Pod Insights LifeBlood 2603: Who Will Build Tomorrow? About this episode Every company that changes the world begins as someone's idea. Innovation, entrepreneurship, and individual responsibility matter, not just for economic growth, but for creating better lives. History shows that prosperity isn't permanent. Every generation must build it again.
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0:43 Speaker 01 Look around your house. Look at all the awesome stuff. Now take out the phone in your pocket, the one you're probably listening to this on, the medicine in your medicine cabinet, your refrigerator and all the food inside your refrigerator, the freezer and all that ice you've got going on, the beautiful streaming services that entertain us, the car in your driveway. Almost everything that you rely on and enjoy every single day was invented by someone, an individual, someone who saw a problem, somebody who believed that they could solve it, somebody who risked their time, their money, their reputation,
1:25 Speaker 01 and years of their life to create that thing, to create something bigger, something better, something that has a massive impact, that makes people's lives better and different. It's easy to forget that. We forget where food comes from. You know? It's from the store. That's where food comes from. The iPhone came from the store. Well, it's easy to forget that. To kind of lose touch, to lose sight of that. Because once innovation just becomes ordinary, we take it for granted. It just feels like an inevitability that when I flip the faucet, water's going to come on. When I flip the switch, the lights are going to turn on.
2:08 Speaker 01 When I go to access the internet, I can just go to whatever website I want. But that's not how it goes. It's not always just going to automatically work. New things aren't automatically going to come down the production line. I encourage you
2:27 Speaker 01 We all need to take a step back. Here's an exercise that I'd love for you to go and do. Go back and look at the biggest companies in America. So the top 10 biggest companies in the stock exchange every decade since the market began. Okay, go back. 10 biggest companies each decade. Do you think that they're all the same? You're going to recognize a few names, but you're going to be shocked and amazed by how many of them disappeared. Railroads, steel companies, used a telegraph lately.
3:06 Speaker 01 Kodak, Sears, Pan Am, Digital Equipment, Compaq. Countless giants, titans of industry that once appeared to be absolutely untouchable. Now do the opposite. Look at today's biggest companies. Apple, Microsoft, Amazon, Nvidia, Alphabet, Meta. Most of them didn't even exist 50 years ago. Some didn't exist 30 years ago. The lesson here is not that businesses fail. The lesson is that society continually renews itself through people creating something better.
3:48 Speaker 01 And that's not a comfortable process necessarily. When a new idea replaces an old idea, when an incumbent is beat by an upstart. New companies replace old companies. New technologies make older technologies obsolete. Economists call it something like creative destruction. And it's destructive for individual businesses, but it's incredibly creative for society as a whole. Cause every new solution, it improves our lives a little bit. So here's the important question. Why would someone spend decades to build a better battery?
4:32 Speaker 01 Or a better medicine? Or a better computer chip? Or a better financial firm? Part of the answer is purpose, sure. Part of it's curiosity. Part of it is an opportunity to build something meaningful. And yeah, part of that is also the possibility of being rewarded monetarily for creating value.
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6:00 Speaker 01 That's a huge part of it. It's not greed. What that is, is incentive. It's incentive. And you know what? This is true today. It's true 100 years ago. It's true 1,000 years ago. It's true for as long as human beings have been human beings and probably animals have been animals. We respond to incentives. Always have, always will. The economy, it's not some machine. It's a garden. And every day, someone is planting seeds in that garden. Starting a business, inventing a product, writing software, developing medicines, improving manufacturing, teaching other people.
6:44 Speaker 01 What happens if you stop planting? If no more seeds go into the garden? Well, eventually, there's not going to be much to harvest.
6:56 Speaker 01 We've really lost this message here that prosperity isn't something that we just inherit forever. Innovation is not something that just automatically happens. It's something that every generation must recreate.
7:12 Speaker 01 So this is less about politics, more about stewardship. Because every one of us has the opportunity to create value, to solve problems, to improve something, to leave things a little bit better than we found them.
7:29 Speaker 01 So the companies that will employ my kids and your kids may not even be a thing today. They might not even be an idea yet.
7:40 Speaker 01 Also possible, the technology that's going to solve our biggest challenges tomorrow, or the medicine that's finally going to cure cancer, whatever. It's possible that that hasn't even been thought of yet.
7:55 Speaker 01 It's our job, it's not simply to consume what others have built. It's to build something ourselves. History tells an incredible story. Not of permanent winners, but of constant and continual creation. The future, that's going to belong to the people willing to imagine something better, and then to do the hard work of making it real. Because prosperity isn't guaranteed, it's built one idea at a time.
8:27 Speaker 01 We have to remember that incentives are very real and very important.
8:36 Speaker 01 And if we stop remembering that, if we remove that incentive,
8:41 Speaker 01 that if I drive and create value, I will, I will receive many rewards, one of them monetarily. Well, you're going to get less ideas, you're going to get fewer companies, you're going to get a lot less new medicine. You're going to find that we don't have the same technologies that we used to have, or the ones that we have just never get, never get improved upon. And we're just stuck.
9:07 Speaker 01 And that's not a positive future from my perspective.
9:14 Speaker 01 And right now, it seems like we're about to be at a place where we're already making choices. We're already making decisions about policy and elected officials and the right way, the best way forward for human beings. And a lot of this is going to start with you. It's going to start with me because again, each of us is capable of driving value. And it's a mistake to look at the biggest entrepreneurs in the world and to compare ourselves to them.
9:54 Speaker 01 Because scale, it's important, but it's also really important to understand that you again can have a profound impact. And you don't have to touch every human being on planet Earth. You don't have to send rockets into space. It starts with you and it starts with you doing your part by doing your best.
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