The World We Explore - Joi ito, frans johansson zeitgeist americas 2012 - Clip

>>Joi Ito: The cost of innovation has gone nearly to zero. If you look at Yahoo!, Facebook, Google, they were -- they built the thing before they really raised any money. And in the old days, you'd sit and plan for years and years. So if the telephone company had tried to build Google, it would have cost half a billion dollars, taken ten years, and wouldn't have worked, because you can build first. And that's what's great about the Internet. And as you lower the cost of innovation, to sort of riff on the business side, the most money you will ever lose is money you invest. I do startup investing in Twitter and kick-starter and others, invest in a lot of companies. My average investment is probably $100,000. The most I will ever lose is $100,000. It's not a lot of money. But then if you try to figure out what's going on, the time that we have been sitting here is probably worth more than $100,000 every minute that's ticking. And so the -- if the cost of figuring out whether to do something exceeds the cost of doing it, then don't think about it so much; right? And I think that that's the problem, is that people still assume that the cost of failure is huge, -- >>Frans Johansson: Exactly. >>Joi Ito: -- when it's not. And most of the opportunities of all of those hundred thousand dollar investments, a couple of them make asymmetrical returns. And what you're missing is the opportunity to invest in these things because you're sitting around thinking about it rather than doing it.