00:12 Scott Gerber: Those are the game changers.
00:13 Naveen Jain: Yeah.
00:13 Gerber: I mean, you're a guy who is, Moon Express, X PRIZE, World Innovation Institute, all these different things. So you are literally seeing, things like Singularity University. Stuff that we could only dream of in most cases, you are seeing as a reality. What are the next industries that are coming out of these various innovations?
00:30 Jain: If you ask me, the biggest thing that will change in the next 10 years, it is going to be that human health. The genetics, epigenetics, proteomics, the connectoms. You will fundamentally change how we do healthcare. We are not gonna be able to just read our body, we are gonna be able to rewrite our body. Today, we already have companies that are building the genome compilers, that you will be able to take your own genome, modify it and put it right back into the body. So, you will be able to, in fact, become a software. I mean, in some sense your bones are your hardware and your muscles and the software. You will be able to completely re-program your software. So you can eat pizza everyday and not get fat. You can drink every day and not get fat.
01:15 Gerber: That sounds great. When do we start?
01:17 Jain: So point is those are exactly the kind of things, because you think about our bodies are designed from an evolution perspective where food was sparse, we get food every so often. If you look at today, there is a Whole Foods in every corner. There's food everywhere. So we don't have to store. So, but the body is still designed to store that food. There is no reason we can't rewrite that software to say... To re-program the laptin. Don't worry about it, there is gonna be food tomorrow, Scott is gonna be just fine, don't store it.
01:48 Gerber: We already starting to see a taste of what I think is a very terrible trend, which is the patent wars. It almost seems like there is not a day that goes by now where some company isn't suing some other company because of infringement. And as we talk about these new multi-trillion billion dollar businesses and industries that will be created, there is no doubt that there will be a lot of ownership over the various different technologies and things that bring these various innovations to market. So, what... Can we be innovative in today's market dynamics, knowing that there is this trend of sort of corporate territory that is constantly sort of being fought over in courts?
02:24 Jain: Well, almost every time the innovation progresses, the laws are always left far behind. I mean we have barely even caught up with the internet. What the laws on the internet in terms of the copyrights are? Can you build a business like Huffington Post, by taking the stories from other news media and posting the summary on it and link it back to it. I mean, law just doesn't quite understand what that really means. So, as these new things are coming up, I really believe we will have to re-write many of the laws. You can't come up with a process patent that says, "Changing the human body genome is patentable now, nobody else can do it other than me."
03:05 Gerber: It's really about team and having people trust you as you are building these incredible new companies. It's really going to take collaboration and some of the smartest people in the world come together. But there is also this constant other trend, which is brain drain. What can companies do to both exponentially increase innovation, but maintain the smarts and the staffs to be able to support these innovations?
03:24 Jain: Well, if you hire employees, they leave. If you hire entrepreneurs, you give then a chance to succeed, they don't leave. That means you continue to get their ideas, continue to reward them for ideas, continue to allow them to build on their ideas while they are still within the companies. So the best entrepreneurs are the one who can create a business for you while they are within the company and you're funding it, so you become their VCs. And as you know, we have these I-Prizes, where we actually ask the employees, what would you do. And not only we give them the cash prize, we actually have them go out and implement those things within the company and we fund them. So the point is you continue to create this culture of entrepreneurship where people want to be part of it. They leave because they feel they have become employees.