Latest / King Dems Podcast | Growth Mindset, Leadership, AI and Business Insights / Will AI Replace Jobs and Leaders? | Steve Endacott

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Will AI Replace Jobs and Leaders? | Steve Endacott · King Dems Podcast | Growth Mindset, Leadership, AI and Business Insights

0:00
But do you think AI can make better decisions than humans
0:04
when it comes to leadership role?
0:05
Fundamentally, no. That is exactly the wrong use of
0:09
AI. AI is there to be your copilot
0:11
is a leader. I'll give you examples.
0:13
Neural River have a product called Mayi and Mayi is about
0:17
creating a business brain and we upload all the documents, you
0:20
know, your accounts, your sales packs, your customer services,
0:23
your FAQs, we scrape your website and it creates a
0:26
knowledge of your business. We then we called every single
0:30
Zoom teams meeting and other meeting you have and phone call
0:33
you have. So everything is captured,
0:35
analysed and can be fed up to the leader to say this is what's
0:39
actually going in your business. But it's the leader's job to
0:42
make the decisions. It's a leader's job to show
0:45
leadership to it's human team. Yeah, the leader can you an AI
0:49
to communicate. For example, we've created a
0:51
town hall function and we've cloned that leader's voice so we
0:54
can just, you know, write what he wants to say, or the AI can
0:57
write what he says. He's the edge of it, and it goes
0:59
out to all his staff members that are fully aware what's
1:01
going on. But leadership and human
1:03
leadership is the ultimate power.
1:06
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1:52
Live ladies and gentlemen, once again welcome to the King James
1:56
podcast and Diary of the CFO. And today I've got with me a
1:59
very important guest are fighting out of the United
2:03
Kingdom. Make welcome Steve the AI man.
2:07
And the cart. How are you Steve?
2:10
I'm. Good, thanks.
2:11
Ready to rock'n'roll? Wow.
2:15
See what you've got to say? OK, OK, man, just before we hit
2:20
the record button, we're saying we don't know the Steve you're
2:23
getting today, either the real Steve or the AI Steve.
2:26
What is Steve are we getting today?
2:30
You're getting the real one that answers questions quickly
2:32
without me having to write a script for it.
2:35
OK, amazing. And the Steve without the prompt
2:37
engineering. So sit back why we'll read to
2:41
you your flowers. So today's episode is.
2:44
One of those rare conversations that sits at the intersection of
2:49
business, technology and legacy. Our.
2:52
Guest is a serial. Entrepreneur, investor and
2:55
Chairman who has built, skilled and exited multiple ventures
2:59
across travel, fintech and now artificial Intelligence.
3:04
From helping shape the modern travel industry to building AI
3:07
driven ventures like Neuro Voice and Co Founding Life's Echo, he
3:12
is now tackling one of the most profound questions of our time.
3:16
What does it mean to live on beyond your lifetime?
3:20
He is also the mind behind AI, Steve and AI powered political
3:26
candidates designed to rethink how democracy could work in the
3:30
digital age. This is a conversation about
3:33
innovation, risk, legacy and the future of humanity in an AI
3:38
driven world. Steve, welcome once again to The
3:41
Kingdom's podcast. Thanks for having me.
3:45
You're welcome, Sir. So let's go to the origin story.
3:49
You know the origin behind the authority.
3:52
So you've had an incredible journey from traditional
3:56
industries into AI. What were the key Inflexion
4:00
points that shaped your thinking as an entrepreneur?
4:04
I think the first thing that happened was my business went
4:06
bust. I was working with International
4:08
Leisure Group in 1990. I took a year out to travel
4:12
around the world. I came back on the 1st of March
4:15
and then the business went bust on the 8th of March.
4:18
So my job, my career went down the toilet overnight and we had
4:22
to start a new business. And we created a new business
4:24
called Sunworld. We made-up the name on a Sunday
4:26
afternoon, News of the World and the Sun.
4:29
We went and rented some offices and we pinched the computers
4:32
from the old company because we couldn't afford them and then
4:35
paid for them later. And it taught me how to be an
4:37
entrepreneur in a corporate world.
4:39
So it's a seismic shock to me, but it was one that taught me
4:43
that you can survive disaster, move forward and actually make
4:46
good profit from it. It's amazing, you know, that's
4:49
the spirit of resilience, you know, coming back from disaster,
4:53
but you know, you are a man of multiple feathers, right?
4:59
So from travel to AI, you you've got your hands in different pies
5:04
and of course, you've built an exceeded successful businesses,
5:08
you know, in travel industry before moving into the AI
5:12
industry. So what did travel industry
5:14
teach you about skill, about margins, and about timing?
5:18
I. Think it's probably not so much
5:21
travel but having a corporate career first.
5:24
Is unusual for an entrepreneur. So I was not a born
5:28
entrepreneur. I did not just risk everything.
5:31
I had a corporate career. I cheated my way through the
5:33
ranks because I knew how to. Fiddle the accounts.
5:35
Because I was an accountant, I understood the margins, I
5:38
understood where to go, where to make money, and I got to the top
5:43
of a largest tour operator in the world at the time I travel
5:47
and I was chief operating officer in the UK and I hated
5:50
the job and I hated the job because I didn't actually do a
5:54
job anymore. I just sat behind the desk and
5:57
had multiple meetings all week. And I did that top role, which
6:00
was my dream role for a year, and I went to.
6:02
Hell with this, it's ruining my marriage, it's ruining my life.
6:06
I don't like the job I'm leaving.
6:08
And then you have to work out that actually you can't just
6:10
leave. You need to get them to sack you
6:13
and give you a year's pay off so you can start your new business.
6:16
So that's exactly what I did. I became very.
6:18
Awkward in corporate life. Managed to persuade them to pay
6:21
me off and then I started my entrepreneurial life again and
6:24
launched a new business. So, yeah, interesting.
6:28
You know so many founders tend to chase trends, but you seem to
6:32
anticipate them. How do you spot where the world
6:35
is going before others? Do that.
6:40
I think you sit back. I tend to sit in the hot tub in
6:43
the morning and think about my sector, my industry, what's
6:47
going on. So for example, when I was
6:49
running my travel, we used to run what we call a vertically
6:53
integrated model where we had an airline, a torporator and a
6:55
retail shop network. And I could see these big rocks
7:00
coming. And we were a big juggernaut of
7:02
an oil tanker heading towards those rocks.
7:04
And the rocks were the Internet, because the Internet was going
7:07
to mean that people wouldn't book their holidays via travel
7:09
agent solely, and it would mean we'd lose control of our
7:12
distribution. And that would open the door for
7:15
new companies to come in. And at the same time, low cost
7:18
carriers were taking off. So for example, if you want to
7:20
get to Majorca in the old days, you used to own the aircraft, or
7:24
you had to charter a aircraft, or you had to take an allocation
7:27
of 20 seats. Yeah.
7:29
And then low cost carriers came along and as a tour operator, I
7:33
invented a product called Dynamic Packaging where it says,
7:36
well, hang on a minute, we don't have to commit to anything.
7:39
We will just scan all the low cost airlines flights, create a
7:42
database of flights. We'll then negotiate lots of
7:45
hotel contracts with thousands of hotels.
7:48
And every night we'll just manufacture 150 million holiday
7:52
options like baking holidays, but every day we'd sell about
7:56
100 of them. And then we'd shut the ones we
7:58
hadn't used away and bake again. And only at the moment did the
8:02
customer say, yeah, I want that holiday.
8:04
Did we actually use the technologies behind the scenes
8:07
to click and buy the airline seat, buy the bed, buy the
8:10
transfer and put it all together for them.
8:12
So it's just in time tour rating which was diametrically opposed
8:17
to how the big tour raters work, which is all pre made, all fixed
8:20
risk and had to be sold at the last minute at huge losses.
8:24
So it was sitting back looking at the weaknesses of our market,
8:27
look at the opportunities coming along, which is low cost
8:29
carriers and the Internet and saying how can I do what I've
8:34
done for the last 20 years in a more flexible different way.
8:38
And that's the strategic thinking that's sitting back
8:41
understanding your market and understanding technology.
8:44
And that same opportunity is coming again.
8:47
And I love disruption and I love destroying other people's
8:51
businesses, and I think we can do that with AI.
8:54
So. You're actually to describe
8:56
yourself as a commercially driven, you know, leader with a
9:00
strong financial mindset. So how has finance shaped your
9:05
decision making as a founder and as an investor?
9:10
OK, I'll give you a couple of tips.
9:11
I became an accountant when I came out in university.
9:14
Never wanted to be an accountant, just wanted to get
9:17
into management. And it was the easiest route at
9:18
the time to get into management. But it taught me a lot of
9:21
things. It taught me how to read a
9:23
balance sheet. It taught me the power of cash.
9:25
So when you're starting a business up, you've got to
9:29
really understand that cash is more important than profit.
9:33
Scalability is more important than profit because you need to
9:38
raise money from investors who need to buy into that business
9:42
and you have to understand the tax benefits for those
9:44
investors. For example, SEIS in EIS
9:47
schemes, very simply our lovely government allow you to raise
9:51
£250,000 from Angel investors and if you invest £50,000, you
9:57
get half of that back of your next tax bill using SEIS.
10:02
Yep. So 50,000 LB becomes £25,000 and
10:05
if the business fails, you can claim enough 40% back.
10:09
So you need to go to investors and explain, give me £50,000 and
10:13
you're only risking 12 1/2. And that's why I'm, I've got
10:16
this nice juicy £2,000,000 valuation because you're, it's
10:19
punt money, you're taking a punt on my success.
10:23
And therefore you're basing that punt on have I got a management
10:26
team, am IA credible leader? Do I have an idea?
10:30
Can it scale? And the scale is the most
10:33
important thing because if they don't get 10 times their money,
10:36
they're not interested. So they're not interested in
10:39
real world businesses like building houses.
10:42
They're interested in things that can go from zero to hero
10:45
and a very quick time and become a Unicorn.
10:47
So, and you know, Speaking of compounding, what is one
10:51
decision you made early in your career that compounded into
10:55
massive long term value? For me, it was very simple.
10:59
It was walking away from a corporate job to do my own
11:03
thing. And that's a tough decision to
11:05
make. And actually, I'd advise most
11:07
people not to do it, yeah, because the risks are so great.
11:11
But I was in a lucky position that I've made enough money from
11:14
corporate life. I've just been paid off by my
11:16
travel. For a year, yeah.
11:18
And I went, you know what, I'm not going back to corporate
11:20
life. I'm going to build my own
11:21
businesses. And the first decision there is
11:24
I didn't want to build 1 business and put all my efforts
11:26
and time into one business. So I built a call centre
11:30
business, I built a insurance business.
11:34
One of my mates came to me with an idea of a transfer business,
11:37
so I backed that and I built a technology hub to build all
11:41
those products. And of those three businesses,
11:44
one went bust, one was sold for 60.5 million and one was sold
11:47
for 22.5 million. But it took me 19 years to build
11:53
them and create them and sell them.
11:55
So it's not an overnight wow. Let's just walk out your
11:58
corporate life and success. This comes easily.
12:01
And that failure was incredibly painful because the most painful
12:05
thing of any entrepreneur is having to tell people that
12:08
you've brought into a business and have trusted you, that that
12:11
business has failed because you have let them down.
12:14
Personally, that's the biggest pain I've ever had in my career,
12:17
standing for front of 45 people and telling the business have
12:21
failed. Never want to go through it
12:22
again. So.
12:25
Let's talk about. The businesses you've built in,
12:28
especially in the AI sector, you've got neural voice.
12:33
So let's talk about our newer voice.
12:35
What problem are you solving? Why is voice such a powerful
12:39
interface in the AI era? OK, let's step back and start
12:43
with Newell River, which is the incubator.
12:47
So I've got three sons of my first marriage, the oldest and
12:51
the youngest, very sporty, come on holiday with dads, love
12:54
sunshine, love golf, love skiing.
12:56
And the middle one hated that and didn't particularly like his
12:59
brothers. And he was a geek who got the
13:02
first class degree in computer science.
13:04
And four years ago, I went down to see him in Horsham and he
13:08
blew my brains away by what he was doing.
13:11
What? What now is called AI.
13:12
It wasn't even called AI then. And I went, wow, yeah, what
13:16
could we do with this? But Chris, my son, is a typical
13:19
geek. He can't run a business, but
13:21
he'd make a great CTO or he'd make a great advisor to the CTO.
13:25
So we created Newell River to match grey haired people.
13:30
Been it's been there, seen it, done it, knew how to run
13:32
businesses, could help these young start-ups create a
13:36
business. And the pitch is don't work for
13:38
the man, work for yourself. So you come and work for us, we
13:41
pay you 30,000 LB one day a week, work on your own idea.
13:45
After six months that have to be half your time and after a year
13:48
was expected to spin you out as a separate business.
13:51
So the first three guys, it turned up, Jeremy Smith, Harry
13:54
and Jake looked at the Internet and they said these large
13:58
language models are conversational.
14:00
They remember what you said, what you've written last.
14:03
Yeah. And they build upon it.
14:05
So why don't we just talk to them?
14:07
And I went, OK, I like that idea.
14:10
And basically they built an interface which is you talk in
14:13
English, it records it, transcribes it, injects it into
14:17
a large language model, gets an answer, returns it, converts it
14:20
back into English, all in .42 seconds, So faster than me.
14:25
And you can talk and respond. And it also supports 42
14:30
different languages. So now I can talk with the power
14:34
of the Internet in 42 different languages.
14:36
Just think about how that drops the barriers of trade in Europe.
14:41
It's a fascinating technology. You just got to think ahead of
14:45
where it's going. So we looked at AI and said this
14:48
is the future, but we think it's going to be voice.
14:52
I'll give you another example in travel specifically.
14:55
Yeah. Large language models, A big
14:57
black holes. Losing the fortune at the
14:59
moment. Yeah.
15:00
So they've created this concept called MCPUCP, which is
15:04
basically little bricks that convert APIs into bricks that
15:09
the large language models can Hoover up and build buildings
15:12
with, shops with. So what that means is the
15:15
decision point from making your holiday is going to go from the
15:19
form filling on the travel site. And by the way, that's very
15:21
crap. They don't even ask what age you
15:24
are, who you are, what money you've got.
15:25
They just say where you want to go and give you thousands of
15:28
options you have to choose from. All of that is going out the
15:31
window because the decision point will be in within the
15:34
large language model and you won't type because typing.
15:38
I want to go on holiday to Majorca 7 nights from Manchester
15:41
on the 14th of July with my two adults and my two kids aged XX
15:46
takes too long, you'll just say it.
15:49
So therefore voice will be the future of travel because travel
15:52
will be booked within large language models and it will be
15:55
done in a spoken format, outputting all your offers and
15:58
recommendations to you. A prediction.
16:00
Before we dive back into today's conversation, I want to share
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first step. If you've been thinking about
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it, sometimes the best investment you can make these in
18:00
yourself. So you've got this AI incubator,
18:06
and of course it's focused on creating new ventures.
18:09
But what would you say makes a winning AI startup into these
18:14
worlds? OK, let's look at the
18:16
difficulties of AI. Anything you create with AI can
18:20
be copied within minutes, if not hours.
18:23
So therefore you have to have speed to market.
18:27
So you have to have an idea that's going to take off on AB
18:30
to C virally, probably involved in social media or other
18:33
elements like that. So you can get to market fast
18:36
and expand. Or actually, a sensible AI
18:39
product is AB to B to C product, where we create the technology
18:43
and you go to businesses. We've already got the customers
18:46
because that will connect you and create the marketplace and
18:48
get to the customers fast. Because the only thing that
18:51
protects your idea is you've got more scale and more customers
18:55
before the next person behind you copying the same idea.
18:58
That's the rules when I'm looking for investment.
19:00
Is it a smart management team? Is it scalable?
19:04
Ideally it would be B to C rather than pure B to C where
19:07
you have to establish a brand and get your product to market.
19:11
Interesting, So you've actually said that AI can significantly
19:16
reshape employment. What does the future
19:18
realistically look like for business leaders?
19:22
Well, I'm glad I'm old because this is going to be a tough ten
19:26
years for a lot of people. It's a turn on its head, the
19:31
world order. In the old days we used to look
19:34
down on plumbers and builders and people use their hands that
19:38
a lot harder to replace. If you're an accountant, you're
19:40
buggered. If you're a lawyer, change your
19:43
job now. Yeah.
19:44
If you're an admin person, no future.
19:47
If you work in a call centre, get a new job.
19:50
That's the impact AI is going to have across multiple sectors
19:54
within the next five years. And this isn't 10 years off.
19:58
This is coming fast, fast, fast. And what will the first wave
20:02
will be will be Co pilots. So AI will work with humans to
20:06
make them more efficient. But instead of having a hundred
20:09
staff, you only need 50 staff. But after a period of time that
20:13
will go down. And the biggest fear I have
20:16
about AI is the rich will get richer and the poor will get
20:19
poorer, and it will happen so fast that our government will be
20:22
asleep while it happens to their society.
20:25
This is a doomsday prediction for AI, but you know, let's talk
20:31
about a live echo. And the ethics?
20:33
Now let's come back about that comment.
20:35
Now I'm going to come back on that comment.
20:37
It's not doomsday. It can go different ways.
20:42
For example, if I got into politics and I was in
20:44
government, over the next two to three years I would enforce a
20:48
four day week across every single business.
20:51
You still have to pay everybody the same salary, but they only
20:54
work for four days. And then five years later,
20:57
they'd probably go down to three days because we have to share
21:00
the work around. Yeah.
21:02
And we have to have a fair democracy where everybody's got
21:04
enough money to live. I don't want to work live in a
21:07
world where I walk down the street and I'm.
21:09
I'm afraid somebody's going to stab me because they're poor.
21:11
Yet we have a Great Society in the UK.
21:13
We have a great balance of wealth.
21:15
We need to maintain that. But the government needs to wake
21:19
up, start regulating AI, start understanding what's going to
21:23
happen and start coming up some policies that actually mean it
21:26
does good. For example, if you work less,
21:29
you can do more sport. If you work less, you can drink
21:31
more coffee. If you work less, you can go on
21:33
more holidays. So there'll still be jobs.
21:36
But we have to reinvent those jobs.
21:38
It's like the industrial revolution.
21:40
Yep, When you take the plough away from somebody and the
21:43
machine starts ploughing the land, they need a new job.
21:46
When the looms go because the machine can go it, they need a
21:49
new job. Those jobs came and they will
21:52
come again. The problem this time it's the
21:54
speed of the change is probably going to overwhelm most
21:57
governments if they don't think it through and react.
22:00
Sorry, pessimistic, but also vaguely optimistic about the
22:04
future. We could have a lovely life
22:06
where most of the work's done by AI and we just had more leisure
22:08
time. Could happen.
22:10
So how do you get to regulate what you don't understand?
22:13
I think the problem is most governments right now do not
22:17
have the level of understanding of AI as the private sector.
22:21
So how can the public sector regulate something that they do
22:25
not have enough understanding of?
22:28
So first of all, it's more people like me have to get
22:32
involved and say what are we going to do about this?
22:34
Because otherwise there's a doomsday coming.
22:37
So I'm standing for election In the next set of elections, I
22:40
hope to get inside the tent and start changing from the top.
22:44
So we need our own dodge. We need to modernise the whole
22:47
of the civil service. We need to get loads of experts
22:50
on AI in the tent thinking about it and how can shape government
22:54
policy. So it really is an exercise of
22:57
being in government and commerciality together.
23:01
A lot of people say to me, Oh well, you'll have a bias.
23:03
You only do it because you want to make money from it and
23:05
benefit your businesses. Absolute rubbish.
23:07
I've got enough money but yes I need to take my business skills
23:11
into government. Yes I may have to bring some of
23:15
the people I've worked before with to work there and yes they
23:17
may have to be paid. But long as you're benefiting Mr
23:21
Voter, think about what you want.
23:23
A load of plunk of politicians that have never had proper jobs
23:26
in their lives and only went to Oxford and Cambridge and did
23:28
politics or some proper business people helping shaping the world
23:33
and the government. And no, I'm not Donald Trump.
23:35
I'm a loudmouth idiot, but I'm not that bad.
23:38
Wow. So coming, coming back to.
23:41
Business, right? Life's echo, right?
23:44
With life's echo, you're viewed in digital versions of people
23:49
that can out lead them. And what actually inspired this
23:52
idea? You've gone to the most scary
23:55
version, Digital Ghost. That's not where we came from.
23:59
So where this came from is. And again, we were down the pub
24:02
and we'd done a hackathon with the Newell River guys and I
24:05
said, I love all this voice technology.
24:09
As a politician, the biggest problem is I'm disconnected from
24:12
my voters because I can't talk to them all the time.
24:14
And they went, well, why don't we just create an AI avatar of
24:17
you? Let's create AI Steve.
24:19
And AI Steve was born that night and they literally made me talk
24:23
through all my policies. Write them all up, upload them
24:26
into a small language model, which is, you know, a database
24:29
only this AI can access it then can talk to the voters, answer
24:35
any of their questions, tell them about my policies.
24:38
And also it captures anything they're asking about.
24:40
I don't have a policy for prompts it to me.
24:43
And I had a panel of five other people we'd sit around the room
24:46
every night and we'd come up new policies based on what voters
24:49
are asking for. But before we launch those
24:51
policies, we also emailed them to 1000 commuters going from
24:55
Brighton to London to say, right, just do a quick vote on
24:58
this will you? Which one's sensible?
25:00
Which one's absolute rubbish? Yeah.
25:02
So that we had the common man and the common lady's view of
25:05
policies, not just some left wing or white wing idiot that
25:09
wanted to come up with a policy, not just our ideas.
25:12
So policies for the people, by the people.
25:15
And I also pledged that unlike most politicians who get elected
25:19
and disappear to parliament, you'd never seen them for four
25:21
years, that I'd always be contactable.
25:23
And every major vote I would go out to my voters in my local
25:28
area, Brighton, and I'd ask them which way they want me to vote.
25:30
And if I didn't agree with that, I could try to persuade them.
25:33
But if they said no, that's how we want you to vote.
25:36
I have to vote that way or I have to resign.
25:38
That are my options. That are the rules of my party.
25:41
So it's a radical retake on politics, trying to connect to
25:46
the people using AI, but not AI to write the policies.
25:50
Just AI is a communication tool, and that's a good use of AI, I
25:54
think. Anyway, I didn't ask you the
25:56
question. That was AI.
25:57
Steve. How did that lead you to Lysa?
26:01
Well, actually, again, it sounds like a lot of stories start in
26:04
restaurants in the pub. So my wife was telling somebody
26:08
about AI Steve and saying what an egotistical idiot I was.
26:11
And the next thing I'd do is download myself entirely.
26:14
And I went, oh, that's not a bad idea.
26:17
And you can't download yourself entirely.
26:19
And that's why it's called Life's Echo.
26:21
So what happens is you're interviewed over 545 minute
26:24
segments about different parts of your life, early life,
26:27
education, your family, your jobs, Yeah, your political
26:30
views. And you literally chat to the AI
26:33
and it's interactive. It's got 1000 questions behind
26:36
it, but it builds on what you say.
26:39
And only when you stop talking does it move on to the next
26:41
question. Or you give a short answer, it
26:42
moves on to the next question. So it's a very easy way of
26:45
creating a database about your life, your views, what's
26:48
happened. And then we use AI to write a
26:51
full autobiography with you. For you, it's 100 pages long, 50
26:55
pages of Word, 50 pages of your photos.
26:58
It can be printed out, and that becomes a book of your life.
27:02
But here's the interesting bit. We all can also clone your
27:06
voice, which we do. It only takes a couple of
27:08
minutes. Yeah.
27:09
And you can talk to future generations.
27:12
They don't want to read your boring book.
27:14
Yeah. They can just come online and
27:16
chat to you and say, Steve, why did you stand to be the first
27:19
AIMP? Are you mad?
27:21
Yeah. Or.
27:22
Hey. Yeah.
27:23
Granddad, where did my money come from for my school fees?
27:26
Oh, that's how it got there. Because the problem is at the
27:30
moment is you live and you die. I'm not religious.
27:34
You live and you die and you know something about your dad
27:37
and your mum, you'll know something about your
27:40
grandparents. You may know the name of your
27:43
great grandparents, but most people don't know anything about
27:45
our lives or even what they did. So we've been 3 generations.
27:48
We're right from the face of the earth.
27:51
That ain't happening for me, so I'm leaving a legacy.
27:54
I'm happy enough that people leave a legacy.
27:56
It's £199, it's very low cost. You get an autobiography and you
28:01
get a talking legacy that lasts for 100 years and could talk to
28:04
future generations about your life.
28:06
I think that's a positive thing. It is a positive thing, but then
28:10
it does raise deep ethical questions and concern.
28:15
So where do you you personally draw the line between innovation
28:20
and responsibility? OK, this is So what I did
28:25
because this also worried me that we could do a lot of harm
28:29
here. How do we make sure we don't
28:31
damage the grieving process? So we created an Ethics
28:34
Committee. I recruited a well known top
28:37
author in the dying and grieving process, Janet.
28:41
I recruited Sarah, who's a palliative care specialist
28:45
doctor. I recruited a Funeral Home
28:48
owner. I recruited the old people's
28:50
home owner. And we sat around the table for
28:52
literally hours and hours coming up with Oranga.
28:56
What? How do we stop harm here?
28:58
So, for example, you can only listen one hour at a time before
29:01
it makes you take a break. We've generated a whole lot of
29:05
words, keywords to listen for that flag up anybody who may be
29:10
in distress. And then we send them advice of
29:12
where to go and talk to people because we can't physically talk
29:15
to them all, but we send them advice of where they can get
29:17
help if they're in distress. Yeah, we've came up with dying,
29:23
a death policy, for example. This has to outlast you by 100
29:27
years. So who controls it when you've
29:28
gone? Yeah.
29:30
So we've got an executive and a deputy executive you appoint
29:32
during your life and when you die, they control access because
29:36
most of these are very private. Only I've made my public.
29:39
Most will only be available to the family.
29:41
So you've got to think through all these rules.
29:43
We've created a trust fund, so we've got enough money to power
29:46
the technology for 100 years. So this is sort of things that
29:49
you have to have an Ethics Committee for that go when is
29:53
just because you can doesn't mean you should.
29:57
So for example, we've kept a wave in creating virtual
29:59
holograms because I just think it's too dangerous.
30:03
I think it's too addictive. I think it's too Jesus, this is
30:07
too real. It's a lice echo.
30:10
It's not trying to download you. It's trying to leave a legacy
30:14
for future generations about your life, not a complete
30:17
digital clone of you because that would be too scary in my
30:20
opinion. Interesting.
30:22
So Speaking of AI adoption, so if every business leader listing
30:28
today had to integrate AI in the next 12 months, where should
30:33
they start from? I love the way you think.
30:35
It's a it's an option if they had to.
30:39
It's not an option. If you don't adopt AI, you're
30:42
going to be less efficient, your competitor, you will go out of
30:45
business. So therefore, there's so much AI
30:48
coming at you that you probably need to sit down, get in some
30:52
consultants, For example, Neuwa River AM Patterson offers his
30:57
service. So Ian is.
30:58
Yeah. Google.
31:00
He spent 28 years at IBM, headed blockchain, moved to Google,
31:04
headed AI and sustainability. This guy is a brain box.
31:08
Yeah. And you sit down with him.
31:10
You sit down with somebody in your sector understands AI.
31:15
Yeah. And then you bring your team in.
31:17
Now, you don't just bring it in the old guys, you put it in.
31:20
Half of them have to be young. Yeah.
31:23
Because they just, the old guys won't get it.
31:25
Yeah. And the old guys have you do
31:27
bring have to be flexible and willing to look at how they
31:30
change their practises because you've got to develop a road
31:33
map, you've got to stand the art as possible.
31:35
And then you've got to create a list of bite sized chunks that
31:39
you can do one at a time, otherwise you'll never start.
31:42
It's such a massive elephant that most people just look at it
31:45
and run away scared. So you've got to chop it up into
31:48
bits, and you've got to use your own internal results, but you
31:51
probably need some external experts to come and help guide
31:54
you through the process. So what is it that founders are
31:58
still getting wrong right now when it comes to AI adoption?
32:03
What I found is getting wrong. I got something wrong with
32:06
Newell Voice. We were at least 18 months too
32:10
early because, you know, we created something that everybody
32:15
went, oh, that's quite clever, but couldn't actually see how it
32:18
fitted into their busy structures.
32:21
And then the obvious user case for voice within travel is
32:25
customer services. Yeah, because you can scale
32:28
agents from nought to 10,000 in a second.
32:31
So no call ever goes unanswered and 60% of the enquiries we
32:36
believe could be handled by the AI because it's repetitive
32:39
questions, etcetera. And even the other 40% are
32:43
passed to human beings to deal with, but they already know what
32:45
the customer wants. To me that was an absolute no
32:48
brainer. But then all the businesses
32:50
introduced me to the head of customer services and it's like
32:54
Turkey's voting for Christmas. It's like I'm not doing that,
32:57
that's my job and I'm going to have to get rid of loads of
33:00
people. So the first resistance to AI is
33:04
if you present it as a cost saving, replacing people, people
33:08
really don't like it and they really don't go for it.
33:11
So we had to work around and say, OK, let's use it where they
33:15
haven't got. So for example, most OTAs and
33:19
most travel agents don't have reps in result anymore.
33:22
So we created an AI Rep that could guide their customers and
33:25
look after the customers in result.
33:26
Big tick like that. Not replacing anybody helping me
33:29
get more information about my customers.
33:31
We created reviews so you could just do voice reviews with
33:34
customers about the holidays. Big tit like that not replacing
33:37
anybody. Yeah, we created the ability to
33:40
send out outbound emails to ask customers when they want to go
33:43
next year. So instead of they send them
33:44
those boring emails, that one to many hope they stimulate some
33:48
return to the website. We went out and asked them where
33:51
do they want to go and put that into their database.
33:53
So they're marketing improved. So using AI to surround an
33:57
existing business rather than tacking the heart of it and
34:00
using it for cost saving is where AI is currently being
34:03
adopted. That will change, but that's
34:05
where it's currently being used. And I didn't know that 18 months
34:09
ago and it took us about a year to get traction because I didn't
34:12
realise that people didn't want to save money with AI.
34:15
They just want to extend the functionalities.
34:18
Interesting. So let's talk about your big
34:21
ideas. You are a man of big ideas,
34:23
legacy and society, right? And of course you are one of
34:27
those. Would I say that the pathfinders
34:30
when it comes to AI in politics, AI in democracy?
34:35
And of course you created AI Steve to explore AI in politics,
34:40
right? So what problem would you say
34:44
you are trying to solve and what problem would you say you have
34:48
been able to solve so far using AI Steve?
34:51
OK, I'll tell you what problems I would like to solve.
34:55
The biggest problem facing us is how we generate electricity.
34:59
At the moment, 45% is gas. And as we can see from the
35:03
Middle East action, not very smart.
35:06
Yeah, so we do have clean energy, wind, solar, but the
35:10
biggest clean energy is actually nuclear.
35:13
And I would build another 10 nuclear power stations over the
35:18
next 10 years and massively invest that.
35:21
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35:37
If you don't have electricity, you can't have the power to
35:42
power AI, you can't have the data centres.
35:45
So if you want to be an AI force and the big opportunity is AI
35:50
will be a global tool, you can create global businesses with AI
35:54
that may be based in the UK but sell their their wares all
35:58
across the world. But you can't do that if you
36:00
haven't got an adequate power platform.
36:03
So more nuclear immediately to power AI.
36:06
Also I own a business called Electric Car Organisation
36:10
because I want to clean up the planet. 40% of your emissions
36:14
are the gas and the heating in your house.
36:16
That's hard to replace because gas is 4 times cheaper than
36:19
electricity for heating. Your house was probably 3 Times
36:22
Now. Yeah, but 28% of your emissions
36:25
are your car. Get off your ass.
36:28
Unplug that petrol pump, put in a home charger. 58% of us can
36:34
charge that car overnight, so it doesn't affect the grid.
36:38
Yeah. And we've just cleaned up the
36:40
air in our local environments. We've cleaned up the air in the
36:43
world. And it's another use of
36:45
electricity. But you've got to start the
36:47
foundations. More nuclear power, more data
36:50
centres, more electric cars. Yeah.
36:52
More ambition for the UK to be a global power of AI.
36:56
Exported our wares because we've got the brain powers to create
36:59
this stuff. So big enough.
37:02
Ambition, You know, let's talk about decision making when it
37:07
comes to leadership roles, a lot of people are now.
37:12
Would I say replacing humans when it comes to that driver's
37:17
seat of making decisions? But do you think AI can make
37:23
better decisions than humans when it comes to leadership
37:25
roles? Fundamentally, no, that is
37:28
exactly the wrong use of AIAI. Is there to be your Co pilot is
37:34
a leader. I'll give you an example.
37:36
So Newell River have a product called Mayai and Mayai is about
37:41
creating a business brain and we upload all the documents.
37:44
You know your accounts, your sales packs, your customer
37:47
services, your FAQs, you scrape your website and it creates a
37:51
knowledge of your business. We then recalled every single
37:55
Zoom Teams meeting and other meeting you have and phone call
37:58
you have. So everything is captured,
38:01
analysed, and can be fed up to the leader to say this is what's
38:04
actually going in your business. But it's the leader's job to
38:08
make the decisions. It's the leader's job to show
38:11
leadership to its human team. Yep, the leader can use AI to
38:15
communicate. For example, we've created a
38:17
town hall function and we've cloned that leader's voice so we
38:20
can just, you know, write what he wants to say or the AI can
38:23
write what it says. He edges it, and it goes out to
38:26
all his staff members that are fully aware what's going on.
38:28
But leadership and human leadership is the ultimate
38:32
power. AI is just an enabler.
38:35
Yeah, it can't. If you want to sell to a human,
38:39
I'll never use AI. I'll use a fellow human.
38:41
If you want to do customer services where the human's
38:44
trying to find information perfectly valuable to use AI.
38:48
So you've just got to understand that humans want to work with
38:50
humans, and AI is enabler, not a replacer.
38:54
And the day it starts making decisions about things, we're in
38:57
deep shit. Oh yeah, deep shit.
39:00
I need some deep sick. So Speaking of legacy, Speaking
39:05
of legacy, you've actually said it.
39:07
Here that most people are forgotten within just three
39:10
generations. Why does that really matter?
39:14
Because we have egos. Yeah.
39:16
So yeah, I live my life. I want to leave.
39:19
The legs and alter egos it's. My ego.
39:23
That's too fair. We've done a lot of research on
39:26
LYS echo and the UK is a test bed, but it's got 10 times
39:31
better reaction in the US because they have bigger egos.
39:35
We all think, oh, we haven't done enough to record an
39:37
autopilot feed, we don't know enough.
39:39
So other generations that care about this bullshit, Yeah,
39:43
listen to the Americans. They love the concept and also
39:46
go to some other cultures like Arabic cultures where
39:50
storytelling and the heritage is a big part of their culture.
39:53
So again, they love the product. It's only us odd little humans
39:57
in the UK that don't have the egos to say actually I should
40:00
leave a legacy. So how should founders, how
40:04
should entrepreneurs think differently about wealth versus
40:08
impact anybody? Wants wealth.
40:09
First make your money be rich, then worry about impact.
40:13
The only thing that matters is money, because that's how you
40:16
measure success in our society. Yeah, once you have enough
40:19
money, then you can have a social conscience.
40:22
And that's typical of me. Yeah, I've got money, so I can
40:25
afford to worry about the planet.
40:26
I can afford to have a loss making business, electric car
40:30
organisation, not-for-profit. I can afford to stand for
40:33
politics. I can afford to actually do what
40:36
I think is right with humanity because I've got my life
40:40
covered. My base wealth is there.
40:43
Yeah, that's a really arrogant thing to say, but it's the
40:45
truth. Yeah, You shouldn't trust a
40:48
politician that doesn't have enough money to be a politician
40:51
because they're going to take the back and and screw you over.
40:54
That is very true. So if AI allows people to leave
40:59
on, how does that change how we think?
41:01
About time, purpose and meaning. AI doesn't allow the people live
41:07
on. You live, you die, you're dead.
41:10
It's an echo. Yeah.
41:12
And I think we're a long way off from being able to digitally
41:15
clone ourselves. And I'm don't sure many people,
41:17
I'm not sure many people want to be digitally cloned so they live
41:20
forever. It's not something I want.
41:22
I want to enjoy my life while I'm here.
41:24
I want to leave a legacy. And once I'm dead, I'm dead.
41:27
See you later. It's over to the kids, and
41:29
that's my legacy. My family are my legacy.
41:32
They are my future and their kids are their future.
41:35
You have your time. You bug them off and you die.
41:38
Interesting. So Speaking of AI powered
41:42
businesses, so we keep hearing about AI native businesses, AI
41:46
powered businesses. What does a truly AI powered
41:50
business look like looking into the future?
41:53
Say OK the next 5 to 10 years. Right.
41:56
It's not 5 to 10 years off. This already exists.
42:00
There's big businesses in America run by one person using
42:03
AI resource all over the business.
42:05
Only him. Yeah, it's called Everett.
42:08
Have a look at it again. Newell River are building tools
42:11
and saying right here's a sales function, here's an accounting
42:14
function using AI, here's a reporting function, here's a
42:18
customer services function. Now what business do you want to
42:21
run? Business leader, because here's
42:23
all your tools to go and play with and if you can go into 42
42:26
different languages and the Europe suddenly becomes a very
42:30
local, very attractive, very large market.
42:35
Yet that's never existed before because the language barrier
42:37
stopped you going to Estonia or to Russia or to the Ukraine or
42:42
to wherever. That is all disappearing.
42:45
And that technology is available today, young man.
42:49
So think about what business you want to do, think about how
42:51
you're going to promote it with social media, think about how
42:53
you can promote it on podcasts, and then go and build it.
42:58
Interesting. So Speaking of a business from
43:02
ACF OS lens, right, So we would be considering the financial
43:06
risks in AI. So from ACF OS lens, what are
43:10
the biggest financial risks that leaders should be thinking about
43:14
when investing in AI? The problem investing AI at the
43:18
moment is there's so many ideas and it's developing so fast and
43:21
it's so easy to copy. It's really hard to spot the
43:24
winners and only back winners. So I have a policy in Newell
43:29
River that will launch 10 businesses and I hope 2 are
43:32
superstars, I hope 2 survive and I probably expect 6 to fail.
43:37
So, and you have to fail fast. So recognise something's failing
43:42
and stop the funding before you burn too much money and make
43:45
sure you plough the money into the ones that are working.
43:48
So you cannot predict success at the outcome.
43:51
You have to monitor, set KPIs, understand where to pull the
43:55
plug, understand when to switch the money you're investing into
43:58
the more successful project because everything has to be a
44:01
gambling in AI. It's too early, it's too fast.
44:04
Yeah, it's impossible to predict, so you have to go with
44:07
it. Go with gut judgement and be
44:09
flexible. And of course, you know,
44:12
Speaking of being flexible, you talk about monitoring important
44:15
KPIs metrics. So.
44:17
So what metrics actually matter when building AI driven
44:20
businesses? Custom acquisition, custom
44:22
acquisition, custom acquisition and custom acquisition all.
44:26
That. Are you scaling faster than
44:30
anybody else? Because once you've got the
44:32
customers, as I said before, anybody can copy your idea.
44:35
They can't nick your customers Once the customers are signed up
44:37
for your product. And most customers, once they
44:40
got used to something, don't move the user of the ChatGPT are
44:44
not using Gemini, using the Gemini are not using ChatGPT
44:48
using the perplexity are not using the other two.
44:52
Once you've got a customer, you tend to keep them because
44:54
dislike your iPhone. I never have an Android phone
44:57
because I've been using an iPhone too long.
45:00
So customers, customers and customers, the faster you scale,
45:03
the more customers you have, the more chance you've got success.
45:06
But don't blow loads of money getting those customers.
45:10
So the more you've got a social media play rather than Google
45:13
advertising, the more attractive you are.
45:16
The more you're using podcasts, PR and advertising in a social
45:20
channels rather than additional printed advertiser or newspapers
45:24
or TV adverts, the more attractive you are.
45:27
So it's all about getting those customers, understanding modern
45:31
channels to market and it's not TV.
45:34
People don't watch TV like they used to.
45:37
It's now cash up TV where I cut all the adverts out.
45:40
So you've got to think about how you scale your business and it's
45:44
all about using social media channels, using influencers and
45:48
understanding the power of influencers.
45:50
So that's why I'm piling into the influencer market because I
45:53
think the next big travel company will be influences
45:56
becoming travel agents themselves or pushing their
45:59
recommendations, generating that dream into a price compulsive
46:02
site we've built. And that price compulsive site
46:04
creates a funnel of demand from dream, which influences a great
46:08
at stimulating actually into booking.
46:10
Because at the moment none of those videos create bookings.
46:14
They only create awareness and the desire to go on holiday.
46:17
That needs to change. And again, I've got a business
46:19
looking at how to change that because for me it's obvious.
46:23
Nothing be subject to holiday. Nothing great.
46:29
Big best things going, viable projector on social media.
46:33
You're right there. Well, you know, Speaking of
46:37
innovation versus profitability, so.
46:40
How should founders balance innovation, you know spend with
46:45
profitability in on certain markets?
46:49
You also remember where I started from, Cash is king.
46:53
You don't go bust because you're not making a profit, you go bust
46:57
because you're spending your cash too fast.
47:00
So founders need to raise enough money every stage to make sure
47:04
they've always got a 12 month runway to pay their staff.
47:08
Because if you get down to six months, you get down to three
47:10
months. Any investors can look at that
47:13
and go ha, ha, ha, ha, I can have your trousers down on your
47:16
valuation. So you have to manage your cash.
47:20
I also do a lot of work in early stages with businesses where I
47:23
say, right, you're working for sort of equity, not paying your
47:26
cash until this business has got off the ground.
47:28
So I work out a day rate for you.
47:31
I'll allocate your number of shares, our value of the
47:33
business, say 500,000 LB. Your, your work is at 500 LB.
47:38
Yep. So if you do 5 grammes worth of
47:40
work, you get 1%. And how many days you've got to
47:43
do for five grammes worth of work.
47:45
Yeah. So you get people to work for
47:47
nothing for shares because they also believe in the idea.
47:50
And that also shows they've got commitment before they just jump
47:54
in and take a salary from the business.
47:56
And quite often I leave people in their existing jobs taking
48:00
salaries for the first six months to a year, working as a
48:02
side hustle because I don't want their overhead.
48:06
But when they do come, I know the business is big enough to
48:09
take their salary and everybody's happy.
48:11
So there's lots of tricks of the trade.
48:12
But the key thing is cash is king.
48:14
Don't allow too much cash, don't spend it too fast.
48:17
Make sure you've got a runway. Make sure people committed by
48:20
doing sweat equity as well as cash work.
48:23
Any investor that comes along and just gives you cash is
48:25
probably a waste of time. They also need to give you their
48:28
black book of contacts. So look at who you're taking
48:31
money from and saying I don't just want their money, I want
48:34
their assistance. Once they've given you their
48:36
money, they tend to help you, funny enough.
48:41
Yeah, that's you. But of course, you know, I'll
48:43
give you this. Revenues, vanity, profit,
48:46
insanity, and cash is king. Cash, if you wish, is reality.
48:51
So I love that. I love that.
48:53
So Speaking of wealth creation, where do you see the biggest
48:57
wealth creation opportunities over the next decade?
49:01
Sadly, the rich will get richer, the poor will get poorer.
49:05
So look at the superpowers that you've got in AI already.
49:08
So five companies in the US make up 50% of the value of the US
49:14
stock market. They're all AI based businesses.
49:18
Yeah, open AI, et cetera. the US is 50% of the world's stock
49:23
market. So 25% of the world's wealth is
49:29
invested into five AI businesses.
49:32
Now they're just going to get bigger and bigger and bigger.
49:35
But here's the opportunity. So an AI engine is like an
49:40
engine of the car. It doesn't do anything unless
49:42
you've got a car built around it.
49:44
So who's going to build the cars?
49:47
What's the colour of the car? What's the shape of the car?
49:49
How many doors has it got? What's the SAT NAV?
49:51
That is the business application of AI.
49:55
So all the products we build have interchangeable engines.
49:59
We can change from Gemini to GDP to, you know, perplexity,
50:03
whatever, but the skill is understanding how to embed that
50:07
product into a business, into a business user case, how you
50:11
design that car. And those cars will be designed
50:14
by smaller businesses that are more flexible, understand the
50:18
business market they're trying to work with because of the
50:20
massive companies will never get to that.
50:23
So you're either going to be really, really big or you're
50:26
going to be small and flexible, understand your local market and
50:29
build AI into that local market and productize it and sell it to
50:32
multiple countries is my prediction.
50:36
Amazing. So let's speak your brain right
50:39
now. You know, let's get some juice
50:42
from your human personal edge. So, Speaking of your world, to
50:46
you behind all of the innovation, what personal
50:50
experiences have shaped your own personal worldview?
50:55
The first one was taking a year out at the age of 25, so I was
51:01
getting engaged. I was saving up to buy a house
51:04
and I was offered my first director role at Intersun to be
51:07
finance director. And I had a meltdown.
51:10
I went whoa, whoa, whoa. I said I was going to travel the
51:13
world and go around the world. So I went in the next day to a
51:16
guy called Peter Long, resigned the day after he made me a
51:19
director. And he said you'll never get a
51:21
job again. You're ruining your career.
51:23
And I went off around the world and it taught me independence.
51:26
It taught me the ability to take risks.
51:29
And I came back a year later and he gave me more money in the
51:32
same job, but as I said, it only lasted 5 days before the company
51:35
went bust. So that was a wake up call.
51:38
But having the balls to do what I wanted to do and take that
51:43
year out set my attitude for the rest of my life.
51:47
I will work, I will work hard, but there's more to work.
51:51
And if I'm not enjoying my life and I'm not enjoying what I'm
51:54
doing, I'm out of it. Interesting.
51:57
Now up next, there's mental resilience.
52:00
So building at this level comes with a lot of pressure.
52:04
How do you stay mentally resilient?
52:07
I think experience, to be honest, we all get, I still get
52:09
stressed, I still worry about things.
52:11
I still wake up in the middle of the night worrying about things.
52:15
But as you get a little bit old, I hate saying older.
52:18
I used to hate people saying this.
52:20
Oh, when you get older, you'll understand a bit more.
52:22
Well, sometimes they're right. And as you get older, you do get
52:27
more because you've been through the knocks.
52:31
I've had business failures. I've had businesses collapse
52:33
during the Gulf War on me. And that teaches the resilience.
52:38
It teaches that there is a job the next day to do.
52:41
There is money that you can bring back in to support your
52:44
household. But you know, being young is
52:47
tough, having a mortgage is tough, having kids that drain
52:50
your cash is tough. And risking that and doing
52:53
entrepreneurial stuff when you've got a family, you've got
52:56
a mortgage, is tough. And generally, I'd say don't do
52:59
it. Yeah, do a side hustle with your
53:02
current job, get it to a scale where it's got enough money to
53:05
pay you, and then take the jump. And then take the risk because
53:11
entrepreneurial life can be extremely lonely.
53:14
Who do you talk to at the top? There's nobody above you.
53:17
You're the only one making the decisions.
53:19
Yeah, that is a tough place to be.
53:21
It has massive rewards, but it can also damage your wealth,
53:25
damage your health and damage your social life.
53:28
Yeah, I'm on a second marriage and that's my biggest regret is
53:32
I messed up my first marriage because of my work.
53:36
And I'll never allow that happen again.
53:39
And I'm lucky to have a great second wife.
53:40
Most people don't get that lucky.
53:42
So yeah, be be aware of what you wish for.
53:47
Be careful what you reach. For so So what?
53:51
Would you say is 1 belief that you once held strongly but with
53:57
the passage of time you have? Changed your mind about it now.
54:01
I'm not sure it's a belief. It's an approach to building the
54:04
team. So when I was young I thought I
54:07
was brilliant and I thought all people like me would be
54:09
brilliant and I'll put them into my team.
54:11
Absolute disaster. Do not do that.
54:14
As you get older you realise that you have to.
54:16
If you're the leader, you have to counterbalance yourself.
54:19
So I'm Mr Fool, I'm Mr Charge Ahead, I'm Mr Let's do it
54:23
yesterday and I need cautious people around me.
54:27
So in a holiday group I had a guy called Bill Adams, Mr Half
54:29
full question everything. I've always had Miserables,
54:32
bugger finance directors that question everything.
54:36
I always have a management team that question everything.
54:39
The worst thing you can ever be is a strong personality leading
54:42
the business with no controls around you.
54:44
You've got to put people around you that balance you control
54:48
you, and then you have a team. And when you have a team, you've
54:52
got a chance of winning. Doesn't mean you're going to
54:54
win, but you've got a good and better chance of winning because
54:58
you counterbalance to the leader with other people and put the
55:01
right structures in place. And I guess that comes from
55:03
corporate life and what I've got taught there.
55:06
But I'd advise all entrepreneurs that you need it more than most.
55:10
Look at Donald Trump for example.
55:12
Who is not controlling Donald Trump in the White House?
55:16
Who is allowing that idiot to put pictures up of him as Jesus
55:20
Christ queuing people? What Muppets are in charge at
55:23
the White House? What's going on?
55:25
Surely I understand he's a big bad naughty, but needs some
55:29
people around in to control him. So come on guys, where's the US
55:33
team? There I tell Americans I love
55:38
America, but I love to watch America from outside of America
55:43
you know it's lovely watching America outside of America
55:46
Let's. Look at contrast to America
55:49
though. Yeah, let's pick up on that
55:50
point. America is a dollar ocracy where
55:54
the last 8 presidents have all been millionaires before they
55:57
got elected. So you can't be in politics in
56:00
America unless you got money. Yeah, but at least some of them
56:03
are business people. In the UK the last nine prime
56:07
ministers all went to Oxford and Cambridge and have a school tie
56:10
and quite often went to Eton and have never done a job in their
56:13
life yet. And in politics to be
56:16
politicians. I think I choose America.
56:18
Thanks. And look at the consequences of
56:20
our government because we don't have proper people in our
56:23
business and don't have. I will take Elon Musk to sort
56:27
out the civil service in a harp link.
56:30
Yeah, I wouldn't take Donald Trump immediately.
56:31
He's a plaited idiot. We always need a violence, we
56:35
always need a violence and of course, interesting thing before
56:38
we get into the quick fire round, we have a culture here.
56:42
You need to select somebody you would love to see on the
56:46
forecast. So who would you like to see on
56:49
the forecast? e-mail Name you'd love to see on
56:51
the forecast. So one name for you to invite,
56:54
one name for me to invite. So who are the names you'd?
56:58
Like David Speakman. David Speakman, founder of
57:02
Travel Counsellors. Opinionated, outright funny.
57:07
Yeah. Wise.
57:08
And he's created a huge business from nothing.
57:11
I think you should talk to him. OK, OK.
57:14
So is is that the mind you are going to invite yourself?
57:18
Yes, I will invite you and connect you up.
57:21
OK, interesting. So who should I put a word out
57:23
to? Myself.
57:25
Who should you approach that? I don't know.
57:27
OK, get one of the UK politicians in the cabinet and
57:32
ask them to explain what the hell is going on in the world.
57:35
OK, I hear you. I hear you.
57:37
I hear you. Let's go for the quick fire
57:40
round. Are you ready to rumble?
57:42
Are you ready? OK, so I've.
57:46
Got my I'm ready. I have 5 questions, 5 questions
57:50
and of course quick answers. So our number one question is on
57:56
jobs. So AI will create more jobs or
57:59
destroy more jobs. What's your answer?
58:02
Destruction, destruction, destruction.
58:04
Big problem. Government's got to sort it out.
58:06
Less jobs got to be spread around, more people who work
58:09
less. OK, interesting.
58:11
So #2 what is 1 business trend everyone is overhyping right
58:16
now? AI.
58:19
Everybody's talking about AI without understanding what it
58:21
is, without implementing it, and the UK is falling behind the US
58:26
in terms of busy structure and implementation of AI, and we've
58:29
got to sort it out quick. OK interesting.
58:32
So what is 1 skill every young person must learn today?
58:37
Ambition. If you don't back yourself,
58:39
nobody else will Be ambitious. Work hard and other people will
58:43
back you well. I love that.
58:46
OK. So #4 question is, if you could
58:49
invest $1 million today, where would it go to?
58:55
Nuclear power, data centres and the infrastructure required to
58:59
run AI. If you own petrol, you own the
59:01
fuel, you own the future. Interesting.
59:05
And of course, the very last question for you is legacy or
59:10
wealth, Which matters more? You can't have legacy without
59:14
wealth. So have enough wealth to enjoy
59:15
your life and then have a legacy.
59:19
Okay, interested, interested stuff.
59:21
So, Steve. For founders, leaders and
59:24
entrepreneurs listening to us today, what is the one action
59:28
they should take this week to feature prove themselves in an
59:32
AI driven word? Going to ChatGPT or Gemini?
59:37
Create a newsletter that collects all the information
59:41
about activities in your sector related to AI.
59:44
So you increase your understanding, read it,
59:46
understand it and try to implement it.
59:50
Amazing, amazing advice. So thank you very much for me to
59:54
you. It's, you know, love and of
59:55
course respect across. You are a man.
59:59
You know, a lot of would I say. A lot of knowledge and of course
1:00:03
they say knowledge is power, right?
1:00:06
And of course they say health is wealth.
1:00:08
So to the leasters right now guys, you've heard it all today.
1:00:15
Like you know what to do, keep supporting the show, like,
1:00:19
comment, subscribe and of course share with your network.
1:00:22
And of course, always go for something in your lives.
1:00:26
Conceive, believe, strike to thrive and achieve.
1:00:29
And of course, so I come your way again.
1:00:31
It's goodbye for me. And of course from Steve
1:00:34
Endercurt, it is also goodbye guys.
1:00:37
And of course, take care.