00:00Startup competition Meet the Drapers is entering its sixth season with tapings currently underway.
00:05The show, hosted by venture capital icon Tim Draper, brings in entrepreneurs from around the world to pitch ideas and compete to win a million dollars.
00:14Tim is the founder and managing partner of Draper Associates.
00:17He comes from a long line of venture capitalists as well as generals and diplomats and economists.
00:25Tim, great to have you on the program.
00:27I mentioned that because I want to get into a little bit later how you look at venture capital through the lens of what your family has accomplished throughout generations.
00:35But first on the show, what are you looking for here?
00:39Is it the idea that you're interested in or is it the person pitching that idea that's more important to you?
00:45Oh, the show is so much fun.
00:47And, you know, we're doing a U.S. tour now and I've just been in Tuscaloosa, Alabama, and I've been in Detroit, Michigan.
00:56Now we're doing it in New York and the show is taking on amazing forms.
01:02We've we've done it mostly internationally.
01:04I mean, it breaches three hundreds of millions of people worldwide, but the U.S. is relatively untouched so far.
01:13But now we're looking for entrepreneurs in the U.S.
01:17We think timing is perfect now.
01:20The regulatory environment is improving.
01:22And we're looking for entrepreneurs from generally high tech entrepreneurs that are that are looking to transform very big, lazy, bureaucratic industries.
01:38So that's kind of where that's where we're going.
01:41And and we've we've got like a thousand entrepreneurs trying to get on the show for every four we put on.
01:49And and it's it's fantastic.
01:52So we get it's a very good group and we end up funding at least one in every season.
02:02And I know the whole point of this also is spot early trends, find technologies that might not be on the mainstream radar.
02:10With that in mind, what are we missing?
02:13What isn't on the mainstream radar?
02:15Because right now all the tech money is pretty excited about A.I.
02:18is there something else out there that you think the funding dollars should also be flowing to?
02:24Yeah. A.I. is going to transform all our jobs and all our industries.
02:30And that is the the general A.I.
02:32companies, you know, they're going to have a big impact on the world.
02:35But but we're seeing big opportunities in health care where people are going from it's it's like chemotherapy to bio cures.
02:48So all this new technology with CRISPR and MRNA and stem cells and cloning, those are really changing the nature of health care.
02:58And then in space and transportation, space is the final frontier and it's going to be an amazing frontier.
03:05And all sorts of interesting things are happening out in space from mining asteroids to living on the moon to whatever.
03:15And and and so that's really having a big impact.
03:19And with all the military spending around the world now, all of our space and transportation companies are becoming dual use.
03:28And then Bitcoin, there's a gradual gravitational pull toward Bitcoin as we transform the banking, commerce, all these industries as we move from fiat to Bitcoin.
03:43So I think those are going to be good areas and and A.I.
03:48is going to impact all of them.
03:50I want to get back to, you know, your family, because I have interviewed your kids, at least Adam and and Jesse on a number of occasions.
04:00You've got to interview the rest of them.
04:01Well, I'd love to interview all of them.
04:03But but through knowing them, I've I've heard a lot about, you know, your grandfather helped to redevelop Europe after the Second World War.
04:10And your father was the chair of the Export-Import Bank and chaired the U.N. Development Program.
04:17And I wonder if if you look at, you know, infrastructure investments that need to be done today because of the geopolitical climate or defense investments that need to be done today, especially in V.C., right?
04:27We hear about the big names, but are there opportunities there in V.C. as well?
04:34Well, I like freedom and I like progress.
04:37And the best leaders are the ones who set very clear guidelines and then trust their people and set them free.
04:46And I and I think, you know, and I'm also a free trader and I'm hoping that the geographic borders start to fall again after after we get through all the tension.
04:57So, no, I'm not particularly looking at defense, except that I am looking at opportunities for every industry that is getting a little lazy and and where the the service does not meet the price.
05:17If we're paying a lot for the service and not getting enough for it, I'm looking for technologies and entrepreneurs that are going to go after those industries and wedge in and start providing better service at lower cost.
05:33So I think we've got to there are a lot of industries like that.
05:37And one is defense. One is big pharma. One is the the lawyers.
05:45So one is insurance. One is banking. You can think of all government is like providing, you know, not as good service at a very high cost.
05:56And I think all of them are ripe for transformation because of artificial intelligence, because of Bitcoin.
06:04Yep. Tim, let me ask you on Bitcoin. We only have 30 seconds left, but we have Michael Saylor on later today.
06:09And I've been covering Bitcoin for over a decade.
06:14I remember when you and Adam bought the Dread Pirate Roberts steak from the federal government.
06:18How can we be using Bitcoin in all these disintermediating ways and to disrupt banking, for example, if we're not prepared to spend it?
06:28And Michael Saylor says, don't you dare spend that Bitcoin.
06:32I don't think a lot of people would want to do that today.
06:35No, but there will be a moment when all the retailers start saying, I accept Bitcoin.
06:40Bitcoin. And then there will be a moment where all the retailers say, I only accept Bitcoin.
06:46And I think that'll be the moment where people start to spend Bitcoin.
06:51All right.
06:52I have an intention of selling Bitcoin, but I do have an intention long term to spend it.
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