November 23, 2022 • 16 mins
In this episode, James Currier delves into the power law in network effects and its impact. He explores the transition from an agrarian to a networked economy, discusses the perception of status in this new system, and examines the social and economic impacts of network effect businesses. He also discusses changing social contracts and the role of an ombudsman in network effect businesses.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
You're listening to episode 7 on why networkproblems demand network solutions from the
network effects master class here on the NFXpodcast.
This episode is hosted by Juno partner, JamesCurrier, as he discusses how network effect
businesses are reshaping the world, why it'sour responsibility to design and thoughtfully
set up social contracts with your differentconstituents and the need to have a perspective
about what you are giving and getting from thepeople on these networks
(00:29):
So how are you going to run your network effectbusiness?
And now that the internet's here, now that web3 is here, and now that you understand about
network effects, you have lightning in yourhands.
So let's take a historical step back.
Where are we now?
We've always had networks, right?
As soon as we had ten thousand people livingnear each other 8000 years ago, you had a
(00:51):
commerce network.
You had network effects playing out aroundmarketplaces where people would gather and
trade.
They just played out in slow motion.
They just played out at small scale.
Now that we've got the internet, of course,we've got millions of people connected, and
it's happening in an instant, geography's gone,time is gone.
(01:12):
Pete at 1000x what it used to be.
It's a different order of magnitude.
However, even back then, they were dealing withpower laws.
Okay.
They were dealing with this conundrum of thefact that once networks form, power laws
Morgan.
And we are struggling with it today as we lookat income disparity, and outcome disparity in
(01:37):
our own societies, And the internet is onlyaccelerating these power laws.
The way we say it is the degree of the powerlaw is getting greater.
Okay.
So you have just Bezos with 300,000,000,000and, Elon Musk with 250,000,000,000 or whatever
it is.
That's incredible quantities, accretions ofcapital that the network is driving to the
(01:58):
peaks of the power law.
And why a power law, we just mean that thepeople at the top have so much more than the
next person, the next person.
So you might think that the top person has twotimes as much as the next person who has two
times as much as the next person, And then youhave this very long tail for the 95% who get a
smaller percentage of society's Beller.
(02:20):
An outcome or status or appearance orattention.
Okay.
So everything in a network conforms to a powerlaw It has always been thus, it will always
thus be, but it's a problem because 95% ofpeople are in the long tail, and only the very
people at the top get to have all the spoils.
And it makes us all upset that it has to be sodisparate.
(02:45):
The business you start is likely, if it's got anetwork effect, going to create a similar power
law.
Among your users, perhaps among your employees,some of which will earn great riches and others
who will earn some.
Okay?
And so you have to think about how you're goingto operate within this context.
Now years ago, Alvin Tafler wrote a book calledFuture Shock in 1970, in which case he laid out
(03:09):
that we used to have the agrarian economy where95% of us were involved with making food.
Now we're down to less than 1% of our society.
It's transitioned.
The 2nd economy was the scale where it wasmanufacturing, where we learned to have
factories, manufacture large things.
And there was a lot of people who were veryupset with this phase, right?
(03:31):
Dickens Dickens wrote about the conditions thatpeople were living in in London in the 1850s
now that we had these factories and the smokewas being belched out and no one was really
enjoying their lives, all being slaves to thisnew machine.
And then we had Marx come along, and he ahysterical twenty eight year old talking about
the 2 tribes of the winners and losers in thisnew economy and what should thus take place
(03:56):
because the losers should be on top, etcetera,etcetera.
That's all that Marxism, there was a lot ofupset about this new way as we move from
agrarian economy to industrial economy.
And in 1970, Beller said we're now moving intothe information economy.
But he didn't have the benefit in that time ofseeing the internet.
(04:16):
If he had, I don't think he would have calledit the information economy.
He would have called it the networked economy.
Or the network economy, because what we'reseeing now that we have the internet and web 3
is that the means of wealth creation is thenetwork Just like it was with the industrial
age, the means of wealth creation were themanufacturing lines.
(04:38):
Now the means of production are the networksthemselves.
And so there's this increase of, of this powerlaw because we can now reach billions
overnight.
Okay?
But it's the same math playing out just in moreextreme forms over time, and we are now in the
network age.
So how do we know that we are now in thenetworked age.
(04:59):
Well, number 1, if you look at the top 13market cap companies in the world, 15, 20 years
ago, it was mostly industrial age companies,oil companies, manufacturing companies, GEGM,
IBM blah blah.
Today, it's Apple, it's Google, it's Facebook.
It's these network effect businesses that arebuilt on digital technology.
(05:24):
Okay?
That's one way that you can see that we are inthe network age.
We now have 3,000,000,000 people attached tothe network, and we can all communicate with
each other.
And this, those people account for 90 or 95% ofall the economic activity in the world.
Now, 100 years ago, people were in theirseparate geographies.
They were in their separate industries.
The connectivity was slow, and it was imperfectnow.
(05:47):
It's complete and perfect and instant.
Okay.
We are in this network age and the, thecapital, the wealth, and the status are flowing
to the network to the central node of thenetwork.
Being on a steeper power law, just tell feelgood to people because it's so clear to you
(06:07):
that you're not the winner, that you're notvalued by the network.
Okay.
An example would be in the olden days, maybe 30years ago, there would be 30 real estate agents
in my town in New Hampshire.
All of them would have friends.
Those friends would call them up and say,please list my house.
And they could all make a pretty good livingbeing a real estate broker.
(06:31):
But now, because it's Zillow and Trulia, I cansee who the very best agents are in my town.
And if it's the biggest financial event of mylife, I'm not gonna trust that event to the
30th or 16th or 8th best agent in my town, Iwant the 1st or second or third, and I can see
(06:51):
who they are.
Through these networks, through these digitalnetworks.
And so the amount of business that's going tothe top few agents is increasing.
And they get wealthier and wealthier, and theother agents who might not be as extroverted or
charismatic or who don't know how to decorate ahouse as well, they're earning less and less.
(07:14):
And so they don't feel good, and they can go onZillow and Trillo, and they can see that they
are not the top agent in their town.
How does that make them feel?
Okay.
So when you go on YouTube, when you go ontruth, when you go on you, Twitter and you see
your numbers, now we can see the power law.
This is a huge difference in how we live fromday to day.
(07:37):
That didn't exist 20 years ago.
You could pretend you were a good agent.
You could pretend you were famous for a goodlooking word.
Now you can see that you are not and thatyou're on the end of the power law, that you're
a small person, and it doesn't feel good to us.
And when you build your network effectbusiness, that business might have that effect
(07:59):
on millions of people.
And if you have workers like Uber drivers, someof them are gonna earn very little money and
others will earn more, and you're gonna createa power law of earners on your network.
Same things happening on eBay Morgan Amazonmarketplaces.
Some of them are getting great riches andothers.
The opposite is happening.
Okay?
So designing your software with society inmind, with the power law in mind, how are you
(08:23):
going to make it so that more people canparticipate.
How are you going to make it so that more ofyour employees can participate in the riches
that are created by your company?
Need to take those things into consideration asyou think about designing your network
business.
Now let's look at what people fear about thesepower laws, and I can understand their fear
(08:45):
about them.
What they fear is that the rich will get richerand the poor will poor and poorer.
What actually happens is that the rich do getricher and richer.
You do see bezos as an Elon Musk's emergingwith 100 of 1,000,000,000 of dollars.
But because people can now access the centralnodes of the network, by being Uber drivers, by
(09:09):
working on Amazon Marketplace or whatever, theycan now participate in the greater wealth
generation of society in ways that theycouldn't if they were in disadvantaged
geographies.
They now can participate and actually increasetheir wealth and their well-being more than
they could have when they were isolated andkept out of the central networks.
(09:33):
So yes, the power law will get steeper, andthose people will get richer, but that doesn't
mean that the people in the long tail, the restof us, can also increase our well-being and
increase our lifestyle.
So now that we understand the power laws, youcan start to see the implications All societies
(09:58):
have a social contract with their citizens.
All companies have a social contract with theiremployees.
And in the past, the, the American contract wasif you work hard and stay at your job for a
long time, you'll be rewarded with a goodpension and a house with a picket fence, and 2
children and a car in the garage, and all willbe well.
Pay your James, and all will be well.
(10:19):
That was the 1950s version of the socialcontract.
Now that we have the networked economy, thesocial contract is gonna need to change.
And your business, when you build 1, is gonnabe a participant in evolving what that social
contract needs to be.
And you need to think, what's my contract withthe people on my network?
(10:39):
And what's the contract that I have with myemployees?
Okay.
So with the people on your network, Pete aresome rules or here's a list of things to think
about as implications for how the networkeconomy works and how your business works.
So this requires you to think through what thenew social contract is between you and the
(11:01):
creators on your platform or the drivers onyour platform, the labor, this on your
platform, the people, and your employees.
What is your contract with them?
What is your promise to them?
Okay.
So now, What's emerging because of the way theInternet of Web 3 works is that what they give
you is they give you their data they allow youthey allow you to track them, and they allow
(11:25):
you to optimize their labor and their work sothat you can run your business.
Now that is giving up some privacy compared tothe way we were 60 years ago as a society when
we didn't have the tools, to measure and trackpeople.
But now that we do, we're doing it.
And that's what people are giving up.
But what they get and what they should begetting from you is the following 12 things.
(11:48):
The first thing is you need to give themownership.
Now you can do that through shares, or you cando that through tokens or through NFTs.
Okay.
And you're gonna have a combination of shares,tokens, fungible tokens, and non fungible
tokens that you're gonna be using over the next10 years to give ownership and benefit to the
people who work for you or work on yournetwork.
(12:10):
That's the first thing.
Second thing is that you need to let peopledefect.
They need to take their reputation.
They need to take their skills and go to adifferent network if it's gonna benefit them.
I know that hurts you and you want to lock themin.
But the fact is if you have the best network,they will want to stay with you anyway.
And if you get the network effect and you havethe highest liquidity, they're going to stick
(12:30):
with you anyway.
So don't worry too much about that.
Just do a good job.
Let them defect, and they won't, if youcontinue to do a good job.
The third thing you want to do is to betransparent with them.
You need to give them data on how they're doingand how they can improve how they're getting
paid, when they're getting paid, Transparencyis important to treating people honestly and
(12:50):
well.
Number 4, you need to agree to take care oftheir psychological needs.
Pete are living in your company.
They're living on your network.
They're taking care of their family by doingboth, and they do have psychological needs and
you need to understand that they need to beshown where they fit into the pack and how they
are not alone.
(13:11):
Number 5, you want to think about how you givethe labor and the users of your network ways of
feeling competent in your interface.
Beller them they are smart.
Tell them they are making good decisions.
Show them how they are doing well today.
Number 6, you can now embed good management ofpeople in the software.
People stick with their job because they liketheir manager and how many of us have had bad
(13:35):
managers who didn't get the training, who nevergot shown how to be a good manager.
And so they were bad managers and made peoplemiserable working for them.
Well, you can solve that at scale usingsoftware and using systems and processes to
bring good management.
That is possible now, and you should take thatresponsibility.
Number 7, you should give them ways of helpingthemselves to develop their Currier, give them
(13:58):
a graphic, show them a path how they're gonnaprogress, like a video game, or like school or
like getting different belts in karate.
We all like moving up the Levy-Weiss, show themhow they will progress in their careers so that
they can feel a sense of accomplishment andmastery as they progress.
Number 8, give them ways of helping each otherby joining groups that self improve together.
(14:20):
You feel like it's more personalized.
You feel more human in that.
So you can actually create your product andyour software so that they can join groups that
self improve together.
And it will really benefit their lives andtheir careers.
Number 9, give them their metrics transparentlyabout their behavior and their network so that
they can see how they're doing don't keep themin the dark.
Number 10, you can help the labor find theirhighest and best use, possibly by giving them
(14:45):
credit to an AI or a human career coach to letevery node in your network perform at its
highest and best use.
It's good for them and it's good for you andyour network.
Number 11, you really do need to let labormulti tenant, meaning they can work for more
than one employer at a time.
Multi Tenity is the way of the future it'sunnecessary, and you need to allow people to do
(15:07):
that and take their data with them.
And then the last thing I would suggest is addan ombudsman to your network.
So The Ombudsman is an old thing that used tohappen in newspapers, which is a network effect
business.
It's a marketplace between advertisers andviewers.
They used to have Ombudsman there that werebeholden to the stakeholders not to the CEO of
(15:28):
the newspaper that having that voice in theroom at the board meetings and in management
meetings is critical to understanding who allthe stakeholders are and what their needs are
and having that be part of the DNA of yourculture, of your management team, and of your
network.
So look, these network effect businesses havethe greatest potential to benefit billions of
(15:51):
people with tremendous wealth over the next 25years.
And you can be a part of that, but you have torecognize the power law implications of the way
your business works and the network economy nowworks.
And you have to take stewardship andresponsibility for establishing the proper
(16:11):
social contracts with your employees and withthe nodes on your network so that society
overall can function better and benefiteveryone while still benefiting you, the one
with lightning in your hands, the one whoactually understands this.
Stay tuned to the podcast, as we'll post 1episode per week until we complete the course.
(16:34):
You can also watch this entire master classonline atnfx.com slash master class, where you
can log in, track your progress, and watch fullvideos, retranscripts, and find other related
material.
Thanks for listening to the NFX podcast.
You're listening to episode 7 on why networkproblems demand network solutions from the
network effects master class here on the NFXpodcast.
This episode is hosted by Juno partner, JamesCurrier, as he discusses how network effect
businesses are reshaping the world, why it'sour responsibility to design and thoughtfully
set up social contracts with your differentconstituents and the need to have a perspective
about what you are giving and getting from thepeople on these networks
(00:29):
So how are you going to run your network effectbusiness?
And now that the internet's here, now that web3 is here, and now that you understand about
network effects, you have lightning in yourhands.
So let's take a historical step back.
Where are we now?
We've always had networks, right?
As soon as we had ten thousand people livingnear each other 8000 years ago, you had a
(00:51):
commerce network.
You had network effects playing out aroundmarketplaces where people would gather and
trade.
They just played out in slow motion.
They just played out at small scale.
Now that we've got the internet, of course,we've got millions of people connected, and
it's happening in an instant, geography's gone,time is gone.
(01:12):
Pete at 1000x what it used to be.
It's a different order of magnitude.
However, even back then, they were dealing withpower laws.
Okay.
They were dealing with this conundrum of thefact that once networks form, power laws
Morgan.
And we are struggling with it today as we lookat income disparity, and outcome disparity in
(01:37):
our own societies, And the internet is onlyaccelerating these power laws.
The way we say it is the degree of the powerlaw is getting greater.
Okay.
So you have just Bezos with 300,000,000,000and, Elon Musk with 250,000,000,000 or whatever
it is.
That's incredible quantities, accretions ofcapital that the network is driving to the
(01:58):
peaks of the power law.
And why a power law, we just mean that thepeople at the top have so much more than the
next person, the next person.
So you might think that the top person has twotimes as much as the next person who has two
times as much as the next person, And then youhave this very long tail for the 95% who get a
smaller percentage of society's Beller.
(02:20):
An outcome or status or appearance orattention.
Okay.
So everything in a network conforms to a powerlaw It has always been thus, it will always
thus be, but it's a problem because 95% ofpeople are in the long tail, and only the very
people at the top get to have all the spoils.
And it makes us all upset that it has to be sodisparate.
(02:45):
The business you start is likely, if it's got anetwork effect, going to create a similar power
law.
Among your users, perhaps among your employees,some of which will earn great riches and others
who will earn some.
Okay?
And so you have to think about how you're goingto operate within this context.
Now years ago, Alvin Tafler wrote a book calledFuture Shock in 1970, in which case he laid out
(03:09):
that we used to have the agrarian economy where95% of us were involved with making food.
Now we're down to less than 1% of our society.
It's transitioned.
The 2nd economy was the scale where it wasmanufacturing, where we learned to have
factories, manufacture large things.
And there was a lot of people who were veryupset with this phase, right?
(03:31):
Dickens Dickens wrote about the conditions thatpeople were living in in London in the 1850s
now that we had these factories and the smokewas being belched out and no one was really
enjoying their lives, all being slaves to thisnew machine.
And then we had Marx come along, and he ahysterical twenty eight year old talking about
the 2 tribes of the winners and losers in thisnew economy and what should thus take place
(03:56):
because the losers should be on top, etcetera,etcetera.
That's all that Marxism, there was a lot ofupset about this new way as we move from
agrarian economy to industrial economy.
And in 1970, Beller said we're now moving intothe information economy.
But he didn't have the benefit in that time ofseeing the internet.
(04:16):
If he had, I don't think he would have calledit the information economy.
He would have called it the networked economy.
Or the network economy, because what we'reseeing now that we have the internet and web 3
is that the means of wealth creation is thenetwork Just like it was with the industrial
age, the means of wealth creation were themanufacturing lines.
(04:38):
Now the means of production are the networksthemselves.
And so there's this increase of, of this powerlaw because we can now reach billions
overnight.
Okay?
But it's the same math playing out just in moreextreme forms over time, and we are now in the
network age.
So how do we know that we are now in thenetworked age.
(04:59):
Well, number 1, if you look at the top 13market cap companies in the world, 15, 20 years
ago, it was mostly industrial age companies,oil companies, manufacturing companies, GEGM,
IBM blah blah.
Today, it's Apple, it's Google, it's Facebook.
It's these network effect businesses that arebuilt on digital technology.
(05:24):
Okay?
That's one way that you can see that we are inthe network age.
We now have 3,000,000,000 people attached tothe network, and we can all communicate with
each other.
And this, those people account for 90 or 95% ofall the economic activity in the world.
Now, 100 years ago, people were in theirseparate geographies.
They were in their separate industries.
The connectivity was slow, and it was imperfectnow.
(05:47):
It's complete and perfect and instant.
Okay.
We are in this network age and the, thecapital, the wealth, and the status are flowing
to the network to the central node of thenetwork.
Being on a steeper power law, just tell feelgood to people because it's so clear to you
(06:07):
that you're not the winner, that you're notvalued by the network.
Okay.
An example would be in the olden days, maybe 30years ago, there would be 30 real estate agents
in my town in New Hampshire.
All of them would have friends.
Those friends would call them up and say,please list my house.
And they could all make a pretty good livingbeing a real estate broker.
(06:31):
But now, because it's Zillow and Trulia, I cansee who the very best agents are in my town.
And if it's the biggest financial event of mylife, I'm not gonna trust that event to the
30th or 16th or 8th best agent in my town, Iwant the 1st or second or third, and I can see
(06:51):
who they are.
Through these networks, through these digitalnetworks.
And so the amount of business that's going tothe top few agents is increasing.
And they get wealthier and wealthier, and theother agents who might not be as extroverted or
charismatic or who don't know how to decorate ahouse as well, they're earning less and less.
(07:14):
And so they don't feel good, and they can go onZillow and Trillo, and they can see that they
are not the top agent in their town.
How does that make them feel?
Okay.
So when you go on YouTube, when you go ontruth, when you go on you, Twitter and you see
your numbers, now we can see the power law.
This is a huge difference in how we live fromday to day.
(07:37):
That didn't exist 20 years ago.
You could pretend you were a good agent.
You could pretend you were famous for a goodlooking word.
Now you can see that you are not and thatyou're on the end of the power law, that you're
a small person, and it doesn't feel good to us.
And when you build your network effectbusiness, that business might have that effect
(07:59):
on millions of people.
And if you have workers like Uber drivers, someof them are gonna earn very little money and
others will earn more, and you're gonna createa power law of earners on your network.
Same things happening on eBay Morgan Amazonmarketplaces.
Some of them are getting great riches andothers.
The opposite is happening.
Okay?
So designing your software with society inmind, with the power law in mind, how are you
(08:23):
going to make it so that more people canparticipate.
How are you going to make it so that more ofyour employees can participate in the riches
that are created by your company?
Need to take those things into consideration asyou think about designing your network
business.
Now let's look at what people fear about thesepower laws, and I can understand their fear
(08:45):
about them.
What they fear is that the rich will get richerand the poor will poor and poorer.
What actually happens is that the rich do getricher and richer.
You do see bezos as an Elon Musk's emergingwith 100 of 1,000,000,000 of dollars.
But because people can now access the centralnodes of the network, by being Uber drivers, by
(09:09):
working on Amazon Marketplace or whatever, theycan now participate in the greater wealth
generation of society in ways that theycouldn't if they were in disadvantaged
geographies.
They now can participate and actually increasetheir wealth and their well-being more than
they could have when they were isolated andkept out of the central networks.
(09:33):
So yes, the power law will get steeper, andthose people will get richer, but that doesn't
mean that the people in the long tail, the restof us, can also increase our well-being and
increase our lifestyle.
So now that we understand the power laws, youcan start to see the implications All societies
(09:58):
have a social contract with their citizens.
All companies have a social contract with theiremployees.
And in the past, the, the American contract wasif you work hard and stay at your job for a
long time, you'll be rewarded with a goodpension and a house with a picket fence, and 2
children and a car in the garage, and all willbe well.
Pay your James, and all will be well.
(10:19):
That was the 1950s version of the socialcontract.
Now that we have the networked economy, thesocial contract is gonna need to change.
And your business, when you build 1, is gonnabe a participant in evolving what that social
contract needs to be.
And you need to think, what's my contract withthe people on my network?
(10:39):
And what's the contract that I have with myemployees?
Okay.
So with the people on your network, Pete aresome rules or here's a list of things to think
about as implications for how the networkeconomy works and how your business works.
So this requires you to think through what thenew social contract is between you and the
(11:01):
creators on your platform or the drivers onyour platform, the labor, this on your
platform, the people, and your employees.
What is your contract with them?
What is your promise to them?
Okay.
So now, What's emerging because of the way theInternet of Web 3 works is that what they give
you is they give you their data they allow youthey allow you to track them, and they allow
(11:25):
you to optimize their labor and their work sothat you can run your business.
Now that is giving up some privacy compared tothe way we were 60 years ago as a society when
we didn't have the tools, to measure and trackpeople.
But now that we do, we're doing it.
And that's what people are giving up.
But what they get and what they should begetting from you is the following 12 things.
(11:48):
The first thing is you need to give themownership.
Now you can do that through shares, or you cando that through tokens or through NFTs.
Okay.
And you're gonna have a combination of shares,tokens, fungible tokens, and non fungible
tokens that you're gonna be using over the next10 years to give ownership and benefit to the
people who work for you or work on yournetwork.
(12:10):
That's the first thing.
Second thing is that you need to let peopledefect.
They need to take their reputation.
They need to take their skills and go to adifferent network if it's gonna benefit them.
I know that hurts you and you want to lock themin.
But the fact is if you have the best network,they will want to stay with you anyway.
And if you get the network effect and you havethe highest liquidity, they're going to stick
(12:30):
with you anyway.
So don't worry too much about that.
Just do a good job.
Let them defect, and they won't, if youcontinue to do a good job.
The third thing you want to do is to betransparent with them.
You need to give them data on how they're doingand how they can improve how they're getting
paid, when they're getting paid, Transparencyis important to treating people honestly and
(12:50):
well.
Number 4, you need to agree to take care oftheir psychological needs.
Pete are living in your company.
They're living on your network.
They're taking care of their family by doingboth, and they do have psychological needs and
you need to understand that they need to beshown where they fit into the pack and how they
are not alone.
(13:11):
Number 5, you want to think about how you givethe labor and the users of your network ways of
feeling competent in your interface.
Beller them they are smart.
Tell them they are making good decisions.
Show them how they are doing well today.
Number 6, you can now embed good management ofpeople in the software.
People stick with their job because they liketheir manager and how many of us have had bad
(13:35):
managers who didn't get the training, who nevergot shown how to be a good manager.
And so they were bad managers and made peoplemiserable working for them.
Well, you can solve that at scale usingsoftware and using systems and processes to
bring good management.
That is possible now, and you should take thatresponsibility.
Number 7, you should give them ways of helpingthemselves to develop their Currier, give them
(13:58):
a graphic, show them a path how they're gonnaprogress, like a video game, or like school or
like getting different belts in karate.
We all like moving up the Levy-Weiss, show themhow they will progress in their careers so that
they can feel a sense of accomplishment andmastery as they progress.
Number 8, give them ways of helping each otherby joining groups that self improve together.
(14:20):
You feel like it's more personalized.
You feel more human in that.
So you can actually create your product andyour software so that they can join groups that
self improve together.
And it will really benefit their lives andtheir careers.
Number 9, give them their metrics transparentlyabout their behavior and their network so that
they can see how they're doing don't keep themin the dark.
Number 10, you can help the labor find theirhighest and best use, possibly by giving them
(14:45):
credit to an AI or a human career coach to letevery node in your network perform at its
highest and best use.
It's good for them and it's good for you andyour network.
Number 11, you really do need to let labormulti tenant, meaning they can work for more
than one employer at a time.
Multi Tenity is the way of the future it'sunnecessary, and you need to allow people to do
(15:07):
that and take their data with them.
And then the last thing I would suggest is addan ombudsman to your network.
So The Ombudsman is an old thing that used tohappen in newspapers, which is a network effect
business.
It's a marketplace between advertisers andviewers.
They used to have Ombudsman there that werebeholden to the stakeholders not to the CEO of
(15:28):
the newspaper that having that voice in theroom at the board meetings and in management
meetings is critical to understanding who allthe stakeholders are and what their needs are
and having that be part of the DNA of yourculture, of your management team, and of your
network.
So look, these network effect businesses havethe greatest potential to benefit billions of
(15:51):
people with tremendous wealth over the next 25years.
And you can be a part of that, but you have torecognize the power law implications of the way
your business works and the network economy nowworks.
And you have to take stewardship andresponsibility for establishing the proper
(16:11):
social contracts with your employees and withthe nodes on your network so that society
overall can function better and benefiteveryone while still benefiting you, the one
with lightning in your hands, the one whoactually understands this.
Stay tuned to the podcast, as we'll post 1episode per week until we complete the course.
(16:34):
You can also watch this entire master classonline atnfx.com slash master class, where you
can log in, track your progress, and watch fullvideos, retranscripts, and find other related
material.
Thanks for listening to the NFX podcast.
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