 The folks in this room are digital natives. You guys have grown up in an era of profound transformation. You are enjoying an inheritance of human productivity and human connectivity never before seen in human history. And this is really a great thing. You're all here because you might have aspirations to be entrepreneurs. Entrepreneurs being those people who make the world a better place through entrepreneurial activity by creating businesses, serving others, and solving the world's problems and making people have positive experiences. So you guys are those entrepreneurs of the future. And I wanted you to know that as digital natives, there is profound transformation afoot that you guys are participating in the creation of. And it's just going to get better. So let's walk through the five great upheavals. These are what I consider the coming trends and entrepreneurship for you. Now this is going to seem a little out there. It's going to seem a little futuristic. Don't be afraid. This could be your future, one that you participate in the creation of and one that you will benefit from more than anybody else that's ever come before you on the planet. First, we are already networking people and things in ways that have never been networked before. Where most of human history, we had relationships of one to few. Now we have relationships of many to many, thanks to technological innovations that connect people. Like seriously, you guys have grown up in it, but I didn't. So I am watching this profound transformation unfold. For you, you take it for granted. For me, it's like wondrous. Everything in the economy right now, everything that's happening in the world is full of surprises. And that surprise, that constant sense of aha that happens when you network people is going to keep coming. Let me give you a couple of examples. We've talked about Uber before, Uber being an app that networks people with what used to be called idle capital. Capital is something that I can find useful. It could be money, it could be home, it could be a car. Well, it used to be that I had a car, and if I wasn't using it, it just sits in the driveway. But by networking people with each other and people with things, suddenly that capital can be used. That human capital, me sitting on the couch, watching TV, wishing I had a job, and my car out in the driveway, suddenly because we're connected to one another, we can put that capital to use and go out there and take some people home that have had too much to drink on Fifth Street. But it doesn't stop there. Because we're networking people and things, we can go even further. There are technological algorithms currently being developed that makes it so that vehicles can be autonomous. Autonomous vehicles means driverless cars. If you network those driverless cars, suddenly you have a hive of roving vehicles that you can use at any time, basically, that you need without having to own your own car and without having, perhaps, to clog up the interstate. So this one-to-one relationship that we once had, or one-to-few relationship that we've had throughout human history, means that we are now moving to a situation where there's many to many connections. And when you can connect people in this way, you do something called or bring about a situation called disintermediation. That's a big word, disintermediation. That means you're taking out the intermediary. You're taking out the middleman. So if you take out the middleman in money, you have Bitcoin. If you take out the middleman in transportation, you have Uber and so on and so on. This process of disintermediation is going to transform the way we look at the world. It's going to make us wonder about seemingly arbitrary things like national boundaries, like what governments are doing or what governments claim they must do. When you network people and things, a whole level of bounty emerges that was never before possible, and you guys will inherit that bounty. Radical abundance. We talked about before the idea that maybe an experience economy is emerging, that what you guys will do well as entrepreneurs is help people find beautiful experiences, meaningful experiences, pleasurable experiences, not just goods and services, right? Well, radical abundance may change that too, because the truth is we don't know what the future economics mix of goods and services is going to be, and here's why. The cost of production by networking people and by sharing recipes, I call them recipes, but the idea of a recipe is knowledge about how to do something or how to build something. The more we're sharing recipes for how to build something or how to do something, we can attach these recipes at the ends of the network to, say, 3D printers, and 3D printers are getting better, faster, cheaper, to the point that if we haven't already, we will soon be printing an entire home in the course of a day. Can you imagine the reduction in costs for building a poor person a home if you could print a home in a day? This is just, it's unbelievable. This kind of stuff also disintermediates, but it gives us more of our wants and needs at drastically lower costs. This is gonna continue to improve over time. So this radical abundance is the world that you guys are gonna get to live in and it's a very bright future indeed. Paradoxically, because we're dematerializing the economy, the environment is gonna get better too. It seems like that there's going to be more stuff means that the environment is gonna be worse, but that is not necessarily true because these processes help eliminate waste. They help with recycling. So something that takes a day to build and it's very low cost maybe can be recycled. It doesn't require so many natural resources to produce, we hope. So this is a process that is gonna improve the human condition on all kinds of dimensions, including the environmental one. New frontiers. This is an interesting area, one I'm particularly interested in. I actually had a stint as a researcher at the Seasteading Institute. So this is one of my favorite topics. But we've run out of land, right? We've discovered all the land in the world. There have been people even on the South Pole. But the sea, even though people travel around and boats on the sea, the sea has been up to this point relatively uninhabitable. Apart from people living on cruise ships, which is actually starting to happen, retirees are finding cruise ships cheaper to live on than retirement homes. There's not really that many people on the sea, certainly not in any kind of important economic clustering. But here's what happens. As land values rise and become more expensive, as regulatory costs of countries go up due to predatory states or what have you, and as people desire to move around from countries with bad rules to countries with better rules, we might see things like Seasteading emerge. Seasteading is being able to move and live out on the water. Sort of like homesteading is on land, Seasteading is on sea. So we have a situation now where the ocean tax, we call it the ocean tax, there's nobody taxing the oceans, but the ocean is a very expensive place to live. The salt ruins your vessels, the elements can be harsh. It's just been difficult to live at sea, but the costs of living at sea are going down and the costs of living on land seem to be going up. As this process happens, there's a theoretical point in which these will cross and entrepreneurs will go out onto the ocean. They will also engage in jurisdictional arbitrage. That was the fancy term we used, so moving from worse rules to better rules and enjoying the abundance that falls from that, especially as entrepreneurs. So you will be providing opportunities for people by moving out onto the sea. We might even have people living on the moon in your lifetime. Can you imagine that? We might even have space explorers mining asteroids. If the price of certain elements on earth goes up high enough, it might be cost effective. To fly to a nearby asteroid, mine it and bring it back to earth. Wouldn't that be fantastic? That is the beginning of how we as a species begin to colonize space. So these new frontiers are ready for you guys to explore and you'll explore it because you have a reason to do so. Those are entrepreneurial reasons. The age of the ageless. Well, he's kind of a funny looking guy with this big old beard. His name's Aubrey de Grey. And he is one of the foremost researchers in the area of radical life extension. Radical life extension. This fellow and other scientists are searching for the cure for aging, okay? I look at all your young faces. I feel my aching back and I think to myself, wow, wouldn't that be good, hurry up. But it's true. We are going to see some very interesting things in the next 20 to 30 years. There is a phenomenon called Moore's Law. How many of you have ever heard of Moore's Law? Okay, Moore's Law is usually used to describe microprocessors, okay? In your phones, you have a microprocessor that does work. So Gordon Moore back in the 1960s was building microchips and he wanted to talk about their processing speed. And he came up with the idea based on observation that roughly every 18 months, the processing power of these microchips increased, doubled. So with a doubling of processing power every 18 months, you get what's called a Moore's Law effect. That is steady improvement over time. But these Moore's Law effects don't just happen with microprocessors. Things get better, faster, cheaper, more powerful, more whatever over time when markets are free, relatively free. So what about in the area of medicine? The area of medicine isn't over-regulated and certain kinds of research can be carried out. That means that we're gonna see improvements, exponential improvements in the kinds of, in the area of aging. And Aubrey de Grey is one of the founders of a prize called the Methuselah mouse prize to figure out how to halt and even reverse the aging process. So you guys may be the first generation that has to die by being hit by a bus rather than growing old. If we're talking about a 20 to 30 year time window, you may live longer, way longer, probably your average age by the time you grow old will be at least 120 years, not 80 years. That's pretty awesome. So what does the economy look like then if people are living almost twice as long? Do they have multiple careers? Do you as entrepreneurs have to provide experiences in the experience economy to help them change careers, to rethink the way they're living, to live a more meaningful life on earth? Some people find this prospect depressing, some people find it really exciting. Whatever you think about it, it is very likely to happen because people wanna live. So the age of the ageless is coming. Super intelligence. What if you could be 10% smarter than you are right now or 10% more productive or effective? Simply by drinking a yerba mate, that's what I did before I came on. Hopefully I'm 10% more effective than I would have been otherwise, but I did that in order to be able to give you an experience and to remember what I needed to remember to do a good talk, right? So I want to be able to have my cognitive functions rocking and rolling when I'm given a talk. Well, remember this Moore's Law thing is happening, right? Remember that we are networking people and networking things. It could be that we develop drugs such as nootropics. There are nootropics right now that can help people have higher cognitive functions. We may be able to soon identify genes that I think they already have that are responsible for cognitive function. We may be able to interface between microchips and neurons in such a way that increases our intelligence, allows us to remember things better or have better short-term memory, better long-term memory, more creativity, increased cognitive function. So not only are you guys gonna probably live longer but you guys are probably gonna be smarter than any generation that came before. Again, that's a scary prospect to some people and it's a fascinating and exciting prospect to others. But when you have more smart people on earth working together to solve problems, you get less poverty, you get more abundance, you get happier, healthier people because you have smarter and more interesting entrepreneurs. All over planet earth, helping to lift people out of poverty and solve the world's problems. So, it's not gonna look like this. It's not gonna look like a bicycle gear attached to somebody's head. It's probably gonna happen in some, a little subtler way. But I think all of us would be smarter if we could and you probably can, you already can be smarter with certain kinds of aids that are technological or medicinal approaches to making us smarter or genetic. But the age is coming. How are you as an entrepreneur gonna deal with this age? How are you gonna exist in this age? So what do you think about this horizon? Does it look bright? Does it look frightening? Whatever it is, times they are changing and they're changing fast. Your generation is part of a series of great upheavals. You will inherit a world that is richer, more networked, more collaborative, smarter and better than any world before if you don't screw it up. If we don't give, for example, too much power to the people with the guns in the jails and the standing armies, because they've been known throughout human history to kind of screw things up. We've got to make sure that that doesn't happen. We've got to make sure that we keep our eyes on that horizon that we go out into this new, brave new world with integrity, with honesty and with a desire to make the world a better place because that's what entrepreneurship is all about. Thank you very much.