Having spent the past 10 years relentlessly studying psychology, self-improvement, and entrepreneurship, there are many people who have inspired and influenced my thinking.
However, over the past 3 years, I’ve come across two thinkers who stick out. Not just in their thinking, but their overall approach to life and business.
Naturally, both of these entrepreneurs are highly aligned, synergistic, and yet very different.
These two entrepreneurs are Dan Sullivan and Joe Polish. Dan is the founder of Strategic Coach, which is considered by many to be the #1 entrepreneurial coaching program in the world. Joe is the founder of Genius Network, GeniusX, and Genius Recovery. Genius Network is considered the #1 entrepreneurial mastermind group in the world.
“Always make your future bigger than your past.”―Dan Sullivan
“Who, not how.”―Dan Sullivan
“As an entrepreneur, you’ve removed yourself from the restrictions and limitations of other people’s systems. Still, it’s amazing how many of us strive to meet others’ expectations and demands – or set up rigid, impossible ideals for ourselves.”―Dan Sullivan
DETROIT (Reuters) – General Motors Co said on Thursday it was working with design software company Autodesk Inc to manufacture new, lightweight 3D-printed parts that could help the automaker meet its goals to add alternative-fuel vehicles to its product lineup.
FILE PHOTO – A Chevrolet Bolt EV vehicle is seen on the assembly line at General Motors Orion Assembly in Lake Orion, Michigan, U.S., March 19, 2018. Photo taken March 19, 2018. REUTERS/Rebecca Cook
Last year, the company announced ambitious plans to add 20 new electric battery and fuel cell vehicles to its global lineup by 2023. Chief Executive Mary Barra has made a bold promise to investors that the Detroit automaker will make money selling electric cars by 2021.
The ability to print lightweight parts could be a gamechanger for the electric vehicle industry. With consumer concerns over the limited range of electric vehicles a major obstacle to their mass adoption, making them lighter improves fuel efficiency and could help extend that range.
GM executives this week showed off a 3D-printed stainless steel seat bracket developed with Autodesk technology – which uses cloud computing and artificial intelligence-based algorithms to rapidly explore multiple permutations of a part design.
Using conventional technology, the part would require eight components and several suppliers. With this new system, the seat bracket consists of one part – which looks like a mix between abstract art and science fiction movie – that is 40 percent lighter and 20 percent stronger.
Other manufacturers such as General Electric Co have also beefed up their use of 3D printers in manufacturing. GM rival automaker Ford Motor Co said last year it was testing lightweight 3D printing for mass production.
GM has used 3D printers for prototyping for years, but Kevin Quinn, the automaker’s director of additive design and manufacturing, said within a year or so GM expects these new 3D-printed parts to appear in high-end, motorsports applications. Within five years, GM hopes to produce thousands or tens of thousands of parts at scale as the technology improves, Quinn said.
“That is our panacea,” Quinn said. “That’s what we want to get to.”
In the long run, Quinn said the 3D printed parts would help reduce tooling costs, cut the amount of material used, the number of suppliers needed for one part and logistics costs.
The 3D-printing based manufacturing industry is working toward mass production and trying to address issues with “repeatability and robustness,” said Bob Yancey, Autodesk’s director of manufacturing.
GM getting into the game “will put tremendous pressure” to make that happen, Yancey said.
Reporting By Nick Carey, Editing by Rosalba O’Brien
BEIJING/HONG KONG (Reuters) – Smartphone and connected device maker Xiaomi [IPO-XMGP.HK] filed for a Hong Kong initial public offering on Thursday that could raise $10 billion and become the largest listing by a Chinese technology firm in almost four years.
FILE PHOTO: The logo of Xiaomi is seen inside the company’s office in Bengaluru, India January 18, 2018. Picture taken January 18, 2018. REUTERS/Abhishek N. Chinnappa/File photo
Xiaomi’s IPO, which will be one of the first in Hong Kong under new rules to attract tech firm listings, is a major win for the bourse as competition heats up between Hong Kong, New York and the Chinese mainland.
The listing is expected to raise about $10 billion via the public offering, giving Beijing-based Xiaomi a market value of between $80 billion and $100 billion, people familiar with the plans told Reuters.
Those targets, if achieved, will make it the biggest Chinese tech IPO since Chinese internet giant Alibaba Group Holding Ltd (BABA.N) raised $21.8 billion in 2014.
Xiaomi’s prospectus gave investors the first detailed look at its financial health ahead of the much-hyped IPO, which could be launched as soon as end-June, according to the people close to the process who requested anonymity as the details were not yet public.
The numbers underscore how Xiaomi has remained resilient even as the global smartphone market has slowed, helped in part by a push overseas into markets like India.
The company said its revenue was 114.62 billion yuan ($18 billion) in 2017, up 67.5 percent against 2016. Operating profit for 2017 was 12.22 billion yuan, up from 3.79 billion yuan a year ago.
It made a net loss of 43.89 billion yuan versus a profit of 491.6 million yuan in 2016, though this was impacted by the fair value changes of convertible redeemable preference shares.
A man walks past a Xiaomi store in Shenyang, Liaoning province, China April 7, 2018. Picture taken April 7, 2018. REUTERS/Stringer
Alongside smartphones, Xiaomi makes dozens of internet-connected home appliances and gadgets, including scooters, air purifiers and rice cookers, although it derives most of its profits from internet services.
Its relatively cheap handsets pose a rising challenge to market leaders Samsung Electronics Co Ltd (005930.KS) and Apple Inc (AAPL.O).
Xiaomi doubled its shipments in 2017 to become the world’s fourth-largest smartphone maker, according to Counterpoint Research, defying a global slowdown in smartphone sales.
It is also making a big push outside China’s borders, with 28 percent of its sales derived from overseas markets last year, up from 6.1 percent in 2015.
Yet margins on its smartphones are razor-thin. Xiaomi posted a gross profit margin of just 8.8 percent for its smartphone business in 2017 compared to 60 percent for its internet services business.
According to some analyst estimates, Apple’s flagship iPhone X and iPhone 8 have gross margins of around 60 percent.
The company makes the lion’s share of its profit – 60 percent – from internet services, including gaming and advertising linked to its homegrown user interface, MIUI, which had 190 million monthly active users as of March 2018.
Xiaomi’s listing plans come as the company and its investors look to capitalize on a bull run for the Hong Kong market, which has seen the benchmark Hang Seng Index rise about 27 percent over the past year.
Armed with the new rules allowing the listing of companies with dual-class structures, Hong Kong is eyeing several tech listings that are expected in the coming two years from Chinese firms with a combined market cap of $500 billion.
Xiaomi said in its IPO application the company would have a weighted voting rights (WVR) structure, or dual-class shares. The WVR give greater power to founding shareholders even with minority shareholding.
The structure would allow the company to benefit from the “continuing vision and leadership” of the dual-class share beneficiaries, who would control the company for its “long-term prospects and strategy”, it said.
Dual-class shares have been a contentious topic in Hong Kong since the city’s strict adherence to a one-share-one-vote principle cost it the float of Alibaba, which instead listed in New York.
Xiaomi is also likely to be among the first Chinese tech firms seeking a secondary listing in its home market, using the planned China depositary receipts route, two people with knowledge of the matter said.
CLSA, Morgan Stanley and Goldman Sachs Group Inc are sponsoring Xiaomi’s IPO.
($1 = 6.3610 Chinese yuan renminbi)
Reporting by Cate Cadell in Beijing, Julie Zhu in Hong Kong and Rushil Dutta in Bengaluru; Writing by Sumeet Chatterjee; Editing Stephen Coates
(Reuters) – Qualcomm Inc has broadened its use of a lower-cost licensing model for the next generation of mobile data networks, a move that could help in contentious talks with two customers including iPhone maker Apple Inc, the wireless tech company’s patent licensing chief said on Monday.
FILE PHOTO: A sign on the Qualcomm campus is seen in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake/File Photo
The patent business traditionally has supplied much of Qualcomm’s profit but has also spurred conflict with Apple, Samsung Electronics Ltd and Huawei Technologies Co Ltd as well as regulators in China, South Korea and the United States.
New deals could lower the licensing rate that Qualcomm receives while making the business more dependable if regulators view the terms favourably and two major customers – Apple and a company widely believed to be Huawei – resolve their disputes and resume paying Qualcomm.
“It’s a good context for dealing with the two licensee issues we have now,” Alex Rogers, the head of Qualcomm’s licensing division, told Reuters in an interview, naming Apple but leaving Huawei unnamed as is the company’s policy when a dispute hasn’t become public through a court proceeding.
Rogers did not comment directly on the likelihood of resolving either customer dispute. Apple and Huawei did not immediately respond to requests for comment.
Qualcomm sells chips for mobile phones but has a second, much older business licensing technology for wireless networks. The licensing business has generated global controversy and resulted in billions of dollars in regulatory fines, some of which remain on appeal.
Handset makers can licence one of two sets of Qualcomm patents: The full suite that costs makers about 5 percent of the cost of a handset or a smaller set of so-called “standard essential patents” for 3.25 percent, which includes only the patents needed for gear to work on mobile data networks.
In the past, most of Qualcomm’s customers licensed both sets of patents to avoid lawsuits. But Qualcomm has been defusing tensions by making it easier for customers to licence just the smaller, lower-cost set of standard patents and by adding patents for the next generation 5G wireless network to the suite at no additional cost.
That essentially extends a 2015 settlement with China’s chief antitrust regulator. Qualcomm began to licence only its standard patents for 3G and 4G networks to Chinese handset makers for a rate of 3.25 percent. More than 100 device makers have signed on for such deals.
“We have not lowered the rate. What we’re doing is including more technology, more (intellectual property) in the offering without increasing the price,” Rogers added.
Qualcomm also announced last week that it would assess its patent fees against only the first $400 (£291) of a phone’s net selling price. Rogers said the previous price cap was $500, a figure that was well known among industry insiders but that Qualcomm did not make public.
“What we’re doing here is creating a foundation for stability going forward,” Rogers said, describing Qualcomm’s 5G licensing moves as “regulator friendly”.
The question now is whether more handset makers will opt for Qualcomm’s lower-cost standard patents rather than its pricier full portfolio.
“What we perceive here is there will be more of a mix than there was in the past of companies opting for (standard essential patents) only,” Rogers said. “How much more, depends on each individual company.”
While Qualcomm has made no public disclosures about the status of talks with the two major customers in licence disputes, the company’s approach to licensing patents for upcoming 5G networks will look different than its initial approaches for 3G and 4G networks of years past.
“Both of those issues (disputes) are essentially now being handled within the framework of the current programme we’re offering,” Rogers said.
Reporting by Stephen Nellis; Editing by Peter Henderson and Cynthia Osterman
LOS ANGELES (Reuters) – Amazon.com’s Whole Foods Market sparked social media outrage after its newest store in its 365 grocery chain partnered with an Asian restaurant with the racially charged name of Yellow Fever.
A Whole Foods Market store is seen in Santa Monica, California, U.S. March 19, 2018. REUTERS/Lucy Nicholson
The independently owned and operated eatery – whose name is taken from the slang term for a white man’s sexual attraction to Asian women – is located in the 365 store that opened in Long Beach, California, on Wednesday.
“An Asian ‘bowl’ resto called YELLOW FEVER in the middle of whitest Whole Foods — is this taking back of a racist image or colonized mind?” Columbia University professor and author Marie Myung-Ok Lee, wrote on Twitter.
Whole Foods, which has eight stores in its 365 chain that was launched with a no-frills concept to win over millennials, declined comment.
“Yellow Fever celebrates all things Asian: the food, the culture and the people and our menu reflects that featuring cuisine from Korea, Japan, China, Vietnam, Thailand and Hawaii,” said Kelly Kim, executive chef and co-founder of Yellow Fever, which also operates two Los Angeles-area restaurants.
“We have been a proud Asian, female-owned business since our founding over four and a half years ago in Torrance, California.”
Kim, who is Korean-American, in previous interviews said she was aware that the name choice would be attention-getting and controversial.
“One night, we just said ‘Yellow Fever!’ and it worked. It’s tongue-in-cheek, kind of shocking, and it’s not exclusive — you can fit all Asian cultures under one roof with a name like this. We just decided to go for it,” Kim told Asian American news site NextShark six months ago.
A year ago she told the Argonaut, a local Los Angeles news outlet, that Yellow Fever means “love of all things Asian” and that public push back over the name had not been as drastic as expected.
Some people on social media defended the news of the partnership with Whole Foods as part of a broader cultural trend.
“This is no more offensive than @abc naming an Asian sitcom Fresh of the Boat or FOB- which is considered racists [sic],” wrote Lorin Hart, who uses the Twitter handle @CubeProMH.
Reporting by Lisa Baertlein in Los Angeles; Editing by Marguerita Choy
TAIPEI (Reuters) – Taiwan Semiconductor Manufacturing Co (2330.TW), the world’s largest contract chipmaker, is planning a T$400 billion ($13.50 billion) investment to expand its research and development capacity for future technologies, a company spokeswoman said on Friday.
FILE PHOTO: A logo of Taiwan Semiconductor Manufacturing Co (TSMC) is seen at its headquarters in Hsinchu, Taiwan October 5, 2017. REUTERS/Eason Lam/File Photo
The initial planned investment is a “ballpark figure” and is for several years down the line, Elizabeth Sun told Reuters in a phone call.
The proposed investment is subject to the government’s ability to procure and integrate more land into the Hsinchu science park in Taiwan, which is currently full, as well as to environmental assessments, Sun added.
Hsinchu serves as the company’s headquarters, a major production facility, and its research and development center, which focuses on future chip technology.
“This piece of land, if we’re able to acquire it, it would be for all the future R&D activities,” Sun said. “Right now we’re already doing 5 nanonmeter R&D. In the future, it’ll be 3 nm and beyond.”
Earlier this month, TSMC revised its full-year revenue target to the low end of its earlier forecast due to softer demand for smartphones and uncertainty in cryptocurrency mining market.
At the same time, it said it expects high-performance computing chips to make up a greater share of the company’s growth over the next five years. The chips are used in such quick-growing fields as artificial intelligence, cryptocurrency mining and blockchain.
For the third year running KU Leuven tops Reuters ranking of Europe’s most innovative universities, a list that identifies and ranks the educational institutions doing the most to advance science, invent new technologies and power new markets and industries. A Dutch-speaking school based in Belgium’s Flanders region KU Leuven was founded in 1425 by Pope Martin V and continually produces a high volume of influential inventions. Patents filed by KU scientists are frequently cited by other researchers in academia and in private industry. That’s one of the key criteria in Reuters’ ranking, which was compiled in partnership with Clarivate Analytics, and is based on proprietary data and analysis of patent filings and research paper citations.
1. The library of the university KU Leuven “Katholieke Universiteit Leuven” is pictured in Leuven, Belgium, June 8, 2016. REUTERS/Francois Lenoir
But even though the usual suspects continue to dominate Europe’s Most Innovative Universities, political uncertainty may be causing a big swing in where innovation happens. The trend is most clear if you consider the sum of changes in rank for each country’s institutions: The 23 German universities on this year’s list cumulatively rose 23 spots, more than any other country. Switzerland was second, with five universities up a total of 8 spots. And in contrast, the list’s 21 UK-based universities dropped a cumulative 35 spots.
2. Students walk out of a faculty building of Imperial College London, Britain, May 27, 2016. REUTERS/Toby Melville/File Photo
Why is this shift occurring? The United Kingdom’s “Brexit” from the European Union is almost a year away, but Europe’s scientific community may already be leaving the UK in favor of research institutions on the continent. A February 2018 study published by the UK-based Centre for Global Higher Education reports that many German academics view Brexit as an “advantage,” and hope to use it to attract UK researchers to German universities; in turn, UK academics report that their own postdocs aren’t seeking positions in the UK and are looking at the EU or United States instead. And as Brexit actually unfolds, it could get worse: A November 2017 study performed by the School of International Futures for the UK’s Royal Society describes a possible post-secession United Kingdom where universities compete for a shrinking pool of skilled workers, projects that used to receive EU funding wither, researchers receive fewer invites to join consortia and attend conferences, and overseas collaboration is limited. Similarly, EU-based businesses that fund research at universities may prefer to keep their investments within the region in order to avoid the tax and regulatory headaches of working with post-Brexit UK institutions.
The government of Germany has also established itself as notably pro-science, increasing federal research budgets and encouraging growth in emerging industries such as renewable energy. (German Chancellor Angela Merkel actually holds a doctorate in quantum chemistry, and worked as a research scientist before she entered politics.) According to a 2017 analysis published in the science journal “Nature,” researchers are “flocking to the country,” in part due to the country’s €4.6-billion “Excellence Initiative,” which has helped to attract at least 4,000 foreign scientists to Germany since 2005. And in 2016, the German Research Foundation (Deutsche Forschungsgemeinschaft, or DFG), the country’s main funding agency, allocated a record €2.9 billion in grants, posting a success rate for individual grant proposals higher than comparable UK rates.
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This year’s university ranking also shows how smaller countries can have an outsized presence in the world of innovation. Belgium has seven schools on the list, but with a population of only 11 million people, it can boast more top 100 innovative universities per capita than any other country in Europe. On the same per capita basis, the second most innovative country on the list is Switzerland, followed by Denmark, the Netherlands, and the Republic of Ireland. And some large countries underperform despite bigger populations and economies. Russia is Europe’s most populous country and boasts the region’s fifth largest economy, yet none of its universities count among the top 100.
To compile the ranking of Europe’s most innovative universities, Clarivate Analytics (formerly the Intellectual Property & Science business of Thomson Reuters) began by identifying more than 600 global organizations that published the most articles in academic journals, including educational institutions, nonprofit charities, and government-funded institutions. That list was reduced to institutions that filed at least 50 patents with the World Intellectual Property Organization in the period between 2011 and 2016. Then they evaluated each candidate on 10 different metrics, focusing on academic papers (which indicate basic research) and patent filings (which point to an institution’s ability to apply research and commercialize its discoveries). Finally, they trimmed the list so that it only included European universities, and then ranked them based on their performance.
Of course, the relative ranking of any university does not provide a complete picture of whether its researchers are doing important, innovative work. Since the ranking measures innovation on an institutional level, it may overlook particularly innovative departments or programs: a university might rank low for overall innovation but still operate one of the world’s most innovative oncology research centers, for instance. And it’s important to remember that whether a university ranks at the top or the bottom of the list, it’s still within the top 100 on the continent: All of these universities produce original research, create useful technology and stimulate the global economy.
But perhaps there’s another way to respond. And a passenger on American Airlines who made that choice recently, went viral himself as a result.
Meet Todd Walker, a father of two who just celebrated 30 years with his employer, and who flies as often as four times a month from Kansas City to North Carolina for work.
He’d boarded an American Airlines flight recently on that route, getting seat 33A toward the back of the plane, only to find that the passengers sitting next to him were a mom named Jessica Rudeen, and her two kids: four-month-old Alexander on her lap, and three-year-old Caroline.
After some chaos in the boarding area, Rudeen hadn’t had a chance to feed the four-month-old–and he started reacting the way hungry four-year-olds are known to do. Then, her three-year-old daughter changed her mind about the whole idea of flying.
That meant Walker was about to get what we might call, “whole toddler experience.” I’ll let Rudeen herself describe the maelstrom, as she did in a post (embedded at the end of this article):
My 3 year old, who was excited before boarding the plane, lost her nerve and began screaming and kicking, ‘I want to get off the plane! I don’t want to go!’ I honestly thought we’d get kicked off the plane. So with two kids losing their minds, I was desperately trying to calm the situation.
Walker responded in a way that seemed completely unremarkable to him, he told me in a phone conversation this weekend. He just decided to help. As Rudeen explained further, Walker…
reached for the baby and held him while I forced a seatbelt on Caroline, got her tablet and started her movie. Once she was settled and relatively calmed, he distracted her so that I could feed Alexander. Finally, while we were taxiing, the back of the plane no longer had screams. During the flight, he colored and watched a movie with Caroline, he engaged in conversation and showed her all the things outside.
By the end of the flight, he was Caroline’s best friend. I’m not sure if he caught the kiss she landed on his shoulder while they were looking out the window.
Walker also was on the same connecting flight in Charlotte that Rudeen planned to take. He walked her daughter through the terminal to the new gate, and then asked to have his seat reassigned to he could sit next to the family and help out on the second flight, too.
I talked with both Walker and Rudeen this weekend, after Rudeen’s Instagram/Facebook post–which she originally put up because she hadn’t gotten Walker’s last name or contact information, and wanted to connect with him again–got so much traction. As of this writing it has more than 5,000 shares, and it’s been featured in media around the world.
The Walker and Rudeen families say they think their meeting was a result of divine intervention, and that they plan to meet again next month.
“I wasn’t expecting it to get to places like Brazil or Ireland or Australia or the U.K.,” Rudeen told me. “I’m just a stay-at-home mom in northwest Arkansas. But, I’m glad that it highlights the importance of what it means to be kind.”
Walker said he hadn’t thought his conduct had been a big deal, either, and but he welcomed the attention if it inspires other people to offer help, or to notice kindness around them.
“When I walked away in Wilmington, I never thought I’d hear from or see them again,” he said, reiterating that it hadn’t seemed like a big deal to him to respond to the family with kindness.
He also praised Rudeen for being willing to admit she could use the assistance, even in a world where people often have good reason to be wary of strangers. “Part of the reason this worked is that Jessica was willing to accept the help. That’s not always the case today, and I get it.”
OpenAI, a nonprofit research lab started by Tesla founder and CEO Elon Musk released the salary details of it’s employees–and they are striking. The organization’s top researcher was paid more than $1.9 million in 2016, and another leading researcher who was only recruited in March was paid $800,000 that year, according to a recent article in the New York Times.
Salaries for top A.I. researchers have skyrocketed because there is high demand for the skills–thousands of companies want to work with the technology–and few people have them. So even researchers at a nonprofit can make big money.
It likely has more to do with competition than interest in the field itself, however. The Times points out that both of the researchers employed by OpenAI used to work at Google. At DeepMind, a Google-owned A.I. lab in London, $138 million was spent on the salaries of 400 employees, translating to $345,000 per employee including researchers and other staff, the Times reports.
OpenAI was started by Musk who recruited several engineers from Google and Facebook, two companies pushing the industry into artificial intelligence. People who work at major companies told the Times that while top names can expect compensation packages in the millions, even A.I. specialists with no industry experience can expect to make between $300,000 and $500,000 in salary and stock as demand for the skills continues to outstrip supply.
MEXICO CITY (Reuters) – America Movil’s fixed-line unit Telmex said on Wednesday that the nation’s supreme court has sided with it and ruled the firm should not be barred from charging rivals for calls to its network.
The logo of America Movill is seen on the wall at the company’s corporate offices in Mexico City, Mexico March 14, 2018. REUTERS/Carlos Jasso
The decision follows a similar ruling from the Supreme Court in August that opened the door for America Movil’s mobile unit Telcel to begin charging its rivals for use of its network.
The rulings weaken a key pillar of a 2014 telecommunications reform intended to loosen billionaire Carlos Slim’s grip on a market he has dominated since taking control of former state phone monopoly Telmex in the 1990s.
Mexico’s Federal Institute of Telecommunications (IFT) will set the rates, which will become effective on Jan. 1, 2019, Telmex said.
A spokeswoman for the IFT did not immediately respond to a request for comment.
The IFT ruled in November that America Movil could resume charging local rivals for mobile calls to its network.
In March, the IFT approved a plan to separate part of America Movil’s fixed-line units into new companies, after about a year of discussion. America Movil submitted a plan for the separation this month, which is intended to open up its infrastructure to competitors.
Telmex held about 62 percent of Mexico’s fixed-lines as of the third quarter 2017, according to IFT data.
Reporting by Anthony Esposito and Julia Love; Editing by Himani Sarkar