In this episode, we had a chat with third generation VC and founder of Draper University, Tim Draper. Tim talks about his entrepreneurship focused university, though since 2013, he has concentrated primarily on Draper Associates, his venture firm. The firm, owing to its diverse investments, has managed to make significant impact on society. Tim is a strong proponent of Venture Capital as smart means of investment and views it as a source of hope and opportunity on a global scale.
Tim discusses the differences in entrepreneurial inclinations globally and highlights how there now exists a ‘global’ Silicon Valley as an avenue of opportunity and creating change.
With regard to more recent technological developments, he surmises that BitCoin could be a potential kick-starter of a decentralized world, beyond just currencies. The future is all about a virtual world characterized by accountable and competitive governance. Tim gives an example of how taxes might, in future, be paid in a manner similar to how one pays for a Netflix subscription, no matter where they are situated in the world.
Artificial Intelligence is also playing a prominent role in bringing about a refreshing change in an otherwise monotonous world of office jobs. He backs up his belief in the enormous potential of AI and machine learning in the next two decades by talking about the significance of cloud storage. Cloud servers now carry very detailed data about individuals’ everyday lives and therefore will be more capable of asking and answering questions that human professionals won’t (in e.g. the health sector). Smart contracts, bitcoin and blockchain technologies will eventually become widespread enough that their implementation would be seen everywhere, from Venture Capital to Hollywood.
Specifically talking about the role of AI in bookkeeping, Tim highlighted the importance of a custom built software for perfect accuracy in account management. Such software, once created, can transform the entire accounting industry where experts can take on more advisory roles while blockchain technologies aid in perfectly accurate ‘bean counting’.
Finally, he also dispensed some advice for budding entrepreneurs. A good starting point for anyone wanting to learn more is reading his book, How to Be the Startup Hero (which he wrote on his iPhone during air travels). Draper university, while very competitive to get into, is termed as a “life changer”.
Finally, he encourages aspiring entrepreneurs to just take the first step, whatever that may be, in achieving their ambitions.