Peter Diamandis, brought innovation full force by just his presence, in Hologram format for the closing remarks at the Canada Fintech Forum. Diamandis highlighted the importance of remaining positive in an era where we are constantly placed in a position of fear with the advent of emerging technologies taking away our jobs and means of livelihood. The exponential rate at which these technologies are growing and further disrupting traditional business models forces us to rethink the true premise of the problems on which our businesses are premised.
With particular focus on exponential impact, Diamandis touches on a few key areas:
- Transportation - We have seen a paradigm shift with robotics. We are seeing a world in which our children will no longer need to drive due to growth of autonomous ubers being developed. The cost of transporting to areas with this option is actually much more cost efficient than owning a vehicle. Tesla has stated that every one of their cars will be fully autonomous by 2017. Diamandis relayed that that experts predict car ownership to be dead by 2025. Imagine what that could mean for you and your business, a car is no longer required, nor is car insurance.
- Energy - As of 2016, renewables are cheaper than coal. Solar/wind energy now costs less than fossil fuel in 30+ countries. Renewable energy now accounts for 25% of the world's power. Places like Costa Rica are now running on renewables for 300+ days, Netherland will ban all gas/diesel cars by 2025. Imagine what that could mean for the future of energy?
- Networks and Sensors - We are living in a 5G world and there is currently an explosion of networks globally, and in space. SpaceX will launch 4,425 Satellites (more satellites than those orbiting Earth now). Imagine the data sets we can derive and what we can do with that data? We are currently seeing an era of global ubiquitous connectivity with most of the population on the internet, in 2020-2025, we can expect the connectivity of 8 Billion minds, 4.2 Billion more than currently. What will these minds discover, invent, and consume? More so than people, we are seeing an era of the connectivity of everything, and by 2030 we can expect more than 500 Billion devices and 100 Trillion sensors connected - allowing us to know anything we want, anytime, and anywhere.
- Health and Longevity - Illumina is a biotechnology company that will soon be able to sequence a $100 genome in 1 hour. CRISPR, a genome editing technology is now used to cure genetic disease. In fact, Chinese researchers have cued the world's first genetic disease by using CRISPR editing technology for the DNA editing of human embryos. Diamandis also introduced the idea of aging as reversible - he relayed that aging is a plastic process more amenable to interventions that previously thought. Imagine living an extra 30 healthy years?
- Tapping the Crowd - Diamandis took this time to talk about his venture XPRIZE (an incentivized prize competition to fund solutions that will better humanity). XPRIZE has awarded millions of dollars to ventures that cater to underdeveloped areas of the world, medical solutions, and more. For more information on these ventures visit www.xprize.org. Beyond XPRIZE, Diamandis discussed the power of tapping into the crowd and using tools like HeroX used to connect brands and innovators to solve a companies most challenging problems by providing an incentive.
- Moonshots - Moonshots thinking is premised around going 10x bigger rather than 10% bigger. This is the notion of exponential. He introduced the idea of linear steps vs exponential steps. If 30 linear steps are taken, an individual will move 30 steps or meters away and we can pinpoint exactly where they will be, 30 exponential steps (2, 4, 8, 16, 32) will move the individual 1B steps or 26 times around the Earth. Diamandis introduced his moonshot - "Making 100 years old, the new 60", enabling a longer and healthy life.
- 6D's Framework - Diamandis explained the 6 D's as: Digitized, Deceptive, Disruptive, Dematerialized, Demonetize, and Democratize. All 6 D's operate in a true upwards curve leading to exponential growth
- Abundance - The future is indeed better than we think. Diamandis explained that media outlets often introduce fear mongering, hindering our faith and hope for the inevitable abundant future that awaits us. We have seen evidence for abundance in numerous realms: increase in global income, increased lifespan, access to food with fewer people than ever before dying from famine, reduced costs of energy, faster and more efficient transportation, and the connectivity of the world.
So if you're wondering why we are seeing this era of abundance now, it is due to the exponential growth of technologies and tools that are being developed everyday.
Thank you, Peter, for yet another insightful talk.