Are you playing to win? Or are you playing not to lose?
The difference has never been more stark than in the most incredible comeback in Super Bowl history that just took place today.
With just 8 minutes remaining in the game, the Atlanta Falcons led the New England Patriots 28-12. No team in history had ever made a comeback from 10 points behind. Until today…
It's been an amazing eye-opener into the future, and I wanted to share some of it with you.
Heres' 3 amazing facts from his top trends on how fast the future is arriving:
Mark Cuban said “I’m out” and Richard Branson said “I’m in” to entrepreneur, Jamie Siminoff.
Today, the change in that one word became worth over $28 million after Ring, the company that Jamie founded 5 years ago, raised $109 million from Goldman Sachs and Qualcomm Ventures.
This, after an amazing 5 year journey that brought Jamie face-to-face with two of the world’s most recognized billionaires.
In September 2013, a year after launching “DoorBot”, Jamie got on ABC’s ‘Shark Tank’ trying to raise $700,000 for 10% in equity for his company
He pitched his product - an app-controlled smart doorbell and video system for your front door - but then Mark Cuban and his fellow sharks all closed the door on Jamie.
‘Mr Wonderful’, Kevin O’Leary, was the only one who gave an offer. He had no interest in buying equity. So instead he offered the $700,000 as a loan, repaid from 10% of all sales and then once paid off, he wanted 7% of all ongoing sales forever. Plus he wanted 5% equity for free thrown in.
Siminoff said no and Kevin replied “It’s that moment when I say you’re dead to me”.
After leaving the Shark Tank, Jamie turned the mass rejection into a positive, saying “We think we got at least $5 million of additional sales through the airing of ‘Shark Tank’. Everything just popped after that.”
Jamie rebranded the company as “Ring” and doubled down on his focus. He grew the smart doorbells into app-controlled security devices with motion-detection technology and said “We’re definitely focused on the ring of security we can build around a community, around a home. We’re stopping one burglary a day, and we’ve caught multiple burglars, so we’ve already become a very important part of homes."
Then by luck, one of his new customers ended up on Necker Island, sitting next to Richard Branson when his smartphone rang. A delivery person was at his door. The customer spoke to him and then with one press of a button the app let him in.
Richard was so impressed, he got Jamie’s number and called him, wanting to invest. What was Jamie’s reaction?
"When Richard Branson asks if he can invest in your company, I think there's only one answer you can give”.
Richard invested in the company, and in August 2015 he led a $28 million funding round for Jamie.
That was followed by a $61 million round in March 2016. Then, today, Jamie raised another $109 million at a likely valuation of around $500 million.
That means if Mark or any of the other sharks had taken Jamie’s 10% equity offer just over three years ago, their $700,000 investment would have grown after dilution by around 40x to $28 million today.
Jamie, who’s products are now in 100 countries worldwide, is now aiming for an IPO at the end of the year. By then, the cost of that “no” could be between $50 million and $100 million.
While billionaires like Mark Cuban won’t suffer greatly from missing such a multi-million dollar opportunity, this story highlights the greatest cost in business: Opportunity cost.
What is the cost of you saying “no” to the right opportunity?
What is the cost of following the wrong opportunities?
What is it costing you by delaying or avoiding action?
Whenever you’re worry about the cost of taking action, remember that the cost of not acting is often far greater.
“There's no wrong time to make the right decision." ~ Dalton McGuinty
Imagine you came up with an idea that could get people healthy and help the environment. Imagine you quit your dream job, launched a startup around the idea and 2 years later had turned the idea into a billion dollar company.
That’s exactly what David Wang has just done.
Two years ago David quit his job as General Manager of Uber in Shanghai after thinking “Why don’t I create an Uber for bikes?”
When I opened my Facebook and Twitter feeds today, they were filled with messages of conflict and intolerance. I looked for wise words to make sense of what's going on. I found it in "The Sneetches" - Dr Seuss' children's story uncannily playing out in real life today. I hope we make it to the same ending.
The Sneetches. By Dr Seuss 1953 ***************************************
Now, the Star-Belly Sneetches Had bellies with stars. The Plain-Belly Sneetches Had none upon thars.
Those stars weren't so big. They were really so small You might think such a thing wouldn't matter at all. But, because they had stars, all the Star-Belly Sneetches Would brag, "We're the best kind of Sneetch on the beaches."
With their snoots in the air, they would sniff and they'd snort “We'll have nothing to do with the Plain-Belly sort!" And whenever they met some, when they were out walking, They'd hike right on past them without even talking.
When the Star-Belly children went out to play ball, Could a Plain-Belly get in the game...? Not at all. You could only play if your bellies had stars And the Plain-Belly children had none upon thars.
When the Star-Belly Sneetches had frankfurter roasts Or picnics or parties or marshmallow toasts, They never invited the Plain-Belly Sneetches. They left them out cold, in the dark of the beaches. They kept them away. Never let them come near. And that's how they treated them year after year.
Then ONE day, it seems...while the Plain-Belly Sneetches Were moping and doping alone on the beaches, Just sitting there wishing their bellies had stars... A stranger zipped up in the strangest of cars!
"My friends," he announced in a voice clear and keen, "My name is Sylvester McMonkey McBean. And I've heard of your troubles. I've heard you're unhappy. But I can fix that. I'm the Fix-it-Up Chappie.
I've come here to help you. I have what you need. And my prices are low. And I work at great speed. And my work is one hundred per cent guaranteed!"
Then, quickly, Sylvester McMonkey McBean Put together a very peculiar machine.
And he said, "You want stars like a Star-Belly Sneetch...? My friends, you can have them for three dollars each!” “Just pay me your money and hop right aboard!" So they clambered inside. Then the big machine roared
And it clonked. And it bonked. And it jerked. And it berked And it bopped them about. But the thing really worked! When the Plain-Belly Sneetches popped out, they had stars! They actually did. They had stars upon thars!
Then they yelled at the ones who had stars from the start, "We're exactly like you! You can't tell us apart. We're all just the same, now, you snooty old smarties! And now we can go to your frankfurter parties."
"Good grief!" groaned the ones who had stars at the first. "We're still the best Sneetches and they are the worst. But, now, how in the world will we know," they all frowned, "If which kind is what, or the other way round?"
Then up came McBean with a very sly wink And he said, "Things are not quite as bad as you think. So you don't know who's who. That’s perfectly true. But come with me, friends. Do you know what I'll do?
I'll make you, again, the best Sneetches on beaches And all it will cost you is ten dollars eaches.” Belly stars are no longer in style," said McBean. "What you need is a trip through my Star-Off machine.
This wondrous contraption will take off your stars So you won't look like Sneetches who have them on thars." And that handy machine Working very precisely Removed all the stars from their tummies quite nicely.
Then, with snoots in the air, they paraded about And they opened their beaks and they let out a shout, "We know who is who! Now there isn't a doubt. The best kind of Sneetches are Sneetches without!"
Then, of course, those with stars all got frightfully mad. To be wearing a star now was frightfully bad. Then, of course, old Sylvester McMonkey McBean Invited them into his Star-Off Machine. Then, of course from then on, as you probably guess, Things really got into a horrible mess.
All the rest of that day, on those wild screaming beaches, The Fix-it-Up Chappie kept fixing up Sneetches. Off again! On again! In again! Out again! Through the machines they raced round and about again,
Changing their stars every minute or two. They kept paying money. They kept running through Until neither the Plain nor the Star-Bellies knew Whether this one was that one...or that one was this one Or which one was what one...or what one was who.
Then, when every last cent Of their money was spent, The Fix-it-Up Chappie packed up And he went.
And he laughed as he drove In his car up the beach, "They never will learn. No. You can't teach a Sneetch!"
But McBean was quite wrong. I'm quite happy to say The Sneetches got really quite smart on that day, The day they decided that Sneetches are Sneetches And no kind of Sneetch is the best on the beaches. That day, all the Sneetches forgot about stars And whether they had one, or not, upon thars.
Is NASA planning a journey to match Paulo Coelho’s “The Alchemist”?
NASA just announced it will be visiting “16 Psyche” - an asteroid calculated to be worth $10,000 quadrillion.
That’s ten billion trillion dollars (or one hundred million times the world’s entire money supply).
Are they going to mine the asteroid?!
No. They’re just going to go have a look…
“The Alchemist” is one of my favourite books which I first read before deciding to start my own business. It’s the story of a shepherd boy, Santiago, who had a dream where he’s told to travel to the Egyptian Pyramids where he would find buried treasure.
The book charts his entire journey, his challenges and discoveries, his disappointment to find no treasure under the Pyramids, and his return home. Where he finally finds the treasure buried under the sycamore tree where he first had his dream.
The story is inspired by George Moore’s quote: "A man travels the world over in search of what he needs and returns home to find it.”
It’s the same journey that each of us must go through in life, and how those who discover the truth of their own hidden treasure use that power to transform their world.
When I read the story of NASA’s big journey, it reads as the same journey on an epic scale.
NASA thinks the asteroid, called “16 Psyche” could be the core of an old planet. By visiting 16 Psyche, we learn about the centre of our own Earth.
Three times further from Earth than the sun, the asteroid is made mainly of nickel and iron (which is what gives it such an enormous dollar value), and the theory is that it used to be a planet the size of Mars, which has been destroyed through collisions, just leaving the metal core.
Lindy Elkins-Tanton of Arizona State University is the Principal Investigator on the trip and says "This is an opportunity to explore a new type of world - not one of rock or ice, but of metal. 16 Psyche is the only known object of its kind in the solar system, and this is the only way humans will ever visit a core.”
She proposed the mission to NASA, who approved it this month - with the mission take-off in 2023, and date of arrival in 2030.
2030 is the target the United Nations has set for us to solve all of the world’s biggest challenges through the 17 UN Global Goals. That year now coincides with our date of arrival to a 200 kilometre wide, $10,000 quadrillion piece of metal 450 million kilometres away - to learn about the heart of our own planet.
“We learn about inner space by visiting outer space.” ~ Lindy Elkins-Tanton
And why is it called “16 Psyche?” It was named by Italian astronomer Annibale de Gasparis, who named it Psyche from Greek Mythology, who represented our soul and married Cupid, who represents our love. It’s symbol, a semicircle topped by a star, represents a butterfly’s wings, the symbol of the soul.
Such a story - and the metaphor of going on an existential “Alchemist’s Journey” to face our collective soul - is the kind of thing you would find in a corny sci-fi novel. Yet here it is, being announced by NASA as a real-life mission.
Personally, I’m looking forward to being a witness to the story in 2030. Especially the ending, when we return home to find the treasure was here all along.
“Remember that wherever your heart is, there you will find your treasure.” ~ Paulo Coelho
How resilient are you? Here’s an amazing story of how to bounce back when things get tough:
The Elon Musk of China, 43 year old Jia Yueting, was under such financial stress 2 months ago, in November 2016 he wrote a letter to the staff and shareholders at his company, LeEco, telling them of the financial issues and saying he was cutting his salary to one yuan (15 cents).
To make things worse, he had used all his listed shares in Leshi Internet as security against the loans he had taken, but Leshi Internet’s shares had dropped 30% and all the shares were at risk of being lost in a margin call. So the company suspended trading in its shares - and they have been frozen ever since.
What happened next? While the world was on holiday at the end of December, Yueting staged a turnaround as dramatic as the one Elon Musk achieved in 2010.
The result? Today he announced a $2.2 billion cash investment from property developer Sunac China Holdings, for 8.61% of the company - which gives him the cash he needs and now values LeEco at $25 billion.
Who is Jia Yueting, and how did he create a company that’s now worth $25 billion?
Born to a teacher and housewife in 1973, his first job was in a government tax office. When he was 31, in 2004, he launched “Leshi” (which means “Happy TV”) as the first Internet streaming TV company. Over the next 6 years it grew into the Netflix of China, and in 2010 - when Elon Musk was broke - he listed the company and became a billionaire.
From there, he launched a series of new companies - LeMusic (live concerts), Le Vision (films), LeMobile (smartphones) and Le VR (virtual reality), which all became part of “LeEco”.
Jia Yueting is 2 years younger than Elon, and has been largely unknown in the West - until January last year, when he launched “Le Supercar” at CES - to compete with Tesla. The car is being built by LeSEE - his electric car company in partnership with Faraday Future.
Then, in February 2016 LeEco made Fast Company's 2016 "Most Innovative Companies” list, and in July he bought America’s leading smart TV maker, Visio for $2 billion… and the US tech industry began to take notice.
So if Yueting has been so successful in growing a billion dollar business, how did he end up in such financial trouble?
Yueting, like Elon Musk, Richard Branson and many leading entrepreneurs, drive their businesses to the upper limit of growth. For Yueting, 2016 was the first year he entered the US market and costs rose dramatically.
In his November letter he described the situation as “a simultaneous time in ice and fire” and said “We blindly sped ahead, and our cash demand ballooned. We got over-extended in our global strategy.”
Some think that when you achieve success, the problems disappear. The reality is that as things multiply, the risks grow with the rewards.
Success then, feels less like flying higher in the sky and more like sailing deeper in the ocean - with higher highs and lower lows.
So if you’re on that journey, get ready for the ride.
Yuetlng, like other great captains before him, is on a journey which just became more epic.
He was on the verge of losing it all and then bounced back by using every great entrepreneur's secret weapons:
Resilience and perseverance.
“Never give up. Today is hard, tomorrow will be worse, but the day after tomorrow will be sunshine.” ~ Jack Ma