0:00:00.258,0:00:02.079 So if someone asked you 0:00:02.079,0:00:04.841 for the three words that would sum up 0:00:04.841,0:00:08.723 your reputation, what would you say? 0:00:08.723,0:00:11.118 How would people describe your judgment, 0:00:11.118,0:00:14.875 your knowledge, your behaviors, in different situations? 0:00:14.875,0:00:17.242 Today I'd like to explore with you 0:00:17.242,0:00:18.914 why the answer to this question 0:00:18.914,0:00:21.055 will become profoundly important 0:00:21.055,0:00:25.652 in an age where reputation will be your most valuable asset. 0:00:25.652,0:00:28.235 I'd like to start by introducing you to someone 0:00:28.235,0:00:31.837 whose life has been changed by a marketplace 0:00:31.837,0:00:33.940 fueled by reputation. 0:00:33.940,0:00:37.030 Sebastian Sandys has been a bed and breakfast host 0:00:37.030,0:00:39.569 on Airbnb since 2008. 0:00:39.569,0:00:42.500 I caught up with him recently, where, over the course 0:00:42.500,0:00:45.364 of several cups of tea, he told me how 0:00:45.364,0:00:47.747 hosting guests from all over the world 0:00:47.747,0:00:49.214 has enriched his life. 0:00:49.214,0:00:52.587 More than 50 people have come to stay in the 18th-century 0:00:52.587,0:00:55.619 watchhouse he lives in with his cat, Squeak. 0:00:55.619,0:01:00.051 Now, I mention Squeak because Sebastian's first guest 0:01:00.051,0:01:04.002 happened to see a rather large mouse run across the kitchen, 0:01:04.002,0:01:06.595 and she promised that she would refrain from leaving 0:01:06.595,0:01:10.017 a bad review on one condition: he got a cat. 0:01:10.017,0:01:14.084 And so Sebastian bought Squeak to protect his reputation. 0:01:14.084,0:01:17.243 Now, as many of you know, Airbnb is a peer-to-peer 0:01:17.243,0:01:21.194 marketplace that matches people who have space to rent 0:01:21.194,0:01:23.979 with people who are looking for a place to stay 0:01:23.979,0:01:26.666 in over 192 countries. 0:01:26.666,0:01:29.356 The places being rented out are things that you might 0:01:29.356,0:01:32.188 expect, like spare rooms and holiday homes, 0:01:32.188,0:01:34.761 but part of the magic is the unique places 0:01:34.761,0:01:38.699 that you can now access: treehouses, teepees, 0:01:38.699,0:01:40.791 airplane hangars, igloos. 0:01:40.791,0:01:44.250 If you don't like the hotel, there's a castle down the road 0:01:44.250,0:01:47.083 that you can rent for 5,000 dollars a night. 0:01:47.083,0:01:50.431 It's a fantastic example of how technology 0:01:50.431,0:01:52.147 is creating a market 0:01:52.147,0:01:54.646 for things that never had a marketplace before. 0:01:54.646,0:01:57.777 Now let me show you these heat maps of Paris 0:01:57.777,0:02:00.335 to see how insanely fast it's growing. 0:02:00.335,0:02:02.999 This image here is from 2008. 0:02:02.999,0:02:06.718 The pink dots represent host properties. 0:02:06.718,0:02:10.711 Even four years ago, letting strangers stay in your home 0:02:10.711,0:02:13.203 seemed like a crazy idea. 0:02:13.203,0:02:15.424 Now the same view in 2010. 0:02:15.424,0:02:18.226 And now, 2012. 0:02:18.226,0:02:23.365 There is an Airbnb host on almost every main street in Paris. 0:02:23.365,0:02:27.996 Now, what's happening here is people are realizing 0:02:27.996,0:02:32.357 the power of technology to unlock the idling capacity 0:02:32.357,0:02:35.275 and value of all kinds of assets, 0:02:35.275,0:02:38.733 from skills to spaces to material possessions, 0:02:38.733,0:02:42.212 in ways and on a scale never possible before. 0:02:42.212,0:02:45.436 It's an economy and culture called collaborative consumption, 0:02:45.436,0:02:48.228 and, through it, people like Sebastian 0:02:48.228,0:02:50.299 are becoming micro-entrepreneurs. 0:02:50.299,0:02:52.997 They're empowered to make money and save money 0:02:52.997,0:02:55.696 from their existing assets. 0:02:55.696,0:02:58.215 But the real magic and the secret source behind 0:02:58.215,0:03:00.984 collaborative consumption marketplaces like Airbnb 0:03:00.984,0:03:03.619 isn't the inventory or the money. 0:03:03.619,0:03:07.136 It's using the power of technology to build trust 0:03:07.136,0:03:08.627 between strangers. 0:03:08.627,0:03:12.159 This side of Airbnb really hit home to Sebastian last summer 0:03:12.159,0:03:13.434 during the London riots. 0:03:13.434,0:03:16.140 He woke up around 9, and he checked his email 0:03:16.140,0:03:19.317 and he saw a bunch of messages all asking him 0:03:19.317,0:03:20.839 if he was okay. 0:03:20.839,0:03:23.011 Former guests from around the world had seen that 0:03:23.011,0:03:25.104 the riots were happening just down the street, and wanted 0:03:25.104,0:03:27.405 to check if he needed anything. 0:03:27.405,0:03:30.590 Sebastian actually said to me, he said, "Thirteen former guests 0:03:30.590,0:03:34.753 contacted me before my own mother rang." (Laughter) 0:03:34.753,0:03:39.130 Now, this little anecdote gets to the heart of why 0:03:39.130,0:03:42.034 I'm really passionate about collaborative consumption, 0:03:42.034,0:03:44.584 and why, after I finished my book, I decided 0:03:44.584,0:03:48.274 I'm going to try and spread this into a global movement. 0:03:48.274,0:03:51.931 Because at its core, it's about empowerment. 0:03:51.931,0:03:56.092 It's about empowering people to make meaningful connections, 0:03:56.092,0:03:59.014 connections that are enabling us to rediscover 0:03:59.014,0:04:02.413 a humanness that we've lost somewhere along the way, 0:04:02.413,0:04:06.733 by engaging in marketplaces like Airbnb, like Kickstarter, 0:04:06.733,0:04:09.966 like Etsy, that are built on personal relationships 0:04:09.966,0:04:12.993 versus empty transactions. 0:04:12.993,0:04:16.321 Now the irony is that these ideas are actually taking us back 0:04:16.321,0:04:19.614 to old market principles and collaborative behaviors 0:04:19.614,0:04:21.326 that are hard-wired in all of us. 0:04:21.326,0:04:24.015 They're just being reinvented in ways that are relevant 0:04:24.015,0:04:25.703 for the Facebook age. 0:04:25.703,0:04:29.255 We're literally beginning to realize that we have wired 0:04:29.255,0:04:33.470 our world to share, swap, rent, barter or trade 0:04:33.470,0:04:37.204 just about anything. We're sharing our cars on WhipCar, 0:04:37.204,0:04:40.406 our bikes on Spinlister, our offices on Loosecubes, 0:04:40.406,0:04:43.205 our gardens on Landshare. We're lending and borrowing 0:04:43.205,0:04:46.102 money from strangers on Zopa and Lending Club. 0:04:46.102,0:04:48.620 We are trading lessons on everything from sushi-making 0:04:48.620,0:04:50.206 to coding on Skillshare, 0:04:50.206,0:04:54.264 and we're even sharing our pets on DogVacay. 0:04:54.264,0:04:58.719 Now welcome to the wonderful world of collaborative consumption 0:04:58.719,0:05:01.940 that's enabling us to match wants with haves 0:05:01.940,0:05:03.910 in more democratic ways. 0:05:03.910,0:05:07.580 Now, collaborative consumption is creating the start 0:05:07.580,0:05:10.904 of a transformation in the way we think about supply and demand, 0:05:10.904,0:05:14.815 but it's also a part of a massive value shift underway, 0:05:14.815,0:05:18.005 where instead of consuming to keep up with the Joneses, 0:05:18.005,0:05:21.557 people are consuming to get to know the Joneses. 0:05:21.557,0:05:25.850 But the key reason why it's taking off now so fast 0:05:25.850,0:05:28.884 is because every new advancement of technology 0:05:28.884,0:05:32.958 increases the efficiency and the social glue of trust 0:05:32.958,0:05:36.343 to make sharing easier and easier. 0:05:36.343,0:05:39.311 Now, I've looked at thousands of these marketplaces, 0:05:39.311,0:05:44.023 and trust and efficiency are always the critical ingredients. 0:05:44.023,0:05:46.015 Let me give you an example. 0:05:46.015,0:05:50.433 Meet 46-year-old Chris Mok, who has, I bet, 0:05:50.433,0:05:53.841 the best job title here of SuperRabbit. 0:05:53.841,0:05:58.421 Now, four years ago, Chris lost his job, unfortunately, 0:05:58.421,0:06:01.811 as an art buyer at Macy's, and like so many people, 0:06:01.811,0:06:04.663 he struggled to find a new one during the recession. 0:06:04.663,0:06:08.050 And then he happened to stumble across a post about 0:06:08.050,0:06:09.514 TaskRabbit. 0:06:09.514,0:06:12.884 Now, the story behind TaskRabbit starts like so many 0:06:12.884,0:06:16.971 great stories with a very cute dog by the name of Kobe. 0:06:16.971,0:06:20.218 Now what happened was, in February 2008, 0:06:20.218,0:06:22.882 Leah and her husband were waiting for a cab to take them 0:06:22.882,0:06:26.323 out for dinner, when Kobe came trotting up to them 0:06:26.323,0:06:28.683 and he was salivating with saliva. 0:06:28.683,0:06:31.376 They realized they'd run out of dog food. 0:06:31.376,0:06:34.620 Kevin had to cancel the cab and trudge out in the snow. 0:06:34.620,0:06:37.934 Now, later that evening, the two self-confessed tech geeks 0:06:37.934,0:06:41.723 starting talking about how cool it would be if some kind of 0:06:41.723,0:06:43.763 eBay for errands existed. 0:06:43.763,0:06:46.418 Six months later, Leah quit her job, 0:06:46.418,0:06:49.007 and TaskRabbit was born. 0:06:49.007,0:06:52.872 At the time, she didn't realize that she was actually hitting 0:06:52.872,0:06:57.460 on a bigger idea she later called service networking. 0:06:57.460,0:07:00.993 It's essentially about how we use our online relationships 0:07:00.993,0:07:04.310 to get things done in the real world. 0:07:04.310,0:07:06.919 Now the way TaskRabbit works is, people outsource 0:07:06.919,0:07:09.486 the tasks that they want doing, name the price 0:07:09.486,0:07:12.125 they're willing to pay, and then vetted Rabbits 0:07:12.125,0:07:13.658 bid to run the errand. 0:07:13.658,0:07:18.151 Yes, there's actually a four-stage, rigorous interview process 0:07:18.151,0:07:19.939 that's designed to find the people that would make 0:07:19.939,0:07:23.597 great personal assistants and weed out the dodgy Rabbits. 0:07:23.597,0:07:28.566 Now, there's over 4,000 Rabbits across the United States 0:07:28.566,0:07:31.583 and 5,000 more on the waiting list. 0:07:31.583,0:07:34.350 Now the tasks being posted are things that you might 0:07:34.350,0:07:37.711 expect, like help with household chores 0:07:37.711,0:07:39.892 or doing some supermarket runs. 0:07:39.892,0:07:42.734 I actually learned the other day that 12 and a half thousand 0:07:42.734,0:07:45.757 loads of laundry have been cleaned and folded 0:07:45.757,0:07:47.469 through TaskRabbit. 0:07:47.469,0:07:51.281 But I love that the number one task posted, 0:07:51.281,0:07:54.558 over a hundred times a day, is something that many of us 0:07:54.558,0:07:57.126 have felt the pain of doing: 0:07:57.126,0:08:03.586 yes, assembling Ikea furniture. (Laughter) (Applause) 0:08:03.586,0:08:07.303 It's brilliant. Now, we may laugh, but Chris here 0:08:07.303,0:08:09.903 is actually making up to 5,000 dollars a month 0:08:09.903,0:08:13.054 running errands around his life. 0:08:13.054,0:08:16.389 And 70 percent of this new labor force 0:08:16.389,0:08:19.853 were previously unemployed or underemployed. 0:08:19.853,0:08:23.247 I think TaskRabbit and other examples of collaborative consumption 0:08:23.247,0:08:26.686 are like lemonade stands on steroids. They're just brilliant. 0:08:26.686,0:08:30.711 Now, when you think about it, it's amazing, right, 0:08:30.711,0:08:33.910 that over the past 20 years, we've evolved 0:08:33.910,0:08:37.422 from trusting people online to share information 0:08:37.422,0:08:40.285 to trusting to handing over our credit card information, 0:08:40.285,0:08:43.583 and now we're entering the third trust wave: 0:08:43.583,0:08:47.311 connecting trustworthy strangers to create all kinds 0:08:47.311,0:08:49.838 of people-powered marketplaces. 0:08:49.838,0:08:51.553 I actually came across this fascinating study 0:08:51.553,0:08:53.993 by the Pew Center this week that revealed 0:08:53.993,0:08:57.525 that an active Facebook user is three times as likely 0:08:57.525,0:09:02.560 as a non-Internet user to believe that most people are trustworthy. 0:09:02.560,0:09:06.937 Virtual trust will transform the way we trust one another 0:09:06.937,0:09:08.342 face to face. 0:09:08.342,0:09:11.637 Now, with all of my optimism, and I am an optimist, 0:09:11.637,0:09:15.357 comes a healthy dose of caution, or rather, an urgent need 0:09:15.357,0:09:19.798 to address some pressing, complex questions. 0:09:19.798,0:09:22.384 How to ensure our digital identities reflect our 0:09:22.384,0:09:25.847 real world identities? Do we want them to be the same? 0:09:25.847,0:09:29.527 How do we mimic the way trust is built face-to-face online? 0:09:29.527,0:09:31.410 How do we stop people who've behaved badly 0:09:31.410,0:09:35.104 in one community doing so under a different guise? 0:09:35.104,0:09:38.199 In a similar way that companies often use some kind of 0:09:38.199,0:09:41.662 credit rating to decide whether to give you a mobile plan, 0:09:41.662,0:09:44.710 or the rate of a mortgage, marketplaces that depend 0:09:44.710,0:09:47.455 on transactions between relative strangers 0:09:47.455,0:09:50.399 need some kind of device to let you know that Sebastian 0:09:50.399,0:09:52.360 and Chris are good eggs, 0:09:52.360,0:09:55.480 and that device is reputation. 0:09:55.480,0:10:00.478 Reputation is the measurement of how much a community trusts you. 0:10:00.478,0:10:02.113 Let's just take a look at Chris. 0:10:02.113,0:10:05.406 You can see that over 200 people have given him 0:10:05.406,0:10:08.645 an average rating over 4.99 out of 5. 0:10:08.645,0:10:10.925 There are over 20 pages of reviews of his work 0:10:10.925,0:10:13.309 describing him as super-friendly and fast, 0:10:13.309,0:10:17.031 and he's reached level 25, the highest level, 0:10:17.031,0:10:18.988 making him a SuperRabbit. 0:10:18.988,0:10:21.886 Now — (Laughter) -- I love that word, SuperRabbit. 0:10:21.886,0:10:25.545 And interestingly, what Chris has noted is that as his reputation 0:10:25.545,0:10:28.704 has gone up, so has his chances of winning a bid 0:10:28.704,0:10:30.657 and how much he can charge. 0:10:30.657,0:10:33.395 In other words, for SuperRabbits, reputation 0:10:33.395,0:10:35.464 has a real world value. 0:10:35.464,0:10:37.500 Now, I know what you might be thinking. 0:10:37.500,0:10:40.043 Well, this isn't anything new. Just think of power sellers 0:10:40.043,0:10:43.599 on eBay or star ratings on Amazon. 0:10:43.599,0:10:46.839 The difference today is that, with every trade we make, 0:10:46.839,0:10:50.239 comment we leave, person we flag, badge we earn, 0:10:50.239,0:10:52.181 we leave a reputation trail 0:10:52.181,0:10:55.727 of how well we can and can't be trusted. 0:10:55.727,0:10:58.312 And it's not just the breadth but the volume 0:10:58.312,0:11:00.950 of reputation data out there that is staggering. 0:11:00.950,0:11:04.254 Just consider this: Five million nights have been booked 0:11:04.254,0:11:07.213 on Airbnb in the past six months alone. 0:11:07.213,0:11:11.176 30 million rides have been shared on Carpooling.com. 0:11:11.176,0:11:14.063 This year, two billion dollars worth of loans 0:11:14.063,0:11:16.291 will go through peer-to-peer lending platforms. 0:11:16.291,0:11:20.645 This adds up to millions of pieces of reputation data 0:11:20.645,0:11:24.017 on how well we behave or misbehave. 0:11:24.017,0:11:27.606 Now, capturing and correlating the trails of information 0:11:27.606,0:11:30.859 that we leave in different places is a massive challenge, 0:11:30.859,0:11:33.461 but one we're being asked to figure out. 0:11:33.461,0:11:36.745 What the likes of Sebastian are starting to rightfully ask 0:11:36.745,0:11:39.710 is, shouldn't they own their reputation data? 0:11:39.710,0:11:42.584 Shouldn't the reputation that he's personally invested 0:11:42.584,0:11:45.991 on building on Airbnb mean that it should travel with him 0:11:45.991,0:11:48.057 from one community to another? 0:11:48.057,0:11:50.769 What I mean by this is, say he started selling second-hand 0:11:50.769,0:11:54.525 books on Amazon. Why should he have to start from scratch? 0:11:54.525,0:11:58.200 It's a bit like when I moved from New York to Sydney. 0:11:58.200,0:12:01.388 It was ridiculous. I couldn't get a mobile phone plan 0:12:01.388,0:12:05.191 because my credit history didn't travel with me. 0:12:05.191,0:12:08.135 I was essentially a ghost in the system. 0:12:08.135,0:12:11.150 Now I'm not suggesting that the next stage 0:12:11.150,0:12:13.046 of the reputation economy is about 0:12:13.046,0:12:17.415 adding up multiple ratings into some kind of empty score. 0:12:17.415,0:12:20.877 People's lives are too complex, and who wants to do that? 0:12:20.877,0:12:23.324 I also want to be clear that this isn't about adding up 0:12:23.324,0:12:26.925 tweets and likes and friends in a clout-like fashion. 0:12:26.925,0:12:30.205 Those guys are measuring influence, not behaviors 0:12:30.205,0:12:32.092 that indicate our trustworthiness. 0:12:32.092,0:12:35.692 But the most important thing that we have to keep in mind 0:12:35.692,0:12:39.633 is that reputation is largely contextual. 0:12:39.633,0:12:42.367 Just because Sebastian is a wonderful host 0:12:42.367,0:12:46.316 does not mean that he can assemble Ikea furniture. 0:12:46.316,0:12:49.649 The big challenge is figuring out what data 0:12:49.649,0:12:52.414 makes sense to pull, because the future's 0:12:52.414,0:12:55.802 going to be driven by a smart aggregation of reputation, 0:12:55.802,0:12:58.614 not a single algorithm. 0:12:58.614,0:13:02.365 It's only a matter of time before we'll be able to perform 0:13:02.365,0:13:04.764 a Facebook- or Google-like search 0:13:04.764,0:13:07.686 and see a complete picture of someone's behaviors 0:13:07.686,0:13:10.566 in different contexts over time. 0:13:10.566,0:13:14.201 I envision a realtime stream of who has trusted you, 0:13:14.201,0:13:18.356 when, where and why, your reliability on TaskRabbit, 0:13:18.356,0:13:20.336 your cleanliness as a guest on Airbnb, 0:13:20.336,0:13:23.784 the knowledge that you display on Quora or [unclear], 0:13:23.784,0:13:26.367 they'll all live together in one place, 0:13:26.367,0:13:29.838 and this will live in some kind of reputation dashboard 0:13:29.838,0:13:34.395 that will paint a picture of your reputation capital. 0:13:34.395,0:13:37.227 Now this is a concept that I'm currently researching 0:13:37.227,0:13:39.809 and writing my next book on, and currently define 0:13:39.809,0:13:43.584 as the worth of your reputation, your intentions, 0:13:43.584,0:13:47.965 capabilities and values across communities and marketplaces. 0:13:47.965,0:13:50.873 This isn't some far-off frontier. 0:13:50.873,0:13:53.907 There are actually a wave of startups like Connect.Me 0:13:53.907,0:13:57.410 and Legit and TrustCloud that are figuring out how 0:13:57.410,0:14:02.393 you can aggregate, monitor and use your online reputation. 0:14:02.393,0:14:06.106 Now, I realize that this concept may sound a little 0:14:06.106,0:14:09.672 Big Brother to some of you, and yes, there are some 0:14:09.672,0:14:13.072 enormous transparency and privacy issues to solve, 0:14:13.072,0:14:16.944 but ultimately, if we can collect our personal reputation, 0:14:16.944,0:14:19.857 we can actually control it more, and extract 0:14:19.857,0:14:22.577 the immense value that will flow from it. 0:14:22.577,0:14:25.308 Also, more so than our credit history, 0:14:25.308,0:14:27.944 we can actually shape our reputation. 0:14:27.944,0:14:29.263 Just think of Sebastian 0:14:29.263,0:14:32.110 and how he bought the cat to influence his. 0:14:32.110,0:14:36.624 Now privacy issues aside, the other really interesting issue 0:14:36.624,0:14:39.378 I'm looking at is how do we empower digital ghosts, 0:14:39.378,0:14:42.774 people [who] for whatever reason, are not active online, 0:14:42.774,0:14:45.538 but are some of the most trustworthy people in the world? 0:14:45.538,0:14:48.954 How do we take their contributions to their jobs, 0:14:48.954,0:14:50.958 their communities and their families, 0:14:50.958,0:14:54.866 and convert that value into reputation capital? 0:14:54.866,0:14:58.650 Ultimately, when we get it right, reputation capital 0:14:58.650,0:15:01.488 could create a massive positive disruption 0:15:01.488,0:15:05.233 in who has power, trust and influence. 0:15:05.233,0:15:08.873 A three-digit score, your traditional credit history, 0:15:08.873,0:15:11.570 that only 30 percent of us actually know what it is, 0:15:11.570,0:15:14.514 will no longer be the determining factor 0:15:14.514,0:15:17.882 in how much things cost, what we can access, 0:15:17.882,0:15:20.802 and, in many instances, limit what we can do in the world. 0:15:20.802,0:15:25.210 Indeed, reputation is a currency that I believe will become 0:15:25.210,0:15:30.457 more powerful than our credit history in the 21st century. 0:15:30.457,0:15:33.154 Reputation will be the currency that says 0:15:33.154,0:15:35.338 that you can trust me. 0:15:35.338,0:15:38.642 Now the interesting thing is, reputation 0:15:38.642,0:15:40.653 is the socioeconomic lubricant 0:15:40.653,0:15:45.451 that makes collaborative consumption work and scale, 0:15:45.451,0:15:47.261 but the sources it will be generated from, 0:15:47.261,0:15:51.746 and its applications, are far bigger than this space alone. 0:15:51.746,0:15:54.685 Let me give you one example from the world of recruiting, 0:15:54.685,0:15:58.739 where reputation data will make the résumé seem 0:15:58.739,0:16:02.817 like an archaic relic of the past. 0:16:02.817,0:16:06.840 Four years ago, tech bloggers and entrepreneurs 0:16:06.840,0:16:11.938 Joel Spolsky and Jeff Atwood, decided to start something 0:16:11.938,0:16:14.482 called Stack Overflow. 0:16:14.482,0:16:17.906 Now, Stack Overflow is basically a platform where 0:16:17.906,0:16:20.424 experienced programmers can ask 0:16:20.424,0:16:24.937 other good programmers highly detailed technical questions 0:16:24.937,0:16:28.929 on things like tiny pixels and chrome extensions. 0:16:28.929,0:16:32.825 This site receives five and a half thousand questions a day, 0:16:32.825,0:16:36.424 and 80 percent of these receive accurate answers. 0:16:36.424,0:16:39.474 Now users earn reputation in a whole range of ways, 0:16:39.474,0:16:42.107 but it's basically by convincing their peers 0:16:42.107,0:16:44.481 they know what they're talking about. 0:16:44.481,0:16:47.258 Now a few months after this site launched, the founders 0:16:47.258,0:16:49.680 heard about something interesting, 0:16:49.680,0:16:51.363 and it actually didn't surprise them. 0:16:51.363,0:16:54.951 What they heard was that users were putting 0:16:54.951,0:16:58.395 their reputation scores on the top of their résumés, 0:16:58.395,0:17:01.204 and that recruiters were searching the platform 0:17:01.204,0:17:03.450 to find people with unique talents. 0:17:03.450,0:17:06.357 Now thousands of programmers today are finding 0:17:06.357,0:17:09.744 better jobs this way, because Stack Overflow 0:17:09.744,0:17:12.965 and the reputation dashboards provide a priceless window 0:17:12.965,0:17:15.660 into how someone really behaves, 0:17:15.660,0:17:17.980 and what their peers think of them. 0:17:17.980,0:17:20.484 But the bigger principle of what's happening behind Stack Overflow, 0:17:20.484,0:17:23.031 I think, is incredibly exciting. 0:17:23.031,0:17:26.325 People are starting to realize that the reputation 0:17:26.325,0:17:29.501 they generate in one place has value 0:17:29.501,0:17:32.395 beyond the environments from which it was built. 0:17:32.395,0:17:34.431 You know, it's very interesting. 0:17:34.431,0:17:37.480 When you talk to super-users, whether that's SuperRabbits 0:17:37.480,0:17:41.954 or super-people on Stack Overflow, or Uberhosts, 0:17:41.954,0:17:45.001 they all talk about how having a high reputation 0:17:45.001,0:17:48.316 unlocks a sense of their own power. 0:17:48.316,0:17:51.242 On Stack Overflow, it creates a level playing field, 0:17:51.242,0:17:54.169 enabling the people with the real talent to rise to the top. 0:17:54.169,0:17:57.321 On Airbnb, the people often become more important 0:17:57.321,0:17:59.914 than the spaces. On TaskRabbit, 0:17:59.914,0:18:03.107 it gives people control of their economic activity. 0:18:03.107,0:18:06.440 Now at the end of my tea with Sebastian, he told me how, 0:18:06.440,0:18:10.081 on a bad, rainy day, when he hasn't had a customer 0:18:10.081,0:18:13.307 in his bookstore, he thinks of all the people around 0:18:13.307,0:18:16.145 the world who've said something wonderful about him, 0:18:16.145,0:18:18.816 and what that says about him as a person. 0:18:18.816,0:18:22.264 He's turning 50 this year, and he's convinced 0:18:22.264,0:18:25.872 that the rich tapestry of reputation he's built on Airbnb 0:18:25.872,0:18:28.623 will lead him to doing something interesting 0:18:28.623,0:18:31.180 with the rest of his life. 0:18:31.180,0:18:35.160 You know, there are only a few windows in history 0:18:35.160,0:18:38.384 where the opportunity exists to reinvent 0:18:38.384,0:18:41.719 part of how our socioeconomic system works. 0:18:41.719,0:18:44.184 We're living through one of those moments. 0:18:44.184,0:18:47.815 I believe that we are at the start of a collaborative revolution 0:18:47.815,0:18:51.595 that will be as significant as the Industrial Revolution. 0:18:51.595,0:18:55.204 In the 20th century, the invention of traditional credit 0:18:55.204,0:18:58.448 transformed our consumer system, and in many ways 0:18:58.448,0:19:01.233 controlled who had access to what. 0:19:01.233,0:19:04.248 In the 21st century, new trust networks, 0:19:04.248,0:19:07.622 and the reputation capital they generate, will reinvent 0:19:07.622,0:19:11.888 the way we think about wealth, markets, power 0:19:11.888,0:19:16.472 and personal identity, in ways we can't yet even imagine. 0:19:16.472,0:19:19.439 Thank you very much. (Applause) 0:19:19.439,0:19:24.930 (Applause)