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America’s Future: In One Word

This past weekend I read a fascinating interview with Peter Thiel—the co-founder of PayPal and the first investor in FaceBook—in Wired. The article was entitled The Utopian Pessimist.

What I liked about the article is that Thiel questions the assumption—trumpeted by many investors and fund managers—that the stock market will continue to post long-term increases in the range of 6-8%.

It is easy to fall into this trap because for the past 100 years an investment in equities has, in fact, yielded such a healthy return. There is no reason why, however, that this must continue to be the case moving forward into the future. As Nassim Taleb explains in his excellent book, The Black Swan, the future has a way of surprising everyone—and those surprises can be both pleasant and unpleasant.

For instance, what if the past 100 years were just a pleasant surprise? That is what if the 20th century was an anomaly and we were just lucky to have gone from horses and buggies to automobiles, rockets, computers and the Internet in a very short time? As Thiel says, “It’s not automatic that that progress continues.”

It isnt’! But if America wishes to maintain and, possibly even grow, its global position what must it do?

In a word: Innovate.

Earlier today, I explained how the rate of paradigm shifts is accelerating. This implies that an unprecedented amount of economic disruption is headed our way; but rather than be a source of only worry and consternation; farsighted entrepreneurs; investors and, hopefully, policy-makers will also recognize that it also represents a wonderful opportunity.

Advances in information technology promise to revolutionize media, publishing and education. Progress in biotechnology, stem cell research and regenerative medicine portend a glorious new age in preventative health care; and advances in nanotechnology and synthetic biology point the way toward a new, cleaner and, ultimately, more sustainable energy paradigm. (For an idea of the decade ahead, I invite you to review my predictions for 2010-2019).

Many of these developments, in turn, will either converge or spin-off in new and unexpected ways. To capture this promise, though, it is essential to develop an educational; entrepreneurial and political culture which encourages and rewards risk and innovation.

The future of tomorrow will move so fast that innovation is less a characteristic to aspire to and, instead, a trait that must be constantly used; honed and improved upon. In my book, Jump the Curve, I lay out 50 strategies for doing this but I’d like to share three here: 1) Think Like a Child; 2) Develop a Future Bias; and 3) Learn to Unlearn.

Related Posts

The Lesson of the Lily Pad
Think About the Future, Today
A Future of Black Swans
Jack Uldrich’s Predictions for the Coming Decade

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