5,000 Yrs Ago) The Legal System (3,800 Yrs Ago) Ships (6000 Years Ago) Written Language (4900 Yrs Ago) The Alphabet (3800 Yrs Ago) Water Power (2200 Yrs Ago) Cities Form (6000 Years Ago) Money (5,000 Yrs Ago) Abacus (5,000 Yrs Ago) Steel (2400 Yrs Ago) Farming (15,000 Yrs Ago) Trade (20,000 Years Ago) 625. Key innovations From 0 to 1800 Printing Press 1450 Movable Type 1040 Paper 105 Compass 950 Gunpowder 850 Microscope 1590 Electricity 1600 Telescope 1608 Engine 1712 Steam Power 1690 Binary Numbers 1697 Smallpox Vaccine 1796 626. 19th century innovation timeline Electromagnet 1825 Internal Combustion Engine 1823 Telegraph 1809 Battery 1800 Anesthesia 1846 Petroleum 1859 Telephone 1860 Vacuum Tube 1883 Periodic Table 1869 Electrical Grid 1880 Automobile 1885 Light Bulb 1800 Radio 1897 Semiconductors 1896 627. 20th century innovation timeline Transistor 1947 Penicillin 1928 Television 1926 Airplane 1903 DNA 1953 Organ Transplants 1964 Satellites 1957 Microprocessor 1971 Nanotechnology 1959 Manned Space Flight 1961 Cell phones 1973 Quantum Physics 1900 Genetic Engineering 1973 The Internet 1969 1978 GPS World Wide Web 1991 Carbon Nanotubes 1991 628. 21st century innovation timeline ? ? Smartphone 2007 Quantum Computer 2012 ? ?? ? It’s now your opportunity to create the future Lab Grown Organ Transplants 2000 Human Genome Map 2001 629. The Biggest opportunites for millennials Here are the fields needing Great entrepreneurs between 2015-2050 630. The Biggest opportunites for millennials Energy & Environment Food & Water Education Health & Wellness EngineeringComputing Financial Access 631. Energy & Environment 632. Solar Energy 633. Wind Energy 634. Biofuels 635. Sustainable City Planning 636. Food & Water 637. Synthetic Food Production 638. Vertical Farming 639. AgTech 640. Water Desalination 641. Education 642. Cloud Education 643. Low Cost Schooling 644. Leadership Training 645. Network Building 646. Health & Wellness 647. Synthetic Biology 648. Brain Mapping 649. Optogenetics 650. Personalized Medicine 651. Reverse Aging 652. Bionic Eyesight 653. Low Cost Sanitation 654. Mindfulness Training 655. Engineering 656. Clean Transportation 657. Self-Driving Cars 658. Robotics 659. Space Exploration 660. 3D Printing 661. Nanotechnology 662. Long Life Batteries 663. Low Cost Housing 664. Financial Access 665. Mobile Banking 666. Frontier Market Finance 667. Digital Currency 668. Digital Wallets 669. Computing 670. Quantum Computing 671. Converged Smartphones 672. Data Storage on DNA 673. Artiﬁcial Intelligence 674. Contact Lens Smartphones 675. Natural User Interfaces 676. Government 2.0 677. Cybersecurity 678. Climate Engineering 679. Wearable Computers & HUDs 680. The Internet of Things / Cloud Devices 681. Mobile Software 682. The Biggest Opportunities of Our Generation Solar Energy Advanced Batteries Biofuels Climate Engineering Sustainable City Planning Energy & Environment Food & WaterSynthetic Food Production Agricultural Technology Vertical Farming Water Desalination EducationCloud Education Low Cost Schooling Leadership Training Network Building Synthetic Biology Brain Mapping Optogenetics Reverse Aging Personalized Medicine Bionic Eyesight Low Cost Sanitation Mindfulness TrainingClean Transportation Self-driving Cars Robotics Space Exploration 3D Printing Nanotechnology Long Life Batteries Low Cost Housing Quantum Computing Converged Smartphones Data Storage on DNA Artiﬁcial Intelligence Contact Lens Smartphones Natural User Interfaces Government 2.0 Cybersecurity Wearable Computers Implantable Computers The Internet of Things Mobile Software Health & Wellness Engineering Computing Financial Access Mobile Banking Frontier Market Finance Payment Processing Digital Currency Digital Wallets 683. The Mobile Cloud Beautiful & Easy Mobile Cloud Services are REVOLUTIONIZING EVERYTHING 684. The Reimagination of nearly everything 1994& 2014& Books& Printed! Kindle,!iPad,!Nook! Cameras& Film!&!Development! Device?Integrated,!Synced!to!Cloud! Cars& Self?owned! GetAround,!Zipcar,!LyI,!Uber! Channel!Changing& Remotes! Hand!Gestures! Check!Out& Cash!Register! Square!+!Tablet! Ci.zen!Ac.on& Faxes,!Calls! Change.org! Communica.on& Postal!Mail,!Fax,!Landlines! Smartphones,!Email,!SMS,!Facebook,!TwiWer,!WhatsApp,!SnapChat! Contact!Management& Rolodexes! Connect,!Google!Contacts! Doctors!Appointments& Phone!Call! ZocDoc,!One!Medical! Event!Planning& Mail!&!Telephone! EventBrite,!Facebook!Events,!YPlan! Fashion& Expensive!Bou.ques! RentTheRunway,!Gilt! Food!Delivery& Phone!Call! GrubHub,!Munchery,!Sprig,!Spoonrocket! Fitness& Gym! Nike!FuelBand,!FitBit,!Jawbone!Up,!Basis! Funding& Friends!&!Funding! Kickstarter,!Fundable,!Indiegogo! Global!Outsourcing& Plane!travel! Crowdﬂower,!Exec,!ODesk,!Elance,!Guru,!SmarterWork,!Freelancer! GPS& Not!available!to!consumers! GPS!on!your!smartphone! Groceries& Local!store! Amazon!Fresh,!Instacart! Informa.on!Storage& Storage!Cabinets! DropBox,!Box,!Google!Drive,!SkyDrive! Job!Searching& Fairs!&!Resumes! LinkedIn,!Hired! Knowledge& Encyclopedia!Britannica! Wikipedia,!KhanAcademy,!CodeAcademy,!Udemy,!Coursera,!iTunes!U!! Lending& Banks! LendingClub,!Prosper,!Kabbage,!LendUp! Locks& Deadbolts! Lockitron! 685. The Reimagination of nearly everything 1994& 2014& Maps& Printed! Google!Maps,!Bing!Maps! Marke.ng& Direct!mail,!phone!book,!billboards! Paid!search,!social!ads,!mobile!ads! Movies& Blockbuster! Ne[lix,!Amazon,!iTunes,!YouTube,!Hulu! Music& CasseWes!&!CDs! Spo.fy,!Rdio! News& Television,!Radio,!&!Newspaper! TwiWer,!Flipboard,!Prisma.c! Note!Taking& Notepads! Evernote,!Google!Docs! Phones& Landlines! Smartphones! Picture!Storage& Photo!Albums! Facebook,!Flickr,!500px! Plumber& Phone!Book! HandyBook,!Angie’s!List! Product!Design& In?house! Quirky! Reviews& Word!of!Mouth! Yelp! Scrapbooks& Hand?created! Pinterest! Shopping& Mall! Amazon,!eBay! Signatures& Pens!&!Fax! Docusign,!EchoSign! Social!Network& Bar,!Alumni!Reunion! Facebook,!Instagram,!Google+,!LinkedIn! Task!Management& Post?its! Trello,!Asana! Tasks& Classiﬁeds! TaskRabbit,!Zaarly,!Zirtual! Television& Cable!&!Bunny!Ear!Antennas! HuluPlus,!Ne[lix,!Apple!TV,!iTunes,!Amazon!Fire!TV! Textbooks& Buy!them!at!a!bookstore! Chegg,!Amazon!Textbook!Rental! Thermostats& Analog! Nest! Traﬃc?Informa.on& Radio! Waze,!Google!Maps! Wallets& Leather! Google!Wallet! Watches& Swatch!&!Rolex! Pebble,!Basis!! 686. The Reimagination No longer do we need A car, A music collection, A video collection Everything is now available on-demand For an asset-light lifestyle 687. The Reimagination SOON EVERY GOVernment service will be delivered VIA THE MOBILE CLOUD 688. The Reimagination You can monitor your Heart rate and sleep via your Android WATCH 689. The Reimagination You can now check your Blood sugar via smart Contact lenses 690. The Reimagination Every device will be connected As the internet of things explodes 691. Lessons from my 20s Authentic leadership PART II, Section 3 692. Leadership A leader is a person who is committed to something bigger than themselves 693. Leadership An authentic leader is Someone who has aligned Their personal purpose with their professional purpose 694. Leadership Sadly, way too many people Have never taken the time To create their Personal purpose 695. Leadership Even those who do have Personal purpose, so rarely Make it their full time Professional pursuit 696. BE a rare duckling Be the RARE DUCKLING And actually make your Purpose your full time Professional pursuit! 697. BE a rare duckling It may be harder in the Short run, but in the long run You’ll be more passionate And create more impact (And if you do it right, earn much higher ﬁnancial compensation too) 698. personal purpose! =!professional purpose! The Authentic Leader! 699. The Inauthentic Leader personal purpose! ≠! professional purpose! 700. INspiration How can you possibly expect To inspire A team to greatness If you yourself aren’t working On your purpose with your Full time efforts 701. The obvious You think your team won’t be Able to tell whether you’re a Passionless corporate shrill Or lit up on fire WITH ENERGY?? 702. When your personal purpose is what you work on daily, work becomes greatly enjoyable—no matter the challenge.! 703. The je ne sais quoi of leadership The way great leaders get that “Je ne sais quoi” quality about them Is from their deep commitment To creating something that makes the World better 704. The je nais se quoi Imagine the insatiable energy And Charisma you will have When you’re actually working On what you’re passionate about With your full time effort 705. Fear? So what are you afraid of? Failure? 706. Fear? what you should really fear isn’t FAILUre What you should really fear is the Regret you’ll feel when you’re 80 having never given it a try 707. Leadership An authentic leader Hires missionaries Not mercenaries 708. Leadership You can’t be a leader until you know why you’re leading 709. Authentic Leaders KnowWhy & Where They Are Leading 710. Authentic leaders are vulnerable and open with their team and share their struggles! 711. Authentic leaders inspire a team to move mountains to achieve the mission.! 712. Authentic leaders paint a clear vision and communicate it succintly, visually, and repeatedly.! 713. Leadership NEARLY SUPER-HUMAN feats Are possible when a team is DEEPLY passionate about their MISSION 714. Advice on authentic leadership Here are Six thoughts on becoming An unleashed high-integrity leader 715. Find a mission that you are deeply passionate about and build a business to make the world you envision real 716. If you want to have the persistence to build a great business work on solving a problem that you are passionate about that aligns with your life purpose 717. Don’t begin the effort of building a company if you’re not deeply passionate about the problem you are trying to solve 718. Too many startups try to solve problems they’re not actually passionate about solving 719. Building a company is hard. If you’re deeply passionate about solving the problem you’ll get through the years of sacriﬁce. 720. Once you’ve determined the change you seek build a company that sustainably creates that change at scale. 721. Lessons from my 20s Business planning PART II, Section 4 722. Business planning SOME ENTREPRENEURS choose not to create a plan at all And just start working Minimum viable product On a prototype or 723. Business planning I find that it’s helpful to at least create a short slide deck or exec summary To ensure you know what you’re building & What problem you’re Solving before you start building 724. What’s in your deck? 1. PROBLEM you’re solving 2. PRODUCT & TECHNOLOGY 3. your recent traction 4. MARKET & COMPETITION 5. TEAM 6. revenue model 7. FINANCIAL PROJECTIONS 725. In the first two slides… CLEARLY ILLUSTRATE THE PROBLEM YOU ARE SOLVING HOW YOU ARE SOLVING IT AND FOR WHOM 726. Product section SHOW PICTURES OF A PROTOTYPE OR WIREFRAMES & MOCKUPS MAKE YOUR SPECIFIC SOLUTION EASILY VISUALIZED 727. Product section SHARE YOUR PRODUCTION TIMELINE AND KEY MILESTONES TOWARD INITIAL PRODUCT DELIVERY AND DISCUSS FUTURE PRODUCTS AND SERVICES 728. Financials section ADDRESS THE FOLLOWING IN YOUR FINANCIAL PROJECTIONS REVENUE ASSUMPTIONS COST ASSUMPTIONS Revenue by Month COST BY MONTH BY CATEGORY NET INCOME BY MONTH BY CATEGORY TIME TO BREAKEVEN FUNDS NEEDED TO REACH NEXT MILESTONE TOTAL EXPECTED FUNDS NEEDED 729. Example 60 month financial projections ($2,500,000) ($2,000,000) ($1,500,000) ($1,000,000) ($500,000) $0$500,000$1,000,000$1,500,0000! 6! 12! 18! 24! 30! 36! 42! 48! 54! 60! RevenueExpensesNet Income 730. Financials section 2015! 2016! 2017! 2018! 2019! Revenue! 18,127! 50,984! 143,401! 403,340! 1,134,461! Expenses! 103,408! 118,539! 139,017! 287,553! 640,004! Net Proﬁt! -85,281! -67,555! 4,384! 115,787! 494,457! Here’s a REALLY BASIC Example annual financial PROJECTION your financial projections Should list out expenses by major categories (Labor, Marketing, Servers, OFFICE SPACE, etc.) 731. Answer these questions in your deck # What problem are you solving? # Why are you passionate about solving that problem? # Who’s on your team? # What is their background? # WHAT IS THE NEED FOR THE PRODUCT? # What is your revenue model / cost per unit? # WHAT IS THE SIZE OF THE MARKET? # WHAT WILL IT COST TO PRODUCE THE PRODUCT? # WHO IS YOUR TARGET CUSTOMER? 732. Questions you may wish to answer in your deck # WILL YOU NEED TO ACQUIRE ANY IP? # WHAT ROLES WILL YOU FILL IN THE FUTURE? # WHAT ARE YOUR FUTURE PRODUCTS features? # HOW MUCH IS NEEDED TO REACH BREAKEVEN? # WHAT ARE YOUR ANNUAL Revenue PROJECTIONS? # WHAT ARE YOUR ANNUAL COST PROJECTIONS? # WHAT ARE YOUR ANNUAL PROFIT PROJECTIONS? 733. INcorporating Before you start operating it’s important to INCORPORATE 734. INcorporating MUCH LOWER TAXES LIABILITY PROTECTION BEING TAKEN SERIOUSLY ABILITY TO OPEN A BANK ACCOUNT ABILITY TO HIRE EMPLOYEES ABILITY TO RAISE INVESTMENT THE BENEFITS OF INCORPORATING 735. INcorporating TO INCORPORATE YOURSELF YOU JUST NEED TO KNOW THE NAME OF THE COMPANy THE STATE YOU WISH TO INCORPORATE IN THE NUMBER OF SHARES TO CREATE THE INITIAL OWNERSHIP OF THOSE SHARES 736. INcorporating IN THE U.S. you can start a S Corp C Corp LLC BENEFIT CORP Most firms that plan on raising capital are Delaware C Corporations 737. INcorporating IN CHOOSING A LAW FIRM LOOK AT REPUTATION & REFERENCES START-up EXPERIENCE INTRODUCTION TO INVESTORS IPO EXPERIENCE PARTNER CHEMISTRY 738. INcorporating ONCE INCORPORATED YOU’ll RECEIVE YOUR ARTICLES OF INCORPORATION SET OF BYLAWS SET OF STOCK CERTIFICATES 739. INcorporating THEN YOU CAN GET AN EMPLOYER IDENTIFICATION NUMBER FROM THE IRS (YIPEE!) AND OPEN A BANK ACCOUNT 740. Early equity is based on 1. How far along firm is when you join 2. Your position in the company 3. Amount of capital you invest 4. What you negotiate 741. Equity Rules of THumb TimePre-founding Time of JoiningPre-Seed CEO55% COO15% CFO12% CTO12% SVP LevelN/A VP LevelN/A ManagerN/A Sr. Engineer5% Engineer3% Staff Member1% Investors0% Year 1 Post Seed 40% 15% 10% 10% 7.50% 4% 1.50% 1.50% 0.75% 0.30% 10% Year 2Year 3 Post Series A 20%15% 10%5% 7%4% 7%4% 5%3% 3%2% 1%0.50% 1%0.50% 0.50%0.25% 0.20%0.10% 30%30% Year 4Year 5+ Post Series-B 10%8% 3%2.50% 2.50%1.50% 2.50%1.50% 2%1% 1%0.50% 0.25%0.10% 0.25%0.10% 0.10%0.05% 0.05%0.03% 45%45% AS TIME CONTINUES, RISK REDUCES, CAPITAL IS RAISED & VALUE IS CREATED THUS LESS EQUITY iS PROVIDED THE LATER YOU JOIN 742. Lessons from my 20s Product Development PART II, Section 5 743. The core human desires Great products fulfill one or more Of the 10 core human desires 1. Safety / security 2. Health / survival 3. Earning money 4. Finding a partner 5. Learning 6. Impressing others 7. Communicating / connecting 8. New experiences 9. Finding meaning 10. Comfort & relaxation 744. The 7 characteristics of a great product 1. Fulfill 1+ core human desire 2. Easy to use 3. Beautiful design 4. Highly effective at stated purpose 5. 4x or more markup over costs 6. Recurring purchase/supply needed 7. An easy to remember name 745. The characteristics of a great product GREAT PRODUCTs BRING JOY to people and Smiles TO FACES 746. The characteristics of a great product GREAT PRODUCTs ARE SIMPLE ON THE OUTSIDE AND POWERFUL ON THE INSIDE 747. What is product management? PRODUCT MANAGEMENT IS THE PROCESS OF DEFINING And prioritizing WHAT You’RE BUILDING 748. What is product management? Good product management Is driven by a vision Of the way the world Should be 749. What is product management? Good product management Takes into account lots of Metrics and feedback But ultimately should be Vision-driven 750. The right type of Product manager YOUR GOAL IS TO BE HERE ON THE SPECTRUM OF PRODUCT MANAGERS Design byCommittee hell Maniacal dictator design “The green zone” Open to feedback and data but driven by a strong vision of the way the world should be. 751. What is product management? YOU WANT TO BE SLIGHTLY RIGHT OF CENTER WITH PM It is better to have a strong vision And be slightly maniacal Then be unsure about the change You wish to create in the world 752. What is product management? GREAT PRODUCT managers ARE ABSOLUTELY PASSIONATE ABOUT THE CHANGE THEY WISH TO MANIFEST IN THE WORLD 753. Lessons from my 20s INNOVATION PART II, Section 6 754. What is Innovation? THE PROCESS OF CREATING SOMETHING NEW THAT MAKES LIFE BETTER Innovation (n.) 755. Innovation INNOVATION IS IMPOSSIBLE WITHOUT PASSION 756. Innovation Most companies aren’t Innovative because they Lack passion 757. Innovation INNOVATORS SEE THE WORLD AS IT SHOULD BE 758. Innovation INNOVATORS BECOME OBSESSED WITH MAKING THE WORLD BETTER 759. Innovation INNOVATORS FOCUS INCESSANTLY ON BRINGING VALUE TO MARKET 760. Solving big problems SOME PEOPLE BELIEVE THE GOVERNMENT SHOULD PLAY NO ROLE IN INNOVATION 761. Solving big problems THE REALITY IS THAT MANY OF THE BIGGEST INNOVATIONS OF THE past 100 years have COME OUT OF GOVERNMENT PROGRAMS 762. Solving big problems EXAMPLES INCLUDE • THE INTERNET • GPS • CT SCANS 763. Solving big problems AND ALMOST EVERY DRUG AND MEDICAL ADVANCE IN THE U.S. COMES OUT OF AN NIh FUNDED PROJECT 764. Solving big problems Government funding For basic research often comes 10-30 years before Commercialization is possible 765. Top MILLENNIAL Innovators Jack Andraka At 15 he used carbon nanotube sensors to create a test for pancreatic cancer and won the Intel International Science and Engineering Fair 766. Top MILLENNIAL Innovators Meredith Perry At 23, she is the CEO of uBeam which is about to launch a device that beams electricity through the air to charge portable electronics wirelessly 767. Top MILLENNIAL Innovators Eesha Khare At the age of 18 created a device that could charge a mobile phone in 30 seconds. Won the 2013 Intel Foundation Young Scientist Award. Now a Harvard student. 768. Top MILLENNIAL Innovators Robert Pera By 35 he created a public company worth $3B that is bringing internet access to the developing world through wimax wiﬁ networks 769. Innovation HErE ARE FIVE KEYS TO INNOVATION 770. Innovation Clearly DEFINE THE PROBLEM you’re trying To solve 1 771. Innovation 2 THROW OUT AS MANY CONSTRAINTS TO YOUR THINKING AS POSSIBLE 772. Innovation 3 ENSURE THOSE WORKING TO SOLVE THE PROBLEM ARE DEEPLY PASSIONATE ABOUT SOLVING THE PROBLEM 773. Innovation 4 BRAINSTORM IN SMALL GROUPS Of 3-6 individuals with Diverse perspectives 774. DESIGN THINKING Design thinking is one of the Best processes for innovation 775. The five step design thinking process Empathize DeﬁnePrototype Ideate Test 776. Key Materials needed for design thinking exericses 1. Post-its of different sizes/colors 2. Lots + Lots of whiteboard space 3. Whiteboard markers 4. Pens 5. timer 777. Step 1: Empathize Great products start with empathy for the customer And deep problem understanding 778. Step 1: Empathize The best way to have empathy for your customer is to solve a problem you personally have 779. Step 1: Empathize If it’s not a problem you personally have spend lots of time in the homes and offices of your customers or users 780. Step 2: DEFINE Define the problem very clearly. “The problem the customer is facing that we are solving is _______________________________.! 781. Step 2: DEFINE Define the human impact of solving the problem “If we solve this problem, what speciﬁc differences will it make in the lives of our customers/users: ____________________________.! 782. Step 3: IDEATE Ensure those working with you to solve the problem are deeply passionate about solving the problem! 783. Step 3: IDEATE Brainstorm with a group of 3-6 people with Diverse BACKGROUNDS & skillsets 784. Step 3: IDEATE Initially, throw out all Constraints to your thinking Enter a No Judgment zone 785. Step 3: IDEATE Brainstorm individually on post-its in 5-10 minute timed sessions before sharing 786. Step 3: IDEATE Begin by Brainstorm individually on post-its in 5-10 minute timed sessions before sharing 787. Step 3: IDEATE Capture all ideas visually on post-it notes stuck on whiteboards So they are easily movable 788. Step 3: IDEATE Never criticize an idea in the Ideation phase The crazy stuff can lead to breakthroughs 789. Step 3: IDEATE After PUTTING UP ALL THE ideas on the wall refine down to the best by giving each person a few votes using small post-its 790. Step 4: Prototype Quickly prototype 1-3 possible Working solutions to the problem Paper sketches or wireframes are often sufﬁcient hereIf it’s a physical product, use a workshop to create a basic version 791. Step 4: Prototype Simpler prototypes are OFTEN BEST FOR ALLOWING RAPID learning and iteration 792. Step 5: TEST Now test the prototypes with Actual potential customers See what they think Then make it better 793. Step 5: TEST Keep iterating designs & Improving Until you can convince customers To pay for what you’ve built 794. THE LEAN STARTUP PROCESS THE LEAN STARTUP PROCESS IS ANOTHER INNOVATION PROCESS Designed to lead to QUICK LEARNINGS & RESULTS 795. THE LEAN STARTUP PROCESS 796. The benefits of the leAn startup method 1. Fast testing + learning 2. Low cost 3. Fail fast and pivot quickly 797. THE downsides of the LEAN STARTUP PROCESS 1. Often doesn’t allocate enough time to the brainstorming process (go straight from idea to build) 2. Can focus too much on finding “anything that customers will pay for” rather than solving a problem that matters in the world 798. Lessons from my 20s VENTURE CAPITAL PART II, Section 7 799. Venture Capital IF POSSIBLE TRY TO GET AS FAR AS YOU CAN WITHOUT RAISING OUTSIDE CAPITAL 800. Venture Capital IN THE BEGINNING DO WHATEVER IT TAKES TO KEEP COSTS LOW 801. Venture Capital In a b2b business Focus on getting Revenue from customers 802. Venture Capital You’ll have a higher Chance of success if you Get paying customers before raising outside $$(or at least 10,000+ users) 803. Venture Capital The biggest mistake Entrepreneurs make Is raising too much Before they are ready 804. Venture Capital AT ICONTACT WE BOOTSTRAPPED FOR THE FIRST 3 years 805. Venture Capital AT CONNECT WE BOOTSTRAPPED FOR THE FIRST 2 years 806. What is bootstrapping Bootstrapping means Operating without Raising Outside capital 807. What is bootstrapping Most companies should Bootstrap for 12-36 mos before they are ready For outside capital 808. What is bootstrapping If you don’t have a product Yet, you definitely should Not be raising VENTURE capital (except!in!very!capital!intensive!businesses!like!drug!discovery)! 809. Test demand before raising money by creating an inexpensive prototype and then improve until customers love your product 810. Venture Capital WHERE TO LOOK DEPENDS ON HOW MUCH YOU NEED AND HOW FAR ALONG YOU ARE 811. The different types of capital available by stage <$50k Yes Yes Yes Yes Yes Yes Yes Yes $50k-$500k$500k to $1m Yes Yes if available Yes if available YesYes YesYes YesYes YesYes YesYes YesYes Yes Yes Sources of Funds Side jobs Credit cards Your savings Friends & family Kickstarter Indiegogo Fundable AngelList Angel investors Banks Super angels Seed stage VC Growth stage VC Mezzanine debt Late stage VC Private equity Public markets PIPES Corporate bonds $1m to $5m$5m to $25m$25m to $100m>$100m Yes Yes YesYes YesYes YesYesYesYes YesYesYes YesYesYes YesYes YesYes Yes Yes Yes 812. Angel rounds angellist Is the best place To find early stage Angel investors 813. The power of angellist In june 2008 Connect raised $2.8M From investors on angellist Like jason calacanis, brad feld, And scot and cyan banister 814. The power of angellist Angels often act in packs So it is useful to secure a Lead Angel investor Who will set the terms Before reaching out widely 815. Syndicates Top angels have packs of Other angels who follow them And invest in what they invest in These are called syndicates 816. Venture Capital fundable Is another good place To find early stage Angel investors 817. entrepreneurshi p! 818. Convertible notes A convertible note Is a loan that converts Into equity at your Next raise usually at a discount To the future price 819. Convertible notes Most early stage seed Deals in silicon valley Are now done as Convertible notes 820. The Key Terms of a Convertible note Amount invested Discount rate Valuation cap Pro rata rights Interest rate 821. Venture Capital In a b2b business AVOID RAISING MORE THAN 10x your current ANNUALIZED REVENUE 822. Venture Capital So if your current Annual revenue run rate Is $500k Raise up to $5M 823. Venture Capital if your current Annual revenue run rate Is just $30k Focus on increasing sales Not raising capital 824. Venture Capital If you raise too much Your monthly expenses Will get too far ahead Of your revenue 825. Venture Capital And when monthly expenses ExceeD revenue by too much You go bankrupt 826. Raising an angel round For b2b software companies The right Time To RAISE An angel round is when You have a working product AND At least 5 paying customers 827. Raising an angel round For b2C applications The right Time To RAISE An angel round is when You have a working product AND At least 1000 daily users 828. Your negotiating power is based on LEVEL OF NEED FOR THE MONEY YOUR EXPERIENCE YOUR TEAM PRODUCT & TECHnOLOGY COMPETITION OTHER TERM SHEETS QUALITY OF YOUR ADVISORS 829. The most important investment terms VALUATION OPTION POOL SIZE LIQUIDATION PREFERENCES FOUNDER REVESTING PREFERRED VETO RIGHTS TYPE OF PREFERRED STOCK BOARD SEATS $ THE HIGHEST VALUATION Isn’T ALWAYS BEST 830. Factors in Selecting Your INvestors CHEMISTRY WITH THE PARTNER OPERATIONAL EXPERIENCE CURRENT PORTFOLIO ALIGNMENT PARTNER/FIRM EXIT RESULTS EXECUTIVE RECRUITING ABILITY TERMS OF INVESTMENT 831. TECH PRE-REVENUE VALUATION GUIDELINES • CEO Past exits • TEAM EXPERIENCE • NUMBER OF USERS • NUMBER OF ENGINEERS • LOCATION OF COMPANY X2 if you’re in silicon valley $1m to $25m PMV depending on Factors like 832. Pre-Revenue Valuation example b2c tech COMPANY RUN BY FIRST TIME ENTREPRENEUR with 1 engineer Pre-Money Valuation: $1m-$3m 833. Pre-Revenue Valuation example b2c tech COMPANY RUN BY FIRST TIME ENTREPRENEURS who have been through y combinator with a good idea AND 2 engineers Pre-Money Valuation: $5M-$10M 834. Pre-Revenue Valuation example INCORPORATED tech COMPANY run By experienced CEO with 10 years c-level experience, $100m prior Exit, & 5 engineers Pre-Money Valuation: $10m-$25m 835. Raise a Seed round or series A? Typical Seed Round Company Typical Series A Company Employees 1-10 10-50 Time since incorporation 6 months-2 years 2-5 years Traction if consumer Working product, pre-launch up to 100,000 Daily Active Users Over 100,000 DAUs Traction if enterprise $0 to $50k/monthly revenue $50k to $500k in monthly revenue Valuation range in Silicon Valley $3M to $15M $10M to $60M Valuation range elsewhere $1M to $7M $5M to $30M 836. post-Revenue Valuation GUIDELINES AS YOU GO ABOUT FUNDRAISING YOU USUALLY WANT TO CREATE A COMPETITIVE PROCESS 837. post-Revenue Valuation GUIDELINES BUILD a series A FUNDING PROCESS TO ENSURE YOU RECEIVE MULTIPLE TERM SHEETS 838. post-Revenue Valuation GUIDELINES RAISE MONEY only from SMART PEOPLE YOU REALLY LIKE You’LL BE MARRIED to Them FOR THE NEXT 3-10 years 839. Best venture funds in my opinion Andressen horowitz Sequoia Kleiner perkins accel Benchmark greylock Nea Bessemer Google ventures Founders fund 840. post-Revenue Valuation GUIDELINES WAIT TO RAISE your series a UNTIL You HAVE PROVEN MATHEMATICALLY THAT X DOLLARS SPENT BRINGS Y DOLLARS BACK 841. Ryan’s three rules of entrepreneurship 1. Create products customers love (by overinvesting in UX testing!) 2. Spend 1/3rd of your time recruiting excellent people 3. Don’t raise venture capital until you have proven customer demand 842. Timing of icontact fundraises DateCapital raised Annual revenue Capital sourceCapital type Pre-money valuation Post-money valuation Jun 2003$5k$5kFriendLoanN/AN/AMay 2006$500k$1.5mIDEA FundSeed stage$16m$16.5m Jun 2007$5.3m$5.5mUpdataSeries A$27m$32.3m Aug 2010$25m$38mJMI EquitySeries B$100m$125m Feb 2012N/A$49MVocusSale of Company $170MN/A 843. Lessons from my 20s marketing PART II, Section 8 844. What is a brand? A BRAND IS SIMPLY THE AGGREGATEd SUM TOTAL OF EVERY Human BEING’S EXPERIENCE WITH YOUR COMPANY & PRODUCTs 845. A good brand name 1 or 2 syllables Easily spellable Easily pronounceable 846. marketing GOOD MARKETING IS JUST GOOD STORYTELLING ACROSS MULTIPLE MEDIA IN A TRACKABLE AND FINANCIALLY SCALABLE MANNER 847. marketing MARKETING IS GENERATING AN INTERESTED LEAD SALES IS TURNING THE LEAD INTO A CUSTOMER And ACCOUNT MANAGEMENT IS TURNING A CUSTOMER INTO A LIFETIME EVANGELIZER 848. marketing IN TODAY’s WORLD MARKETING STARTS WITH your PRODUCT 849. marketing YOU Can’T SUCCEED MARKETING A CRAPPY PRODUCT FOR LONG 850. marketing SO IF You’re marketing A CRAPPY PRODUCT STOP 851. marketing AND PUT YOUR FUNDS INTO BUILDING A GREAT PRODUCT 852. marketing THEN WHEN YOU HAVE A GREAT PRODUCT START STORYTELLING 853. The 6 keys to success with marketing 1. AMAZING WORD OF MOUTH FROM A GREAT PRODUCT 2. KNOWING THE LIFETIME VALUE OF A CUSTOMER 3. A TRACKING SYSTEM THAT CAN TELL YOU COST PER LEAD, cost per customer/user, and CONVERSION RATE PER CHANNEL 4. CONSTANT TESTING OF NEW CHANNELS, CREATIVE, AND FUNNEL PROCESSES 5. GREAT STORYTELLING 854. Always be testing 10% of your MONTHLY Advertising budget Should be spent on TESTING NEW CHANNELS 855. Know your CAC You don’t KNOW YOUR CUSTOMER ACQUISITION COST? ARE YOU SERIOUS? 856. Know your LTV You don’t KNOW YOUR Customer LTV? ARE YOU SERIOUS? 857. Know your LTV Monthly Revenue Average Customer Life Lifetime Revenue What You Can Spend to Acquire a New Customer Recurring Customer $50 48 Months $2400 Up to $800 ROUGH EXAMPLE DETERMINING WHAT YOU CAN SPEND TO ACQUIRE A NEW RECURRING CUSTomER 858. Know your LTV Average Purchase Price Average Number of Purchases Within 3 Years 3 Year Revenue Estimate What You Can Spend to Acquire a New Customer Non-recurring Billed Customer $50 6 $300 Up to $100 ANOTHER ROUGH EXAMPLE DETERMINING WHAT YOU CAN SPEND TO ACQUIRE A NEW CUSTomER 859. Know your LTV SCALE YOUR AD BUDGET SCIENTIFICALLY BY TRACKING LEAD ACQUSITION COST & CONVERSION RATE BY ADVERTISING CHANNEL 860. Online Marketing channels SEO – GOOGLE, YAHOO, BING PPC - GOOGLE Adwords / BING ADCENTER SOCIAL PRESENCE – FACEBOoK, TWITTER, youTUBE SOCIAL ADS – FACEBOOK, TWITTER, Youtube ADS DISPLAY – BANNER ADVERTISING AFFILIATES – CJ & LINKSHARE Review SITES – YELP, CITYSEARCH, GOOGLE LOCAL DAILY DEALS – GROUPon & LIVINGSOCIAL EMAIL FOLLOWUP – iCOntact & MAILCHIMP 861. MOBILE advertising channels Facebook CPI Ads Twitter CPI Ads TapJoy ChartBoost Vungle Fiksu nativex Adcolony Fyber Flurry APPIA Admob 862. Offline advertising channels TELEVISION PRINT ADVERTISING RADIO YELLOW PAGES buses DIRECT MAIL TRADESHOWS EVENT SPONSORSHIPS BILLBOARDS CAMPUS REPS 863. Offline advertising channels THE KEY IS TO TEST ALL OF THE CHANNELS AND TRACK THE ACTUAL RESULTS FROM EACH ONE 864. To grow your sales & Acquire more customers CALCULATE CPL & COnVERSION RATE BY CHANNEL DETERMINE WHAT YOU CAN PAY PER NEW CUSTOMER TEST NEW ADVERTISING CHANNELS SCIENTIFICALLY CREATE A PREMIUM VERSION OF YOUR PRODUCt TEST DOUBLING YOUR PRICE AND SEE WHAT HAPPENS GET MORE AFFILIATES/DISTRIBUTORS OPEN UP MORE SALES OFFICES OPEN UP MORE RETAIL LOCATIONS BUILD ADDITIONAL PRODUCTS HIRE MORE SALES PEOPLE HIRE SOMEONE TO SELL MORE TO EXISTING CUSTOMERS RAISe CAPITAL AND EXPAND YOUR ADVERTISING 865. Why most startups fail 1. Co-founder issues 2. Product doesn’t solve a real problem 3. Never charge for product 4. Poor sales and marketing 866. Icontact revenue growth $0$10,000,000$20,000,000$30,000,000$40,000,000$50,000,000200320042005200620072008200920102011 867. Icontact customer growth 0 10000 20000 30000 40000 50000 60000 70000 200320042005200620072008200920102011 868. Connect User Growth six months after launch 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000 Feb-14Mar-14Apr-14May-14Jun-14Jul-14 869. Primary icontact customer acquisition channels 1. Google AdWords 2. Facebook Ads 3. Affiliate Program 4. Banner Ads 870. Google adwords 871. Facebook Ads 872. Doubleclick Ad manager 873. Commission junction 874. Track your customers by channel Set up Google Analytics so you can calculate your customer acquisition cost by marketing channel 875. Google Analytics 876. Track your iusers by channel Set up Mobile App Tracking (MAT) so you can calculate your user acquisition cost by mobile ad network 877. Unit economics It is extremely important to Understand the unit economics Of your business 878. Understanding Unit economics Unit economics include the lifetime value of Each new customer to your business (LTV) As well as the customer acquisition cost (CAC) 879. A definition of lifetime value Lifetime value (n) How much a customer is worth to you in revenue throughout their time as a customer with your company. 880. Icontact ltv example Avg. Monthly Rev Per Customer = $50 Avg. Monthly Churn = 3.3% Avg. Customer Life = 30 Months LTV = ? 50 x 33 = $1500 881. How much to spend on marketing You can spend about 1/3rd of your LTV in sales and marketing expenses to acquire a customer If LTV = $1500 $500Max CAC = 882. Example of calculating cac = CAC = Total Sales & Marketing Expenses Total Customers Acquired in a Month $2,000,000 4000 $500 = 883. Sales teams When your product or service costs over over $500/mo, or $5k total. When should you create a sales team? 884. Lessons from my 20s CREATING systems PART II, Section 9 885. A quote “Achievement comes to someone when he is able to do great things for himself. Success comes when he empowers followers to do great things with him. Signiﬁcance comes when he develops leaders to do great things for him. But legacy is created only when a person puts his organization into the position to do great things without him.” -JOHN C. MAXWELL 886. Systems SYSTEMS ARE A COLLECTION OF PROCESSES THAT RUN WITHOUT YOU 887. Examples of Systems PERFORMANCE REVIEWS OFFICE FOOD DELIVERY NEW EMPLOYEE TRAINING DOWNTIME NOTIFICATION OPERATIONS REVIEWS PRODUCT FEEDBACK PURCHASE ORDERS FINANCIAL PLANNING PAYROLL CLIENT SATISFACTION VACATION REQUESTS MARKETING TESTING RFP MANAGEMENT EXPENSE REIMBURSEMENT HARDWARE SETUP TAX DOCUMENTATION LEGAL CONTRACTS 360 FEEDBACK JOB DESCRIPTIONS EXTERNAL COMMUNICATIONS INTERNAL COMMUNCIATIONS ACCOUNTING 888. Systems AFTER THE FIRST two years Your success is DETERMINED MORE BY THE PEOPLE YOU HIRE THAN BY YOU SO STOP TRYING TO DO EVERYTHING 889. Systems FOR A BASIC ACCOUNTING SYSTEM WE USE QUICKBOOKS ONLINE 890. Systems BE SURE TO TRACK YOUR BOOKS ACCURATELY FROM THE BEGINNING 891. Systems AND ALWAYS SEPARATE PERSONAL AND BUSINESS EXPENSES 892. Systems Investors don’t Invest in systems That go home at night! 893. Systems To create a great Organization You must Build a system to CULTIVATE GREATNESS In others 894. systems ONCE YOU GET pAST 20 EMPLOYEES CONDUCT ANNUAL ONLINE 360° Reviews 895. systems MAKE SURE YOUR INCENTIVE STRUCTURE incentivizes THE RIGHT GOALS 896. Business lessons Learned GIVE IMMEDIATE AND SPECIFIC FEEDBACK MORE OFTEN 897. Lessons from my 20s Building a team PART II, Section 10 898. Building a team Make sure you’re PASSIONATE ABOUT WHAT YOU ARE LEADING YOUR TEAM TOWARD ACCOMPLISHING. IF You’RE NOT PASSIONATE ABOUT ACHIEVING THIS GOAL YOU ARE LEADING THE WRONG ORGANIZATION 899. Building a team SURROUND YOURSELF WITH PEOPLE SMARTER THAN YOURSELF PEOPLE WHO HAVE HIGH INTEGRITY AND PEOPLE PASSIONATE ABOUT ACHIEVING THE SAME GOAL YOU ARE PASSIONATE ABOUT 900. Building a team ONLY HIRE SOMEONE AS A DIRECT REPORT IF HE OR SHE CAN DO THEIR JOB 2x BETTER THAN YOU COULD 901. Building a team NEVER HAVE MORE THAN SEVEN DIRECT REPORTSSIX if you have to manage the Board of Directors as well 902. Building a team MAKE SURE YOU AND YOUR TEAM ARE COMPLETELY CLEAR ON WHAT YOU ARE TRYING TO ACHIEVE, BY WHEN, the definition of success, and why WHAT you’re trying to achieve MATTERS IN THE WORLD 903. Many leaders HAVE A VISION But don’t COMMUNICATE IT Building a team Don’t make this mistake 904. Building a team PAINT A CLEAR VISION AND COMMUNICATE IT SUCCINTLY, VISUALLY, BROADlY, and REPEATEDLY. KNOW WHERE YOU ARE GOING AND THEN LEAD PEOPLE THERE 905. Building a team YOUR JOB IS TO DEFINE OBJECTIVE SUCCESS FOR EACH OF YOUR DIRECT REPORTS AND THEIR JOB IS TO DEFINE SUCCESS FOR EACH OF THEIR DIRECT REPORTS 906. Building a team INTEGRATE SUCCESS FOR THE INDIVIDUAL TOWARD HIS OR HER OWN LIFE GOALS WITH SUCCESS FOR THE PROJECT AND THE COMPANY 907. Building a team DEFINE SUCCESS QUANTITATIVELY Real-time MONITOR THEN TRACK IT ON A Visible to all team members 908. Building a team MAKE SURE YOUR TEAM KNOWS THAT TRUE LEADERS MAKE A COMMITMENT TO ENSURING THAT THE PERSON WHO FOLLOWS THEM IS BETTER THAN THEY WERE ASK EACH TEAM MEMBER TO IDENTIFY & TRAIN THEIR Replacement before LEAVING and in exchange YOU WILL NEVER SURPRISE THEM WITH TERMINATION 909. Building a team ASK YOUR TEAM TO NEVER LET SOMETHING IMPORTANT GO UNSAID 910. LISTEN & proACTIVELY SEEK OUT INFORMATION FROM YOUR TEAM Building a team 911. GOOD LEADERS SEEK OUT & ASK FOR UNPOPULAR OPINIONS FROM THEIR TEAM Building a team 912. ALWAYS TAKE THE TIME TO EXPLAIN THE MENTAL MATH BEHIND YOUR DECISIONS Building a team 913. IF YOU WANT TO ACHIVE A DIFFICULT GOAL CREATE An INCENTIVE PRIZE WITH CLEAR GUIDELINES AND PUBLICIZE IT(Why hackathons & XPRIZE work so well) Building a team 914. EVERY MEMBER OF YOUR TEAM SHOULD HAVE A SIGNIFICANT PORTION OF THEIR COMPENSATION TIED TO pre-DEFINED COMPANY SUCCESS METRICS Building a team 915. TREAT your PEOPLE WITH RESPECT AT ALL TIMES Building a team 916. WORK HARD & ALONGSIDE YOUR TEAM Building a team 917. DON’t be TOO SERIOUS (Life is short. Have fun with what you’re doing) Building a team 918. MAKE SURE EVERYONE KNOWS THEY CAN TALK TO YOU ANYTIME Building a team 919. BUILD CARING RELATIONSHIPS WITH YOUR DIRECT REPORTS Building a team 920. COMMEND MORE THAN YOU CRITICIZE Building a team 921. CONsCIOUSLY BUILD AN AMAZING CULTURE Building a team 922. create an environment in which Each team Member can do the Most Inspired work Of their lives Building a team 923. A startup ceo’s role includes VISION STRATEGY PRODUCT CREATION FINANCING MEDIA RELATIONS CULTURE LEADERSHIP TEAM RECRUITING OPERATIONS BOARD RELATIONS 924. The role of the ceo As you grow, you’ll hire experienced People for each of the major roles Like sales, marketing, recruiting, HR, engineering, design, operations, product & customer support 925. You can recruit via Your c-level team SHOULD BE EXCLUSIVELY MADE UP OF JEDIS 926. The role of the later stage ceo 1. Set strategy & vision 2. Set production direction 3. Recruit & lead senior team 4. Oversee resource allocation 5. Communicate to stakeholders 6. Build a great culture 927. The role of the ceo Your role as CEO is not to micromanage It’s to hire people more experienced than you in their areas and provide the big picture 928. GREAT CEOS are good at Public speaking Connecting deeply with team Sharing their passion Raising funding Understanding customer needs 929. My Favorite interview questions to ask WHAT ARE YOU PASSIONATE ABOUT? TALK ABOUT SOME OF THE EXPERIENCES IN LIFE THAT HAVE BEEN VERY CHALLENGING WHAT CHANGE DO YOU WANT TO MAKE IN THE WORLD IN YOUR LIFETIME? IF YOU MET AN ALIEN, HOW WOULD YOU DESCRIBE YOURSELF? TELL ME ABOUT YOUR FAILURES TELL ME ABOUT THE GOALS YOU HAVE 930. You can recruit via EXISTING EMPLOYEE REFERRALS COMPETITORS linkedin Hired/angelList YOUR INVESTORs’ CONTACTS CORPORATE RECRUITERS PRESS PICKUPS 931. The best team THE BEST TEAM MEMBERS ARE OFTEN THE ONES WHO ARE CURRENTLY EMPLOYED 932. Let people go who aren’t working out IF SOMEONE ISN’T WORKING OUT LET THEM GO AND FREE THEM UP TO DO SOMETHING THEY ARE GOOD AT 933. Building connection & Familiarity within your team HERE ARE 4 retreat Exercises that are Worthwhile to do with Your team 934. Team Retreat Exercises 935. Exercise 1: Inner and outer story ASK each TEAM member TO share: 1. 120 seconds - ACCOMPLISHMENTS and resume (OUTER STORY) 2. 240 seconds – YOUR HIDDEN INNER STORY Deep down inside what do you worry about? What are you insecure about? WHAT HAVE YOU STRUGGLED WITH MOST IN THE LAST 2 years? What are you afraid of BEHIND THE FAÇADE? FOR A SUCCESSFUL EXERCISE, BE SURE TO TAKE THE TIME TO Create a setting of confidentiality and openness to being vulnerable 936. 1. HAVE EACH team member SPEND 5 minutes to think about and then WRITE DOWN in NO MORE THAN 10 words THE ANSWER TO: “what change do you want to make in the world WITH YOUR LIFE?” 2. Then have each person share their 1 sentence with the group 3. THEN have EACH PERSON ONE AT A TIME STAND UP AND ANSWER THE QUESTION “WHY DO YOU DO WHAT YOU DO?” For 4 minutes For a successful exercise • If the speaker finishes talking before the 4 minutes is up, ask them the question again and have them answer it again • Don’t allow any other question to be asked during the 4 minutes Exercise 2: the change you wish to make 937. 1. HAVE EACH PERSON WRITE DOWN 4 pivotal moments in their life 2. HAVE EACH PERSON SHARE THE 4 pivotal moments and how they handled them and dealt with them with the group FOR A SUCCESSFUL EXERCISE • CREATE AN ENVIRONMENT OF CARE AND CONFIDENTIALITY Exercise 3: Pivotal moments 938. 1. PAIR OFF INTO TWOs IN A QUIET LOCATION 2. HAVE ONE PERSON TAKE 5 minutes to share the story of the most difficult and vulnerable MOMENT IN THEIR LIFE 3. HAVE THE PARTNER ASK EXACTLY 3 follow-up questions 4. THEN SWITCH ROLES FOR A SUCCESSFUL EXERCISE • ALLOT AT LEAST 30 minutes for the exercise as the exercise can bring up difficult emotional situations that require time to process BEFORE THE SESSION CONTINUES Exercise 4: Crucible moments 939. Lessons from my 20s Strategy & Execution PART II, Section 11 940. strategy Your strategy should be TO BE THE BEST in the world AT ONE THING So CHOOSE CAREFULLY 941. strategy STRATEGY IS THE COLLECTION OF UNIQUE PROCESSES THAT WORK IN UNISON TO ENABLE YOUR FIRM TO BE THE BEST IN THE WORLD AT ONE THING 942. strategy STRATEGY IS ABOUT TRADEOFFSYOU MUST CHOOSE WHAT NOT TO DO 943. strategy STRATEGY INVOLVES CHOOSING TO PERFORM ACTIVITIES DIFFERENTLY THAN others 944. strategy NEVER CREATE STRATEGY IN A ROOM OF MORE THAN FIVE PEOPLECEO Head of Product Head of Technology Head of Sales Head of Service Head of Marketing Head of OPERATIONS CHOOSE FIVE 945. At your quarterly Planning sessions with your senior team Update your one-page strategic plan See an example at: bit.ly/1pagestrategy Operational execution 946. Operational execution BUILD CONSENSUS WITH A SMALL CORE BEFORE YOU SHARE WIDELY 947. Operational execution ONCE YOU ALIGN THE CORE ALIGN THE NEXT LAYER THEN THE NEXT THEN THE NEXT 948. Operational execution WAY TOO MUCH TIME IS SPENT in MEETINGS 949. At your company ADOPT a MAKER’S SCHEDULE Operational execution See: www.paulgraham.com/makersschedule.html 950. Engineers and creatives Need at least 4 hour blocks Of Uninterrupted time To get anything done (so stop overscheduling them in meetings) Operational execution 951. At most Have one daily standup meeting In which you actually stand So it takes less than 15 mins Operational execution 952. Once your company gets beyond 30 employees hire a COO to keep the trains running on time and to focus on cross department projects & metrics Operational execution 953. All creative or technical CEOs Need a really good Ops Person Operational execution 954. Create numerical goals in advance with each of your team members Hold them accountable to the goals not to methodology! Operational execution 955. Hold a quarterly 2-day planning sessions each quarter and an annual 4 day team retreat Operational execution 956. ONCE YOU AND YOUR TEAM HAVE YOUR PLAN COMMUNICATE IT in A MEMORABLE WAY WITH VISUAL AND NUMERICAL REINFORCEMENT TO THE FULL TEAM THEN FOCUS ON EXECUTING WITH FANATICal DISCIPLINE & RECOMMUNICATE AND REINFORCE AT LEAST MONTHLY Operational execution 957. Operational execution HOLD PEOPLE ACCOUNTABLE TO PRE-DEFINED MEASURABLE RESULTS NOT TO THEIR METHODOLOGy AS LONG AS THEY ARE TREATING PEOPLE WELL 958. Operational execution ONCE YOU’RE CLEAR ON STRATEGY DON’T SKIMP ON OPERATIONALIZING THE STRATEGY PLAN TEAMS IN LARGER COMPANIES GET OFF TRACK HERE FIGURE OUT WHAT RESOURCES ARE NEEDED TO ACHIEVE TEAM GOALS AND FIGURE OUT THE METRICS THAT ENABLE THE FOCUS NECESSARY AND TRACK THEM VISUALLY 959. Track your key metrics visibly on a real time dashboard Operational execution 960. Operational execution SHOW results for up to 5 COMPANY-wide goals IN REAL TIME AND ON A MOUNTED AND VISIBLE MONITOR MAKE YOUR RESULTS AND KPIS VISIBLE AND CLEAR BE TRANSPARENT to your full company and MEASURE what MATTERS 961. Operational execution CONSTANTLY be TESTing. As jim collins says FIRE BULLETS TO FIND WHAT WORKS SEE WHAT WORKS THEN FIRE CANNONBALLS 962. When to hire key team members Office Manager/EA 10 employees CFO 20 employees COO 30 employees Dir of HR 40 employees 963. Operational execution PART OF THE CEO’s JOB IS TO FIND & HIRE PEOPLE WHO CAN DO THEIR ROLES MUCH BETTER THAN THE CEO COULD 964. Operational execution WHEN YOU SEE SOMEONE DOING A GOOD JOB TELL THEM! 965. Operational execution THERE IS GREAT POWER IN DEADLINES CREATE SOME! 966. What a CEO Does in Year one Team Size Key Actions 1-3 • It’s all you to start. • Incorporate and get an EIN. • Get a bank account. • Find a business partner with a complementary skillset if needed. • Make sure you have $25,000 saved up to get started • Focus on product development and getting something to market that solves a customer need. • Create something of value to others and sell, sell, sell! • Get customer feedback and use it to make your product better. 967. What a CEO Does in year two Team Size Key Actions 4-9• Do all you can to enable the company to survive • Build an Advisory Board • Hire your ﬁrst employees • You should be in charge of product or sales or both • Set up a basic low cost ofﬁce space • Outsource your payroll 968. What a CEO Does in year THREE Team Size CEO Role 10-25 • Hire an outside bookkeeper/accountant to produce monthly ﬁnancial statements by the 20th of the following month • Put real time visible dashboards in place • Everyone won’t report to you anymore. • Start putting managers in place. • Figure out your unit economics and consider raising funding to invest in growth. • Hold a weekly meeting with either the whole company or all the key operational individuals • Hire people more experienced than yourself for the role you are hiring for, even if you have to wait a bit longer to be able to afford them. • Keep the organization focused on selling and growing. • Put in place an employee handbook • Deﬁne your values • Deﬁne your mission and vision • Put in place a formal performance review process and ensure a manager conversation and performance review is completed at least every 12 months, including 360 reviews in which peers and staff review their managers. • Set up an options plan • Install a CRM system 969. What a CEO Does in year Four Team Size Key Actions 26-50 • Start a weekly meeting with your Senior Leadership Team, Leadership Team, and Managers • Start a weekly meeting with just your Senior Leadership Team • Hire a COO, Controller or CFO, a Director of Human Resources, and an Administrative Assistant. • Make sure your Controller/CFO begins providing monthly accurate ﬁnancial statements to you by the 20th of the following month in GAAP format and Managerial format • Document your systems and processes in an employee handbook. • Set KPIs and have your team report on them weekly. • Put in place documented incentive compensation systems. • Think about creating systems to ease internal employee communication, like internal wikis, company meetings, external events, and retreats. • Start using a One Page Strategic Plan with a quarterly theme. • Have formal annual planning meetings to set or communicate both strategy and budgets for the upcoming year. • Start investing consciously in shaping your company culture. • Start investing consciously in managerial and leadership development courses for your managers and future managers. • Hire an Auditor to audit your annual ﬁnancial statements 970. What a CEO Does in year Five and six Team Size Key Actions 51-200 • Deﬁne your company’s hedgehog concept (what you can be the best in the world at, what you’re passionate about, what drives your economic engine?) • Implement The Five Dysfunctions of a Team Material throughout the organization • Launch a formal corporate social responsibility program • Start thinking about what new markets your organization can go into the future and ﬁgure out what your next product cycle will be • Think about what the next big thing will be in your broad industry and position your company to be the leader in it • Start top-grading your people and letting go of the bottom 10-20% annually • Constantly ask yourself what will be driving revenue growth most in 24 months? • Put in place a system that will enable you and your leaders to know everyone’s name • Launch an HRIS to automate your human resources functions like talent recruitment, performance management, compensation, and employee training. • Implement the Service Proﬁt Chain from Peak • Switch to a Big 4 Auditor • Launch a Corporate Development Department • Hire an Investment Bank If Needed to Evaluate M&A opportunities 971. What a CEO Does in year SEVEN AND EIGHT Team Size CEO Role 200+• Consider scaling yourself by separating the organization into different business units with GMs or Presidents • Your role is now divided into ﬁve parts, described below. • Set Strategy and Vision • Manage the Senior Team • Communicate with Stakeholders • Oversee Resource Allocation • Build the Culture 972. Recommend Books on Execution 1. Good to Great by Jim Collins 2. Built to Last by jim collins 3. Execution by Ram Charan 4. Peak by Chip Conley 5. Mastering the Rockefeller Habits by Verne Harnish 6. The Future of Management by Gary Hamel 973. Lessons from my 20s the steps to get started PART II, Section 12 974. 100 Steps in review 1. FIGURE OUT WHAT CHANGE you WANT TO MAKE IN THE WORLD 2. BEGIN RESEARCHING THE INDUSTRY AND COMPETITORs 3. DETERMINE HOW TO CREATE YOUR PRODUCT 4. TALK TO POTENTIAL CUSTOMERS FOR FEEDBACK 5. COME UP WITH NAME FOR YOUR COMPANY/PRODUCT 975. 100 Steps in review 6. BUILD YOUR PITCH DECK 7. CREATE PRO FORMA FINANCIAL PROJECTIONS 8. DETERMINE CAPITAL NECESSARY TO GET TO CASH FLOW POSITIVE 9. GET FEEDBACK ON PITCH DECK FROM ADVISORS 10. FIND A CO-FOUNDER IF NEEDED 976. 100 Steps in review 11. SELECT A QUALITY CORPORATE LAW FIRM IN YOUR AREA 12. INCORPORATE & OBTAIN AN EIN 13. OPEN A COMPANY BANK ACCOUNT 14. TALK TO YOUR ATTORNEY ABOUT MAKING an 83b election 15. BUILD BASIC PRODUCT PROTOTYPE/Minimum viable product 977. 100 Steps in review 16. CREATE EMPLOYEE AGREEMeNTS FOR EVERYONE 17. CREATE CONFIDENTIALITY AGREEMENTS FOR EVERYONE 18. HOLD INITIAL BOARD OF DIRECTORS MEETING 19. CREATE YOUR RSU/STOck options plan 20. ISSUE STOCK CERTIFICATES 978. 100 Steps in review 21. FUND YOUR BANK ACCOUNT AND ORDER CHECKS 22. DETERMINE IF YOU NEED OUTSIDE CAPITAL TO START 23. RAISE ANY INITIAL STARTUp CAPITAL NEEDED 24. GET A COMPANY DEBIT/CREDIT CARD 25. SET UP YOUR ACCOUNTING SOFTWARE 979. 100 Steps in review 26. SELECT YOUR PAYROLL PROVIDER 27. TRADEMARK THE NAME(S) of your company / Product 28. DESIGN YOUR LOGO 29. CREATE BUSINESS CARDS 30. FIND OFFICE SPACE TO WORK OUT OF 980. 100 Steps in review 31. FURNISH YOUR OFFICE AS NEEDED 32. PURCHASE ANY SOFTWARE/HARDWARE YOU WILL NEED 33. GET WIRELESS INTERNET ACCESS SETUP AS NEEDED 34. OBTAIN A UPC IF YOUR PRODUCT WILL BE SOLD IN STORES 35. DESIGN LABELING/PACKAGING IF NECESSARY 981. 100 Steps in review 36. FINISH PRODUCT ALpHa/PROTOTYPE 37. GET INITIAL USER/CUSTOMER FEEDBACK 38. ORDER INITIAL INVENTORY OF PRODUCTS IF NEEDED 39. REGISTER YOUR DOMAIN NAME 40. DESIGN YOUR COMPANY WEB SITE 982. 100 Steps in review 41. INSTALL GOOGLE ANALYTICS ON YOUR WEB SITE 42. IF NEEDED, INSTALL SHOPPING CART ON WEB SITE 43. APPLY FOR MERCHANT ACCOUNT TO ACCEPT CREDIT CARDS 44. SIGN UP FOR EMAIL LIST TOOL like icontact or mailchimp 45. Optimize your web site for search engines & ADD BLOG 983. 100 Steps in review 46. INSTALL A CRM SYSTEM 47. HIRE INITIAL STAFF AS NEEDED 48. CREATE COMPANY VALUES & MISSION STATEMENT 49. ANNOUNCE PROdUCT LAUNCH TO LOCAL/RELEVENT MEDIA 50. HOLD LAUNCH EVENT & START SELLING 984. 100 Steps in review 51. HIRE A TEAM TO FULFILL ORDERS & PROVIDE CUSTOMER SERVICE 52. START An AFFILIATE OR DISTRIBUTOR PROGRAM 53. BUILD UP AFFILIATES & DISTRIBUTORS 54. SET UP An AD TRACKING SYSTEM 55. TRY CPC/CPI/CPA ADVERTiSING WITH TEST BUDGET 985. 100 Steps in review 56. GET RESULTS FROM THIS ADVERTISING 57. OPTIMIZE AND SCALE AS NEEDED 58. DETERMINE COST OF ACQUISITION A LEAD FOR EACH CHANNEL 59. DETERMINE CONVERSION RATE FOR EACH CHANNEL 60. DETERMINE LIFETIME VALUE OF A CUSTOMER 986. 100 Steps in review 61. Test CPC/CPI/CPA Ads with bigger budget now that you know LTV 62. TEST SOCIAL ADS & DISPLAY ADS & CALCLATE ROI BY CHANNEL 63. SCALE ADVERTISING UNTIL MARGINAL COST = MARGINAL RETURN 64. OPTIMIZE ADVERTISING to bring down CAC 65. COLLECT TESTIMONIALS FROM INITIAL USERS/CUSTOMERS 987. 100 Steps in review 66. CREATE SOCIAL WORD OF MOUTH FOR YOUR PRODUCT 67. CREATE youtube video promoting your product 68. ATTEND AN INDUSTRY TRADE SHOW 69. CONSIDER SELLING YOUR PRODUCT in BULK AT WHOLESALE 70. BRING ON A BOOKKEEPER TO AUTOMATE ACCOUNTING 988. 100 Steps in review 71. CREATE AN EMPLOYEE DIRECTORY 72. REVIEW YOUR P&L & balance sheet monthly 73. COMPARE INITIAL FORECAST WITH ACTUAL RESULTS 74. HIRE A SALESPERSON 75. CREATE A SALES COMPENSATION PLAN 989. 100 Steps in review 76. SET UP A COMPANY HEALTH CARE PROGRAM 77. ESTABLISH YOUR VACATION POLICY 78. TEST OFFLINE ADVERTISING CAREFULLY 79. CREATE A COMPANY INTERNAL INTRANET 80. CREATE a digital company handbook 990. 100 Steps in review 81. OPEN UP A CREDIT LINE WITH YOUR BANK 82. CREATE AN OFFSITE WORK POLICY 83. ONCE YOU CAN SHOW $1 in means $4 in revenue, raise capital 84. CREATE A LIST OF FIRMS TO RAISE INITIAL GROWTH FUNDING 85. UPDATE YOUR PITCH DECK 991. 100 Steps in review 86. BUILD RELATIONSHIPS WITH INDUSTRY BLOGGERS 87. SEEK PRODUCT REVIEWS 88. HIRE AN EXECUTIVE ASSISTANT/OFFICE MANAGER 89. HOLD YOUR FIRST COMPANY RETREAT 90. TAKE CUSTOMER FEEDBACK AND IMPROVE YOUR PRODUCT 992. 100 Steps in review 91. GET CONNECTED TO INVESTORS FROM PEOPLE YOU KNOW 92. HAVE INITIAL GET TO KNOW YOU MEETINGS FOR FEEDBACK 93. UNDER PROMISE AND OVER DELIVER ON RESULTS FOR NEXT 90 DAYS 94. DETERMINE HOW MUCH CAPITAL TO RAISE 95. RETURN TO FIRMS YOU LIKE FOR PARTNER PRESENTATION 993. 100 Steps in review 96. DO 20 partner presentations in 2 weeks 97. Get 2 term sheets 98. NEGOTIATE & SIGN TERM SHEETS 99. COMPLETE DILIGENCE 100. CLOSE ON CAPITAL 994. Lessons from my 20s Business lessons PART II, Section 13 995. Business lessons Learned Don’t get stuck In analysis paralysis Take action NOW! 996. Business lessons Learned It is UP TO YOU to GET OUT THERE, DO IT & TAKE THE INITiATIVE 997. Business lessons Learned Don’t be Afraid to FAIL! 998. Business lessons Learned RECOGNITION & PRAISE CAN BE BIGGER MOTIVATORS THAN Salary & BONUSES! 999. Business lessons Learned ALWAYS COMMUNICATE FREQUENTLY & OPENLY TO CUSTOMERS & STAKEHOLDERS DURING NEGATIVE EVENTS 1000. Business lessons Learned ONCE YOU HAVE 80% OF THE NEEDED INFORMATION MAKE THE CALL You’ll be better off By ACTING QUICKLY LEARNING & Iterating 1001. Business lessons Learned WHEN THINGS ARE GOING WELL financially IT IS TIME TO PREPARE FOR Difficult times 1002. Business Lessons Learned BUILDING A BUSINESS is like MOVING SOMETHING heavy IT TAKES TIME to GET INERTIA GOING. BUT ONCE YOU DO, THINGS CAN MOVE QUICKLY 1003. Business Lessons Learned HAVE ALL TEAM MEMBERS SHARE THEIR PERSONAL stories WITH THE TEAM 1004. Business Lessons Learned WHEN YOU GET TO 30 EMPLOYEES HIRE A COO 1005. Business Lessons Learned YOU MAY NOT BE ABLE TO DO EVERYTHING AT ONCE TAKE A LONG-RUN APPROACH & PLAY LIFE LIKE A LONG-TERM GAME 1006. Business Lessons Learned IF YOU PRESENTLY DON’T HAVE THE FINANCIAl RESOURCES, THE EXPERIENCE OR A GOOD BUSINESS IDEA, INTERN OR GET A JOB AT A COMPANY YOU ARE PASSIONATE ABOUT AND START BUILDING YOUR NETWORK & experience 1007. Business Lessons Learned ALWAYS FOCUS ON BUILDING QUALITY & GIVING RELATIONSHIPS WITH GOOD PEOPLE 1008. Business Lessons Learned REGARDLESS OF WHAT You’RE DOING MAKE SURE You’RE CONSTANTLY LEARNING 1009. Business Lessons Learned TAKE A PROACTIVE ROLE IN PLANNING, GOAL SETTING, & PERSONAL EVALUATION 1010. Business Lessons Learned Don’t be afraid to ask for help People are often very willing to HELP YOU IF YOU ASK GENUINELY 1011. Business Lessons Learned GET Experience however you can Build your network Have confidence And BE IN IT TO Help Others 1012. Business Lessons Learned IF AND WHEN YOU SUCCEED GIVE BACK There are many brothers & sisters Who have not been as fortunate 1013. Lessons from my 20s THE WORLD Part III: 1014. ABOUT THIS PRESENTATION THIS presentation can be found Online at www.hive.org/20s 1015. HUMAN RIGHTS Human progress SYSTEMs thinking WORLD 2050 PART 3 “THE WORLD” INCLUDES SECTIONS ON PART 3 TOPICS MILLENNIALS CLIMATE CHANGE The innovation age 1016. Lessons from my 20s HUMAN RIGHTS PART III, Section 1 1017. A THOUGHT EXERCISE Let’s begin this section on Human rights with a Famous thought exercise 1018. A THOUGHT EXERCISE IMAGINE YOU WERE a soul Hanging out around a campfire IN A CAVE with five other souls 1019. A THOUGHT EXERCISE NOW IMAGINE that god gave you and the five other souls The task of determing the Principles for the world 1020. A THOUGHT EXERCISE God said that the principles for the world should be fair and That you all must agree on them Before you could be born 1021. A THOUGHT EXERCISE Or how much money Your parents will have None of the six of you know yet where you’ll be born The color of your skin Your sexual orientation Your gender 1022. A THOUGHT EXERCISE And your task is to come up with the principles for the world That you can all agree on Before you can be born into your bodies 1023. A THOUGHT EXERCISE What principles would you come up with for the world? 1024. A THOUGHT EXERCISE What principles would you come up with for the world if you didn’t know where you’ll be born The color of your skin Your gender Your sexual orientation how much money Your parents will have 1025. A THOUGHT EXERCISE Take a moment to write down at least 2 principles for the world That would create a fair society 1026. A THOUGHT EXERCISE John Rawls This famous thought exercise Is called “The original position” And was created by 20th century Harvard professor & philosopher 1027. A THOUGHT EXERCISE A theory of justice John rawls writes about The original position In his 1971 classic 1028. “The most reasonable principles of justice are those everyone would accept and agree to from a fair position.” - John Rawls, 20th Century Philosopher! 1029. A THOUGHT EXERCISE Here are the two principles We have come up with at Hive That would create a just world 1030. The First principle All people would have the same basic Rights regardless of birthplace, gender, Sexual orientation, or skin color 1 1031. The second principle All people would have access To the basic human needs of food, water Shelter, medicine, education, and electricity 2 1032. What would be the implication of these principles? IN THIS WORLD WOULD YOU prevent some PEOPLE FROM TRAVELING to other places While others could Travel FreelySIMPLY BASED ON WHERE THEY WERE BORN?! 1033. What would be the implication of these principles? IN THIS WORLD WOULD YOU ENSURE EVERYONE HAD ACCESS TO FOOD, WATER & SHELTER OR JUST SOME PEOPLE? 1034. What would be the implication of these principles? IN THIS WORLD WOULD YOU ENSURE EVERYONE HAD ACCESS TO basic education and medicine or just SOME PEOPLE? 1035. What would be the implication of these principles? IN THIS WORLD WOULD YOU ENSURE THAT ALL INFANTS HAD LIFE SAVING IMMUNIZATIONS OR JUST RESERVE THOSE FOR SOME INFANTS? 1036. What would be the implication of these principles? IN THIS WORLD WOULD YOU CONDEMN SOME BABIES TO DEATH BECAUSe CANCER TREATMENTS WEREN’t available? 1037. What would be the implication of these principles? WHAT TYPE OF WORLD WOULD YOU CREATE IF YOU DIDN’t know where you WOULD BE BORN? 1038. THIS IS THE WORLD WE CAN ACTUALLY CREATE IN OUR LIFETIME! The world we can create 1039. A WORLD IN WHICH FREE SPIRIT AND ENTERPRISE IS ENCOURAGED The world we can create 1040. The world we can create A WORLD IN WHICH Everyone has access to Their basic needs 1041. The world we can create A WORLD that is run On clean energy 1042. The world we can create A WORLD IN WHICH PROPERTY RIGHTS ARE RESPECTED 1043. The world we can create A WORLD IN WHICH GOVERNMENTs are RUN EFFICIENTLYAND TRANSPARENTLY 1044. The world we can create A WORLD IN WHICH EVERY CHILD IS GIVEN THE ABILITY TO LEARN TO CREATE TO INNOVATE TO CONTRIBUTE 1045. The world we can create A WORLD IN WHICH EVERY CHILD IS ASSURED ACCESS TO THEIR BASIC NEEDS FOODWATERSHELTER EDUCATION MEDICINE ELECTRICITY 1046. Basic human need % Without # Without Source 1. Clean Water 10.8% 780M UNICEF 2. Sufficient Food 12.8% 925M UNFAO 3. Basic Shelter 13.8% 1.0B UNHCR 4. Literacy 12.7% 920M UNESCO 5. Basic Medicine 23.6% 1.7B WHO 6. Electricity 18.0% 1.3B IEA % of people without basic human needs 1047. The world we can create IMAGINE THE JOB CREATION AND THE HUMAN INNOVATION To 9 BILLION PEOPLE WHOSE BASIC NEEDS ARE MET As we GO FROM 3B 1048. Ending Poverty in Singapore in 50 years SINGAPORE IS AN INTERESTING CASE… In 1960 its per capita income was $428 How did Singapore END POVERTY in one LIFETIME? By 2011 per capita income grew to $50,123 1049. Ending Poverty in Singapore in 50 years Low tolerance of corruption High pay of public officials to attract best talent and discourage bribery An efficiently run government with competent leadership Government budget surpluses Focus on ease of starting a business Focus on a scientific knowledge-based economy Focus on export-led growth Low taxes A clean environment While many have criticised a lack of political FREEDOM HERE ARE SOME THINGS leadership GOT RIGHT in singapore 1050. A GOOD QUESTION FROM Bucky “How do we make the world work for 100% of humanity in the shortest possible time through spontaneous cooperation without ecological damage or disadvantage to anyone?” - Buckminster fuller ! 1051. Human Rights? WHAT IF THERE WERE A DOCUMENT ESTABLISHING THE RIGHTS OF HUMANS THAT THE USA AND 48 other COUNTRIES Had already ADOPTED? 1052. A universal declaration of human rights? There actually is It’s called the Universal declaration of human rights And it was adopted in 1948 1053. A universal declaration of human rights? 1054. A universal declaration of human rights? 1055. A universal declaration of human rights? What if we actually created A human society Based upon these principles? 1056. We will be the first generation To be connected globally The world we can create 1057. The world we can create And we will have the opportunity To reshape THE WORLD Into a joyous, sustainable, and abundant WORLD 1058. Let’s work together on this The world we can create In the decades to come 1059. Human rights exercise You can do the following 5 minute Human rights exercise now Or put a time on your calendar To return to it 1060. Human rights EXERCISE 1061. Exercise: human rights Write down two principles you would Create for the world if you were a Pre-birth soul and didn’t know where you’d be born, your skin color, your gender, or your Parent’s income 1062. Exercise: human rights Now, write down: Are you committed to working toward Creating a world based on those principles? Why or why not? 1063. Lessons from my 20s HUMAN progress PART III, Section 2 1064. A few important questions SOMETIMES WITH ALL THE NEGATIVE HEADLINES IT’s HARD TO zoom out and And look at THE ANSWER TO A very IMPORTANT QUESTION 1065. How are we doing? HOW IS OUR SPECIES DOING? 1066. How are we doing? Is humanity DOING better or worse than 40 years ago? 1067. Progress Is humanity making Progress? 1068. Measuring Progress And can“progress” Be measured? 1069. SOME EXISTING MEASURES OF HUMAN PROGRESS 1. United Nations Human Development Index 2. Legatum Prosperity Index 3. Social Progress Index (SPI) 4. Gross National Happiness (GNH) 1070. SOME EXISTING MEASURES OF HUMAN PROGRESS The challenge with these four measures Is that they provide data at a country level Not at a human level 1071. Measuring human progress WE NEED A MORE COMPRENSIVE Measure OF HUMAN PROGRESS 1072. How humans are doing WHAT IF WE COULD AGREE On METRICS THAT TOLD US HOW OUR SPECIES IS DOING? 1073. How humans are doing We’d probably look for data in AREAS LIKE Health education PEACE Economics environment 1074. How humans are doing Here are the exact measures we use at hive To track human progress at a species level 1075. How humans are doing Health1. Life Expectancy 2. Infant Mortality 3. Literacy 4. Internet Access 7. Average Income 8. Global Poverty Rate 9. CO2 PPM 10. Temperature IncreaseEducation ! Economics !Environment! 5. Active Conﬂicts 6. Deaths From War Peace! 1076. How humans are doing Let’s look at how we’re doing As a species across THESE 10 metrics 1077. Health The global report card 1078. 1. Life Expectancy 12% Higher 2012 71 1980 63 Source: World Bank 1079. 2. Infant Mortality 2012 4.8% 1980 11.6% 59% Decline Source: World Bank 1080. EDUCATION The global report card 1081. 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 19801990199520002012 2012 84% 1980 70% 20% Higher 3. Literacy Rate 1082. 2012 36% 1980 0% Inﬁnitely Higher 4. Internet Access 1083. PEACE The global report card 1084. 0 2 4 6 8 10 12 14 16 18 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2008-2013 Avg. 6 1980-1985 Avg. 13 54% Lower 5. Active Major Conﬂicts Source: Uppsala Conﬂict Data Program 1085. 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2008-2013 Avg. 33,159 1980-1985 Avg. 40,370 18% Lower 6. Deaths from War Even as global population has expanded 45% Syria conﬂict has caused recent spike 1086. ECONOMICS The global report card 1087. 2012 $10395 1980 $5960 74% Higher 7. Annual Income Per Person 1088. 0 1 2 3 4 5 6 7 8 BillionsofPeopleonPlanet 0 100 200 300 400 500 600 700 800 900 1000 1100 1200 1300 1400 1500 1600 1700 1800 1900 2000 $10395 $6055 $2111 $467 $450 $453 $1261 $666 The!Industrial!Age! The!Enlightenment! The!Informa.on!Age! $605 $566 The!Renaissance! Population & Income Over 2000 Years 1089. The time to get to now IT took humans 13.78 Billion yearS TO EVOLVE 1090. Time to 1B People IT took humans 200,000 years to reach1B people 1091. POPULATION AND INCOME GROWTH BUT just 200 years to go from 1b to 7B 1092. POPULATION AND INCOME GROWTH NEVER BEFORE HAVE WE HAD SO MANY PEOPLE 1093. POPULATION AND INCOME GROWTH NEVER BEFORE has our species had SO much wealth 1094. 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2012 16.9% 1980 43.6% 61% Lower 8. % Living in Extreme Poverty 1095. LOOKING GOOD SO FAR… So things are Looking up, right? 1096. LOOKING GOOD SO FAR… Mostly, except for The environment 1097. LOOKING GOOD SO FAR… Which sort of Underpins Everything else 1098. ENVIRONMENT The global report card 1099. 250 270 290 310 330 350 370 390 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2012 395 1980 334 19% Higher 9. CO2 in Atmosphere (Parts Per Million) 1100. 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2012 1.37° 1980 0.61° 125% Higher 10. Surface Temperature Increase (F°) 1101. HealthThe Global Report Card Education ! Peace! Environment! 19802013% ChangeGrade 1. Life Expectancy6371% 12% A 2. Infant Mortality11.6%4.8%59% A 3. Literacy70%84%% 20% B 4. Internet Access0%36%% Inﬁnite B 5. Active Conﬂicts13654%B 6. Deaths from War40,37033,15918%B 7. Average Income$5.9k$10.4k% 74% A 8. Poverty Rate43.6%16.9%61% B 9. CO2 PPM334395% 19% F 10. Temp. Increase+0.61°+1.37°% 125% F Economics! %! %! %! %! 1102. What would a 5 DeGree farenheight increase mean? “As the Arctic continues to warm, melting permafrost in the boreal forests and further north in the Arctic tundra is now starting to melt, triggering the release of methane, a greenhouse gas twenty times more powerful than CO2, from thick layers of thawing peat.” - Climate Code Red 1103. Lots of progress on the abundance side 1812 2014 HOW LONG WE LIVE Avg. annual INCOME Inflation adjusted to current $ INFANT MORTALITY POVERTY % 30 $700 25% 4% 17%98% $10800 70 Under $1.25 per day globally current $ Infant deaths before age 5 globally Average life expectancy globally 1104. The key challenge for our generation So they key challenge is how we can together create An abundant and sustainable world For all people 1105. Lessons from my 20s SYSTEMS THINKING PART III, Section 3 1106. WHAT IS A SYSTEM? THAT INTERACT A SYSTEM is A COLLECTION OF PROCESSES 1107. SYSTEMS THINKING SYSTEMS THINKERS INTEGRATE knowledge ACROSS DISCIPLINES 1108. SYSTEMS THINKING SYSTEMS THINKERS UNDERSTAND COMPLEXITY & NUANCE 1109. SYSTEMS THINKING SYSTEMS THINKERS BUILD MENTAL MAPS 1110. Three Types of SYStems 1. INTERNAL SYSTEMS 2. EXTERNAL SYSTEMS 3. ECOLOGICAL SYSTEMS 1111. INTERNAL SYSTEMS EXAMPLEs RESPIRATION CELL REPLICATION DIGESTION IMMUNE SYSTEM HORMONAL REGULATION NEURAL PLASTICITY 1112. EXTERNAL SYSTEMS EXAMPLEs GLOBAL TRADE ELECTRICAL GRIDS COMPANY METRICS REPORTING ELECTIONS THE INTERNET ACADEMIC ADMISSIONS 1113. EXTERNAL SYSTEMS EXAMPLEs CONDENSATION GEOLOGICAL FORMATION ELECTROMAGNETIC ENERGY NUCLEAR FUSION GAMMA WAVES EVOLUTION 1114. AN example of external systems theory JAMES LOCKLOCK’s GAIA HYPOTHESIS EXPLORED THE EARTH as one self-regulating Interconnected system Of biosphere, atmosphere, Oceans, and soil 1115. The great SYSTEMS THINKERS Some of the most well known Systems thinkers in last century were Donella meadows Albert einstein Thomas Edison Buckminster fuller JAMES LOVELOCK 1116. Lessons from my 20s WORLD 2050 PART III, Section 4 1117. The World in 2050 Here are some predictions About What will happen In the next 40 years From the pardee center For international futures 1118. World Population Will RISE GLOBAL POPULATION WILL RISE to 9.2 Billion 1119. Energy DEMAND WILL INCREASE GLOBAL ENERGY DEMAND WILL go up 2.3x 1120. CO2 output from fossil fuels FOSSIL FUEL USAGE WILL PEAK THEN DECLINE 1121. Mobile phones per 100 people The average person Will have >1 Cloud connected Mobile device 1122. Global Life Expectancy WE LIVE LONGER AS LIFE EXPECTANCY REACHES 77 1123. Infant Mortality FEWER BABIES DIE As INFANT MORTALITY Goes under 10 per 1000 1124. GDP Per Capita (In thousands) WE BECOME WEALTHIER Global GDP PER CAPITA UP 140% 1125. POVERTY DECLINES RAPIDLY Extreme POVERTY nearly eliminated % living on <$1.25 Per Day Down 78% 1126. Secondary education completion WE ARE BETTER EDUCATED SECONDARY SCHOOLING up 52% 1127. COLLEGE EDUCATED % oF PEOPLE WITH COLLEGE DEGREES UP159% 1128. WOMEN WITH COLLEGE EDUCATION UP 189% 1129. MORE OF US WILL LIVE IN CITIES PERCENTAGE IN CITIES UP 32% 1130. Major innovations are coming NANOTECHNOLOGY 3D Printing GENOME SEQUENCING SYNTHETIC LIFE PRIVATE SPACE TRAVEL DESALINATION 1131. Governments will have to adapt INCREASED GOVERNMENT TRANSPARENCY OPEN GOV DATA APIS STRONGER PROPERTY RIGHTS EASIER TO START A BUSINESS BETTER co2 REGULATIONS REMAINING REGIMES OVERTHROWN 1132. MAJOR GEOPOLITICAL CHANGES CHINA WORLD’S LARGEST GDP INDIA THE MOST POPULOUS NATION AFRICA 2B People + ECONOMIC POWER FOSSIL FUEL PRODUCERS LESS INFLUENCE INSECURITY UNTIL WE LOWER EMISSIONS 1133. AFRICA BECOMES AN ECONOMIC POWER 1134. Lessons from my 20s MILLENNIALS PART III, Section 5 1135. It’s our turn to lead MILLENNIALS WILL BE LEADING THE NEXT 40 YEARSPeople born between 1980 and 2000 1136. SO what’s different about millennials? SO What’s different ABOUT Millennials? 1137. SO what’s different about millennials? WE ARE DEEPLY AWARE OF SOCIAL ISSUES 1138. SO what’s different about millennials? WE UNDERSTAND THE IMPORTANCE OF A SUSTAINABLE WORLD 1139. SO what’s different about millennials? WE SEE BUSINESS & ENTREPRENEURSHIP AS TOOLS TO MAKE A SCALABLE POSITIVE CHANGE IN THE WORLD 1140. SO what’s different about millennials? Status quo & ARE IMPATIENT with the WE ARE USED TO A FASTER PACE OF CHANGE 1141. SO what’s different about millennials? NEVER BEFORE TECHNOLOGY LIKE WE ARE CONNECTED GLOBALLY THROUGH 1142. SO what’s different about millennials? ACCOUNTABLE CORRUPT LEADERS WE NOW HAVE THE TOOLS TO HOLD AND CREATE THE MOMENTUM TO OVERTHROW THEM 1143. OUR GREAT OPPORTUNITY OUR GREATEST opportunity Is creating a sustainable world IN WHICH EVERY HUMAN HAS ACCESS TO FOOD, WATER, SHELTER EDUCATION, MEDICINE, ELECTRICITY 1144. OUR GREAT OPPORTUNITY THE GOOD NEWS IS WE GIVE A DAMN HAVE THE TECH TOOLS CAN INNOVATE LIKE HELL AND ARE HIGHLY COMPETENT 1145. Lessons from my 20s CLIMATE CHANGE PART III, Section 6 1146. Co2 traps heat AN INCREASE IN Co2 IN AN ATMOSPHERE TRAPS HEAT & MAKES THE TEMPERATURE GO UP 1147. Carbon emissions 0 5 10 15 20 25 30 35 40 1900 1903 1906 1909 1912 1915 1918 1921 1924 1927 1930 1933 1936 1939 1942 1945 1948 1951 1954 1957 1960 1963 1966 1969 1972 1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 ANNUAL CO2 OUTPUT HAS INCREASED FROM 4GT To 40GT SINCE 1900 1148. CO2 in the atmoshphere 270 290 310 330 350 370 390 410 1900 1903 1906 1909 1912 1915 1918 1921 1924 1927 1930 1933 1936 1939 1942 1945 1948 1951 1954 1957 1960 1963 1966 1969 1972 1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 CO2 Parts per million HAVE INCREASED FROM 293 to 401 SINCE 1900 1149. -0.40 -0.20 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 196719691971197319751977197919811983198519871989199119931995199719992001200320052007200920112013 Surface Temperature change over 1937 baseline EARTH’s AVERAGE SURFACE TEMPERATURE HAS RISEn 1.3°F SINCE 1967 Source: NOAA 1150. The link between co2 and temperature In 1896, Swedish scientist svante arrhenius FIRST Showed the link between the amount Of co2 in the atmosphere and temperature! 1151. 97% of Scientists Agree that co2 ! Higher temps As of 2010, 97% of American CLIMATE SCIENTISTS BELIEVEd the INCREASE In earth’s TEMPERATUREs IS CAUSED BY INCREASED CO2 in the ATMOSPHERE 1152. 21st century temperature increases THE IPCC INDICATES GLOBAL Surface TEMPERATURES wILL INCREASE ANOTHER 3.4° to 7.9°F 1153. Sea Levels Rising A 5°F increase in Surface TEMPERATURES WOULD INCREASE SEA LEVELS by ~11 FT 1154. Hundreds of millions of refugees BANGLADESH UNDER WATER 35% of FL Under water 20% of NYC Under Water An 11 foot sea level rise would mean: 1155. Moving to a clean energy economy Move away from fossil fuels As quickly as we can TO stop this we must 1156. Moving to a clean energy economy And to clean energies like solar, wind, geothermal, and Biofuels As quickly as we can We must move away from coal, oil, and natural gas 1157. What would a 5 degree (F) increase mean? “In the pliocene, three million years ago temperatures were 5 degrees (F) higher than our pre-industrial levels, so it gives us an insight into the ﬁve-degree world. The northern hemisphere was free of glaciers and icesheets, beech trees grew in the transantarctic mountains, sea levels were 25 metres higher”- Climate Code red! 1158. What would a 5 degree (F) increase mean? “Between 3 and 5 degrees (F) the Amazon rainforest, whose plants produce 10 percent of the world's photosynthesis and have no evolved resistance to ﬁre, may turn to savannah, as drought and mega-ﬁres ﬁrst destroy the rainforest, turning trees back into carbon dioxide as they burn or rot and decompose” - Climate Code red! 1159. What would a 5 degree (F) increase mean? “As the Arctic continue to warm, melting permafrost in the boreal forests and further north in the Arctic tundra is now starting to melt, triggering the release of methane, a greenhouse gas twenty times more powerful than CO2, from thick layers of thawing peat.” - Climate Code red! 1160. What would a 5 degree (F) increase mean? “There are thousands of gigatons of methane beneath the seas, comparable to the amount of carbon contained in the Earth’s coal deposits. And, as the Arctic waters warm, some of this methane is likely to bubble up into the atmosphere.”- Ezra klein! 1161. The current debate THE CURRENT DEBATE DOES NOT RECOGNIZE THE GRAVITY OF THE SITUATION 1162. A huge economic threat INCREASED TEMPERATURES ARE INEVITABLE AND ARE ON TRACK TO THREATEn OUR Economy + CIVILIZATION 1163. Passed to 400 PPM Barrier WE ARE At 401 CARBON PPM AS OF 2014 1164. Past the 400 PPM Barrier WHERE WE STABILIZE CARBON PPM WILL DRASTICALLY AFFECT The type of world Our children live in 1165. We Passed the 400 PPM Barrier 1166. 500 PPM WE MUST DO ALL WE CAN AS A SOCIETY TO NEVER GO ABOVE 500 PPM 1167. 350 PPM AND to get back To 350 PPM Where we were in 1987 1168. The Historical perspective on CO2 1169. Steps we can take THERE ARE STEPS WE CAN TAKE TO REDUCE C02 output MORE QUICKLY 1170. Steps we can take 1) STOP FOSSIL FUEL SUBSIDIES 2) PRICE IN THE COST OF C02 pollution cleanup 3) INVEST IN energy & geoengineering R&D 4) SubSIDIZE RENEWABLE ENERGY USE 5) INCREASE ENERGY EFFICIENCY 1171. 1. STOP subsidizing fossil fuel production Every year the usa Provides $11.5b in Subsidies to the Oil industry This needs to stop Immediately 1172. 2. Price in cost of co2 cleanup FOSSIL FUELS ARE CHEAP BECAUSE THE COST OF CLEANING UP CO2 POLLUTION IS NOT INCLUDED IN THE PRICE Let’s FIX THIS and CORRECT THE INCENTIVES TO USE FOSSIL FUELS 1173. 3. INVEST IN RENEWABLES & GEOENGINEERING RESEARCH WIND, SOLAR, BIOFUELS, & FUSION HAVE GREAT PROMISE As does carbon SEQUESTRATION And other geoengineering techniques 1174. FUNDING GeoENGINEERING RESEARCH GEOENGINEERING TECHNIQUES LIKE carbon sequestration SOLAR RADIATION MANAGEMENT CLOUD SEEDING and VERTICAL OCEAN PIPING Are worthy of careful research 1175. US Govt spends 457x more on military than renewables USA ANNUAL DEFENSE BUDGET $640 BILLION USA ANNUAL RENEWABLES R&D $1.4 Billion 1176. SOMETHING IS OFF HERE… U.S. ANNUAL DEFENSE BUDGET $640 BILLION USA ANNUAL RENEWABLES R&D $1.4 Billion U.S. ANNUAL FOSSIL FUEL SUBSIDIES $11.5 Billion 1177. 4. Subsidize renewables R&D iN ORDER TO INCREASE MARKET INVESTMENT IN RENEWABLES IN THE NEXT FEW YEARS WHILE THE R&D iS CONDUCTED WE SHOULD SUBSIDIZE THE COST OF RENEWABLE ENERGY 1178. 5. INCREASE ENERGY EFFICIENCY EFFICIENT BUILDINGS SMART 2-way grids SMART APPLIANCES 1179. CLEAN ENERGY INVESTING IN CLEAN ENERGY FROM RENEWABLE SOURCES IS OUR BEST BET TO REDUCE THE COMING ECONOMIC COST OF CLIMATE CHANGE 1180. GRID PARITY is coming SOLAR POWER WILL BE LESS EXPENSIVe THAN GRID POWER BY 2020 This moment will be the THE TIPPING POINT 1181. GRID PARITY is coming COST OF SOLAR COST OF GRID RETAIL COST PER KWH IN USA RETAIL COST PER KWH IN USA $0.25 $0.04>! 2014 1182. GRID PARITY is coming COST OF SOLAR COST OF GRID RETAIL COST PER KWH IN USA RETAIL COST PER KWH IN USA $0.04 $0.04=! 2020 THIS IS A BIG DEAL 1183. The apollo mission of our generation It’s a race to GRID PARITY THIS IS OUR MOON LANDING 1184. THE PRESIDENT HAS YOUR BACK “We're issuing a challenge. We're telling America's scientists and engineers that if they assemble teams of the best minds in their ﬁelds, and focus on the hardest problems in clean energy, we'll fund the Apollo projects of our time. At the California Institute of Technology, they're developing a way to turn sunlight and water into fuel for our cars. At Oak Ridge National Laboratory, they're using supercomputers to get a lot more power out of our nuclear facilities. With more research and incentives, we can break our dependence on oil”– President Obama, State of the union address, January 26, 2011 1185. FUNDING RESEARCH The JOINT CENTER FOR ARTIFICIAL PHOTOSYNTHESIS IS THE DOE’S SOLAR RESEARCH HUB 1186. ENERGY USAGE Humans ARE using 15 Terawatts of power ANNUALLY 1187. ENERGY USAGE Humans are EXPECTED TO need 40 Terawatts of power PER YEAR by 2050 1188. 2012 SOURCES OF GLOBAL ENERGY PRODUCTION 86.3% 6.5% 6.5% 0.7% Fossil Fuels Nuclear Hydro Solar/Wind/Bio 1189. The potential oF THE SUN THE SUN PROVIDES ENOUGH ENERGY IN A MINUTE TO POWER THE EARTH FOR A YEAR 1190. What if? WHAT IF THERE WERE MICROORGANISMS WHOSE FOOD SOURCE WAS CARBON DIOXIDE AND THEIR OUTPUT WAS FUEL? 1191. The potential of algae ALGAE HAVE THE POTENTIAL TO BE THE WORLD’s FUTURE RENEWABLE FUEL SOURCE 1192. The potential of algae BIOFUELS PRODUCED FROM SYNTHETIC ALGAE SHOW GREAT PROMISE FOR RENEWABLE FUEL PRODUCTION 1193. The potential of algae ALGAE CONSUME CARBON DIOXIDE PRODUCE FUEL And REQUIRE 1/7th the LAND OF CORN-BASED ETHANOL 1194. iN SUMMARY CLEAN ENERGY IS OUR Generation’s Apollo MISSION 1195. Lessons from my 20s The Innovation Age PART III, Section 7 1196. About this section This final section called “the innovation age” Is about The trends I am seeing in history and humanity And where that may lead us in The Decades ahead 1197. A Timeline of history TO PUT everything In perspective Here is a timeline of Earth’s history 1198. A big picture timeline of earth Formation of Universe (13.8B Yrs Ago) Formation of Earth (4.5 B Yrs Ago) Land Animals (400M Yrs Ago) Formation of The Sun (4.6B Yrs Ago) Oceans Form (3.8B Yrs Ago) Dinosaurs (250M Yrs Ago) Pangea Shifts (200M Yrs Ago) Plants Form (500M Yrs Ago) Dinosaurs Extinct (65M Yrs Ago) 1199. A human Timeline TO further PUT THINGs In perspective Here is a timeline of human history 1200. HUMAN HISTORY TIMELINE Homo Sapiens (200,000 Yrs Ago) Language (100,000 Yrs Ago) Homo Habilis (2.3 M Yrs Ago) Homo Erectus (1.8M Yrs Ago) Chimps diverge (5.4M Yrs Ago) Homo Erectus (2.3 M Yrs Ago) Fire (400,000 Yrs Ago) 1201. The human story And at a very simplified Level, here’s the story Of the last 13.8B years (as far as we know so far) 1202. The Great story of humanity Once upon a time All matter was in a single point 1203. The Great story of humanity Then a massive Explosion we call The big bang occurred 1204. The Great story of humanity initially there was no life in the universe 1205. The Great story of humanity The universe was A VAST expanse Of matter and energy 1206. The Great story of humanity THEN ALONG CAME CARBON ATOMS 1207. The Great story of humanity WHICH COULD ENCODE INFORMATION 1208. The Great story of humanity AND MOLECULES EVOLVED 1209. The Great story of humanity A BILLION YEARS LATER DNA EVOLVED 1210. The Great story of humanity AND from CHEMISTRY came LIFE 1211. The Great story of humanity ORGANISMS EVOLVED DECISION networks called NERVOUS SYSTEMS 1212. The Great story of humanity NEURONS Aggregated INTO BRAINS 1213. The Great story of humanity Brains formed frontal cortexes 1214. The Great story of humanity And emotions and reason formed 1215. The Great story of humanity WE WENT FROM ATOMS to MOLECULES TO DNA TO BRAINS to awareness! 1216. The Great story of humanity Now that’s awesome! 1217. The Great story of humanity BRAINS PLUS OPPOSABLE THUMBS created TOOLS 1218. The Great story of humanity THEN WE CREATED LANGUAGE 1219. The Great story of humanity THEN WE started farming 1220. The Great story of humanity THEN WE FORMED CITIES 1221. The Great story of humanity THEN WE CREATED WRITING 1222. The Great story of humanity THEN WE CREATED MATHEMATICS 1223. The Great story of humanity THEN WE CREATED the Scientific method 1224. The Great story of humanity THEN WE DISCOVERED A WAY OF ORGANIZING OUR EFFORTS (We called it a company – which in Latin means to “break bread with”) 1225. The Great story of humanity THEN WE CREATED we called it “capitalism” it created incentives for creating what humans want we had to improve it a few times before it worked for everyone And We still have some reforms to go a system for funneling money to people working together effectively to create value for humans 1226. The Great story of humanity THEN WE CREATED We CALLED IT THE “FINANCIAL SYSTEM” And it took a while before we made sure the right rules were in place so it worked for everyone A SYSTEM FOR sharing risk so that we could allocate money to projects that create what humans want 1227. The Great story of humanity THEN WE DISCOVERED ELECTRCITIY 1228. The Great story of humanity THEN WE DISCOVERED Stored ENERGY WATER ! STEAM ! Oil/Gas/Coal ! nuclear ! SOLAR / WIND / BIOFUEL / FUSION 1229. The Great story of humanity THEN WE invented engines 1230. The Great story of humanity That’s when things reallyTOOK OFF 1231. The Great story of humanity With energy & engines So much became possible 1232. The Great story of humanity THAT BROUGHT US THE INDUSTRIAL REVOLUTION 1233. The Great story of humanity using machinery one human could be more efficient than ever before LEADING TO MUCH HIGHER LIVING STANDARDS 1234. The Great story of humanity THEN WE CREATED FLYING MACHINES 1235. The Great story of humanity THEN WE sent encoded messages Through the air 1236. The Great story of humanity THEN WE built computers 1237. The Great story of humanity THEN WE built computers A global network of 1238. The Great story of humanity THEN WE built supercomputers Pocket-sized And we called them “smartphones” 1239. Now, We Are Entering the innovation Age 1240. The Industrial Age The industrial age began with The invention of the engine And ended with the invention of the computer 1241. The Information Age The INFORMATION age began In 1950 With The invention of the computer And will end when 50% of humanity is connected 1242. The Information Age In mid-2014 40% of humanity has access To the cloud. By the end of 2015 this figure is on track to reach a tipping point Of 50% 1243. The impact of a connected world The impact of more than half of Humanity finally being connected Will further accelerate change 1244. A new age is upon us i believe the world is going to look So different in the decades ahead That we should consider ourselves Entering a new age 1245. The innovaiton age I suggest we call this new age The innovation age 1246. The INNOVATION AGE Instead of the lucky few having Access to free cloud education Soon all humans will be able to access EdX, wikipedia, khanacademy Itunesu, udemy, and coursera 1247. The INNOVATION AGE As we enter the innovation age in 2015 We stand on the shoulders of Giants who have come Before us 1248. The INNOVATION AGE Synthetic biology is here Clean energy is here Global connection is here The platforms have been built 1249. The INNOVATION AGE We are entering the most exciting Time in human history FOR Creators and Innovators 1250. The INNOVATION AGE The greater the cultural interconnection The faster memes can replicate, Learnings can be shared, and progress can Be made 1251. The INNOVATION AGE The rate of human progress Is a function of the rate of ideas spreading 1252. The INNOVATION AGE And The rate of ideas spreading is a function of the speed of communication tools And the level of species interconnection 1253. Human cultural evolution We’re culturally evolving as a species Faster than ever before due to rapid Communication tools that are spreading Understanding and connection across borders faster than any time in Human History 1254. Human cultural evolution The speed of communication tools The level of species-wide literacy And the level of species interconnection Are all rapidly increasing Leading to the rapid evolution of Human culture 1255. Human cultural evolution There is a palpable sense that the leaders Of the millennial generation See beyond the divisions of national borders And religious identities that have kept Human beings apart for Millennia 1256. Digital Natives The four billion digital natives born Between 1980 and 2015 intuitively Understand global connection, Species-level identity, and innovation And will be leading the next 40 years 1257. What millennials see Millennials see entrepreneurship As a tool for good 1258. What millennials see And we see efficient, effective Transparent, and tech-enabled Government as Essential 1259. Socially RESPONSIBLE CAPITALISM In the 200 year debate of Socialism vs. capitalism it is socially responsible capitalism that will win built on a foundation of efficiently-run Cloud enabled Government 1260. The GREAT OPPORTUNITY Our next great opportunity is creating A carbon-neutral world in which Every human being has access to what They need to Create & ThRive 1261. The industrial age1712-1950 The information age1950-2015 The innovation age2015-2050 Entering the innovation age 1262. Entering the innovation age WE’re entering THE innovation AGE! 1263. Entering the innovation age the age of ubiquitous global connection to people and information For everyone not just the wealthy 1264. Entering the innovation age Soon everyone will have a cloud-connected supercomputer in their pocket 1265. Entering the innovation age Education will be democratized 1266. Entering the innovation age Atrocities will be publicized(Better publicized, at least) 1267. Entering the innovation age Bad leaders will be exposed 1268. Entering the innovation age Dense Networks of world changers will be constructed 1269. Entering the innovation age Imagine the world we can create 1270. Entering the innovation age Imagine the world we WILL create 1271. Entering the innovation age It’s time to show our parents what we can do 1272. Lessons from my 20s Staying in touch 1273. Let’s work together Let’s find a way to WORK TOGETHER AS A GENERATION TO CREATE A WORLD THAT IS SUSTAINABLE IN WHICH ALL PEOPLE HAVE ACCESS TO BASIC HUMAN NEEDS AND EVERYONE Can ACHIEVE THEIR DREAMS 1274. Exercises Now that you’re at the end Don’t forget to put time on your calendar To go back and Do the exercises 1275. Join the Hive network Hive is building a global network Of leaders & entrepreneurs under 40 Dedicated to creating a better world I’d love for you to apply to join us www.Hive.org 1276. Program Influences Here are programs I have participated in the last ten years that have shaped my perspectives. Thank you to all of the individuals behind these great organizations. 1277. For Further Reading The following resources were extremely valuable in the creation of this work: Films: Connected by Tiffany Shlain Mankind by The History Channel The Commanding Heights by PBS The History of the World in Two Hours by The History ChannelBooks: Abundance by Peter Diamandis The Rational Optimist by Matt Ridley Anticipating 2025 by The London Futurist Society The 100 Scientiﬁc Discoveries That Changed the World by National Geographic The Power of Habit by Charles Duhigg Rich Dad Poor Dad by Robert Kiyosaki Think and Grow Rich by Napoleon Hill How to Win Friends & Inﬂuence People by Dale Carnegie 1278. If you enjoyed this presentation also check out www.startupguide.com www.hive.org/book 1279. How to get in touch @ryanallis [email protected] Send me a note or a Tweet. I’d love to hear from you! 1280. Dedication Dedicated to Mom Pauline Ann Middleton Allis March 29, 1952 – May 25, 2012A mother who inspired others to1) Love Everyone 2) Be Conﬁdent 3) Dream Big 1281. Lessons from my 20s THE END
- 1.Ryan Allis 20sfrom my lessons