People think that bold projects don’t get funding because of their audacity. That’s not the case. They don’t get funded because of a lack of measurab… - Peter Diamandis
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People think that bold projects don’t get funding because of their audacity. That’s not the case. They don’t get funded because of a lack of measurability. Nobody wants to make a large up-front investment and wait ten years for any sign of life. But more often than not, if you can show progress along the way, smart investors will come on some pretty crazy rides.
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Peter Diamandis
Peter H. Diamandis (born May 20, 1961) is an American engineer, physician, and entrepreneur. He is best known as the founder and chairman of the XPRIZE Foundation, and the cofounder and executive chairman of Singularity University. He is also cofounder and former CEO of the Zero Gravity Corporation, cofounder and vice chairman of Space Adventures Ltd., founder and chairman of the Rocket Racing League, cofounder of the International Space University, cofounder of Planetary Resources, cofounder of Celularity, founder of Students for the Exploration and Development of Space, and vice chairman and cofounder of Human Longevity, Inc.
On many levels, Google’s moonshot factory is no different from a traditional skunk works. Isolation, for example, is also key to their process. “In any organization,” says Teller, “the bulk of your people will be climbing the hill they’re standing on. That’s what you want them to do. That’s their job. A skunk works does a totally different job. It’s a group of people looking for a better hill to climb. This is threatening to the rest of the organization. It just makes good sense to separate these two groups.
Think about the internet itself. While it seemingly decimated industries — music, media, retail, travel, and taxis — a study by McKinsey Global Research found the net created 2.6 new jobs for each one it extinguished.
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How Musk chooses which streams to explore depends on the relationship between those probabilities and the importance of his objective. "Even if the probability for success is fairly low, if the objective is really important, it's still worth doing. Conversely, if the objective is less important, then the probability needs to be much greater. How I decide which projects to take on depends on probability multiplied by the importance of the objective.
