Discover the Techniques Behind the World’s Fastest-Growing Companies | Peter Diamandis & Salim Ismail

25:07Does GitHub have revenues? Do they have revenues? They do. They offer membership models and a freemium model, if I remember right. So, James, the point here is, and we can talk through each of these in particular, these attributes, there's a game plan for each of them, and they each feed on each other. and again what Saleem said earlier this is about how do you you know in one sense how do you tap into eight billion people out there find those most interested in supporting your business and that can be in marketing what you do it can be creating content for what you do it can be coding for what you do and turn that crowd into community that are serving you at near zero marginal cost And then how do you actually use AI to gather that data and make it usable?

26:00How do you create interfaces that allows the crowd and your community to plug into what you're doing? And all these elements are driving massive return. So over the last 10 years, what we tracked was those companies that are using these attributes that are exponential organizations versus those companies that are not. There is about a 40x shareholder return on that. I mean, it's substantially different. Actually, can I talk through this? Because, James, with your background, I think this might be really powerful. So in 2015, we took the Fortune 100 and we ranked them on this model. So we scoured, we went through every company, Walmart, Procter & Gamble, and said, to what extent are they purpose-driven?

26:46To what extent are they leveraging community credit? To what extent are they leveraging algorithms? And we scored them all, and we came up with an index. And I did a segment on CNBC's Squawk Box presenting this index, essentially measuring how purpose-driven, flexible, adaptable, scalable are the org structures of these big companies. And it was a marketing effort, et cetera. We just did a seven-year trailing analysis and said, okay, how did they do? And what we'd done was we tracked the top 10 most flexible and agile companies of the Fortune 100 over seven years, and the bottom 10, the least flexible, the least agile, et cetera.

27:19And then we compared the results. And it was astounding. The revenue growth of the top 10 compared to the bottom 10 was 3x over the seven years. Profitability, 6.4x. Return on equity, 11 times. But the killer was shareholder returns, CAGR, compounded on your growth rate, was 40x higher for the top 10 compared to the bottom 10. and we literally had to triple check to make sure we had the numbers right because it sounds absurd. So we have very, very clear evidence. And the umbrella thesis is really simple, right? As the external world becomes more volatile, your ability to adapt is going to drive market value.

27:53And that's true for any company going forward. Do you publish a regular index? Because obviously this would be useful for investors. We didn't, and frankly, we chose the wrong business model. We should have done nothing but create a hedge fund or index fund out of this. So it's something we'll start doing as we go forward. And how does a company like Walmart, though, hear all this and say, okay, now we're going to digitize all our information and become an exponential company? This is my worry. No one's going to want to start a store. Well, you don't have to do all of them, right? So, for example, do they use OKRs internally?

28:29Do they tap in the community at all? And most of these big companies don't. Do they use algorithms? They better start, right? Right. So we've been Peter and I have been almost everything I've done over the last eight to 10 years since the book come out is yell at boards of Fortune 500 companies. And Peter is the same. We've worked with Procter & Gamble, Unilever, TD Ameritrade, Black & Decker, et cetera. One key tool set that we've solved is solving what I call the immune system problem. Before doing singularity and meeting Peter, I was the head of innovation at Yahoo running their incubator. And I found that the more disruptive an idea we came up with, the less the company could handle it.

29:05and the antibodies attack you. Because all big companies are focused on predictability and efficiency. And so we focused on solving this immune system problem. We actually have a 10-week engagement that we run inside a big company that hacks culture at scale. And it shifts the default no answer, if you try anything disruptive in the organization, to a yes. And we've done that 60 times now with big companies. You know, one of the attributes, Salim keeps on saying algorithms, you know, it's AI, which is really the attribute here. we're going to have two kinds of companies at the end of this decade, James.

29:37It includes the webcast business as well and the podcast business as well. And it's companies that are fully utilizing AI across every aspect of what they do and companies that are out of business. It's going to be that dramatic, right? So it's going to be, you know, AI is not going to put any company out of business. It's going to be another company utilizing AI that's fully, it's going to put you out of business. And so one of the things that we're talking to large corporations and small corporations is how are you building this into every element from engineering to marketing to finance to comms, everything.

30:12And it's true across the board here. You know, one of the things, let me just take a second because this can be feel overwhelming for some. You know, the book comes out on June the 6th. It is broken down into a very organized fashion. Like this is what we mean by social technologies or autonomy or experimentation. This is how companies are using it. These are the platforms or apps that you can use to incorporate it into your own company. Here are case studies of companies that are using it successful, right? So it's very, it's meant to be a playbook for companies. In fact, one of the things that we're doing is to make this available as far and wide as possible.

30:58So on June the 6th, we're going to be holding a three-hour workshop for free for anybody who wants. You'll get free access to the book. We've also built an AI, which you can talk to the book. We're calling it Ray K. in honor of Ray Kurzweil. and you can talk to the book about your business and ask it questions like, how do I incorporate dashboards or interfaces into my business? This is what I do, who I am, or how would I defend myself against another EXO or how would I disrupt my competition? And so we're gonna do that three-hour workshop, give you access to the AI, give you a free copy of the book.

31:38That's on June the 6th. Any listeners who are interested, you can go to diamandis.com slash EXO and register. And for us, it's going to be a chance to help get this model out there. It's about creating efficiency and uplifting the world. How did you, just out of curiosity, how did you make the AI for the book? What we, yeah, what we did was we looked at ChatGPT and a few of the other models out there, stability, et cetera, and we merged several of them together. And then we loaded up the entire corpus of the book, all the interviews that we've done, etc. So that has a rich content depth to it.

32:14We're also going to be loading up 700 case studies that we've put together over the years and essentially you can then query the book and say, okay, I'm a shipping company, how would I implement AI? And literally scan all of that and come back to you and go, here's what you need to do. So we're super excited by that. It's the first living book because a key part of this is we're going to just keep it updated with all the case studies and all the new information that we find, new stats, etc. And this will be the first fully living book that you can interact completely interactively with. James, you know how insanely difficult it is to write a book right now on AI or on any of these technologies?

32:49Because it's changing every single day. It's crazy. It's crazy. We've had to rewrite the book three times over the last two years. But here's a question, and this is related, even starting a company in the AI space, once you start it, you realize there's 50 ,000 competitors to it that day that launched, or all the companies that would have been your customers also launched that AI. It gets almost, AI is changing so fast, you almost can't start a company using AI. But you can use it, right? So one of the things that every company has that's uniquely its own is its data. It has its own data, its own set of customers.

33:25It's got its unique ecosystem. And what you want to be doing is not necessarily building another AI system, but finding the AI elements that will serve you, your data, and your customers. One of the recommendations, for example, that I make in the book in the AI and algorithms chapter is that the traditional companies, even a startup right now, should have what I call a chief AI officer. And your chief AI officer isn't someone creating a large language model or coding AI algorithms. It is someone who understands what's out there, who's doing what, how things are changing, and then going and creating partnerships.

34:04It's a strategic advisor to the CEO and the leadership team on check this out. Let's talk to these partners. Let's utilize this right now. This new version is better, right? Because exactly what you said, it's changing so rapidly that you need somebody who is in the thick of it, watching, learning, consuming constantly. Well, like take what you just said. You took all this data that was your book, basically the case studies, the interviews, the text of the book itself, and you made an AI model so that people can say, hey, I have a shipping company. How can AI help me with my finances, et cetera, et cetera.

34:42Why isn't that a business? Like you could take, there's 2 million books out there. You can say, hey, everybody, we'll make an AI version of your book so anybody can talk to it. You absolutely could. In fact, part of my community is actually setting up their own company to do this, right? You've written a bunch of books. And imagine having instant AI access in a queryable form to all of them would be amazing. Yeah. But there's no moat because like... Yes, there's no moat. As soon as I said that, there's 10 ,000 other companies trying to do that now. Yeah, but the moat is the text and the experiences that are unique to your world that are so profound.

35:19So, for example, companies that have rich data sets will do very well going forward into the future. So you could take all of your podcasts, right, that you've done, James, and have those digitized, transcribed, and fed into your own AI. I'm doing it. I'll do it eventually for my own podcast, Moonshots. And it will be something you can query that someone can go and learn about. So it's just the way we're going to learn and interact is changing. And it's just the speed is almost inconceivable and it's getting faster year on year. And it's all revolves around the fact that companies now have assets like information or they service information like Dropbox stores information or they dematerialize physical objects and turn them into information.

36:06Like you mentioned earlier, Peter, with you could take records and now just digital streams on an app on your phone. And so it all revolves around how quickly can you put things in an information form? Because AI takes information, organizes it in some way, and spits out something that moves the information forward. Yeah, take, for example, your Apple Watch or your Fitbit, right? You have a stream of data coming from that across a very large set of customers, millions of people. And you could create some incredibly prescriptive models for how to operate on that data. your Fitbit or Apple Watch to say, listen, you're kind of sedentary too long.

36:43Based on the data, you need to take a 10-minute walk right now. And that's the kind of thing we expect to see thousands of coming out in this new world.

37:07okay so let's say i'm an entrepreneur what are the first steps i want to start thinking about so we covered the first one which is mtp number one what fundamental problem do you want to solve Is it cure cancer, solve transportation like the Waze guys did, or whatever? Pick that fundamental problem and articulate that statement into an MTP. And how do I pick that problem? So for me, this is about an emotional energy. Doing anything big and bold in the world is hard, right? And if you're doing something just to make money, you're likely to fail. You've got to be doing something because there is a massive emotional energy and desire.

37:46And it comes in two forms, either something all like, you know, for me, my first 10 companies were all in the space world driven by my desire to open the space frontier. Right. You know, creating zero G and space adventures, International Space University and SEDS and XPRIZE and all of those things were driven by the I'm going to help open the space frontier. And then there's this this, you know, the other side of the equation is pain. It was like, I refuse to let this go on. And for me, the idea that we're going to, you know, get old and die at 85 or 90 or 100, it was like, you know, I call bullshit.

38:20No, I'm going to fight against the dying of the light. And so all the companies I've been building and investing now a half a billion dollars of capital towards is longevity, age reversal. You know, it's basically, I'm going to crush the healthcare system and reinvent it. So there's an emotional energy there because you need to connect with that. And it comes from a passion and a purpose. And once you've got that general area, then you're going to find people who share that passion and purpose with you. And then you're going to start to figure out, okay, I'm going to build a community, a crowd, and what is the thing we're going to do that makes a massive difference in that area?

39:01So it has to begin with that level of emotional energy. Peter has actually built an entire generative AI interaction to help you develop your MTP. So we'll be giving access to that in the workshop. Yeah, so you'll get that on our three-hour workshop. It uses GPT-4 as an engine to help you find your MTP and then help you create your moonshot. And then actually to plan your moonshot. Like what do you have to achieve in not 10 years, but five years, in one year, in the next three months? and what should I be doing right now? What about industries though, where, like let's say biotech, you mentioned cure cancer.

39:40So biotech is obviously an exponentially growing industry of which there are many exponential organizations in biotech, but let's say I'm a regular guy. I might not be able to create a biotech, but maybe I can create, I guess, a research service about biotech or what other possibilities for me? Yeah, let me give you an example. we actually had a guy who was a faculty at Singularity University originally who didn't come from the biotech space, but he loved the idea of curing things with all of these new genetic breakthroughs, etc. So he formed a company called Cure Together, where patients could collect into a community and share their conditions and say, I've got this condition, Crohn's disease, this is what I'm trying.

40:25And by aggregating data across a large group of patients sharing similar afflictions, they were able to share data in a really powerful way across the board. And so things like that can be done very powerfully, leveraging community. And you don't have to have an expertise in biotech to do that. You're just bringing together the entire ecosystem in that way. So there's a lot of ways to play in the space. Right. And so that's how he created the staff on demand and the crowd and the community. That's right. And the algorithms for the correct sharing of information, leveraging other people's assets, like leveraging their diseases.

41:00Exactly. So we'd say, yeah, you've got these symptoms. This guy over here is looking through something and he seems to be a month ahead of you in his treatment process. So you guys connect, right? So there's a ton of things you can do that are very rich there. Yeah, there's, listen, biology and medicine has become a digital science and AI is being applied. We're gonna see more progress in healthcare and biotech from AI than anything else. And so, listen, not every exponential org is going to be using all these attributes. A dear friend of mine, Alex Severankov, who's the CEO in Silico Medicine, based out of Hong Kong and Dubai, talk about exponential organization.

41:42They have built a massive autonomous lab that's driven by AI and robotics that's operating lights out 24-7, meaning there's no humans in the loop. All the experiments are being designed and run by AIs and robotic pipetting and everything going on 24-7. And it will run massive parallel experiments, gather the data, and then be able to identify which of the experiments you've been done next, what's the promising information, and then license that out for drug discovery. So you're going to have companies that use three or four. Some will use all 10. But companies that are going to be successful in this decade are most definitely going to be fishing out of this pond and assembling these elements.

42:31Can I give you, James, an example of a killer one that we've seen? So there's a company out of China called Guazi, which sells used cars. And you look at used cars and you're like, okay, how would I make that 10x better? Like you maybe have a better app or better warranties or delivery service. But it's not that obvious how you disrupt it fundamentally. What they do is they show up to somebody who wants to sell a car. They gather 250 data points, video, photographs. They take an audio of the engine and pass it through a machine learning filter. They can detect exactly the quality of the engine by the perturbations in the sound.

43:04So they come up with a real-time price for what they think the car is worth, show it to the seller, and they say, we'll give you 10 % less than this in cash right now. Seller goes, yeah, here. Then they go to somebody who wants to buy a car and they go, here's the price for my engine, we'll sell it to you for 10 % more. That's the model. In seven years, they captured 80 % of the used car market in China. 80 % from a standing start, they sell 2 million cars a month. So you can use new approaches to completely shred old marketplaces. And we're going to see tons of these emerging over the next few years.

43:37That's a fascinating example. And what about an example? Sometimes you learn more from examples also that fail. So where's something where you see where they maybe were in an exponential industry, but they didn't quite use your methods and they failed? Yeah, tons of failure modes. The failure modes of an EXO are just as strong as the failure modes of any other. It's just that the cost of starting is so low, and because you've kept a really small feature footprint and you're constantly testing and iterating, your upside chances are much higher. We'll give you an example. One of our favorite EXOs was Quirky.

44:09So if you're a P &G or Unilever, it took about three years to get from new idea to product on sale in a Walmart shelf. Quirky was doing that exact process. New idea to product on sale at Walmart in 29 days. Like unbelievable for that industry, which is, again, a very traditional industry. How are they doing it? They just had an army of inventors suggesting new ideas. They published exactly where the money was going if you bought something. Labeled the distributor gets this much, the inventor gets this much, etc. They would go to Walmart and say, here's some ideas, we can bring it to market. They had operations in China to manufacture these things.

44:46So they could just cut through every part of the product cycle by 10x. Where they failed was after the first three or four products, Ben Kaufman, who's a friend of both Peter's and mine, the CEO, got excited and tried to do 50 at the same time. And basically the thing imploded. So in that case, over-eagerness really was the problem. But many of these have the traditional failure modes, But you have a stronger chance of success because you're iterating and learning constantly because of the experimentation characteristic. Now, in some of the externalities, you mentioned how the cost of acquisition of a customer has gone to zero, which is very important in this digital world because now you could reach people all over the world in seconds.

45:26But could that potentially create a race to the bottom in marketing where we're all trying to reach 8 billion customers at the same time? I think we're already there, right? Right? It's cutting through the signal-to-noise ratio today in marketing is a massive problem for everybody. Do you want to talk about Kevin Kelly's Better Than Free? Yeah. No, this is really great. So, you know, in 2005, Chris Anderson from Wired Magazine of Long Tail Fame wrote a book, Free, positing that as we move to an information age, almost every business model will go to free, or freemium-type models, or ad-supported, or something.

46:00Kevin Kelly read that and then wrote a rebuttal, and the blog post is titled Better Than Free. And in this blog post, he identifies eight ways of adding value if the base information is free. Findability, accessibility, personalization are three of them, to give you an example. And we think what he's done there is defined and identified the business models of the 21st century, the business models of a digital age. And pretty much every product or service like Airbnb gives you findability. Google is giving you personalization in many cases, et cetera. We find that almost all digital business models fit one of those.

46:34And we think that's it. We document those in the book. And we basically say these are the prescriptive ones to follow. Pick one of these and go after it and look at similar ideas that you can take new information sets, bring them to market with this new idea, leveraging community as much as possible. I guess it's very interesting because take something like Tesla. Like people wondered out loud, why did Elon Musk give away all the IP for Tesla for free? It's because he's providing the accessibility to the actual car. He's making the car. It doesn't matter if I have the IP, I'm not going to make the car by myself.

47:07Well, he also is creating a standard. And if other people adopt it on charging stations, for example, then it just makes his life easier in that regard. Right. And it's been said before, it's not a car he's selling. It's an app with wheels, so to speak, that's upgraded on a regular basis. You know, a few of these things go together and And it's important, like the attributes of interface and dashboard, experimentation, autonomy. Let me hit on a couple of these things. Experimentation is so critically important and so much easier now than ever before. If you're starting, and this is, I'm just adamant about the companies I advise and the companies I invest in and I start, you need to have an experimentation mindset from the beginning.

47:51You know, in the old way of doing it, it was the expert knew exactly what the right answer was. I call it the tyranny of confidence. They were so confident and they would say, you know, it has to be this color. It has to look like this. And who the hell actually knew? And today you don't need to know. You need to run the experiment. So we have a whole segment in the book on how to write a great, how to run a great experiment, right? I interviewed a friend of mine, Jeff Holden, who is the chief product officer at Uber and also at Amazon. Amazon. And he talks about what is a great experiment, what is not a great experiment.

48:28We interviewed Astro Teller, who is the head of Google X, right, who goes through the same process of helping people design experiments. And in order to be running experiments, you need to be willing to fail inside your organization. And you need to give your organization autonomy. Right. And autonomy is the hardest thing for a large scale company to do to say, OK, we're going to flatten out the organization and we're going to give you the ability to go run whatever experiments you want. In order to do that, in order, and it's how the pieces come together, in order for you to have people in your organization be autonomous, be able to run experiments, there needs to be that clear, massive transformative purpose, that MTP, that guiding North Star.

49:13People are running experiments with autonomy to get us there in things that align in that direction. If you didn't have that, all of a sudden people at SpaceX are now trying to create, God knows what, lawnmowers. But at the end of the day, these things all work together. We have now 10 years of data of what works and what does. To Peter's example, GE did the biggest corporate training exercise in history. they trained 60 ,000 managers on lean startup thinking and constantly testing assumptions, but they didn't implement autonomy. And so the whole initiative essentially yielded very little because they hadn't given them freedom to think and operate by themselves.

49:54And so we're finding over the years the interdependencies and the prerequisites to implementing some of these ideas. You need dashboards before you can allow experiments to run, etc. And so like, okay, dashboards, can you describe that a little bit more? Yeah, so I'll use an example called Focus at Will, which is streaming music to allow you to focus and put your brain in an alpha state. Will Henshaw, the founder, publishes to all stakeholders, including investors, what's the current acquisition cost of a customer? What's the churn? How many days before an average somebody signs up to before they become a paying customer?

50:31What's the overall trajectories of growth of the business? And that's published to all external and internal stakeholders, and it's real time. Because if you have an EXO, something goes right or something goes wrong, you want to know as fast as possible. So businesses are now being instrumented, forget quarterly reports, etc. They're being instrumented in real time to deliver business metrics to the C-suite. And then on the inside, we're using the idea of tracking team and individual performance, the use of OKRs or objectives and key results. John Doerr wrote the seminal book called Measure What Matters.

51:04And we found that almost all EXOs use that capability and that technique to manage the teams and manage individuals. So that's what we mean by dashboards, internal and external and internal dashboards to track the business. When you have dashboards that your team can view, everybody can measure each other's performance, right? You can't hide. You're in charge of this and you're in charge of hitting these numbers. So, for example, in my own companies, right, there is a weekly meeting where the dashboards are reviewed and everybody knows how they hit targets for every week and how they hit their numbers.

51:42And if they're running experiments, we want to tie the experiments back to the dashboards. Like, did that experiment work? Did it move the needle as you expected? Was it worth it or do we kill it? Again, all these things, you know, run together. Google has taken the craziest step. They've made their OKR system internally totally transparent to everybody. So if I'm at Google, I can actually look up any other Google employees' historical performance and what their current objectives are. And that's a huge level of courage of internal transparency. Is that a lot of stress for the employees? Like, oh, my gosh, everyone's looking at the fact that I slowed down this week.

52:19To some extent, but it also forces people to up their game. And then if I want to work with some other team, I can look up their objectives and make sure we're aligned. Right. So actually winnows down. It makes the internal operations much more efficient because I know exactly who to partner and team up with that are trying to do similar things. You know, James, the whole ethos around an EXO is it's the efficiency and output ultimately per human in the organization. And we're going to start to see billion dollar revenue companies being run by three individuals. Right. You predict that in the book or in Exponential Organizations 2.0.

52:59And it's fascinating because I think people are under the assumption, the old school assumption that, oh my gosh, if I start a company, I need to raise millions of dollars and then hire a lot of people. And just all of those assumptions are wrong now. Not necessarily wrong, but you could do it better. Yeah, literally it's all changed in the last four or five years. Everything has changed in the last four or five years. And therefore, all the precepts we had even 10 years ago are out of date. And really, you know, we looked at this. One of Peter's friends put out a tweet about this. You'd have a CEO that was also a coder and helping code the AI that held a vision and held the business model.

53:35An operations person that made sure all the AI auto GPT type of bots were running effectively. And a product person. And that's pretty much all you need with most online products and services. And then the execution was mostly handled and automatically derived. So, again, it's a different world of business coming, and it's only accelerating, right? The speed, we're going to, one of the metrics I talk about in my last book, The Future is Faster Than You Think, is we're going to see as much progress in the next decade, James, as we saw in the past century, right? And it's accelerating. There's more capital at work.

54:16There's more people connected. There's more access to compute and memory and AI. You know, a friend of mine who's the top 3D printing entrepreneur out there is just showing me what his machines are making. This is Avi Reikenthal. And it's like, you know, it's 10 times faster and cheaper, mixed use materials, mixed colors. It's insane. And so our manufacturing is becoming bespoke and fast and personalized. Well, what if someone's listening to this and they're getting stressed because they're thinking, boy, I'm not going to be able to start an exponentially growing company and am I going to be left behind in all of this?

54:55Or I'm not going to be able to be, you know, it's one thing starting one, a lot of people will be employees of one, but is there a fear of being left behind somehow? There absolutely is. And there's an easy answer. If you think you're going to be left behind or if you think you're not, you're right whichever one you pick yeah and james this is the reason we're doing this three hour workshop again i just want to plug it one more time it's free you'll get access to the book the book is a step-by-step playbook you'll get access to the ai again for free come and join us it's june the 6th if you're hearing this podcast after june the 6th i'm sure you'll get a recording but if you join us on june 6th it's live and you can interact with us on this and we're going to walk through in a much more methodical phase what to do, how to implement each one of these attributes.

55:45If you're a large corporation, how to think about these attributes because you need to be. And just go to diamandis.com slash exoregister. And this is where, you know, my massive transformative purpose, my personal one is to inspire and guide entrepreneurs to create a hopeful, compelling, and abundant future for humanity. And this is directly in line with my MTP. It's where I get my joy. And just to touch on that last point, James, there's a whole section right at the end of the book on mindsets, because your mindset is so critical for whatever you're going to do in the future. And Peter, do you want to touch on that for a second?

56:25Yeah, sure. So if I ask you the question, and I do this with entrepreneurs and CEOs and whomever, I say, if you looked at the most successful people on the planet, you know, the Steve Jobs, Elon Musk, Mahatma Gandhi, you know, Martin Luther King, whatever leader you want, and you said, what made them successful? Was it the money they had? Was it the technology they had? The friends they had? Or was it their mindset? You know, everybody agrees it's their mindset, right? The way that they handled opportunity or failure or problems is your mindset. It's the neural net you have, 100 billion neurons in your brain, that's your neural net.

57:02And so if mindset is the most important thing you have, then the question is, what mindset do you have? Where did you get it? And what mindset do you need to have for the decade ahead? Either as a mom, a dad, an entrepreneur, a CEO, what is the mindset? So in the book, and this is a lot of the work that I'm doing, I focus in with Salim on a number of core mindsets, a curiosity mindset being fundamentally critical, right? Ask great questions. An abundance mindset that we're living in a world where instead of if you have friends coming over and you have to slice your pie into thinner and thinner slices because there are more mouths to feed, no, no, we're just going to bake more pies, right?

57:45It's our ability to use technology to create more and more of what everything, including time, we can get to that if you want. You know, an exponential mindset, you know, how 30 doublings is a billion times faster. a moonshot mindset of going 10 times bigger in the world, which is everyone else is going 10 % and then ultimately a gratitude mindset. And these mindsets are core for being a great leader. So we close the book on these mindsets, again, how to think about them, what to be doing. I think that's critical. Because like when you said how you have a personal, massively transformative purpose, I think everybody needs that kind of personal MTP.

58:24Yeah, it drives me. It helps me decide what I do and don't do. So I get just super pumped about with Salim, how do we help? I mean, we're going to have a huge audience from around the world on this three-hour training. It's like, let's help people make the world a better place. Let's give them the tools to understand how they use their capital and their intelligence. We all are given one thing in common, 8 billion people. We're all given 24 hours in a day, seven days in a week, 365 in a year. I don't care who you are. That's what you got. and it's how you use that time that matters more than anything else.

58:57So let's help people use that time. Well, I mean, I'm so excited for version 2.0 of the book. I was a fan and am a fan of the version that came out in 2014, Exponential Organizations, learned so much from it. And now you're gonna have the book 2.0 coming out June 6th. You have the seminar, D-I-A-M-A-N-D-I-S.com, diamandis.com slash EXO. And you can register there. June the 6th, it goes from 8 a.m. to 11 a.m. Pacific time. So it's over the lunch in East Coast and over dinner in Europe. Well, it sounds really exciting. Good luck on all of these things. And I'm excited. Once again, Peter, you've excited me about the next decade.

59:44Last decade, you excited me about the decade we just had. Now I'm excited for the next decade. See all this exponential stuff happening. Thank you, buddy. So really critical for every entrepreneur. There's so many opportunities, but honestly, it's too many opportunities. It's difficult to navigate. And so hopefully your seminar and book will give a kind of guide to navigating all this, whether you're an employee, an entrepreneur, or a customer of all these technologies. Yeah, for me, it's the most exciting time ever to be alive. So what are you gonna do with all of this power that you have? How are you gonna make the world a better place?

1:00:20How are you gonna make a dent in the universe? That's our conversation. We know we have a dozen technologies now accelerating, and this is now about how do you organize all of that for building ventures in the 21st century, whether it's a company or a nonprofit or a government department or an impact project. We think all organizations will have designed along this model over time. How would you advise a government, like let's say a city government, how would you advise them to think in this way? In fact, we've actually implemented this approach into several governments, most notably Miami. So a lot of the buzz around Miami is we helped transform public sector a few years ago and how they thought about the world.

1:00:55It turned out, I've met several government and heads of state. It turns out there's about three dozen heads of state around the world that are using the book to organize our governments. The Minister of Oceans for Mauritius, for example, pinged me and said, we have an ocean the size of the U.S. almost to monitor. and we're a small archipelago, so we've had to use this approach, leveraging community, drawing in all the fishermen to be observers of the uncharted waters, et cetera, and bringing it all together in dashboards to just manage ourselves. Because governments have a natural MTP, which is serving the citizenry.

1:01:30And so we think more and more over time. So we're planning actually three books. This is the reference book, elaborating on the model itself. The second book will be on companies and big companies and how do you transform a big company. And the third one will be on governments and society and how do you implement this model into social structures and our institutions, which have very little feedback loop to update themselves. It's great. Well, again, Exponential Organizations 2.0. Join them June 6th, diamandas.com slash exo, June 6th, 8 a.m. Pacific time. Looking forward to it. I'll be attending that myself.

1:02:04So I hope you guys do a great job, and I'm sure you will. But thanks once again for coming on the podcast. It's really exciting stuff. Thank you, James, for sharing this. Thanks for having us. Definitely.