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Bitcoin and NFTs, Creator Economy And The Rise Of Its Tools

Description

Jawad Shreim & Ali Abouelatta

0:00

Bitcoin at 60k

3:50

what problems does crypto solve

7:00

Security in crypto and misconceptions

10:00

NFTS are the new ICO?

17:13

Business idea for NFTs

20:00

A new video editing  tool that made it possible to edit a video in 30 minutes

22:00

Rise of Creator economey

36:00

What does it mean to be an employee in 2020 and beyond

Transcript

Jawad:

0:16

I want to talk a bit The bit of the coin hitting 60 k today Bitcoin 60 k today

Ali:

0:22

Oh nice

Jawad:

0:23

Yeah I don't I know you're not big on crypto

Ali:

0:25

Yeah I own a little bit of crypto like $500 just It's just a little bit of money So what it goes up I don't like I don't feel it what was he called it the saying that says like the best investments you can make and just invest in your enemies So if they fail Like you don't care Like you don't like them anyways And if they succeed You made some money out of it So it was just like It's a very strong thing If there's someone you'd like despise but they like can do something but you don't like them for easier or another Just give them money If they succeed they made you money If they fail Do you despise them anyways Like you don't care that much I've got to put that little bit of money I'm like comfortable losing So if it goes to zero like I don't care But if it goes to A hundred thousand Got it looks like it is like I'll make some money along the And don't feel that kind of like agony Oh

Jawad:

1:14

Why Why don't you like crypto don't you like Bitcoin I don't want to go crypto because crypto is too broad

Ali:

1:20

Yeah that's an interesting Thing I don't know there's two sides of crypto right there is just like very smart people who are like extremely excited about it it's like a life mission to them Or like a life changing thing and they're spending all their time energy On creating these products But the larger subset of people it's just people are be like Oh this is the future And what does this mean Oh it's like decentralizing Okay so what I mean no That's gotta be the future And a lot of The hype around it Is people who Are in it for their own reasons It's just like people who are in it because they have seen all these articles about How the Netflix stock went up like 17000 since they went public And how this dude who like bought like a pizza with Bitcoin would have made like millions of dollars They're just like be like okay this is a way for me to get rich And that's why they're in it A lot of people not everyone And that's where a lot of the conversation revolves around it And yeah I guess that's why I haven't been a big fan Being a store of value Is something I can wrap my head around but being like a decentralized network where everything is I don't know man It's just like that entire concept of Okay Okay Let me back down So okay w what does What does Bitcoin solve That's the question I haven't gotten a good answer too two

Jawad:

2:57

This is one of the main problems is that people are talking about Bitcoin only And there's so many others There's so many other companies Dot Cardona and there's so many other companies that are doing actually like super useful things Yeah bitcoin Is turning into just a value store like just the equivalent of gold That's where it's heading to mean yeah Okay It is Decentralized The power is not in one hand it's distributed on all its owners but yeah Based where you can store the value in it I don't think we're there yet in storing value because it's extremely volatile But Potentially it will get there right now $1 trillion market cap That's huge The us stock market is at 6 trillion you can see like how big it is If you look at the other platforms are coming out which I think people never talk about If you go on Twitter Instagram Google anything it's always Bitcoin But are not not talking about like polka dots Talking about Cardona

Ali:

3:58

What problems did they solve Like all these going to like what's I don't know Like the way I think about it as you have a problem right You'd be like okay like this is a problem This is something such a pain point You go develop something to like solve that problem If enough people have that problem they're going to pay your money in You're gonna have a fantastic product What does like What does crypto solve That's what I don't understand

Jawad:

4:22

Let's Let's do one check out Valora A V a L O R a P P Valora app.com I think this solves a problem

Ali:

4:32

Let's see Share money with people You value worldwide use what aura to share is it like Venmo

Jawad:

4:40

Venmo Is local It's for the U S market is just to use you as these in it Valores strengths Doing this certain situation and it's using blockchain Is that now I'm in Dubai Currently You're in New York I can send you money in a second

Ali:

4:56

No I can do that with Paypal

Jawad:

4:58

you as the so I need to transfer from my own currency to

Ali:

5:01

I don't know Transfer wise right not going to get into

Jawad:

5:04

if I do wise Then it's going to take 3 days to get to you

Ali:

5:07

It's gonna take three days to get to me Aye

Jawad:

5:11

this transaction part right It has to go through a transaction which

Ali:

5:15

Yeah And maybe trust Her eyes It's not a good example but if you do it with paper like you get it instantly right if you send me money on like paypal like I get my money instantly and then they handle that Like transaction parts on the backend Like the only problem with Like why not I mean a lot of people use paper obviously but There are friction points right In that kind of like money transaction where they have to verify your address They have to verify your ID Before you can create a PayPal account right They have there's a lot of like verification that like needs to

Jawad:

5:49

you need to fund it too right

Ali:

5:51

And yeah but like you would need to fund valora as well It's a Walnut tree so you'd have to put some money in but these things like like these like friction points are not necessarily a bad thing if you do it with crypto and no one knows who you are He's just like that kind of like hashed wallet the sending money to another house Yeah You can see a lot of shit going wrong with that It's just

Jawad:

6:14

That's is going a bit deep into cryptocurrency and how it works but is actually a very common misconception about cryptocurrency is that you can hide your identity behind it and transfer money And nobody gives a shit doing the complete opposite So it works much more efficient than banks So every time I do a transfer to you it goes through a chain And this chain is recorded on every step until the money reaches to you And then people can have access to this chain So everybody actually not only me and you everybody can see that there was a transfer from me Jawad To transfer it to you Ali

Ali:

6:47

Yeah but like they don't They see was from like a E Six nine eight seven G H J F V that's That's like your number They don't know who you are No like your wallet and they can tie to your identity than that's another thing But like most people don't right if no one

Jawad:

7:07

Don't care But for some governments they care And then in that certain situations and they would have access actually know who owns the wallet

Ali:

7:14

Premise of it being decentralized

Jawad:

7:16

So these centralized this now that the power does not lie within one entity laying the power of Bitcoin or the power of this valora app or something of those it's not lying with one place an all of us So we all control it together not one person that controls the whole company whatever you want to call it

Ali:

7:36

Yes or no Cause Okay So if you take Valora for instance right okay Like the chain itself is like decentralized but Like these accounts They're hosted somewhere And like when these accounts like get like hacked then there's no one to blame right It's just it's a decentralized thing Someone came in they took their money on sorry guys

Jawad:

7:57

yeah this happened So this happened in 2017 lot of wallets Got hacked and People lost a lot of money Of course I think as it progresses I don't think we're there yet With us at the progress is this is becoming Just way more secure way more efficient faster and easier Just opening up the whole world rather than keeping everything tied to this geography has it's own financial system and this geography has his own financial system It's creating like a one Financial system for the world This could be one application of it

Ali:

8:27

Yeah like that kind of value preposition I can understand and like I can support Especially in emerging market strikes I mean like Lebanon is a good example right They're having now just like crazy hyperinflation with their currency I think like dollar and like the country and just everything was crazy So like you woke up one day and your net worth is like a fifth though What it was before that kind of thing is crazy And if if there is a more global like currency that everyone uses That's not like country or region dependent It could actually be less volatile than like some of those

Jawad:

9:05

Yeah And then this was lose the control of the I don't want to get political Who's is the control of other countries having power on of countries because of similar situations of the currency of Where they control the whole financial influx of Lenny Trade all of that But anyways So anyways Go ahead hit 60 K today All right Which is all time high

Ali:

9:30

Yeah

Jawad:

9:30

Just pretty cool I'm invested I know you're not what I'm invested the multiple Currencies recently whether or not Long time ago Except Bitcoin I got in at two K Which is has been a very fruitful investment obviously with I think 60 today But then it was like I'm seeing a lot of those Other companies coming up So it's not just Bitcoin for me I don't look at it This one There's a lot of ALT coins though Interested in companies doing super cool stuff And I'm going to get someone from polka dot I want to bring them on the show can talk about how to invest in crypto Where to invest in crypto And how do you evaluate investments How do you Another bullshit how Do you know all those things anyways It's a celebratory moments I'm very happy I know you're not on board

Ali:

10:19

Maybe sound like acidic I'm like Yeah I would see this as like a milestone and anyway I was thinking about this yesterday actually And like that kind of like crazy that happened in like 2017 Like behind it was like all these ICO's right Like everyone was like investing in those ICO's feels like NFTs are just like Very similar trajectory too

Jawad:

10:42

I agree with you Yeah NFTs are basically the new ICO's of 2017

Ali:

10:47

It's just Oh I'm gonna I've got to create this GIF Sell it for like a hundred thousand dollars I'm like $69 million and Oh by the way you could only buy it in like crypto It's I don't know if it's like a theme or what they use I think And that kind of pushes a lot of flow into like the like crypto to worlds and yeah it's like Bitcoin hit $60,000

Jawad:

11:10

Different beast but I agree with you There's a lot of fishy stuff going on in there Jack from I sold his first tweet for 3 million or something like that which is just insane Come on There's no value Like they're like you're not actually adding value the and there's a lot of them just like posting some bullshit arts and selling it for crazy numbers man like crypto kittens I don't know if you saw the things just like Pictures of kittens like drawn kittens going for insane amount of money People are buying it A hundred $200,000 But it's shocking to me Out of all of this is the amount of money people are spending can look cause you can track the chain Like you can track who bought to who The whole thing and you can see like how much Hundreds of people just being like a hundred 150 200 300 And it shocked me there's a huge An abundance of money man Like people have a lot of money and they're spending it on this thing Cause if you're going to spend 200 K on a picture of a cat there's money there

Ali:

12:09

Yeah

Jawad:

12:10

This is what's shocking to me But I can see another Like I can see where NFTs will come Strong And I think there will be some value in it If you look at games right now I know you're not a gamer but some people are playing Pub G or Counter-Strike world of Warcraft All of those games buy items on there And they have their own currency And imagining down the line People are going to create NFTs for those games currently if you want to buy a skin or do you want to buy a knife or a gun on counter strike need to track down the owner find a way to talk to them convince them that you want to buy it and then set the price negotiate all of that and then there'll be able to sell it to you and then send you the skin or whatever you bought on your account imagine an application of NFT for games

Ali:

12:59

Yeah

Jawad:

12:59

of going through that whole process Putting it out on nft there's like a it's a rare item You don't choose how many pieces there are because the game is actually it's saying the STEM pieces of the skin And then there's some trading going online and you can use it your game think there there could be some value

Ali:

13:17

How's that it must be forearmed and like it's you could see how much I appreciate you think over time I'd be like that's so where the investments are and I got something I want so yeah that's definitely something I can wrap my head around And again like all of these like concepts like ICO's it's a valid concept right It's like really It's like stock options or like stock options 2.0 But What just happens is like not rational right what happened is like everyone now is an artist and they're selling like art for like hundreds of thousands of dollars That's not a rational thing Same thing as like everyone who can write a paper like a white paper spent five hours writing like for like pages and like Google doc and go and raise millions of dollars on like that paper that's not a rational thing But like fundamentally there there is like good applications to these but is yeah this is just like one of those like pulls and pushes with crypto this like really hard for me to understand this is What's happening P And I was like what the fuck is Oh

Jawad:

14:21

It's a hype people jump on that and you can make a little money People are making millions off of NFTs right now People I've never drawn shit in their life And they're like yeah I'll try to draw something out put it out there and lot of money You keep making money on every transaction offs of that too So you said it four or 5,000 Then every other transaction after that Bought or sold you make a cut on every transaction Which is the attractive part potentially Right now is the hype everybody's getting on it I'm seeing like VCs man like pushing out their things product hunt put their cat GIF and they sold it for $550,000 it's a high right now and people are just going nuts They're spending a lot of money and they're making a lot of money on it but Yeah I think it's going to blow soon

Ali:

15:06

Carrying the bag right that's an interesting question because people like could buy it again They buy it as not necessarily for the arts but as an investment You buy it I'm going to reset it because there is only one like product Kitten for someone who was willing to pay more money and that someone buys it cause they send someone else is going to be willing to pay more money because everyone and I was it was like being more like like reselling these arts but at some point Like someone is gonna put in millions and millions of dollars and not the not going to be able to like resell those The hype is going to be over So I'm just curious Like who who are these people spending Millions and millions of dollars on like these NFTs

Jawad:

15:50

I think I hope but if someone was actually reaching the point of spending a million dollars on It's an art piece hope that they're actually buying in for some sorts of Appreciation to it I hope they're not buying it too because they're trying to sell it again for double the price or something It's without cause Yeah a lot of people are going to take the hits I guess it's a flashback 2017 all over again bought at like crazy cheap prices ICO's and then they started Selling at the top And then lot of people get stuck when the market starts it's falling and nobody can sell because nobody's buying Lost millions of dollars right I think same thing is going to happen So a lot of people are going to get rich A lot of people aren't going to take big hits And then it will stabilize on then you're going to see Hopefully good applications Towards it I hope

Ali:

16:40

Yeah And 20 24

Jawad:

16:41

You don't know the cycle these days And I have no idea But you know what It would be cool to build a support system for it So like I'm not buying any NFTs right now because I know it's a hype So I'm not going to jump on this What would be cool is that a lot of those people are buying those pieces They need frames For their pieces of digital art putting it to your house you need some sorts of frame to put it you're not going to put it on your TV

Ali:

17:06

You don't either You're going to print it

Jawad:

17:08

No not printed like frame a picture frame but the screen inside so people can Display on it I actually did some Googling on that Let me do some research on that and I looked it up then There's actually not a lot like one or two companies that are doing it And I had to dig in like I have to actually do research to find them So I'm like what would be cool DTC company that's doing that right The customer Just set it partner up with all those NFT websites like NFT gateway Rare All of those guys make a partnership with them To start putting your frame on it Like on their websites And then we direct all those people to buy the frames after they bought their kitten or whatever the hell they bought And sell for don't know $400 a pop or something those people are being five six k for a picture a digital picture So let's make it super nice high quality would be a good support system Not now and down the line like right now Okay You're joining the hype You're building the support for it And then afterwards when it dies out and it stabilizes then you get the people who are actually interested in NFTs long term think it was a cool idea

Ali:

18:22

That would not be the worst thing in the world you could actually make a lot of money doing that Just considering the state of things today Just need someone really good at partnerships and like a manufacturing partner who can like spit those out here But yeah you can Make hundreds of thousands of dollars millions maybe Just selling Yeah just selling frames for digital art because everyone is an artist now and everyone is buying

Jawad:

18:50

for I was listening You want to do it Go for it to be honest it's an idea with the hype right now If you pull it off you can make a lot of money And we'll see how it goes Anyways Let's move on from cryptocurrency and all of that I'll dedicate an episode towards understanding cryptocurrency and its functionality and where it's headed and all of that I'll bring on some people who our deep in that world But So this week I wanted to post parts of an interview that I had in video I recorded a bit of it and I wanted to post some parts of it So I've never edited a video in my life where can I do it So I Googled what's the best way You've worked talking about I'm moving I'm like okay I guess I'm moving is good Apple Tries to make things easy So I hope it's not like a super hard learning curve I open it and I I Upload the video And like I hit a wall immediately Okay I don't know anything about editing a Video it was super complicated Like I had no idea what to do I did the trailer thing that they had and the guide Nothing zero And then I went on YouTube I'm like okay let's see what people how people are editing Five minutes in the first video I'm like no way like this This is going to take me a while to learn I want to do something like real fast And I started doing a bit of research and I found this company called veed.io

Ali:

20:07

Okay

Jawad:

20:08

And I opened it And basically what they're trying to do is create a video editing Tool online Basically similar to Figma but for videos like that's the whole idea Figma for video editing Okay Cool I got to learn Like super quick I do all my editing everything I do it on figma on my own So I'm okay So I upload the video And I swear man hands down took me 30 minutes To do the editing The title the description everything it took me 30 minutes to do it And it's super easy was shocked That's how easy it was how aren't more people talking about this because lot of people are trying to do video A lot of people are trying to put out content these days Everybody's talking about how hard it is And I'm like man this made it like super easy And I posted the video Maybe you can check it out I don't know if he's still Or maybe you can check it out after But like super high quality I got a few texts like from people saying Whoa man This video is like really good that I didn't know what to do with you at the thing Actually I don't do video editing I just found this website It's called veed it's super cool And I'm just started thinking about all those Applications like veed like Figma they're trying to come and disrupt like the old big boys Photoshop I movie all those applications are made for editing content essentially And I'm starting to see like the whole circle of the creator movement coming out with those applications making it so easy for any person that never did any of those things in their life to just jump on them start creating their own stuff at the thing Super high quality super high production stuff putting it out there And creative movement is obviously now it was like booming right People are going solo And this all happened during the last year It's crazy what I wanted to ask is what are your thoughts on the whole creator movement making stuff on your own small big whatever you want Learning how to do all of them I don't know if you know about No code tools but also that it's just a huge industry What's happening there

Ali:

22:11

Yeah Creator economy It's not something that like didn't exist before Like people have been just like you used to call them SMEs or like mom and pop shops where you go and meet You start a business doing something and like you said it then came along like Etsy where you could like actually sell it online to lots of people and of course like Amazon like third party sellers and like all these like distribution channels Shopify right So they came along where we can like start You can start selling like your own work like what's your passionate about But I mean with every crisis I think we saw that in 08 crisis And like now in like the COVID times When a lot of people are like laid off It gives people freedom rights what do I care about And when people have that kind of freedom they start to create stuff Now I think what's different Or like why it's like exciting now is The kind of things it can create are a lot more than was ever possible before Cause now Like you don't have to be restricted to an actual physical product that you have to send It could be like content it could be it's you can be like writing and that's what you're really interested about And that's like what you create And there are just like amazing tools out there to help you get to an audience To help you don't charge them and just monetize that effort It could be like videos and again there's like a lot of distribution channels There's like a lot of tools Create and edit like professional things It could be like design like I'm interested in like doing some like designs and you can create like an illustration pack and just send it somewhere for five $10 and keep making money infinitely And Those tools have just gained like a lot of traction these days Cause you'd be like okay Anything that you can make money out of Like the ROI is just so clear I'm going to pay $10 I did my videos and then those videos I can put them on like YouTube and make like $2,000 It's a no brainer I'm paying the $10 a month if that's going to have me get even just like a hundred dollars in incremental revenue cause like my videos Better And Because there's just like a lot more people if I have a lot more free time now and have that kind of like taking the step back in their life and like exploring what they're actually interested about There is a crazy market out there for all these tools and the math goes something like this right If you like if you're like Photoshop and I don't know like you charge $350 a year like $500 a year like a thousand dollars a year because the value Because the people that use you like You can make a lot more money out of those like creations they make there then there'd be willing to pay those Like thousand dollars that they make I don't know 10,000 20,000 30,000 but now it'd be like okay Maybe you don't need all this like sophistication you just need something to get you to 70 80 and that's good enough And you may not make like $10,000 a month but you'd be able to make a thousand dollars a month And for that you would pay like $10 right and actually if you've got 10 times more people You reached entice more people It's a much bigger and much more Like profitable business then Like it says Pay like a company that charges 10 times as much and just gives you like 20 30 extra writers It's like that kind of going from like good enough to just like excellent that's where a lot of the premium lies from but like getting to good enough It's just Good enough for a lot of people

Jawad:

25:40

Ya i mean the barrier to entry just goes down lot I don't have to spend a thousand dollars No I'll spend $10 to get access to this and start creating

Ali:

25:50

have to And a hundred hours learning it right Like not to spend a hundred hours Learning Photoshop or like 30 hours learning I movie when you can go to Do like Veed and just spend 30 minutes and you're all good to go And just go to canva and spend 10 minutes and you have these amazing ads or go to like sub stack spend like 15 minutes and now we have a newsletter It's just like amazing how fast it can get up and running and at some points like You may actually want to like migrate or like at some point just like you grow like enough that you would need those professional tools but just like getting you started It's just so hard It's just so hard to do when you need to invest that much time and money And I think what those companies have realized is just if we can get more people to create more stuff That's a net positive and like the best way to do that to just make it really easy to get started And just like extremely cheap to get started as well Yeah I'll try it out And like you start smiling Like over Hopefully you end up making enough money for you to live and like never have to get a job again How cool is that

Jawad:

27:01

that's true Yeah it's the thing is you would think that ah this is like a mediocre solution temporary or something It's not like people in big companies are using Figma and even if you look at the Leads website like big companies are using them to make their videos it's not like a mediocre solution or anything It's just to make it super easy to make it collaborative They make cheap Anybody can start doing it It just opens the doors And your points of with every crisis people come up with solutions It's actually I had this conversation around three years ago with some people when we started working on like artificial intelligence in my company People were saying like you're supporting a technology that potentially one day is going to steal jobs And I had the arguments off I don't think it's going to see the jobs I think it's going to support More industries and creates more jobs Because like you said 2020 was a crisis A lot of people got laid off What so many new opportunities came out so many new so many people got Independent Like they reach independence out of it Like it was a blessing in disguise They're going to have to work for somebody right now You can Create this new thing that you're doing and you're making really good money month over month from something that's you enjoy doing And I think this will apply to the two AI think those that take away our jobs leave us with room for creativity to think of new ways So start making money to start finding Things that we love doing With every crisis is the flip side of it a crisis you have new stuff coming out of this crisis Potentially will change the world for the next 10 years And then the next crisis will come and then it's over and over

Ali:

28:47

I think the phrasing just like what the X is like stealing our jobs I don't know who came up with that phrase but it's really inaccurate no one is stealing anyone's job So it's just Like a more efficient way to do things things but as you move forward it's very interesting about like how every job is actually like Becoming more and more creative In the sense of that once you have these stools right too To create a video like very easily write it off to spend 10 hours just like editing a video then like your main job is just like how can you make that Fiji Like attractive to like people and how can like experiment with things that are just like out of the box Cause now you don't have to spend a hundred hours You Like creating an experiment or just like different like AB tests You can do that Like very cheaply And your main job is not like creating those things anymore But rather just Like creating like the strategy behind the And just like having those just like ideas where you'd be like okay this is this is like a new spin on like how we do ads This is a new spin that could resonate with customers and like doing the thing itself It's just like a commodity So like the main values yeah like the main value is just in that kind of creativity and not in like the manual work Cause Like creating this two things can be like a lot of like manual work as well So that's just like a very exciting point in time where you know long think about think about like developers And think about if everyone had to go and just recreate every button and every functionality I'm like no API has existed what would the world be like today if if you can not just like tap into Google maps Just like a very simple concept what kind of like companies would have never been able to exist Cause no one can go on map out like the entire world that's not something you would want And th the reason why software interests like industry so interesting is like it keep building off just like everything becomes commoditized like really fast Just creating like a login you have a company that do that They give you an API That's like a commodity Like getting like location Like a commodity and the next step is just like how can you be like creative with those like tools And be like Oh we're going to get to you in like a car in 3 minutes cause all these things are not happening and what's happening right now is that was primarily software whereas moving to every other function right Like the marketing person Now it's like we have all these stores that make everything a commodity like creating videos creating ads and even creating like copy for their ads and all that kind of thing And their job is how can we build on those like commodities To make something better to make something like extremely creative that would resonate with people And that's a very interesting thing that's like really exciting where Like every industry every function is slowly turning into a creative like job right To air your input You're like insights your unique insights are the main value you provide to the business and not your like manual labor Like I learned to do this tool I learned how to use this tool So that's why they pay you for it No they pay you for something and switch I don't know It's it's extremely exciting man And just I hope like that kind of Like momentum we've been seeing like in the past year about all these tools that helps like people like across the board just keeps on going and like those A lot more things become like commoditized like faster And we're going to see a lot of like interesting Creations that come out of this

Jawad:

32:23

I'm reading this book called the practice the subtitle is a shipping creative work And it's giving this insights about how we went from the industrial revolution where they sucked all this creativity out of humans because they want those people who would stand in the line and the factory put on the bolts move into the next person moving to the next person moving to the next person and they needed to create More people who would come and work in factories because if there's little people in who are willing to work in factories then You don't creating cars creating all the hardware that we were using back in the day Would just not be possible And he was saying that The factories were a part of creating the school system That's what we have today So the school system is that you go to school you're basically graded from a to F Okay And And it's actually not a metric for you to be successful in real life because you could be an a and basically that means you're like a bookworm read books you can memorize them you can do the test really well And then you have other people Like in the D's F's C's Those people According to him more creative So they're not into the type of I get to read this book And then I got to memorize it then go do the test They're not good at that But give them something creative to make out whether it's being arts or sports or being something that they actually enjoy They would come out with a lot of creativity And the factories wanted the school system to push out more factory workers So people who are not thinking creatively They wants people to abide by the system If you don't get an a you're a loser if you don't get an a you don't get the job that you deserve If you don't get an a you don't get the wealth and the stability and all of those things And it's worked for so long Until the last 10 20 years where things are changing because now You can't be factory worker in One of those companies Amazon or Google or Figma or any of those because they need creative people And he's saying that of us are still stuck in that still thinking like a factory worker the reality is that Anybody who keeps this mindsets within the next five years there would be out of a job because If I can teach someone else or a computer to do your job you're replaceable you have zero leverage on the company You will be out Because they can get someone cheaper sooner than later They can get a graduate that learned what's you have been doing for 20 years just in university and he's going to do your job Cheaper Or someone's going to come And build the software that does your job And they were replaced You But if you were doing the creative work and you were doing things that stand out Not just taking what's the bare minimum that I need to do No you're going out of the comfort zone You're going out of your way to make sure that Product a gets shipped on time Product a has all the features that the customer is looking for You're actually going out of your sales title at your job is to do sales Yeah But no you're taking a step further You're talking to customers trying to understand what they want Taking their feedback going to the product people And discussing it with them The customer is saying all of that And going through the marketing department that's suggesting that they do something about this And the more creative you get the harder for the company replace you They can't replace you bring someone else and teach them to do sales And get feedback and go to product Discuss it with the engineers and then go to marketing and suggest that they do something with the campaign to approach those types of customers and all of that This is the person that you can replace

Ali:

36:05

This is something that's maybe not as many people like realize But again your leverage comes from like the value you add and The value adds Would be like a lot more if it's like unique to you right If it's if a hundred thousand people cannot the exact same value as you can't I'm like that's not very valuable but if only you are the one who can do that because of it could be because of anything but based on like your experiences on like your previous work or like just your exposure in life you have that kind of insight that just Puts you like further along than anyone else then That's something that is extremely valuable Every job is going to become Quote-unquote like a creative job That's That's something that's just so obvious right It's just like every job right now that can be done with software that can be done Like very cheaply in the next five years will be gone The internet has been around for one these 20 years It's not that And look how far we've become So like commoditizing like all these just like different job aspects that's going to happen And it's only gonna when everything is a commodity then like the only thing you have is like your input And the more valuable the input is to the business The more valuable you are to the business And as you said the less replaceable you are Yeah I think we need More liberal arts schools like liberal arts is going to make a comeback

Jawad:

37:40

The thing is I don't think it's even like a major thing People are starting to build skills That are not correlated to their field Like when entrepreneurship started like the term even became a hype was like 2010 or something like that Around that time People Describe an entrepreneur When someone says I'm an entrepreneur is there got no one like a hobo don't pay attention to this person at all Like being an entrepreneur was losers now It's very cool But back then it wasn't very cool what's an entrepreneur is and that's what everybody is switching to think Is You need to learn so many things like it's an umbrella of like marketing It's an umbrella Management it's HR it's accounting it's finance It's all those things Like you need to know a bit of everything able to manage the style of entrepreneurship And extremely creative Like you need to be very creative about it because you need to manage all those things at the same time I think people are all heading towards that Companies are expecting to have entrepreneurs inside And don't know if it's going on in the U S was like if you look at some companies in Europe of the ones I'm talking to They asked me this thing They were like do you know anyone that we can hire as an entrepreneur in residence

Ali:

38:58

Yeah

Jawad:

38:59

And I'm like what is entrepreneur in residence They're like Oh basically we want someone who's an entrepreneur That can come into the company and basically work in all the departments We want them to check on everybody See where we can fix things where we can automate things where we can make things better is the first step Two words Companies wanting to hire people who know how to do Multiple things like if you're a marketing You got to learn how to do copywriting You got to learn advertising You got to learn how to do design You got to learn how to do Multiple things You got to learn how to talk to the product people So you keep everything in the loop And when are we going to ship out on when this campaign sites out And when does it end and all of that have to like Puts all those things on there skills think this is what we're moving towards And like you said it's very obvious don't think a lot of people see it yet I don't think a lot of people see it

Ali:

39:53

Yeah like not to take away from Just like very generalized people I think there's also like still a lot of value and like deeply specialized people Because that's like that's the hardest thing to just like replace when you have someone who knows something Just extremely well I They have accumulated that kind of knowledge and insight but they just accumulated in a very specific domain Someone who's just like networks it's just like really understands what's happening there Or someone who's just like really good at like computer vision and that kind of stuff Because when you actually want to make innovation in like a certain field You cannot have everyone being a generalist Like you'll never like make anything Deeply specialized people But you would need them supported with these deeply generalized people as well who can make everything work together So I think it's just TWO spectrums and we're just moving towards the extreme and like both So you have these people who need to like learn be a lot more cross-functional and Learn a lot more and expand their horizon and just take these different viewpoints into their product into their main job and just add value by having that at the same time you have these people who need to go deeper and farther on in a very small kind of like domain And just be able to do things then no one else can do because they have very deep knowledge in it And like companies they're just going to be just like a hybrid of these two and the person that kind of falls in the middle and be like yeah like I'm Like I do XYZ That's like my job and that's all into and that XYZ is something like you can pick up and like six months or like a year those are people who are gonna become very dispensive And so either they become a lot more cross-functional or they become a lot more specialized like that kind of With the medalists

Jawad:

41:45

every company is probably going to have an And D department at one point you're going to have an R and D department and then you're going to have the management part where things are

Ali:

41:53

Yeah like on these parts of it but not just like R and D It's just Imagine you're working on like the camera app and like Google pixel You don't need to just be a good engineer He needs to be a really good engineer In photos right And like in photo editing and like that kind of like domain that's what you really need to be good at because every year you need to make Your product so much better that people would spend like thousands of dollars to get the new gadget because of this like one main feature which is basically the camera So you can imagine like how deeply specialized you need to be And if you work in like few Arkin like supply chain right then You need To be like Have a much more breadth of knowledge than like anyone working in like any DTC company like small like supply chain because you need to really understand like the needs of all these different departments Be able to switch lenses be like okay like one I'm making this decision go supplier a versus supplier B you need to make sure it's the right decision for like the finances of the company for the engineers of the companies for the product people of the company for the marketing people from like a BR like how that's going to lock in You need to have all that kind of knowledge So these guys have jobs become you need to become more cross-functional and be able to get all these different views and just process them in your mind and make that kind of decision But the people working on that very specific feature They need to be specialized Yeah It's it's it's interesting times again And does Yeah just like move Everything Everything is changing It's changing for the better

Jawad:

43:34

For sure All right I think we went over time this was really great

Ali:

43:39

Yeah. And see you next week. You make the exits. I'm not good at that