Praise for The Price of Tomorrow
Is this time different? Most economists say noweve adapted to many technological revolutions before. In contrast, Jeff Booth says yes. And thus begins a journey of ideas as he takes the reader on a tour de force, making his case for why thats so and sharing revelations from his personal relationships with tech industry leaders along the way. To harness the power of technology for good, we need to understand how it is linked to humanity. In a sweeping analysis that draws upon economics, science, innovation, politics, psychology, sociology, and business, Booth offers an intriguing thesis predicated on the deflationary impact of technological advancement coupled with increasingly easy credit. True to his impulse as an entrepreneura thinker, but also a doerhe concludes with a call to action. Business leaders, entrepreneurs, policy makers, and youth committed to working towards a brighter future should read this book.
Ajay Agrawal professor at the University of Toronto and founder of the Creative Destruction Lab
As someone who understands the exponential rate at which technology is advancing, Jeff Booth has a unique ability to connect the dots to something bigger in this must-read book. Few books offer a more succinct, provocative, and enlightening view of the world as it is today, and what it could be tomorrow. Your world view will transform instantly.
Salim Ismail founding executive director of Singularity University and bestselling author of Exponential Organizations
Copyright 2020 by Jeff Booth
All rights reserved. No part of this book may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, without the prior written consent of the publisher or a licence from The Canadian Copyright Licensing Agency (Access Copyright). For a copyright licence, visit www.accesscopyright.ca or call toll free to 1-800-893-5777.
ISBN 978-1-9992574-0-8 (paperback)
ISBN 978-1-9992574-1-5 (ebook)
Published by Stanley Press
Produced by Page Two
www.pagetwo.com
Cover and interior design by Setareh Ashrafologhalai
www.thepriceoftomorrow.com
eBook by Bright Wing Media
To the extraordinary people who have positively impacted my life.
Contents
Preface
W e live in an extraordinary time, where there could be global prosperity. Perhaps not in the same way we think about it today, but global prosperity, nonetheless. Technological advances are happening faster than our ability to understand them. In a world that moves faster than we can imagine, we cannot afford to stand still. We cannot afford to cling to systems and pretend they are working because they did in an era before technology. Continuing on the existing path, without significant changes to the way we think about economics and the way we have constructed economies will ensure chaos. On this path, the price of tomorrow is set to explode. In this extraordinary time, it is not reasonable to believe that what will work in the future should necessarily be built on what worked in the past.
Who am I to be saying this? Im someone who has an unearned advantage and wants to use it to help. I grew up with incredibly good fortune. I was born in Canada, a nation that consistently ranks at the top of international polls of best places to live. I grew up with amazing parents who loved and supported me and my brothers, parents who taught us right from wrong and constantly challenged our learning through vigorous debate. It was an upbringing that allowed me to see a different world than many people see and then build on the edge of that knowledge. Its not that I faced no adversitywe did not grow up wealthy, and I have experienced tremendous loss, the kind when it feels like everything is taken in an instant. But my upbringing drove a deep curiosity to learn from everyone around me; that helps me to consider the world as it might look like from others points of view.
From a young age, I was always curious. Curious to know how the world worked and why it worked that way, and I was never afraid to ask a big or seemingly crazy question. Even with all of the distractions of life today, I still take time to read about fifty books per year. That curiosity, combined with a drive to create something better in the world, was the start of an incredible adventure as an entrepreneur, an adventure that has had me alongside and inside some of the top technology companies globally. An adventure that also allowed me to gain friendships and learnings in many countries all over the world.
As my friend Thuan Pham, the chief technology officer of Uber, recently said to me over breakfast, I am a firm believer that talent is distributed evenly around the world, but opportunities are not. I wholeheartedly agree. If our success in life depends on what and how we learn, and the people and environment around usand I believe it doesthen I had a head start that not everyone in the world, or even everyone in developed countries, has access to.
I have been in the front seat for technology change for about twenty years. In 1999, my friend Rob Banks and I founded BuildDirect, a technology company that tried to simplify the building industry. Driving change in an industry not generally known for innovation and transparency was filled with lessons and many ups and downsgoing from an idea to more than $ 500 million in market capitalization and a doubling of sales each year to swinging for the fences to build something even bigger (and ultimately failing). Leading a technology company for nearly twenty years, through the dotcom meltdown, the 2008 financial crisis, and many waves of technology disruption has given me a unique insight on the ever-changing world around us. The external challenges of building a business in times that are changing so fast were hair-raising enough, but they were trivial compared to the many things I learned about myself through the adventure.
Every one of the technology founders and leaders I have spent time with is determined to use technology to make a positive impact on the world. I believe it is a trait shared by most technology entrepreneurs. Beyond building their businesses into successes, they are determined to make the world a better place. They, like all of us, make mistakes, but common in every one of them is a genuine desire to help.
Most times, the entrepreneurial spark comes from envisioning the way the world could work versus the way it does now. In other words, the opportunity to create something better comes from observing something broken or that doesnt work the way you believe it should. That, oftentimes, creates the highs and lows of the entrepreneurial adventure because even if you are right, change is never easy. Many of historys greatest entrepreneurs, scientists, and leaders were ridiculed early on, but continued, because they saw something that needed change. That itch had to be scratched.
They, in turn, create their own realityand ours with it. The truth is we all have that power. How we each view our own reality and the stories we tell ourselves about who we are determine many of the actions we choose. Those choices compound and sometimes we dont realize, or we forget, that we control our own thoughts, and we control our time. We all have choices on how and with whom to spend our time; it is one of the most important choices you can make.
Today, I am in the fortunate position to spend my time helping some of the most extraordinary technology entrepreneurs and their companies in diverse industries. From that vantage point, I have a rare view to many of the changes underway that promise a better tomorrow.