 Good morning. We are excited to welcome our viewers to today's global innovation through science and technology Tech Connect conversation about disrupting markets to transparency and empowerment. I'm Ovidio Bujoran the lead for the GIST initiative at CRDF Global CRDF is very proud to partner with the State Department on this initiative which empowers youth around the world to build their Ventures and catalyze economic growth. Today we have the pleasure of having The knowledgeable and dynamic Rich Barton with us to answer some of your burning questions. He will share his thoughts on Three key subjects. What exactly are disruptive innovations? How will transparency and empowerment change market places and how can One create a business to optimize on those changes. Please start sending us questions now in the chat space next to the video or by using our Twitter hashtag and please be sure to use the hashtag at GIST Connect when tweeting about today's presentation. Rich as we start for questions to come in I would like to start off by asking in your speech at the Zillow Premier Agent Forum you talked about freedom as primal to our species. How would you say entrepreneurship and innovation help Attain this freedom or is it the other way around. I mean it's a good question of which comes first. It's kind of a chicken in the egg but it is my opinion that entrepreneurship kind of let's call it Silicon Valley style but not just Silicon Valley style Entrepreneurship in general and the ability for every person to create a business and make a living for himself. I see as the tip of the freedom spear if you will it's kind of the camel's nose under the tent. The more entrepreneurship we can have The more vibrant and entrepreneurial ecosystem we can have. Freedom is a natural byproduct of that because people start demanding more rights and more freedom and when that happens that enables even more and so I see it as a feedback system like you say This is the reason that I get such a thrill talking to you guys and sitting here because I get excited about revolutionary ideas and power to the people and freedom to the people and if I can help evangelize this capitalism around the world then I think people are going to be more free. Wonderful. It's great to have a great role model like you of a very successful entrepreneur on this with us today because Rich actually embodies what he said on entrepreneurship and innovation and it's great for our audience that's primarily global and international to actually have access to you and to be able to ask you questions to go even deeper on the same thoughts Moving to the next question. My mic is off on that last one. I don't know if you could hear it okay? On your blog you talk about good government being the most important ingredient for a thriving startup ecosystem In your view what is good government and maybe if you can talk a little bit about U.S. and also how you see that projecting internationally Yeah I see good government as it's kind of the soil in which an entrepreneurial ecosystem grows It is fundamental to the environment. The other characteristics that are fundamental as well are I kind of would portray talent as the sunshine so we need sun to grow We need lots of good talent and we need great universities and great apprenticeship programs and great mentors to be able to have that talent flowing into the ecosystem We also need rain. We need money okay and so money combined Money for investment that's easy to access so capital markets combined with talent Growing in the soil of good government I think are fundamental to an entrepreneurial ecosystem Now good government for me I grew up outside of New York City in an affluent suburb in Connecticut And I have for my life taken freedom and good government I think for granted I try not to forget how lucky I've been to be able to be an entrepreneur in such a favorable ecosystem I can only imagine how hard it is for others around the world who don't enjoy basic basic stuff Like having your employees be able to take public transportation to get to work Having a rule of law that protects property and respects the rights of property holders Intellectual property as well Having consistent electricity and consistent internet Being able to start a company in a way that doesn't take six months And that doesn't cost six thousand dollars or whatever it is All of these things if you have a dispute with someone Being able to have a judicial system that can resolve that dispute Without having to break out knives and guns or simply just not go into your business All of these things are fundamental I think of a free press That can cover the business world and these political issues associated with business Are fundamental as well And so to all of you out there you're working in your countries on building this soil This good government ecosystem You're toiling for yourselves but you're toiling for those who will come after you as well It's a good fight Great, I have an example actually one of our entrepreneurs from Bangladesh He invented a company that would list and will inform people when the next outages are So people don't need to go to work so they can work from the comfort of their home So you see a lot of interesting approaches of our entrepreneurs trying to find solutions Within the constraints of their environment and try to bypassing those solutions Thank you very much for your answer I'm sure you guys could add a lot more to that I'd love to actually hear more about that and what it's really like Please don't hesitate to start sending us questions Our colleagues are collecting them And our Twitter hashtag is at gisteconect Rich is at Rich Barton, right? At Rich underscore Barton Yes, and mine is at Ovid Bujaran So I'd like to take a moment right now to tell our audience a little bit about you Rich You've been with us last year in Malaysia for the Global Entrepreneurship Summit When we had a really nice conversation with the gist entrepreneurs in Malaysia It was fun Yeah, and Rich Barton for our audience is a very successful entrepreneur and investor With a knack for disrupting and transforming industries Which is the topic of today as well He's the founder of Expedia and co-founder and chairman of Zillow and Glassdoor All of which have disrupted massive markets In 2014 President Obama named Rich, presidential ambassador for global entrepreneurship To help promote the startup culture and challenge and inspire budding entrepreneurs around the world Rich also gave the keynote in Malaysia last year for the 2013 Global Entrepreneurship Summit As our gist audience knows, 2014 GES is taking place next week in Morocco Thank you so much for joining us Rich Our next question for you is what do you see the greatest value of a global summit on entrepreneurship You've been last year in Malaysia, is this a good use of time? I mean I think when you get people together to share their ideas And have their ideas collide and them collide physically in a tight space Point of convergence I think that ideation is an innovation and progress happens almost the closer quarters we get Because ideas can't help but be shared amongst people It is one of the things that I talk to entrepreneurs about Relative to being scared about whether or not to share your idea with other people A lot of entrepreneurs I meet are worried about people stealing their idea And so they don't talk with others about it Kind of in the Apple mode, Apple is very secretive and they think If Apple can do it I'm going to do it that way I actually think quite the opposite is true in the modern kind of internet based knowledge economy I think the more smart people you talk to and share your idea with The more your idea is going to get all the rough edges burnished off You may actually do a slight change based on a suggestion that some smart person made I think ideas get polished and get better the more people talk to each other about it And so I see these summits and conferences as a way to have that happen at a super accelerated pace So I'm a big fan of these things, they're also quite fun You get to see how people are doing things in other parts of the world You get to establish contacts that you keep up So that when you have a question about something you can reach out to that friend you met from Egypt And ask him or her about what he's experiencing in that same business that you're in but in another market So these are all beneficial things I have so many stories of meeting friends that I was in training programs with ten years ago And I'm meeting them at the events with just now in Dubai and other places around the world We always encourage our entrepreneurs to build bridges with body entrepreneurs from all around the world Because you never know when your business venture may want to enter a specific market And you already have a point of entry of a relationship there That's right So here's a question, we start to receive also questions from the audience And same speech you had last year, you talk about big hairy audacious goals B-H-A-G And having them as being fundamental in creating revolutionary companies How did you come up with the big hairy audacious goals? The B-Hag B-Hag Yeah, I didn't come up with it The idea is not original, the name actually it was named by a very well known I think he was a Stanford professor in economics or in the business school His name is Jim Collins And he wrote a kind of a canonical business book called Built to Last Built to Last and Good to Great The new guru of leadership globally now And not so, he's been around for a while, not to say he's old So he was studying successful companies And he was looking for common denominators for what made these kind of breakaway successful companies That stood the test of time And he found one of the key common denominators was that these organizations had a big hairy audacious goal Some goal that is so out there and almost so outlandish that outside people can't even, they think you're crazy They can't even believe that that would be possible I have found in my career that the big hairy audacious goal is kind of an aspirational fundamental human thing We all want to be part of things that we think are unachievable That we think are going to help society and push the world forward I find that big hairy audacious goals are oftentimes self-fulfilling And by this I mean if you have a big hairy audacious goal and you communicate that to other team members Say it's let's go climb that mountain in the distance And it's a 5,000 meter peak and it's a volcano There's one of these in Seattle where I live in Seattle, Washington And there's a mountain called Mount Rainier And it is about 5,000 meters and it's a volcano and it looms over Seattle And it's beautiful and scary and the thought of summiting that is quite frightening But if you say I'm going to put a team together and I'm going to scale Mount Rainier And I'm going to stand on the summit with my hands in the air and I'm going to cheer And who's with me? You're going to find that people are attracted to that expedition The adventurers, the pioneers, the dreamers And more often than not it surprises people It surprises me that when you get a team together that believes they can do the impossible They end up standing on the summit The opposite is actually true as well If you aim low, guess where you're going to end up You're going to aim low You're going to shoot low So it might as well aim high You might actually get there I'll give a couple of examples So a big, hairy, audacious goal that is a very famous one from the United States So back in, oh this must have been in the early 60s The Russians were, this is kind of deep in the Cold War The Russians put the first man into space Yuri Gagarin Gagarin, okay, there we go The Russians put the first man into space And the United States, who'd been kind of this post-World War II leader We all looked at each other and started hand-wringing And said, oh my gosh, we're behind, we're falling behind And at that point, President John F. Kennedy put out a B-hag for the country And he said, we want to land a man on the moon And return him safely to Earth before the end of the decade Or by the end of the decade It's a very specific, precise time Sounding crazy too, right? Well, I think it was eight and a half years later Neil Armstrong stepped onto the moon You know, saying that's one small step for man One giant leap for mankind All right, so this is a great example It happened It happened, it was a miracle of sorts The greatest minds in the country And in fact, the world started working on this project I love that story Another example, and then we can move on if you want But another example in the business world from this is I was inspired, I had a geeky side to me, I still do But as a kid, I had computers The TRS-80 from Radio Shack was my first computer The keyboard, the keypads looked like chicklets That probably is a pretty global phenomenon, the chicklet And there was this guy, Bill Gates And he was a young kid who dropped out of Harvard And he started talking about how he was building a company That wanted to put a computer on every desk And in every home running Microsoft software Now this was before there were even really personal computers That was an outlandish notion And yet when he said that, with confidence He was able to attract the very best minds in the world To come join his mission, to put a computer on every desk In every home running Microsoft software And he pretty much achieved it It was amazing, and that actually was one of the reasons When after I graduated from Stanford University in 1989 That was one of the, you know, Bill's B-hag Bill Gates's big, hairy, audacious goal Was one of the reasons that I went to work for Microsoft I was inspired by it It's amazing, and I think a key element Is actually visualizing the destination where you want to be And by the exercise of visualizing the destination The others will share as well I learned myself as well in my interactions The moment you project a certain goal That is way beyond what people would be expecting Guess what? You will not achieve that goal if you don't try And you may as well achieve it if you try You don't know, so I think it's a key element In my language I call them black swans Black swans, okay Because from my point of view, a black swan It's something that will take you from whatever you're doing right now And put you on a totally new level of playing In terms of your achievements, your type of outreach A lot of the key goals that you are doing Because if you don't stretch your goals You will never kind of, you just have small incremental steps Yeah, I think the black swan concept At least as Talib talks about it There's an interesting book called The Black Swan This guy Nicholas Talib who's this famous iconoclast It has a little bit different connotations I think from a BHAG though I think black swan events are also these Unforeseen negative externalities That people think are really, really rare But he argues are much more common than people Than the mathematicians would have you agree Have you believe It's my interpretation of the black swan It's the positive interpretation I'm talking with my team and I tell them You can name whatever color you want for this one But it's not white Which means it makes it different Than whatever you've been doing Alright, the pink swan Let's move to the next question from Yoate in Kyrgyzstan Can you give some examples of ways That budding entrepreneurs in developing countries Can overcome the lack of infrastructure And other difficulties that are not faced By those in US or Europe Yeah, I don't have a ton of experience with this But I would say what you're doing right now In Kyrgyzstan Tapping into this webcast And tapping into this just community Is a great step That is a great step You're curious, you're reaching out You're trying to find people that can give you advice And that you can model your behavior on That's all good I would also say that The personal computer and now the smart phone And all of these connected devices that we have Have made the world a lot smaller And made your community of people And supporters and coworkers Not necessarily have to be next to you At the work table or next door in the next office They can be around the world And so having an open mind About what constitutes a company And where people work and how they collaborate And how they move forward Is a pretty exciting and very modern idea Also the use of social networks Like LinkedIn and Facebook and the others Where people are already connected So actually you take the meetings you have In the real world and then you take them To the virtual world and you kind of become Networked globally LinkedIn and webinars and Skype And we chat, all these tools That people are using to communicate Are really, you know, it's a miracle It didn't exist when I was starting my career There was no internet When I started my career there was no internet It's hard for me to believe it's making me feel old But the smart phone has only really been around Seven years 2007 is when the iPhone launched And now we'll have by the end of this year Seven billion smart connected devices Around the world Imagine the potential of connectivity And all the accessibility for education What's going to happen in the next seven years too? I mean, things are accelerating now Which, Mars, Jupiter Maybe, maybe, I don't know So let's get to one more question From one of our entrepreneurs If you can talk a little bit about the role of mentors How should the entrepreneurs identify good mentors And how they should work with mentors Maybe you have some experiences yourself in your work I mean, I think mentorship in not just business But in life is a... It's important It's important especially for people Who maybe haven't had the support structures That the lucky have had And so aggressively seeking mentorship And mentors, as you all probably are right now Thanks a little more Is obviously a positive thing In my own career Explicit and implicit mentorship Have been really important It started with my parents Who set a fantastic environment for me to grow Set a fantastic work and life example For me Advise me to this day When I actually have my hardest problems That I'm thinking about I call my mom and dad, I do And my dad especially is a really Even-keeled guy He was a child of the 50s The business child of the 50s And the 60s in the United States Which meant he was kind of the prototypical company man He had a briefcase and a suit and a hat And an overcoat and he went from our house In the suburbs and he got on a train And he went to New York City and he worked And then he came back and he was home by 6 p.m. And he sat down and we chatted And that was a common routine He went to work out of Duke University He graduated and went to work for a company Called Union Carbide A chemicals and plastics company And the day he retired he was still working For the same company And so he has been a very steady Mentor advice influence for me My career didn't look anything like that And he was always tickled I was always jumping from one thing to the next And starting this high-risk crazy thing And he provided a great advice And ballashed for me so I'm very Grateful to my dad In my business life as I evolved In my business life I was lucky to Go to work for Microsoft when it was relatively small And I had good exposure to Bill Gates And Steve Ballmer Steve Ballmer who was the Microsoft CEO for many, many years until recently He was my, I worked directly for him For my last two years at Microsoft When I started Expedia And they both have been fantastic Mentors to me as well I think Bill Gates continues To set a really fine example For me and for the world For what to do after you've been successful as well That's great examples Question from Mubarak from Ghana I want to say I'm a fan of your achievement, Rich Speaking on behalf of Mubarak Financing has been one of the greatest Problems for the African startups How can we tap into the capital market Of the United States or just accessing financing You might have better ideas on how to answer this I'm not familiar with the myriad of programs That are targeted at this I know there are some Steve Case has been working on some things And there are funds that have been put together That are targeted at this I think especially in Africa I personally am not involved in any of those But do you know? Yes, yes So there are a few opportunities One is to apply for the next year Just tech eye competition Basically the top 40 finalists From the just tech eye Will actually attend the Morocco event And I think there are 10 from Africa That have been selected The chance there with tech eye You get selected You have a chance to be trained Mentored and also pitch for awards there But most importantly During those events like you said You will have the possibility To interact with the US investors As well as with regional and local investors From the just network What we realize are some of our best entrepreneurs They came for our competitions They got validated by US investors and mentors And then they went home With the stamp of validation from just And they raised capital Our top entrepreneurs raised 26 million In capital accumulated And they are about 80 million in revenue Yearly revenue We're talking across all the three years So please connect with the just network Follow us on Facebook And also continue We have another just tech connect That is specifically on raising capital For your venture Where we had also Brad Feld And few other entrepreneurs that raised capital It's on the website of the just initiative as well Moving to a question from Moxin From Pakistan What's your advice For what people should do to advance Their startup When they don't have a strong entrepreneurial ecosystem Like in US Particularly in terms of raising funds Guess what? Recurring question Yeah I think we got that one covered About you have any advice Especially on the crowdfunding side If you have some ideas I have some answers too Because we covered one in one other tech connect You know I have not dug into the crowdfunding phenomenon Too much I know it's quite a thing Yeah We have for example We have one of our entrepreneurs from Lebanon She raised 80,000 On Indiegogo Oh wow Another entrepreneur from Egypt He raised after being featured in TechCrunch He raised 80,000 on Kickstarter So I think I would strongly encourage Our entrepreneurs from Pakistan And around the world to look at all these platforms And on our site we also have One tech connect on crowdfunding That goes in very detail On how crowdfunding can be used on that You had from France What inspired you to launch Expedia And at what point did you decide To move on from the company Once it was developed and successful Okay Okay great question you had So I think Expedia Like so many companies that come out of us Entrepreneurs It was born of frustration I think when an entrepreneur Finds something in the world that frustrates them And that they know should be different Or they know there should be a product for Or they know there should be a store there They don't just stamp their foot And say wow I'm frustrated Entrepreneurs say how can I solve that problem And that is how Expedia started I was at Microsoft And I was a product manager And I traveled a lot for business And this was in the early 90s And the way you booked travel back then At Microsoft was to use the telephone And to call a corporate travel agent Over the phone And say I'm taking a trip to Chicago For two nights I'm not quite sure when I want to leave Or come back but I have a couple meetings And then that commenced a Long and frustrating experience The most frustrating part is When I was trying to get my flights nailed down Was to be able to listen to the travel agent On the other end of the phone Tapping on a keyboard I can hear the clickity click And I'm a control oriented guy There was no mute button There was no mute button I knew how to use computers And I remember wanting to jump through the phone And look at the screen myself Because I was pretty sure I could make a better decision A quicker Yeah, probably quicker And I knew I cared more Anyway, so I was frustrated That is basically how Expedia was born I was lucky enough to be at a time In a place in Microsoft where I could get that idea And I could go directly to Bill Gates And Steve Ballmer and the senior management At Microsoft and say, you know what The internet is coming The internet hadn't really started yet It was 1994 But the online services Prodigy and CompuServe and AOL And I'm sure there are others around the world Had started and I looked at those online services And I said, you know what We can actually empower everyone To plan and purchase their own travel By using technology that we're good at building And one day our BHAG When I was in the boardroom at Microsoft And Bill Gates was there He's kind of my venture capitalist I said, one day we can become The largest seller of travel in the world If we get on this now And luckily, you know Bill Gates didn't laugh at me and call me crazy He thought that was kind of interesting And so that is how he green lighted that project That's how Expedia got going I told him I thought it was going to not be A software business It wasn't really going to be a strategic Microsoft business If it worked And that we should start it outside of Microsoft He said get it going inside of Microsoft And if it makes sense one day to spin it out We will And that's what happened To follow on on that Basically, Clay Christensen HBS, our business called Talks about ambidextrous organization That basically are able to nurture within themselves New ventures that actually become very big In an existing organization So how I mean, it was great that you had The support of the key leader of Microsoft From your experiences How was the dynamic of interaction between A new emerging venture And the existing culture in Microsoft Because I think we have some of our Entrepreneurs that work in big companies Around the world How was that interaction? Yeah, I mean I want to think of it as intrapreneur So you're an entrepreneur Intrapreneurship Yeah, intrapreneurship Which I don't know if it's a real word It is, yeah At least in the business dictionary That's a word You know, I think If you're in the right organization That organization will cultivate An entrepreneurial mindset And will encourage people Probably usually younger people From lower down the organization To come up with, you know More radical ideas And bigger ideas And to be a part of an organization That can nurture and encourage that Rather than see that as Distracting or threatening Most organizations don't view it that way The ambidextrous organizations are few And far between But Microsoft at the time I was lucky was one such A key feature of these organizations Is that people Are people at your company Allowed to take big swings at things And fail And do they still have their jobs After that happens, okay And Microsoft was a place That, you know, encouraged me To, you know, my first boss at Microsoft I'd meet with him in one-on-ones And he'd say, you know What's the big idea? What's your big idea? And I had some big ideas Early on that really were big, bad ideas But this one, you hit that, right? Yeah, this one I did But I had done stuff that didn't work That's important to go through the process That's right That's to learn from it And not be fired Yes Right, yes So try stuff out Push agitate in your organization You know, be the agitator You know, fight the power a little bit And if you have the right political skill Inside your company You'll do that without threatening too many people And you could do some interesting things But to build on that If you don't disrupt yourself as a company There will be other people That will disrupt yourself So may as well disrupt yourself In a process that actually is encouraging And it's like You have the support of the organization Intel has done this repeatedly as well But as you said There are fewer and fewer organizations Because it's very difficult to manage Because the existing culture Is very focused on the Whatever lines of businesses Are producing the most profit today Not in five years I mean, that is the subject of Professor Christensen's book The Innovator's Dilemma Yes So another canonical great business book I'm not a big consumer of business books But, you know, the greats I've certainly spent some time on And he kind of gave a very interesting framework This Innovator's Dilemma To that exact phenomenon I was inspired to I was lucky to take his class I was very lucky Prakash from Nepal Travel startups have a challenge In building a local product While targeting global clients Such startups have strong global competitors Like Expedia, for example What advice do you have for such Travel startup to make themselves Unique and conquering different niches? Yeah You're lucky The web is the greatest travel guide And commerce platform ever invented The internet itself And the great thing about A small local travel supplier Or provider is that You can be big on the internet And you can compete With Expedia and Priceline And what have you If you build something You have unique content That isn't available somewhere else You build it in such a way That Google finds you And puts you in the search results So focusing on a unique A unique product Combined with SEO Search engine optimization Can be a very inexpensive way To compete with the big boys And do quite well And there have been lots of successes with that We have in the GIST network One of our most successful companies Which I think you met in Malaysia A ticket that comes from Indonesia Who has been extremely successful The winner of the GIST tech guy in Dubai in 2012 Who embodies what you just mentioned right now They were able to hit a specific niche Which was the growing need for travel In the middle class in Indonesia and Southeast Asia And they had the product, a solution That actually addressed that specific need For that geography That Expedia wasn't approaching So we have the next question From our partners at the UN Foundation And the social good team Thank you very much for partnering For this event, Rich How can we ensure that we're collaborating To progress innovation Rather than separately reinventing the wheel Connecting Connecting You know, the GIST network Facebook groups It's not so bad to separately reinvent the wheel too You know I think that different teams of people Working on similar products Work with different solutions And slightly different from each other And there's kind of a natural selection You know, the more innovation we have The more rapid progress we make And so, you know I don't think that's necessarily too bad But the way we are interconnected now Means that we can collaborate on that And we can all try to figure out In the academic world One of the big races was to discover The Higgs boson, right? And these competitors At CERN And these competitors were from all over the world Physicists from all over the world Were collaborating together Sharing all their research together And coming up with the solution together Because the result will impact everyone So that's something that benefits everyone Just for our audience We have one of our tech connects Is focused specifically on ideation How people come up with ideas What sort of places do you need to look for What sort of mechanisms Do you deploy to be able to connect With the right sort of pieces of expertise You're most welcome to check that Let's move to the next question How important are good employees To a company's success And how do you find people For your organization that care As much as you do about the company's success I mean, you can't I can't overstate the importance of great people Now, my businesses have all focused On ideation of intellectual property I haven't started and been involved With businesses that required much Kind of physical capital All of my stuff is software and brand So intellectual property And if you think about it What is the factory for intellectual property What makes intellectual property Where does it come from? The brain It comes from the brain It comes from the brain And it comes from brains collaborating With one another All right, so therefore Having the best brains In your company that's creating intellectual property And intellectual capital What could be more important? Yeah, Jim Collins One of his teachings in his book Is get the wrong people off the bus And get the right people in the bus That's kind of at the beginning of any venture With Nolan Bushnell from Atari Games In one of our programs he mentioned That when you build a venture It's like the initial DNA So if you shape it with the right sort of properties They will tend to replicate So you need to be super mindful What type of characteristics What type of skills you want to bring In the core team Because they will tend to replicate Later on in the development Those are the initial conditions So how do you get those people? Well, one of the mechanisms We've been talking about Is having an exciting goal You know, doing something That smart people want to be a part of You know, and a lot of times That may not have a lot to do with money And even the business at its core It may, I think the very best companies Are more mission driven You know, they have a soul And they believe, rightly or wrongly That they are changing the world Not just creating profits for shareholders When people believe they're part Of something that's changing the world They get really excited This is for my companies I have tapped into over and over again This idea that I call power to the people And just like with Expedia Empowering everybody to take control Of a scary, costly, exciting process And be able to storm the best deal And take control for themselves So then I built after Expedia was public And then was purchased as a public company I left and I moved on and started Zillow Which is now the biggest real estate site Probably in the world I think maybe so fun in China might be bigger But Zillow is in the U.S. 80 or 90 million unique users a month And what Zillow enabled was It enables Americans or anyone around the world Looking at U.S. housing To know everything about every house In the country all the time It's anchored by what we call the Zestimate Which is an estimated market value Of every home in the U.S. That's updated every night And it's plotted historically like a stock price This is information power And then on top of that it's what's for sale And what's for rents and what's being foreclosed on And what recently sold And how much that sold for And so all of this marketplace information That previously had been withheld from regular people And this addresses the issue of transparency And access to information And we make that available to everyone in real time So basically they can base their decisions On real information rather than kind of relying on somebody Or not having access to that So that's transparency in real estate We have a product in mortgages That's the same way Mortgages are scary and costly and opaque And so being able to have regular people Look into the mortgage marketplace And make a decision for themselves That's a good one Glassdoor is another site That some of you guys might use You want to know what salaries people are making At another company Maybe you're considering a move Or you're just going into a review A salary review with your job or with your boss Well use glassdoor.com or the app And you can find out a lot about What's going inside of that organization So this is more kind of throw back the curtains Let people get information for themselves And make good decisions So that in particular is something that's fired me up And I think that is very applicable For a lot of the countries that we are talking about Because their information is still not transparent And it's not available to everyone So I think there are opportunities for our Entrepreneurs to actually design something At the intersection of that And you have done it repeatedly in different industries Travel, real estate and human resources, jobs I've got a couple more too I've got one in healthcare That helps people who are interested in cosmetic procedures Which is notoriously difficult to get the real story on Helps them make decisions, it's called real self I've got one in legal services as well Called AVO, AVVO That we rate attorneys and help connect people with attorneys To answer scary important questions About something that's happened in their lives I've got a whole stable of these And you can look for these kinds of opportunities In your markets Wherever you see a big kind of information asymmetry Where the privileged have access to a bunch of information That you, the masses do not have access to And if you can figure out a way to spark that gap To tear down that wall between the people And the information, you're on the side of the angels Giving power to the people You are on the side of the angels And once that gap is crossed And once information starts flowing It's very hard to have it reverse And go the other way And that has big implications for the overall ecosystem And freedom and the development of Entrepreneurship and innovation So that enables a lot of things Thank you very much Rich Question from Wagner Barbetta in Brazil And what role do you think should university play? You asked Happy to It's very warm in here, guys So I'm drinking a lot of water My pleasure What role should universities play In the innovation ecosystem? Traditionally, universities have developed More innovations on science and technology And the innovation that they create Don't always easily turn into ventures and companies They don't reach the market How would you suggest universities Transfer innovation Or turn innovations into companies Any suggestions that you have for this For this specific idea? I mean, I think the model The kind of canonical model For a terrific partnership between University and industry Is at the core of Silicon Valley It is what helped really Get the Silicon Valley flywheel spinning And that is Stanford University This is where I went to school And I was exposed to this incredible Positive feedback system Between the university Allowing people at the university To make entrepreneurial investments In a really easy non-judgmental way Providing resources, helping professors Spin out of Stanford Build companies and then come back To Stanford what they want Having Stanford actually own equity In these companies, Google Stanford owned 3 or 4% of Google Because Google was started at Stanford The president of Stanford, John Hennessey Has been the president for 15 years Was a professor at Stanford Slipped out, did a startup Came back and is now the president He ran the computer science department for a while So exactly what the mechanism Is that enables that I mean, there are probably 100 things But if you're trying to figure that out At your university right now The example is there to be studied To study it And now are trying to build Their own version of that I live in Seattle, Washington University of Washington Has a fantastic computer science department One that I know well And University of Washington Is part of a really interesting accelerating Dynamic startup ecosystem In the Seattle area right now It can be done elsewhere That's great, the questions they seem That I asked them Because we have our prior tech Where we brought two of our Entrepreneurs who are scientists And PhDs that took their innovations To market, so please check our website From lab to market We also will have soon a visual Summary of that program Just to address the specific questions I mean, one thing My guess is This kind of change At a university probably needs To start at the top At the top of the university But it has to be supported at the top The decision maker Because I think universities Are very complex political organizations With lots of infighting In competition amongst academics And if you're in an academic environment You know this It's also the incentive system Because the incentive system In the Stanford and other US universities Is very well aligned First is the permission to be able To pursue I think those two are critical Because if you don't have any If you don't have the permission You cannot do it Or you can do both at the same time But I think this cross-pollination of ideas Between the private sector The university is super beneficial to both ends And the faculty The leadership The staff needs to see that As a positive Not as a threat I think too many Universities Probably view that As a threat to them Beneath them Maybe not what their curriculum is all about Not worthy of And have jealousy When a professor leaves a university And goes off and starts a company And does very well It doesn't necessarily make That professor all that popular Back at the university Only if, for example, it happened to be Google Our entire endowment Doubles or triples These are from Tunisia Our just entrepreneur Expedia And Zilo have capitalized on electronic Payments available for the U.S. Market. How can we monetize Startups when there is no efficient Electronic payment method In the developing world? Sounds like a great problem to work on As an entrepreneur Is electronic payments in the developing world I mean I know it's advancing pretty rapidly This is not something an area that I've invested in Or I'm super familiar with But I have seen and heard about Lots of startups who are attacking This exact problem And plenty of e-commerce companies are operating Expedia probably operates In 100 countries at this point So it clearly, it may be a hack But it's solvable now And probably in the next 10 years Is getting a lot better One thing that I saw on a recent trip to China I made earlier this year Was the rapid Ascendance of Alipay And Tenpay Which are probably The two most interesting Innovative electronic payment systems in the world Part of it is because The lack of a very Mature consumer banking Infrastructure in China Meant that the incumbents were not Necessarily threatened by new Emerging entities like Alibaba And Tencent that actually begin to look like Thanks And so it's very easy In China to use your smartphone To not only hail a taxi Watch it come Towards you This is all from WeChat actually So you start in a communications app You start it and you hail a taxi You watch it come towards you You get in it You pay for it on the way out With Alipay or Tenpay And We watched a demonstration where The money went from our host's Smartphone account That we were looking at how much was there And we watched it immediately show up In a taxi driver's account Real-time With no friction And no four-day waiting period And no 3% paid to the merchant bank Nothing, it just went Just like it should That makes it probably the most frictionless Advanced payment system in the world It should be that way everywhere And it probably will be someday It's interesting, one of my friends Manages PayPal in Turkey and Mina So I know that PayPal Is starting to increase their presence In the Mina region as well So please also look for PayPal In the region as well Another question from Kyrgyzstan What do you think about big data Is it a separate industry or just Technology that enables decisions Can big data disrupt markets Your startup Are working on right now Or enable Big data I don't know That it's a self-contained thing Big data is everywhere It pervades everything at this point And every company Should be hiring Zillow We were doing budgeting the other day And I was Count trying to count how many people At Zillow had the title of Data scientist, data analyst Or statistician And this is at Zillow We're kind of a consumer Internet company in the real estate business You are selling information 40 people 40 people had one of those Three titles So Zillow is not What I would call a big, we don't sell Big data services to people But big data is absolutely fundamental To what we do at Zillow And I'm sure it's that same way For consumer product companies For retail companies, for service providers For everyone Tell all your mentees Who are still in school To Get data oriented Degrees Where we're drowning in data But talking about the transparency And enablement, that would be Like the first layer So the big data will come Not on top, but will be enabled By the transparency and all that Collection of information To be able to kind of Then build something on top of the two of them Yeah, I mean we're entering A world where there's so much data Collection happening, the whole world Is becoming instrumented If that makes sense to you So monitors Are built in everywhere And everything we do Cars in the air Our jobs, our smart phones And companies Are collecting so much data now Trying to figure out even Where to store it, how to store it Much less how to analyze it This is a 10-year problem We're working on, it's actually a fundamental Problem in computing Is can we build Fast enough, large enough computers To do something interesting With all the data that's being collected That's great, I think a lot of opportunity This last question From Carlos In Mexico Hi Carlos, in your experience How do you, how close do We are to correlate behaviors From social networks Between people leaving experiences And use it to make Real-time market research? I don't know, I think That we're watching Facebook And Twitter and Instagram Do this exact thing Right now It is You know Facebook's ad platform Didn't really exist in a meaningful way Four or five years ago And now I would say in my company Is it is the most interesting And sophisticated ad platform On the planet Because we can target People and behaviors And social networks rather than just Targeting You know, the big portion of ad spend That the last big one was targeting Keywords Keywords were a proxy for behavior And a bit of a crude proxy They work quite well For commercial oriented Commercial oriented stuff Where there's intent But behavior oriented stuff And kind of personal Personal information Using personal information to target people Is now Facebook's realm They've become the leader in this It's a little scary To us Not me personally, it's not scary I see it as an opportunity But society as a world We're going to have to give permission To Facebook and all these companies To increasingly use our personal information To target stuff at us But I do think we want more personalized services To actually asking the users Can we monitor your data And then we pay you something Google now is pretty interesting too Google now, if you guys Use it on Android, it's pretty cool It's personal and good Google aggregates All your properties On Google So I'm afraid We have to wrap up Rich, thank you so much Rich, and also our viewing sites Around the globe For mobilizing their entrepreneurial community A big thank you also To the UN foundation And the social good network As well as Karolina Martore De Paris She has helped us a lot with the outreach In Latin America, thank you Karolina And Also a big thank you to the Gistek Connect correspondents Around the world that have been tweeting And promoting this event As good without Rich, great answers And wisdom, and also without you Our network and our friends around the world We encourage you to stay informed About the GIST program by following us On Twitter at GIST network Or on Facebook at GIST network And as we mentioned Next week is the Global Entrepreneurship Summit in Morocco Between 19 and 21 of November More information Can be found on the GIST website Please follow at GIST 2014 For updates and news And lastly I want to thank the team at IAP OES And also my colleague Fidan Sarah and Catherine For their support with this program Thank you again Rich, and I'll see you next time Thank you guys