Exploring The New Trust Economy
Being an originator is extremely human. Creation is a part of who we are. When we see technology supporting that and enabling that, those of us who can analyze, interpret, and turn that into an opportunity and a creation from calling data, that’s where the power is going to lie. Tracy and Monika explore the new trust economy and the newest things happening in the real business world today like blockchain and cryptocurrency, investment opportunities, hashgraphs, and more. They also discuss how the economy is shifting to the utility of the creative person and the new economy that values creativity.
Watch the episode here:
Listen to the podcast here:
Exploring The New Trust Economy
We are super excited to be bringing you this new show. We are excited about bringing information on blockchain, cryptocurrency, all things in those regions that you have questions about.
Not necessarily the deep technical stuff about like hashgraphs. I promise not to talk about hashgraphs unless somebody else brings it up. I’ll talk about like how it relates to normal people that want to be a part of the economy as a gross. What’s the newest thing that’s happening in the real business world?
Monika, I’d love that because I don’t know what that is. I’m like, “I have to Google hashgraphs.” I’m going to tell the story about how I got started here. That will give you an idea about whether or not this show is right for you. I have been writing an Inc. column for several years. It’s on innovation. I’m always exploring new areas of innovation whether it’s VR, AR, AI, 3D printing. It could be anything. Blockchain came along and it intrigued me. I had been sitting on the sidelines watching it, but never writing about it. Reading some things, but not moving things.
What was the first thing that you remember? When was the first time that you heard blockchain and you were like, “Huh?” It intrigued me. A lot of things intrigue me, but the first time I hear something that sticks in my head then I go, “I want to know about that thing.” What was that for you?In risks are opportunities. Click To Tweet
For me, I heard blockchain in conjunction with AI before I heard about it in conjunction with cryptocurrency. For me, that started to make sense. In an artificial intelligence world, your data needs to machine learn, but it also has to learn from disparate places. That’s where a lot of blockchains is being utilized. I thought, “This is interesting.” People would ask me, “What’s blockchain?” I’d be like, “Let me explain that.” I was like, “I better be able to answer that because that’s my job.” I started to look it up and what started to intrigue me first because my business and my background is in product design and development is supply chain management. That’s what intrigued me before cryptocurrency or anything like that. I’ve been looking at that and saying, “There’s a whole lack of trust in the supply chain model and is this the answer?”
Looking at it, I was like, “I could see the applications.” That is my gift about what I write about. My gift is saying there are applications here, let’s go find great stories and let me feature them so that you can have a clear understanding. Way back when, when I started a podcast on 3D printing called WTFFF?! several years ago. We have over 550 episodes on it. What I saw was the same thing in blockchain and cryptocurrency is I saw the same model of what we were talking about back when we started that show. There was so much hype around it that people were missing out and were afraid to even ask like, “What does this mean?” There weren’t a lot of shows. There wasn’t a lot of information out there that demystified this and broke it down and said, “How am I going to use this? How am I going to apply this in my business? What am I going to do with it? What are some great companies that are doing great things that are very applicable and I could model and understand?”
That was what I was seeking. I didn’t realize I was seeking it, but I was looking at it. A great PR agent friend of mine pushed me and said, “You have to come to this conference in Vegas called ChainXchange.” I was like, “I love this. I’m intrigued by this idea, but I’m so busy right now to like go to another conference and write a series of articles.” I was like, “I’m too busy.” She said, “If I could get you an interview with Steve Wozniak, Molly Bloom, and Common, would you show up?” I was like, “I’m there.” I found out that my good friend, Adryenn Ashley, who’s developing a dating app called Loly was going to be there. I was messaging her and that’s how I met you, Monika. She invites me to come to listen to your stage presentation where she was doing a panel with you. I was like, “This girl knows what she’s doing. This woman has it down,” because your explanation of blockchain and cryptocurrency and the state of where it is now was like normal people speak. I was like, “I want to meet her,” and that’s how we met each other.
I had no idea that was your first ever blockchain conference because that was like a million for me. First of all, you fit right in. I’ll tell you that I had no idea you were such a newbie or as we like to think a virgin. You were not a blockchain virgin. I know Adryenn as well. She has brought me into so many panels. I got to say like, “We are doing the internet right this time.” Women are helping each other and bringing each other into panels, making sure that even if we get into a place and we bring that gender diversity, that we’re bringing other women with us. We’re not going to be the only ones. It’s important and it’s been a huge part of my process.
I wrote a piece on this called Driven By Asterisks. Meaning like every time a door is opened, it’s mostly been someone whose name is an asterisk. I realized after I asterisked all of the main people in my life, in my journey with blockchain, and in tech this time around with the internet latest point O It was like, “Every single asterisk is for another woman’s name. We are helping each other out. When you invited me to come on, I thought, “This is the perfect co-hosting thing.” Once again, it’s another badass woman like, “We’ve got to stick together on this. We’ve got to do this.”
Plus, I couldn’t resist the idea of having the Proffitt and Hazzard with double letters. It seemed like it was meant to be because that is the thing that I liked to explore risks because in risks are opportunities. I always do look at the hazards of product launching or the hazards of blockchain launching, whatever that is. I love that we have those two sides of us because you are always looking at the investment opportunities. The money side of things. You have a lot more experience in that. Tell everyone about both your book, Blockchain 101, which is great, which I have used. It’s my guide. You have an amazing experience and you’re in fundraising mode.
I am in fundraising mode, which is the biggest part of what I’ve not done before. Everything else in business I feel like, “I get it.” How to be lean, how to be agile, how to build something and bootstrap it yourself. My last company was in the arts and culture space. I took real estate investment and I had done. I decided what I wanted to see was more support and programming and cool things for artists to make work. I took what I had and I put it at what I wanted to see in the world. I think what most entrepreneurs are doing in one way or another is we are somewhere on the creator to consumer spectrum. I don’t create sweaters, I consume them. I don’t create my clothing, I don’t create my textiles or my furniture. I do create other things. I used to create paintings and site-specific installations, sculpture, audio pieces. I would create those things. I create businesses, but when you want to create something, it’s very different than when you want to consume something.
I don’t have an interest in reinventing the jeans. I like denim. What they’re doing with it is fine. I’m not any smarter about that than they are. In fact, I’m going to leave that to the experts. Also parenting, leaving it to the experts, not totally jumping in on making humans, not one of the creative things I’m going to do. When it comes to things I do want to create, that’s where the inclination of the entrepreneur and the artists are very similar and very unique. The person who is driven to create is the person who goes, “I’m looking at the world of things and none of them are good enough.” I’m only going to be satisfied if I can make this thing I haven’t seen yet. That inclination is very specific. It’s almost sacred in a way because not everyone has that.Being an originator is extremely human. Creation is a part of who we are. Click To Tweet
When you do have it, it’s usually a couple of certain places that you want to have that impact and say, “None of the things out here are good enough. I’m going to only be fulfilled by making. In being fulfilled by making, when I opened up my lens of what a creator was and to include the entrepreneur, not the artist, I realized I wanted to make things that affected more lives than people in the creative class. Over the last few years, I shifted. After several years of running my last company, Starry Night Programs, I sold it to another woman entrepreneur, who loves serving the creative class. I shifted over to who is the larger class of people that I want to serve. I realized it was people like me who wanted to get into real estate investing who wanted to have those solid returns but didn’t know how to start or found it expensive to get in and out.
I decided to start Rise Markets so I could have a broader impact but still be able to affect things like gentrifying neighborhoods where artists live. I felt like it gave me the chance to have a bigger creation than a smaller creation. I guess everybody is doing that, even if your creations, all your kids, they get bigger. You’re like, “Now, you’re walking.” It’s like, “Now, you’re going to college.” They have always been doing something else. You made this like fully vested tax-paying entity. You made it. It’s amazing.
I have three of those. I got on that side of it. One of them is wonderful. She runs one of my companies, but the other two are little. They’re still budding. We’re not sure where they’re going to end up on, but they seemed to be very creative as well. I agree with you because being an originator, being an original, whether it’s your original purpose, your view, your mission or it is physically creating object, things, and art or whatever that is. Being an originator is extremely human. Creation is a part of who we are. This is where a lot of people are afraid of things like AI. I’m not because at the end of the day, it is those of us who can analyze, can interpret, can turn that into an opportunity and a creation from calling that data, that’s where the power is going to lie, not in the data itself. The data itself is mundane work that I don’t need to do now to be able to get more easily access and make my decisions and make the future thing that whatever that object or thing might be.
It’s funny that you leave straight from the creative impulse to AI. I know that there are a lot of people that look at this as a huge threat. I understand why and I’m not dismissing that. I see also this huge opportunity. Currently, a lot of our economic systems have to do with human beings doing the rote activity. The more we can train a robot to do the rote things, the more we’re going to see a shift in the value system of the person who can synthesize the most information and outdo a robot and be the most creative will be the most useful. Instead of the person who knows how to show up on time, get to sleep on the time, have a rate schedule, act like a robot, and keep their personal life outside of work hours. Now it’s going to be, “What can you infuse of your unique perspective?” That’s where your value is. It’s going to be so interesting to watch education reform, all kinds of things adapt to go, “Your personal data and your personal signature is your best value.” It’s going to be a strange era for not only narcissism, but also creativity as a much broader thing.
My mission always is if there’s something that can let me be more authentically me and give me more time to do the things that I’m amazing at, then I’m going to have a better business. That’s where a lot of people fail is that we think we have to do all of the aspects of everything that’s going around us.
It’s exhausting. You can’t keep up. There are too many things to do.
Being able to then stay and live in the thing that I’m brilliant at is the future. When people are more like that, we’re going to have faster advances and future growth. The real interest for me in blockchain especially is that in a lot of those other areas, there are not enough women. There’s not enough cultural diversity happening and we’re not getting participation at the ground floor level. There’s an opportunity to change that here with blockchain.
It is so exciting to see that not only is by the virtue of the idea, ethics, and morals, we should be including more people and more voices make us a healthier economy. It makes us a healthier ecology. If you look at simply plants, if you don’t have biodiversity, you have a dead field that will become a dust bowl. We learned that in the ‘30s. Overharvesting and getting too homogenous is to your own detriment. That’s inherent in cultural and in business and in all the other types of activities. What’s beautiful is that blockchain is literally built in a way that it only flourishes if it has a great diversity of inputs and great diversity of nodes.If you don't have biodiversity, you have a dead field that will become a dust bowl. Click To Tweet
The more information that’s in there, the more robust that is. Now, that we’ve built this technology and we’re building more and more applications on top of it, it truly reflects the healthiest version of our ecology. We’re finally getting some evolution in this space and that’s what’s exciting to me. Not only is that there is a lot of human potential for engagement. It doesn’t seem like an abstract concept that we have a very evenly distributed resources in terms of human being’s capacity around the globe. There are all kinds of people that simply are in the wrong place. They don’t have enough education or access. Therefore, we don’t even get to know the resources they bring and the brilliance they have. The more we diversify entry points there, the better we will all be.
If you haven’t guessed how passionate Monica and I about this topic and about exploring it, let us give you a little bit of a preview on what we expect and how it’s going to work. We’re going to be doing interviews with both creators, the people who are starting ventures and different blockchain and cryptocurrency companies basically. We’re going to have some that are in the application. Maybe they’ve created apps or maybe they’ve created a fund already or they’ve started some of these different things. They are maybe farther along on the path of some of the things you’ve been thinking about at the back of your minds about maybe there’s an application for it here. They’re also touching on themes of opportunities. Whether it’s disenfranchisement or distrust in the process like I was referring to about supply chain problems. There is a lot of distrust in that process. We’re going to be highlighting some of the reasons that these blockchains will probably succeed because they’re exploiting these opportunities.
I want to make sure that you know we’re going to be telling a lot of stories in this because it’s one thing to get data, but like how the economy is shifting to the utility of the creative person and the new economy that values creativity. To have that data happen within the context of a story, how did you get here? Why did you think about this? Why did you come up with this idea? What was the need that you saw your filling and not that you’re going to go make a thing of the market, but like where were you in your lifespan and your own personal story that made this interesting to you? That context is huge. There’s a reason why there’s an entire channel dedicated to documentaries and discovery. We want to know how it happened.
I also like to ask the hard questions like how did you get started in this? A big question is, “I think I might have a good blockchain opportunity but where do I go? Where do I learn? Where do I find good resources? How do I trust them?” There’s a whole series of questions that this raises as you start exploring and seeing whether or not this of value to you. We want to present some of those opportunities and show how people have done it and have gotten started.
We have so many investment opportunities now. It’s going to be interesting to showcase some of the things that now are not closed off to average people. Whether it’s from the innovation side or the investment side.
We’re going to try to do that. We were splitting our time. You’re going to get a solo interview or episode with me occasionally. You’ll get one with Monika. We’ll try to meet together in the middle and have a conversation about what we learned from each person or what we learned that week. We’re going to try to keep pairing you up and giving you three episodes a week if we can keep up the pace because we’re busy. We’re speaking a lot of places, but we’re going to do our best to give you that opportunity to see different views and then have a discussion in between of what we’re learning in the process and what we’re seeing as well. We want to give you that. We want to get you excited about blockchain. We want to get you thinking about it.
We want to invite you to get involved. We want to make sure that you feel that the involvement and getting involved is accessible to you, whether you’re in business, a solopreneur. Whatever that opportunity that you feel is intriguing you enough and read this blog, we want to make sure that we show you ways in which you can get involved, can get started and can get your feet wet. We also would love to have feedback from you about what you’d like to hear. We want to invite you to come to converse with us, to get to know us. We’re on social media at New Trust Economy. We’re also at NewTrustEconomy.com. You can connect with us there and make suggestions. We look forward to it. We definitely want to hear about people we may not be coming in contact with. Bring awareness to projects that you’re working on and let us know about it.
There are a lot of people who are doing businesses that do not involve blockchain, but they think that there might be a good application for it. There’s a lot to be talking about there to see is blockchain right for your business?
What are your questions? Where are you struggling? Why aren’t you finding information? We want to fill that void for you as well. Definitely let us know if you’ve got these questions going on in your head. Reach out to us anywhere and we look forward to serving you in at the New Trust Economy for days to come. You can find out all about us on the website. If you want to get some more details on where we’re speaking, what we’re doing, get a link to Monica’s book, Blockchain 101 and get a link to my column as well. We’ve reposted some of our articles, which are out there and we’ve consolidated them there. You can also check out there to read my specific Inc. articles that are on blockchain and Monika’s articles that she’s been publishing out in other areas are also re-republished on the website.
Thank you so much. This is going to be so much fun. I can’t wait.
We look forward to talking with you again on the New Trust Economy.
- Blockchain 101
- Rise Markets
- New Trust Economy on Facebook
- Tracy Hazzard’s Inc. articles