00:00so I'm Vijay Pandey I'm a professor at
00:02Stanford but also I'm in an interesting
00:04new role here as a sort of professor in
00:06residence andreessen horowitz towards
00:08that end you know there's a couple
00:09interesting things that we can think
00:11about for how venture can disrupt
00:14academia and how happy academia can be
00:16disrupted in an interesting way and so
00:19one way that we talked about is related
00:22to Bill Janeway's hypothesis that
00:24investing especially long-term basic
00:27science investing over decades is really
00:30really what's responsible for the
00:31success that we see in IT and that
00:34biotech hasn't had that quite that time
00:36yet and that clean tech has really had
00:39nothing close to that but now with
00:41government probably not be able to put
00:43the same type of money and emphasis and
00:46things how we're gonna have the seed
00:47corn for the future yeah so this is for
00:50those of you haven't read built so bill
00:51Janeway is a venture capitalist and
00:52actually a PhD in economics who studied
00:54from a student of Keynes and so he's
00:56kind of straight in the what is it the
00:57Oxford sort of lineage of economics so
01:00he's both a partitioner and academic in
01:01his book it's called doing capitalism
01:03and it's probably the best single book
01:05on the theory of venture capital that I
01:07think came out last year some of those
01:09books came out from academic press and
01:10so it's got like a terribly ugly cover
01:11and like no marketing and so nobody's
01:14heard of it but it's a fantastic it's an
01:15absolutely outstanding book and say yeah
01:17but he basically he basically observes
01:19he says look venture capital has tried
01:20to engage in all these categories IT has
01:23been a huge success it turns out four
01:24decades of federal R&D money preceded
01:26venture capital success and IT biotech
01:29has been a moderate success two decades
01:30of federal R&D money and then everything
01:32else has just been a train wreck with
01:34clean tech being the most recent train
01:36wreck and he says look there's no there
01:37was no federal research funding right
01:39the the federal government went straight
01:40to industry subsidies without passing
01:42through R&D and so consequently there
01:45was no little like there's nothing to
01:47draw and there was there was no no not
01:49enough science to draw on and so he kind
01:52of makes the the you know sort of
01:55interesting profound
01:56potentially disturbing statement of if
01:58you want to think about the future of
01:59entrepreneurial capitalism and venture
02:01capital and startups look where the
02:03federal R&D money is and basically
02:05invest you know behind that between 20
02:06and 40 years the which also by the way
02:11goes to something I've deserved I
02:12completely agree somebody earlier
02:14such a William Gibson quote that the
02:15future is here it's just not widely
02:17distributed yet yeah I have been i I'm
02:19just continuously struck by the number
02:21of times the hot new innovation that we
02:22see or the hot new innovation that
02:24becomes you know this huge thing is
02:25something that was running OH virtually
02:27invariably was running in a research lab
02:2920 years earlier by the way often 30 or
02:3140 years earlier right I mean it a lot
02:33of ways like the you know Facebook you
02:35know very successful company right now a
02:36lot of ways Facebook is Plato right from
02:38University of Illinois right 5060 years
02:40later right there you know these these
02:41ideas play out over very long periods of
02:43time a lot of that has to do with with
02:45with the early research so the bad news
02:48is right to the extent that the research
02:49is not the research funding is not what
02:50it should be and I think it's imperative
02:53on all of us in an industry you know to
02:55try to push for as much basic research
02:56funding as possible cuz that clearly is
02:58the key what else can you do well so
03:01this is yeah I think it also I forgot
03:02who said it earlier I think maybe Balaji
03:04said it earlier which is I think the
03:06future the the hope the optimistic view
03:08in lieu of lots of federal research
03:11money the optimistic view would be a
03:13more I would say open networked
03:15collaborative peer-to-peer approach to
03:16reach the development and the the you
03:19pull in the following threads you would
03:21say you've got the Internet it's like a
03:22new basically coordinating mechanism for
03:24lots of smart people all over the world
03:25to be able to collaborate and share
03:27information and sort of build on each
03:29other you've got open things like you've
03:31got open source literally open source
03:32like open source software but also the
03:34open source mindset open source data and
03:36you know open source you know all these
03:38other things do designs it could be open
03:39sourced so you've got that as a threat
03:41to pull on you've got globalization is
03:44to thread to pull on and that there's
03:45just more people worldwide now engaged
03:47in research and development than ever
03:48before and collaboration between
03:50countries is gonna be very powerful and
03:53then you've got this really interesting
03:54kind of intermingling between research
03:56and development again going back to you
03:58know historical you know eras going back
04:00to original natural philosophy or going
04:01back to the original engineering which
04:02was like let's go try to make something
04:03yeah and then let's derive you know
04:05principles out of what we've tried to
04:06make and so in it and then industry and
04:11you know we you know for all of the
04:13criticisms that you know we all love you
04:15know levy against either venture capital
04:16back startups or big technology
04:18companies you know there is a generally
04:20speaking there's a worldwide boom in
04:22industrial companies and technology
04:24companies getting built in the basis of
04:27and so very I would say imperfect like
04:29you know since the 1950s style top-down
04:32thou should you know there shalt be the
04:33NIH and NSF and then 30 years later you
04:36know Microsoft appears like you know
04:37since like that's very idealized and
04:39that's very predictable and that's very
04:40wonderful it may be that we are just
04:42gonna be living in a world where it's
04:43gonna be much more bottoms up much more
04:45collaborative much more diffuse much
04:47less well organized much sloppier yeah
04:49maybe by the way more dynamic maybe more
04:52creative maybe more intermingling
04:53between disciplines yeah but well you
04:56know this crazy idea so let's say you
04:58know VC firm wanted to put in 50 million
05:00dollars in terms of 51 million dollars
05:03seed funds and maybe with a relatively
05:06low valuation because it's very early
05:07stage so it's something that you
05:09normally would stay away from science
05:10projects right but at that sort of small
05:12stage seed stage you could actually see
05:15and actually if you had a big enough
05:16foundation and be worth it something
05:17worth for you later on do you see
05:19yourself doing that or what's the issue
05:21maybe there's lists all the bandwidth
05:23that to facilitate that so we do we do
05:26we do some of that and actually I would
05:27say in the valley Khosla Ventures
05:28probably is the most advanced on this
05:30exactly they're they actually call them
05:31science experiments exam which is so but
05:33by the way the terms are like you know
05:35literally like they'll invest a million
05:37dollars in a million a $1,000,000
05:38pre-money valuation like 101 over 101
05:40yeah yeah so like you know you have to
05:43like you know what that makes one on -
05:45pretty good - looks great yeah exactly
05:47we might even offer one on three so
05:51there's a little bit of that I guess I
05:53guess the the counter-argument on that
05:55would be that there is a difference
05:56between science and technology there is
05:57a different research and development
05:58it's not clear that research as research
06:01benefits from having any you know short
06:03term commercial you know in fact
06:04research is probably compromised by
06:05having short term financial incentives
06:07the other lever that I think you can
06:09pull you know if the question ultimately
06:11is how to get the 50 if the question is
06:12how to get 50 million dollars and you
06:14know sort of from the metric Apple yes I
06:15mean the research the lever that you
06:17probably pull instead I think is
06:18philanthropy yeah and I think this is
06:20the other part of the system that's
06:21working but is working better now than
06:23before and I think there is going to be
06:25I think this will maybe be the big
06:26upside surprise in the next 20 or 30
06:27years the bow wave of philanthropy
06:30coming out of the high tech community
06:31and coming out of high tech founders and
06:33CEOs and people that successful these
06:35companies going straight back into
06:36universities I mean right now it's that
06:38I mean it's staggering like you just you
06:40through the Stanford campus and you just
06:41use you know the yang Center and you see
06:43all the buildings and it's just
06:45actually this week or next week is the
06:47unveiling of Ram Shriram who was an
06:49angel investor in Google just funded a
06:51new biomedical research institute so
06:53there already is like a terminate on
06:55Siebel at university llinois he's played
06:56to play this huge role my father-in-law
06:58actually at Stanford has played this
06:59huge role and so there is a lot I think
07:02you could see you know 10 times 100
07:04times the amount of philanthropy from
07:05industry and for successes in industry
07:07flowing back into universities and I
07:09suspect that might be the real the real
07:10lever by the way that goes to something
07:12when somebody mentioned this morning
07:14which is the really in my view the
07:16enlightened universities that really
07:19think strategically about things like
07:21spin-offs and students and professors
07:22taking leave and so forth of the ones
07:24who realize that the long game here is
07:25probably philanthropy as contrasted to
07:28you know a university venture capital or
07:30as contrasted to you know patent
07:31licensing or whatever it is yeah well
07:34and I think Stanford certainly sees it
07:35that way and from what I've seen is
07:37especially since you know this ability
07:38to go back and forth is something that
07:40is not looked down upon but it's
07:42something that is actually a real
07:43flexibility ok one other question I
07:45think that if I said well if you think
07:47about academia there is this large
07:49stream of large spectrum of people we
07:51could talk about we could talk about the
07:52undergrads the grad students junior
07:54faculty and senior faculty and while
07:56senior faculty are probably the most
07:58interesting to talk about you know
08:01actually the undergrads are very
08:03interesting to talk about I mean could
08:04you imagine let's say put yourself as a
08:06first-year undergrad like what would you
08:08want to be doing oh I think I think
08:10about this a fair amount yeah I think
08:11about this to kind of think about was
08:13investing in so I would definitely be
08:14computer science for the last ten years
08:17I thought it would be some sort of
08:19combination of computer science and
08:20biomedicine so yeah something and I
08:22don't know I don't I don't know enough
08:23about biology to really know exactly
08:24where I would go but I would look for
08:26wherever the heat is at the intersection
08:27this is why biology I just think there's
08:29so much I think I think software
08:31software and big data is going to be
08:33such an enormous lever to be used on
08:35affecting human health in the nature and
08:37we're making a whole series of
08:38investments against that but I just
08:39think that there we're at the very very
08:41beginning of the intersection of those
08:42yes and the outcome you know the
08:44outcomes in people's lives whether it's
08:46personalized medicine or new kinds of
08:47medical devices or you know sort of
08:49different foreign to human augmentation
08:50are just gonna be really breathtaking
08:51maybe one the other one more recently
08:54I think if I were I think if I were 18 I
08:56think I was very tempted to go headlong
08:59yeah and into distributed systems yes um
09:01I think that there's the potential I
09:04think if we were to create the Internet
09:06today I think we would do it completely
09:07different I think this would have it be
09:08completely decentralized and I think we
09:10would have cryptocurrency built in at
09:11the core and I think it would be far
09:13more robust and would have all kinds of
09:16interesting properties that it actually
09:17doesn't yes no more 404s yeah for
09:20example well but but like you know you
09:22build in the concept of monetization so
09:23then you can do Reece you know all the
09:24all the issues with resource allocation
09:26the internet starting with spam and
09:27going all the way through the things
09:28like quality of service you'd have a
09:29what you know basically computer science
09:31meets economics would be a huge
09:32opportunity why not just start that now
09:34well you know there's this this the
09:36internet does kind of have the snowball
09:37rolling down the hill and the answer is
09:44by the way we are to the best of our
09:45ability we are and there are a bunch of
09:46start you know that starts trying to
09:47recreate DNS they're trying to recreate
09:49you know file storage and and I mean
09:53even even let you know there's
09:54application this even for things like
09:55sort of counter countering censorship
09:59regimes yeah right if you could do two
10:00peer-to-peer routing then all of a
10:01sudden Great Firewall of China doesn't
10:02matter so much and so and there's more
10:05you see more and more of these ideas
10:06popping up in startups now yeah I know
10:08that sounds fantastic I think I think
10:10you know it is exciting to see with
10:11undergrads being so excited about CS
10:13yeah and it become a dominant field I
10:15think one of things that's appealing I
10:16think is I see what entrepreneurial
10:18power you can have with a CS degree but
10:20I was always very curious to see to how
10:22that could be broadened so you talked
10:23about biology and I can imagine science
10:25has been entrepreneurial but so you had
10:28to advise people for how to have
10:30entrepreneurial liberal arts right let
10:32me tell you my motivation here which is
10:34that you know I think all of us have
10:36colleagues that look at computer science
10:37and see all the great things that's
10:39doing and it's both exciting and maybe a
10:41little scary and it's computer science
10:43is dominating in terms of undergrads and
10:45so on and I don't think any of us want
10:48to see that other part of the university
10:49disappear that's something we would love
10:51to help and I think the entrepreneurial
10:52aspect of computer science has been very
10:54powerful so to give examples I mean so
10:57in social sciences you can imagine
10:59competition Allah social science is
11:00becoming big especially with big data
11:02I've been trying to think and so this is
11:05something where maybe not go solve the
11:06problem over 30 second
11:07but I trying to think about how we can
11:09sort of incorporate other aspects and
11:11there's creative aspects in terms of art
11:13and dance and things like that I can
11:14imagine being part of it but if we can
11:16find a way to sort of take the
11:17entrepreneurial spirit and applied to
11:18other part to the university I think
11:20that could be disruptive in itself well
11:22I think for sure we can bring computers
11:24I think for sure gonna bring computer
11:25science a science more broadly in math
11:26in a more liberal arts fields and yeah
11:28but the arts alone you know have the
11:30music and movie you know so yeah having
11:32a huge impact and there's people doing
11:33very interesting work I will tie I'm an
11:35unabashed bigot and I probably have a
11:37lot of people won't argue with me in
11:38this room although this is a really good
11:40way to clear out in a dinner party if
11:41you haven't tried it in about 10 minutes
11:44you know there's two basic I think
11:45aspirational modes for universities
11:47being the university but like one is
11:48sort of the classic life of the mind you
11:50know kind of Alan bloom you know
11:51philosophy science or philosophy and
11:53liberal arts the other I I think you
11:55know engineering it learned how to make
11:57things and I and my view and I've made a
11:59Midwestern farm boy they were just
12:01raised this way but like I think making
12:02things is what you do is your job and
12:04then life of the mind is what you do for
12:05fun there's this book that is coming out
12:07this is it a Yale professor erisa wits
12:10is writing this book and it's basically
12:12this book it's gotten some heat on it
12:14he's like the ultra left-wing
12:16alternative to Peter Thiel will be the
12:17way to think about it basically it's a
12:19comprehensive Compton condemnation of
12:21basically what he views as the usurping
12:23of the Academy for anything other than
12:24the life of the mind and it's this like
12:27searing indictment of today's
12:28undergraduates for like being too
12:29focused on like professional success and
12:31being too focused on getting practical
12:32skills and being to focus and learning
12:34how to make things and I'm just like I
12:35just think he's out of his mind like I
12:37just think he's like completely crazy
12:38well feels like this is really getting
12:40intensify as a nation unless we figure
12:42out how to bring technology and science
12:44into more of these field I think that's
12:45exactly right I think this is attention
12:47that we see right now in the Academy and
12:49and I think the solution is not have one
12:53side dominate but to sort of figure out
12:54how we can raise everything for one
12:55other issue that comes up that's very
12:57important is the tension between
12:58technology and regulation so with me
13:00spending a lot of time with drug design
13:02you know if we had to do clinical trials
13:05for Google the way we do for drugs
13:07they'd never be able to make any sort
13:08changes or improvement so search engine
13:10or just take too long you can't do a be
13:11testing the same way and now we're
13:13seeing this and other things in terms of
13:14uber and other areas are trying to push
13:16the envelope I mean how do you see this
13:18tension between regulation
13:20and innovation of sort of panning out
13:23right so I think yeah ufh I've talked
13:25about rooms law yeah yeah oh no I didn't
13:27bring you ready I think Balaji did okay
13:29okay II rooms log right so it's a
13:31everybody who's a toad every four years
13:32the cost develop a drug doubles yes yeah
13:34and the time frame they have a time
13:35frame it elongates absolutely its
13:37eardrums Moore's Law of course law
13:38backwards like yeah it's the side of it
13:41you don't want to be on yeah yeah so I
13:44this goes but this goes straight
13:45straight back to the previous topic
13:46which is I think societally I think
13:49societally we decide collectively we
13:51decide how much it how much innovation
13:52we want and based on you or we decide
13:54how much risk we want and that we decide
13:56how much innovation we get yeah and I
13:59think that there is a general principle
14:00that a society's sort of you know
14:01advanced slash get older slash mature
14:03you know we decide we want less and less
14:06as a consequence we get less and less
14:07innovation and then at some point it's
14:10it's sort of like the cycle of
14:11civilizations right at some point the
14:12barbarians show up and the barbarians
14:13like have less to lose right and so
14:15they're like oh well just go for it yeah
14:17so it may be that the right thing to do
14:20I mean there's kind of two ways I think
14:21to think about it one is this how to
14:22fight inside a system like in the United
14:24States and try to figure out how to
14:25navigate through this and you know
14:26different companies have different
14:27different tactics on this the other is
14:29to used to go is to you know you go to
14:31basically go to new regular regulatory
14:34regimes like literally you know you go
14:36after basically what we call regulatory
14:37arbitrage so if you can't do it in the
14:39US find a country where you can do it
14:40yeah and by the way it could be us
14:42finding country that can do it or it
14:43could just be an industry forming in a
14:45country where you can do it that has
14:46nothing to do with us
14:46yeah because it just happens to be legal
14:48and supported there and I think
14:49stem-cell research and in Korea has been
14:51an interesting example yeah in drones
14:53we're seeing this now you know it's
14:54still illegal to fly drones in the US
14:56and so that you know more the initial
14:57drone deployments are all outside the US
14:59and so we've been talking publicly about
15:01a couple of ideas on this one is you
15:03know one is if you think about a lot of
15:06countries in fact a lot of cities in the
15:07US a lot of countries around the world
15:09want to have their own quote Silicon
15:10Valley yes the answer probably is not to
15:12have their own Silicon Valley it's
15:13probably to have a different kind of
15:15yeah biomedical Valley your stem cell
15:16Valley or you know take your pick
15:18with a friendly regulatory environment
15:22make a specific decision in a specific
15:23area of research to legalize a certain
15:25kind of risk in order to get that kind
15:27of innovation in that in that place the
15:29other analogies been talking a lot about
15:30this would be the idea of taking the old
15:34his own idea yeah that was used so
15:36successfully in places like Hong Kong
15:37and apply that into this domain yeah so
15:41in Larry page's been talking about this
15:42as well which is maybe we don't want
15:44like self-driving cars everywhere all of
15:45a sudden but maybe you know a city that
15:48wants to have an economic boom around it
15:49would decide to legalize it well and
15:51that will help people with the fear that
15:52we talked about that that you can sort
15:54of ease into things without having
15:56something be national law yeah and the
15:57nice thing about the way the u.s. is set
15:59up is that there is this possibility for
16:01local versus more federal government and
16:03as long as that was possible I think
16:05that could be a way that things could
16:06innovate the problem is a very large
16:08number of people are very invested in
16:10the current power structures yes and so
16:11this you see this gets painted the
16:14minute you start talking about this you
16:15immediately gets painted is like you're
16:16advocating secession yeah yeah and it's
16:18like no we just want to have like a
16:20place where we can do something new yeah
16:21right it doesn't need to like you know
16:23violate all the rules it doesn't need us
16:24secede from the US it's just like how
16:26about we could just like have a drone
16:27fly right yeah yeah but yeah but back to
16:29the sea peace no thing like the reaction
16:31is it gets gets very visceral very fast
16:33yeah and that is something that requires
16:34a fair amount of energy to fight yeah
16:36there's also a sort of a East Coast West
16:38Coast rap war of sorts in terms of East
16:42Coast you know paper belts yeah
16:45newspaper or Wall Street versus West
16:48Coast you know computers innovation you
16:52know do you see how do you see that
16:54changing or do you think that those
16:55styles are pretty ingrained well to
16:57start with it's a like in hip-hop it's a
17:00it's a descriptive rather than
17:02prescriptive yeah is there plenty of
17:04people on the East Coast or very
17:05innovative and there plenty of people
17:05that are very high bound absolutely I
17:07mean just drive through San Francisco
17:09and look at the look at the zoning yeah
17:11and you'll discover plenty of
17:12conservatives who don't even realize
17:13they're conservative so with but with
17:17the constraint that it is descriptive
17:19rather than prescriptive scripted there
17:20is definitely to that and I would argue
17:21this actually goes deep in the American
17:23culture yeah yeah it has for a very long
17:25time which is which is this is the whole
17:26goal West yes you know kind of
17:28phenomenon yes is you know where's the
17:29front here and it's yes it's kind of
17:31it's not a surprise that we happen to be
17:32right here like penned in by the like we
17:34all we all literally are the spiritual
17:36descendants of people who came as far
17:37west as they could literally until they
17:38would drown if they took a step right I
17:40mean we are the extreme case and so what
17:45I find so interesting about that from a
17:46cultural standpoint is like that's a
17:48150 year old or 200s not it's you know
17:50it's the urge to go to the front here
17:51and I really feel like the valley you
17:54know really benefits from that to this
17:55day the number of people who pick up
17:57stakes from you know growing up you know
17:59I grew up in the Midwest you're going up
18:00in East Coast around other countries and
18:02coming here is is a wonderful thing at
18:04the same time I do very much believe
18:06it's the state of mind not a geographic
18:08place and I think one of the really
18:09exciting things about the last
18:10especially the last 20 years like way
18:12more so today than I think when I when I
18:14came out here the the ideas and the
18:16attitude are of innovation and new ideas
18:19I seem to be spreading worldwide at an
18:23accelerating pace you think so I mean
18:25what's an example of that oh just the
18:27rise of an example a good friend of mine
18:30Chris Schroeder wrote another great book
18:32I'd recommend called startup rising so
18:34he's a former Internet CEO and State
18:36Department official who travelled around
18:37the Middle East for a year and a half
18:39and has friends in all these countries
18:40you know Jordan Egypt and all throughout
18:41the Syria all throughout the wrote an
18:43entire book it turns out there's an
18:44explosion of internet entrepreneurship
18:46happening all throughout the Middle East
18:47yeah it's basically unknown you know in
18:49his book goes through the whole thing he
18:50just went to he's just got one of the 20
18:53business visas a year to go to Iran no
18:55and he just went to Tehran and spent
18:56three weeks and it turns out there's
18:58this amazing an effectively underground
19:01internet startup ecosystem in Tehran um
19:03and he said the founders are exactly the
19:05same as the kind of people who were
19:07sitting at the Cooper cafe in downtown
19:08he said interestingly he said at least
19:1140% and maybe 50% women he said the
19:13gender the gender balance is actually
19:15much more gender balance and he said
19:17they are the most fired if young people
19:19we've ever met and they have a they have
19:20an unbelievable sense of future
19:21possibility yeah coupled of course with
19:23enormous frustration yeah at being you
19:25know in a country with all these you
19:26know with all the trade barriers and all
19:28the you know all the above you know the
19:30all the all the political issues but the
19:32the amount of energy you know I don't
19:34know if you've gone at around 20 years
19:36ago 30 years ago I don't know if you
19:37would have found a lot of PC startups ya
19:38know you know it feels like something
19:40something new has happened at least he
19:41will tell you in his book is about this
19:43he will tell you this is a global
19:44movement yes there's nothing about this
19:45anymore this can find a Silicon Valley
19:46ya know that's fantastic especially the
19:48cost of the computer is pretty low and
19:50availability the internet means they
19:51couldn't open to anything we talked a
19:53lot about machine learning earlier and
19:54that's something that I've done a very
19:56excited about I think every one many
19:57people in the room have gotten very
19:58excited about used to see what you think
20:00that's going I think all
20:01than what people think about machine
20:03learning and this came up in the
20:03previous talk that machine learning is
20:05you know the dream that we'll have how
20:08from 2001 maybe a little less nasty but
20:12uh but you know for me actually came up
20:14earlier that people said oh no it's just
20:15doing classification me classification
20:18is actually fantastic if I can say this
20:19is the drug I want to take or this is
20:21the stock I want to invest you know any
20:24of those things are really exciting and
20:26so I see sort of machine learning being
20:29just classification being exciting but
20:32I'm curious to see how far you see it
20:34going do we have to get to hell to be
20:36interesting What's in between
20:37classification and how so I would say I
20:40am so I was at a computer science your
20:43University of Illinois 89 and 93 after
20:45AI had been thoroughly just discredited
20:47yeah so I managed to get through all
20:48four years without an AI class yeah in
20:51fact I think there was I think there was
20:52still one but it was definitely elective
20:54and I don't think you were encouraged to
20:55take it you've taken more liberal arts
20:58classes they may I suspect that would
21:02not be the case if I were to go through
21:04the program today but stuff with the
21:05case then yeah so I'm the wrong person
21:07to speculate on where the the core
21:09science goes I will say just kind of to
21:12your point just given the techniques
21:14that we have today and then given the
21:15consequences of Moore's law and all the
21:17other changes happening at the component
21:18level the opportunities to us seem very
21:21large to take machine learning sort of
21:26machine learning meets economics equals
21:28Bitcoin equals you know financial
21:30innovation machine learning meets
21:33quantified self calls biomedical
21:35innovation yes machine learning meets
21:38uber equals you know and lyft and these
21:40things and sensors and cars meets
21:42revolutionising the transportation
21:44system meets you know potential which
21:45means you know potentially a significant
21:47answer to the emission you know in the
21:48future to the emissions problem and so i
21:50we see a whole series of fields in which
21:54you can basically now bring machine
21:55learning to bear and in particular
21:58anything where you've got the deployment
22:00of sensors right so machine learning
22:02meets the the fact now that you have you
22:04know three billion you know going to six
22:05billion smartphones on the planet all
22:06with all with with cameras yeah you know
22:08what can you do with that you know so
22:10you don't like there's this breakthrough
22:12a new iphone app now right where it
22:13literally you just point the camera at a
22:15to page and it like reads you the page
22:16yeah right and if it which is like you
22:18know if you're if you have if you have
22:20you know if you have you know if you
22:22don't if you don't have full site like
22:23its you know it's a revolutionary
22:24profound yeah thing that was yeah
22:26possible or maybe not that far away it
22:28doesn't read it to you it summarizes it
22:29for you yeah exactly right exactly and
22:31so I think it's this you you take that
22:33just massive deployment of sensors you
22:35take the massive rise in Big Data
22:37yeah you take the ability we have to
22:39build these technologies now in a way
22:40where they intersect into the into the
22:42real world into other people's lives
22:43financial services healthcare education
22:44real estate transportation government
22:46law and then you trance and then you you
22:49you and then you bring in machine
22:50learning on top of that the the sort of
22:52cumulative effect of bringing those
22:54those factors together those are new
22:56things like the the those combinations
22:58are new yeah and we have the opportunity
23:00to build both products and companies
23:01that have never been even imagined
23:02before it even without more significant
23:05fundamental advances in machine learning
23:07well I think we're out of time so let's
23:09think mark one more time good
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