Peter Diamandis, founder, and CEO of Singularity University, global learning, and innovation community that uses exponential technologies to address the world’s greatest challenges and build a better future for all, has said that having an exponential mindset is a key pillar for solving problems as much as it is for transforming products and services and shaking up industries.
With all his experience, together with Steve Kotler, he designed a roadmap through which he contextualizes all the technological changes and opportunities, called “The 6 D’s of Disruptive Technology”; it consists of six stages whose initial letter is “D”, for its acronym in English:
Digitized – Digital information is easy to access, share and distribute; it can spread at the speed of the Internet. Once a product or service can be represented as “1s and 0s” – from biotech to music – it becomes an information-based technology and enters exponential growth.
Deceptive – Once something is digitized, the initial period of growth is misleading since, at first, the exponential trends do not appear to grow rapidly. When you double 0.01 you only get 0.2, then 0.4, and so on, so it looks like it is still at “zero.” But exponential growth takes off when it breaks the integer barrier; then two quickly become 32, which becomes 3,000 before you know it.
Disruptive – The market created by exponential technology begins to disrupt the existing market for a product or service because digital technology outperforms it in terms of cost and efficiency. Why buy records or cameras when you have a smartphone?
Demonetized – As technology becomes cheaper to the point of being free, money begins to be taken out of the equation. Software is less expensive to produce than hardware and copies are virtually free. It is now possible to download any number of applications to your phone to enjoy a multitude of services at close to “zero” cost.
Dematerialized – Separate physical products are removed from the equation. Again, thanks to smartphones, technologies that used to be bulky or expensive, such as cameras, GPS, maps, games, etc., are now readily available.
Democratized – Once something is digitized, more people have access to it. Powerful technologies are no longer just for governments, large organizations, or the wealthy.
Knowing what you want to achieve in life is only one aspect of achieving success. An exponential entrepreneur needs more than the productivity tricks and to-dos we read about everywhere. Diamandis asserts that the meteoric entrepreneurial career of Elon Musk – of whom he is a great friend – is a direct result of his mindset, strategies, and intelligence.
Competition is no longer what it used to be because organizations are growing exponentially and becoming immersed in our daily lives. Change is driven by exponential technologies, globalization, and increased interconnectedness. Exponential technology is creating a world of abundance in almost every major field, such as IT, education, energy, finance, healthcare, transportation, etc. Once these industries move from scarcity to abundance, their products and services become cheap (or free), and their quality skyrockets.
To be an exponential entrepreneur, you must have at least three characteristics: have a massive transformative purpose, have a tolerance for failure, and adopt an exponential mindset. Traditional approaches simply don’t cut it anymore. Consumers want new things, and eager entrepreneurs create organizations to meet these needs. Failure, in some ways, is inevitable in the midst of these changes, so to succeed, companies have to adopt a futuristic mindset. Airbnb and Uber, to name just two examples, are innovative, fast-moving companies, unafraid to shake up the status quo, but above all, they are exponential companies.
If you want to become an exponential entrepreneur, ask yourself the following questions:
What thinking have you chosen to develop?
What is your attitude to overcome difficulties?
Do you have the elements to inspire your team and attract the necessary capital and resources?
How can you use the 6 Ds framework in your business and industry?
What else could you bring to Musk’s and Bezos’ experiences?
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