Efficiency innovations provide return on investment in 12-18 months. Empowering innovations take 5-10 years to yield a return. We have ample capital - oceans of capital - that is being reinvested into efficiency innovation.

It is when the product is not good enough that proprietary integration gives you a competitive edge. You cannot outsource and be competitively successful in this situation. But at the other end, where standard components assembled in standard ways can yield acceptable performance, you must outsource.

If you take away religion, you can't hire enough police.

If I know what to spec, and I can measure it, and there are no unpredictable interdependencies between what you do and what I must do in response, then an economist would say that is sufficient information for a market to emerge between you and me.

The innovations are far more important because the technology itself has now way to impact the world for good until it's embedded in the business model. Innovation it's the combination of the simplifying technology and the business model.

Its actually really important that you succeed at what youre succeeding at, but that isnt going to be the measure of your life.

In most instances, biotechnology, though a radically different approach, is a sustaining technology: It's a dramatically improved way of targeting problems that we hadn't been able to solve with the conventional approach of mainstream pharmaceutical companies.