Good morning everyone. It is January 1st. Happy new year. I am back in LA I was supposed to come back like January 3rd or 4th or something But I wanted to come back yesterday because I start orientation in school like I would have gone straight into that Oh my gosh I'm at orange theory and next door guys is nectar and nectar like Jonah's favorite a lot of my friends like favorite like Smoothie Bowl place in Dallas and like they just happen to have one here And it's literally next door to the orange theory like my new home orange theory, which is very exciting I am going to spend all day today deep cleaning guys my house like I came home to it just absolutely trashed Which is like really frustrating? I Was already planning on deep cleaning and organizing it and stuff But like it's so much worse than it was when I before I left Turning my car off so I have so much deep cleaning and organizing to do So it's gonna be a huge cleaning montage basically guys. It is going to be a house Transformation and I just really want to like finish my house and for it to be cozy I've been saying this for like so long It just takes forever to do it if you know any home places that are cool or like work with youtubers Let me know so anyways, I'm gonna go to orange theory and then I'm gonna get a smoothie from nectar I'm so excited and then I'm gonna like go stop at a few stores and Get some stuff and Yeah, this is just gonna be like a clean Vlog get you guys motivated. Hopefully you guys will clean off to this It's gonna be a big one Beautiful I got the berry smoothie and then I just asked for some peanut butter in it because peanut butter is really filling The class was really hard. I'm feeling great, but like literally they're next door. It's so amazing For my house, I need to literally buy like 15 rugs My mom knew that and she was like you should go to Ross which my mom was an interior designer By the way, so she like knows things, but she's like go to Ross I know that doesn't sound like appetizing or appealing but the rugs are so cheap just like literally you can get a huge rugs like $50 and I didn't find a huge rug But I did find like some small ones and I did like big ones But I'm gonna like Rearrange my house a little bit and then see what else I need to buy and then go shopping But like these these pillows were like $15 total like I spent $100 and I got So much stuff like I really just can't believe much stuff. I got so anyways, um, so I'm going into Ralph's because I need to get some cleaning supplies. Oh my gosh I'm already sore I've just been in a constant state of being sore since I started working out like five days ago I just never gonna go away like I've worked out a billion times for my life But this is just a lot also I'm gonna get Starbucks because it'll reward myself I don't get a lot of caffeine because I'm gonna be cleaning for 10 hours though $50 of cleaning supplies later and My venti iced dirty chai for those of you asking I always get two shots I'm trying to be more specific in my vlog so they're actually helpful if you guys can't tell but yeah I always get two shots now We're heading home. This looks worse We're heading home. I'm going to put a lot of music on and open the windows and light some candles and like deep Deep clean and it's gonna be so fun And I think two of my friends are actually gonna come over it so I keep me company and take my clothes and stuff So I'll see you guys at home. Hey guys, I'm back home We can see the kitchen is gross our washer dishwasher isn't working right now, which is so frustrating So I'm having to like do all the dishes that there were so many dishes yesterday and like dry them and all that Have a bunch of these supplies I'm gonna set a timer for 30 minutes and hopefully I can get like everything done and it's sparkling clean So we will see also. I think I'm gonna put a rug in here. I still want to get an island Obviously like we really need one definitely gonna put a rug under I'm eventually like I'm trying to buy a nude kitchen table for there Then taking the orange one in here and then doing like prints and like neon signs and stuff But I just haven't done that and I'm just gonna get rid of this because I hate this but whatever It's looking so clean Update on how things are going the tree is gone This room I am going to turn into a studio this year, which will be really exciting But we're going through my office. They're going through clothes and I'm giving away So I have to go through all this I got this rug from Ross. It was literally $15, but it's ripped I don't know. I don't know where it's ripped, but I'm gonna take it back and return it. I know they had another one.  It's a juicy tumbler also got this at Ross today, but hilarious Um, there's honestly been a lot of progress made kj and salve just left and they took a bunch of clothes I need to do my office next But um, I think I'm just gonna like sweep and mop all of these Floors Guys, okay, so picture see this orange table and that It's gonna go in here And that will go probably here and then I want to get a neon sign and then Put like rugs in and get an island like it's going to be so cute when it's done Maybe I'll put it there. I'm not sure. Let me know what you guys think as I said billion times I'm getting rid of this, but um Yeah, it's just everything is feeling so much better. So here's the before of the floors I hope this looks better on camera. It definitely looks better in person The floors are like glistening which is so much better If you guys know of where I could find a nice kitchen island for here That wouldn't be like too expensive. Let me know. I already like have my rug idea and everything I just really need a kitchen island and it'll be so much better Okay, just finished Swiffering out here. I guess it's still kind of wet a little bit, but looks so much better Here is the before of my office. It is a mess currently because we were just going through clothes I'm going to start. Oh my gosh. I'm not kidding things. I'm gonna start using my d-pop Um, like very soon. Yana is actually gonna help me with it So if you guys want to purchase any of my clothes or bags or whatever it is They will all be on that but yeah, like all of this like my vacuum started messing up So this is all just horrible Need to like there's just so much that I need to clean. I'm also gonna go through this I don't know what I'm gonna start with Um, but hopefully tonight once I go through my closet too since I have more hangers I'll be able to like pretty much fill this up.  How hard do you think it would be to paint white? There's just so many shelves and stuff. I'm sure I could like bribe my friends to help me at this point though Um, do you guys think it would be worth it for me to paint this white? My landlord would definitely let me they pretty much let me do anything I'm with the house honestly And I think that it would just bring a lot more light into the room because it's just dark And I hate this side and it would even be a cool background So let me know if you guys think I should paint it white and like how much money you think that would cost Blah blah blah if you guys are familiar with anything Also, this is just like so much stuff that I need to like look at these candles from Ikea Like that is really bad. This is a mug someone sent me forever ago and they're so freaking cute I wanted it as like decor in my office, but I think I'm gonna have to start using it Also, oh, that's so cute. So yeah, you guys are gonna See this whole transformation And it's gonna look so different. Okay. Look at how freaking cute. She looks right now also guys these pillows like Two for $15 at Ross. That's insane. I wish that I don't know where my other pink pillows are where'd they go Molly left them behind when she moved forever ago and they're definitely nicer than this But she spent so much money and I think she got them from Australia And these are really not that different and they were from Ross, which is incredible So I have finished this whole area guys literally it's almost been a year Well, I guess not really it's been like at least eight months and still no frames This is just an epidemic in my life at this point. Um, this looks cluttered, but I just cleaned it and cleaned all some stuff um, I Have so many disposables and so many like polaroids and stuff and I really Probably just need to get a book so I can store them all in it. I just normally like having them on display But I have so many and you guys can see like this is not even close to how many I have obviously um, if you guys know of any like cute ways to Obviously, I've I've done the disposable wall thing. I'm not into that right now But if you guys know of any like either cute displays or cute books or anything Um tweet them to me or if you guys are my secret facebook group, which I would highly recommend Let me know because I really need to better organize these because I want to keep them forever I feel like books is probably the way to go So, um, yeah, just let me know. I love this stuff. I literally guys. Okay We're about to get to all this but this I put I came home to like 43 packages. So I have so much pr stuff like this is just two bags full of pr But I Ordered 10. I just threw these in here because I'm gonna put them. Oh my gosh. This keeps falling new hoodies guys um I ordered 10 of these on amazon if you guys buy them in bulk, they're cheaper It was like 86 dollars for 10. So I'm just gonna like put these somewhere and then I use them all the time This is gonna last me for Months hopefully actually yeah, it'll definitely last me for months So I have all of those and then I just clear this off and made it a lot neater These are my two merch mugs that are very cute and then here's a photo of me and louis And then there's a photo of me and danny in new york For everyone who always asked about this photo. It's so funny. It is from society six. I absolutely love that So anyways, here's a little before of this area This is not going to be done until after I do my room later tonight But um, I'm gonna go behind and like throw out everything and just like organize it a little bit better You guys will see that after but it just feels cluttered to me. I think a lot of it is because it's dark I don't know but yeah, I already cleared off the top. It already is starting to look better But you guys will see after also guys. Look at how cute this is I got this at a wild fox sample sale like before coachella because I thought about wearing it there Just for like obviously not to the festival but just in general It is so cute and I lost it for forever It was originally like 250 and I got it for like 40 or 50 dollars It's so cute and I always lose it and I just found it again So I'm really excited to wear this like in the spring and summer.  Oh my gosh Okay, guys, it is so much better now. Oh my gosh. So I have everything like organized really neatly behind all of these um, you can see What so again, sorry for that noise Um, there's everything just really organized.  I don't know how many more jackets I have to fill here Um, if not, I I don't know like I thought about doing pants because I don't really have a good way of organizing my pants in my closet But I'm not sure. I guess we'll see tonight Anyways, I have like a bunch of merch hoodies that I need to give out to people up there I have this up. I mean it isn't as organized as it could be but I have my Disposables I'll pack behind there. I actually found a Another volcano candle. I guess I ordered it a while ago. I ordered these in bulk one time So I just found it sitting there and it's just here, which is amazing because I think I just ran out of the one in my room Um, I put my pr stuff back there It's just covering really well. Again guys picture this with white in the background. Let me know what you think Put some hats up. I'm actually gonna go grab some bags and I'll do that later putting bags on top Um, again, this is like just random stuff that wine I really don't drink has literally been sitting there since my 21st Like everyone got me a bunch of wine for my 21st But it's just I think I like most people have like come and now I give it to other people But I don't know. I just I'm really lame. So Um, this stuff I have a lot of like old boxes like camera boxes macbook boxes all of that is back there I need to put these somewhere else. I'm not going to keep them there. I love this bag I never use it ever, but I love this bag. I thought about selling it but like I should probably just use it. I just don't know I don't know. Okay. Well, whatever and then I have some more jackets.  I don't think they sell it like shiny anymore But they do have like just a normal Gray and then like a blush color. So those will be linked like in my facebook group But yes have all of these my jackets that I wear all the time I really want to go to big bear literally just so I can wear this jacket because it's so freaking cute from juicy Speaking of juicy guys, okay So I was going through my stuff and I found these and I think juicy sent these In a package like forever ago and I just forgot about them But what should I do with them? Obviously like I could put her on a denim jacket, but I don't know like what other ideas do you guys have? I don't really have a good bag You know what I could put them on my backpack my mark jacob's backpack That's what I'm gonna do super cute. Okay. So my office is pretty much done. I should like redo all that, but just not right now It's looking amazing. Coco wants some attention. I'm loving these pillows by the way So this pillow is the one from Ross and then this one. Oh, yeah, I have this thing that I found too I found so many things that I've never used this one So I'm from um, I think it's from Australia somewhere. That's like more expensive. Molly if I'm like totally making that up Let me know, but I'm pretty sure she said that forever ago But honestly the ones from Ross are like a little bit better, which is crazy I also have this skirt from doll's kill that I haven't worn yet that I need to figure out. Um, but Loving how my office is scaling right now Coco, let's just chill out. Okay. So this is the before of the bathroom I came home to a way more trash than this a lot of these are just cleaning supplies Whoo, I'm like so cold. So I'm gonna go through and like deep clean all of this It's so difficult to keep like no one even uses this bath And it's so difficult to give a clean As like an old house.  Also Here's your gene. I sent me this really cute robe. I must have rug. I'm shivering guys. This really cute robe, which is awesome But I'm gonna clean up all of this and then show you guys my new genius thing I saw online I just quickly went through and throughout all of the stuff that I wasn't using like threw that into trash And then I just threw a bunch of hair products It's not like super organized, but it really just doesn't need to be this is just like a ton of products that are hair and whatever Okay, so I did some research on how to keep an old bathroom like clean easier Just because like I can't even describe how much of a pain this has been um I'm also the only one who cleans it. So that's probably another thing, but I have this power ball, right? I ordered this with amazon you connect it to your drill It basically just polishes like it's not meant to like it's not really meant for cleaning But it was only 20 dollars in amazon and I'm going to connect it to the drill and then I have this Which is just water and soap then I'm going to clean all of this and it's going to be sparkling and I cannot wait Stay on this it works very very well I don't know again if you guys can even see the difference on camera. There's a difference in real life I did my shower I'm having this rinse off through But I did let the corners and it's all whatever Time for the floors Okay, finished cleaning the bathroom Um, I feel like this bathroom just like you can't even tell on camera, but it's just like much better and cleaner Also my sister my step sister technically got me this candle for Christmas. It is The blue agave candle she got she always gives me like cute little gift sets with a bunch of stuff that's personalized But this one smells so good. It's with a perfect candle for the bathroom if that makes any sense It's just very fresh so I'm very excited for this one. Okay guys. I just got back from a three-week trip So this is by far the messiest my room has ever been like I don't do this at all Um, this is a bunch of like stuff that I need to try out that I was sent Um while I was gone I put a lot of it back in my pr stuff But this is the stuff I'm gonna try out first. I think I have um all of this stuff.  I have so much stuff here I have to reorganize my whole closet and I still have so much more to hang And I got rid of so much stuff as you guys saw. So this is just really a lot for me So this is gonna be probably a And I'm gonna like go through and organize all this stuff like this is gonna be a crazy Crazy before and after and I'm gonna clean this which is gonna be really a lot It's gonna take me like three hours. I'm already let's see It is 602 right now I'm already five hours in so yeah another three hours, and then I'll be done. Oh my god.   Um, so I need to replace that And I'm gonna like wash all my sheets and do all that stuff. So this is gonna be a lot Okay first area is done. I just rearranged these drawers It's nothing crazy I threw out a lot of stuff and I also put a lot of stuff into like my pr bag So I could go through it just like products that I haven't used or whatever But this is just skin care again.  They're like mostly color pop Um, and then I have a lot of icos stuff. I really love icos products I feel like no one really talks about them I have some lashes that I'm not able to put on because I'm not good at that stuff And beyblash guys. Do you think that I should try out beyblash or get Eyelash extensions. I want to get them this week, but maybe I'll just try out beyblash Well, I still am finding random things, but I have like mostly nail stuff in here Um, this is hair stuff Uh, this is miscellaneous. So like random like extension cords shoelaces and whatever I don't know why it's in the middle of all this.  We're done with this. So I have a lot of donations a lot of trash pr Gone through these drawers. I'm not going crazy with these drawers right now But I just completely reorganized my pajama drawer. So these are like single pants. These are snike gowns and these are matching sets I'm obsessed with pajamas. Like they're my favorite thing ever, especially matching sets. So I have all of this Finally organized which is so nice Okay, I've already kind of started on this I've cleared a lot of this out But I'm gonna like clear this off so well and deeply in this as I've mentioned So you will see this I can't find my windows anywhere, which is an issue because I need it, but yeah starting with this Update on my closet It looks crazy, but I did just reorganize it So I have dresses like tank tops crop tops t-shirts long sleeves matching sets Crew necks basically anything without a hoodie and then hoodie clearly this is taking away too much space I'm gonna have to fold my hoodies and put them somewhere, but that is just not for today I'm going crazy and then these are just all my bottoms Oh, and I also rearranged a bunch of shoes. I actually just like gave I'm donating like a lot But I have like all my boots up here more boots more sneakers. It's not crazy crazy organized, but Also, this is supposed to be in here Um laundry basket and this these need to go to my office. This is what the room is looking like right now Oh I just realized it is like 8 p.m. And all I've had to eat today Was a granola bar before my workout class. So I need to figure that out And honestly, I'm probably gonna finish my room and then shower and then finish my office It won't take that much longer. I'm thinking I can get this done in like 30 minutes, but oh my gosh So I'm gonna move all of these to the office But for right now um and that goes to the office and you guys We'll see all that but right now my room is pretty much done My sheets are in the dryer. So when they get out, I will put those back on and then pretty much everything Will be done. Um, I still have some stuff to do in my office So I'm gonna shower and then get to it Okay, so I showered and I self tan and I'm gonna go through these and only leave probably the yellow one in the Smaller mark jacob's bag Um and the rest of them i'm gonna bring into my office because I use the yellow the smaller mark jacob's bag In this new one that I recently got from rebecca minkoff. It is like, oh my gosh. I forgot I've been showing you guys in this in a vlog yet Um, I walked into Nordstrom and I saw it and I was like this is everything that I've ever needed It's just like so fun. I don't know. I'm so into fun bags If you guys haven't updated like what's in my bag video, let me know But yeah, I'm gonna move all of these So then this will be like even less cluttered. Um, normally I just plan outfits out on here Y'all and I left two of her green shirts for some reason. She likes leaving green shirts in my house. Um But yeah, I'm just gonna keep like having my outfits that I planned here whatever And then move all of these. All right. This is what this looks like now So it's much cleaner. I have all of this stuff to bring into my office All right. So really all I have left is to just figure out all of this stuff I have a few things to put away, but other than that, I will be done. So I'm so happy So here is the update for all the clothing racks. I have I think every jacket I own But honestly, I may own even more. I just love any sort of outerwear essentially Hang up some bags. I have my Juicy Gator fanny pack. I always forget about this, but it's actually really cute Um, I have a bunch of jackets my doll's kill jacket that I wore recently and shoe Um, yeah, I just have like all of these and then I put the bags up there. I think it looks really good I think it would look even better if the white was or if it was white behind there Alicia is so cute and she sent me her merch, which is the so extra hoodie I got two actually Oh, why isn't this? Oh, Merry Christmas. Alicia Marie.  She wears it all the time It's so freaking cute My office is done all of that over there by coca and then what's in my hand is just gonna go to my room My phone needs to be that charger actually, but everything else is done over here to tell my laptop and chargers and I will like set this all up tomorrow when I work like these go here I can plug in all of my stuff there. So like I said, this is all done. Coco has a bone right there I still need to finish this I need joe's help with that though, but just finished all of this I just moved my clothes over here. Look she had a red bone.  I'm wearing matching pajama set from victoria's secret as always, but yeah, all of this stuff Also, there is a bunch of construction around here And so blue both of these outlets or wi-fi now has to be hooked up there and like this is really annoying So that's gonna have to be fixed My bed is back. Um ignore these things. I have to mail this stuff out. This was I just forgot to put this in the kitchen um Nice of chargers and stuff. I've had a keyboard that I'm gonna test out on camera. Like this is clean this stuff Huh, I'm actually not going to clean all of this stuff like deep clean that I'm gonna deep clean that tomorrow and look let it sit and stuff because I've been cleaning for I think Seven hours maybe eight hours and I am exhausted and don't want to do anymore So I will do that like tomorrow or something Also, I just picked up this I actually Amazon primed it Because Olivia Vargas was talking about how horrible like normal deodorant is for you and how this is at the best Up ever so I picked it up so I could try it. Oh my gosh. It feels so amazing This is the feeling I was talking about when you shower After you've deep cleaned everything everything in your life is so clean and you get in bed and Wow, it's the best thing ever But the last thing I am going to show you guys today is I got this ipad pro keyboard Of amazon the ones at the apple store were like 170 and I was gonna pay that just because I'm gonna use it all the time And whatever But I went on amazon just to see if they had like any better ones or whatever and all the reviews were that after They got this one. They returned their one from apple. So it's a case and a keyboard I'll show you guys. Okay. So as far as the case goes It has I don't really like how it opens to the left. That's kind of weird But um, it has a place for your apple pen And then it has a place for your ipad. Okay, so it just connected Let's see. Hey. Oh my gosh What's Okay, it's so fun. It works really perfectly Um, and then there's places obviously where you can like set it down This was literally only like 30 dollars guys 33 dollars And I really like it. Um, I'm gonna use this for like school and stuff I'll probably use it with the keyboard like so often But I plan to use it without the keyboard as well If you guys want a whole video on my ipad pro like just let me know because I've been getting requests on that But like what do you guys want to see? Okay? So I have been vlogging So much today. I feel like I have way too much footage But um, that is it for this vlog. I'm just going to read tonight. I think I'm gonna finish one book start the other I'm reading on my ipad pro because I bought a bunch of books for When I was in texas and like traveling and stuff and I haven't finished them all But I've been doing a lot of reading because I always do a lot of reading In life, but if you guys enjoyed this vlog, let me know by giving a thumbs up and subscribing I know cleaning is not the most exciting thing But you guys really wanted to see cleaning vlog and you guys have asked me so many times So I love you guys so much and I will see you soon. Bye


Well, welcome everybody. We have what promises to be a fascinating session about a subject that interests an awful lot of different groups and countries around the world, and I guess one way of putting it is that everybody's envious of Silicon Valley would like to have something like that themselves. But how'd you get there? And how do you encourage the right sort of tax regime? y set of laws, copyright, all the ingredients that go into the sort of magic that works there. So, I think we're going to have some very interesting ideas. I'm going to start actually by asking both Clay, an expert on disruptive innovation, and Bill, who practices it most days, to give us maybe just one thought about if you were going to be called in to see the minister of a country and say, what are the things I should do? What's the first thing you would say? In establishing regulation, don't ever let the criminals write the laws.  And when you then put a regulation in so that nobody else can do them in that way, you impose on the deeds, the sins that you put there on everybody else, and you don't want to ever let the criminals define the rules. And just explain that a bit more. So the criminals are what the people who started up businesses are doing very well. The oligarchs, we put it like that, of content industries or other industries, the established players that shouldn't be described. No, the criminals. Actual literary criminals. I'll tell you, I'm a religious guy, I belong to the Mormon church. And every Sunday there's a Sunday school where the kids go to be taught. While the parents go over there, the kids go here. And three or four years ago, some jerk, one guy molested a child in a room in the church where there were hundreds of people around. And so when the churches came out with their next manual, holy cow, man can't teach Sunday school lessons anymore unless there's another man or woman there with them. And who wrote that regulation? It was not the 99.998% who always instinctively followed the rules.  And yet you now impose on everybody else the sin or the problem that he created. So you start with what, as few rules as possible? Well, you get smart, honest people who understand how the system works. Ask them to write regulations that facilitate good work and honest work. And then deal with the problems as they occur. But you want to have regulation that facilitates good work and good judgment and good decision making, not the bad. Okay, Bill. Yes. Well, I run a technology incubator in Southern California. And we started more than 100 companies in the last 18 years. What I see is unbelievable, unlocking of human potential when you have a start-up where the founders and the employees have high equity stake. So I would like to see many more incubators and accelerators around the world. And what I think governments can do to encourage that is have matching funds, have very, very low hurdles for a new company to get started. Because I think start-ups can happen on much lower capital than ever before so you don't want high fees to get that company started to get it in the way. And I think that start-ups are still risky. So you need lots of that bats. You need lots of shots on goal. You want to give much more opportunity. So the fewer things that government can put as barriers to getting companies started, the better. And the more governments can partner with entrepreneurs in local area to get these accelerators and incubators going because they can get more companies happening per unit time, create tons of jobs. And if you start up these incubator funds. I mean it works in Silicon Valley, doesn't it? You've got angel funds, you've got incubator funds. They get to a certain, the idea gets to a certain level you have a series A funding, series B funding. There's a ladder all the way up. But a government can't create an entire venture capital sector. But it's probably easier to raise a million dollars of series A funding once you have traction from investors than it is to raise $10,000 or $20,000 to get your idea just formulated when you just have the napkin sketch. And that's where I think accelerators and government matching funds can help to plant the seed, not to grow the seed. OK. We've got an interesting example here in Nigeria. Amobla, could you maybe tell us one or two things that your government's trying to do to encourage the sort of things that these guys have been talking about? I was in Silicon Valley for the very first time in September of last year. And so we visited a few of these incubators and accelerators. And I do agree that you can't replicate Silicon Valley. There's something so special about that. You can't just take it and do it in another country. What we have done is, first of all, the fact that even the infrastructure for an innovation hub on accelerator is actually quite expressible in emerging economy. So we have actually supported the infrastructure funding. So we've put in place the building, the fast internet that they need. We've partnered with some of the big IT companies to give us just the devices by which you actually test these mobile apps. And so that has actually, and then we've literally put that capital into it and we've turned it over to the private sector. So we've put in place a governing board that actually runs that accelerator. And we have two of them now. And we're going to be doing them in about six or 10 places. What we've also done is this idea of funding. We know that it's very, like, you're absolutely right. It's very, it's easier to get a million dollars, even in Nigeria, where you've got a track record, that it is to get the $10,000 that you need to take your idea from a concept to something that can actually scale. And so we've actually, we've started an innovation fund. We've got professional fund managers to manage it for us. We put in some money, $3.5 million from government. And we're hoping to raise about $15 million. So it's not quite matching, but at least it's the catalyst. You begin to get more and more funding. And this fund is really going to be focused on that $10,000, $50,000 that they need. And hopefully a few of those companies will be the ones that will then be able to get the series. $800,000 or hopefully a million, a million dollars. And that's what we've done by just trying to catalyse the innovation and the ideation environment in Nigeria. And tell us a little bit more about the environment in Nigeria in terms of entrepreneurship and young people actually wanting to start their own companies and do something. Did they have the right education? Did they have the right attitudes? They have the right attitude, which is, you know, I want to make money quickly. And that's what capitalism and innovation is about. But I think that what we're finding is that they don't realise what it takes. So the kind of things we find is that this, it's not true innovation. A lot of it is copycat. Somebody's done this, I just tack a little bit to it and I then try and sell that as my own idea. So what we're trying to do in these innovation homes is to really test the real disruptive innovations, the real big ideas that may actually have a big impact in the country. So they've got the right attitude. But I think in terms of what it takes to succeed and what real innovation means, we're actually going through that process with them. And I suppose in Silicon Valley, classically, it's been going a long time. So people can arrive there and they can say, ah, yeah, that guy, Larry Page, he founded a company and he became a billionaire and he's world famous and that sounds like, I'd like to do that too. In a lot of countries, they don't really have that. You don't have the vision of what it will become. What's the feeling in Nigeria? You know, they do have that vision. Well, this is again the power of the internet. They will tell you that when you're talking that they want to be the next Bill Gates or Mark Zuckerberg of Africa. So they actually do have that very big vision and they see a very huge market for them to do that. So there is that vision. But I think what is lacking is actually, and they say things like all of these companies were actually founded in a garage. But I think what the difficulty that they have is the fact that there are many things that you need to do to run a business. And that's why we're actually pursuing a philosophy which is a companies and not code. Because we're all focused on writing very good code, fantastic code. Yes, fantastic code does not a company make.  But you've got to have a team around you that can build a company. So you've got a good piece of software. You've got to figure out a way intellectual property is one. How do you ensure that you've got a patent on intellectual property? How do you ensure that you've got to have a business plan? You know, where do you want to be in 12, 15 months? You've got to have a budget, you know, a financial plan. All of those things are things that they don't really think about. But we're trying to... The one year or so they spend in these accelerators is what we're trying to teach them. It's not just a piece of code, but at the end of the day, what you really want is a company, a Facebook or Microsoft, which is actually a company, not just a piece of code. Can I add one thing to that quickly? The incredible thing today is that you can be somewhere in a garage, you can be in Nigeria, you can be in Israel, you can be somewhere in India. You can reach the whole planet now. So your idea can touch the whole world, but you have to be good at getting distribution. That's why you need a company. Just a code won't get distribution by itself. And if you put companies together in an accelerator or incubator where they can share best practices for how to achieve those things, you really can reach the whole planet and build a company with scale, even if you start out with small resources. That's what's so exciting about today. It's a general question to the panel, but obviously lots of little mini Silicon Valley and mini cities of innovation have started up in all places in the globe. All of you will have been to different places. Other countries that you look at and you say, ah, right, they're getting it right in a certain significant way. Where's the most hopeful other places in the world? Israel is doing a great job. Some people call that startup nation. I think the number of startups per capita might even be higher than Silicon Valley. Germany, I just came from Germany, a conference there, and there's a lot of startup activity happening there, starting to happen in England as well. So there really are pockets of innovation happening all over the world, really growing fast. And I think also South America and Southeast Asia are really going to be big, big hubs too. I don't have anything to add. I think that's the way that I approach it too. Sorry. Well, maybe I'll add just that I think it's a very good thing to try to emulate the outcome of Silicon Valley, but not necessarily the process. I think many experiments go wrong in trying to follow the recipe of Silicon Valley as opposed to trying to draw on the local advantages that exist, the local talent, the sorts of things that there are locally, and making the most of that in order to develop an innovative ecosystem. Politically I'm on the conservative side of the world, but government has a role. But I think it's really important that you time the government's intervention so that you don't, like if you go to Silicon Valley and just say, take whatever the documents are that are standard. Inside of that truly are many of the sins of past generations. And I have a real aversion to thinking that we ought to be guided by the past because they impose so much. Like if you wanted to put in regulation about going public or reporting, right? My gosh, if you took the American law and impose that somewhere else, you impose Sarbanes oxley on those people, and what will we do to financial banking? And I think a minimum strategy first. But isn't it an interesting point? In the US there's been an attempt I think under the Jobs Act to roll back some of those Sarbanes oxley type regulations to make it easier, for example, to file for an IPO without giving away information immediately. There are other measures which I think a lot of venture capitalists wanted to see to free up. Are those good things, Bill? I think it's going in the right direction. It's still way too expensive to become a public company in the United States. And it's not too expensive if you have a billion dollars in revenues because $2 million a year, $5 million a year is affordable relative to your profits. But if you're a fast growing young company you can't afford those fees to become a public company. I think that's a big negative. Used to be much less expensive. And is there seems to have been some sense in the US of people pulling back from wanting to go to the IPO route? Because of those expenses and because of all the other headaches I think that's led to the acquisition binge that many companies are on. Many companies are choosing the acquisition route. I don't think that's necessarily a bad thing, but I think that founders' visions sometimes get cut short when they sell to another company compared to building the company for the long term. Do you think that then in terms of the structure of finance that a government or regulators want to put in place they presumably want to encourage more mature capital markets so that innovation can happen and it doesn't just have to be the large company? What are the measures? I agree with you that government should be mostly out of the way. The purpose of these regulations is to protect investors. What you're trying to do is get the best balance between protecting investors against fraud but making it easy for companies to grow and have access to the capital they need to do that. I think we have swung overly too far in the direction of trying to protect investors even though I think as you said some of these laws were written by the criminals so they're actually not even really protecting investors to make things more expensive. I think we need to swing back and I agree with you completely that if other countries or regions were to copy aspects of what happens in the United States they shouldn't copy that aspect. Just wanted to make a point on that and something that we've been doing. We have agreed with the Niger Stock Exchange that we will create a secondary market and the requirements for listening on that market are less stringent than the primary market so things that you would have to have you'd only need about two or three years of financial statements to be able to list. Just things that make it easier for companies to come onto the capital markets for the first time and hopefully as they grow and they progress they can then move to actually being on the primary market and even though there are not lots of well there have been any IPOs in the IT sector yet but what we're doing is now we're preparing the ground to make it easier when you're out of that the Series A funding, the venture capital funding how do you get onto the stock market and that's what we've tried to do, we're working on that now. On a different note altogether outside of what a government can do on financing or even on cost of IPOs the problem with this idea is it takes a long time but it's education it's skilled workers we have a desperate need for that in the United States we can have better immigration policy to allow us to bring in smart immigrants to participate in startups and I think other countries could do a better job than we do of attracting the best talent by allowing people to move to where the capital is and the ideas are much more fluidly, that's a big factor. It seems to work okay though doesn't it? I heard some statistic the other day that 64% of Silicon Valley engineers and work came from outside the US a big percentage that's not bad a lot of them came in grandfathered in earlier times it's much much harder for immigrants to stay now but since 9-11 it's gotten much much worse Is this a global market in that level of talent? I think it should become one I think it is I think it's an example of competition being increasingly based on innovation and this is one of the components of a healthy innovation ecosystem that everyone wants human capital and so you are seeing you're right in your statistic I think it's 66% of the engineers and scientists in Silicon Valley are foreign born as opposed to about 33% in the rest of the United States of America and if you look at foreign born inventors generally across the world you'll find that the great majority of them are resident in the United States of America so there has been a pretty good job done in attracting foreign talent in the US I kind of in two minds about that because on your side it's attracting foreign talent on our side it's a brain drain so that's the way you do it but something very interesting came out of again the trip to Silicon Valley where we're trying to balance that brain drain versus attracting foreign talent I think the things you're doing are going to keep the talent in but you're right where it would be great to put our best talent in a place where they can actually they have access to more capital and they have access to that whole mentoring idea so what we've done is what we're about to do there was an incubator called plug and play and what they do is actually we've agreed with them that some of the best talent that's coming out of our own incubation hubs will go to plug and play for a period of six to twelve months they have these entrepreneurs and residents these are people who have actually birthed and IPOed many many companies they will be resident in Silicon Valley for a year but the idea is that they then come back so hopefully we can kind of balance that brain drain versus foreign talent I think young entrepreneurs need two kinds of role models well many kinds the fantastical kind Zuckerberg, Steve Jobs, Bill Gates and they need someone on the ground near them to mentor them, they need to see someone they can emulate they need to see the body practices and body language and lifestyle and other habits of successful people and having them right in the building is fantastic so if you take a group of people and have them learn those skills and come back and stay in the same residence with other young entrepreneurs I think that's fantastic I'd just like to ask a question about the subject of the special economic zone or the special place or within a country where you set up somewhere where the old rules don't apply maybe it's tax, maybe it's regulation there's a lot of ideas about what happened in Shenzhen in China and so forth just to sort of say we've got all of this built up legislation it's kind of going to get hard to reform it all but we'll just set up a place where people can be free is that a good idea? I think it's a great idea take the Shenzhen example they could have set up that zone across the whole country but by having it in a specialised area they then got a density of manufacturing so it led to such efficiency that obviously the manufacturing that has moved there is insane similar an economic incentive zone to drive entrepreneurs in one area will have that similar kind of efficiency that there'll be talent nearby there'll be other firms to work with the cost of building a startup has gone down so much because the tools are there the open APIs are there that you can assemble things from building blocks the same thing is true of having the other talent nearby that you need to reassemble to build your company so I think establishing special economic zones helps get that density obviously that's what Silicon Valley has acidentally historically has the unbelievable density and I think that's a big idea I'd go even further to say that the specialised zones are a special case a special case of our general principle and that is whatever it is you want to change or regulate in a different way you need to create a special zone out there where it can be implemented so most people don't remember but in financial services there was this marvellous little regulation called regulation Q do you remember that and it made it illegal for banks to pay interest on checking accounts it was a nice thing and if you think you could ever in a million years change that regulation head on you die trying because they have so much power behind the regulation and the way it got built was Merrill Lynch went outside of the reach of the regulators because they weren't a bank and created things called what do they call it money market checking and then fidelity came next and the consumers went to where they were and evacuated the banks and then the banks got deregulated as a complete and the same thing happened in regulation of commercial bank airlines they did it inside of Texas which was outside of the reach of the government in Washington but I like the principle that whatever it is we're going to change we ought to figure out a way for there to be a special zone outside of the reach of the regulators do it there everybody goes to the special commercial zone and then the rest of the world will cave in and should let's just talk about tax for a bit should you offer tax incentives should you offer low taxation to individuals to companies what's the appropriate incentive to start up we talked earlier about New York offering tax incentives New York's offering tax breaks and these 68 zones for companies basically the same idea of having these zones they're offering no sales tax no business taxes and no personal income tax to the employees of a start up for the first five years of the start up that is a big incentive to go put your start up in New York and if you want to have start ups which are job creators in your area I think there's very few things better than that Silicon Valley going to become like Hollywood that it just goes around the world looking for the cheapest tax incentives in different places sets up there for a bit and then heads off not everybody likes that the idea that you've got this mobile tax arbitrage I think people jump more easily for a tax incentive for a movie because it's a three month project your company, this is a five year deal they want the company to be there for five years to give you these incentives and some people are going to hop that quickly but I do think it causes someone from nearby the area or take someone in the area who wasn't going to do a start up and convinces them to be entrepreneurial and that is great I was just going to say we have what is called a pioneer status which actually offers beyond tax incentives the other incentives that you get as well if you need to bring in equipment you get a duty wave when bringing that equipment in and really what that does and making that huge amount of revenue just offering them the tax incentive I think is great and even what it does is like you were saying it actually attracts technology partners to come in so interestingly enough the way that we started the GSM the telecoms industry was we offered pioneer status to any of the companies that won the bids and they didn't pay tax for five years they had import duty waivers on all the equipment they were bringing in and what that allowed us to do was accelerate that mobile growth very very quickly but of course it's come with its challenges now not being able to manage that growth but that pioneer status and those tax incentives are actually very important for attracting that investment attracting the skills and talent there's been a lot of controversy in Europe not so much about start up taxation but about the international taxation of established players such as Google, Facebook and others and their use of the relative ease of shifting IP to different places in the world and structuring your tax affairs so that you're paying very low rates of international tax I think from memory Google uses Ireland and Bermuda and achieves 5% or something a lot of people don't like that I mean, you know they like Google, they like Facebook they like the idea that there's innovation and there's these new digital pioneers but they don't like the fact that this industry seems to have special status that it seems to be able to get around national laws does anybody have thoughts about that? Well it's isn't it just an inevitable outcome of the fact that you have a global marketplace and you have competition operating and the competition is focusing on the regulatory framework and the thing to do is to take note of that I mean, just as you take note of the fact that that there are incentives in some countries to attract talent and you have to have a response to it but it raises the whole question of whether you ought to have any form of international regulation, let's say, in these areas to create a more even playing field but that's something that I think is very difficult to imagine because everyone wants to compete Countries are competing, cities are competing and I think that's a natural outgrowth of trying to attract innovation One other thing that I wanted to say related to what you were saying about government, you know, mostly should stay out of the way, some good examples of that and the more government can do this for innovation the better I would call it permissionless innovation the more an area does not require government permission to do anything, the more innovation you're going to see and I'd say the internet was the greatest experiment ever in permissionless innovation that anybody could build upon that platform without going to the government to get approval for their new idea or whatever another example of that is the innovation happening around bitcoin right now and even leaving aside whether you believe in bitcoin or not the incredible thing about it is it's permissionless innovation you don't need to go to a credit card company to ask them if you want to do your new payment idea you don't need to go to the government it's just completely open so that leads to the greatest disruptive innovations when you don't have to go fill out a form to say is what I'm about to do going to be okay the more areas where government can do that I think the more you're going to see great disruptive innovations that improve society of course government has to have some regulation and some rules in place and there are some places where challenges come up when we were talking earlier about say Uber or Airbnb people who are disrupting businesses like hotel rooms or taxis governments do come in at some point we talked about the example of France didn't we and it's I think tried to impose a 15 minute delay on the Uber rides as opposed to the licensed taxi rides well that seems it's a classic response to an incumbent industry not liking the disruption so it wants to sort of hold it back not stop it but hold it back just a bit how do governments resist the temptation to just say well we like innovation but we don't really like disruptions well I think that well I've been thinking about this so I'm not sure that this is a cogent idea but I've been on the board of Tata consultancy services for about 8 years plus or minus so I've learned a lot and one of the things I've learned is this was a nation that historically was just filled with corruption and it was a very slow country as a result of this and then a bunch of guys in Bangalore said let's create a conduit from Bangalore up to heaven and then it could go around and get around all of these physical regulations and holy cow you just look at what happened as a result of that and then I think that the rest of India sees the prosperity that comes and I think what they're seeing one regulation at a time is when you deregulate a node you don't just get away the regulation you remove a node of corruption because every time you regulate something it's a node of corruption and you may think that you are spawning innovation and growth by putting in these nodes of potential corruption but it'll come back to you without necessarily agreeing with everything that Clay has said I would just note that Lao Tzu said the more laws you have the more criminals you have well to the Uber case so Uber did a permissionless innovation of building an app that allows you to call the car directly pay directly and it took off like crazy wild success then some group of taxi drivers in France decide they don't like it and they go to politicians and say stop that and those politicians want to get re-elected so they've put in maybe a node of corruption at that one point in saying I'll accept your demands because I want to be re-elected and that exactly maybe proves the point that once you start requiring the permissions the innovation is going to go down and is it possible to define sort of what you might call good regulation I mean let's take the example of net neutrality I don't know whether that's good or not but I do know that Silicon Valley would like to see what is actually regulation it is a foundational regulation in their view of saying to the large telecoms carriers and cable companies you can't charge in certain ways and they would say well look that's not regulation that's opening up a market how do you define what's good and what's bad that's very difficult and that particular one is very difficult as well well the aim is facilitation isn't it the aim really is facilitation in certain areas you are needing to protect but in the case of innovation what you are trying to do is to create an environment a regulatory environment which will facilitate innovation let's talk just a little bit about IP you mentioned earlier the instinct in Nigeria to copy and we were talking before the panel started about Nigeria's film industry and the amount of copying that goes on there and piracy now do you think that you need to change the laws do you think you need to change enforcement what do you attempt or do you think you need to change culture and the entire way people think about copying versus creation what's the real challenge then is it a legal regulatory one or is it an attitude normal it's not a legal regulatory challenge because I'm not a lawyer but from what I understand we've got very good intellectual property laws one of the challenges we have is actually enforcing those laws which is why the piracy is so abundant but I think that what we need to do is actually first of all create that awareness a cultural awareness that it is not good to copy because people don't see anything wrong with it quite honestly, Microsoft and they're all making billions of dollars elsewhere so what does it matter if I just copy this word application and now that awareness is becoming greater because some of that innovation is coming from Nigeria so now it's the software developers that are worried or I had this piece of software I went and discussed it with the telecoms company or can we just take a look at it overnight and we find new it that come up with their own product or service so now that it's actually hitting them I think the realisation that this intellectual property patented is a very important thing I think that cultural awareness is actually beginning to we're seeing that a lot more now so the laws are there but it's just the case of getting people aware of it changing the attitude towards copying and piracy and also making sure that within our judiciary system we actually begin to enforce those so what we'll find is that we can't catalyse that software development, that innovation industry if people think that if I develop this software two days later somebody's going to copy it and there's no recourse of the law to say that this is wrong so it's very important for us Francis, what do you think about the general framework because if anybody you're going to be in a position to know well we're not sure about that but look I think there are many tensions obviously in the field of intellectual property one of those tensions is one that's just been mentioned we have a certain ambivalence of society to imitation we teach our children through imitation we say do this this way but at a certain stage you expect children to become autonomous human beings who take their own decisions and do things their own way and have their own capacity so there is always a balance I think in an intellectual property to find about what is permitted and what is not permitted you couldn't have a fashion unless there were a certain number of elements that were in common you couldn't have a style or a school unless there are a number of elements in common so it's a very fine balance and the trick of course in the system is to try to locate or identify that which is really new and which really makes a contribution adds value and should have the protection of a framework to get an idea from being an idea through to being a product in the marketplace and that's a very hazardous journey but if you don't have a protective framework for that nobody is going to invest in it well if you take the US example I mean it's a country that's highly innovative it's also a country which has got a relatively strict set of patent and copyright laws and there's a feeling among some people, certainly some people on the west coast that it's far too strict far too restrictive and it actually inhibits innovation what's your perspective I feel that on balance it still promotes innovation I try and come up with an idea every single day and write it down we try and take those and filter them and turn them into maybe four to six companies a year one of the filters we use is there any IP protection we can build around that idea and really look at that and say it's not the only factor but it's a big factor we look at the idea and say are there some protectable things here that have not been done before even though it might take years before we get the patent we still think it makes investors happy one of your first questions is is there something here I could patent a lot of times when we look at our ideas it is very very hard to find one that hasn't been done before and it's very very hard to find one that we can even find a name for so we sometimes have to send a lot of ideas back to the drawing board for improvement to find something that uniquely adds value to the prior art and I think that's a good thing so I don't find that to be a challenge I think that helps the business and I think it helps us apply a good filter but let's just press you on that a little bit because it's interesting you've got a bunch of people trying to come up with new ideas but you're saying that the first filter for the new idea is not is this a great idea is it disruptive is it something unique and new that we can protect about this because why is protection so important even though I believe that execution matters more than anything else even more than the idea because I could just tell you ten ideas and it wouldn't matter because how you carry them out that's the real issue I still think that people you need to attract to your company both investors and employees want to know that there's some solidity and security around that and I think that having the patent office declare that is valuable Claire sorry Francis well I wouldn't make you know I don't think the problem is the level of protection if you like or whether it's too strong or too weak as the case may be I think some of the problems we've got in the intellectual property system are really relating to the way in which intellectual property is being used so we are seeing extraordinary demand coming through everyone knows that they need some intellectual property protection so you're getting 2.5 million patent applications around the world every year you're getting six million trademark applications and so on extraordinary demand ensuring quality outcomes in the regulatory process in that environment is an extremely important thing not getting rubbish patented to get in the way of property rights getting in the way of normal activity so that's one question I think if I may just now I know where the applications take so long I didn't know the numbers would stay and then I think another whole problem is just the evolution of the marketplace in such a way which is being tackled in the United States of America in such a way that you have a class of enterprises that are not really interested in the underlying knowledge but they're interested in the exclusive right to use the exclusive right to sue people rather than to use the knowledge to generate a product or a service the so-called patent troll that of course the difficulty there is defining what is a legitimate evolution in the knowledge markets and technology markets on the one hand as opposed to a form of behaviour that I think many of us recognise as being reprehensible but we don't know how to deal with it I have a question for the team that I I don't know if it's a stupid question or it's a plausible question but as a general rule in the early stages of an industry when the technology is not well understood and the products don't perform very well almost always the successful competitors compete with a proprietary interdependent closed architecture and the reason why that's so important early on is if you try to start in the early years with an open market architecture you take so many degrees away from the engineers that they compromise the performance of the product when it's still in development but when the technology becomes well understood and the competitors in the market are really good then it moves towards an open modular architecture and the world changes dramatically because in a world of interdependence if you want to change one thing you got to change everything and so it just forces you to stay with things for a very long time whereas an open architecture you can just take out and replace it so that you have competitors around the world trying to make each component better so is there a difference between regulation of whatever topic we're talking about here that you can have an interdependent architecture for these kinds of regulations versus a modular architecture and I'd argue that most of our regulations are excruciatingly interdependent and to change anything oh my gosh how many lawyers do you need to have and all the regulations who have nothing to do with the issue of play you know and if we could just fast and pray together and have a team to try to take the interdependent architecture and bring us the android operating system you know just the lines are clear and then you'd have people around the world who are saying you know that node that yeah there are eight different ways to improve that one and you could just this is like the new github for government this is like using the really great open source method of sharing software to make improvements but for regulation that'll be very challenging but it would be a great idea have you tried these ideas out on Capitol Hill yet? okay I'm going to turn to the audience for questions could you just wait for the microphone which is just coming and maybe just identify yourself as well Mr Shirley Jackson we all come from the worlds we come from and I'm a university president we mainly educate scientists and engineers but I also chaired the nuclear regulatory commission for the United States so my question relates to the following you all talked a lot about startups and businesses getting started but innovation depends upon game changing ideas you did mention human capital development it requires infrastructure and then there's a specific form of regulation which you really didn't talk about and that has to do with safety regulation all of us flew here I came over on a 787 and so you know that matters and we do not want our engineers designing airplanes that will just go up and fall out of the sky so I think there's a little bit of a difference between the sort of tech type industries versus those that are very capital intensive and that can range from those that involve chemicals processing resource extraction you know airplane design and development et cetera et cetera et cetera and many of those safety regulation does create the framework within which these things can operate but I didn't hear you talk about it I guess then the question is are we talking about just a small subset of the world or the whole world I think we probably were talking about too small of a subset because the next great e-commerce site or social network is not going to cause a plane to fall out of the sky and people's lives won't be put at risk I think you do need a completely separate set of regulations for anything where someone's life would be at risk and I totally agree with that I think the question is can you have one set of regulations you can't you have to have sectoral and differentiation and this also applies by the way to intellectual property increasingly in the future probably it's different variety for pharma it's good that you brought that up that gentleman there this seems to be rather there is an underlying assumption that innovation is best left to the private sector and to the capital markets but even if you take the experience of the United States wasn't innovation really bootstrapped by actual government hands-on funding the NSF, the space program even the defense program, the university network so why are we assuming that the private sector is better and especially in the current situation where there is widespread economic stagnation should the public sector really be stepping in and funding it there's one example many examples but even one current example ARPA-E is a program in the United States where the government has provided funding, grant money for research and development and company creation in the energy space and they did it very smartly I believe where they put out requests for proposals in hundreds of categories new forms of energy stores that reach certain objectives new forms of solar energy that reach certain cost points new whole list of things and they actually took submissions from many many different competitors and awarded grants and I think it was very very effectively done One project or not I'm saying of 100% of innovation should 80% be funded by the government or should 10% be funded by the government I think it depends on your political philosophy your political economy really I mean there is market failure you know take neglected tropical diseases there's very very almost no R&D that goes into neglected tropical diseases because the consumers don't have any money to purchase the drugs and so it's a classic case of market failure and then you can only rectify that by government intervention but there are also questions be funding the banks or should that money actually be going into funding the kind of innovation that you said I think we might be moving into difficult areas thus the Fed but I was going to say briefly before we go on you could argue that one way to create a Silicon Valley a massive defense budget and a space race which would throw off grab innovation there My name is Sotar Mansuri I'm the Minister of Economy of the UAE Actually I'm left with a challenge from the government we have a strategy that we have developed and that's by the year 2021 up to 5% of our GDP should be coming from innovation now of course a lot of government are facing the same challenge also I want to hear your advice and what are the tools I need to focus on to start with this is one question second part we are sitting under the title of committed to improving the state of the world there is a question about the brain drainage that is happening right now from some of the developing nations the west some countries including also my country in this case which in a way doesn't give really a fair value to these kind of innovators when it comes to their mother countries and whether there is a way of repaying these countries either through establishing some kind of a special structure in these countries or some other ideas thank you one thing we didn't even bring up is the cultural aspect of entrepreneurship and innovation and I don't know exactly how it happened in California for example that there is such a wild west mentality of risk taking and if you fail that's okay and if you fail that maybe makes you even better for your next job like when we see someone who comes to us who has a failure on the resume but learn from it they are even more valuable to us than someone who has it a success which might have actually been accidental but having other companies around that change the culture of risk taking that's a hard thing to do because that's a cultural thing that takes time but I do think that that having those examples can make people want to stay avoiding the brain drain I would love to talk to you afterwards but other things that could be done but I think maybe it takes some combination of all the things we've talked about here to try and encourage people on a safe route of going for a regular job and doing something that's innovative which has risk associated with it which has huge upside and huge personal and psychological gain not even the monetary gain but the rewards are so high and the benefits of society are so great I want to try and find more ways to encourage that I completely agree with you that cultural attitude no change is very important but one thing I would also say that we have been managing the science and tech ministry the search for a new minister but one thing that I have learned is that as a country you've got to figure out where do you have your greatest strengths and so therefore where can you innovate because what I find is that many of us the emerging countries are talking about how innovation is important to the development of the economy and everything but if you're trying to innovate in almost every industry you're not going to make much progress so it's actually focused on one or two areas of huge agricultural economy so innovation around biotechnology is something that we should really focus on and put funds in because that's where we can really begin to make a difference innovation around the size of our mobile market we've got 100 million mobile subscribers and so innovation around mobile technology mobile applications and I think that really helps to focus the money and also focus funds because innovation in a sense does require some level of funding so you've got to be able to focus what you want to do and put the funds and the skills and the capacity in those few areas Hello, my name is Akudo Anyawa Ikemba and I'm a young global leader with the WEF my question is actually for my minister Johnson I'm from Nigeria and we see that in Nigeria it's not commonplace for people to be brought up to think outside the box so when we're discussing innovation and my background is in public health when I look and see that we have a life expectancy of 45 for men and 47 for women I can't help but think innovation every day because I think that's the only thing that's going to help us leapfrog and increase our life expectancy in the shortest amount of time so the main challenge I see though is that it's still going to take people to do this and our educational sector doesn't necessarily train people to think outside the box so minister Johnson what do you think about that how does all of this apply to the education sector and how can we get our young people to be trained to think like innovators a bit more to be more of risk takers and entrepreneurs and innovators I mean I think that's a fantastic question it's actually what about driving passions yes it's true I mean I went to school in Nigeria it's very much a road learning you learn by road time stable and all of that and you just regurgitate it in the exams and if you're good at learning at memory you're a great student but that's where technology and education and that's where we can really begin to leverage how ICTs can change the way that we actually educate and we train train our young people what we found is we introduced technology into schools the young students are actually much more intuitive than the teachers so you put this computer in front of them and they're doing all kinds of things with it before the teacher even understands what they're supposed to do and that begins to create that sense of I don't have to follow what the teacher says I can actually go on the internet I can learn and that spirit of creativity that thinking outside of the box really begins to happen so I think it's not a civil bullet but I think introducing ICTs into education is a very important way of changing the way that we think and encouraging that innovative creative spirit in our young people next gentleman oh sorry I have three questions that are interrelated or related to the EIP I'm Bernard Charles from Dassault System we provide a software design software for most of the airplane the world on cars and they are related to the following do you think all countries have the same rules for qualification of patterns second how and when do you think the troll process will stop because it's really a real issue you know the process you receive a letter okay you said no I respect the patterns six months later you receive another letter and they ask you to prove or they ask you to pay 2 million and you have to compare the cost of the lawyer versus paying 2 millions right away it cost me already 10 million so on the third question about that is do you think what do you think about Prism on the first one all countries do not have the same laws I mean there is a debating nationally as to whether one size fits all you have the tension between on the one hand a globalised world in which there is global economic behaviour and global use of technologies and therefore a necessity for a certain amount of standardisation and on the other hand individual countries feeling that they have differing levels of development and that different regulatory models are appropriate for different levels of development and that's a tension that is unresolved and is always there and it has temporary resolutions from time to time trolls I think it's a predominantly American phenomenon and I think two of the preconditions to trolls the birth of trolls were a litigious culture and a legal system which did not award costs of legal representation to the winning party so there's no downside risk for a troll so you had two conditions that gave birth to I think the phenomenon of trolls I think it will stop because I think there is a very very strong feeling that certain forms of behaviour here are really damaging to entry into the market and thus to innovation and on your third question I'm sorry I didn't understand the last word prism prism, we had a programme about capturing metadata around the world and asked is this related to the business or is it IP related I think it's IP related that's why I put it on the top I think I might rule from the platform you've had two questions answered because I fear that that question is a very big question and we'll take another smaller question Hi my name is I'm a professor at MIT I'm an associate in for innovation I am an entrepreneur I have many patents and I have recently been surprised if the patents really can be because indeed any time we start a company we try to make a picket fence so what surprised me is this if I follow patents the allowance rate is 50% that's first rejection if I choose to modify my patents the allowance rate is 90% so as long as I have money to follow patents I'll get it how does this affect the innovation culture I think that's not a necessarily good thing but it's very challenging just as you said there's different patent approval rates and requirements for around the world you're really applying into a little bit of a black box with game and chip possibilities like what you described so I think that is a lack of transparency that hurts innovation I guess I have a question the reduce system I'm sorry to interrupt it sorry if I may just quickly there's a fair amount of work going on trying to develop quality metrics what is a quality patent is it one that earns a lot of money is it one that survives on appeal a court challenge we don't actually have an agreement about what is it's like beauty we recognise a good one when we say it but we can't define it necessarily so I think work on quality metrics is very very important and quality is essential to the system okay well look thank you very much for the panel we ended on a naughty difficult question and we've covered lots of interesting topics that we could dig deeper into but it's given us a great overview so thank you very much