00:00Speed of innovation is what matters, that innovation per unit time, not innovation absolute time,
00:05because if you wanted to make, say, 100% improvement in something and that took 100 years
00:09or one year, that's radically different. It's like, what is your rate of innovation
00:13that matters? And is the rate of innovation, is that accelerating or decelerating?
00:17The weird thing happens when companies get big is that most companies or organizations,
00:20the bigger they get, they tend to get less innovative, not just less innovative on a
00:25per person basis, but less innovative in the absolute. And I think this is probably
00:28because the incentive structure is not there for innovation. It's not enough to
00:33use words to encourage innovation. The incentive structure must be aligned with that.
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