back in the fall of 2000 we’re having dinner with friends and
we’re having dinner with friends and
we’re having dinner with friends and they happen to be also Business School
they happen to be also Business School
they happen to be also Business School professor and we were actually talking
professor and we were actually talking
professor and we were actually talking and contemplating why the economy was
and contemplating why the economy was
and contemplating why the economy was not recovering now when you consider
not recovering now when you consider
not recovering now when you consider that we all come from a train in
that we all come from a train in
that we all come from a train in economics and we have no answer for that
economics and we have no answer for that
economics and we have no answer for that question
question
question it’s quite disarming you ask yourself
it’s quite disarming you ask yourself
it’s quite disarming you ask yourself the question why can’t we not figure
the question why can’t we not figure
the question why can’t we not figure this out and the answer to this is that
this out and the answer to this is that
this out and the answer to this is that because somehow we’ve been trained to
because somehow we’ve been trained to
because somehow we’ve been trained to think about the same old story and the
think about the same old story and the
think about the same old story and the story somehow the one related to growth
story somehow the one related to growth
story somehow the one related to growth we are indeed obsessed with growth our
we are indeed obsessed with growth our
we are indeed obsessed with growth our entire economy our design about growth
entire economy our design about growth
entire economy our design about growth our entire economic policy is designed
our entire economic policy is designed
our entire economic policy is designed around growth and we get extremely happy
around growth and we get extremely happy
around growth and we get extremely happy when we get marginal growth so if you
when we get marginal growth so if you
when we get marginal growth so if you have a country saying that their GDP
have a country saying that their GDP
have a country saying that their GDP will grow by 1.2 percent or 2%
will grow by 1.2 percent or 2%
will grow by 1.2 percent or 2% we have reasons to celebrate if a
we have reasons to celebrate if a
we have reasons to celebrate if a company says that their projected sales
company says that their projected sales
company says that their projected sales next year will be a compound of 3
next year will be a compound of 3
next year will be a compound of 3 percent this actually company will
percent this actually company will
percent this actually company will imagine that this is actually something
imagine that this is actually something
imagine that this is actually something to embrace because it means we are in
to embrace because it means we are in
to embrace because it means we are in good standing but where is this
good standing but where is this
good standing but where is this obsession of growth coming from well
obsession of growth coming from well
obsession of growth coming from well it’s not historical it would actually be
it’s not historical it would actually be
it’s not historical it would actually be interesting to think that we have always
interesting to think that we have always
interesting to think that we have always been the case but when we actually go
been the case but when we actually go
been the case but when we actually go into the numbers we run it and this
into the numbers we run it and this
into the numbers we run it and this actually the most up-to-date information
actually the most up-to-date information
actually the most up-to-date information we could find about historical GDP we
we could find about historical GDP we
we could find about historical GDP we weren’t really aggregating that much for
weren’t really aggregating that much for
weren’t really aggregating that much for most of history we were not really too
most of history we were not really too
most of history we were not really too worried about growth we had a much more
worried about growth we had a much more
worried about growth we had a much more distributed system it was definitely a
distributed system it was definitely a
distributed system it was definitely a lack of structure but we were not
lack of structure but we were not
lack of structure but we were not creating this compound elements that
creating this compound elements that
creating this compound elements that creates growth in the first place
creates growth in the first place
creates growth in the first place so we were extremely busy in leaving a
so we were extremely busy in leaving a
so we were extremely busy in leaving a life necessarily in building a life that
life necessarily in building a life that
life necessarily in building a life that could be measured at the aggregate so
could be measured at the aggregate so
could be measured at the aggregate so what does it mean look at the difference
what does it mean look at the difference
what does it mean look at the difference between growth before and growth now
between growth before and growth now
between growth before and growth now they’re uncomfortable anyone that tells
they’re uncomfortable anyone that tells
they’re uncomfortable anyone that tells me that I can learn from the past the
me that I can learn from the past the
me that I can learn from the past the lesson of what occurred to try to
lesson of what occurred to try to
lesson of what occurred to try to project them into the future is somehow
project them into the future is somehow
project them into the future is somehow statistically wrong you can compare
statistically wrong you can compare
statistically wrong you can compare something that has an entirely different
something that has an entirely different
something that has an entirely different composition in the first place you can’t
composition in the first place you can’t
composition in the first place you can’t compare the GDP of the world for
compare the GDP of the world for
compare the GDP of the world for historical reasons up to the 1900 with
historical reasons up to the 1900 with
historical reasons up to the 1900 with what we actually did right now yes the
what we actually did right now yes the
what we actually did right now yes the Industrial Revolution has changed
Industrial Revolution has changed
Industrial Revolution has changed everything but you also changed the fact
everything but you also changed the fact
everything but you also changed the fact that he spoiled us and he really limit
that he spoiled us and he really limit
that he spoiled us and he really limit us to think about growth all in one
us to think about growth all in one
us to think about growth all in one dimension the one that we can measure at
dimension the one that we can measure at
dimension the one that we can measure at the aggregate level to tell in a
the aggregate level to tell in a
the aggregate level to tell in a different sense
different sense
different sense is when we can actually measure at the
is when we can actually measure at the
is when we can actually measure at the macro level the growth happens so most
macro level the growth happens so most
macro level the growth happens so most of our system our social economic
of our system our social economic
of our system our social economic complex our social welfare is driven
complex our social welfare is driven
complex our social welfare is driven primarily with the assumption the growth
primarily with the assumption the growth
primarily with the assumption the growth has to happen and that assumption has
has to happen and that assumption has
has to happen and that assumption has become obsessive for most of us but in
become obsessive for most of us but in
become obsessive for most of us but in recessive time when everybody is asking
recessive time when everybody is asking
recessive time when everybody is asking the same question where is growth of
the same question where is growth of
the same question where is growth of course we can’t find the answer because
course we can’t find the answer because
course we can’t find the answer because if the only way we have to define growth
if the only way we have to define growth
if the only way we have to define growth is at the aggregate level and the
is at the aggregate level and the
is at the aggregate level and the aggregate of the macro level is somehow
aggregate of the macro level is somehow
aggregate of the macro level is somehow decreasing its volume when we’ll find
decreasing its volume when we’ll find
decreasing its volume when we’ll find always very micro percentage of growth
always very micro percentage of growth
always very micro percentage of growth so we were frustrated and we decided
so we were frustrated and we decided
so we were frustrated and we decided what if is the way we asked him the
what if is the way we asked him the
what if is the way we asked him the question that is wrong in the first
question that is wrong in the first
question that is wrong in the first place
place
place we expecting growth to happen the macro
we expecting growth to happen the macro
we expecting growth to happen the macro level but what if growth is actually not
level but what if growth is actually not
level but what if growth is actually not in the macro level but a much lower
in the macro level but a much lower
in the macro level but a much lower level the grassroots growth as we call
level the grassroots growth as we call
level the grassroots growth as we call it so we started to think maybe there
it so we started to think maybe there
it so we started to think maybe there are forces right now in the 21st century
are forces right now in the 21st century
are forces right now in the 21st century who are changing dramatically the way
who are changing dramatically the way
who are changing dramatically the way society operates you see in an
society operates you see in an
society operates you see in an industrial model where the society is
industrial model where the society is
industrial model where the society is driven by the production clearly growth
driven by the production clearly growth
driven by the production clearly growth can only grow or do grow but it’s not
can only grow or do grow but it’s not
can only grow or do grow but it’s not something that will happen on a
something that will happen on a
something that will happen on a proportional level in some time
proportional level in some time
proportional level in some time incremental but in a world in which so
incremental but in a world in which so
incremental but in a world in which so many large scale forces are shaping
many large scale forces are shaping
many large scale forces are shaping everything we do clearly growth can not
everything we do clearly growth can not
everything we do clearly growth can not only be found at the top it can also be
only be found at the top it can also be
only be found at the top it can also be found somewhere else
found somewhere else
found somewhere else so we started a really exciting
so we started a really exciting
so we started a really exciting experiment we flipped the question what
experiment we flipped the question what
experiment we flipped the question what if growth is to be found at the micro
if growth is to be found at the micro
if growth is to be found at the micro level NOC macro and can we find any
level NOC macro and can we find any
level NOC macro and can we find any evidence into this so we started with a
evidence into this so we started with a
evidence into this so we started with a large question mark that was actually
large question mark that was actually
large question mark that was actually puzzling our minds and we actually ran
puzzling our minds and we actually ran
puzzling our minds and we actually ran pilots the interesting part about the
pilots the interesting part about the
pilots the interesting part about the story I’m about to tell you is that we
story I’m about to tell you is that we
story I’m about to tell you is that we ran PI low since 2013 we’ve been doing
ran PI low since 2013 we’ve been doing
ran PI low since 2013 we’ve been doing this now for almost four years and it’s
this now for almost four years and it’s
this now for almost four years and it’s been fascinating to discover that all of
been fascinating to discover that all of
been fascinating to discover that all of the training we got in economics were
the training we got in economics were
the training we got in economics were actually wrong yes I said it as an
actually wrong yes I said it as an
actually wrong yes I said it as an economist I can tell you right now
economist I can tell you right now
economist I can tell you right now everything I learned in school was
everything I learned in school was
everything I learned in school was formally correct but in a firm a
formally correct but in a firm a
formally correct but in a firm a practice perspective is now helping me
practice perspective is now helping me
practice perspective is now helping me to find any growth right now why if
to find any growth right now why if
to find any growth right now why if growth is shifting from macro to micro
growth is shifting from macro to micro
growth is shifting from macro to micro it’s become a notice from most of our
it’s become a notice from most of our
it’s become a notice from most of our macroeconomic instruments so if this is
macroeconomic instruments so if this is
macroeconomic instruments so if this is wise
wise
wise times we are forcing the process to give
times we are forcing the process to give
times we are forcing the process to give us a sense of growth when actually is
us a sense of growth when actually is
us a sense of growth when actually is only marginal growth it’s not real
only marginal growth it’s not real
only marginal growth it’s not real growth but when we started as inquiry
growth but when we started as inquiry
growth but when we started as inquiry and we started to walk around we were
and we started to walk around we were
and we started to walk around we were really noticing that yes our current
really noticing that yes our current
really noticing that yes our current model are not designed to allow us to
model are not designed to allow us to
model are not designed to allow us to find the growth so what can we do
find the growth so what can we do
find the growth so what can we do we started to imagine what if we could
we started to imagine what if we could
we started to imagine what if we could have proxies that help us to define
have proxies that help us to define
have proxies that help us to define growth in a different way now most of
growth in a different way now most of
growth in a different way now most of the growth is happening in elements that
the growth is happening in elements that
the growth is happening in elements that we can measure after they happen but we
we can measure after they happen but we
we can measure after they happen but we hardly have a way to measure it while
hardly have a way to measure it while
hardly have a way to measure it while it’s happening so we decided to go old
it’s happening so we decided to go old
it’s happening so we decided to go old school and go into observation so we
school and go into observation so we
school and go into observation so we thought what if we observe something
thought what if we observe something
thought what if we observe something that is changing our normal perception
that is changing our normal perception
that is changing our normal perception of reality the first thing that happened
of reality the first thing that happened
of reality the first thing that happened is that in 2012 13 ki Noah was rising in
is that in 2012 13 ki Noah was rising in
is that in 2012 13 ki Noah was rising in our diets and we start saying all in a
our diets and we start saying all in a
our diets and we start saying all in a second what if I’m asking the question
second what if I’m asking the question
second what if I’m asking the question in a different way
in a different way
in a different way it’s kino-eye market there’s now
it’s kino-eye market there’s now
it’s kino-eye market there’s now actually rising but because he hasn’t
actually rising but because he hasn’t
actually rising but because he hasn’t aggregated yet
aggregated yet
aggregated yet I can’t measure it so we actually ran
I can’t measure it so we actually ran
I can’t measure it so we actually ran the numbers and we discovered that ki
the numbers and we discovered that ki
the numbers and we discovered that ki Noah produced primarily in Bolivia at
Noah produced primarily in Bolivia at
Noah produced primarily in Bolivia at the time was rising at 25% per year now
the time was rising at 25% per year now
the time was rising at 25% per year now for all of you at 25% growth is
for all of you at 25% growth is
for all of you at 25% growth is exceptional for most business or country
exceptional for most business or country
exceptional for most business or country there’s no country ever reached that so
there’s no country ever reached that so
there’s no country ever reached that so imagine what it means for a business to
imagine what it means for a business to
imagine what it means for a business to actually grow at 25% so we said well
actually grow at 25% so we said well
actually grow at 25% so we said well maybe this was a lucky shot we have more
maybe this was a lucky shot we have more
maybe this was a lucky shot we have more work to be done we have to discover
work to be done we have to discover
work to be done we have to discover whether this is actually the case in a
whether this is actually the case in a
whether this is actually the case in a systematic manner so we continue to run
systematic manner so we continue to run
systematic manner so we continue to run we ran 40 pilots around the world we had
we ran 40 pilots around the world we had
we ran 40 pilots around the world we had a little bit of a grant from a
a little bit of a grant from a
a little bit of a grant from a consulting firm who said go out there
consulting firm who said go out there
consulting firm who said go out there and tell me what you find and we
and tell me what you find and we
and tell me what you find and we discover so many different things to put
discover so many different things to put
discover so many different things to put it in a perspective of what we discover
it in a perspective of what we discover
it in a perspective of what we discover we discovered that when this large scale
we discovered that when this large scale
we discovered that when this large scale forces are shaping our environments
forces are shaping our environments
forces are shaping our environments they’re also allowing social phenomena
they’re also allowing social phenomena
they’re also allowing social phenomena to really appear so most of this market
to really appear so most of this market
to really appear so most of this market don’t happen because we have large
don’t happen because we have large
don’t happen because we have large capital moving in they happen because
capital moving in they happen because
capital moving in they happen because our people are and we call this the
our people are and we call this the
our people are and we call this the dormant demands these are demands they
dormant demands these are demands they
dormant demands these are demands they are in the market out there they’re
are in the market out there they’re
are in the market out there they’re ready to be activated but they tend to
ready to be activated but they tend to
ready to be activated but they tend to be invisible to most of us why because
be invisible to most of us why because
be invisible to most of us why because our instruments are not calibrated to
our instruments are not calibrated to
our instruments are not calibrated to measure them they’re calibrated to
measure them they’re calibrated to
measure them they’re calibrated to measure somewhere else
measure somewhere else
measure somewhere else a perfect example I’m always making when
a perfect example I’m always making when
a perfect example I’m always making when I’m teaching this in the classroom is
I’m teaching this in the classroom is
I’m teaching this in the classroom is always to say
always to say
always to say it’s like having a torch if you’re
it’s like having a torch if you’re
it’s like having a torch if you’re pointing to the sky you’ll never see
pointing to the sky you’ll never see
pointing to the sky you’ll never see what’s actually right there at your
what’s actually right there at your
what’s actually right there at your grass field right at the grassroots
grass field right at the grassroots
grass field right at the grassroots level it’s the same principle how do we
level it’s the same principle how do we
level it’s the same principle how do we think about growth not from a
think about growth not from a
think about growth not from a perspective of macro but from the
perspective of macro but from the
perspective of macro but from the perspective of micro so over time we
perspective of micro so over time we
perspective of micro so over time we because we are academic so we have to
because we are academic so we have to
because we are academic so we have to justify yourself that we are important
justify yourself that we are important
justify yourself that we are important as solely justification we’re not
as solely justification we’re not
as solely justification we’re not important we decided to develop a
important we decided to develop a
important we decided to develop a framework the framework was called Drive
framework the framework was called Drive
framework the framework was called Drive and it’s a framework that we still use
and it’s a framework that we still use
and it’s a framework that we still use today to detect this large scale forces
today to detect this large scale forces
today to detect this large scale forces we then talked about the fascist pending
we then talked about the fascist pending
we then talked about the fascist pending market the macro then we developed the
market the macro then we developed the
market the macro then we developed the proxies we decided to go into pain
proxies we decided to go into pain
proxies we decided to go into pain points field witnesses and certain
points field witnesses and certain
points field witnesses and certain futures is a way for us to think about
futures is a way for us to think about
futures is a way for us to think about that there are ways like a GPS system
that there are ways like a GPS system
that there are ways like a GPS system that helped us to find our way through
that helped us to find our way through
that helped us to find our way through this entirely new formulated question
this entirely new formulated question
this entirely new formulated question and as we were doing this we discovered
and as we were doing this we discovered
and as we were doing this we discovered fantastic stories first of all we
fantastic stories first of all we
fantastic stories first of all we discovered that yes our hypothesis was
discovered that yes our hypothesis was
discovered that yes our hypothesis was correct if you are reversing the
correct if you are reversing the
correct if you are reversing the question and you’re not searching for
question and you’re not searching for
question and you’re not searching for growth marker but you’re going micro you
growth marker but you’re going micro you
growth marker but you’re going micro you find plenty of this now most of this
find plenty of this now most of this
find plenty of this now most of this growth will never follow the traditional
growth will never follow the traditional
growth will never follow the traditional trajectory it will never follow the
trajectory it will never follow the
trajectory it will never follow the trajectory the most economy expected to
trajectory the most economy expected to
trajectory the most economy expected to follow therefore most of the time they
follow therefore most of the time they
follow therefore most of the time they remain very distinct Radek very much on
remain very distinct Radek very much on
remain very distinct Radek very much on the ground they hardly become more than
the ground they hardly become more than
the ground they hardly become more than what they are but if we could discover
what they are but if we could discover
what they are but if we could discover them how would our economic policy our
them how would our economic policy our
them how would our economic policy our social policy and our our Economic
social policy and our our Economic
social policy and our our Economic Opportunity really change we discovered
Opportunity really change we discovered
Opportunity really change we discovered that what is magical about this dormant
that what is magical about this dormant
that what is magical about this dormant demands is that when we activate the
demands is that when we activate the
demands is that when we activate the demand with a business model you can
demand with a business model you can
demand with a business model you can actually really spin off you can create
actually really spin off you can create
actually really spin off you can create spillover effect you can create market
spillover effect you can create market
spillover effect you can create market out of market and all of this never
out of market and all of this never
out of market and all of this never really go or ascend to the financial
really go or ascend to the financial
really go or ascend to the financial economy he always stays at the real
economy he always stays at the real
economy he always stays at the real economy guess what the real economy
economy guess what the real economy
economy guess what the real economy needs to grow now more than ever because
needs to grow now more than ever because
needs to grow now more than ever because the tendencies for most of our capital
the tendencies for most of our capital
the tendencies for most of our capital to be created by the real economy and
to be created by the real economy and
to be created by the real economy and transfer over the financial economy I’m
transfer over the financial economy I’m
transfer over the financial economy I’m gonna give you numbers the real economy
gonna give you numbers the real economy
gonna give you numbers the real economy which is all of you every day when you
which is all of you every day when you
which is all of you every day when you go to work when you’re sending your kids
go to work when you’re sending your kids
go to work when you’re sending your kids to school when you’re basically engaging
to school when you’re basically engaging
to school when you’re basically engaging into a new effort when you go into a new
into a new effort when you go into a new
into a new effort when you go into a new degree when you are showing up in a
degree when you are showing up in a
degree when you are showing up in a classroom and meeting your students when
classroom and meeting your students when
classroom and meeting your students when you drive in when you’re buying a
you drive in when you’re buying a
you drive in when you’re buying a property everything you do every day
property everything you do every day
property everything you do every day define the really
define the really
define the really economy and this real economy is
economy and this real economy is
economy and this real economy is accounted for about sixty trillions
accounted for about sixty trillions
accounted for about sixty trillions right now so it’s 99.9% of all of us and
right now so it’s 99.9% of all of us and
right now so it’s 99.9% of all of us and the financial economy is three hundred
the financial economy is three hundred
the financial economy is three hundred trillions now interesting the financial
trillions now interesting the financial
trillions now interesting the financial economy is only a micro proportion of
economy is only a micro proportion of
economy is only a micro proportion of the entire economy we can argue that the
the entire economy we can argue that the
the entire economy we can argue that the financial economy counts for now 15%
financial economy counts for now 15%
financial economy counts for now 15% versus eighty five percent of the
versus eighty five percent of the
versus eighty five percent of the economy that is powered by people like
economy that is powered by people like
economy that is powered by people like us so why do we still have this
us so why do we still have this
us so why do we still have this imbalance between macro and micro
imbalance between macro and micro
imbalance between macro and micro primarily because we are empowering the
primarily because we are empowering the
primarily because we are empowering the macro to be the only way of defining
macro to be the only way of defining
macro to be the only way of defining engage growth so the way I like to share
engage growth so the way I like to share
engage growth so the way I like to share with you some story with you is that
with you some story with you is that
with you some story with you is that what we discovery was phenomenal we
what we discovery was phenomenal we
what we discovery was phenomenal we discovered growth everywhere
discovered growth everywhere
discovered growth everywhere we discovered growth in believe as I
we discovered growth in believe as I
we discovered growth in believe as I mentioned before rising at 25 percent we
mentioned before rising at 25 percent we
mentioned before rising at 25 percent we then discovered growth in Spain it was
then discovered growth in Spain it was
then discovered growth in Spain it was the time where Spain was struggling
the time where Spain was struggling
the time where Spain was struggling because the real-estate bubble because
because the real-estate bubble because
because the real-estate bubble because the banks were actually being
the banks were actually being
the banks were actually being restructure and consolidated and it
restructure and consolidated and it
restructure and consolidated and it wasn’t easy for a Spaniard to thanedars
wasn’t easy for a Spaniard to thanedars
wasn’t easy for a Spaniard to thanedars actually brighter future and guess what
actually brighter future and guess what
actually brighter future and guess what we found growth in organic production of
we found growth in organic production of
we found growth in organic production of Agriculture growing a 430 percent per
Agriculture growing a 430 percent per
Agriculture growing a 430 percent per year now if I even tell you four hundred
year now if I even tell you four hundred
year now if I even tell you four hundred percent growth is exponential by the way
percent growth is exponential by the way
percent growth is exponential by the way I’m sharing this with you and it means
I’m sharing this with you and it means
I’m sharing this with you and it means the growth is everywhere if we are able
the growth is everywhere if we are able
the growth is everywhere if we are able to tap into the growth happening through
to tap into the growth happening through
to tap into the growth happening through the social drivers that really happened
the social drivers that really happened
the social drivers that really happened primarily by habits trends or the way
primarily by habits trends or the way
primarily by habits trends or the way people simply are to share with you some
people simply are to share with you some
people simply are to share with you some of the story chia seeds is another one
of the story chia seeds is another one
of the story chia seeds is another one that really completely fascinated us we
that really completely fascinated us we
that really completely fascinated us we discovered the chia is rising every
discovered the chia is rising every
discovered the chia is rising every every year by 1,000% growth and who
every year by 1,000% growth and who
every year by 1,000% growth and who could imagine this is a millennial food
could imagine this is a millennial food
could imagine this is a millennial food this is a food that happened to be part
this is a food that happened to be part
this is a food that happened to be part of the diet the Latin America for so
of the diet the Latin America for so
of the diet the Latin America for so long and when it was discovered being an
long and when it was discovered being an
long and when it was discovered being an integrator of healthy food suddenly grew
integrator of healthy food suddenly grew
integrator of healthy food suddenly grew rapidly so anyone that has an
rapidly so anyone that has an
rapidly so anyone that has an agricultural activity around chia right
agricultural activity around chia right
agricultural activity around chia right now is enjoying a lot to growth 1,000%
now is enjoying a lot to growth 1,000%
now is enjoying a lot to growth 1,000% which financial market give you growth
which financial market give you growth
which financial market give you growth to one thousand percent per year
to one thousand percent per year
to one thousand percent per year none of them why because if we’re
none of them why because if we’re
none of them why because if we’re observing the macro we hardly know this
observing the macro we hardly know this
observing the macro we hardly know this what’s happening in the background which
what’s happening in the background which
what’s happening in the background which is where we actually really are Fran
is where we actually really are Fran
is where we actually really are Fran Chia we decided to go in a different
Chia we decided to go in a different
Chia we decided to go in a different part so chia was discovered primarily in
part so chia was discovered primarily in
part so chia was discovered primarily in the US but is connected to the
the US but is connected to the
the US but is connected to the production of food in of course in Latin
production of food in of course in Latin
production of food in of course in Latin America then we start noticing and the
America then we start noticing and the
America then we start noticing and the stories that I was teaching in the
stories that I was teaching in the
stories that I was teaching in the Sanford
Sanford
Sanford skoo campus and I noticed that there was
skoo campus and I noticed that there was
skoo campus and I noticed that there was ill Fornaio which is a beautiful bakery
ill Fornaio which is a beautiful bakery
ill Fornaio which is a beautiful bakery and pizza place and now they have a food
and pizza place and now they have a food
and pizza place and now they have a food truck so I noticed the food trucks in
truck so I noticed the food trucks in
truck so I noticed the food trucks in America have been rising exponentially
America have been rising exponentially
America have been rising exponentially since I was a kid and I was spending
since I was a kid and I was spending
since I was a kid and I was spending time between Canada and the United
time between Canada and the United
time between Canada and the United States now food truck three Americans
States now food truck three Americans
States now food truck three Americans are the ten every week goes twice to a
are the ten every week goes twice to a
are the ten every week goes twice to a food truck now this is unprecedented we
food truck now this is unprecedented we
food truck now this is unprecedented we used to have this food truck but they
used to have this food truck but they
used to have this food truck but they tend to be low low level so it was
tend to be low low level so it was
tend to be low low level so it was actually straight food now food truck
actually straight food now food truck
actually straight food now food truck are becoming a trend in some place
are becoming a trend in some place
are becoming a trend in some place places you have lines for people they
places you have lines for people they
places you have lines for people they really want to go to a food truck
really want to go to a food truck
really want to go to a food truck because it’s considered to be the place
because it’s considered to be the place
because it’s considered to be the place to be now this is growing right now at
to be now this is growing right now at
to be now this is growing right now at 30 percent per year
30 percent per year
30 percent per year power primarily from restaurant that
power primarily from restaurant that
power primarily from restaurant that figure out that if I can have people
figure out that if I can have people
figure out that if I can have people coming to me I can bring the food to
coming to me I can bring the food to
coming to me I can bring the food to them and from there we also discover the
them and from there we also discover the
them and from there we also discover the next one which is peek game this is
next one which is peek game this is
next one which is peek game this is company out of Turkey they decide to
company out of Turkey they decide to
company out of Turkey they decide to take some of the crumbs from a
take some of the crumbs from a
take some of the crumbs from a production of a German company was
production of a German company was
production of a German company was producing video games but they figure
producing video games but they figure
producing video games but they figure out that in the Middle East there is too
out that in the Middle East there is too
out that in the Middle East there is too much over stereotyping of the Western
much over stereotyping of the Western
much over stereotyping of the Western type of characters in the game and very
type of characters in the game and very
type of characters in the game and very little about the eastern type and so
little about the eastern type and so
little about the eastern type and so what they did they design video games
what they did they design video games
what they did they design video games differently they are actually really
differently they are actually really
differently they are actually really characterized in the car to the game
characterized in the car to the game
characterized in the car to the game looking much closer to another part of
looking much closer to another part of
looking much closer to another part of the world
the world
the world now peek game which is a small start-up
now peek game which is a small start-up
now peek game which is a small start-up is currently growing at twenty five
is currently growing at twenty five
is currently growing at twenty five point six percent growth throughout the
point six percent growth throughout the
point six percent growth throughout the time of the beginning to the end when we
time of the beginning to the end when we
time of the beginning to the end when we studied them they had an accrued growth
studied them they had an accrued growth
studied them they had an accrued growth at two hundred and twenty five percent
at two hundred and twenty five percent
at two hundred and twenty five percent and this happened because they
and this happened because they
and this happened because they understood at the social level there was
understood at the social level there was
understood at the social level there was a need for a different level of demand
a need for a different level of demand
a need for a different level of demand and this was a dormant demand that was
and this was a dormant demand that was
and this was a dormant demand that was activated with a business model the
activated with a business model the
activated with a business model the final example I want to share with you
final example I want to share with you
final example I want to share with you is the one that was still teaching class
is the one that was still teaching class
is the one that was still teaching class that we is fascinating many of us and is
that we is fascinating many of us and is
that we is fascinating many of us and is really applicable across the globe this
really applicable across the globe this
really applicable across the globe this will happen with m-pesa in Kenya now
will happen with m-pesa in Kenya now
will happen with m-pesa in Kenya now Kenya is not the country you would
Kenya is not the country you would
Kenya is not the country you would expect that will have a growth 172
expect that will have a growth 172
expect that will have a growth 172 percent in banking and yes they had the
percent in banking and yes they had the
percent in banking and yes they had the growth 172 percent in banking because we
growth 172 percent in banking because we
growth 172 percent in banking because we have bypassed the banks and we allowed
have bypassed the banks and we allowed
have bypassed the banks and we allowed millions of people to have access to a
millions of people to have access to a
millions of people to have access to a bank account without having a bank
bank account without having a bank
bank account without having a bank account isn’t that smart what was the
account isn’t that smart what was the
account isn’t that smart what was the demand millions of people that were
demand millions of people that were
demand millions of people that were never qualifying to have a bank account
never qualifying to have a bank account
never qualifying to have a bank account and now we’re gonna give them an option
and now we’re gonna give them an option
and now we’re gonna give them an option to remove all application to have
to remove all application to have
to remove all application to have bank account and pairs that transform
bank account and pairs that transform
bank account and pairs that transform everything is one of the example that we
everything is one of the example that we
everything is one of the example that we can use multiple with multipolarity on
can use multiple with multipolarity on
can use multiple with multipolarity on one hand he has changed a lot the way we
one hand he has changed a lot the way we
one hand he has changed a lot the way we think about banking he has created a
think about banking he has created a
think about banking he has created a space for FinTech to go in that
space for FinTech to go in that
space for FinTech to go in that direction he allows many people to think
direction he allows many people to think
direction he allows many people to think that being digitally digitally present
that being digitally digitally present
that being digitally digitally present and having a literacy in finance it does
and having a literacy in finance it does
and having a literacy in finance it does not have to requires a degree and he has
not have to requires a degree and he has
not have to requires a degree and he has really taught us a lesson that if you
really taught us a lesson that if you
really taught us a lesson that if you are not able to participate at the
are not able to participate at the
are not able to participate at the aggregate level you can still find a way
aggregate level you can still find a way
aggregate level you can still find a way to participate at the micro level and
to participate at the micro level and
to participate at the micro level and find growth with this my takeaway for
find growth with this my takeaway for
find growth with this my takeaway for you as we’re trying to move towards the
you as we’re trying to move towards the
you as we’re trying to move towards the end of this conversation is really to
end of this conversation is really to
end of this conversation is really to say where are the large scale events
say where are the large scale events
say where are the large scale events they’re shaping your reality right now
they’re shaping your reality right now
they’re shaping your reality right now how do I recognize them that matters to
how do I recognize them that matters to
how do I recognize them that matters to me how do I understand that while in the
me how do I understand that while in the
me how do I understand that while in the past inside out was the way strategy was
past inside out was the way strategy was
past inside out was the way strategy was speaking outside in now is shaping a
speaking outside in now is shaping a
speaking outside in now is shaping a much greater deal of the type of society
much greater deal of the type of society
much greater deal of the type of society we’re going to have in which way can we
we’re going to have in which way can we
we’re going to have in which way can we think about the strands being applicable
think about the strands being applicable
think about the strands being applicable to us how do I discover proxies that
to us how do I discover proxies that
to us how do I discover proxies that will allow me to navigate through the
will allow me to navigate through the
will allow me to navigate through the complexity so I can say yes this matters
complexity so I can say yes this matters
complexity so I can say yes this matters to me because I’m a food company and
to me because I’m a food company and
to me because I’m a food company and maybe waters matters to me and now I
maybe waters matters to me and now I
maybe waters matters to me and now I know that a specific problem might
know that a specific problem might
know that a specific problem might become a demand in the making and I will
become a demand in the making and I will
become a demand in the making and I will be able to recognize that my
be able to recognize that my
be able to recognize that my actionability doesn’t stay at the
actionability doesn’t stay at the
actionability doesn’t stay at the aggregate level but it stays of the
aggregate level but it stays of the
aggregate level but it stays of the micro one how do we empower this
micro one how do we empower this
micro one how do we empower this grassroots movement to be part of a
grassroots movement to be part of a
grassroots movement to be part of a growth model how do we change the
growth model how do we change the
growth model how do we change the question how do we teach our students in
question how do we teach our students in
question how do we teach our students in economics the growth hardly can be found
economics the growth hardly can be found
economics the growth hardly can be found at the macro level it has to be found
at the macro level it has to be found
at the macro level it has to be found where people really are and now do we
where people really are and now do we
where people really are and now do we understand that by bringing
understand that by bringing
understand that by bringing entrepreneurship and business model
entrepreneurship and business model
entrepreneurship and business model innovation is where we’re going to tap
innovation is where we’re going to tap
innovation is where we’re going to tap growth you see guys what I learn is that
growth you see guys what I learn is that
growth you see guys what I learn is that it’s not true that we are in a low
it’s not true that we are in a low
it’s not true that we are in a low growth period we are in a low growth
growth period we are in a low growth
growth period we are in a low growth period according to the 20th century
period according to the 20th century
period according to the 20th century jargon but according to the 21st century
jargon but according to the 21st century
jargon but according to the 21st century jargon we’re still prospering which is
jargon we’re still prospering which is
jargon we’re still prospering which is prosper in a way that hasn’t been
prosper in a way that hasn’t been
prosper in a way that hasn’t been measured yet so my invite for you as
measured yet so my invite for you as
measured yet so my invite for you as you’re thinking about this conversation
you’re thinking about this conversation
you’re thinking about this conversation is find where is the dormant event
is find where is the dormant event
is find where is the dormant event around you activate it talk about this
around you activate it talk about this
around you activate it talk about this make sure a capital can go there and we
make sure a capital can go there and we
make sure a capital can go there and we actually won’t be able to be obsessed
actually won’t be able to be obsessed
actually won’t be able to be obsessed with growth in the same way will
with growth in the same way will
with growth in the same way will perceive growth that’s been a normal
perceive growth that’s been a normal
perceive growth that’s been a normal process of our human
process of our human
process of our human thank you very much
thank you very much
thank you very much [Applause]
”
Be First to Comment