YouSaid · the spoken record

Arun Sundararajan

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69
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2016-10-15
most recent
2016-10-15
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1
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  1. “Could be like a foundation that is giving grants to support the building of a theater and shifting that towards a platform that still collects all the information that you would give a bank or a foundation or a VC, but then gets the financing through a distributed crowd of financiers, whether it's individuals buying equity in your company through Angel List, whether it's individuals contributing towards a loan that is then given to you through funding circle or whether it's individuals who are becoming philanthropists through a platform like Kickstarter.”

    2016-10-15 · Masters in Business · Interview With Arun Sundararajan: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Crowd based capitalism is my conception of a new model of how we organize the world's economic activity. So if you apply it to the funding space, what we're talking about is shifting the way we finance things out of the hands of an institution that gives you money could be”

    2016-10-15 · Masters in Business · Interview With Arun Sundararajan: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “eBay was definitely the pioneer in using these peer feedback systems or to create reputation. Some ways they created the equivalent of a digital institution. You didn't have to have courts of law or contract. You could just rely on the feedback. The thing with eBay is that the stakes were low. receiving a package from someone or you need to get paid by someone the worst thing that happens is that you don't get the product the product's broken you don't get paid these are very different stakes from trusting someone enough to let them into your apartment right trusting someone enough to get into their car and be driven to another city and so we needed the social capital and the identity to come in and to pair up with the peer-to-peer feedback systems which all of the sharing economy platforms use before we could see these high stakes activities emerge and assume these sort of population scale”

    2016-10-15 · Masters in Business · Interview With Arun Sundararajan: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Well, if you think about pre 2005, we carried around a driver's license and this established through a government system that you were who you said you were. And you had a professional and a personal network that was known to you, but wasn't translatable into information that could make someone else who didn't know you trust you. So what Facebook and LinkedIn now represent is a lot of connections on Facebook and LinkedIn are meaningless, I agree. Right. But a lot of it represents real world social capital, professional capital that you have built up over your lifetime that makes you more credible as a trading partner when someone says, well, should I rent my car to this person or should I trust this person enough to sleep in their spare bedroom? Or should I sort of like, you know, borrow money from them? Should I lend them money? This becomes part of a trust infrastructure along with technologies that allow you to hold”

    2016-10-15 · Masters in Business · Interview With Arun Sundararajan: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Yep, and there's a whole bunch of labor markets that have become possible because, you know, if I have a smartphone, then I become a potential source of labor to a market. They don't have to equip me with one of those devices that the UPS drivers have. But I think that there was a broader adoption of digital technology and a comfort level we got using this technology and interacting with other people through an interface. We digitized a lot of our social capital on networks like Facebook and LinkedIn.”

    2016-10-15 · Masters in Business · Interview With Arun Sundararajan: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “I think that the iPhone or smartphones becoming mass market is one of the enablers of a number of industries that have been changed by the sharing economy. You can't imagine Uber without a GPS enabled smartphone knowledge.”

    2016-10-15 · Masters in Business · Interview With Arun Sundararajan: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “So there was a shift in the late 90s because computer technology got cheap enough and fast enough that you could conceive of mass market consumer products. And the iPod was the first big one. But what this has done is that it shifted the focus of the technology industry away from businesses and to consumers. If you look at the big innovations of the last 10 years, social media, tablets, smartphones, they were built for consumers and then adapted for businesses.”

    2016-10-15 · Masters in Business · Interview With Arun Sundararajan: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “They did, but if you think about the primary focus of RD in all of the companies except Apple, the business was the primary focus. The PC was built for business and then a home computer version was developed. That's interesting. The larger computers were built for business. Software was built for business.”

    2016-10-15 · Masters in Business · Interview With Arun Sundararajan: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Well, I think that this was the consumerization of digital technology represented a radical shift in the focus of the industry producing the technology. Because if you think about the 60s, 70s, 80s, and 90s, technology products were built for business or government.”

    2016-10-15 · Masters in Business · Interview With Arun Sundararajan: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Absolutely, there's rent the runway. Rent the runway. It does this on demand as a business. There's another one called Style Len that I really like that does this peer-to-peer where you can sort of monetize your wardrobe by renting things out. The logistics are still sort of the economics, the unit economics of the logistics are still being worked out on that front. But I think that things are going to get a lot easier once drone technologies take off and we have the ability to sort of tap into if an object knows how much it's being used, where it is, and can call on transport on demand, which will be possible in about a decade with drone technology.”

    2016-10-15 · Masters in Business · Interview With Arun Sundararajan: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Absolutely, and I think that the sharing economy sort of came to be because we decided that there must be ways of tapping into capacity that is underutilized. And once we got the smartphones, we were equipped with the technology that allowed us in some ways to think about re-engineering our consumption in the same ways that the companies sort of re-engineered their businesses 20 years ago when they got the PCs and the Ethernet. And if you think about the two industries we're talking about, accommodation and transportation, part of the reason why they're so visible is that they reflect the two most valuable personal assets that the average individual has, their home and their car. And so we've managed to create sharing markets for these assets, even though the transaction costs are still pretty high. It's been harder to create markets for power drill rental.”

    2016-10-15 · Masters in Business · Interview With Arun Sundararajan: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Yeah, I know. Las Vegas maybe comes close, but that's pretty much it. I mean, I used to go to LA and I wouldn't know how to get around without renting a car and then I'd be driving on the highway at 60 miles an hour having not driven for three months. So that's how the door was open, but that's not going to determine the long run success of the companies because they're not really going after the taxi industry. They're going after the automobile industry. They want to shift our spending on buying new and new.”

    2016-10-15 · Masters in Business · Interview With Arun Sundararajan: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “I certainly think that the complacency of the entrenched businesses opened the door for Uber and Lyft, because the bar was pretty low and it was easy to create a product, a service that was dramatically superior. You know, I've lived in New York for a long time and I've had the same frustrations with yellow cabs, but if you think about the United States, New York has by far the best taxi service in the country.”

    2016-10-15 · Masters in Business · Interview With Arun Sundararajan: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Absolutely, and Airbnb in some ways represents a middle ground between the commercial and the gift. In that sense, I mean, it's decidedly commercial. You are pricing, you are managing inventory if you're a supplier. As a guest, you are paying for something that is a service that you're getting from the host. But there is also some gift element and some sort of embracing of imperfection that the guest experiences where you don't expect all the towels will be the same color and perfectly folded. There's a connection that forms with the host, even if the host is not there. You get to see how they have made up their home. There's an intimacy associated with staying in someone else's home.”

    2016-10-15 · Masters in Business · Interview With Arun Sundararajan: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Really, yeah. I mean, the typical couch surfing user, when they go to a new city, they're not saying, where do I find accommodation? They're saying, you know, where's the party? Or how do I meet the interesting people? And the exchange of accommodation is sort of the gift that cements the connection.”

    2016-10-15 · Masters in Business · Interview With Arun Sundararajan: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “Well, the revenue sources, the revenue sources that couch surfing have are pretty limited. They have been making money for a while by charging people for a verification service where if you want to stay with people who have been verified, then couch surfing gets a fee. They switched recently from disavowing advertising to adopting an advertising business model. This is in the Google tradition of going from anti-advertising to pro advertising. But I think focusing on the revenue model of couch surfing takes us away from what's fundamentally different about them. They haven't been set up as a commercial business. They are a pure gift economy.”

    2016-10-15 · Masters in Business · Interview With Arun Sundararajan: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “It's really a situation where we have to think about how do we change the laws in a way that accommodates this activity because a lot of people want to host on Airbnb. A lot of guests want Airbnb. So society wants this service. What I think will happen in the long run is a couple of things. One is that we will in fact change the laws around that prevent people from renting for less than 30 days and so on. But I think we're also going to delegate a lot of the responsibility to parties other than the government.”

    2016-10-15 · Masters in Business · Interview With Arun Sundararajan: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Well, dealing with the new world of short term accommodation, I think requires a fundamental rethinking of a lot of different dimensions of regulation because we are creating in some sense a new form of mixed use real estate where the personal home can also become a commercial short-term accommodation source for people who are visiting the city. We're challenging ideas of zoning and we're challenging sort of the separation between long-term and short-term accommodation.”

    2016-10-15 · Masters in Business · Interview With Arun Sundararajan: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “To regulate, say, accommodation or transportation, which expect a full time professional provider on the supply side, are being challenged because you've got people who are hosting occasionally on Airbnb, who are driving occasionally for Lyft, who have become little car rental businesses, who have become little bankers.”

    2016-10-15 · Masters in Business · Interview With Arun Sundararajan: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source