Possible by the dedication of the William Davidson foundation and it allows us to provide the next generation of entrepreneurs with handson learning opportunities, mentorship and guidance from very seasoned entrepreneurs in a variety of fields and programming geared towards creating a deeper understanding of invention, innovation and entrepreneurship. Really the cornerstone of their work here. This includes the entrepreneur in Residence Program which provides workshops and a public Speaker Series which features nationally recognized entrepreneurs likenancy. Giving our youth and our students and our team members the tools to succeed and make their own arguments in this world is really at the core of our mission and this Program Helps us connect the future innovators and inventors and entrepreneurs from across the region and the state and quite frankly from all over the country with confessional that can help inspire and influence their journeys. Our second entrepreneur resident, i dont know if some of our team members here thismorning , mister rich sheridan, he could not be with us tonight but he was here this morning but we are thrilled to include him as part of this initiative. Rich is an entrepreneur, Business Leader and author and hes best known as the cofounder and chief storyteller as he calls himself of manwell innovations which is an it Consulting Firm but if you listen to his story its fun to hear him talk about the influence and inspiration that this place has not just on him personally but also on the style of business he runs and how he runs it. His whole positive influence on the workplace culture. These amazing and is a very infectious personality so were happy hes with us as our second entrepreneur resident. Before i introduce our speaker for this evening im delighted to point out that nancy was featured on season two of the henry ford Innovation Network already in season six, so for those of you who watch everyone, i dont know if you remember back that far but this is pretty cool to watch because its been four years and that means hes made a lot of progress which im sure would like to hear about tonight so id like to share that with all of you now. There is no i in team, it takes a village. People helping people. These seem to get tossed around a lot these days and the last few years the crowd has proved to have deep pockets and the kindness of strangers has helped launch a whole new era of innovators. Heres allie ward to explain. The online social fundraising phenomenon known as crowd raising was born in the past decade and it completely revolutionized fundraising as we know it. By using online platforms, opportunities exist for your work to become visible to people worldwide, people who can back your projects financially no matter how small the contribution. Everything from documentary films to Innovative New technologies have been funded and depending on the platform you choose, almost anything you want can get support. There are a number of crowdfunding platforms and each has a unique personality. Without question though the most wellknown among them are kick starter and indiegogo. Im hooking up with Yancy Strickler one cofounder of indiegogo with along with Charles Adler nancy started the company in 2009 and since then more than 2 billion has been pledged towards 100,000 projects but this Powerhouse Company had ahumble beginning. 30 days after the site was launched, the first project was called drawing four dollars and itwas guided said if you give me five dollars ill draw you a picture and it got support from three people for 35. Is then the rise of starter has been meteoric. We have a simple set of rules about what can be on starter and say they should all be creative things. We dont allow people to say help pay for the rent or buy groceries. Its a place for people making something new. Keep you excited . Every day is someones first day in kickstarter. Its difficult to create something new so we want to be a confidence engine. A confidence engine designed to kickstart future startups. Thats pretty cool, being a nonprofit is cool to have something fun. Were so happy to have yancey with ustonight. The first book, this could be our future a manifesto for a more generous world was published this past fall and we have it available to purchase and he will be signing copies after the program so id like you to give a warm welcome to transfer yancey strickler. [applause] house everybody doing . Thanks for being so kind and welcoming today. What anamazing place. Im excited to talk to you all tonight. Id like to start and im sorry for this but i like to start by asking you to picture your community at work. Its like you walk out of your house, you get into your car and you get onto a bus and you ride a bike 30 minutes to an hour later you get into the office. Back, what kind of stores do you see on the righthand side on the way to work . If like most people you live in a residential area and commute to a commercial area, youre going to see coffee shops and banks and gas stations on the way to work, the kind of thingsyou tend to need in the morning. If you picture your same commute going back to your neighborhood on the righthand side of the road then youre going to see restaurants and Shopping Centers and Grocery Stores, the kind ofthings you tend to need after work. The businesses on which side of the work you come from our something called the no left turn rule. The idea is simple. Its way easier to turn right and left. Turn left you have to wait for oncoming traffic, its more dangerous. During turning right is the way people want to go by default and the rule is a way that that is structured even our Shopping Centers and neighborhoods and this rule is an example of what i call a hiddendefault , a way that our choices are being made for us without being fully aware. This sounds like a bad thing but it doesnt have to be one example our Organ Donation rings. You might imagine that the percentage of people who donate their organs and have something to do with their beliefs about the afterlife, some larger question but in reality it comes down to what kind of form you have to fill out. In countries where the donation boxes already checked, almost everyone chooses to donate their organs. In countries where you have to manually decideto donate your organs review people do it. We tend to go along with the default in front of us whatever it happens to be. An interesting case of hidden default comes if you look at the reelection rates of congress. Since 1960 its never been less and 70 or 80 percent of congressional members getting reelected every year. This despite the fact that if you show the approval rate of congress or the same time, the approval rate has gone down while the reelection rate has stayed high. This leads to the 2014 when 11 percent when, as had an 11 percent Approval Rating of 96 percent of its members were reelected. We tend to go along with the default in front of us whatever it happens to be. When i first started about thinking about hidden default in 2013 when my Old Neighborhood the Lower East Side started to change and gentrification and the crystallizing moment came when an old punk dive bar called mars bar got torn down and replaced by this td bank. That mars bar had been there for 30 years and had been a central hub of the neighborhood and the crazy thing about this bank was at the time there were already three other td banks within a 15 minute walk of this corner. As someone who lived in the neighborhood i was so confused. Was there some virus infecting storefronts turning them into banks . How did this make sense and i discovered this wasnt just happening to my neighborhood. Across all new york city the number of Bank Branches skyrocketed in the 2013. Of 1000 Bank Branches in 10 years so that the atms were never invented. And i realized when i saw every one of these Bank Branches, it wasnt just the bag i was seeing, i was seeing what had once been a small business. While this has been happening weve been toll a story about this being this glory age of entrepreneurship. Everyone is disrupting or being disrupted but if you look at the data that isnt true. Since 1977 the entrepeneurship rate in america adjusted per capita has dropped in half. This is the same decline as the decline in smoking rates over that same time span. If you think about how many more people used to smoke in the in the 1970s and today, similar proportion used to be entrepreneurs, start their own businesses, now they dont, they cant, because theyre blocked out by bigger competitors. Now the default, the hidden default why this is happening the same hidden default every movie, sequel, remake, something made before. This is something were imagining you can actually chart out number of movie, prequels, sequels, remakes by year. On the left side of this graph, when hollywood was telling new stories. In the past 30 years, hollywood realized more profitable to retell a story they already told before. Over last five fierce, top 10 of the box office are remakes of something made before. This past year, cineplexes were made up of nothing but sequels, movies that already run in the past. The same reason this is happening because taylor swift is on cover of every magazine. Hidden default i call financial maxmization. Financial maxmization the rational choice in any decision is the choice that makes most money. This is the hidden default setting running our world. I can imagine you it might think, is this really a new thing . Isnt this just what capitalism is . In 1776 adam smith wrote, in the wealth of nations, not from the benevolence of the butcher we expect to be fed but regard for their own best interest. A world where people trusted to look out best for them, could function, and be preferrable way to operate things. He is absolutely right but adam smith did not go on to say the butcher must maximize hog slaughter rates, lower Safety Standards to minimum, pay workers as little as profitable to redistribute to investors instead but that is Standard Operating Procedure for businesses today. We can pinpoint the moment when this happened, when the switch began. Was the end of the 1960s. The night was mired in the vietnam war. A conversation began, a national conversation, hey, young men are sack tieing their lives in vietnam, their families are sacrificing on their behalf, what companies should they be doing for the greater good . What social responsibility do they have . In the debate stepped forward a influential economist milton friedman. He wrote an essay in the New York Times on 1970, that the businesses have social responsibility, he put in quote marks 23 times in the essay. The idea that businesses have social responsibility is absurd. Only people have responsibility. Businesses are not people. Businesses already have a goal they have to fulfill, make as much money for their shareholders as possible. This today, sounds like a very normal way of thinking, but this was a new idea. The New York Times was presenting it, a big name making a new argument. Friedman was saying that businesses core constituency wasnt their employees, wasnt their customers, wasnt the community that surrounded them, it was investors, it was people that put up the money. Once this switch happened the way businesses operated began to change. From 1948 to 1973 in the United States the wages of the average American Worker grew by more than 90 . It was lowest paid worker got biggest raises of all. Starting in 1973 this changed, even though the productivity of workers continued to go up at the same rates, the pay did not. Since 1973, adjusted for inflation the average American Workers pay has grown by 10 . This means that the high point for pay for the American Worker for their productivity was 1973 the same year pink floyds dark side of the moon came out. That was a long time ago. Now you might ask if workers have only gotten a 10 raise in about 50 years, how is our world even function . That doesnt seem to add up. This is the crazy thing. Because at the same moment families stopped giving raises a new savior appeared. It was called the credit card. Up until the end of 1960s, there was zero Credit Card Debt. Paying for things on credit wasnt how things were done. People got paid well enough to sustain lifestyles. Once the pay raises stopped, people started turning to plastic instead. You can graph out Credit Card Debt in america by year you can see this missing gap of pay got turned into debt. Workers stopped getting raises, they started getting credit cards instead. Now if you think of this, from people that have money on the top, this makes perfect sense. Why give people raises when you make them borrow the money with interest . More financially maximizing choice. That will grow the capital base over time. Now American Workers are trapped in trillions dollars of debt and without real raises in a long time. My favorite place where you can see this switch to financial maxmization comes in a study that ucla has been doing for the last 50 years. Sorry, strike that over. When i picture, when i picture the macro effect of whats happening here, this change in pay there is image comes to my mind, im sure the same image youre thinking about, of course it is the mullet. The mullet was pinnacle of 80s hair technology. Business in front and party in the back. Everything you need. What were living through now is the mullet economy. Meanwhile for the top one to 10 it is a part in the back with stock buybacks, ceo bonuses and at same time the average American Workers pay has grown 10 the average american executive pay has grown 1000 percent. This gap in inequality over last 40 years, this is the mullet. One groups earnings which make up 90 of the population get cut and much Smaller Group get as long luscious mullet growing down the back. Another place where you see the evidence of this switch to financial maxmization comes in a study ucla has been running past 50 years. Every year ucla asks Incoming College freshman across america, a lot of questions, one of which was the goals in life. Students are given 15 different choices to say essential, very important, kind of important or not essential. There is one of these questions has to do with money, being very well off financially. In 1970 the percentage of Incoming College freshman who said being rich was essential or very important was just 28 . Just 28 of student said that was essential or very important. Number one life goal of student that year, quote, develop a meaningful philosophy on life. 86 of College Freshmen said that was essential or very important. The last year of this survey came out, 2017 percentage of Incoming College freshman who said being rich was essential or very important, 82 . The percentage who say developing a meaningful philosophy on life is 40 . We can see what happens. In 1970, 86 of student were looking for meaning. Now 82 of know what their meaning is. To be rich. This is not example of millenials or millening. This is not selfishness or being greedy. 54 of people cant afford bills every month a lot are college graduates. Of student debt outstanding half is in delinquent or forbearance. College students are trapped by the mullet economy. The cost of college increased 19 times since 1970 but wages have grown by 10 . Leaving school with maximum amount of debt. Of course they want to be wealthy. Only way they can imagine escaping where they are. If you look at business prep, you can see the mentality of our age. Look at the language on these covers. Out for blood. Own the world. Be paranoid. Go to war for talent. This is not language about making great product or building a great team. This is language of violence, conquest and war. This is language teaching us how to play the game. The goal isnt to cooperate. It is to win. Take down somebody else. Ceo of kickstarter i remember and standing in check outline of Grocery Store when this magazine caught my eye. As a ceo youre never not worrying. You go to sleep to dream new things to worry about. Youre constantly anxious about everything. Still when i saw the magazine cover, language, go to war, maybe i thought that was the problem, im not paranoid myself. Bought the magazine. Cofounder of a successful company, i bought the magazine. Spoke to fear i had in me. That i was wrong. It would tell me the answers. This magazine sat on my coffee table for several days before i got the guts to open it. How will this blow my mind. Essay by two consultants about how to increase profit march begins. Same old story but this language touched this nerve that told me what i was doing, how i was, how i thought about the world was all wrong and i needed to be Something Like this instead. So i pictured what financial maxmization looks like, there is a symbol, that immediately comes to mind. In Silicon Valley called the hockey stick graph. A chart whatever yourself interest is, grows users, units sold is growing so fast the line slopes up to the right. This is the pinnacle we think of making it but when you really look at this graph, you can see actually its a small slice of a much Bigger Picture because the it is measuring time it, keeps going from now into the future. The y axis representing our selfinterest, it also keeps growing from me to us. As our selfinterest grows, so do responsibility, difference between being single having a family is enormous, or sole entrepreneur or employees, changes how you