By Bilal Hafeez 13-12-2019

X-Prize Founder Peter Diamandis & Steven Kotler on the Speed of Technology (Business Podcast)

(47 min listen)
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Summary (You can listen to the podcast by clicking here)

Peter Diamandis, Founder and Executive Chairman of X-Prize Foundation and Harvard Professor Steven Kotler discuss their new book detailing the thought provoking paradigm shifts in technology we can expect in the coming decade.

• One key takeaway is an extension of Moore’s Law: we are building cheaper and faster computers and using those computers to make them cheaper and faster.

• Big push for demonetization of technologies. Diamandis and Kotler shed light on some phenomenal technological advances like films created completely by AI and $100 human genome decoding. Expect genome-specific (not just general-age-specific) treatment, promising to completely eliminate some 30 thousand diseases.

• We’ve reached an all-time high in venture capital, crowd-funding, and sovereign wealth funding in startup tech spaces. This easy capital has accelerated the levels of breakthroughs and has given a green light to a lot of projects that would’ve been rejected a few years ago.

• Diamandis also has an interesting perspective on resource scarcity issues: tech has the capacity to make abundant what was once scarce. E.g., film to digital photography. No our problem is choosing what to do with all our photos!

• Technology paves the way in natural resources, too. It aids us to liberate new resources and renew those we need sustainably. Even time is made abundant: now bandwidth enables instant connection without physical travel.

(Bullish tech, healthcare)

 

Why does this matter? Diamandis predicts that these explosive technologies will reshape the way most institutions and markets operate. In the next decade AI and machine learning will pave the way for up to ten new business models to form. This may not sound like much, but the best that we’ve managed so far was one new business model per decade: bate and lock, franchise, and super stores in last 50 years. In the last decade? Online superstores, global cab franchises, subscription based shared accommodation, workspace, and content. All of these are improving efficiencies and increasing productivity at an alarming rate.