They to go to our web site booktv. Org and the schedule is always available vacancy programs that we offer and dead general scope of the weekend is all there on booktv spee ted. This is the treaty to talk about your new book. We have berdichev other for about 50 years so which is the privilege to have you here. One of the few that understands. Somewhere first question is the time being because in the 80s a completely different to display new reformulated the whole company and you read it through the 90s as it became one of the most Iconic Companies and American History in antiu. S. A result are one of the most iconic entreprenuers in American History by any measure, of our generation. We can stop there and call the day. [laughter] half of americans to connected to the internet. It became so popular theyve made a movie about it. Then there is the big merger with time warner and to be very successful business person from that Investment Fund and investment of startup companies, the others so why right that now . I have to imagine that there were people between down the door. After you see the book is cycad, he hasnt written the book before . The internet and the Lessons Learned and time warner and i was shot dead interested in a memoir. I have always been more interested in what is happening for the future so i wasnt that motivated. And in visiting cities of the country so it dawned on me there is a first wave at second and third wave of the breakin and it would be different and some lessons from the first wave would be helpful to the third. Maybe it was time to write a book but with the great shakespeare quotation but that is less about the memoir but about the past did of the future and the playbook get the road map in terms of what would happen if everybody should do to be a part of the future so maybe its been a few years to write that off and on that it is up. Before we get to the substance of want to spend time on your background. He did not want to write a memoir because you gave a glimpse donnelly your background as a young orchard for newer roger producer but born and raised in hawaii up until eight years ago you were probably one of the most famous people in and hawaii and you were probably the most famous person from the highschool. Weld president obama went there also with the when his 75th anniversary even with the dog years. [laughter] so i was a senior in high school when he was a freshman but i remember playing basketball with him a couple of times but only when he came to washington as a senator and then we will Work Together. The you are completely right. But it is like the servicing analogy. Save us have a good friendship. But you also worked with president bush and president clinton Public Policy is the big party and i want to come back to that but before we get too much further but when there is the big thing going space in the you could argue is the most important Economic Force of our time in terms of the performers that you assure she and into peoples homes but you overlaid the Analytical Framework how we should think about this in a break it down and have a you think about that. Spec of those that get people connected. Only if they of the floor of mind and it to get some time before redoubt some traction. , why would anybody want to do that . But in fairness there was nobody touche tough to but they have been building on top of the internet. Facebook and twitter but basically software writing on top that has created the dermis opportunities for Iconic Companies. But the third wave is integrating the internet in a more pervasive way with every aspect of our lives and how we learn. Pretty fundamental things but not that much. They deal with the Health Care System is not as precise like ordering a pizza on your phone those like health and education have unchanged but i really think with the startup entreprenuers to understand what is happening even the definition first to build the net then to integrate and in the process to have those even in the country or in the world for people to understated and position themselves. So do we stop thinking now of technology and we just start thinking about technology as part of every company. The basic tools to become integrated when you took in it but now we have got face put an end amazon collectively who failed in the ways that we cannot imagine before. But with that ted company even the internet is shifting from that phenomenon from the internet enabled disruption in to be taken for granted that is a great example. And to be on a similar path we will know when we get there right now recall that email widely just call it commerce . Is think it will still take another tender 20 years but were on that path and the third wave is next step for the next wave to take the idea of the internet to shifted from quirky to a fundamental part of our life you strike me as a big optimist. And you believe in momentum to capitalize there is a debate the technology has had on our world. But when you look at technological innovation it is a blessing for some people here but it does put pressure in our lives. And then to enter mediate. With the equilibrium. So i know you are an optimist but why do you feel positive where this will take us . I am not in the techno optimist camp and it solves every problem there are some positives and how do you maximize those positives . Is an enormous force for good but in cuba that will be a game changer for those who have been locked out. With get their cars taking their behind the times. People say you dont use your life i have to be connected but last year we were in africa and donna and because of the remote villages knowing solar is incredibly empowering. Sometimes there to convicted sometimes that it is true that technology has created a lot of jobs. So how do you figure out ways foreign futures to bring in for birdie along . Therefore that can amount was this is as a result of food giant democratizing access but floor at a river a few in the as a lot of people to food have put how the world is developing in one of a book like for your own kids is said he viewed a bigger brighter future. You talk about it but what are some of the areas that can be transformed to the right Technology View really change in the problems . Very can attend the al dash kerseys the problem but with education a lot of figures have fed didnt i am guided she sugar have talked to run of the band is about the same the way it was 20 years 20 years ago but there is some advancements of the personalized adaptive approach is how the kids learn the same way and take more time. Having the systems that can help customize blurting is very important and have a sense of what is going on. Where they are struggling and that is one example. Not as precise as it needs to be. And when they had people come there for 2nd opinions 25 percent of the time they change the opinion. Suggesting is to be more data, more personalized approaches to help, and technology as part of the solution, but not just the engineer solving the problem, partnering with the hospital to figure out ways to get things together to usher in an era of healthcare with better outcomes, more convenience command lower cost. Host that is one of the things were thinking that it so much to the discussion. There are two problems we have with these kind of discussions about business and the Nonprofit Sector of the Public Sector working together, you have people come at this debate from the perspective that the private sector in the case of technology, the technologist can alter that. They are on an island and know what is best, and it is somewhat of an insular view of the world. Lavinia people, this with perspective that government should be driving that. And one of the things i think that has been important about your voice is thatvoices that is balanced. You talk about how there is a role for government, and it is a positive role, but we have to be careful because government clearly can stifle innovation, innovation, it can get in the way and be bureaucratic, and they are just not enough balanced voices, particularly the kind of career you have had. What kind of brought you to that point . I think it is understanding. Part of the reason, nonpartisan, work with different people over three decades. Wanting to get stuff done, but it is also just watching the evolution of the internet itself. Folks that are arrogant about this. The government screws everything up, and regulations are dumb, and sometimes that is true. Innovators frustrated entrepreneurs. It is something that you should take seriously, but the reality is Silicon Valley would not exist, and the internet would not. The governmentfunded dogma, basically judge greene broke up the phone company that unleashed enormous innovation. Forget how big a deal that was. Congress passed, and for the most part the government said, lets take a handsoff approach. A light touch approach. I saw that develop, and if you look at the great innovations we take for granted, it is not just things like internet the gps and weather data funded by the government. They get all the information from the government. The great marketing genius. The people, i have been conversations with people who say, we dont need the government involved in the weather business. We have weather. Com. If the shut down the data feed its over. Some people view this almost frighteningly. I get frustrated. Going out of my girls 80 understand the critics and cynics and people who are frustrated. There is the author of you were if you think about the important aspect of our life like making sure the food our kids eat is not going to make them sick. People want the government to provide basic rules of the road, some basic kind of consistency. At the same time, overreach was spiteful innovation. Pattys strike the right balance . You want people who have the entrepreneurial background making those decisions, whether it be congress or the white house because it is important to strike that balance. I get frustrated when i hear either side. Government needs to be more involved. The reality is,is, both are important. The need to dance together in a constructive way, listen to each other and figure out the path forward. In some ways the government affects things that are large. Bureaucratic, and the government is certainly not nimble, is certainly bureaucratic and can get in the way. You touched on that in the book. While acknowledging because i dont want to provide fuel for the fire, people say youre advocating for government, but you are not. Youre talking about our government gets in the way, smart government, you get into some of that, too. That is your whole of the portfolio, the work that you do. What do you think really, if you could get government to act against a couple of things coming in now, been thinking about it in the context of the partisan gridlock comeau what would be the two or three things you think are important for the government to try to doing it right to ensure that america maintained its competitive advantage, because youre worried about that. I dont think i remind myself, america itself was a startup. The leader of the free world. Entrepreneurs and innovators lead the way. So we went from being the start of nation to the leader of the free world. That doesnt mean it is not guaranteed to continue. We kind of figure this out. You can see countries being very creative around immigration policy. The right kind of regulatory environment. So the global battle, the globalization of capital, the globalization of manufacturing. Now the globalization of entrepreneurship. We have to understand that and step up. Did talk about a number of things. The work that congress is done with the white house. Legalized crowdfunding is important. They can use the internet to raise capitol and get started. The 1st up was done with the congress. That is a step in the right direction. Another is to make sure, i imagine a lot of viewers have strong views on this. I understand that, but we cannot remain the most innovative nation if we went without a global battle for talent. Immigration has many facets, but figuring out some path forward is important. One example i mentioned in the book, and entrepreneur is a work after graduating from wharton wanted to stay. Basically had to go home and escape to india. Now that company has 5,000 employees. And i hear the stories all over the country. And regulation. Figuring out the regulation to protect people and to enable innovation. There are some that are designed to protect people, and that is good. How you make sure you take a fresh look at this in a world that is starting to converging collide. And that is what people dont understand about regulation. A lot of people think Big Companies, you know, are hurt by these regulations. They create modes that make it hard for entrepreneurs to get something done. The policy work, most people around the country and certainly washington think about business. But essentially Small Business is very important. But the real job growth comes from the young highgrowth startups, and each of them has leg great less regulation. No interest. They want to figure out ways to access capitol. To survive and thrive. There are different mindsets in terms of the business committee. Which utterly command i think it is possible. But i think it people get complacent they will lose their way. The best example of that is detroit. Seventyfive years ago detroit was the most innovative city in the country. The car was not technology. Kind of the entrepreneurial mojo, and 50 or 60 percent of the population. It is a reminder that these things thrive and evolve. Pittsburgh, cincinnati, nashville, madison, kansas city, madison, kansas city, new orleans, really showing momentum around startups. But if we get complacent, always going to be this pioneering innovative entrepreneurial nation, they are globalizing and there is risk. Not just as a playbook, but we begin here. It is such an important point. Again, this kind of shocked me. They categorize they companies and small companies. And it proves if you look at the data they companies largely dont create jobs. And even though two thirds of the jobs are Small Businesses which is why they are important. I need to make sure they are not overregulated and are supported. It is all of these kind of some people call them gazelle, which is a Small Company that gets going and takes off. An extreme example, 70 billion, and a decade later with the hundred 60. Something like under armour. Great example. Relatively Small Company selling a unique kind of athletic shirt the people thought was a total niche product, but the founder of ceo, visited the headquarters, it takes off. And when those things happen it is all across the country. For all the reasons he talked about. All these fabulous cities around the globe, free market economy. The provision things. The big voice around the basic research which a fabulous investment. What have you learned from your experience trying to get things done in congress. Ultimately the white house and congress. I was more on the sidelines. But the merger with time warner which did not work out the way i was hoping. It comes down to people and trusting relationships. A big part of the challenge in washington this, people are in their camps and not really talking to each other and not really trust each other. Bring together coalitions to get things done. The nonpartisan centrist which people on both sides. You stand for nothing. Compromise has become a bad word. It is part of democracy. Figure out a way to come together and get things done. Stayed out of politics focusing more on the policy side and being deliberately nonpartisan. Hopefully both sides will say, he does have an interest in these issues and does care about the countries. Innovative entrepreneurship and does not have a political agenda. That creates an environment where people will listen. I learned that the hard way. Things that i thought were obvious ideas just were not happening, and it was not about the idea but the execution of it. Vision without execution is a hallucination. Here is a white paper, some proposal. Terrific. You cant figure out how to get done and it doesnt matter. They can get done unless you build coalitions of people who understand the importance of the issue and are willing to come together to figure out a path forward. I am hopeful once we get through this election cycle, whoever the next president is there will be able to sit down and build more trust dialogue outlined some issues that are important to get is the core of jobs for people all across the country. Utterly have the conversation . And i agree with you. That is still by far the best of any in the world. Doing pretty well. He touched on immigration, research. I have been active in infrastructure. It does take a few things. Which makes such a difference. Everything everyone cares about. Some progress on unemployment, 9 percent. The growth rate is a little while. It makes a huge difference. Figure out a way to unleash the next steve jobs or kevin plank or whomever. It strikes a chord and people are loving it. Suddenly there is more growth for the economy. That is how this works. There is sometimes a disconnect from this reality. Focusing on the court, really are the job creating nation. The pioneering startup nation. That is the mentality as opposed to the complacency that leads you to rest on your laurels. The other couple of portfolios, a try to position the country. Help position the country to be more successful. They put the views out there. One of the things that is interesting is what you are doing with the rise. I want you to talk about that. I think people have largely had a few if you look at the economic success, it is not only highly concentrated in a small number of people. Those trends do exist, but its also concentrated in there are certain regions, california, northern california, new york, the dc area, to name a few others that are disproportionately benefited from the Economic Growth we have had. And one of the things you try to do is find the next steve jobs and a lot of places around the country that people dont think it was obvious places for entrepreneurship. And to talk a little bit about what your doing there and where you see the opportunities because if we get this right, you know, other communities in the atlantic magazine had a great cover piece by james follow where he went around to 70 different large towns, small cities. But i sawi saw the peace the 1st thing and did was think about your work. And there was very optimistic. A lot of good things were happening in smaller cities,cities, larger towns around the country that were not obvious. Tell us about what you are doing. The core idea, Building Great Companies all over the country. There are Great Companies being built, and most of the venture capitalists are going there. There are Great Companies being built, most of the Media Attention is just on Silicon Valley any investor attention. I just think that is wrong. How much to Silicon Valley get . About half of all of the venture capitalist california, overwhelmingly. So it definitely has the least, and it has done a great job. If you look at the arc of American History, Silicon Valley was apple orchards. These things rise and fall. In the Arab Cultural revolution, that was the middle of the country. They were Great Companies. They understood agriculture and the conventions. My guess is they will come from those places. The capital, still really good at making stuff. Carnegie mellon has the best robotics program, whoever it to congress but their driverless Vehicle Program in pittsburgh, not Silicon Valley. I think it will accelerate, and if we figure out a way to create more visibility they will create more jobs that will lift up communities. It is not just about anyone business entrepreneur but how you create an environment where the innovation economy is more evenly dispersed and people dont feel so left out. Out. I feel like they can be part of the opportunity, related to that is the idea of inclusive entrepreneurship. 90 percent of the venture capitol, which does not reflect the distribution of ideas. If you like a club funding ideas. A whole host of reasons, but at the core of venture capitol is network. Called thiscall this one, if you have that access you do and if you dont you dont. I applaud the congress for passing it. Getting it right with the fcc is important because that is a game changer in terms of leveling the Playing Field, if you have an opportunity to have their idea out there, and it is more democratized in terms of and more inclusive, i think it bodes well. People of color also disenfranchised. We need everybody with ideas on the table and have a shot of the American Dream by coming out of an it, boston, cambridge, it is also people who are former teachers in new orleans coming up with Educational Software for farmers in kentucky who understand what needs to change in farming or doctors at the Cleveland Clinic for the mayo clinic for anderson with ideas in terms of figuring out. I am optimistic that this will be more evenly dispersed and it will be a more level Playing Field and inclusive because it has to be. Part of your thesis is that it is now everything. Somehow matter to five they are seen it used in the 1st wave. The 2nd wave of social and apps and things like that, and now is basically taking every day aspects of our lives, things that we did not think were technology in their kind of superficial orientation, and it is empowering women changing them. So that would argue like the arab culture industry which is not headquartered in northern california. Itsits headquartered in arguably the center of the us. So they ought to be the people, the profile you touch on in the book, you know, they suddenly have a stronger hand in the light of thought. To the extent they have traditional industry has the economic roots in those industries transform with data, interconnection, innovation, etc. , they will have a comparative advantage because they know something about the subject matter. Figure out a waya way to innovate not just within the company will build a network around the company. Create an ecosystem. Connects entrepreneurs and ideas on the periphery. The companies were generally watching on the sidelines. Take one of the most successful kind of secondrate company, air b b it did not exist ten years ago. The somebody had pitched either of us the idea, iran out of unused rooms, thats not going to work. It is worth 25 billion, with more than held more marriott and so that is the kind of innovation, the innovators, engineers were creating software, and this place creating a marketplace. And it will be the connection. Figuring out if people are leaders in the core industries, healthcare, energy, transportation, they have an advantage in figure out where the market is going and figure out a way to trade partnership with the entrepreneur. The Big Companies will need that in your ship, and both will need more government. I understand they dont want to hear, but it will be because these factors are regulated, and the government while in figuring out the rules of the road. A different mindset. Americans with gray hair or no hair have more of an advantage than they did in the 1st or 2nd wave which was really kind of people in their garages. The 1st way because that is part of the reason i wrote the book. The importance of Public Policy and perseverance, not important in the 2nd wave but are becoming some more in the 3rd wave. The phenomenon of the 2nd wave, great successes will be less common. Probably somebody who understands the dynamic in healthcare or farming, and it is a balancing act. They will tell you one of the benefits of not knowing anything about an industry is you can ask us questions, which is true. But in some of these sectors if you dont know anything about teaching, nothing about how doctors are practicing, how farmers think and some of the challenges they deal with and some of the challenges they deal with trying to get the right answer. Marrying those two will be one of the tricks. Curious enough and not so wedded to the path and dogma that you can look at things in new ways to bring along people and an understanding of what happened, and the once he figured out will be the big successes. What a lot of them should be excited about is sometimes it just takes one company. I saw what happened because i wasnt business of the time in the dc area, and there were many entrepreneurs here. Aol comes along. And releasees region but one or two companies to make a really big difference in terms of creating the ecosystem. People get these breakout valuations. They bacon and make a bunch of money. Seattle with microsoft and amazon. And it is not just the jobs are created by the company like aol on their armor. It was tens of thousands, maybe even hundreds of thousands of jobs because of that growth, jobs for people willing homes, new restaurants. If the community is growing is creating jobs throughout the community, not just in those startups they get to the growing. How do we unleash that in other parts of the countrys of the people have a sense of community is on the rise as opposed to the cities were people sadly tell them that you should move away for an opportunity someplace else. There will be a boomerang of talent or people want to come back to detroit, detroit,detroit, new orleans, des moines are many other cities around the country. Have this amazing career. I do want to read for our viewers your essay that you wrote when you apply to Business School and it is okay to say you were not accepted. Rejected by every single Business School. This is what you wrote. In 1980, 26 years ago, ii firmly believe thirtysix years ago. Thirtysix years ago. I firmly believe technological advances in communication on the verge of significantly altering our way of life. Innovations in telecommunications will result in our Television Sets becoming information lifeline, newspapers, comes computers it. Clearly this will have a drastic effect on advertising, as will changes in the number, ages, and working habits. The new technologies will fragment the home audience and allow advertisers and agencies to escape the rigidity of commercial formats and develop forms appropriate for individual advertising target marketing. And then the industry must develop executives own understanding of the people who live in Electronic Society and what motivates them in the ability to anticipate problems. If you take out a few words in assessing this could have been written by someone today. It got rejected everywhere. Rejected from harvard and stanford. Most of the companies i applied to out of college. I wrote a similar cover letter with my resume saying i think they just said is a weird kid with the ideas. Pretty good at seeing around corners. Corners. I want to close with getting some of your device. As to how entrepreneurs think about the world, how people in Public Policy should think about the world, but just to show that the world is not as linear as people think, you write an essay like that and you are not immediately accepted to harvard Business School and do not immediately start a company like people do today. So you write this essay out of college. You dont get accepted a stanford, go to work at procter gamble, and then you get a job the title that you say is the best title you ever heard. Director of new pizza development of pizza hut. It was a great job. I did that for about a year. The last 15 minutes we talked about technology. But the interesting thing, thing, well want to do when i graduate was just that. There was not a startup culture. Samples of shampoo. I think i do. Occasionally. But i realized basically bundling because maybe got little too far. That experience you have the momentum. I came. It was pretty outside. One ofout sick. Kuan the classic topdown organization. It was run by the franchisee. I thought it would be good. I was only there for a couple of years before i joined the area. I thought it was a great idea, next big thing. It turned out and missed the mark. Thankfully, the people i met there, we became the cofounders of aol in 1985. Even there it took a decade. This requires perseverance. The idea of what i wanted to do i had in 1980. Thats why wanted to name my book the same thing and was thankful he was kind enough to read it. But it took ten or 15 years before the idea became real. You want to revolutionize healthcare or education, may happen in evolutionary ways. I mentioned this proverb. If you want to go quickly you can go alone,alone, but if you want to go far you go together. And that is what i think. I encourage our viewers to read the book because it is not only a great story of technology in the future but a great story of perseverance because again, as a friend, i was happy sure that part of your life and did not get right to Public Policy. The story of coming to the company and having failures including a partnership with apple. The tour of the contract. Had to rename it america online. It was a crisis that turned out to be an opportunity. And that is the end of the story. Then there is really kind of you and george ten years of setbacks, pioneering new markets for struggling to raise an ounce of capital that in todays terms of rounding errors, in terms of what you read about in terms of deals getting done, and a certain metal was created in doing that. The book is aa great lesson in leadership and perseverance because it is not always easy. There are examples, but most of the truly revolutionary things take a lot of time. I remember seven or eight years ago Nelson Mandela happened to be visiting his home and said something ill never forget, which always seems impossible until it happens. The state with me. Some of these challenges, there going to be hard, frustrating, times were people really do say, maybe it is not going to happen. I had a bunch of calls from parents and friends saying this doesnt seem to be working. Do you have a plan b. I believed in the idea. The team believed in the idea. Wewe stuck with it and figured out a way to work through the issues that were holding us back and eventually broke through. I think that mindset, some of the stories and lessons will be helpful, and it is not just the engineers and entrepreneurs. Everybody needs to think about the future and more optimistic way and think about how they can think about their own job in the world where the definition of work has changed. A very big percentage of people are in the freelance economy and working for companies the same day. The nature of work has changed. There are positives and negatives, but that will continue to develop. How do you position yourself in hockey to say Wayne Gretzky was great because in focus on where the puck was aware would is going. Maybe they can position themselves in theirand their career and prepare their family for the future that will unfold. Close with your best piece of advice. One of the things that comes across in this book is thinking about entrepreneurs differently, the way you talk about your own entrepreneurship and the desire to start a business, when i got the school i said i want to start a business. Quite successfully. It is different today. They have much more of the social vision. There is a greata great convergence between Public Policy, social impact, stewardship, and entrepreneurship. You and your wife who is amazing have been leaders in this, your philanthropic arm , thinking about investing, i great line in the book that entrepreneurship think more about that impact than net worth or maybe the other way. Whatever it was, Something Like that. Again, the entrepreneurs of our generation, i dont necessarily believe thought about it that way. Some did, and it is a big debate, the investing circle. Circle. Just focus on maximizing profit, but the reason we believe, profit is important dynamic sustainability is important. Returning shareholder dividend is important, but purposes, too. In the next generation of entrepreneurs will be looking for these purpose driven impact companies, and the most right for disruption like healthcare and education lend themselves to that. And you see this with young people. They want to do business with companies that stand with something more than profit. They want to invest in companies that stand for more than profit. A new generation of entrepreneurs they want to change the world and prove it the food we eat and things like that, but they also want to have this broader impact and purpose which is what excites me about the future of america and entrepreneurship. The level the playing the Playing Field. As we lean in the future about the possibilities are on purpose Impact Investing the brightest days could be ahead. We all rally together. The Big CompaniesWork Together and everyone figures out a way to make it inclusive, i think the 3rd by could be awesome, and i am hopeful it will be helpful to give people a sense of what might be happening in the little bit of a playbook for managing this next phase. Thank you for being here. You done a lot of things fast in your life. Thank you. Appreciated. I encourage our viewers to read and learn about what it means to be an entrepreneur comeau what is going on in technology and our government, private sector, Nonprofit Community can work Better Together to make our future brighter. Appreciated. More book tv in prime time i friday. Friday. At 8 00 p. M. Eastern a discussion about women in the politics of marriage from the san antonio book festival. And not oclock talk radio host the viewers and their feedback is vital. That is part of our mission statement, trying to give viewers participation. Is been a lot of time trying to think about what our viewers would want command we listen to them. And so we take that into account when we are looking at the different authors who will have colin programs so we can bring viewers into the makes. Tweets, facebook comments, getting constant feedback. We go out to the festivals of july programs, it is the ability for the audience to interact with the author and have them answer the questions. Share their comment with the author. We know there are so many people around the country that are big readers and are interested in things like history and biography. It is not just about getting up on stage are getting up on screen, tell you that history. It is about viewers actually asking questions and about the conversation. If they want to find out more information they can go to our website. We have our schedule for the weekend that is always available item the side of our website page and they can see all the different programs including indepth and afterwards. Recently campaign 2016 made a visit to pennsylvania during her primary. Liberty rock university, washington and Jefferson College and Harrison College where students, professors and locals talked about coverage. Visitors were also able to share their thoughts about the upcoming election. We ended the week in warrington, pennsylvania where a large 79th graders special thanks to our cable card Cable Partners are helping coordinating community visits. You can view the documentaries student cam. Org