What you need is a fundamental humility - the belief that you can learn from anyone.

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.

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.

If you ask the average guy on the street to name five companies that have truly transformed themselves over the few decades, Hewlett-Packard would be on everybody's list. You'd also put on this list GE and Johnson & Johnson.

You can talk all you want about having a clear purpose and strategy for your life, but ultimately this means nothing if you are not investing the resources you have in a way that is consistent with your strategy. In the end, a strategy is nothing but good intentions unless it's effectively implemented.

There's usually some process by which a potentially great idea gets prostituted into something lacklustre, or by which the wrong idea gets put forward.

Generally, the technology that enables disruption is developed in the companies that are the practitioners of the original technology. That's where the understanding of the technology first comes together. They usually can't commercialize the technology because they have to couple it with the business model innovation, and because they tend to try to take all of their technologies to market through their original business model, somebody else just picks up the technology and changes the world through the business model innovation.