WEBVTT 00:00:00.249 --> 00:00:02.515 Today, actually, is a very special day for me, 00:00:02.539 --> 00:00:04.660 because it is my birthday. NOTE Paragraph 00:00:04.684 --> 00:00:08.657 (Applause) NOTE Paragraph 00:00:08.681 --> 00:00:12.122 And so, thanks to all of you for joining the party. NOTE Paragraph 00:00:12.146 --> 00:00:13.313 (Laughter) NOTE Paragraph 00:00:13.337 --> 00:00:18.123 But every time you throw a party, there's someone there to spoil it. Right? NOTE Paragraph 00:00:18.147 --> 00:00:19.219 (Laughter) NOTE Paragraph 00:00:19.243 --> 00:00:20.602 And I'm a physicist, 00:00:20.626 --> 00:00:24.783 and this time I brought another physicist along to do so. 00:00:24.807 --> 00:00:29.369 His name is Albert Einstein -- also Albert -- and he's the one who said 00:00:29.393 --> 00:00:34.223 that the person who has not made his great contributions to science 00:00:34.247 --> 00:00:35.806 by the age of 30 00:00:35.830 --> 00:00:37.226 will never do so. NOTE Paragraph 00:00:37.250 --> 00:00:38.262 (Laughter) NOTE Paragraph 00:00:38.286 --> 00:00:40.626 Now, you don't need to check Wikipedia 00:00:40.650 --> 00:00:42.221 that I'm beyond 30. NOTE Paragraph 00:00:42.245 --> 00:00:43.661 (Laughter) NOTE Paragraph 00:00:43.685 --> 00:00:47.291 So, effectively, what he is telling me, and us, 00:00:47.315 --> 00:00:49.859 is that when it comes to my science, 00:00:49.883 --> 00:00:51.086 I'm deadwood. 00:00:52.078 --> 00:00:57.664 Well, luckily, I had my share of luck within my career. 00:00:58.132 --> 00:01:01.954 Around age 28, I became very interested in networks, 00:01:01.978 --> 00:01:06.054 and a few years later, we managed to publish a few key papers 00:01:06.078 --> 00:01:10.175 that reported the discovery of scale-free networks 00:01:10.199 --> 00:01:14.777 and really gave birth to a new discipline that we call network science today. 00:01:14.801 --> 00:01:18.479 And if you really care about it, you can get a PhD now in network science 00:01:18.503 --> 00:01:20.531 in Budapest, in Boston, 00:01:20.555 --> 00:01:22.863 and you can study it all over the world. NOTE Paragraph 00:01:23.466 --> 00:01:25.061 A few years later, 00:01:25.085 --> 00:01:28.315 when I moved to Harvard first as a sabbatical, 00:01:28.339 --> 00:01:31.431 I became interested in another type of network: 00:01:31.455 --> 00:01:34.482 that time, the networks within ourselves, 00:01:34.506 --> 00:01:38.232 how the genes and the proteins and the metabolites link to each other 00:01:38.256 --> 00:01:40.749 and how they connect to disease. 00:01:41.368 --> 00:01:45.960 And that interest led to a major explosion within medicine, 00:01:45.984 --> 00:01:49.963 including the Network Medicine Division at Harvard, 00:01:49.987 --> 00:01:53.382 that has more than 300 researchers who are using this perspective 00:01:53.406 --> 00:01:56.303 to treat patients and develop new cures. NOTE Paragraph 00:01:57.457 --> 00:01:59.227 And a few years ago, 00:01:59.251 --> 00:02:01.777 I thought that I would take this idea of networks 00:02:01.801 --> 00:02:03.567 and the expertise we had in networks 00:02:03.591 --> 00:02:04.983 in a different area, 00:02:05.007 --> 00:02:06.989 that is, to understand success. 00:02:07.704 --> 00:02:08.914 And why did we do that? 00:02:08.938 --> 00:02:11.219 Well, we thought that, to some degree, 00:02:11.243 --> 00:02:14.620 our success is determined by the networks we're part of -- 00:02:14.644 --> 00:02:18.491 that our networks can push us forward, they can pull us back. 00:02:18.925 --> 00:02:23.053 And I was curious if we could use the knowledge and big data and expertise 00:02:23.077 --> 00:02:24.480 where we develop the networks 00:02:24.504 --> 00:02:27.800 to really quantify how these things happen. NOTE Paragraph 00:02:28.404 --> 00:02:29.746 This is a result from that. 00:02:29.770 --> 00:02:32.717 What you see here is a network of galleries in museums 00:02:32.741 --> 00:02:34.373 that connect to each other. 00:02:34.806 --> 00:02:38.861 And through this map that we mapped out last year, 00:02:38.885 --> 00:02:43.733 we are able to predict very accurately the success of an artist 00:02:43.757 --> 00:02:47.778 if you give me the first five exhibits that he or she had in their career. NOTE Paragraph 00:02:49.404 --> 00:02:52.110 Well, as we thought about success, 00:02:52.134 --> 00:02:55.201 we realized that success is not only about networks; 00:02:55.225 --> 00:02:57.621 there are so many other dimensions to that. 00:02:58.145 --> 00:03:01.392 And one of the things we need for success, obviously, 00:03:01.416 --> 00:03:02.586 is performance. 00:03:02.610 --> 00:03:06.114 So let's define what's the difference between performance and success. 00:03:06.465 --> 00:03:08.462 Well, performance is what you do: 00:03:08.486 --> 00:03:11.518 how fast you run, what kind of paintings you paint, 00:03:11.542 --> 00:03:13.423 what kind of papers you publish. 00:03:13.835 --> 00:03:16.449 However, in our working definition, 00:03:16.473 --> 00:03:20.678 success is about what the community notices from what you did, 00:03:20.702 --> 00:03:22.314 from your performance: 00:03:22.338 --> 00:03:26.470 How does it acknowledge it, and how does it reward you for it? 00:03:26.494 --> 00:03:27.676 In other terms, 00:03:27.700 --> 00:03:32.296 your performance is about you, but your success is about all of us. 00:03:33.392 --> 00:03:36.726 And this was a very important shift for us, 00:03:36.750 --> 00:03:40.774 because the moment we defined success as being a collective measure 00:03:40.798 --> 00:03:42.904 that the community provides to us, 00:03:42.928 --> 00:03:44.438 it became measurable, 00:03:44.462 --> 00:03:48.972 because if it's in the community, there are multiple data points about that. 00:03:48.996 --> 00:03:54.276 So we go to school, we exercise, we practice, 00:03:54.300 --> 00:03:57.291 because we believe that performance leads to success. 00:03:57.832 --> 00:03:59.847 But the way we actually started to explore, 00:03:59.871 --> 00:04:03.398 we realized that performance and success are very, very different animals 00:04:03.422 --> 00:04:05.866 when it comes to the mathematics of the problem. 00:04:06.429 --> 00:04:07.861 And let me illustrate that. NOTE Paragraph 00:04:08.329 --> 00:04:13.276 So what you see here is the fastest man on earth, Usain Bolt. 00:04:13.832 --> 00:04:17.742 And of course, he wins most of the competitions that he enters. 00:04:18.393 --> 00:04:21.568 And we know he's the fastest on earth because we have a chronometer 00:04:21.592 --> 00:04:22.752 to measure his speed. 00:04:22.776 --> 00:04:26.895 Well, what is interesting about him is that when he wins, 00:04:26.919 --> 00:04:32.421 he doesn't do so by really significantly outrunning his competition. 00:04:32.445 --> 00:04:36.964 He's running at most a percent faster than the one who loses the race. 00:04:37.631 --> 00:04:41.269 And not only does he run only one percent faster than the second one, 00:04:41.293 --> 00:04:44.142 but he doesn't run 10 times faster than I do -- 00:04:44.166 --> 00:04:46.347 and I'm not a good runner, trust me on that. NOTE Paragraph 00:04:46.371 --> 00:04:47.568 (Laughter) NOTE Paragraph 00:04:47.592 --> 00:04:51.094 And every time we are able to measure performance, 00:04:51.118 --> 00:04:53.168 we notice something very interesting; 00:04:53.192 --> 00:04:55.703 that is, performance is bounded. 00:04:55.727 --> 00:04:59.484 What it means is that there are no huge variations in human performance. 00:04:59.508 --> 00:05:02.940 It varies only in a narrow range, 00:05:02.964 --> 00:05:06.243 and we do need the chronometer to measure the differences. 00:05:06.267 --> 00:05:09.435 This is not to say that we cannot see the good from the best ones, 00:05:09.459 --> 00:05:12.192 but the best ones are very hard to distinguish. 00:05:12.216 --> 00:05:15.208 And the problem with that is that most of us work in areas 00:05:15.232 --> 00:05:19.154 where we do not have a chronometer to gauge our performance. NOTE Paragraph 00:05:19.178 --> 00:05:20.742 Alright, performance is bounded, 00:05:20.766 --> 00:05:24.298 there are no huge differences between us when it comes to our performance. 00:05:24.322 --> 00:05:25.479 How about success? 00:05:25.995 --> 00:05:28.925 Well, let's switch to a different topic, like books. 00:05:28.949 --> 00:05:33.964 One measure of success for writers is how many people read your work. 00:05:34.662 --> 00:05:39.072 And so when my previous book came out in 2009, 00:05:39.096 --> 00:05:40.998 I was in Europe talking with my editor, 00:05:41.022 --> 00:05:43.484 and I was interested: Who is the competition? 00:05:44.253 --> 00:05:46.988 And I had some fabulous ones. 00:05:47.012 --> 00:05:48.181 That week -- NOTE Paragraph 00:05:48.205 --> 00:05:49.229 (Laughter) NOTE Paragraph 00:05:49.253 --> 00:05:52.810 Dan Brown came out with "The Lost Symbol," 00:05:52.834 --> 00:05:55.816 and "The Last Song" also came out, 00:05:55.840 --> 00:05:57.269 Nicholas Sparks. 00:05:57.293 --> 00:06:00.281 And when you just look at the list, 00:06:00.305 --> 00:06:03.758 you realize, you know, performance-wise, there's hardly any difference 00:06:03.782 --> 00:06:05.380 between these books or mine. 00:06:05.404 --> 00:06:06.579 Right? 00:06:06.603 --> 00:06:11.271 So maybe if Nicholas Sparks's team works a little harder, 00:06:11.295 --> 00:06:13.017 he could easily be number one, 00:06:13.041 --> 00:06:15.939 because it's almost by accident who ended up at the top. 00:06:16.486 --> 00:06:19.639 So I said, let's look at the numbers -- I'm a data person, right? 00:06:19.663 --> 00:06:23.981 So let's see what were the sales for Nicholas Sparks. 00:06:24.005 --> 00:06:26.059 And it turns out that that opening weekend, 00:06:26.083 --> 00:06:29.058 Nicholas Sparks sold more than a hundred thousand copies, 00:06:29.082 --> 00:06:30.787 which is an amazing number. 00:06:30.811 --> 00:06:34.207 You can actually get to the top of the "New York Times" best-seller list 00:06:34.231 --> 00:06:36.341 by selling 10,000 copies a week, 00:06:36.365 --> 00:06:40.117 so he tenfold overcame what he needed to be number one. 00:06:40.141 --> 00:06:41.571 Yet he wasn't number one. 00:06:41.595 --> 00:06:42.903 Why? 00:06:42.927 --> 00:06:47.005 Because there was Dan Brown, who sold 1.2 million copies that weekend. NOTE Paragraph 00:06:47.029 --> 00:06:49.165 (Laughter) NOTE Paragraph 00:06:49.189 --> 00:06:53.160 And the reason I like this number is because it shows that, really, 00:06:53.184 --> 00:06:56.914 when it comes to success, it's unbounded, 00:06:56.938 --> 00:07:02.799 that the best doesn't only get slightly more than the second best 00:07:02.823 --> 00:07:05.520 but gets orders of magnitude more, 00:07:05.544 --> 00:07:08.338 because success is a collective measure. 00:07:08.362 --> 00:07:12.738 We give it to them, rather than we earn it through our performance. NOTE Paragraph 00:07:12.762 --> 00:07:18.138 So one of things we realized is that performance, what we do, is bounded, 00:07:18.162 --> 00:07:20.844 but success, which is collective, is unbounded, 00:07:20.868 --> 00:07:22.180 which makes you wonder: 00:07:22.204 --> 00:07:25.115 How do you get these huge differences in success 00:07:25.139 --> 00:07:28.045 when you have such tiny differences in performance? 00:07:28.537 --> 00:07:32.324 And recently, I published a book that I devoted to that very question. 00:07:32.348 --> 00:07:35.187 And they didn't give me enough time to go over all of that, 00:07:35.211 --> 00:07:37.282 so I'm going to go back to the question of, 00:07:37.306 --> 00:07:40.441 alright, you have success; when should that appear? NOTE Paragraph 00:07:40.465 --> 00:07:44.223 So let's go back to the party spoiler and ask ourselves: 00:07:45.215 --> 00:07:48.554 Why did Einstein make this ridiculous statement, 00:07:48.578 --> 00:07:51.734 that only before 30 you could actually be creative? 00:07:51.758 --> 00:07:56.438 Well, because he looked around himself and he saw all these fabulous physicists 00:07:56.462 --> 00:07:59.049 that created quantum mechanics and modern physics, 00:07:59.073 --> 00:08:02.809 and they were all in their 20s and early 30s when they did so. 00:08:03.730 --> 00:08:04.950 And it's not only him. 00:08:04.974 --> 00:08:06.597 It's not only observational bias, 00:08:06.621 --> 00:08:10.618 because there's actually a whole field of genius research 00:08:10.642 --> 00:08:12.898 that has documented the fact that, 00:08:12.922 --> 00:08:16.082 if we look at the people we admire from the past 00:08:16.106 --> 00:08:19.464 and then look at what age they made their biggest contribution, 00:08:19.488 --> 00:08:21.584 whether that's music, whether that's science, 00:08:21.608 --> 00:08:23.227 whether that's engineering, 00:08:23.251 --> 00:08:29.374 most of them tend to do so in their 20s, 30s, early 40s at most. 00:08:29.914 --> 00:08:32.705 But there's a problem with this genius research. 00:08:33.197 --> 00:08:36.477 Well, first of all, it created the impression to us 00:08:36.501 --> 00:08:39.980 that creativity equals youth, 00:08:40.004 --> 00:08:41.614 which is painful, right? NOTE Paragraph 00:08:41.638 --> 00:08:43.589 (Laughter) NOTE Paragraph 00:08:43.613 --> 00:08:47.701 And it also has an observational bias, 00:08:47.725 --> 00:08:52.687 because it only looks at geniuses and doesn't look at ordinary scientists 00:08:52.711 --> 00:08:54.676 and doesn't look at all of us and ask, 00:08:54.700 --> 00:08:57.885 is it really true that creativity vanishes as we age? 00:08:58.382 --> 00:09:00.259 So that's exactly what we tried to do, 00:09:00.283 --> 00:09:04.086 and this is important for that to actually have references. NOTE Paragraph 00:09:04.110 --> 00:09:06.753 So let's look at an ordinary scientist like myself, 00:09:06.777 --> 00:09:08.299 and let's look at my career. 00:09:08.323 --> 00:09:11.525 So what you see here is all the papers that I've published 00:09:11.549 --> 00:09:16.664 from my very first paper, in 1989; I was still in Romania when I did so, 00:09:16.688 --> 00:09:18.281 till kind of this year. 00:09:18.940 --> 00:09:21.458 And vertically, you see the impact of the paper, 00:09:21.482 --> 00:09:22.885 that is, how many citations, 00:09:22.909 --> 00:09:26.897 how many other papers have been written that cited that work. 00:09:27.397 --> 00:09:28.697 And when you look at that, 00:09:28.721 --> 00:09:31.534 you see that my career has roughly three different stages. 00:09:31.558 --> 00:09:33.993 I had the first 10 years where I had to work a lot 00:09:34.017 --> 00:09:35.293 and I don't achieve much. 00:09:35.317 --> 00:09:37.435 No one seems to care about what I do, right? 00:09:37.459 --> 00:09:39.140 There's hardly any impact. NOTE Paragraph 00:09:39.164 --> 00:09:40.568 (Laughter) NOTE Paragraph 00:09:40.592 --> 00:09:43.479 That time, I was doing material science, 00:09:43.503 --> 00:09:47.194 and then I kind of discovered for myself networks 00:09:47.218 --> 00:09:49.165 and then started publishing in networks. 00:09:49.189 --> 00:09:52.262 And that led from one high-impact paper to the other one. 00:09:52.286 --> 00:09:55.390 And it really felt good. That was that stage of my career. NOTE Paragraph 00:09:55.414 --> 00:09:56.696 (Laughter) NOTE Paragraph 00:09:56.720 --> 00:09:59.928 So the question is, what happens right now? 00:10:00.587 --> 00:10:03.826 And we don't know, because there hasn't been enough time passed yet 00:10:03.850 --> 00:10:06.837 to actually figure out how much impact those papers will get; 00:10:06.861 --> 00:10:08.088 it takes time to acquire. 00:10:08.112 --> 00:10:09.681 Well, when you look at the data, 00:10:09.705 --> 00:10:12.559 it seems to be that Einstein, the genius research, is right, 00:10:12.583 --> 00:10:14.394 and I'm at that stage of my career. NOTE Paragraph 00:10:14.418 --> 00:10:16.726 (Laughter) NOTE Paragraph 00:10:16.750 --> 00:10:22.724 So we said, OK, let's figure out how does this really happen, 00:10:22.748 --> 00:10:24.526 first in science. 00:10:24.550 --> 00:10:28.182 And in order not to have the selection bias, 00:10:28.206 --> 00:10:29.543 to look only at geniuses, 00:10:29.567 --> 00:10:33.283 we ended up reconstructing the career of every single scientist 00:10:33.307 --> 00:10:35.809 from 1900 till today 00:10:35.833 --> 00:10:39.545 and finding for all scientists what was their personal best, 00:10:39.569 --> 00:10:42.381 whether they got the Nobel Prize or they never did, 00:10:42.405 --> 00:10:45.812 or no one knows what they did, even their personal best. 00:10:45.836 --> 00:10:47.751 And that's what you see in this slide. 00:10:47.775 --> 00:10:49.348 Each line is a career, 00:10:49.372 --> 00:10:52.375 and when you have a light blue dot on the top of that career, 00:10:52.399 --> 00:10:54.439 it says that was their personal best. 00:10:54.463 --> 00:10:55.618 And the question is, 00:10:55.642 --> 00:10:59.210 when did they actually make their biggest discovery? 00:10:59.234 --> 00:11:00.399 To quantify that, 00:11:00.423 --> 00:11:03.799 we look at what's the probability that you make your biggest discovery, 00:11:03.823 --> 00:11:06.495 let's say, one, two, three or 10 years into your career? 00:11:06.519 --> 00:11:07.999 We're not looking at real age. 00:11:08.023 --> 00:11:10.157 We're looking at what we call "academic age." 00:11:10.181 --> 00:11:13.431 Your academic age starts when you publish your first papers. 00:11:13.455 --> 00:11:15.234 I know some of you are still babies. NOTE Paragraph 00:11:15.258 --> 00:11:16.655 (Laughter) NOTE Paragraph 00:11:16.679 --> 00:11:19.385 So let's look at the probability 00:11:19.409 --> 00:11:21.475 that you publish your highest-impact paper. 00:11:21.499 --> 00:11:24.570 And what you see is, indeed, the genius research is right. 00:11:24.594 --> 00:11:27.618 Most scientists tend to publish their highest-impact paper 00:11:27.642 --> 00:11:30.541 in the first 10, 15 years in their career, 00:11:30.565 --> 00:11:33.698 and it tanks after that. 00:11:33.722 --> 00:11:38.829 It tanks so fast that I'm about -- I'm exactly 30 years into my career, 00:11:38.853 --> 00:11:42.393 and the chance that I will publish a paper that would have a higher impact 00:11:42.417 --> 00:11:44.357 than anything that I did before 00:11:44.381 --> 00:11:45.734 is less than one percent. 00:11:45.758 --> 00:11:48.807 I am in that stage of my career, according to this data. 00:11:49.648 --> 00:11:51.491 But there's a problem with that. 00:11:51.515 --> 00:11:55.190 We're not doing controls properly. 00:11:55.214 --> 00:11:56.631 So the control would be, 00:11:56.655 --> 00:12:01.262 what would a scientist look like who makes random contribution to science? 00:12:01.286 --> 00:12:04.281 Or what is the productivity of the scientist? 00:12:04.305 --> 00:12:06.311 When do they write papers? 00:12:06.335 --> 00:12:08.779 So we measured the productivity, 00:12:08.803 --> 00:12:10.855 and amazingly, the productivity, 00:12:10.879 --> 00:12:15.010 your likelihood of writing a paper in year one, 10 or 20 in your career, 00:12:15.034 --> 00:12:18.640 is indistinguishable from the likelihood of having the impact 00:12:18.664 --> 00:12:20.439 in that part of your career. NOTE Paragraph 00:12:21.026 --> 00:12:22.809 And to make a long story short, 00:12:22.833 --> 00:12:27.061 after lots of statistical tests, there's only one explanation for that, 00:12:27.085 --> 00:12:29.979 that really, the way we scientists work 00:12:30.003 --> 00:12:33.636 is that every single paper we write, every project we do, 00:12:33.660 --> 00:12:37.820 has exactly the same chance of being our personal best. 00:12:37.844 --> 00:12:42.797 That is, discovery is like a lottery ticket. 00:12:42.821 --> 00:12:45.172 And the more lottery tickets we buy, 00:12:45.196 --> 00:12:46.703 the higher our chances. 00:12:46.727 --> 00:12:48.286 And it happens to be so 00:12:48.310 --> 00:12:51.029 that most scientists buy most of their lottery tickets 00:12:51.053 --> 00:12:53.513 in the first 10, 15 years of their career, 00:12:53.537 --> 00:12:56.950 and after that, their productivity decreases. 00:12:57.411 --> 00:12:59.495 They're not buying any more lottery tickets. 00:12:59.519 --> 00:13:02.963 So it looks as if they would not be creative. 00:13:02.987 --> 00:13:04.986 In reality, they stopped trying. 00:13:05.509 --> 00:13:09.424 So when we actually put the data together, the conclusion is very simple: 00:13:09.448 --> 00:13:11.779 success can come at any time. 00:13:11.803 --> 00:13:15.538 It could be your very first or very last paper of your career. 00:13:15.562 --> 00:13:19.850 It's totally random in the space of the projects. 00:13:19.874 --> 00:13:21.805 It is the productivity that changes. NOTE Paragraph 00:13:21.829 --> 00:13:23.081 Let me illustrate that. 00:13:23.105 --> 00:13:26.374 Here is Frank Wilczek, who got the Nobel Prize in Physics 00:13:26.398 --> 00:13:30.499 for the very first paper he ever wrote in his career as a graduate student. NOTE Paragraph 00:13:30.523 --> 00:13:31.530 (Laughter) NOTE Paragraph 00:13:31.554 --> 00:13:34.772 More interesting is John Fenn, 00:13:34.796 --> 00:13:39.394 who, at age 70, was forcefully retired by Yale University. 00:13:39.418 --> 00:13:41.474 They shut his lab down, 00:13:41.498 --> 00:13:45.164 and at that moment, he moved to Virginia Commonwealth University, 00:13:45.188 --> 00:13:46.974 opened another lab, 00:13:46.998 --> 00:13:50.031 and it is there, at age 72, that he published a paper 00:13:50.055 --> 00:13:53.900 for which, 15 years later, he got the Nobel Prize for Chemistry. NOTE Paragraph 00:13:54.940 --> 00:13:57.982 And you think, OK, well, science is special, 00:13:58.006 --> 00:14:01.469 but what about other areas where we need to be creative? 00:14:01.493 --> 00:14:06.429 So let me take another typical example: entrepreneurship. 00:14:06.834 --> 00:14:08.413 Silicon Valley, 00:14:08.437 --> 00:14:10.503 the land of the youth, right? 00:14:10.527 --> 00:14:12.122 And indeed, when you look at it, 00:14:12.146 --> 00:14:16.788 you realize that the biggest awards, the TechCrunch Awards and other awards, 00:14:16.812 --> 00:14:18.985 are all going to people 00:14:19.009 --> 00:14:24.024 whose average age is late 20s, very early 30s. 00:14:24.465 --> 00:14:30.067 You look at who the VCs give the money to, some of the biggest VC firms -- 00:14:30.091 --> 00:14:32.332 all people in their early 30s. 00:14:32.951 --> 00:14:34.216 Which, of course, we know; 00:14:34.240 --> 00:14:38.693 there is this ethos in Silicon Valley that youth equals success. 00:14:39.653 --> 00:14:41.836 Not when you look at the data, 00:14:41.860 --> 00:14:44.164 because it's not only about forming a company -- 00:14:44.188 --> 00:14:47.328 forming a company is like productivity, trying, trying, trying -- 00:14:47.352 --> 00:14:50.836 when you look at which of these individuals actually put out 00:14:50.860 --> 00:14:53.642 a successful company, a successful exit. 00:14:53.666 --> 00:14:57.386 And recently, some of our colleagues looked at exactly that question. 00:14:57.410 --> 00:15:00.566 And it turns out that yes, those in the 20s and 30s 00:15:00.590 --> 00:15:03.938 put out a huge number of companies, form lots of companies, 00:15:03.962 --> 00:15:05.493 but most of them go bust. 00:15:06.089 --> 00:15:10.284 And when you look at the successful exits, what you see in this particular plot, 00:15:10.308 --> 00:15:14.003 the older you are, the more likely that you will actually hit the stock market 00:15:14.027 --> 00:15:16.339 or the sell the company successfully. 00:15:16.847 --> 00:15:19.960 This is so strong, actually, that if you are in the 50s, 00:15:19.984 --> 00:15:23.572 you are twice as likely to actually have a successful exit 00:15:23.596 --> 00:15:25.486 than if you are in your 30s. NOTE Paragraph 00:15:26.613 --> 00:15:30.938 (Applause) NOTE Paragraph 00:15:31.645 --> 00:15:34.654 So in the end, what is it that we see, actually? 00:15:34.678 --> 00:15:38.761 What we see is that creativity has no age. 00:15:38.785 --> 00:15:40.987 Productivity does, right? 00:15:41.424 --> 00:15:45.559 Which is telling me that at the end of the day, 00:15:45.583 --> 00:15:47.583 if you keep trying -- NOTE Paragraph 00:15:47.607 --> 00:15:50.010 (Laughter) NOTE Paragraph 00:15:50.034 --> 00:15:53.606 you could still succeed and succeed over and over. 00:15:53.630 --> 00:15:56.021 So my conclusion is very simple: 00:15:56.045 --> 00:15:58.138 I am off the stage, back in my lab. NOTE Paragraph 00:15:58.162 --> 00:15:59.333 Thank you. NOTE Paragraph 00:15:59.357 --> 00:16:02.666 (Applause)