My best ideas come to me between the hours of 2 and 4 a.m. This is not by design — in fact, I wish it weren’t the case — but, as an entrepreneur, I roll with it. My third child is a terrible sleeper. In her two years, she hasn’t slept through the night once. When she wakes up in the wee hours, and it’s my turn to comfort her, sometimes I can’t fall back asleep. I tiptoe out of the room, flip on my iPad, and work on my new startup.
It’s counterintuitive, but of all the experiences I’ve had over the course of my life — including starting a business incubator, stints in government and at big corporations, and teaching in MBA programs — perhaps the thing that’s prepared me most for entrepreneurship is parenting.
Bitcoin heralds a new age more disruptive than that of today’s Internet. Disruption can be a good thing, especially when it affects banking, a failing set of business models which, for all the tweaks, have been virtually unchanged for millennia. Paradoxically, some banks are afraid of Bitcoin because it would force them to innovate.
Bitcoin is but the most famous example of an emerging technology network with the potential to improve banking. It belongs to the new type of financial animal called crypto currencies, i.e. decentralized, secure money storage and money transfer enabled by the Internet. What Bitcoin, and the even more promising Ripple network do, is not to poke a hole in banking’s basic business models—lending, deposits, trading, and money exchange—but to create the embryos for entirely new markets typically referred to as the Internet of Value. That is, a way for regular folks, as well as specialists, to potentially monetize everything, regardless of location, traditional market access and jurisdiction.
Cryptocurrencies have been with us for over five years, an eternity by Internet time. Using the elegance of mathematics they enable almost instant transfer of value at almost no cost between two parties without the need for a trusted third party. The disruption lies exactly there: in disrupting the intermediaries.
For a few years already, we have been talking about the sharing economy. Companies like AirBnb and Uber have enabled previously untapped, idle assets such as your empty bedroom or your second car to be mobilized for financial gain. Liquidizing such stale assets has added convenience in the utterly inefficient markets of room rentals and transportation services.
As upcoming goals, the United Nations should enact basic sanitation, healthcare and governance in failed or collapsing states not simply because of moral concerns, but because of our own safety concerns.
You would think we would have learned to deal with globalization by now. Goods, services, people, and money, and occasionally, diseases, flow across borders at a staggering pace. Little can stop these flows. Not walls. Not presidents. Not health authorities.
People, however, remain quite rooted in their local communities. So rooted that when a global health scare comes along, we only react when somebody we know, in our country, or somewhere we know well, is affected. Most people’s identity is local, not global, and not even international. Perhaps we should be glad. It gives focus. We attend to what is near. Perhaps, therefore, most of us underestimated Ebola. In Norway, nobody reacted when a nurse on volunteer duty in West Africa contracted the disease, but when she arrived in the nation’s capital for treatment, everyone noticed. In the U.S., nobody winked until a person died in Texas.
Stopping the spread of Ebola as quickly as possible is crucial. Several disjointed paths seem to be in motion, both regionally and globally. Last month’s Africa Summit in Washington DC touched on it but did not have all Ministers of Health present, and individual African countries have issued scattered curfews but no effective travel bans on citizens in affected areas. The WHO continues to issue warning statements of varying levels of severity, most recently with a casualty figure of 10,000 deaths, which may not impress those who realize that seasonal influenza kills scores more—so should we not worry, then? Meanwhile, many, especially in Africa, are looking to the WHO for more than predictive statistics. The WHOs recently published 26-page Ebola Response Roadmap makes but a small dent in this disease. Read More »