Friday, September 4, 2015

Fwd: Abundance Insider: September 4 Edition




-------- Forwarded Message --------
Subject: Abundance Insider: September 4 Edition
Date: Fri, 4 Sep 2015 12:24:24 -0700
From: Peter Diamandis <peter@diamandis.com>
Reply-To: peter@diamandis.com
To: STeve <stevescott@techacq.com>


Disease-predicting phone data, real-time wildlife tracking and pollution-fighting artificial intelligence systems. These are just some of the inspiring innovations we curated in this week's edition of Abundance Insider.

Cheers,
Peter, Marissa, Cody, Maxx, Kelley and Greg

P.S. Read any news that should go in this digest? Send it to data@diamandis.com.

P.P.S. Know someone who would benefit from getting Abundance Insider? Send them to this link to sign up.

What is this? Consider this a briefing of the week's most compelling tech developments, as uncovered by Peter and his team and curated by Marissa Brassfield. In preparation for Abundance 360, Peter's mastermind for exponential entrepreneurs, our team shares breakthrough ideas and news items with each other and consider their implications for entrepreneurs.

A Kenyan Won the Gold Medal in Javelin After Learning How to Throw on YouTube

julius yego

What it is: Julius Yego of Kenya won the gold medal in javelin at the recent World Athletics Championships, and narrowly missed the current world record. The distinction? Yego is almost entirely self-taught: he learned to throw the javelin by watching YouTube videos of former Olympians and world title-holders.

Why it's important: As the Rising Billions come online, they'll have unparalleled access to free information. The mark they make on the world -- whether through athletic or academic prowess, consumerism or entrepreneurship -- will be massive.

Spotted by Marissa Brassfield

Uber And Hilton Team Up For Seamless Travel

uber

What it is: Uber has partnered with Hilton on two key guest experiences. Hilton HHonors members and hotel guests can set Uber ride reminders to seamlessly request an Uber on travel days, and the Local Scene feature displays top restaurants and nightlife destinations, as determined by Uber riders' visits.

Why it's important: Uber has mountains of data. It knows exactly when and where its passengers travel -- and with this Hilton integration, it's surfacing and sharing useful insights that enable travelers to explore destinations like they're locals.

Spotted by Marissa Brassfield

Inciting an Immune Attack on Cancer Cells

cancer vaccine

What it is: Scientists at Harvard's Wyss Institute and the Dana-Farber Cancer Institute have developed a vaccine that helps the body attack cancer using its own cancer cells. In experiments, the cryogel triggered an immune response that proactively protected test subjects from tumor growth and shrank existing tumors.

Why it's important: The injectable cryogel vaccine is minimally invasive, simpler and less expensive than other cancer cell transplantation therapies. It's also an excellent illustration of how materials science and engineering converge to mimic the body's natural responses.

Spotted by Marissa Brassfield

Hawaii's New OTEC Power Plant Harvests Energy Stored in Warm Ocean Water

otec power plant

What it is: Hawaii is now the first U.S. state to generate electricity using the temperature difference between ocean water at different depths. This new 105-kilowatt ocean thermal energy conversion (OTEC) plant is the world's largest of its kind, producing electricity at the rate of $0.20 per kilowatt-hour.

Why it's important: Because the sun naturally heats surface water, there's a virtually limitless supply of ocean thermal energy. Just one commercial plant would prevent the burning of 1.3 million barrels of oil and a half-million tons of carbon emissions each year.

Spotted by Marissa Brassfield

Phone Data Can Predict Infectious Disease Outbreaks

kenya phone study

What it is: Princeton and Harvard researchers recently analyzed the anonymous phone records of 15 million Kenya users and compared this data to areas where cases of rubella were reported. They discovered that subjects' movement patterns matched the locations with the highest risk of rubella within that year-long period. The researchers plan to test this method's efficacy for other outbreaks, like malaria and cholera.

Why it's important: This is one more useful application of Big Data -- in this case, to track the spread of seasonal diseases. Medical professionals can use this information to target localized treatment.

Spotted by Marissa Brassfield

Researchers Develop World's First Drone For Real-Time Wildlife Tracking

wildlife drone tracking

What it is: Researchers at The Australian National University (ANU) and The University of Sydney have developed the world's first radio-tracking drone system for wildlife monitoring. It uses a consumer drone equipped with a miniature receiver and antenna to transmit real-time data to researchers' laptops.

Why it's important: The researchers report that the drone monitoring system can accomplish in 40 minutes what would take a field researcher a half-day to complete -- and monitor terrain that's near-inaccessible for humans.

Spotted by Marissa Brassfield

Japan is Building a Fully-Automated Indoor Farm Capable of Producing 30,000 Heads of Lettuce Per Day

japan indoor farm

What it is: The Spread Vegetable Factory in Japan is planning a $16.5 million indoor farm that can produce 30,000 heads of lettuce per day, with a goal of 500,000 head of lettuce per day by 2022. The vast majority of the growing process will be automated -- humans will just be on hand during the seeding and germination process.

Why it's important: The Spread reports that automating the cultivation process maximizes growing space and cuts labor costs in half. Automating indoor farming and food production in a scalable fashion could be the key to solving food scarcity in Japan.

Spotted by Marissa Brassfield

Watch This Self-Healing Material Handle a Bullet

self healing material

What it is: NASA-funded research has yielded a self-healing material that could revolutionize spacecraft. The key is sandwiching solid polymer over a gel that solidifies on contact with air. Watch the image on the left to see how the material handles a bullet impact.

Why it's important: This self-healing material has invaluable applications on Earth and beyond. Imagine self-healing pipes, cars, phones and storage containers -- as well as body armor and other protective gear.

Spotted by Marissa Brassfield

Transparent Batteries That Charge in the Sun Could Replace Smartphone Screens

transparent batteries

What it is: Japanese researchers have developed a transparent lithium-ion battery that can recharge itself using the sunlight or other bright light sources -- without a separate solar cell. The researchers changed the chemical makeup of the 80- to 90-nanometer electrodes, so they maintain their efficacy but also allow light to pass through them.

Why it's important: Future iterations of this battery could become smart windows that auto-dim during the heat of the day and simultaneously store power, or perhaps become additional smartphone batteries that store power while users are outside.

Spotted by Marissa Brassfield

These Microscopic Fish Are 3D-Printed To Do More Than Swim

3d printed fish

What it is: University of California, San Diego nanoengineers have created a microscopic 3D printed robot that can sense and remove toxins in their environment. Smaller than the width of a hair, these microfish can swim on their own, detect and neutralize toxins, and even sense and direct drug delivery.

Why it's important: The flexibility that 3D printing provides means that researchers can print any shape they want -- not just birds -- to intelligently detect, diagnose and improve their environment.

Spotted by Marissa Brassfield

How Artificial Intelligence Can Fight Air Pollution in China

pollution china

What it is: IBM Research China has built a computer system called Green Horizon that can predict the severity of air pollution in specific areas of Beijing days in advance using adaptive machine learning. Green Horizon takes several different models and enormous quantities of data into account for its predictions, which are 30% more precise than those created with conventional approaches.

Why it's important: In China alone, pollution accounts for over a million deaths per year. Future versions of this artificial intelligence system could suggest proactive measures to reduce pollution -- for example, restricting the number of drivers on the road or closing specific factories -- in metropolises all over the planet.

Spotted by Marissa Brassfield

In the Future, Buying a Car Involves No Pressure, No Lies, No Leisure Suits

vroom

What it is: A fascinating glimpse into the future of car-buying, featuring experiments and startups from the likes of Lexus, Beepi and Vroom. Negotiation-free new car pricing, on-demand test drives (the car comes to you), and more efficient competition for trade-ins are all converging to make the traditional used car lot obsolete.

Why it's important: We're watching the 6 D's play out at the car dealership level, and fortunes will be made and lost while navigating this change. The stress-free purchase experience described in this article requires a completely different sales approach than the high-pressure ones used previously. Will car dealers adapt or get disrupted?

Spotted by Marissa Brassfield

Speech-Classifier Program is Better at Predicting Psychosis Than Psychiatrists

speech analysis program

What it is: An automated speech analysis program correctly predicted psychosis in at-risk young people better than human psychiatrists' clinical ratings -- with 100% accuracy over a two-year period. The program analyzes patients' semantic coherence and syntactic structure in a quantitative fashion to identify thought disorder even before the onset of psychosis.

Why it's important: Researchers have previously never been able to reliably identify those at risk for a psychotic episode before psychosis actually occurs. KurzweilAI notes that early identification could lead to proactive support and intervention that could potentially delay, mitigate or prevent the onset of serious mental illness.

Spotted by Marissa Brassfield

The Dutch Railway Could Run Solely on Wind Power By 2018

dutch railway

What it is: The Netherlands has committed to run its electric rail system entirely on energy produced by wind farms -- within three years. Wind farms currently supply about half of the rail network's energy, and the wind power needed to ramp up efforts will come from within the Netherlands, Belgium and some Scandinavian nations.

Why it's important: The Dutch railway system carries 1.2 million passengers a day, and this move to renewable energy could inspire other large cities to follow suit. The International Energy Council reports that land-based wind power installation rates have gone up by 24% annually each year for the last 15 years -- soon, 18% of all global energy production will be from the wind.

Spotted by Marissa Brassfield

Buzz Aldrin Opens Florida Institute Dedicated to Colonizing Mars

buzz aldrin

What it is: Buzz Aldrin has announced his latest mission: the Buzz Aldrin Space Institute, which will be dedicated to research supporting Mars colonization. Aldrin has been working on this effort since his retirement from NASA and the Air Force, and he's partnered with the Florida Institute of Technology to supercharge his efforts.

Why it's important: Buzz Aldrin enters a growing field of players interested in colonizing Mars, including SpaceX, NASA and Mars One. With such an influx of investments, focus and supercredible entrepreneurs, innovation and dramatic breakthroughs aren't far behind.

Spotted by Marissa Brassfield

Want more conversations like this?

At Abundance 360, Peter's 250-person executive mastermind, we teach the metatrends, implications and unfair advantages for entrepreneurs enabled by breakthroughs like those featured above. The program is highly selective and we're almost full, but we're still looking for a few final CEOs and entrepreneurs who want to change the world. You can apply here.

Know someone who would benefit from getting Abundance Insider? Send them to this link to sign up.


If you wish to stop receiving our emails or change your subscription options, please Manage Your Subscription
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Tuesday, September 1, 2015

Fwd: solar-energy revolution




-------- Forwarded Message --------
Subject: solar-energy revolution
Date: Mon, 31 Aug 2015 09:47:11 -0700
From: Peter Diamandis <peter@diamandis.com>
Reply-To: peter@diamandis.com
To: STeve <stevescott@techacq.com>


My friend Ray Kurzweil projects the U.S. will meet 100 percent of its electrical energy needs from solar in 20 years.

Elon Musk is a bit more conservative, pegging it at 50 percent in that timeframe.

While the growth of solar may seem slow to some, it's fair to say it's in the midst of its "deceptive phase," on the road to disruption.

For example, a 30 percent increase in solar energy production per year, means 1 percent today grows to 1.3 percent in 3 years.

It also means that in 20 years (7 doublings), we'll see a 128-fold increase.

Either way, it Ray and Elon are even close, there is a trillion dollars up for grabs (as well as the future of our planet), and the future is bright.

Let's take a closer look at the converging technologies driving this future...

The cost of solar panels is dropping exponentially.

The first and most important technological change is the falling cost per watt of silicon photovoltaic cells over the past few decades.

Check out the plummeting cost from $76 in 1977, to less than $0.36 today.

The International Energy Agency predicts that we will produce 662 GigaWatts of solar energy by 2035 following a $1.3 trillion investment in this area, but frankly this estimate is "highly conservative."

The second technology at play is satellite-Earth imaging, which enables companies like solar City to make rapid and accurate decisions on solar panel installations.

These days, an installer can check out your rooftop on Google Earth and determine in minutes if you are a good candidate. Super-simple.

Energy Storage Mechanisms Are Improving Rapidly

The third key technology transforming our energy economy is battery storage.

The ability to take solar energy captured during the day, and time-shift it into the night.

Here to the change has been very significant, with a 50%+ reduction over the past four years, and an additional 50%+ reduction by 2020.

In addition to this ongoing cost reduction, we're about to see a massive increase in battery production.

Tesla's Giga-factory alone will produce 35 Gigawatts worth of the batteries by 2020, more than 2013's total global battery production capacity.

Electric Vehicles (EVs)

Tesla's Gigafactory also supports the production of 500,000 electric vehicles per year.

The rapid rise (see below) of Electric Vehicle (EV) production will play a critical role as well.

As the number of EVs increases, so too will the availability of batteries sitting in your driveway.

These will, in turn, provide a distributed network of storage capacity able to regulate, allocate, and conserve energy collected from the sun during the day.

6 D's: Tying It All Together

The convergence of solar, batteries and EVs will democratize energy production and offer billions of people access to cheap, carbon-neutral energy.

Looking at solar energy thru my 6 Ds paradigm of exponential technologies may offer some added insights:

  • Digitized: How we manufacture, measure, and control solar electricity has become digitized, and therefore hopped on an exponential growth path.
  • Deceptive: Today we are in the deceptive phase of solar growth. Remember, a 30% increase per year means we are only 7 doublings, or 21 years, away from a 128-fold increase.
  • Disruptive: With 5,000 times more solar hitting the Earth's surface in a year than humanity uses today, solar has plenty of 'head-room' for growth. The UBS study said it well: "Our view is that the 'we have done it like this for a century' value chain in developed electricity markets will be turned upside down within the next 10-20 years, driven by solar and batteries."
  • Dematerialized: a distributed, pervasive solar grid will create a far more robust and capable energy grid. Again, from the UBS report, "(Today's) large-scale power generation, will be the dinosaur of the future energy system: Too big, too inflexible, not even relevant for backup power in the long run".
  • Demonetized: Ultimately, energy from the Sun is free. Better yet, the poorest countries in the world are also the sunniest. Imagine a world where there is a squanderable amount of cheap and clean energy?
  • Democratized: As said above, solar scales globally, available to everyone, even in the poorest countries in the world.

It's Time to Join the Revolution

UBS continues:

"By 2025, everybody will be able to produce and store power. And it will be green and cost competitive, i.e., not more expensive or even cheaper than buying power from utilities. It is also the most efficient way to produce power where it is consumed, because transmission losses will be minimized. Power will no longer be something that is consumed in a 'dumb' way. Homes and grids will be smart, aligning the demand profile with supply from (volatile) renewables."

UBS predicts the payback time for unsubsidized investment in electric vehicles plus battery storage plus rooftop solar will be around 6 to 8 years by 2020 (see below).

From my perspective, solar must be considered a central driver for our future economy.

How will this affect your business? Industry? Life? If this area is of interest to you, I have put together a mastermind of CEOs, executives, entrepreneurs, and forward-thinkers called Abundance 360 who meet on a regular basis to learn, debate and share these types of ideas. If interested, you can apply here.

All the best,
Peter

P.S. Each week, I write a blog on exciting emerging technologies and trends. Sign up at AbundanceHub.com to ensure you don't miss them.


If you wish to stop receiving our emails or change your subscription options, please Manage Your Subscription
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Fwd: How to Land a BookBub Deal (with the Exact Script I Used)




-------- Forwarded Message --------
Subject: How to Land a BookBub Deal (with the Exact Script I Used)
Date: Tue, 1 Sep 2015 10:22:57 -0400
From: Steve Scott <steve@stevescottsite.com>
To: Steve <im1@bydf.com>


How to Land a BookBub Deal (with the Exact Script I Used)
Things are changing fast with self-publishing on Amazon. 

If you haven't heard, they recently shifted the royalty structure for books within KDP Select.  No longer will you be compensated on a "per borrow" basis.  Instead you're paid around $0.0058 per page read.  Do the math and you'd see that this negatively impacts people who write shorter books (i.e. under 200 pages.)

I'm not going to lie to you…

This is has definitely hurt my business.  But it also forced me to adapt and become more proactive with testing new marketing strategies.

One tool I've recently tested is BookBub.com

This site is the holy grail of all discounted book promotion services.  They have millions of email subscribers, broken down into a few dozen categories.  Authors know that landing a listing here could lead to thousands of potential sales.   

The challenge?

It's very hard to get a listing in BookBub.  In fact, I was rejected about 10 times until they recently decided to promote 10-Minute Declutter (the book I co-authored with Barrie Davenport.)

The promotion has had phenomenal results.  It launched on Saturday and since then, we have sold around 7,000 copies (here's a screenshot) and the book went as high as #10 overall on the paid charts

Now, like I said, it's pretty hard to get a BookBub listing, but there were a few factors that I think helped me land this deal:

#1. Understand What BookBub Wants

Remember BookBub is a business.  They will only promote titles they know that people will want to buy.  So while your book might be full of helpful advice, it might not be a right fit for their email subscribers.

How do you know what BookBub wants?

It's simple…

Subscribe to their email list. 

Go to their home page, enter your email address and then customize your categories to get notifications related to the types of books that you write. Once you've subscribed, you'll start to receive emails based on your personalized preferences.

I recommend taking a close look at each email that lands in your inbox.  This will give you the best education on what BookBub thinks will sell.

#2. Have a Great Book Presentation

Again, remember BookBub is a business, so they will only promote something they feel will generate sales. 

To that end, make sure your book has the following characteristics:
  • Over 150 Kindle pages in length
  • Professional book cover design
  • High number of reviews…at least 50
  • Compelling book description that "sells" the value of the book.
These are just a few characteristics of titles I've seen promoted by BookBub, but you should also take the time to check out what they're constantly promoting.   

#3. "Sell" Book to BookBub

Like I mentioned before, I have been rejected by BookBub about 10 times in the past.  So what did I do differently this time?  It's simple… I took the time to "sell" my book to the good folks at BB. 

Most people are lazy when it comes to submitting a book.  They'll fill out the necessary information (i.e. dates, price, Amazon links) and maybe add a sentence or two in the comment box.  But they usually won't do is tell BookBub why they should promote their book.

For 10-Minute Declutter, I crafted the following email:

"My co-author (Barrie Davenport) and I feel that 10-Minute Declutter is a book that BookBub readers will love.

First off, it relates to a topic (minimalism and organization) which has frequently been featured in the Advice/How-to emails that BookBub sends out.  Your subscribers seem to absolutely love this type of information.

Second, unlike many other minimalist/organization books we provide a framework that readers can follow in their spare time.  Instead of telling readers that they need to organize their possessions all at once, we show how they can turn this activity into a daily, 10-minute habit.  This is a habit that can fit into anyone's busy schedule.

Finally, 10-Minute Declutter has been professionally edited and formatted.  So we feel subscribers will enjoy the easy-to-read and plain advice that we give throughout the book.

Please let me know if you have any questions about the book.

Thanks in advance,

Steve Scott"

This wasn't my best piece of writing. But it does a pretty good job of selling the value of the book.

.

Earlier, I described how the rules at Amazon are changing. So now it's more important than ever to be strategic about how you manage your book-based business.  BookBub can become an important aspect of your business, but it should be part of a larger strategy where you're constantly testing and promoting your entire catalog.

That's what I'm currently doing. 

And when I learn something new, you will be one of the first people to hear about it.

Talk soon…

Steve Scott


.

.


1933 Highway #35, #105-288, Wall, NJ 07719, USA

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Monday, August 31, 2015

Fwd: solar-energy revolution

----- Forwarded message from Peter Diamandis <peter@diamandis.com> -----
Date: Mon, 31 Aug 2015 09:47:11 -0700
From: Peter Diamandis <peter@diamandis.com>
Reply-To: peter@diamandis.com
Subject: solar-energy revolution
To: STeve <stevescott@techacq.com>

If you wish to stop receiving our emails or change your subscription
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PHD Ventures , 800 Corporate Pointe, Culver City, CA 90230

Delivered by ONTRAPORT

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solar-energy revolution

My friend Ray Kurzweil projects the U.S. will meet 100 percent of its electrical energy needs from solar in 20 years.

Elon Musk is a bit more conservative, pegging it at 50 percent in that timeframe.

While the growth of solar may seem slow to some, it's fair to say it's in the midst of its "deceptive phase," on the road to disruption.

For example, a 30 percent increase in solar energy production per year, means 1 percent today grows to 1.3 percent in 3 years.

It also means that in 20 years (7 doublings), we'll see a 128-fold increase.

Either way, it Ray and Elon are even close, there is a trillion dollars up for grabs (as well as the future of our planet), and the future is bright.

Let's take a closer look at the converging technologies driving this future...

The cost of solar panels is dropping exponentially.

The first and most important technological change is the falling cost per watt of silicon photovoltaic cells over the past few decades.

Check out the plummeting cost from $76 in 1977, to less than $0.36 today.

The International Energy Agency predicts that we will produce 662 GigaWatts of solar energy by 2035 following a $1.3 trillion investment in this area, but frankly this estimate is "highly conservative."

The second technology at play is satellite-Earth imaging, which enables companies like solar City to make rapid and accurate decisions on solar panel installations.

These days, an installer can check out your rooftop on Google Earth and determine in minutes if you are a good candidate. Super-simple.

Energy Storage Mechanisms Are Improving Rapidly

The third key technology transforming our energy economy is battery storage.

The ability to take solar energy captured during the day, and time-shift it into the night.

Here to the change has been very significant, with a 50%+ reduction over the past four years, and an additional 50%+ reduction by 2020.

In addition to this ongoing cost reduction, we're about to see a massive increase in battery production.

Tesla's Giga-factory alone will produce 35 Gigawatts worth of the batteries by 2020, more than 2013's total global battery production capacity.

Electric Vehicles (EVs)

Tesla's Gigafactory also supports the production of 500,000 electric vehicles per year.

The rapid rise (see below) of Electric Vehicle (EV) production will play a critical role as well.

As the number of EVs increases, so too will the availability of batteries sitting in your driveway.

These will, in turn, provide a distributed network of storage capacity able to regulate, allocate, and conserve energy collected from the sun during the day.

6 D's: Tying It All Together

The convergence of solar, batteries and EVs will democratize energy production and offer billions of people access to cheap, carbon-neutral energy.

Looking at solar energy thru my 6 Ds paradigm of exponential technologies may offer some added insights:

  • Digitized: How we manufacture, measure, and control solar electricity has become digitized, and therefore hopped on an exponential growth path.
  • Deceptive: Today we are in the deceptive phase of solar growth. Remember, a 30% increase per year means we are only 7 doublings, or 21 years, away from a 128-fold increase.
  • Disruptive: With 5,000 times more solar hitting the Earth's surface in a year than humanity uses today, solar has plenty of 'head-room' for growth. The UBS study said it well: "Our view is that the 'we have done it like this for a century' value chain in developed electricity markets will be turned upside down within the next 10-20 years, driven by solar and batteries."
  • Dematerialized: a distributed, pervasive solar grid will create a far more robust and capable energy grid. Again, from the UBS report, "(Today's) large-scale power generation, will be the dinosaur of the future energy system: Too big, too inflexible, not even relevant for backup power in the long run".
  • Demonetized: Ultimately, energy from the Sun is free. Better yet, the poorest countries in the world are also the sunniest. Imagine a world where there is a squanderable amount of cheap and clean energy?
  • Democratized: As said above, solar scales globally, available to everyone, even in the poorest countries in the world.

It's Time to Join the Revolution

UBS continues:

"By 2025, everybody will be able to produce and store power. And it will be green and cost competitive, i.e., not more expensive or even cheaper than buying power from utilities. It is also the most efficient way to produce power where it is consumed, because transmission losses will be minimized. Power will no longer be something that is consumed in a 'dumb' way. Homes and grids will be smart, aligning the demand profile with supply from (volatile) renewables."

UBS predicts the payback time for unsubsidized investment in electric vehicles plus battery storage plus rooftop solar will be around 6 to 8 years by 2020 (see below).

From my perspective, solar must be considered a central driver for our future economy.

How will this affect your business? Industry? Life? If this area is of interest to you, I have put together a mastermind of CEOs, executives, entrepreneurs, and forward-thinkers called Abundance 360 who meet on a regular basis to learn, debate and share these types of ideas. If interested, you can apply here.

All the best,
Peter

P.S. Each week, I write a blog on exciting emerging technologies and trends. Sign up at AbundanceHub.com to ensure you don't miss them.


If you wish to stop receiving our emails or change your subscription options, please Manage Your Subscription
PHD Ventures , 800 Corporate Pointe, Culver City, CA 90230

Sunday, August 30, 2015

Fwd: problems are goldmines




-------- Forwarded Message --------
Subject: problems are goldmines
Date: Sun, 30 Aug 2015 10:29:20 -0700
From: Peter Diamandis <peter@diamandis.com>
Reply-To: peter@diamandis.com
To: STeve <stevescott@techacq.com>


The world's biggest problems are the world's biggest business opportunities.

This also holds true for you.

This blog is a fun formula for fixing your problems while at the same time creating incredibly powerful startups.

[ Click to Tweet about this (you can edit before sending): http://ctt.ec/KWYB9 ]

Advice to CEO's and Entrepreneurs…

I recently keynoted for a group of hospital CEOs.

For good reason, they are really concerned about their future. Their industry is ripe for disruption by a variety of exponential technologies.

Today's hospitals tend to be overly bureaucratic, inefficient, slow moving, expensive, confusing, and old-school in their processes and procedures.

Not surprisingly, they asked me what to do.

The conversation went something like, "We understand we need to change… but what problems do we solve first?"

My answer: Find a group of smart and curious 20-somethings, and give them the mission of interviewing your patients, employees and suppliers. Then have them catalogue and rate all of your problems.

Let me explain…

Hire 20-Somethings to Do Some Digging

I talk a lot about millennial entrepreneurs.

They are smart, hard working, and naïve – exactly the qualities you want in someone who is trying to reinvent a system.

They have no preconceived notions about the way the world (or a hospital, in this example) is supposed to work.

This gives them the ability to question everything – remember that "the day before something is a breakthrough, it's a crazy idea."

I have a team of 20-somethings that I call my "Strike Force" – you'll see why below – and I've been amazed by the brilliant ideas they come up with.

So where do you find your strike force? They may already work for you, or they might be grad students, or a group of local entrepreneurs.

What you're looking for is passion and curiosity. Ideally one or multiple teams of three to five individuals with a background in science, engineering, and an understanding of where technology is going.

Question Everything & Everyone

With your Strike Force in place, give them the following instructions.

I want you to interview our company's employees, suppliers and customers and document the major challenges we're having:

  • What is unduly hard to accomplish?
  • Where are we missing quality?
  • Where are we behind the competition?
  • What are our customers' biggest complaints?
  • Etc., etc…

Give them 4-6 weeks to literally walk around your company and examine everything. Tell them to talk to all of your employees, patients, servicemen, visitors, volunteers, staff, and so on. Everybody. Let them sit in different venues and observe how your business operates. Challenge them to think about how each and every process could be done better or differently. Make sure to emphasize that they have NO LIMITATIONS as to the ideas they can come up with – this is critical.

In summary, their goal is to document your company's biggest problems… question everything.

Catalogue, Prioritize and Select

Next, ask them to come together, compile their findings, and write up their top 10 - 20 recommendations.

For each recommendation, rate them with regard to:

  • Financial impact to your company
  • Competitive impact for your company
  • Value of the solution as an entrepreneurial endeavor
  • Ease of implementation (time and money)

Fund the Best Ideas and Best Team(s)

Based on my experience doing this, you'll be pleasantly surprised with their innovative attitude (perhaps naïveté and outsider perspective) and ability to put their finger on the biggest gold mines in your company.

Your goal is next to mine these gold mines.

Pick the brightest members of the Strike Force and fund them to develop the solution either internal to your business, or as outside entrepreneurial endeavors. Either way, you win.

Strike Force Guiding Principles

Here are three guiding principles to help guide your efforts:

  1. Listen to your customers, and the data they generate: The most successful, agile and sustainable companies are customer-centric at their core. They vehemently care about their customers' experience and are constantly trying to improve it. Start collecting more data from them on your own – what did they like, what did they not like, how could you improve your service? You'll be surprised to find how bright your own customers are when it comes to discovering problems in your business and ways to solve them.
  2. Start from a blank slate, then rebuild from first principles: If you were going to start your business tomorrow, how would you do it? Which services would you cancel, which would you maintain? Which would you reinvent? Really try to understand at its core what your business is and what it could be. Reason from first principles about what is possible and craft a vision that you can execute.
  3. Experiment, fail, then experiment again: Once you have a vision, you have to get comfortable experimenting with it, and probably failing a few times. Run 30- or 60-day experiments to test new ideas. You'll be surprised to see that this is actually motivating and exciting to your employees.

Prioritizing Innovation

Disrupting yourself isn't just a thought exercise. It's not a rebranding. And it is certainly not something that is easy or simple to do.

It's going to take some time, so the key is that you have to really commit to innovation.

You have to be open-minded and strong-willed at the same time. You have to be able to motivate your employees when experiments fail, and rein them in if they are going too far off the entrepreneurial cliff.

Your Strike Force will mine your problems for gold nuggets, but it's YOU who will ultimately greenlight the effort to reinvent your business.

It's a challenging task – but disrupting and reinventing your business is the only way to survive during these exponential times.

Join Me

This is the sort of conversation we discuss at my 250-person executive mastermind group called Abundance 360. The program is highly selective and we're almost full, looking for a few last CEOs and entrepreneurs who want to change the world. You can apply here.

Share this email with your friends, especially if they are interested in any of the areas outlined above.

Best,
Peter

P.S. Every week I send out a "Tech Blog" like this one. If you want to sign up, go to PeterDiamandis.com and sign up for this and Abundance Insider.

P.P.S. I've just released a podcast with my dear friend Dan Sullivan called Exponential Wisdom. Our conversations focus on the exponential technologies creating abundance, the human-technology collaboration, and entrepreneurship. Head here to listen and subscribe: a360.com/podcast


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