{"id":3712,"date":"2016-05-11T14:53:51","date_gmt":"2016-05-11T18:53:51","guid":{"rendered":"https:\/\/www.bloomberg.com\/company\/press\/chamath-palihapitiya-tells-cornell-tech-bloomberg-audience-embrace-the-future\/"},"modified":"2016-05-11T14:53:51","modified_gmt":"2016-05-11T18:53:51","slug":"chamath-palihapitiya-tells-cornell-tech-bloomberg-audience-embrace-the-future","status":"publish","type":"press","link":"https:\/\/www.bloomberg.com\/company\/press\/chamath-palihapitiya-tells-cornell-tech-bloomberg-audience-embrace-the-future\/","title":{"rendered":"Chamath Palihapitiya Tells Cornell Tech @ Bloomberg Audience: \u00a0\u201cEmbrace the Future\u201d"},"content":{"rendered":"
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Former Facebook executive and current venture capitalist Chamath Palihapitiya is not afraid of the future\u2014and he says the public shouldn\u2019t be fearful as well.<\/p>\n

\u201cDon\u2019t bet against the human spirit \u2013 that\u2019s been a losing trade since the beginning of humanity,\u201d said Chamath, while speaking at the Cornell Tech @ Bloomberg speaker series.<\/p>\n

Chamath is the founder and CEO of Social Capital, an upstart venture capital firm he launched in 2011 after leaving Facebook, where he oversaw its successful growth strategy. With $1.2 billion under management, Social Capital is one of the fastest-growing venture-capital outfits in Silicon Valley, giving the outspoken investor<\/a> a megaphone to amplify his views, which at times run counter to current Silicon Valley thinking.<\/p>\n

His organization\u2019s name reflects Chamath\u2019s strategy to leverage technology to solve some of the world\u2019s most difficult problems, not just make money, he said. The commonality among Social Capital\u2019s diverse investments \u2013 and for that matter, among companies like Twitter, Uber and Facebook \u2013 is their challenge to conventional business models. But he believes the disruptions that many of these companies bring to industries and their workforces should not be feared.<\/p>\n

\u201cWe should embrace that future \u2013 not run from it,\u201d says Chamath, who is also part of the Golden State Warriors ownership group. \u201cChange means questioning and upending traditional hierarchies and top-down company building in favor of bottom-up, organically growing businesses that offer more opportunities.\u201d<\/p>\n

Chamath likens such disruptions to the industrial revolution\u2019s transformation of agriculture in the last century. At the time, equipment like the tractor shook up the industry and jobs were lost, but food yields increased dramatically.<\/p>\n

In a similar way, he sees today\u2019s technologies creating new industries and reshaping the labor pool, sometimes replacing many of the jobs in the workforce with different but better jobs if people embrace the change.<\/p>\n

\u201cThe UPS driver who delivers packages may soon be sitting in his or her living room operating the drone that delivers packages,\u201d he told interviewer and Bloomberg Radio co-host Pimm Fox. What\u2019s more, he reckons that robots may handle a number of simple tasks, such as manicures, allowing more workers to reevaluate their skills and move in new directions.<\/p>\n

Social Capital<\/a> has invested in many business-focused startups that are trying to improve the management of technology, such as enterprise social network Yammer, company messaging app Slack Technologies and data-storage company Box.<\/p>\n

Such investments have paid off for the firm, but the social purpose angle of its investment strategy is what makes it stand out. The firm has backed companies aiming to transform slower-moving industries such as healthcare, education and financial services.<\/p>\n

Glooko, for instance, is a startup that helps people manage their diabetes through mobile and cloud applications as well as data analytics. Another company, Rama, is building a free Internet network in Sri Lanka, where Chamath was born. He immigrated to Canada with his family when he was 6, and received an electrical engineering degree from the University of Waterloo.<\/p>\n

Asked about how he evaluates progress of the firm\u2019s investments, Chamath describes Social Capital\u2019s long-term perspective.<\/p>\n

\u201cWe don\u2019t need answers tomorrow or in a year,\u201d he explains, noting that the firm has set 2045 as the date for reaching certain ambitious goals. \u201cBy this date we want to have an impact on a quarter of the world\u2019s population, create 10 million new jobs, and be economically viable by earning one trillion dollars.\u201d<\/p>\n

One of the most diverse venture-capital firms in the Valley, Social Capital takes pride in its gender and ethnic makeup. For Chamath, the \u201creallocation and redistribution of power\u201d he foresees should create a more democratic system that unlocks human potential and creates a better world for all.\u201d<\/p>\n

\u201cThe beautiful part about capitalism and entrepreneurship and American ingenuity is that they help things come into being,\u201d he says.<\/p>\n

You can view the\u00a0entire interview on our YouTube channel: Inside Bloomberg<\/a>.\u00a0<\/em><\/p>\n

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