 I want to talk about the experience economy and where I want to start is with our fears. A lot of people think, oh my gosh, we're outsourcing jobs to China. We are going to have robots working at McDonald's. There aren't going to be any jobs left if we automate everything. It, manufacturing as a percentage of our GDP has gone way down. What are we going to do when everything is automated? What will people do to have a meaningful life, to have jobs, to feed their families and so on and so forth? Should we be concerned about the mix of goods and services in the economy if that ratio is dwindling on the side of goods and increases on the side of services? And I want to argue today that we shouldn't worry about it, that there is a bold new world waiting on us in the experience economy. The first part of the experience economy is pretty simple. People like pleasure. We're hedonic animals. Hedonic is a fancy term for, you know, the idea of experiencing pleasure. No one in here, I don't think anyone in here would argue that they don't like to experience pleasure. So the first way we can give people good experiences is by offering something that is pleasurable. It might be a massage. It might be an amusement, like a game. How many of you guys play games on your mobile devices or on your Xboxes? Right? So we know that people like it to have fun. They like to have pleasurable experiences. They like to relax. There is going to be a massive growing economy in this space as people work harder in the new economy that's emerging. So one of the areas you guys can prepare for as you become entrepreneurs is the hedonic part of the experience economy. Second, the aesthetic. The aesthetic. They say truth is beauty and beauty is truth. They also say that beauty is in the eye of the beholder. What does that mean? Beauty is in the eye of the beholder means that what we think of as being beautiful is subjective. Subjective value as a concept in economics is something you guys may have learned about, but this extends to all kinds of values, including the aesthetic dimension. When we walk into, for example, a whole foods, what do we experience? It's not just a grocery store. This is a company and a set of entrepreneurs that have made it, they have built it into the fabric of their enterprise to create a beautiful experience for you from the time you walk into the door. You see a beautiful store, things are designed in a raid in beautiful ways, the fruits and vegetables are lovely, the packaging is gorgeous, and even as you leave, the landscaping and so on is pretty. This aesthetic part of the economy is something that entrepreneurs are going to seize upon as we become more prosperous and this abundance that's waiting for you guys is out there, you'll be able to participate if you're good at creativity and art and aesthetics in this part of the experience economy, the aesthetic, the communitarian. People are social creatures. We might like individualism, we like the idea that as individuals we can blaze our own trail, we can do our own thing, we are pursuers of happiness. It's written in the Declaration of Independence that we are pursuers of happiness, but often when we pursue happiness we do it with other people. We are in that sense communitarian creatures, we're social creatures and that's good thing. How in the new economy do we create experiences with others like the experience you're having now that is meaningful and social? If you think about doing something alone, it's rarely as much fun as doing something with somebody else. Even the amusements we were talking about at the beginning with games, you guys said you play a lot of games. Imagine sometimes it's fun to do say campaign mode, but sometimes it's even more fun to do it networked with other people. You can talk to them. You might be talking to someone in another country and this is a beautiful thing. This aspect of our economy as we become more networked, we're also becoming closer together. Our planet is becoming far more cosmopolitan and the entrepreneurs of the future will figure out how to give us experiences together. Optimized. What does that mean? Optimized. Well, we want as entrepreneurs and as professionals and as students to do better, to be able to do better, to perform better, whether it's in sports, you name it, people want to do better. So if we can optimize our bodies, our minds, our spirits to do better, people will crave that. And as an entrepreneur, if you can provide that, you will do well in the experience economy. Let me give you an example. There is this fellow named Mihai, Chik-Sent Mihai, that's a funny name to pronounce, but he did years of research in an area called positive psychology. Positive psychology is the study not as most psychology is, which is what goes wrong with people or why they're sick in the head or what's wrong with them. Positive psychology is the study of how people can be happy and live meaningful lives. Well, Chik-Sent Mihai figured out that part of happiness, part of being, total happiness in a human being, is a state called flow. Whenever you're really into a game, it seems like time is passing really quickly or you're almost standing outside of time. Your brain is working in a different way than it normally does. When you're in this state called flow, and I don't know if you've ever been in it, but when you are in that state, maybe you're writing a paper that you loved to write or painting a picture that's really challenging for you, but you're in that state, time three hours goes by just like it was 30 minutes. That is the state of flow, and that is a state where you can have optimized experience. Studies show that people in flow, professionals in flow, are 500 times more productive. If you are 500% more productive in flow, wouldn't you want to figure out how to get into flow? Wouldn't you pay someone to help you figure out how to get into flow? And if you know those secrets and you can produce those for other people helping them get into flow, then you can be really successful as an entrepreneur in the experience economy. What about meaning? People want to live lives of meaning. They want to have a sense of purpose. And yet each of you in this room is an individual. What is meaningful to you, just like what is beautiful to you, is subjective. So just as there are a thousand, 10,000, a million, a billion different concepts of beauty, there is also a thousand, 10,000, a million, a billion concepts of the meaningful. If you can help people find meaning in their lives as an entrepreneur, you will be successful because people are searching for meaning in their lives. It might be a spiritual path. Some people feel they have a void in themselves of spirituality. And as an entrepreneur, you can help them find a spiritual path. Some people feel like their career paths aren't on the right track. If you're a good entrepreneur, you can help people find a career path that is meaningful to them. Other people feel that they don't necessarily have a sense of purpose in their lives. If you can connect them with what they love and what they're good at, you can help them find a sense of purpose. That aspect of meaningfulness is a part of the experience economy that few entrepreneurs are willing to go after and look at. So as the economy evolves, as we dematerialize the economy, as we do more with less, as we digitize things and connect with other people, we're going to be looking for meaning. Now, why is this? Why is this? So you have these five different aspects of the experience economy that you can explore, but why do we want to care about this at all? And it goes back a very long way to at least the Greeks, to a concept called eudaimonia. We say eudaimonia. This is roughly translated as happiness, but happiness doesn't quite get it right. It's that people are looking for meaning for a purposeful existence, but they also want to find happiness through doing, through acts of creation, through acts of helping others. This sense of happiness is a more robust, a richer idea of happiness than just, oh, I want to feel good. So we started off with the idea of the hedonic, the pleasurable, and that's great. Everybody loves to go get a spa treatment, right? But what is more profound, what is more important, and what really people are looking for, and I assume every one of you in this room is looking for it, is the idea of purposeful living, which the ancient Greeks, namely Aristotle, called eudaimonia in the Nicomachean ethics. So, as you set out today, thinking about the experience economy and how you can become a participant of it, remember that all these experiences are unlimited for people. Why? Because, as we said, value is subjective. If you get the idea in your minds that value is subjective, that what people like can be shared among different people, but that each person has a unique perspective on the world, unique wants and needs, then you can think that the experience economy must be limitless because there are billions of people out there who you can serve and whose lives you can make better by creating experiences for them. Thank you very much.