Economy Future Why an Abundance Mindset?

Why an Abundance Mindset?

Blog by Peter Diamandis

DO YOU HAVE AN abundance mindset? What the heck is an abundance mindset? And what’s the advantage of having an abundance mindset?

In the middle of a pandemic, it’s hard to think about abundance… especially when people are losing their jobs, their businesses or wondering if and when they will get access to a vaccine.

Nonetheless, the world is heading rapidly towards abundance, and understanding this could transform your life and your business.

Exponential tech like computation, AI, 3-D printing, robotics, VR are rapidly dematerializing, demonetizing, and democratizing products and services. What used to only be available to the richest and most elite, is now available to almost anyone on the planet. A child in the middle of Zimbabwe can Google any information or video conference for free with someone on the other side of the world.

Many things we paid millions of dollars for just two decades ago are now available for free on your smartphone.

The challenge is that our minds evolved during a world of absolute scarcity, and most people are trapped in an unhealthy “Scarcity Mindset”.

In a world of scarcity, there is a limited pie. If your neighbor gets a slice, that means you get a smaller slice. It’s a world of limited resources and fi erce competition.

With an Abundance Mindset, rather than slicing the pie into thinner and thinner pieces, we just bake more pies… millions of more pies. This is the future that exponential tech enables. And this is true across almost every sector whether or not people see it or recognize it yet.

Creating a world of abundance isn’t about creating a world of luxury, it’s about creating a world of possibility.

I believe that an Abundance Mindset is 1 of the 6 critical Mindsets for a leader and an entrepreneur to actively develop and fi rmly command.

So, what are the benefi ts of an Abundance Mindset? And how do you develop one?

Here is a summary on WHY you should desire and develop an abundance mindset:

With an Abundance Mindset…

1. You understand that the world is becoming more abundant, and this allows you to maintain a hopeful and compelling vision for the future. This positive mindset sets you apart from others, and attracts the best team to your mission. 2. You don’t resent missed opportunities because you understand that you are living in a world of ever-increasing opportunities. The future holds many more exciting, fulfi lling and profi table opportunities for you to pursue. 3. You don’t fear the future. Instead, you embrace it and are excited to learn all you can to create the future you and your business desire. 4. You view competitors as potential collaborators in a world of ever-increasing business opportunities. Why worry unnecessarily about your competitors when you can create another, larger pie? You focus your time, attention and resources on pursuing Moonshots that are 10x (1000%), versus fi ghting in the trenches for 10% improvements. 5. You are reinventing your business through a digital lens -- constantly dematerializing, demonetizing, and democratizing your products and services, making them available to a larger and larger customer base at a lower and lower cost. 6. As a leader, you convey a hopeful and

compelling future that inspires and guides your employees and customers. People inherently want good news: *data-driven optimism* rather than continuous dribble of negative, crisis-oriented, amygdala-energizing banter.

Now take a look at *data-driven optimism.* This is an optimism that comes from awareness of the overwhelming evidence as exponential technologies improve access to renewable energy, reduce childhood mortality, and reduce global poverty, just to name a few. All the improvements below are arguably a result of the continuous improvement of exponential technologies and their ability to democratize, demonetize, and dematerialize access to products and services for the 8 billion people on Earth.

With Data-Driven Optimism we see that… 1. We’re Living Longer & Child Mortality

Rates are Falling - life expectancy continues to climb. Global life expectancy has been rising steadily since the turn of the 20th century, and has increased nearly 3 years in the last decade alone. It’s now 72.6 years old, compared to life expectancy just a century ago when most people didn’t make it to 40.

Perhaps more important than longevity is the dramatic decline in child mortality. From 1990 to 2010, child mortality decreased by over 40%. And in the last decade, it fell a further 26%. We can expect this trend to continue

due to advances in technology.

2. We’re More Connected Than Ever Before

- nearly 60% of the world’s population has access to the internet. We passed the 50% milestone in 2018 and the trend is only accelerating. With such rapid progress, internet access may soon become a universal human right.

3. Rapid Growth of Solar & Wind Energy

- Humanity’s two major renewable energy sources have seen massive growth in the last decade. Solar energy generation increased twenty-fold from 2010 to 2019. During that same period, renewable energy generated by wind increased three-fold to 1,430 gigawatts. 4. Extreme Poverty is Declining - in the last ten years, we have reduced global extreme poverty by nearly half to 9.3% in 2020. If it weren’t for COVID-19, that number would be even lower. For example, the World Bank estimates that if the pandemic hadn’t ravaged the world economy, the global extreme poverty rate in 2020 would be 7.9%.

Exponential technologies are the driving force behind many of the improvements we are experiencing. The good news is that those technologies are themselves increasing rapidly, both in terms of sophistication and adoption.

This trend of accelerating technological change not only provides endless opportunities for ambitious and energetic entrepreneurs, it also leads us to the compelling, hopeful, and abundant future that I know is possible. Almost all of our exponential tech trends discussed in this blog are being built on top of ever-increasing computational power. For the past ~70+ years, Moore’s Law (https://en.wikipedia.org/ wiki/Moore's_law), the exponential growth

Abundance Mindset from page 29

of computing power has continued non-stop. The following chart, plotted on a log-scale, demonstrates this trend.

Computers are also becoming much more effi cient. Processing effi ciency is measured as the number of watts needed per million instructions per second (watts per MIPS).

Processing effi ciency has increased by a factor of 100,000 since 1990. With continued advances in quantum computing, we’ll see an explosion of information-processing capability.

By 2023, IBM expects to reach 1,121 qubits with their processor codenamed Condor. This would be a 17-fold increase from today. IBM sees 2023 as the infl ection point for the commercialization of quantum technology.

One key eff ect of continued improvements in computation is an explosion of the total amount of information produced. Between now and 2025, we will produce 3x the amount of information and data globally.

The Internet Continues its Explosive Growth

Since 2010, the number of internet users worldwide has doubled while global internet traffi c has grown twelvefold.

At the same time, rapid improvements in energy effi ciency have helped to limit energy demand growth from data centers and data transmission networks, which combined accounted for just 1% of global electricity use in 2019.

Today, nearly 60% of the world’s population has access to the internet. We passed the 50% milestone in 2018 and this trend is only accelerating. As I’ve written previously, with such progress, internet access may soon become a universal human right. Another way to appreciate just how much and how quickly the internet has grown is to look at the number of internet searches conducted.

For example, the number of Google searches alone has increased by 2,000x during the last 20 years.

One factor that has made such a dramatic increase in internet searches possible is the

increasing speed of an end user’s connection, which is measured in megabits per second (Mbps) and end user connection speed has jumped 10x in the last decade alone.

Mobile Devices, Smartphones & 5G Growing Rapidly

After an extended period of exponential growth, the number of mobile subscriptions globally is greater than the number of all people on Earth.

Given the total number of mobile subscriptions in the world, as of 2019 global mobile penetration was 108%.

In the US, the share of Americans who own a smartphone is 81%. According to the Pew Research Center, this is a 50% increase from when the organization fi rst started collecting this data in 2011.

The advancement of 5G networks and technology will both accelerate and enhance mobile and smartphone adoption.

Ericsson projects that there will be 80 million 5G mobile subscriptions by the end of 2020. That number will then balloon to 2.8 billion in 2025.

We’ll also see an explosion of all sorts of connected devices. Cisco estimates that by 2022 (just a few years away), we’ll have over 1 billion total connected wearable devices in the world.

Some of the most dramatic growth in devices and hardware will come from VR & AR headsets.

Research fi rm IDC estimates that between now and 2024 we will see a 10x growth in global VR & AR headset shipments worldwide.

Dramatic Growth in Battery Technology

We’ll need a signifi cant increase in battery storage to power all of these devices. According to McKinsey, by 2024 we will see a 17x increase in battery demand.

Growth of Digital Memory Storage

DRAM (dynamic random-access memory) is a type of memory chip used in most desktop and laptop computers. Demand for DRAM chips has been increasing for years, and over the next three years we’ll see at least an additional 100 billion 1 GB equivalent modules shipped globally.

Electric Vehicles (EVs) and Solar Energy

With rapid growth in electric car sales over the past decade, electric cars now make up about 1% of the global car fl eet.

Solar generation is one of humanity’s major renewable energy sources. We saw massive growth of solar during the last decade, increasing by a factor of twenty from 2010 to 2019.

The Digitization of Retail

Global retail e-commerce sales more than doubled from $1.5 trillion in 2015 to $3.5 trillion in 2019.

see page 32

e More 3D prints/builds house in Africa 3D printer builds a wall one layer at a time.

Abundance Mindset from page 31

That trend will only continue. By 2023, global e-commerce sales are projected to be almost $7 trillion.

Growth of Industrial Robots

The market for industrial robots has been growing at record rates of 19% per year since 2013, and is expected to continue double-digit growth at least through 2021.

3D Printing Adoption

In 2018, the global additive manufacturing market grew to over $10.4 billion, crossing the pivotal double-digit billion threshold for the fi rst time in its decades-long history.

Exponential Growth in Biotech

We have made progress in reducing the cost of sequencing the human genome. In 2008, that progress began to exceed Moore’s Law. This rapid growth continues and direct-to-consumer genome sequencing is now widely available.

NIH funding for CRISPR-

related research

grew from $5 million in 2011 to $1.1 billion in 2018. During that time, the number of CRISPRrelated scientific publications increased by a factor of 45x.

To repeat, with an

Abundance

Mindset , rather than slicing the pie into thinner and thinner pieces, we just bake more pies… millions of more pies.

Craft and actuate your own Abundance Mindset and address the future positively rather than negatively. Create a world of possibility.

ABA - Bake More Pies!

Africa Business Association (ABA) is pursuing a path to abundance for the people of Africa and of the Africa Diaspora. We invite you to indiividually pursue the development of your Abundance Mindset while joining the ABA community in a collective discussion of how we work as continentals and diasporans to grow a "Bake More Pies" spirit.

Visit with the ABA community on our LinkedIn page (www.linkedin.com/company/africa-businessassociation/) to share ideas on some of the topics in this issue, prior issues and coming issues of DAWN. www.abundance360.com image credit: 3Dprint.com, 3dnatives.com, piedesigns. co.za