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" While a 10x improvement is gargantuan, Teller has very specific reasons for aiming exactly that high. “You assume that going 10x bigger is going to be ten times harder,” he continues, “but often it’s literally easier to go bigger. Why should that be? It doesn’t feel intuitively right. But if you choose to make something 10 percent better, you are almost by definition signing up for the status quo—and trying to make it a little bit better. That means you start from the status quo, with all its existing assumptions, locked into the tools, technologies, and processes that you’re going to try to slightly improve. It means you’re putting yourself and your people into a smartness contest with everyone else in the world. Statistically, no matter the resources available, you’re not going to win. But if you sign up for moonshot thinking, if you sign up to make something 10x better, there is no chance of doing that with existing assumptions. You’re going to have to throw out the rule book. You’re going to have to perspective-shift and supplant all that smartness and resources with bravery and creativity.” This perspective shift is key. It encourages risk taking and enhances creativity while simultaneously guarding against the inevitable decline. Teller explains: “Even if you think you’re going to go ten times bigger, reality will eat into your 10x. It always does. There will be things that will be more expensive, some that are slower; others that you didn’t think were competitive will become competitive. If you shoot for 10x, you might only be at 2x by the time you’re done. But 2x is still amazing. On the other hand, if you only shoot for 2x [i.e., 200 percent], you’re only going to get 5 percent and it’s going to cost you the perspective shift that comes from aiming bigger.” Most critically here, this 10x strategy doesn’t hold true just for large corporations. “A start-up is simply a skunk works without the big company around it,” says Teller. “The upside is there’s no Borg to get sucked back into; the downside is you have no money. But that’s not a reason not to go after moonshots. I think the opposite is true. If you publicly state your big goal, if you vocally commit yourself to making more progress than is actually possible using normal methods, there’s no way back. In one fell swoop you’ve severed all ties between yourself and all the expert assumptions.” Thus entrepreneurs, by striving for truly huge goals, are tapping into the same creativity accelerant that Google uses to achieve such goals. That said, by itself, a willingness to take bigger risks "
― Peter H. Diamandis , Bold: How to Go Big, Create Wealth and Impact the World
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" Deception. What follows digitalization is deception, a period during which exponential growth goes mostly unnoticed. This happens because the doubling of small numbers often produces results so minuscule they are often mistaken for the plodder’s progress of linear growth. Imagine Kodak’s first digital camera with 0.01 megapixels doubling to 0.02, 0.02 to 0.04, 0.04 to 0.08. To the casual observer, these numbers all look like zero. Yet big change is on the horizon. Once these doublings break the whole-number barrier (become 1, 2, 4, 8, etc.), they are only twenty doublings away from a millionfold improvement, and only thirty doublings away from a billionfold improvement. It is at this stage that exponential growth, initially deceptive, starts becoming visibly disruptive. "
― Peter H. Diamandis , Bold: How to Go Big, Create Wealth and Impact the World
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" A large brand will typically spend between 10 and 20 percent of their media buy on creative,” DeJulio explains. “So if they have a $500 million media budget, there’s somewhere between $50 to $100 million going toward creating content. For that money they’ll get seven to ten pieces of content, but not right away. If you’re going to spend $1 million on one piece of content, it’s going to take a long time—six months, nine months, a year—to fully develop. With this budget and timeline, brands have no margin to take chances creatively.” By contrast, the Tongal process: If a brand wants to crowdsource a commercial, the first step is to put up a purse—anywhere from $50,000 to $200,000. Then, Tongal breaks the project into three phases: ideation, production, and distribution, allowing creatives with different specialties (writing, directing, animating, acting, social media promotion, and so on) to focus on what they do best. In the first competition—the ideation phase—a client creates a brief describing its objective. Tongal members read the brief and submit their best ideas in 500 characters (about three tweets). Customers then pick a small number of ideas they like and pay a small portion of the purse to these winners. Next up is production, where directors select one of the winning concepts and submit their take. Another round of winners are selected and these folks are given the time and money to crank out their vision. But this phase is not just limited to these few winning directors. Tongal also allows anyone to submit a wild card video. Finally, sponsors select their favorite video (or videos), the winning directors get paid, and the winning videos get released to the world. Compared to the seven to ten pieces of content the traditional process produces, Tongal competitions generate an average of 422 concepts in the idea phase, followed by an average of 20 to 100 finished video pieces in the video production phase. That is a huge return for the invested dollars and time. "
― Peter H. Diamandis , Bold: How to Go Big, Create Wealth and Impact the World
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" And this doesn’t just mean taking physical risks. The science shows that other risks—emotional, intellectual, creative, social—work just as well. “To reach flow,” explains psychiatrist Ned Hallowell,22 “one must be willing to take risks. The lover must be willing to risk rejection to enter this state. The athlete must be willing to risk physical harm, even loss of life, to enter this state. The artist must be willing to be scorned and despised by critics and the public and still push on. And the average person—you and me—must be willing to fail, look foolish, and fall flat on our faces should we wish to enter this state. "
― Peter H. Diamandis , Bold: How to Go Big, Create Wealth and Impact the World
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" The Memory Business Steven Sasson is a tall man with a lantern jaw. In 1973, he was a freshly minted graduate of the Rensselaer Polytechnic Institute. His degree in electrical engineering led to a job with Kodak’s Apparatus Division research lab, where, a few months into his employment, Sasson’s supervisor, Gareth Lloyd, approached him with a “small” request. Fairchild Semiconductor had just invented the first “charge-coupled device” (or CCD)—an easy way to move an electronic charge around a transistor—and Kodak needed to know if these devices could be used for imaging.4 Could they ever. By 1975, working with a small team of talented technicians, Sasson used CCDs to create the world’s first digital still camera and digital recording device. Looking, as Fast Company once explained, “like a ’70s Polaroid crossed with a Speak-and-Spell,”5 the camera was the size of a toaster, weighed in at 8.5 pounds, had a resolution of 0.01 megapixel, and took up to thirty black-and-white digital images—a number chosen because it fell between twenty-four and thirty-six and was thus in alignment with the exposures available in Kodak’s roll film. It also stored shots on the only permanent storage device available back then—a cassette tape. Still, it was an astounding achievement and an incredible learning experience. Portrait of Steven Sasson with first digital camera, 2009 Source: Harvey Wang, From Darkroom to Daylight “When you demonstrate such a system,” Sasson later said, “that is, taking pictures without film and showing them on an electronic screen without printing them on paper, inside a company like Kodak in 1976, you have to get ready for a lot of questions. I thought people would ask me questions about the technology: How’d you do this? How’d you make that work? I didn’t get any of that. They asked me when it was going to be ready for prime time? When is it going to be realistic to use this? Why would anybody want to look at their pictures on an electronic screen?”6 In 1996, twenty years after this meeting took place, Kodak had 140,000 employees and a $28 billion market cap. They were effectively a category monopoly. In the United States, they controlled 90 percent of the film market and 85 percent of the camera market.7 But they had forgotten their business model. Kodak had started out in the chemistry and paper goods business, for sure, but they came to dominance by being in the convenience business. Even that doesn’t go far enough. There is still the question of what exactly Kodak was making more convenient. Was it just photography? Not even close. Photography was simply the medium of expression—but what was being expressed? The “Kodak Moment,” of course—our desire to document our lives, to capture the fleeting, to record the ephemeral. Kodak was in the business of recording memories. And what made recording memories more convenient than a digital camera? But that wasn’t how the Kodak Corporation of the late twentieth century saw it. They thought that the digital camera would undercut their chemical business and photographic paper business, essentially forcing the company into competing against itself. So they buried the technology. Nor did the executives understand how a low-resolution 0.01 megapixel image camera could hop on an exponential growth curve and eventually provide high-resolution images. So they ignored it. Instead of using their weighty position to corner the market, they were instead cornered by the market. "
― Peter H. Diamandis , Bold: How to Go Big, Create Wealth and Impact the World
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" Synthetic biology56 is built around the idea that DNA is essentially software—nothing more than a four-letter code arranged in a specific order. Much like with computers, the code drives the machine. In biology, the order of the code governs the cell’s manufacturing processes, instructing it to make specific proteins and such. But, as with all software, DNA can be reprogrammed. Nature’s original code can be swapped out for new, human-written code. We can co-opt the machinery of life, telling it to produce—well, whatever we can think of. "
― Peter H. Diamandis , Bold: How to Go Big, Create Wealth and Impact the World
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" Peter’s Laws™ The Creed of the Persistent and Passionate Mind 1. If anything can go wrong, fix it! (To hell with Murphy!) 2. When given a choice—take both! 3. Multiple projects lead to multiple successes. 4. Start at the top, then work your way up. 5. Do it by the book . . . but be the author! 6. When forced to compromise, ask for more. 7. If you can’t win, change the rules. 8. If you can’t change the rules, then ignore them. 9. Perfection is not optional. 10. When faced without a challenge—make one. 11. No simply means begin one level higher. 12. Don’t walk when you can run. 13. When in doubt: THINK! 14. Patience is a virtue, but persistence to the point of success is a blessing. 15. The squeaky wheel gets replaced. 16. The faster you move, the slower time passes, the longer you live. 17. The best way to predict the future is to create it yourself! 18. The ratio of something to nothing is infinite. 19. You get what you incentivize. 20. If you think it is impossible, then it is for you. 21. An expert is someone who can tell you exactly how something can’t be done. 22. The day before something is a breakthrough, it’s a crazy idea. 23. If it was easy, it would have been done already. 24. Without a target you’ll miss it every time. 25. Fail early, fail often, fail forward! 26. If you can’t measure it, you can’t improve it. 27. The world’s most precious resource is the persistent and passionate human mind. 28. Bureaucracy is an obstacle to be conquered with persistence, confidence, and a bulldozer when necessary. "
― Peter H. Diamandis , Bold: How to Go Big, Create Wealth and Impact the World
