Why The Robots Are Not Going To Eat Your Job | Mike Maples Jr. on The Danny Miranda Podcast

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Key Takeaways

  • “Ruling institutions often go from being service providers to rent-seekers” – Mike Maples Jr.
    • The ability to exit is what gives your voice its power
      • Bitcoin provides you an exit opportunity from the centralized financial system
      • Covid has digitally separated work from location, creating exit power over local governments
    • Governments are being forced to treat us more like customers again rather than assets because more options emerge from the decentralization of products/services
  • Category Design: Trying to be the better choice isn’t credible, being different is believable
    • “I’m not the best, I’m the only. You want to force a choice and not a comparison.” – Mike Maples Jr.
  • Scalable start-ups that design new product categories are the way to defeat your susceptibility to inflation
    • Contributing towards existing institutional product categories only creates further dilution of the dollar down the corporate production line – feeding the machine per se
    • The phrase ‘the robots are going to eat your job’ is political speak to uphold industrial-era social contracts that maintain organizational power
    • Don’t subordinate your creativity as a trade-off for organizational hierarchy
  • Software gives people the ability to create a scalable business and participate in a more net positive, competitive, and decentralized business ecosystem
    • Competition drives innovation, the ‘robots’ are going to create more opportunity for the entrepreneur
    • “The future doesn’t happen to us, it happens because of us” – Mike Maples Jr.

Intro

  • Mike Maples Jr. (@m2jr) is the Co-Founder of the venture capital firm Floodgate and is also the host of the Starting Greatness podcast. Danny and Mike discuss how decentralization and innovation have a relationship designed to create a more prosperous social and economical future.
  • Host: Danny Miranda (@heydannymiranda)

Blockchain and The Printing Press

  • Historically, The Pope was very central in people’s thinking about society. This was good in those days, created order during the fall of the Roman Empire but eventually wasn’t as beneficial.
    • “Ruling institutions often go from being service providers to rent-seekers” – Mike Maples Jr.
    • Three technologies emerged from society:
      • Printing Press: Allowed for the Bible to be published
      • Double-Entry Accounting: Allowed merchants to transact in a decentralized way
      • Gunpowder: Changed the balance of power for violence
    • The modern internet mimics the printing press in its ability to remove gatekeepers from media outlets
    • Bitcoin acts as a sophisticated accounting system that allows people to exit the fiat currency system if they don’t believe in the way central governments are treating the money supply

Exit, Voice, and Loyalty

  • Exit, Voice, and Loyalty: Responses to Decline in Firms, Organizations, and States by Albert O. Hirschman
    • Loyalty: Believes in everything their country/institutions do, love it or leave it, ignorant to faults
    • Voice: Loves the country/institutions but recognizes spaces for improvement
    • Exit: Country/institutions have enough unattended faults and departs to a competing option
      • Exit is what gives voice its power
        • Bitcoin provides you with an exit opportunity that didn’t previously exist.
        • Covid created a digital and nomadic job landscape, another exit opportunity that didn’t exist. If you wanted to work in Silicon Valley, you had to be subject to the local political environment.
      • Governments are being forced to treat us more like customers again rather than as assets
        • Decentralization fixes this

Category Design

  • Category Design: There is no reason for a start-up to exist if it doesn’t radically change the subject; a new product category visualizes a different future
    • Two design categories for products: I’m a better choice or I’m a different choice
      • Being the better choice often isn’t very credible against established competition. Being different is believable.
      • “I’m not the best, I’m the only. You want to force a choice and not a comparison.” – Mike Maples Jr.
    • You want your product to be polarizing – people typically hate innovation at first

The US Dollar & Inflation

  • The people closest to the money printer have the most access to wealth growth, not the people putting in the most work
    • We currently stimulate the financialization of the economy rather than rewarding innovation and production
    • There is too much incentive to play ‘financial shell games’
    • Creates wider gaps in wealth equality
    • Society’s increased ability to exit the US dollar should put more pressure on the government to act financially responsible
  • Scalable start-ups that design new product categories are the way to defeat your susceptibility to inflation
    • Contributing towards existing institutional product categories only creates further dilution of the dollar down the corporate production line – feeding the machine per se
    • “The future doesn’t happen to us, it happens because of us” – Mike Maples Jr.

Robots Won’t Eat Your Job

  • People for so long have had to subordinate their creativity and dreams to match the path of an organization
    • The people saying ‘the robots will eat your jobs’ are the ones looking to uphold this industrial era social contract and organizational power rather than embodying innovation
  • Software gives people the ability to create a scalable business and participate in a more net positive, competitive, and decentralized business ecosystem
    • Competition drives innovation, the ‘robots’ are going to create more opportunity for the entrepreneur
    • Having 50 states is a powerful factor for innovation, different political/economic environments will allow different creations to thrive – the citizens’ exit power over the state will create better environments

Start-Up Stories

  • Mike and a co-founder started a company in 1997 and had filed an S1 to go public in 2000
    • The market tanked right as they were planning to go public
    • An hour before the end of the quarter, they had a large order fall through, needed to find $1 million in an hour
    • Remembered that one of their customers loved Macallan Single Malt Scotch 1973
      • Gifts him a bottle in return for a callback, ended up sealing a purchase agreement for $1.4 million with 7 minutes left to spare in the quarter
  • “I’m not sure I’ve ever worked with a start-up that didn’t encounter several near-death experiences” – Mike Maples Jr.
    • WFIO moments – We are F’d, It’s over
    • Advice for WFIO moments:
      • Write your thoughts down – forces you to be very clear on what the problem is
      • Present the problem in a non-fear-based way. This is our problem, how can we solve this as a team?
        • The trust built through these collaborative & creative solutions can be very productive down the line for your business
      • Have friends who have been through WFIO moments – empathy is a powerful tool
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Notes By Drew Waterstreet

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