[inaudible] great question. The idea is six days. People in japan, is a perceptual change and i are again the book that the tool is language that having a word for something is what allows you to experience because you can conceptualize it and you can say i recognize that thing. I have a memory of that thing i can convey my experience to other people. One of the big debates is going on in the case world is well because we dont have a word for what that sixth taste is maybe we just missed it. Its there but we dont notice it. The pay comparison that they use and finding another color. This happens all the time with visual researchers. One of the big comparisons people say its in some languages there are separate words for blue and for grain. As a mean to people who were raised with one of those languages cant see blue and green. It means they perceive him as a singer experience in people who grew up with the language that distinguishes between them see them as two different things. Maybe its the same with pace. Maybe that sixth paste is like another taste but we cant take it out as discrete or separate because i dont have a word for it. Other people say this is bogus. Therefore there, who is universal language would have built a word for it. Every language has a word for sweet and every language has a word for salty and every language has a word for bitter. Interestingly a very analogous line of reasoning is going on in the Emotion Research to expose some cultures have words for emotions that other cultures dont so the idea can you experience a feeling if your culture doesnt have a word for it lacks. What is something had to leave out of the book . Okay one of the things i had to use out of the book as i went to see an expert in the ethics of genetic engineering because i thought that would be a very interesting kind of precedent for the idea of altering the body. Do a very limited set up so it was basically sat on the chair on a subwoofer and vibrated and they had a pair of goggles and a headset but they didnt have the other things like that. There are six episodes the soldiers watch what he wants to make it into this band of brothers that maybe 30 episodes. [inaudible] i dont know. I bet there are. It would make sense that somebody is doing it but i dont know about it. Weve only existed in the world for a few decades the brain hasnt had time to evolve to tell the difference between the real life and virtual life. We havent really started for lack of a better word other than church. [inaudible] its kind of ironic that our society is focused on this stuff. One of the people we went to see, is anybody familiar with his work . They are really hard to do with the computer interface and he says they are easier to convey so the others have been left out. Hes been doing these projects you wear a ring and then your partner wears a ring and you press where it would be and they send them on infidels we use. He has worked on conveying snow with the phone. Each device has to have this additional thing on it. Is there time left. Youve been a wonderful audience. Thank you. [applause] this is going to be a special treat for all of the viewers to talk about your new book the third wave. You and i have known each other for about 15 years before i went to congress we have the opportunity to get to know each other in the private sector. One of the few people in congress that understands whats going on. My first question is the timing of the buck because he went to america on line when it was called Something Different in the 80s it had a completely different business plan. You formulated the whole company. You have the company through the 90s and it became one of the most Iconic Companies in history and you as a result were one of the iconic entrepreneurs and one of the great Business People of our generation. They are connected through america online. Then you had the big merger with time warner and went on to continue to be a successful business person and investor and started the revolution investment fun fund into Startup Companies including great ones like sweet green among others so why write the book now . I have to imagine that during those days there were people beating down the door. It was a privilege, thank you for doing that. Guest it didnt work out a way that we expected and were there lessons from that it wasnt that interested in the memoir. Ive been interested in whats happening next so i wasnt motivated. Was happening with start ups all around the country and there was a first wave in a second wave and it was going to be different. It would be helpful. The great shakespeare path became less about the past and more about the future in the manifesto that some respects in terms of what will happen. I started maybe two years ago writing it. Host before we get to the substance of the book i want to spend a little time on your background. You didnt want to write a memoir but you gav about you gae bit of a glimpse. You thought about the world as a young person or entrepreneur you are from hawaii and up until about eight years ago you were probably one of the most famous people from hawaii and probably until about eight years ago the most famous person in high school. What is the high School Called again . Guest 175th anniversary. I was a senior in high school when he was a freshman but it was only when he came to washington as a senator that we reconnected but youre completely right. People were wondering what was in back then but thats a good story. Host you and the president must have a good friendship. Friendship. Friendship. Youve also work with president bush and president clinton. We want to come back to that but before we get much further, what i like about your book is when there is a big thing going on and there was nothing bigger than the internet, you you could argue that its the most important Economic Force of our time in history. You also ushered in the internet peoples homes. Its how we should think about this. We should spend some time explaining the thesis to people. Guest its th guest its the networks, the servers, everything to get connected and it seems obvious now that when we started in 1985 only 3 of the people online are only online one hour a week. Then it took a decade before it got traction and most people thought why would anybody want to do that. If you were able to get online there wasnt much to do. It finally became ready for prime time. Google and facebook and twitter basically the software writing on top of the internet has created enormous opportunities and Iconic Companies. It will be fundamentally different integrating the internet in into seamless ways battery aspect of our lives. Its how we think about food and energy and investing money. It changes a little bit but not that much the way that most people deal with Healthcare Systems for example when they walk into the same forms and its just not as precise. They are going to change a lot in the third wave, but i think its going to require a different mindset for the innovators. It wont be the startup or the Big Companies to understand whats happening and even the definition of work has changed and is changing even more so it is building the internet and building on top of the and the third wave is integrating it through our live lives and its erupting some of the Business Industries in the country in the world with enormous opportunity for people that are understanding kind of where it is going and kind of position themselves. So we stop thinking of the companies as Technology Companies and we start thinking about technologies so the basic tools that we all thought existed in business and became integrated, Technology Becomes that. So now one of the great things about the book when you took it public they had 30 million revenues and is worth about 70 million. Now we have google, apple, facebook, collectively these companies are probably worth 2 trillion. Its an extraordinary thing to think about this as you talked about. But in the third wave you will see big Healthcare Companies that will be enabled by technology in ways we never imagined before. Its shifting from this phenomenon and it will just be taken for granted. They are on a similar path and we will know when we get there when we dont have the hyphenated internet. Right now we call it email. Someday we will just call it mail. It will take another ten or 20 years to get there but i think that we are on the path into the third wave is the next iteration and the next step taking the idea of the internet and shifting it from being a Quirky Technology thing to being a fundamental part of everyday life. One thing is you strike me as an optimist and think about the world thats how i always thought about it and you believe in momentum when things get going capitalizing on the momentum. Theres a lot of debate about the Effect Technology has had on our world. You combined with global connection its been a blessing for so many people but it has put pressure on our lives. Its kind of pressure pressure n terms of anxiety. We have created new jobs and there hasnt been an equilibri equilibrium. Host when you think about this i know you are a were an optimist, but why are you so positive. Ii am not in the optimist camp where everything is positive and this technology solves every problem. There are some positives and there are some negatives how do you maximize to try to minimize the negatives. Its been an enormous force for good not just in this country but around the world with access to the available its going to be a game changer for half a century. They think they are behind the times but if you dont use your wifi can i use it as last summer we were in africa and visited kenya and ethiopia and whats happening there in some of the remote villages because of the internet and innovation and the country is empowering and liberating. We have the ability to get connected and sometimes we are hyper connected. Through the technology it has created a lot of jobs and as mentioned how do you figure out ways to incentivize innovation for the future that bring everybody along. One of the things i was proud to be associated with a couple of years ago around the Small Business in the report that came out in the American Dream can this be a force for good. They solve the internets democratizing access information. I think theres an opportunity to kind of democratize access to entrepreneurship and opportunity so everybody feels like they have a shot. Right now, not everybody does. They feel left out and one of them is to lay out the framework not just for the entrepreneurs but how the world is developing and what it might look like ten or 15 years from now and how that might help you get a better and brighter future. You talk about healthcare innovation. What are some of the areas that can be transformed thinking about the challenges we see. In education obviously a lot of things have been done the last few decades but for the most part they say the way they are teaching us abou is about te as it was 20 years ago. Yet there are advancements and some take a little more time. Having the systems that can help customize the learning will be important having a sense of what is going on with individual students that are struggling. Its not just about software, its about integrating it into culture and partnership so its not just about the new learning and cloudy and internet but how do you improve learning in the classroom its interesting developments particularly on the wellness of side in things like the fit bit and particularly if it is a lifethreatening disease though not as precise as it needs to be. When they have people come there for a Second Opinion by cancer in particular, 25 of the time they change the opinions of it needs to be more data and more personalized approaches to help the technology is part of that solution. Again its not just the engineers solving the problem of partnering in the hospitals to figure out ways to get things together in the era of healthcare that is a little bit better outcome and hopefully will work cost. Thats one of the things youve added so much to the discussion because there are two problems we have about business and the Nonprofit Sector working together. You have people coming out this from the perspective that the private sector and in the case of technology, the technologists have it all figured out. And we are kind of on an island and we know whats best. Its somewhat of an insular view of the world. Then you have people that come at this from the perspective and one of the things that has been important about your voice is that its been very balanced. Its how is there a role for the government and as a positive role but we have to be careful because the government clearly can stifle innovation and it can get in the way that is bureaucratic and theres not enough of ballads that have the Business Career that you have. So what kind of brought you to the point. It works for different people its watching the evolution of itself because there are folks in Silicon Valley. There are things that do frustrate the innovators and entrepreneurs into different regulations and investments in things like that. But the reality is Silicon Valley wouldnt exist and the internet wouldnt exist but for the government. It was the original kind of researcher and the internet. There is enormous innovation and people forget how big of deal that was. The first wave of the internet youre not sure how this is going to work so lets take a handsoff approach. The gps and weather data so there is a role its whethe its whether they get the information from government. They dont need the government involved in the business. But there is again i get frustrated and theres a bunch of things we need to take serious. We are not guaranteed to remain so i understand people that are frustrated and i understand that view but i also think there is the other of you if you think about important aspects making sure the food our kids need a school isnt going to make them sick or kill them and even drones flying over the playground but arent going to crash. They want the government to provide some basic kind of safety consistency and at the same time they dont want government to overreach and stifle innovation. So its a good example. Making those decisions its important to strike that balance. I get frustrated if i hear either side saying we cant trust the market they need to dance together in a constructive way or listen to each other or respect each other to figure out what the right path is forward. It should be obvious because it is so large. Its certainly bureaucratic and can get in the way that there are things that are indispensable for government has to do so you touch on that in the book and while acknowledging i dont want to provide fuel to the fire that you are advocating that youre not coming youre talking about how the government gets in the way. We will come back to that. Its worldclass philanthropists but what do you think if you could get the government to act against a couple things in the context of the partisan gridlock what would be the two or three things that are really important for the government to try to do and get right to ensure that america maintains its competitive advantage because you are a little worried about that in the book. Its like the company is cant figure this out that sort of animated the story in the entrepreneurship. Its the immigration policy to attract the talent and the right kind of investment and Regulatory Environment so it is a global battle that we saw 50 years ago in the globalization of capital lease all the globalization of manufacturing and now we are seeing the globalization of entrepreneurship so we have to understand that and the chapter on that and talk about a number of things do work in the congress has done including the jobs act. They can use the money to raise capital to get started. The first step was with the congress and they put the rules in place but that is a step in the right direction. Another is to make sure we understand particularly in this Election Year they show immigration has become politicized. I understand that. Then you win the global battle for talent. There are many facets i understand that. But figuring out a path forward. One example i mentioned in the book that is a sad one, theres an entrepreneur to start the company after graduating. Wanted to stay in the United States but couldnt get extended so basically had to go home in his case to india. That is good so how do he make make sure you take a fresh look at this particular in a world that is starting to conversion colon id were some of these things are coming together. Host someone who is not and never you are worldclass entrepreneur a lot of people think Big Companies were hurt by these regulations and in fact they protect a lot of Big Companies. They create motes to make it hard for entrepreneurs to get started. Guest one of the things are realized when i started doing the policy work five or six years ago is most people around the country and in washington think about business as this monolithic way. Small business mainstream restaurants were very important. Big business the fortune 500 companies are important but they job growth comes from high growth startup. The big business doesnt want traitor art tax repatriation or something which is no interest to the start of spray they want to take out ways to access n. To drive and to survive so there are different mindsets in terms of the business community. We need to be sensitive about them. We need to create the right environment so we maximize the opportunity to lead in this sort of way and i think its possible. Im optimistic about it but i think you people get complacent they lose their way and the best example of that is detroit. As i say in the book 75 years ago detroit was Silicon Valley. Detroit was the most innovative city in the country and the car was the hot technology and it lost its entrepreneurial mojo and things happened had lost 50 or 60 of its population and then it went bankrupt. Its a reminder that these things rise and fall and cities like detroit and many others l