Friedberg observes that fundamental research discoveries often take forty years to show practical impact.
“I mean, it's very interesting. And I think just this broad question or observation that sometimes inquisitive minds leads to research that leads to some set of discoveries that are completely not apparent until forty years later, the effect or the impact it may have had”
Friedberg observes that research discoveries may take forty years before their industrial impact becomes apparent.
“And I think just this broad question or observation that sometimes inquisitive minds leads to research that leads to some set of discoveries that are completely not apparent until forty years later, the effect or the impact it may have had Yeah. On building an industrial field.”
Friedberg argues ag tech is innovating successfully despite poor VC returns, separating farmer value from investor outcomes.
“I think that the ag market is going through a lot of fantastic innovation cycles right now. Everyone views the ag tech market negatively because the returns for the ag tech investor class isn't there.”
Friedberg argues ag tech delivers real innovation and farmer value despite poor VC returns in the sector.
“But that doesn't mean that ag tech isn't innovating, and that we aren't improving productivity and bringing value to farmers and improving the quality of our food systems.”
Friedberg argues ag tech delivers real innovation and value despite poor VC returns in the sector.
“But that doesn't mean that ag tech isn't innovating and that we aren't improving productivity and bringing value to farmers and improving the quality of our food systems.”
Friedberg compares Alphabet's innovation role today to Bell Labs' impact on twentieth century prosperity.
“I always tell people I think they underappreciate the role that Bell Labs played in driving innovation and ultimately human prosperity in the early twentieth century.”
Friedberg notes US farms still use 100-year-old Russet Burbank variety, requiring football-field-sized warehouses for storage.
“we've still been farming Russet Burbank in The US for a hundred plus years. That's a hundred year old variety.”
Friedberg argues ag tech is innovating successfully despite poor VC returns from over-investment.
“that doesn't mean that ag tech isn't innovating and that we aren't improving productivity and bringing value to farmers and improving the quality of our food systems.”
Friedberg argues complexity breeds fear of failure, explaining why people pursue smaller ideas requiring fewer things to go right.
“Well, there's I don't know about, using the term thinker, but I think that the, the big concepts are scary because there's so many things that have to go right to get them to work.”
Friedberg explains people avoid big ideas because complexity breeds fear of higher failure probability.
“And, you know, complexity breeds fear because it breeds a higher chance of failure. You know, you have to get each of these things right for something to work.”
Friedberg says traditional financial firms ruin tech acquisitions when they try to integrate them, creating an innovator's dilemma.
“And if they try and do that, then they step in and they try and run a tech company and the whole thing gets ruined and falls apart as we've seen in M and A over and over again in many different So it is this kind of classic innovator dilemma moment that we're seeing in financial services”