How to Succeed in the Knowledge Economy

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March 7 (Bloomberg) –- Stanford University Fellow Vivek Wadhwa discusses the importance of technology, social media and collaboration in the workplace with Mark Crumpton on Bloomberg Television’s “Bottom Line.” (Source: Bloomberg)

Crucial to succeeding in this emerging knowledge economy?

More than ever.

I agree with everything bill said.

I am an example of that.

I used to work in first boston and xerox, big companies and one day i created a technology that cause me to become an entrepreneur.

I never looked back.

I ended up forming to companies which employed more than 1000 people.

That is right about what makes an entrepreneur.

The question you asked was -- about the importance, it is more important than other -- ever.

The cost of developing world changing innovations has dropped erratically.

I had -- this iphone has more computing power than what existed on the planet the day was born.

You could start building these world changing innovations using computers, using sensors, dna sequencing costs have dropped.

Artificial intelligence, are the advances are happening that make it possible for intrapreneurs -- intrapreneurs to do what government only did.

Quickscan entrepreneurship be taught?

He can be taught.

I am an example of it.

The average age is 39. most work for 10 to 12 years before they start their company.

They learned on-the-job or they learned it through m.i.t. or other sources.

It can be taught.

Anyone can be an entrepreneur.

What do children seem to understand about the economy that it seems grown-ups do not recognize it question mark they aren't comfortable with using computers.

You and i only started using these technologies, we were scared.

To the kids they go on the ipad and start launching apps and they start to learn how to code.

When we were young, if we were in class together and we look at each other's work it was called cheating.

When kids do that now it is called collaboration.

We were brought up differently.

Uses that we must be technology savvy and collaborative in order to compete effectively for jobs.

Can you explain this?

Yes.

In the old world when you work for big companies, you hoarded knowledge.

You kept it to yourself.

Today is shared knowledge.

You work collaboratively.

You crowd source ideas.

Information is abundant right now, it is free.

Your success depends on understanding what is going on around you and sharing knowledge.

That is -- we are always connected.

We are on social media.

Our lives are changed so much over the last five or 10 years and we do not realize it.

You have to share and you have to collaborate.

Is there such a thing as information overload, is there too much information out there?

Rex there is but we have to learn how to go with it.

Information is expanding rapidly.

We are gathering more than ever before.

We will have almost infinite information.

It is what we can understand and what can we do with it.

It is a to s two understand the new era of knowledge and mastery.

What are the most innovative ceo's doing right now, what are they up to?

Rex the company i do look up to is google.

You have google developing self driving cars and developing balloons that can provide internet access.

There buying robotics companies.

They're worried about their market dying in looking to these mugshots as larry page calls them.

World changing innovations.

If they do not make themselves obsolete, someone else will.

You talked about learning something, is wall street in the game at this point?

Wall street focuses on the short term.

They're looking through four years out.

If executive started learning about the advances that i happening -- are happening, any on the fortune 500 will start thinking differently.

You cannot look short term anymore.

You have to look at the next three-year plan, five-year plan.

Look at the r&d budget all the -- otherwise it will not exist.

What are you telling your students at stanford, do they understand that they need this long-term vision?

Exactly.

I tell them to take the risk and take enjoyment -- start up company.

They will learn more and grow more.

Even if it does not succeed it is not matter.

It is all learning.

They have opportunities i could not dream about.

Anyone of them could build an app that is worth $20 billion and they could do good things and save the world.

They have a unique opportunity.

This text has been automatically generated. It may not be 100% accurate.

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