 Great. So it's a great, great pleasure to be here. When I was a musician and lived in San Francisco and a producer, I actually toured through Fort Collins with an African band once. I think it was a different lifetime about 25, 30 years ago. I look younger now, you know? So in any case, a really great pleasure to be here. Thanks very much to Chris and his wife for organizing this and for bringing me out here. It's a really great pleasure. It's interesting, you know, a town that I live in in Switzerland. It's called Basel, like Basel with an E. It's pretty much the same size in Fort Collins. But we don't have any startup activities. We are, you know, Switzerland is the reverse of the t-shirt that Chris was wearing, right? The biggest risk is doing nothing, right? And in Switzerland, we don't take any risks, right? We don't ever actually do anything first. In fact, when you speak to Swiss business people, they say, you know, we're not going to be the first ones to do this, right? We're waiting for those guys in Fort Collins to do it, I suppose. Are we OK with the sound? Yeah? Are you OK? OK, good. So first of all, I want to ask you, what is a futurist? Some of you may have never heard of or seen a living futurist before. Being a futurist has great tradition in the Anglo countries, US, UK, New Zealand, just like spying, you know, same thing. So basically, being a futurist is about looking forward into the future and working backwards to reinvent what we do. And my specialty is the five-year time frame. You may know people like Ray Kurzweil, or Greta Meyer, but don't agree with, we'll discuss later. And of course, Alvin Toffler and people like that, who are looking in general about 20, 25 years into the future, which is very difficult. My work is easier. There's a great Chinese saying that says, if you want to know about the future, ask your children. And it's very true. I have two kids. I can't ask them any good, too old now. But in general, kids have a way of playfully exploring things without thinking about the bottom line. So they discover the future by exploring. And so a lot of my clients have this problem is that they already know the future in many ways. That's five years out. But they're so busy making money that they're obsessed with today, or next week, or next quarter, that they're running straight over the cliff. I'll show you some great examples that shortly. There's a great saying from Buckminster Fuller, who talks about how things change in the future. I think this is a very good way to start this presentation. You never change the stability to change something. You have to build a new model. And this is so true today, right? Because what we're seeing today is a complete dysfunctionality of a lot of things that we've grown up with. For example, if you're looking at the whole economy based on essentially profit and growth, you can only imagine that there must be a limit to profit and growth if you're gonna grow five to seven to 10% per year. That would mean that after 50 years, you've grown like, you know, 500X, right? It's not possible. We've reached the top of the pyramid. And we've eaten everything that we can. So eventually you have to think of a different way of a new financial model, a new business model. And this is difficulty. This is quite difficult because we have essentially not found any other commercial model than what is being referred to as capitalism. Nothing else has really worked. So what is the future? And sometimes that has been referred to as sustainable capitalism or natural capitalism. And there's lots of discussions about this. I'll show you some of those models. And this has a lot to do with startups because the future of startups is not to find another mousetrap to make more money. Because it has worked for a long time. In a way, you could say Google and Facebook are somewhat mousetraps like this, where we are inside of this giant walled garden. Makes lots of money for them. It's not a bad thing. But the future is not going to be to repeat this. So what is the next big thing? And it's interesting to see when you talk to people in the Bay Area, the discussion about wanting to, you know, strike at rich reminds me very much when I was a musician and producer, we always tried to produce a next hit record. Every musician, like this great guitar player that we just saw, obviously wants to be well known. But it's really hard to be a hit, you know, to write a hit record. So what is the motivation to go into the future? And I think part of that we have to consider is that people only change because of two things. And this is also true for companies and for countries. And those two things are, if you can read them, the pain and love. You only change when you have pain because otherwise, you know, why would you change? Everything is okay, right? Or you fall in love with something else. For example, Jeff Bezos fell in love with the idea of an e-book reader, the Kindle. Nobody asked him. Steve Jobs fell in love with the idea of a touchscreen and a smartphone. Nobody asked for that. In fact, when he did a focus group, people said, we don't want this, right? We don't know what it is. So here's a skill if you're a startup. You have to know ahead of time, you have to look beyond the obvious. Jeff Bezos spent $8 billion in subsidizing the Kindle before it became something that all of us know. Today, he's selling twice as many books on the Kindle than in print. So you can imagine, I think, that it takes this kind of thing in the future to actually figure out what you're going to be five years from now. So you need some pain and that is inevitable. If you don't have pain, you're not going to move, but you also need love. I'll give you both today in my presentation, a little bit of pain in a good German way, and love, right? So I'll try to give you both. So really, what I do is, in between this giant vortex here, there is love here, right? Total excitement about what's happening with technology. In fact, if you're looking at technology, you can safely say that what we're seeing today is science fiction come true. I mean, it's mind-boggling. Imagine the stuff you can do on the mobile phone today. Banking, rating, dating, right? Online dating, you can have an app that introduces you to other people who are in the vicinity, right? And compare yourself to that. In Japan, you can use face recognition to recognize your date and pull up her social network profile. That's entirely normal in Japan. So we have amazing technology. We're going to be able to print things like earlobes and livers in 10 years. And mind-boggling, right? I mean, true science fiction. Blade Runner, Oblivion, right? All becoming real. I mean, Blade Runner sort of gives me away in terms of age, but great movie. So on the other hand, we have this, right? We're terrified. We're terrified of the future. Because guess what? When we think about this, what's happening, for example, with Google Glass, right? Being able to wear your mobile phone on the side of your eyeglasses and making photographs and sharing all. That's very scary for people because it could do all kinds of things, right? Unintended consequences. What will we do, for example, when machines get smart, like Google is proposing, and machines can predict what we're going to do? They can already do that, right? But if we allow them to go through artificial intelligence, could be the end of our intelligence. This is not science fiction. I'll show you some examples. That's the pain part, by the way, just in case you haven't noticed. So your question that you have to ask yourself if you're in the startup business is that is your future business, is it technology-centric like this, right? Is it, are people just a part of this? Or is it people-centric? I think the future is not gonna be about being technology-centric. Even though technology matters, of course, everywhere, right? It's not ultimately about that. It's about what people do with technology. As Jeff Bezos says, you know, for Amazon, again, his top motto is customer delight, right? Making people happy with what he does. It's the opposite of the record labels, for example. You know, making us unhappy with the music business. I have some examples because of my own background, right? So that's a key question. Facebook has started a organization together with a bunch of other web companies about getting the other 3 billion people connected. You know, right now there's about 2.5 billion that are connected to the internet. And in Africa and Brazil and China, so people aren't as connected yet. China is not quite true, but in general, that's true in developing countries. So they started this thing called internet.org to get people connected. And so we're going to look at roughly 6 billion people connected to the internet in the next five years. That's twice as many. So if you think that you've seen a lot of change in upheaval in the last 10 years, just give it another 3 to 5 years, 3 billion people coming on the internet. And of course, the best thing about that is, we will have automatic language translation. So you can speak in English and it comes out in Chinese. This already works. It's not available to everyone, but very soon you can read the Chinese newspaper in English. You can make a phone call in Japanese and hear it in German. I've actually used it and it works 90% accurate, not like Google Translate. So the world is getting to be a pretty crazy place. The question is, what is the opportunity? And what is sort of the fake world that we could be falling into? This is one of them. It's a venture called Emo Spark. I'll show you a short clip. Can we bring up the audio for this? Sorry for the bad screen. You have to use your imagination. It's a little bit hard to see it. So what's happening here is that this device, like Siri on the Apple, actually is your sort of virtual attendant and gives you happiness, whatever that means, right? Remotely for this device. And it's like the movie Her, right? And this is actually happening, right? This is the commercial entity called Emo Spark. So what they're saying essentially is that we don't actually need a person to give this to us. We can use a device. We can outsource our brain, our thinking, our emotions. Reminds me a little bit what I saw a few years ago, which is very important to people in Germany that's this over here. I'm not sure you can see this, but this is a great invention that is of utmost importance and what it does is it can copy beer bottles, including the beer, of course, right? So you'll see what happens there shortly. It's a similar sort of promise of the Emo Spark, you know? Similar sense of reality. This is why I'm showing this to you. So I use this every day because, you know, it's important to get your beer bowls in a new way. So when you're thinking about a startup, you have to ask yourself a question. Is it real, right? Or is it what I call a wormhole, you know? A place where you can shortcut through time and space in a sort of imaginary scenario. And this is a really important question because a lot of people think this is very real, right? The Emo Spark. I don't know what you think about this, but big question. So we're living in a world that's exponential. And exponential means that whatever is happening is not gradual, it's not linear. So when you count linearly, it's one, two, three, four, five, you know, clear, but when you count exponential, it's one, two, four, eight, 16. So between one and three, it's almost the same. One, two, three, or one, two, four, it's almost the same. But after four, you go to eight, not to five. Now technology, as you know, Moore's Law, which has basically said that every 18 months that doubles in the amount that it can do, has given us some pretty mind-boggling innovation recently, including things like social networking. The fact that we can connect with people all over the world and all kinds of interest groups and activism and all kinds of things that are happening here now, including the possibility of seeing everything remotely, so to speak, again a little bit hard to see here. What's happening with data? We're producing so much data that all of us are becoming sort of walking beacons. Everything that we say, every place we go, we are sharing. And there's pretty amazing possibilities, but also there's quite a few drawbacks on this, as you can imagine. I mean, imagine a few years from now where everything that you do as an employee is monitored by the company, which is referred to as Big Data. And when it's time to fire people, it's those that have tweeted the least or not used their social connections to do business that go first. This is the kind of thing that happens there. Already it's called the quantified employee. And the possibility of creating machines that act like humans. But in a way we have that now. If you use this app called Google Now, anybody who's using Google Now, it's part of the Google app on pretty much any phone. Google Now will anticipate what you need next. So it reads your emails, looks at your calendar, it says you're going to San Francisco in the evening, you have a meeting, but your plane is delayed and there's traffic, should I send a message to XYZ? It already does that. So it's your outsourced brain, right? And largely this is going to be really hard to see is as humans in the end, what that means is that we're moving up the food chain, so we're not going to be concerned that much anymore with data or information. We're going to be concerned with what's on top of the pyramid, we're just understanding it and what's called wisdom or intuition. So all of our jobs are moving away from things like accounting or filing up to a different level of activity that only humans can do, which is a scary thought. There's been lots of research in this saying roughly 30 to 40% of all jobs will be automated away by machines. I don't mean robots, I mean software, right? For example, today you go to Google and you research a Twitter stock because you want to buy some stock, right? You do it by hand, you figure all this out and then you don't buy or whatever, right? In the future, you don't do that, you just, you know, your software knows, you're looking to buy a stock and it will constantly search for you and give you the perfect thing at the perfect time that even a huge bank couldn't do for you and it'll be free in 14 seconds. So think about what that will do to bankers, accountants, bookkeeping and so on and to our job, what that means for our future. So in the end, what's happening here is that we're moving from an industrial society and that is also an information society, right? To a society that's digital and exponential. This is very hard to understand because exponential, you know, people don't live faster because they're Twitter. Now, we don't have more storage just because we use Facebook. And, you know, it's a fact that the living person has a circle, you know, a tribe of 150 people, that's the maximum you can have. You don't get to have 15,000 people that are friends just because you have LinkedIn. It doesn't work that way. You have 150 people. In fact, most people have 15 people that really matter to them. So we're not exponential and we can't keep up with this or we can't compete with machines on data. This is a good thing to realize because in the end, you know, we are moving to a place to where we're gonna say, well, this kind of thing will be done by machines. You know, it's robot work, basically. I mean, you know, if you have an MBA, you know what I'm talking about, right? Running spreadsheets, executing our business plans. There's a lot of robotic functions to that. Not to put it down, but it's basically according to a certain map, right? In the future, it will be quite different. So there's a great, well, sorry, I can't even see my own slides being so close to it. There's a great saying by Hemingway that says, how does a person go broke gradually then suddenly? And this is so true. Not just for people, but for companies. And this is your opportunity as a startup. There's so many companies who are facing the issue of what's called digital transformation. The music business, the film business, the publishing business, the banking business, the health business, politics, everything. So what happens there, for example, is a lot of companies used to say, well, it's not gonna happen to us what happens to the music business or the newspaper business, right? Because we're much better or bigger or whatever, right? But it turns out everything that happens to music, which is radical displacement of distribution for digital means, right? It's also happening to insurances, to banking, to cars. And so this animation shows you basically what happens, you know, you have to remember this whole idea of saying it takes a long time, but when it happens, it's much bigger. And this is a huge opportunity. You just have to be at the right time. So for example, you're going back to this animation here. If you start a company down here and it takes like 17 years for your business opportunity to arise, you won't make it. But if you start somewhere here, in a very short time, it's there. You have to have the right timing. This is crucial. When I started my first companies on digital music, I started a total of 12 companies. All the first 10 were at least 10 years too early, which meant that we had to wait forever for people to catch up. So I was almost too early. In fact, I had the honor of going bankrupt in 2001, which is a great honor. You should try it sometime. It was painful, but I had a hundred employees and we went down as quickly as we went up in the internet years. Because the timing wasn't right. It wasn't the idea that was wrong. So timing is crucial when you're thinking about starting something, whether it's a coffee shop or whether it's an online venture. You know this company called Etsy, right? You guys know Etsy? Amazing company. That would have never worked in 1995. Not enough people on the internet. Netflix? I mean, everybody in Europe gets an IP tunnel to be able to watch Netflix, like, because we don't have it in most places in Europe. So we have to use a tunnel to pretend we're Americans. And we have to, you know, and it works. You pay more for the damn tunnel than for Netflix. But talk about the business model. 50 million subscribers. 50 million. The timing is right. Netflix will have a half a billion customers eventually. So timing is crucial. Because you also need to figure out how to disrupt the business space. So what's happening in terms of our general future is we're looking at a future to where this becomes a primary theme. Again, it's a little bit hard to say. But basically what's happening is here is that everything is growing exponentially except for us. Because we can't. No matter what Ray Kurzweil says, we're not going to live to be 150 in the next 10 years. And no matter how many pills I take, I won't be any smarter because of my vitamins, right? I mean, I can sort of beef up my performance, you know, in certain ways. But, you know, we're not growing exponentially. So exponentiality means connectivity, screens, digitization, machine intelligence, data from everyone everywhere, energy, food, resource consumption is exploding. We are already consuming 50% more than the entire planet can actually give. We would need already today two times the current planet to actually not do damage. We would already need two times the resources. But if you can figure out how to solve this problem, this is the huge thing. Technological and economic interdependence. A little bit hard to see it on here again. And that we have the global middle class that's actually growing. For example, in Brazil, where I do a lot of work, you have a middle class that doubled in the last 10 years. 40 million people have become members of the middle class in Brazil. And at the same time, we have, you know, total inequality, 30 million people are starving in Brazil. That's about 20 million people in the US, actually, if you didn't know, literally starving. Well, not in the same way that the Brazilians, you know, with one dollar a day. Anyway, so we have this exponential change that's coming up. And so really what's hard to figure out sometimes is how much does technology help us with this? As this cartoon shows here, we may be looking in the wrong direction. You know, we may be, you know, adding friends on Facebook while at the same time we have actual friends waiting to get in. So this is a real problem in the future because technology is everywhere. Think about this for a second. You know, you've seen a Christmas commercial for the iPhone called Misunderstood. You may have seen this, where the kid constantly takes movies of everyone and records it. And you think he's a totally asocial dude, right? But it turns out in the end, he made a movie to show the people on Christmas evening about the family, right? This is a really bizarre way of thinking because you could argue that it's great to have a movie, but this kid is completely disconnected, right? What's better? What's worse? Hard to figure out. So what we're seeing here in many ways is that these changes caused by broadband, by the network computing, that's a theme of our lives. And this is also the opportunity for startups, of course. Because everything that's happening now is in some way involved with technology. Everything is involving this sort of handshake, right? And then we have, of course, wearable computing. I wish I could show you this video, but you know, for example, wearing a wristwatch that's connected to your mobile phone. This phone here shows it, see if you can actually see it. Yeah, you can't really see this, I'll save this one. But basically what it is, is the phone that connects to your smart, to your wristwatch connects to your smartphone and it gives you the same sort of updates that you get on the phone, but you get to see it here. So for example, what the waves look like on the beach and how the stocks are doing and so on and so on. You can imagine this kind of distraction you're going to have from wearable computing. So the question is ultimately, you know where this is going, right? You don't have to watch science fiction movies to see. First, we hold the mobile in our hand or we type on the computer, then we see it on our glasses and we have it on our wristwatch. The next thing is we have it implanted, right? This is not a joke. You know you can implant a cochlear implant, right? For people who have hearing issues. You can do the same with Wikipedia. You can. That for a second, right? I'll put it, not that Wikipedia would be a nice implant, I'm just saying. It's like, so we're moving. There could be other more powerful implants, you know. In any case, so we're moving into a society to where technology is part of who we are. This is a strange thought because already is, you know for many kids, the mobile phone is already the outsourced brain. And that's kind of hard to change. It's like saying you want to go back to horses and not use the train, you know. So how we're going to deal with that in the future? How we're going to actually come up with a thing and then we have this concept of the Internet of Things. For example, this is a connected street light. And these used to cost $100,000, now they're $10,000. And what they do is they measure the air, they see you walks by, they serve as a wifi distributor. They do all these things and these are popping up all over the world. And they can do all kinds of things, including of course, surveillance, but also things like providing connectivity for you. And so the Internet of Things is becoming now something that Cisco and other companies are heavily investing in. Here's the connected dog that runs away, you can track him. And here's the connected baby. I don't know how you would lose a baby, but some people manage. So that you have, you know, you have a tag. I mean, we're talking about mind-boggling changes here. And people are saying in the next 10 years, pretty much everything that we do is connected to our car, our wristwatches, our devices, animals, street lights, thermostat. You heard about the Nest thing from Google, right? Now talking about the environment, if all of those things were connected, logistics, street lights, traffic lights, thermostat, we could save 40% of energy, 40%. So think about how we can do a sort of climate change is by saying, okay, let's connect everything, sort and basically be more efficient at the same time switch to renewable energy. We can do this. But of course, when you connect everything, then all of your user data is out there. How many showers have you taken? Are you splurging with the air condition? Have you bought too many beers? That's kind of a difficult thought. How would that actually come together? So in this world, you know, basically within five years, we can imagine that Cisco says 75 billion devices will be connected. 75 billion devices, not just mobile phones, but connected house, connected devices, smart grid networks. Is this a nirvana or is it hell? Well, it's kind of inevitable. I mean, we'll probably have to figure out a way how to actually get there. So in many ways, you could argue if you can see this slide even, that our jobs are changing as a consequence. I think this is good news. And it should be good news because we can't do anything about it. So we have to make the best thing out of it. But this is the jobs from years ago. Only humans could do this, right? Now we already have machines that do some of it. Is it here? And then we have machines that will do all of it. I doubt this is actually true for high-rises, but for many things like bookkeeping, there's a company in New Zealand called Zero, XERO, that is set out and their mission is to destroy the lives of 100 million bookkeepers. You should try it out, Zero. I'm using it now as 200 bucks. It does all the bookkeeping that your bookkeeper used to do. In fact, my bookkeeper is now forced to use Zero, right? To actually be still my bookkeeper. But the costs are one-tenth of the regular cost. So it's the same thing as this, right? So what's happening here is that automation is really changing the way that we're going to work in the future. It changes how we interact. For example, lots of research showing that basically robots can do intelligent jobs in the future like building things, manufacturing. So really in the end, as this wire article says in entrepreneur.com is the key to having a job in the future is to do something that machines can't do. It's the reverse of what it is until now which is to say that humans are better machines, smarter machines. So a lot of times when you talk to businesses, people function like machines because it's a huge wheel and the future is going to be the other way around. So this brings up really interesting opportunities to be more right-brained. Intuition, creativity, negotiation. If you have a job like a bookkeeper or a filing clerk or a clerk at the checkout, at the supermarket or even a taxi driver, you know, self-driving cars, that'd be hard in the future. But if you're a therapist or a cook, a negotiator, an artificial intelligence builder, a creative director, you'll have a job in the future because computers can't do that for quite a while. Give it another 100 years, maybe, I don't know, beyond our lifespan, right? So basically what's happening is here is that Mark Anderson, the founder of Netscape, already said years ago that software is eating the world. Everything that we used to do in hardware is now software. For example, cars are now software. Every car is a computer and the self-driving car is driven by software. So if you want to invent one thing, clearly, as he says, it's the inevitable transfer of value from traditional companies to software companies. This is why so many startups are software companies. For example, you can see things like travel guides. When you're used to buy the lonely planet or whatever to go somewhere, what do you do now? You download an app, you get software. When you listen to music, you're used to buy a CD, God forbid. Now, Spotify, YouTube, these are whatever, right? It's just in the cloud, it's software. And this will happen to everything, to banking, to insurances, to health, to education. I work in a project in Brazil to where all the textbooks will be done away with and all of the students will get a smart tablet, a very simple one, of course, where they can get a giant pipeline of the textbooks and slideshows and videos. That's all they can get on this. It's a $6 device or something. But Brazil is buying 100 million tablets. And you can actually solar charge them. No more textbooks. And you know how much money they can save with this? Over half a trillion dollars a year, they can save by not printing. And everybody gets to have textbooks. So, if you're looking for a great opportunity, education, right, the future of education is digital. Not to say that we don't need actual places to go to. That's different. There's not a substitute, it's just another level. So, in this world we're going from what television is to be. This is my age, people are used to using the channel control, go up and down and fish for stuff, right? In the future, the television is in the cloud. You ask a 20-year-old, what is television? It's not a box, right? It's a place. It's a service. The television is an app, basically. So everything that used to be physical becomes digital. For example, cars. You know, if you used to rent a car or buy a car, so today use the Uber app, not the Uber taxi. When you go to New York, you push the app, you'll see, oh, there's a guy around the corner, hire him, $30, off you go, it's done for the app. The driver is still real for now. But it's digital. Books, right? Everything that we see here in textbooks will be digital. But the brain reacts differently to the written word than the electronic word. So there will always be some of this. But it'll be the other way around. Digital first and then printed. Because the problem is, of course, that here distribution is a major issue. If you're gonna give books to all the Africans, you have to actually get the books there. And then they're raw after six months or something, right, because it's wet. It could be the same problem here, but of course it's easier to solve. So we're going to see a future of this, where digital transformation is everywhere. And this is a gigantic opportunity for business. When you're basically looking at the entire oil industry, the education business, media, all moving to digital, banking, there's a very good chance that in 10 years we won't have cash. The only thing that keeps us from not having cash or from not having cash is it's not private. So I can go and buy something and everybody would know what I consumed. That's already true pretty much, credit cards. And things, right? But cash is essentially a huge waste of money. So in Finland, for example, you can already buy your train ticket with a mobile, you buy your Coke can, hold it up to the machine, comes out, right? That's already there. So think about that for a second. Who's going to be servicing those customers in digital money? Guess what? Won't be the banks. Anybody from a bank here? Okay, you guys are the next record labels. Not to say that you can't reinvent, because nobody is as stupid as the music companies. I mean, this is really true. I can give you some firsthand stories like this. But basically what's happening is in this transformation you have gigantic opportunities and you have very, very big issues, which is like nuclear power. It's sort of like it could be potentially really great, but it has many different problems that are hard to decide which is which. For example, here in medicine you see a project called the X Prize. And this guy is 60-year-old, 60-year-old kid. He's leading a group of 24 other scientists, he's already a scientist, to invent a device that can do a better job in diagnosis than 10 doctors. A device. So this device, you cough into it, you prick your blood, you measure your pulse, and it will tell you in 40 seconds what your diagnosis is. That's what they invented, called the tricorder, from Star Trek, right? They call it the tricorder and it's actually becoming real. Imagine this kind of device being available all over the world so that a doctor could look at your data and say, hey, clearly you've got malaria. I mean, not just life savings, but also what's the doctor gonna do, right? The doctor will be happy with this. Now you have a device called the scanner do. That's already on the market. And what it does, it's very hard to see on this screen, the scanner do actually allows people to look at symptoms and diagnose it remotely by scanning things like your skin. I mean, imagine what that would do for example to your grandmother, right? Now here's a doctor. Any doctors here? Doctors and bankers? No, just one doctor, okay. One banker, no doctors, sorry. So imagine you're in this position, right? On the one hand, you have nurses who are getting better and better. And they're actually doing all the hard work, as you know, right? And then you have technology on the other hand who's inventing all those things. So in the end, you sort of feel like, what am I gonna do? So I did a seminar for doctors in Switzerland and it was interesting to see that most of them said, well, this is great because I can focus on what I should be doing in the first place. Which is guess what? To talk to the patient, right? To create a human connection. Not to look at the computer and say, oh, your cancer is like this cancer and therefore you're gone, right? But you actually have a human connection. It frees them out to do this if they can think in this direction. And this is the change that we're going to see through technology, pretty much across all businesses. And the future will not be the guy telling you to buy stocks, the software will do that, right? He will look at all these things and he will know you personally and he will make an intuitive decision. You know what intuition is basically, is knowing without knowing. Try to get a computer to do that. A computer can write articles, can write journalistic products, they can. They can actually play music too, not like this guy earlier, but they can play music. Look at her, right? The movie, her? Compose a piano piece. But they can't have intuition. And this is really what's going to happen to us, I think, in the future, is a lot of these things will come down to this. So I want to introduce a very important theme. This is called the Valley of Death. It's here. It's very important to know what that is. Because it creates gigantic opportunities. When you're in a traditional business, like the music business, publishing, print, newspapers, you've had technology, you've had mass, you've had size, and it was very, very big business, very much a sheltered business. Technology comes in and says, you know, if you want to send money to your friends in Africa, you don't use the bank, you use your mobile, it costs you $1. Use Western Union, 15%. All you have to do is download this app, fill it up with PayPal, $1 to send money to Madagascar. So technology comes in and changes all of these things. So what happens to traditional businesses, this is the most biggest part of my work, is that they're approaching the slope to what everything that they do has some sort of technology alternative. For example, in music, we have YouTube, we have Spotify, we have Freestone, we have Pandora, whatever you're listening to, right? Do you need to really buy a song? That's a stupid question, right? I mean, give your kids a CD for Christmas, they think you should go away and get some help, you know? So that's why the music industry is in this valley of death. On the other side of that valley is, of course, knowing that we're going to have six billion people connected to the internet. Knowing that 50 million people pay for Netflix. You know the money is there. You know this digital culture is not about getting it all for free, that used to be true, but it's no longer true. But how do you get from here to there? If you're in a company that's traditional, how do you get to the valley of death? This is a very big question, because it's a challenge to go through there, so there's only two things you can do. One is to take a backpack and lots of water, right? So you can get through this. The other one is to build a bridge. And this is the opportunity for startups. Because when you go to those guys and say, yo, we have technology that can help you to build this bridge and get to the new revenues quicker, that's the perfect tail. You don't actually have to do anything. I mean, look at what LinkedIn has done. LinkedIn is the biggest place to hire people in the world now. Do you need HR people to do that? It's done through LinkedIn. So what we're seeing here is a lot of opportunities to actually do this, to build bridges, to pack water. The worst thing you could do is what the music business has done, which is to say, A, this doesn't exist because we're gonna sue people not to do this. That was a very good decision. And they also said, you know, this doesn't exist because nobody wants to pay for music. Turns out, both not true, big problem. 75% decline in selling music after all these things happen. Poses are 50 years. You don't recover from that. So you need to actually, when you're looking at this, you need to say, okay, first I see the new business. I see what it could be. And that takes a bit of work. And then to realize it, that something is gonna change your situation then. For example, one of my clients is a big car company in Europe, and they realize what's happening. You know what's happening is the kids don't get driver's licenses. May not be true in this state, in this city because it's very widespread, right? But in general, a lot less kids are getting driving licenses. And they share cars and take public transportation. So of course you have electric cars. You have self-driving cars very soon. This is not science fiction already happening. So you know what's gonna happen, right? The future is basically, you're going to sell less fancy cars because in 10 years those kids don't buy cars, like we do. Yeah, this is a certainty. This is as certain as MP3s have replaced the city. So what are you gonna do? You're gonna look at this, and you're gonna say, you know what's happening here? On the other hand, in Singapore, or Jakarta, or Los Angeles, we're going to have public cars. 200,000 that you call with an app. That's also a good business. But it's not at all like the previous business. So if you come up with a startup that bridges this for them, you're golden. This is Instagram and Facebook, right? Same thing. Or WhatsApp and Facebook, same thing. Make a shortcut, right? So that's a good plan. If you can think of that, for a startup that's a good way of going forward. Folks up in the movie business, we're seeing quite clearly. If you're in the movie business, the television business, or the film business, you're seeing quite clearly that what's happening on this graph, very hard to see here again. But people don't buy DVDs anymore. I mean, who would still buy DVDs to watch them? Movie, come on, you know? That's like, that's yesterday. What do you do today? Well, you stream it for free or whatever. I mean, there's like a hundred ways of getting movies now. A thousand ways. Some free, some leader doesn't matter. It's all available, right? What are you going to do if your business was 74% selling DVDs? Well, you're here, right? You're in the toilet. And this is happening to everyone now, not just the movie studios. Because guess what? When I stream my movie on Amazon, on Netflix, you know much I'm paying. I'm paying like 0.00000 cent per stream. I don't pay 25 bucks for the DVD. And that's how it goes in a digital world. This is happening to all of us. This is happening basically across all of the universe of change. For example, in radio. When radio in the car goes online, are you still going to listen to regular radio? Well, maybe if you like personalities that are on the radio station or if you like news or traffic. But you know, you can have a traffic app and you can have a news app called TNN Twitter news network on your car radio. Do you still need radio? You know much money radio makes in the US? 12 billion a year. All goes away to these guys unless they find a way to merge it. So there's lots of opportunities here to think about this. And the greatest thing about startups is and this is one point I want to make here is in this the startups view is a flipped value of death. Because whatever is a huge problem for the old guys is the biggest opportunity for you. It's one thing to remember when you're thinking about starting a company you don't want to either build a bridge for the old guys, right? Because they desperately need whether it's real estate or banking or insurance or whatever. Or you do the opposite and you build something that only works because of the internet. Airbnb, Uber, Twitter, only works because we are connected. So when you're starting something you should ask the question. First, does it cause disruption? If your new company doesn't cause disruption chances are I won't do anything. I mean, that's a requirement clearly, right? It's about disruption. I think about all the successes we had in the last 15 years, completely disruptive, right? eBay, Amazon, Twitter, Facebook, LinkedIn disruptive to the job market, and so on, right? And the other thing is, you need to actually make this a center of your proposition. Changing the way the things are done. So that's sort of the litmus test. If you want to figure out where to go with your startup, for example, Tesla. Never mind that sort of luxury car for super geeks, right? Okay, I got it. But you have to test what I want to believe. I don't have one, I have to say it. I tried, but in any case, the interesting thing about Tesla is that they actually did this, right? They said, okay, people are interested in driving differently. This doesn't exist, but we could build a new ecosystem. And so what they've done now, no matter what you think of the price tag and everything, is that Tesla has come up with a system where all of a sudden, they've built a new way of looking at transportation. And they're selling twice as many cars as Mercedes and BMW combined. It's mind-boggling. This is a great example of innovation because what they had to do is to create an ecosystem, right? To fill up the car, to repair the car. I mean, it didn't exist. Otherwise, you drive your Tesla into the desert and get dead after 300 miles. What are you gonna do? You need a way to charge. No charger, no car. Another lesson, don't start a company where there's no ecosystem. You start making electric cars and then you drive out to Nevada and you just stop and throw it away or something because you don't have a gas station. You need an ecosystem. So you're either big enough to build the ecosystem like Amazon did, or you have to look for an ecosystem to attach into, to find a way to fuel what you do in the future. So for example, this is a great lesson we can learn. If the ecosystem is complete, you can see that here in the case of electric cars, you can see that this is the sales records from last year from Tesla. You have to actually build a logic around this. The biggest opportunity is to create a next ecosystem. So can I argue, for example, what is the next ecosystem of publishing, of books? Well, it's not about print. We know that print is not gonna go away completely, but the ecosystem is changing. It's about creating added values around the content. For example, the Economist, which is one of the few things I subscribe to, allows me to listen to the magazine as an audio track. So when I'm driving, I can listen to the Economist magazine. I don't have to read. I would never read it. In fact, they have too many things to read. But would I listen to the Economist if the content sucked? I wouldn't, right? But would I subscribe if it was only for the content? I wouldn't. So there they built an ecosystem that's interesting. So I pay $150. So when you're looking at this context, you have to ask one question, and that is the question of reason to buy. What reason does your customer have to buy? That's the key question. What is your value proposition? What's the reason to buy? And I think ultimately that's what we're looking at. This nice little thing that you can't see here from Tiffany Schlain's latest movie called Connected, is that everything is interdependent now. You don't get to own the universe like Microsoft did, like Apple did, really. You don't get to do that anymore. Because guess what? Now the entire world is so interconnected. Whatever a bunch of hundred people are doing in China impacts what we do here. For example, the fact that you have automation now and software will put about a billion Chinese people out of work, because that's what they do. They use their hands to build iPads. 240 of them to build one iPad. So it's all interdependent now. So whenever you come up with a business plan, your business plan needs to be interdependent, relying on others. Independence is something that sort of closed a few years ago. Airbnb is a great example. I've tried Airbnb five or six times. Two of them were a disaster. And the other ones were good. But a strong idea does not just need to be 10% better than the other guys. And this is the Google rule. It needs to be 10 times as good. Just 10% better won't do it. And this is the current thing that Airbnb is going through, right? How to be 10x better. But the great thing about Airbnb, that's a lesson for startups here. It came through the back door. It didn't say we're gonna go out and compete with hotels. It said there's 64% and up to 90% of big cities of unused, empty apartments that people can monetize, just like eBay, same thing. And then it said, if we rent this out privately, we can make a nice business, but can come through the back door and be like a hotel without being a hotel. That's called the back door. So if you can find the back door to an existing business, that's a great model. Finding a way to do something better and being 10 times as good. Now to me, Airbnb isn't 10 times as good as a hotel. In fact, not at all. But it solves a really interesting problem. When I go to the beach somewhere in the Canary Islands, I wanna bring my kids for two weeks. I use Airbnb, I don't use a hotel, because I'm sick of hotels, right? So it solves an interesting problem. So when you're starting a company, think about this, right? Do you disrupt something? That's true for Airbnb. Do you have a back door to do something that you can do without the big guy's noticing? YouTube, right? Same idea? When YouTube first came around and said, oh, it's all garbage from people who are producing garbage, right? Now today, YouTube was the biggest broadcaster in the world. Find the back door. Twitter, same thing, right? Garbage, garbage, garbage. Noise. But what it did is to show people that content can be shared in such a way where Twitter is in fact the next television. Twitter is the next CNN. It's very important to notice that just on the way towards that. So this is important, you know, those kind of principles. Great opportunity also for startups is formally protected troughs, you know, things that have lived under a bubble. For example, banking. And Bill Gates has a great quote, you can't read it, so I'll read it to you. He says, banking is essential, banks are not. This is Bill Gates saying, right? Not me. I would never say such a thing. So think about that for a second. All the businesses that lived under a bubble that were protected by regulation, protected by habits, by distribution, by not having the internet. I mean, the only reason that people listen to radio around the world is because they don't have the internet. And they can't stream, they can't connect. Imagine what will happen to them when everybody can connect. So if you're such a business, you have to figure out how to get out from this prediction. For example, digital money. Two billion people will join via mobile phone. In Africa, there's a thing called M-Pesa, which means mobile money, that has taken over completely. So if you want to pay people, you use your mobile phone to send money around and to share. For example, when you're paying for the fish that you buy at the market, you don't use money, you use the mobile. And it's like a dollar or so, a fraction of the cost of otherwise. And it's now 56% of all money transactions in Africa are done through mobile devices. Banks are nowhere to be seen, right? Telecom companies start-ups. Great people can change culture. Now movies and entertainment business. This is another really important thing that's happening right now. As you know what's happening, of course, as people get online, they want to look at content. Books, music, films, television shows. And so we're seeing this great shift from broadcast television to cable and satellite, the past and the future, the cloud. Everything goes into the cloud. So in five to eight years, we'll be able to watch any TV show, in any language, anywhere in the world, anytime on any device for a fraction of the cost. That's happening. For example, now there's a new app that's just being worked out from China where you can actually watch an American movie and you can hear it through an app with your headset in any Chinese dialect in real time. So it's not lip-synced, of course, right? But you can listen, you can watch the movie in your native language, like in Farsi or whatever you want, right? And this really changes the equation because we can watch movies from Iran, if we are so inclined, right? In German. So all these things are happening. This is a great opportunity, the evolution of content. A couple of months ago, there was a great site called Popcorn Time, which you may remember. The more active geeks of here would know this site. This was a site that took BitTorrents and streamed it so we could watch any movie anytime. Of course, that not being entirely legal, they were shut down. But the interesting lesson from this is this. What the CEO of Netflix, Reed Hastings, calls this managed dissatisfaction. So what he's saying here is that basically what's happening is that this idea of saying that people aren't happy with what they have now, but there's no alternative. So they stick with you. Telecom companies, government, politicians, that won't work in the future because we have alternatives. For example, what happens on sites like TripAdvisor, and people are dissatisfied, they go make a comment, you have a discussion, right? You become transparent. What are you gonna do about it, right? If you don't participate, then it's basically now, it's all other people's opinion. It's very hard to run a business based on managed dissatisfaction. And guess what, this is really great for consumers. It's hell for businesses. I mean, I run my own business, we have a money-bad guarantee for the future missions that we do, that you will discover the future. In our case, of course, that's easy to say because we know a bit more. But this is really hard, right? Imagine if you're on the receiving end of this kind of paradigm as a telecom company, or even as a coffee shop. So this is really a tough thing to do but also creates a lot of new opportunities. So here's a simple pointer you can't, unfortunately, you probably can't see, and this is Kevin Spacey. He has a great message about how to be a successful startup. All right, so there's a lot of work in this, right? You give people what they want at the price that they're willing to pay, right? And you become very important to their lives. And this is really true no matter whether you're doing a digital business or any other, really, even if you're this coffee shop. It's not new, but now because of digital technologies, it's becoming extreme because it's much more transparent. Of course, the same is true for sustainability, for example. A lot of research, I know if I have time to talk about this, but a lot of research shows that most consumers are now willing to pay more when they know the company is doing the right thing. 90% of consumers are saying they're willing to actually go to a company who's doing the right thing, whatever that means, right? But being responsible, they're willing to buy from them and from somebody else. So this is becoming sort of a core theme, this amount of control. So the future will no doubt have to address some quite heavy, what has been referred to as wicked problems. And it's a British term, but I think it fits very well here. Wicked problems are those that can't be solved by saying, well, we'll download an app or something, right? They're complicated problems. And the wicked problems have two effects, right? One of them is that we're looking at potential really disastrous situations, like climate change and others, but it also has huge potential for entrepreneurship to solve wicked problems. And here are some of them, right? That's basically the wicked problem looks like this, it's complicated. So again, it's a little bit hard to see, but first is climate change, global warming and environment. I'll think about this for a second. If we connected all of the smart systems, energy systems and grids, we could be much more efficient. We could reduce energy costs, for example, by shipping stuff. If companies collaborated to ship stuff, they could save up to 60% of logistical costs of shipping stuff. So that's huge right there. If at the same time we can make the switch to renewable energy, we can solve that problem in the next 15, 20 years. So there's lots of entrepreneurship happening there. The future of communications on the internet, that's a wicked problem. Why? Because as you know, American companies run the internet. 92% of the entire internet infrastructure is US companies. This creates a huge problem because the biggest growth of the internet is outside of the US. So the problem lies in that, of course, ultimately whatever the State Department decides the Department of Commerce is the rule for all of the guys in Brazil, Nigeria and so on. That creates all kinds of problems. So we have these issues of, for example, machine and artificial intelligence. How intelligent should those machines be? What should they be allowed to do? I'll give you an example, for example, on the self-driving car. The Google self-driving car is a very smart machine. But for example, what happens is when you drive down the road and the machine or the car sees a frog on the side of the road or in the middle of the road, then it has to figure out what to do because with a WL line, the car cannot cross the WL line. It cannot kill the frog because that's not allowed. So what the car does, it stops and does nothing. It can't cross the line, it can't kill the frog, it can't try to go over it because probably it wouldn't work. Too risky, it stops. What would a human do? It would take you one hundredth of a millisecond to A, either kill the frog if needed or try to go over it with one wheel on the left, one on the right. Or just pass the damn WL line, no problem. One hundredth of a millisecond of a movement. Now the problem is if you allow the car to do that, you tell them the car is okay to break the rules if needed. You know, that's not gonna work. Because the car will eventually say, why do we have people driving? We can do much better job, let's get rid of them. That's the consequence. So those are all wicked problems that we're going to see. Cyber security, cyber warfare. So if you want to apply yourself to some of those large topics, that's definitely fruitful territory for the future, including for example, privacy. This is the number one problem on the web today. Because why would you use the internet if at the same time everything that you do becomes public property? And I know Americans are less concerned about this as Europeans are. But in Europe, you know, Google just passed a very big decision at the European government level to where they said that it has to be possible to be forgotten, to have your data removed. This is a very big issue. So if you are a startup in this issue of privacy and big data, huge future there. Because that problem has to be, it's a wicked problem, right? How do you participate without being naked, literally speaking? How do you use social media without being a victim in the end? These are complicated questions, right? Not all have to do with technology. So I have to step a little bit ahead of it because otherwise we won't get to the important points here. So you can download the slides here later. One really important point is this. When we look at technology, we have to think about all the benefits. You know, you see on top here the African family that can use a mobile phone to sell their fish or whatever they've put on the market. See down here, this idea of basically our head being a giant app. And this is referred to sometimes as machine thinking. To basically think that because of technology, people become machines. Your customers are a machine. Your entire process is a machine. Technology is turning you into a machine. And Kevin Kelly, the founder of Wired Magazine says, machines are for answers. Humans are for questions. There's an important difference here. Machines can give you all of those answers because they have all the data. But they cannot answer, they cannot create a meaningful question. They cannot create content or be intuitive. They are very, very big differences. So this slide kind of shows what's happening with technology. Is that we are actually able to see all the way through. I mean, if you're looking, for example, at social media, to bear, you can't see this very well, but if you're looking at social media, I can run an algorithm on your profile and will tell me with very big likelihood how you're going to vote next time. That's entirely possible. So technology can do this, but the question is ultimately, should it do that? And how far do we take it? I'll leave this out in no time. But there is not an app for everything. And this is sort of what we have to think about technology. Not everything can be appified and turned into a solution. Evgeny Moser-Rove wrote a great book recently that is actually called, I think it's called The Future Something, but just Google Evgeny to save everything click here. That's what it's called, right? And he talks about basically that not everything that is wrong needs to be solved. And this is a very big threat in technology that we think that everything that's wrong needs to be solved by using an app or using technology. For example, look at this guy, right? Your friends in the neighborhood cop, right? Again, a little bit hard to see. What would happen if he wore Google Glass, right? Now he's actually wearing it again, hard to see. Is that a good thing or a bad thing? Because with this thing, he could recognize your face. You know, as a cop, he could use face recognition. We can't, but he could. So he could know everything about you as you step up. And this is where things are going. This is a, of course, clearly this would be interesting to see if every law enforcement personnel wears Google Glass in the future to identify us. So that's just to imagine that and what's happening with Google, of course, and artificial intelligence and all the stuff that we're seeing already in the future. And Ray Kurzweil already said several times is that Google already knows more about you than your wife or your husband. This is an interesting scenario because it creates possibilities, of course. And again, that's kind of a wicked problem, something that we need to look at. So I'm gonna summarize and then we'll take some questions, okay? I'll skip this because you can't see it. We're unfortunate because the sun is out, you know, we need to get rid of that. Maybe there's an app for that. But the key question, the key question of technology is no longer whether you can do something because we've solved the problem, we can. If you're wondering whether you can retain your brain when you're dead to keep on thinking, it's becoming possible, right? Ray Kurzweil wants to do that. It's not impossible. But the question is really why? So when you're starting a business, don't think about whether you can do something because the answer would be yes, you probably can. The question is why? Why and who and when? How does it fit in the context? What does it do? Does it create a human benefit or a machine benefit? And I think Google is at exactly this point, Google is one of my clients at least until now, Google is exactly at this point. To weigh, now you want to like, why? Why would you buy a military robot maker or 15 artificial intelligence companies? I mean, the reality is that Google is no longer searching the web, Google is searching us. And there's benefit to that, yes? But why, huh? Where does it go? So there's some very interesting scenarios here. For example, Google is using that on a boat in Thailand to figure out what the menu is and all that stuff that Google went through in this book called The Circle, which is a great book by Dave Eggers. You may have seen in the past, hard to see then again. He says that all that happens must be known. This is the sort of bottom line of what we have in a digital society, right? That's probably not a good idea. I don't know if you agree with that, but you know, it's the CEO, former CEO of Google, what's his name, Schmidt, Eric Schmidt, said that if you have something that you want to hide, maybe you shouldn't be doing it in the first place. I don't know whether you get the difference, but I think we're looking at a lot of struggle here, you know, things that are becoming sort of monstrous here. Not very hard to see now with being observed at all times. So I need to skip ahead because we're pretty much out of time. I want to finish with this and say, okay, I think what's happening also because of this, as I was saying earlier, that sustainable is becoming the new profitable. We're at this time to where we're saying it's no longer that important that we always make profit, but that we can keep on doing it, that we actually are renewable. So I work with lots of companies, including Unilever, for example, a big consumer goods company, that are saying that sustainable is the new profitable, that in five years, your stock will improve if you are sustainable, not if you're just profitable. And there's a big difference here, right? And we're looking at a whole rewriting of how the stock market works. So right now, the stock market works very simply, which is the more profit, the more growth, the higher the stock. Of course, you know that's not sustainable because that is an endless spiral. So what we're seeing here is it's hard to see those facts, but it has been in the past referred to as the triple bottom line. And this is becoming sort of the prime paradigm of the new economy in this era, basically saying it's about people, planet and profit. So it's three bottom lines. And a lot of companies have now started to basically set themselves up in such a way to where they're looking at three things that are important, not just at one thing. And this is a tough thing to do. Imagine you're running a company, and the decision is about whether your staff is gonna be better off, right? Or whether you're gonna make more money for your shareholders. Or whether the environment is getting damaged by what you do, or whether you make more money. Unilever, for example, has to make a decision where they're going to source 100 million liters of palm oil every year for the soap and whatever they make, shampoos and stuff, right? 100 million liters. So if they source it from people who are responsible farmers, guess what? It's a lot more expensive. But if they do this, they basically wipe out the entire competition that does not produce sustainably. So those are very big decisions that we're going to see in the near future. Patagonia has given us a great example. The most successful advertising campaign in America three years ago, where they ran an ad called Don't Buy This Jacket, saying that if you have a jacket, maybe you should get it fixed or traded or buy a used one, rather than buying a new one. Ironically, of course, they sold 16% more jackets as a result, sort of ingenious trick. But Patagonia is a very interesting company to look at how they do this. Great case study. And it's not just marketing bullshit, right? This is a real message about where they want to go with this. We're looking at a future that becomes what I call a circular economy. Sort of going back in a circle, rather than going just in one direction. And there's huge opportunities here for green energy, for all these things. And we need to start looking at something that has been referred to as G&H, Gross National Happiness. And the state of Bhutan, which is somewhere in India, you may know. Actually, that's the official mantra of how they run the government, right? They're saying that G&H, happiness is more important than GDP, general growth. And they have a chart showing that actually, how much money people make is only a very small fraction of how they feel about their lives. And I think this is something we're going to see all across the world in this idea of interdependence that I came up with earlier. So we need to start looking at that. And finally on this topic is a great quote here. I think it's from Forgot. It says, if you want to go fast, go alone. If you want to go far, go together. This is also a very important thing for startups. That's why I'm showing it. I think it's possible to go alone like Steve Jobs did. But how many people are Steve Jobs? How many people could actually do this? So this is really important for startups to realize. That's what it's all about, right? You want to go far, you have to go together. And I think also those big opportunities that we've shown earlier are essentially giving us a whole new paradigm of this, right? And one of those is that in financial terms, when you talk to people who are in charge of money, they're always thinking about ROI, return on investment. But really what it is in the sort of new paradigm of being digital is return on involvement. How involved are people in what you do? And that creates new opportunities. So I gotta wrap up, I think, right? So we can take some more questions. I will try to give you a short summary. As you can see, I was wildly optimistic here with my slides. I was looking for you to be around here for the next two years. So I want to show you a final slide. This is very important. You know that basically because we're becoming so digitized is that offline is a new luxury. In Switzerland, I was involved with an ad campaign that said if you want to go to the Swiss mountains, the benefit there is that you can't connect. You're offline. And so basically what's called being in the moment. This is a very big trend. I think it's especially a big trend here in this state and because of nature. This is a very big trend that we should cultivate. There's already restaurants saying that if you leave your mobile phone at the check-in, they give you a 5% discount. This will be a great idea for running some local businesses. Definitely a trend that we're going to see in the future. So a quick summary. We're in the midst of an exponential development. So if you're thinking about the future, don't think linear. What you see today as a tiny thing is going to be very big in the future, depending on of course how the context works out. And it's no longer about just data. It's about intuition and wisdom. So in the end, what it comes down to is when you do a startup, you can do your focus group, your stats, your data, your research, but it comes down to making a human decision. And the clients will not buy from you because you have better data or better technology. Wow, we're in the middle of something here. The train is leaving, time to get on. Okay, the other big opportunity is to create the new ecosystems. Don't look backwards. I can't tell you how many of my clients are going in a car that's going 200 miles an hour, but they're busy looking in the river mirror the whole time. They're like, okay, that's how it used to work, but they're going in this direction at very high speed. You have to actually create a new ecosystem to fit the new stuff that's happening. And that has to do with lots of things, understanding where that's going. Manager satisfaction, we talked about that. Machines are for answers, humans are for questions. Just because we use more technology doesn't mean we have to become technology. It should mean the opposite. Now, keep that in mind, this is very important because it's very tempting to become technology. It seems easier, but it's a dead end street. Basically, in terms of business strategies, machine thinking is a dead end street and finally the most important point here is that sustainable is the new profitable. So you may as well start being sustainable even though it's not always very fashionable. So I think this was it, the final stuff you can't see anyway. So thanks very much for your attention. And you can download the slideshow later today and I think we'll have the video on YouTube as well. So you can watch it again and again and again. Thanks very much for your time.