1 00:00:00,249 --> 00:00:02,515 Today, actually, is a very special day for me, 2 00:00:02,539 --> 00:00:04,660 because it is my birthday. 3 00:00:04,684 --> 00:00:08,657 (Applause) 4 00:00:08,681 --> 00:00:12,122 And so, thanks to all of you for joining the party. 5 00:00:12,146 --> 00:00:13,313 (Laughter) 6 00:00:13,337 --> 00:00:18,123 But every time you throw a party, there's someone there to spoil it. Right? 7 00:00:18,147 --> 00:00:19,219 (Laughter) 8 00:00:19,243 --> 00:00:20,602 And I'm a physicist, 9 00:00:20,626 --> 00:00:24,783 and this time I brought another physicist along to do so. 10 00:00:24,807 --> 00:00:29,369 His name is Albert Einstein -- also Albert -- and he's the one who said 11 00:00:29,393 --> 00:00:34,223 that the person who has not made his great contributions to science 12 00:00:34,247 --> 00:00:35,806 by the age of 30 13 00:00:35,830 --> 00:00:37,226 will never do so. 14 00:00:37,250 --> 00:00:38,262 (Laughter) 15 00:00:38,286 --> 00:00:40,626 Now, you don't need to check Wikipedia 16 00:00:40,650 --> 00:00:42,221 that I'm beyond 30. 17 00:00:42,245 --> 00:00:43,661 (Laughter) 18 00:00:43,685 --> 00:00:47,291 So, effectively, what he is telling me, and us, 19 00:00:47,315 --> 00:00:49,859 is that when it comes to my science, 20 00:00:49,883 --> 00:00:51,086 I'm deadwood. 21 00:00:52,078 --> 00:00:57,664 Well, luckily, I had my share of luck within my career. 22 00:00:58,132 --> 00:01:01,954 Around age 28, I became very interested in networks, 23 00:01:01,978 --> 00:01:06,054 and a few years later, we managed to publish a few key papers 24 00:01:06,078 --> 00:01:10,175 that reported the discovery of scale-free networks 25 00:01:10,199 --> 00:01:14,777 and really gave birth to a new discipline that we call network science today. 26 00:01:14,801 --> 00:01:18,479 And if you really care about it, you can get a PhD now in network science 27 00:01:18,503 --> 00:01:20,531 in Budapest, in Boston, 28 00:01:20,555 --> 00:01:22,863 and you can study it all over the world. 29 00:01:23,466 --> 00:01:25,061 A few years later, 30 00:01:25,085 --> 00:01:28,315 when I moved to Harvard first as a sabbatical, 31 00:01:28,339 --> 00:01:31,431 I became interested in another type of network: 32 00:01:31,455 --> 00:01:34,482 that time, the networks within ourselves, 33 00:01:34,506 --> 00:01:38,232 how the genes and the proteins and the metabolites link to each other 34 00:01:38,256 --> 00:01:40,749 and how they connect to disease. 35 00:01:41,368 --> 00:01:45,960 And that interest led to a major explosion within medicine, 36 00:01:45,984 --> 00:01:49,963 including the Network Medicine Division at Harvard, 37 00:01:49,987 --> 00:01:53,382 that has more than 300 researchers who are using this perspective 38 00:01:53,406 --> 00:01:56,303 to treat patients and develop new cures. 39 00:01:57,457 --> 00:01:59,227 And a few years ago, 40 00:01:59,251 --> 00:02:01,777 I thought that I would take this idea of networks 41 00:02:01,801 --> 00:02:03,567 and the expertise we had in networks 42 00:02:03,591 --> 00:02:04,983 in a different area, 43 00:02:05,007 --> 00:02:06,989 that is, to understand success. 44 00:02:07,704 --> 00:02:08,914 And why did we do that? 45 00:02:08,938 --> 00:02:11,219 Well, we thought that, to some degree, 46 00:02:11,243 --> 00:02:14,620 our success is determined by the networks we're part of -- 47 00:02:14,644 --> 00:02:18,491 that our networks can push us forward, they can pull us back. 48 00:02:18,925 --> 00:02:23,053 And I was curious if we could use the knowledge and big data and expertise 49 00:02:23,077 --> 00:02:24,480 where we develop the networks 50 00:02:24,504 --> 00:02:27,800 to really quantify how these things happen. 51 00:02:28,404 --> 00:02:29,746 This is a result from that. 52 00:02:29,770 --> 00:02:32,717 What you see here is a network of galleries in museums 53 00:02:32,741 --> 00:02:34,373 that connect to each other. 54 00:02:34,806 --> 00:02:38,861 And through this map that we mapped out last year, 55 00:02:38,885 --> 00:02:43,733 we are able to predict very accurately the success of an artist 56 00:02:43,757 --> 00:02:47,778 if you give me the first five exhibits that he or she had in their career. 57 00:02:49,404 --> 00:02:52,110 Well, as we thought about success, 58 00:02:52,134 --> 00:02:55,201 we realized that success is not only about networks; 59 00:02:55,225 --> 00:02:57,621 there are so many other dimensions to that. 60 00:02:58,145 --> 00:03:01,392 And one of the things we need for success, obviously, 61 00:03:01,416 --> 00:03:02,586 is performance. 62 00:03:02,610 --> 00:03:06,114 So let's define what's the difference between performance and success. 63 00:03:06,465 --> 00:03:08,462 Well, performance is what you do: 64 00:03:08,486 --> 00:03:11,518 how fast you run, what kind of paintings you paint, 65 00:03:11,542 --> 00:03:13,423 what kind of papers you publish. 66 00:03:13,835 --> 00:03:16,449 However, in our working definition, 67 00:03:16,473 --> 00:03:20,678 success is about what the community notices from what you did, 68 00:03:20,702 --> 00:03:22,314 from your performance: 69 00:03:22,338 --> 00:03:26,470 How does it acknowledge it, and how does it reward you for it? 70 00:03:26,494 --> 00:03:27,676 In other terms, 71 00:03:27,700 --> 00:03:32,296 your performance is about you, but your success is about all of us. 72 00:03:33,392 --> 00:03:36,726 And this was a very important shift for us, 73 00:03:36,750 --> 00:03:40,774 because the moment we defined success as being a collective measure 74 00:03:40,798 --> 00:03:42,904 that the community provides to us, 75 00:03:42,928 --> 00:03:44,438 it became measurable, 76 00:03:44,462 --> 00:03:48,972 because if it's in the community, there are multiple data points about that. 77 00:03:48,996 --> 00:03:54,276 So we go to school, we exercise, we practice, 78 00:03:54,300 --> 00:03:57,291 because we believe that performance leads to success. 79 00:03:57,832 --> 00:03:59,847 But the way we actually started to explore, 80 00:03:59,871 --> 00:04:03,398 we realized that performance and success are very, very different animals 81 00:04:03,422 --> 00:04:05,866 when it comes to the mathematics of the problem. 82 00:04:06,429 --> 00:04:07,861 And let me illustrate that. 83 00:04:08,329 --> 00:04:13,276 So what you see here is the fastest man on earth, Usain Bolt. 84 00:04:13,832 --> 00:04:17,742 And of course, he wins most of the competitions that he enters. 85 00:04:18,393 --> 00:04:21,568 And we know he's the fastest on earth because we have a chronometer 86 00:04:21,592 --> 00:04:22,752 to measure his speed. 87 00:04:22,776 --> 00:04:26,895 Well, what is interesting about him is that when he wins, 88 00:04:26,919 --> 00:04:32,421 he doesn't do so by really significantly outrunning his competition. 89 00:04:32,445 --> 00:04:36,964 He's running at most a percent faster than the one who loses the race. 90 00:04:37,631 --> 00:04:41,269 And not only does he run only one percent faster than the second one, 91 00:04:41,293 --> 00:04:44,142 but he doesn't run 10 times faster than I do -- 92 00:04:44,166 --> 00:04:46,347 and I'm not a good runner, trust me on that. 93 00:04:46,371 --> 00:04:47,568 (Laughter) 94 00:04:47,592 --> 00:04:51,094 And every time we are able to measure performance, 95 00:04:51,118 --> 00:04:53,168 we notice something very interesting; 96 00:04:53,192 --> 00:04:55,703 that is, performance is bounded. 97 00:04:55,727 --> 00:04:59,484 What it means is that there are no huge variations in human performance. 98 00:04:59,508 --> 00:05:02,940 It varies only in a narrow range, 99 00:05:02,964 --> 00:05:06,243 and we do need the chronometer to measure the differences. 100 00:05:06,267 --> 00:05:09,435 This is not to say that we cannot see the good from the best ones, 101 00:05:09,459 --> 00:05:12,192 but the best ones are very hard to distinguish. 102 00:05:12,216 --> 00:05:15,208 And the problem with that is that most of us work in areas 103 00:05:15,232 --> 00:05:19,154 where we do not have a chronometer to gauge our performance. 104 00:05:19,178 --> 00:05:20,742 Alright, performance is bounded, 105 00:05:20,766 --> 00:05:24,298 there are no huge differences between us when it comes to our performance. 106 00:05:24,322 --> 00:05:25,479 How about success? 107 00:05:25,995 --> 00:05:28,925 Well, let's switch to a different topic, like books. 108 00:05:28,949 --> 00:05:33,964 One measure of success for writers is how many people read your work. 109 00:05:34,662 --> 00:05:39,072 And so when my previous book came out in 2009, 110 00:05:39,096 --> 00:05:40,998 I was in Europe talking with my editor, 111 00:05:41,022 --> 00:05:43,484 and I was interested: Who is the competition? 112 00:05:44,253 --> 00:05:46,988 And I had some fabulous ones. 113 00:05:47,012 --> 00:05:48,181 That week -- 114 00:05:48,205 --> 00:05:49,229 (Laughter) 115 00:05:49,253 --> 00:05:52,810 Dan Brown came out with "The Lost Symbol," 116 00:05:52,834 --> 00:05:55,816 and "The Last Song" also came out, 117 00:05:55,840 --> 00:05:57,269 Nicholas Sparks. 118 00:05:57,293 --> 00:06:00,281 And when you just look at the list, 119 00:06:00,305 --> 00:06:03,758 you realize, you know, performance-wise, there's hardly any difference 120 00:06:03,782 --> 00:06:05,380 between these books or mine. 121 00:06:05,404 --> 00:06:06,579 Right? 122 00:06:06,603 --> 00:06:11,271 So maybe if Nicholas Sparks's team works a little harder, 123 00:06:11,295 --> 00:06:13,017 he could easily be number one, 124 00:06:13,041 --> 00:06:15,939 because it's almost by accident who ended up at the top. 125 00:06:16,486 --> 00:06:19,639 So I said, let's look at the numbers -- I'm a data person, right? 126 00:06:19,663 --> 00:06:23,981 So let's see what were the sales for Nicholas Sparks. 127 00:06:24,005 --> 00:06:26,059 And it turns out that that opening weekend, 128 00:06:26,083 --> 00:06:29,058 Nicholas Sparks sold more than a hundred thousand copies, 129 00:06:29,082 --> 00:06:30,787 which is an amazing number. 130 00:06:30,811 --> 00:06:34,207 You can actually get to the top of the "New York Times" best-seller list 131 00:06:34,231 --> 00:06:36,341 by selling 10,000 copies a week, 132 00:06:36,365 --> 00:06:40,117 so he tenfold overcame what he needed to be number one. 133 00:06:40,141 --> 00:06:41,571 Yet he wasn't number one. 134 00:06:41,595 --> 00:06:42,903 Why? 135 00:06:42,927 --> 00:06:47,005 Because there was Dan Brown, who sold 1.2 million copies that weekend. 136 00:06:47,029 --> 00:06:49,165 (Laughter) 137 00:06:49,189 --> 00:06:53,160 And the reason I like this number is because it shows that, really, 138 00:06:53,184 --> 00:06:56,914 when it comes to success, it's unbounded, 139 00:06:56,938 --> 00:07:02,799 that the best doesn't only get slightly more than the second best 140 00:07:02,823 --> 00:07:05,520 but gets orders of magnitude more, 141 00:07:05,544 --> 00:07:08,338 because success is a collective measure. 142 00:07:08,362 --> 00:07:12,738 We give it to them, rather than we earn it through our performance. 143 00:07:12,762 --> 00:07:18,138 So one of things we realized is that performance, what we do, is bounded, 144 00:07:18,162 --> 00:07:20,844 but success, which is collective, is unbounded, 145 00:07:20,868 --> 00:07:22,180 which makes you wonder: 146 00:07:22,204 --> 00:07:25,115 How do you get these huge differences in success 147 00:07:25,139 --> 00:07:28,045 when you have such tiny differences in performance? 148 00:07:28,537 --> 00:07:32,324 And recently, I published a book that I devoted to that very question. 149 00:07:32,348 --> 00:07:35,187 And they didn't give me enough time to go over all of that, 150 00:07:35,211 --> 00:07:37,282 so I'm going to go back to the question of, 151 00:07:37,306 --> 00:07:40,441 alright, you have success; when should that appear? 152 00:07:40,465 --> 00:07:44,223 So let's go back to the party spoiler and ask ourselves: 153 00:07:45,215 --> 00:07:48,554 Why did Einstein make this ridiculous statement, 154 00:07:48,578 --> 00:07:51,734 that only before 30 you could actually be creative? 155 00:07:51,758 --> 00:07:56,438 Well, because he looked around himself and he saw all these fabulous physicists 156 00:07:56,462 --> 00:07:59,049 that created quantum mechanics and modern physics, 157 00:07:59,073 --> 00:08:02,809 and they were all in their 20s and early 30s when they did so. 158 00:08:03,730 --> 00:08:04,950 And it's not only him. 159 00:08:04,974 --> 00:08:06,597 It's not only observational bias, 160 00:08:06,621 --> 00:08:10,618 because there's actually a whole field of genius research 161 00:08:10,642 --> 00:08:12,898 that has documented the fact that, 162 00:08:12,922 --> 00:08:16,082 if we look at the people we admire from the past 163 00:08:16,106 --> 00:08:19,464 and then look at what age they made their biggest contribution, 164 00:08:19,488 --> 00:08:21,584 whether that's music, whether that's science, 165 00:08:21,608 --> 00:08:23,227 whether that's engineering, 166 00:08:23,251 --> 00:08:29,374 most of them tend to do so in their 20s, 30s, early 40s at most. 167 00:08:29,914 --> 00:08:32,705 But there's a problem with this genius research. 168 00:08:33,197 --> 00:08:36,477 Well, first of all, it created the impression to us 169 00:08:36,501 --> 00:08:39,980 that creativity equals youth, 170 00:08:40,004 --> 00:08:41,614 which is painful, right? 171 00:08:41,638 --> 00:08:43,589 (Laughter) 172 00:08:43,613 --> 00:08:47,701 And it also has an observational bias, 173 00:08:47,725 --> 00:08:52,687 because it only looks at geniuses and doesn't look at ordinary scientists 174 00:08:52,711 --> 00:08:54,676 and doesn't look at all of us and ask, 175 00:08:54,700 --> 00:08:57,885 is it really true that creativity vanishes as we age? 176 00:08:58,382 --> 00:09:00,259 So that's exactly what we tried to do, 177 00:09:00,283 --> 00:09:04,086 and this is important for that to actually have references. 178 00:09:04,110 --> 00:09:06,753 So let's look at an ordinary scientist like myself, 179 00:09:06,777 --> 00:09:08,299 and let's look at my career. 180 00:09:08,323 --> 00:09:11,525 So what you see here is all the papers that I've published 181 00:09:11,549 --> 00:09:16,664 from my very first paper, in 1989; I was still in Romania when I did so, 182 00:09:16,688 --> 00:09:18,281 till kind of this year. 183 00:09:18,940 --> 00:09:21,458 And vertically, you see the impact of the paper, 184 00:09:21,482 --> 00:09:22,885 that is, how many citations, 185 00:09:22,909 --> 00:09:26,897 how many other papers have been written that cited that work. 186 00:09:27,397 --> 00:09:28,697 And when you look at that, 187 00:09:28,721 --> 00:09:31,534 you see that my career has roughly three different stages. 188 00:09:31,558 --> 00:09:33,993 I had the first 10 years where I had to work a lot 189 00:09:34,017 --> 00:09:35,293 and I don't achieve much. 190 00:09:35,317 --> 00:09:37,435 No one seems to care about what I do, right? 191 00:09:37,459 --> 00:09:39,140 There's hardly any impact. 192 00:09:39,164 --> 00:09:40,568 (Laughter) 193 00:09:40,592 --> 00:09:43,479 That time, I was doing material science, 194 00:09:43,503 --> 00:09:47,194 and then I kind of discovered for myself networks 195 00:09:47,218 --> 00:09:49,165 and then started publishing in networks. 196 00:09:49,189 --> 00:09:52,262 And that led from one high-impact paper to the other one. 197 00:09:52,286 --> 00:09:55,390 And it really felt good. That was that stage of my career. 198 00:09:55,414 --> 00:09:56,696 (Laughter) 199 00:09:56,720 --> 00:09:59,928 So the question is, what happens right now? 200 00:10:00,587 --> 00:10:03,826 And we don't know, because there hasn't been enough time passed yet 201 00:10:03,850 --> 00:10:06,837 to actually figure out how much impact those papers will get; 202 00:10:06,861 --> 00:10:08,088 it takes time to acquire. 203 00:10:08,112 --> 00:10:09,681 Well, when you look at the data, 204 00:10:09,705 --> 00:10:12,559 it seems to be that Einstein, the genius research, is right, 205 00:10:12,583 --> 00:10:14,394 and I'm at that stage of my career. 206 00:10:14,418 --> 00:10:16,726 (Laughter) 207 00:10:16,750 --> 00:10:22,724 So we said, OK, let's figure out how does this really happen, 208 00:10:22,748 --> 00:10:24,526 first in science. 209 00:10:24,550 --> 00:10:28,182 And in order not to have the selection bias, 210 00:10:28,206 --> 00:10:29,543 to look only at geniuses, 211 00:10:29,567 --> 00:10:33,283 we ended up reconstructing the career of every single scientist 212 00:10:33,307 --> 00:10:35,809 from 1900 till today 213 00:10:35,833 --> 00:10:39,545 and finding for all scientists what was their personal best, 214 00:10:39,569 --> 00:10:42,381 whether they got the Nobel Prize or they never did, 215 00:10:42,405 --> 00:10:45,812 or no one knows what they did, even their personal best. 216 00:10:45,836 --> 00:10:47,751 And that's what you see in this slide. 217 00:10:47,775 --> 00:10:49,348 Each line is a career, 218 00:10:49,372 --> 00:10:52,375 and when you have a light blue dot on the top of that career, 219 00:10:52,399 --> 00:10:54,439 it says that was their personal best. 220 00:10:54,463 --> 00:10:55,618 And the question is, 221 00:10:55,642 --> 00:10:59,210 when did they actually make their biggest discovery? 222 00:10:59,234 --> 00:11:00,399 To quantify that, 223 00:11:00,423 --> 00:11:03,799 we look at what's the probability that you make your biggest discovery, 224 00:11:03,823 --> 00:11:06,495 let's say, one, two, three or 10 years into your career? 225 00:11:06,519 --> 00:11:07,999 We're not looking at real age. 226 00:11:08,023 --> 00:11:10,157 We're looking at what we call "academic age." 227 00:11:10,181 --> 00:11:13,431 Your academic age starts when you publish your first papers. 228 00:11:13,455 --> 00:11:15,234 I know some of you are still babies. 229 00:11:15,258 --> 00:11:16,655 (Laughter) 230 00:11:16,679 --> 00:11:19,385 So let's look at the probability 231 00:11:19,409 --> 00:11:21,475 that you publish your highest-impact paper. 232 00:11:21,499 --> 00:11:24,570 And what you see is, indeed, the genius research is right. 233 00:11:24,594 --> 00:11:27,618 Most scientists tend to publish their highest-impact paper 234 00:11:27,642 --> 00:11:30,541 in the first 10, 15 years in their career, 235 00:11:30,565 --> 00:11:33,698 and it tanks after that. 236 00:11:33,722 --> 00:11:38,829 It tanks so fast that I'm about -- I'm exactly 30 years into my career, 237 00:11:38,853 --> 00:11:42,393 and the chance that I will publish a paper that would have a higher impact 238 00:11:42,417 --> 00:11:44,357 than anything that I did before 239 00:11:44,381 --> 00:11:45,734 is less than one percent. 240 00:11:45,758 --> 00:11:48,807 I am in that stage of my career, according to this data. 241 00:11:49,648 --> 00:11:51,491 But there's a problem with that. 242 00:11:51,515 --> 00:11:55,190 We're not doing controls properly. 243 00:11:55,214 --> 00:11:56,631 So the control would be, 244 00:11:56,655 --> 00:12:01,262 what would a scientist look like who makes random contribution to science? 245 00:12:01,286 --> 00:12:04,281 Or what is the productivity of the scientist? 246 00:12:04,305 --> 00:12:06,311 When do they write papers? 247 00:12:06,335 --> 00:12:08,779 So we measured the productivity, 248 00:12:08,803 --> 00:12:10,855 and amazingly, the productivity, 249 00:12:10,879 --> 00:12:15,010 your likelihood of writing a paper in year one, 10 or 20 in your career, 250 00:12:15,034 --> 00:12:18,640 is indistinguishable from the likelihood of having the impact 251 00:12:18,664 --> 00:12:20,439 in that part of your career. 252 00:12:21,026 --> 00:12:22,809 And to make a long story short, 253 00:12:22,833 --> 00:12:27,061 after lots of statistical tests, there's only one explanation for that, 254 00:12:27,085 --> 00:12:29,979 that really, the way we scientists work 255 00:12:30,003 --> 00:12:33,636 is that every single paper we write, every project we do, 256 00:12:33,660 --> 00:12:37,820 has exactly the same chance of being our personal best. 257 00:12:37,844 --> 00:12:42,797 That is, discovery is like a lottery ticket. 258 00:12:42,821 --> 00:12:45,172 And the more lottery tickets we buy, 259 00:12:45,196 --> 00:12:46,703 the higher our chances. 260 00:12:46,727 --> 00:12:48,286 And it happens to be so 261 00:12:48,310 --> 00:12:51,029 that most scientists buy most of their lottery tickets 262 00:12:51,053 --> 00:12:53,513 in the first 10, 15 years of their career, 263 00:12:53,537 --> 00:12:56,950 and after that, their productivity decreases. 264 00:12:57,411 --> 00:12:59,495 They're not buying any more lottery tickets. 265 00:12:59,519 --> 00:13:02,963 So it looks as if they would not be creative. 266 00:13:02,987 --> 00:13:04,986 In reality, they stopped trying. 267 00:13:05,509 --> 00:13:09,424 So when we actually put the data together, the conclusion is very simple: 268 00:13:09,448 --> 00:13:11,779 success can come at any time. 269 00:13:11,803 --> 00:13:15,538 It could be your very first or very last paper of your career. 270 00:13:15,562 --> 00:13:19,850 It's totally random in the space of the projects. 271 00:13:19,874 --> 00:13:21,805 It is the productivity that changes. 272 00:13:21,829 --> 00:13:23,081 Let me illustrate that. 273 00:13:23,105 --> 00:13:26,374 Here is Frank Wilczek, who got the Nobel Prize in Physics 274 00:13:26,398 --> 00:13:30,499 for the very first paper he ever wrote in his career as a graduate student. 275 00:13:30,523 --> 00:13:31,530 (Laughter) 276 00:13:31,554 --> 00:13:34,772 More interesting is John Fenn, 277 00:13:34,796 --> 00:13:39,394 who, at age 70, was forcefully retired by Yale University. 278 00:13:39,418 --> 00:13:41,474 They shut his lab down, 279 00:13:41,498 --> 00:13:45,164 and at that moment, he moved to Virginia Commonwealth University, 280 00:13:45,188 --> 00:13:46,974 opened another lab, 281 00:13:46,998 --> 00:13:50,031 and it is there, at age 72, that he published a paper 282 00:13:50,055 --> 00:13:53,900 for which, 15 years later, he got the Nobel Prize for Chemistry. 283 00:13:54,940 --> 00:13:57,982 And you think, OK, well, science is special, 284 00:13:58,006 --> 00:14:01,469 but what about other areas where we need to be creative? 285 00:14:01,493 --> 00:14:06,429 So let me take another typical example: entrepreneurship. 286 00:14:06,834 --> 00:14:08,413 Silicon Valley, 287 00:14:08,437 --> 00:14:10,503 the land of the youth, right? 288 00:14:10,527 --> 00:14:12,122 And indeed, when you look at it, 289 00:14:12,146 --> 00:14:16,788 you realize that the biggest awards, the TechCrunch Awards and other awards, 290 00:14:16,812 --> 00:14:18,985 are all going to people 291 00:14:19,009 --> 00:14:24,024 whose average age is late 20s, very early 30s. 292 00:14:24,465 --> 00:14:30,067 You look at who the VCs give the money to, some of the biggest VC firms -- 293 00:14:30,091 --> 00:14:32,332 all people in their early 30s. 294 00:14:32,951 --> 00:14:34,216 Which, of course, we know; 295 00:14:34,240 --> 00:14:38,693 there is this ethos in Silicon Valley that youth equals success. 296 00:14:39,653 --> 00:14:41,836 Not when you look at the data, 297 00:14:41,860 --> 00:14:44,164 because it's not only about forming a company -- 298 00:14:44,188 --> 00:14:47,328 forming a company is like productivity, trying, trying, trying -- 299 00:14:47,352 --> 00:14:50,836 when you look at which of these individuals actually put out 300 00:14:50,860 --> 00:14:53,642 a successful company, a successful exit. 301 00:14:53,666 --> 00:14:57,386 And recently, some of our colleagues looked at exactly that question. 302 00:14:57,410 --> 00:15:00,566 And it turns out that yes, those in the 20s and 30s 303 00:15:00,590 --> 00:15:03,938 put out a huge number of companies, form lots of companies, 304 00:15:03,962 --> 00:15:05,493 but most of them go bust. 305 00:15:06,089 --> 00:15:10,284 And when you look at the successful exits, what you see in this particular plot, 306 00:15:10,308 --> 00:15:14,003 the older you are, the more likely that you will actually hit the stock market 307 00:15:14,027 --> 00:15:16,339 or the sell the company successfully. 308 00:15:16,847 --> 00:15:19,960 This is so strong, actually, that if you are in the 50s, 309 00:15:19,984 --> 00:15:23,572 you are twice as likely to actually have a successful exit 310 00:15:23,596 --> 00:15:25,486 than if you are in your 30s. 311 00:15:26,613 --> 00:15:30,938 (Applause) 312 00:15:31,645 --> 00:15:34,654 So in the end, what is it that we see, actually? 313 00:15:34,678 --> 00:15:38,761 What we see is that creativity has no age. 314 00:15:38,785 --> 00:15:40,987 Productivity does, right? 315 00:15:41,424 --> 00:15:45,559 Which is telling me that at the end of the day, 316 00:15:45,583 --> 00:15:47,583 if you keep trying -- 317 00:15:47,607 --> 00:15:50,010 (Laughter) 318 00:15:50,034 --> 00:15:53,606 you could still succeed and succeed over and over. 319 00:15:53,630 --> 00:15:56,021 So my conclusion is very simple: 320 00:15:56,045 --> 00:15:58,138 I am off the stage, back in my lab. 321 00:15:58,162 --> 00:15:59,333 Thank you. 322 00:15:59,357 --> 00:16:02,666 (Applause)