[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.26,0:00:02.08,Default,,0000,0000,0000,,So if someone asked you
Dialogue: 0,0:00:02.08,0:00:04.84,Default,,0000,0000,0000,,for the three words that would sum up
Dialogue: 0,0:00:04.84,0:00:08.72,Default,,0000,0000,0000,,your reputation, what would you say?
Dialogue: 0,0:00:08.72,0:00:11.12,Default,,0000,0000,0000,,How would people describe your judgment,
Dialogue: 0,0:00:11.12,0:00:14.88,Default,,0000,0000,0000,,your knowledge, your behaviors, in different situations?
Dialogue: 0,0:00:14.88,0:00:17.24,Default,,0000,0000,0000,,Today I'd like to explore with you
Dialogue: 0,0:00:17.24,0:00:18.91,Default,,0000,0000,0000,,why the answer to this question
Dialogue: 0,0:00:18.91,0:00:21.06,Default,,0000,0000,0000,,will become profoundly important
Dialogue: 0,0:00:21.06,0:00:25.65,Default,,0000,0000,0000,,in an age where reputation will be your most valuable asset.
Dialogue: 0,0:00:25.65,0:00:28.24,Default,,0000,0000,0000,,I'd like to start by introducing you to someone
Dialogue: 0,0:00:28.24,0:00:31.84,Default,,0000,0000,0000,,whose life has been changed by a marketplace
Dialogue: 0,0:00:31.84,0:00:33.94,Default,,0000,0000,0000,,fueled by reputation.
Dialogue: 0,0:00:33.94,0:00:37.03,Default,,0000,0000,0000,,Sebastian Sandys has been a bed and breakfast host
Dialogue: 0,0:00:37.03,0:00:39.57,Default,,0000,0000,0000,,on Airbnb since 2008.
Dialogue: 0,0:00:39.57,0:00:42.50,Default,,0000,0000,0000,,I caught up with him recently, where, over the course
Dialogue: 0,0:00:42.50,0:00:45.36,Default,,0000,0000,0000,,of several cups of tea, he told me how
Dialogue: 0,0:00:45.36,0:00:47.75,Default,,0000,0000,0000,,hosting guests from all over the world
Dialogue: 0,0:00:47.75,0:00:49.21,Default,,0000,0000,0000,,has enriched his life.
Dialogue: 0,0:00:49.21,0:00:52.59,Default,,0000,0000,0000,,More than 50 people have come to stay in the 18th-century
Dialogue: 0,0:00:52.59,0:00:55.62,Default,,0000,0000,0000,,watchhouse he lives in with his cat, Squeak.
Dialogue: 0,0:00:55.62,0:01:00.05,Default,,0000,0000,0000,,Now, I mention Squeak because Sebastian's first guest
Dialogue: 0,0:01:00.05,0:01:04.00,Default,,0000,0000,0000,,happened to see a rather large mouse run across the kitchen,
Dialogue: 0,0:01:04.00,0:01:06.60,Default,,0000,0000,0000,,and she promised that she would refrain from leaving
Dialogue: 0,0:01:06.60,0:01:10.02,Default,,0000,0000,0000,,a bad review on one condition: he got a cat.
Dialogue: 0,0:01:10.02,0:01:14.08,Default,,0000,0000,0000,,And so Sebastian bought Squeak to protect his reputation.
Dialogue: 0,0:01:14.08,0:01:17.24,Default,,0000,0000,0000,,Now, as many of you know, Airbnb is a peer-to-peer
Dialogue: 0,0:01:17.24,0:01:21.19,Default,,0000,0000,0000,,marketplace that matches people who have space to rent
Dialogue: 0,0:01:21.19,0:01:23.98,Default,,0000,0000,0000,,with people who are looking for a place to stay
Dialogue: 0,0:01:23.98,0:01:26.67,Default,,0000,0000,0000,,in over 192 countries.
Dialogue: 0,0:01:26.67,0:01:29.36,Default,,0000,0000,0000,,The places being rented out are things that you might
Dialogue: 0,0:01:29.36,0:01:32.19,Default,,0000,0000,0000,,expect, like spare rooms and holiday homes,
Dialogue: 0,0:01:32.19,0:01:34.76,Default,,0000,0000,0000,,but part of the magic is the unique places
Dialogue: 0,0:01:34.76,0:01:38.70,Default,,0000,0000,0000,,that you can now access: treehouses, teepees,
Dialogue: 0,0:01:38.70,0:01:40.79,Default,,0000,0000,0000,,airplane hangars, igloos.
Dialogue: 0,0:01:40.79,0:01:44.25,Default,,0000,0000,0000,,If you don't like the hotel, there's a castle down the road
Dialogue: 0,0:01:44.25,0:01:47.08,Default,,0000,0000,0000,,that you can rent for 5,000 dollars a night.
Dialogue: 0,0:01:47.08,0:01:50.43,Default,,0000,0000,0000,,It's a fantastic example of how technology
Dialogue: 0,0:01:50.43,0:01:52.15,Default,,0000,0000,0000,,is creating a market
Dialogue: 0,0:01:52.15,0:01:54.65,Default,,0000,0000,0000,,for things that never had a marketplace before.
Dialogue: 0,0:01:54.65,0:01:57.78,Default,,0000,0000,0000,,Now let me show you these heat maps of Paris
Dialogue: 0,0:01:57.78,0:02:00.34,Default,,0000,0000,0000,,to see how insanely fast it's growing.
Dialogue: 0,0:02:00.34,0:02:02.100,Default,,0000,0000,0000,,This image here is from 2008.
Dialogue: 0,0:02:02.100,0:02:06.72,Default,,0000,0000,0000,,The pink dots represent host properties.
Dialogue: 0,0:02:06.72,0:02:10.71,Default,,0000,0000,0000,,Even four years ago, letting strangers stay in your home
Dialogue: 0,0:02:10.71,0:02:13.20,Default,,0000,0000,0000,,seemed like a crazy idea.
Dialogue: 0,0:02:13.20,0:02:15.42,Default,,0000,0000,0000,,Now the same view in 2010.
Dialogue: 0,0:02:15.42,0:02:18.23,Default,,0000,0000,0000,,And now, 2012.
Dialogue: 0,0:02:18.23,0:02:23.36,Default,,0000,0000,0000,,There is an Airbnb host on almost every main street in Paris.
Dialogue: 0,0:02:23.36,0:02:27.100,Default,,0000,0000,0000,,Now, what's happening here is people are realizing
Dialogue: 0,0:02:27.100,0:02:32.36,Default,,0000,0000,0000,,the power of technology to unlock the idling capacity
Dialogue: 0,0:02:32.36,0:02:35.28,Default,,0000,0000,0000,,and value of all kinds of assets,
Dialogue: 0,0:02:35.28,0:02:38.73,Default,,0000,0000,0000,,from skills to spaces to material possessions,
Dialogue: 0,0:02:38.73,0:02:42.21,Default,,0000,0000,0000,,in ways and on a scale never possible before.
Dialogue: 0,0:02:42.21,0:02:45.44,Default,,0000,0000,0000,,It's an economy and culture called collaborative consumption,
Dialogue: 0,0:02:45.44,0:02:48.23,Default,,0000,0000,0000,,and, through it, people like Sebastian
Dialogue: 0,0:02:48.23,0:02:50.30,Default,,0000,0000,0000,,are becoming micro-entrepreneurs.
Dialogue: 0,0:02:50.30,0:02:52.100,Default,,0000,0000,0000,,They're empowered to make money and save money
Dialogue: 0,0:02:52.100,0:02:55.70,Default,,0000,0000,0000,,from their existing assets.
Dialogue: 0,0:02:55.70,0:02:58.22,Default,,0000,0000,0000,,But the real magic and the secret source behind
Dialogue: 0,0:02:58.22,0:03:00.98,Default,,0000,0000,0000,,collaborative consumption marketplaces like Airbnb
Dialogue: 0,0:03:00.98,0:03:03.62,Default,,0000,0000,0000,,isn't the inventory or the money.
Dialogue: 0,0:03:03.62,0:03:07.14,Default,,0000,0000,0000,,It's using the power of technology to build trust
Dialogue: 0,0:03:07.14,0:03:08.63,Default,,0000,0000,0000,,between strangers.
Dialogue: 0,0:03:08.63,0:03:12.16,Default,,0000,0000,0000,,This side of Airbnb really hit home to Sebastian last summer
Dialogue: 0,0:03:12.16,0:03:13.43,Default,,0000,0000,0000,,during the London riots.
Dialogue: 0,0:03:13.43,0:03:16.14,Default,,0000,0000,0000,,He woke up around 9, and he checked his email
Dialogue: 0,0:03:16.14,0:03:19.32,Default,,0000,0000,0000,,and he saw a bunch of messages all asking him
Dialogue: 0,0:03:19.32,0:03:20.84,Default,,0000,0000,0000,,if he was okay.
Dialogue: 0,0:03:20.84,0:03:23.01,Default,,0000,0000,0000,,Former guests from around the world had seen that
Dialogue: 0,0:03:23.01,0:03:25.10,Default,,0000,0000,0000,,the riots were happening just down the street, and wanted
Dialogue: 0,0:03:25.10,0:03:27.40,Default,,0000,0000,0000,,to check if he needed anything.
Dialogue: 0,0:03:27.40,0:03:30.59,Default,,0000,0000,0000,,Sebastian actually said to me, he said, "Thirteen former guests
Dialogue: 0,0:03:30.59,0:03:34.75,Default,,0000,0000,0000,,contacted me before my own mother rang." (Laughter)
Dialogue: 0,0:03:34.75,0:03:39.13,Default,,0000,0000,0000,,Now, this little anecdote gets to the heart of why
Dialogue: 0,0:03:39.13,0:03:42.03,Default,,0000,0000,0000,,I'm really passionate about collaborative consumption,
Dialogue: 0,0:03:42.03,0:03:44.58,Default,,0000,0000,0000,,and why, after I finished my book, I decided
Dialogue: 0,0:03:44.58,0:03:48.27,Default,,0000,0000,0000,,I'm going to try and spread this into a global movement.
Dialogue: 0,0:03:48.27,0:03:51.93,Default,,0000,0000,0000,,Because at its core, it's about empowerment.
Dialogue: 0,0:03:51.93,0:03:56.09,Default,,0000,0000,0000,,It's about empowering people to make meaningful connections,
Dialogue: 0,0:03:56.09,0:03:59.01,Default,,0000,0000,0000,,connections that are enabling us to rediscover
Dialogue: 0,0:03:59.01,0:04:02.41,Default,,0000,0000,0000,,a humanness that we've lost somewhere along the way,
Dialogue: 0,0:04:02.41,0:04:06.73,Default,,0000,0000,0000,,by engaging in marketplaces like Airbnb, like Kickstarter,
Dialogue: 0,0:04:06.73,0:04:09.97,Default,,0000,0000,0000,,like Etsy, that are built on personal relationships
Dialogue: 0,0:04:09.97,0:04:12.99,Default,,0000,0000,0000,,versus empty transactions.
Dialogue: 0,0:04:12.99,0:04:16.32,Default,,0000,0000,0000,,Now the irony is that these ideas are actually taking us back
Dialogue: 0,0:04:16.32,0:04:19.61,Default,,0000,0000,0000,,to old market principles and collaborative behaviors
Dialogue: 0,0:04:19.61,0:04:21.33,Default,,0000,0000,0000,,that are hard-wired in all of us.
Dialogue: 0,0:04:21.33,0:04:24.02,Default,,0000,0000,0000,,They're just being reinvented in ways that are relevant
Dialogue: 0,0:04:24.02,0:04:25.70,Default,,0000,0000,0000,,for the Facebook age.
Dialogue: 0,0:04:25.70,0:04:29.26,Default,,0000,0000,0000,,We're literally beginning to realize that we have wired
Dialogue: 0,0:04:29.26,0:04:33.47,Default,,0000,0000,0000,,our world to share, swap, rent, barter or trade
Dialogue: 0,0:04:33.47,0:04:37.20,Default,,0000,0000,0000,,just about anything. We're sharing our cars on WhipCar,
Dialogue: 0,0:04:37.20,0:04:40.41,Default,,0000,0000,0000,,our bikes on Spinlister, our offices on Loosecubes,
Dialogue: 0,0:04:40.41,0:04:43.20,Default,,0000,0000,0000,,our gardens on Landshare. We're lending and borrowing
Dialogue: 0,0:04:43.20,0:04:46.10,Default,,0000,0000,0000,,money from strangers on Zopa and Lending Club.
Dialogue: 0,0:04:46.10,0:04:48.62,Default,,0000,0000,0000,,We are trading lessons on everything from sushi-making
Dialogue: 0,0:04:48.62,0:04:50.21,Default,,0000,0000,0000,,to coding on Skillshare,
Dialogue: 0,0:04:50.21,0:04:54.26,Default,,0000,0000,0000,,and we're even sharing our pets on DogVacay.
Dialogue: 0,0:04:54.26,0:04:58.72,Default,,0000,0000,0000,,Now welcome to the wonderful world of collaborative consumption
Dialogue: 0,0:04:58.72,0:05:01.94,Default,,0000,0000,0000,,that's enabling us to match wants with haves
Dialogue: 0,0:05:01.94,0:05:03.91,Default,,0000,0000,0000,,in more democratic ways.
Dialogue: 0,0:05:03.91,0:05:07.58,Default,,0000,0000,0000,,Now, collaborative consumption is creating the start
Dialogue: 0,0:05:07.58,0:05:10.90,Default,,0000,0000,0000,,of a transformation in the way we think about supply and demand,
Dialogue: 0,0:05:10.90,0:05:14.82,Default,,0000,0000,0000,,but it's also a part of a massive value shift underway,
Dialogue: 0,0:05:14.82,0:05:18.00,Default,,0000,0000,0000,,where instead of consuming to keep up with the Joneses,
Dialogue: 0,0:05:18.00,0:05:21.56,Default,,0000,0000,0000,,people are consuming to get to know the Joneses.
Dialogue: 0,0:05:21.56,0:05:25.85,Default,,0000,0000,0000,,But the key reason why it's taking off now so fast
Dialogue: 0,0:05:25.85,0:05:28.88,Default,,0000,0000,0000,,is because every new advancement of technology
Dialogue: 0,0:05:28.88,0:05:32.96,Default,,0000,0000,0000,,increases the efficiency and the social glue of trust
Dialogue: 0,0:05:32.96,0:05:36.34,Default,,0000,0000,0000,,to make sharing easier and easier.
Dialogue: 0,0:05:36.34,0:05:39.31,Default,,0000,0000,0000,,Now, I've looked at thousands of these marketplaces,
Dialogue: 0,0:05:39.31,0:05:44.02,Default,,0000,0000,0000,,and trust and efficiency are always the critical ingredients.
Dialogue: 0,0:05:44.02,0:05:46.02,Default,,0000,0000,0000,,Let me give you an example.
Dialogue: 0,0:05:46.02,0:05:50.43,Default,,0000,0000,0000,,Meet 46-year-old Chris Mok, who has, I bet,
Dialogue: 0,0:05:50.43,0:05:53.84,Default,,0000,0000,0000,,the best job title here of SuperRabbit.
Dialogue: 0,0:05:53.84,0:05:58.42,Default,,0000,0000,0000,,Now, four years ago, Chris lost his job, unfortunately,
Dialogue: 0,0:05:58.42,0:06:01.81,Default,,0000,0000,0000,,as an art buyer at Macy's, and like so many people,
Dialogue: 0,0:06:01.81,0:06:04.66,Default,,0000,0000,0000,,he struggled to find a new one during the recession.
Dialogue: 0,0:06:04.66,0:06:08.05,Default,,0000,0000,0000,,And then he happened to stumble across a post about
Dialogue: 0,0:06:08.05,0:06:09.51,Default,,0000,0000,0000,,TaskRabbit.
Dialogue: 0,0:06:09.51,0:06:12.88,Default,,0000,0000,0000,,Now, the story behind TaskRabbit starts like so many
Dialogue: 0,0:06:12.88,0:06:16.97,Default,,0000,0000,0000,,great stories with a very cute dog by the name of Kobe.
Dialogue: 0,0:06:16.97,0:06:20.22,Default,,0000,0000,0000,,Now what happened was, in February 2008,
Dialogue: 0,0:06:20.22,0:06:22.88,Default,,0000,0000,0000,,Leah and her husband were waiting for a cab to take them
Dialogue: 0,0:06:22.88,0:06:26.32,Default,,0000,0000,0000,,out for dinner, when Kobe came trotting up to them
Dialogue: 0,0:06:26.32,0:06:28.68,Default,,0000,0000,0000,,and he was salivating with saliva.
Dialogue: 0,0:06:28.68,0:06:31.38,Default,,0000,0000,0000,,They realized they'd run out of dog food.
Dialogue: 0,0:06:31.38,0:06:34.62,Default,,0000,0000,0000,,Kevin had to cancel the cab and trudge out in the snow.
Dialogue: 0,0:06:34.62,0:06:37.93,Default,,0000,0000,0000,,Now, later that evening, the two self-confessed tech geeks
Dialogue: 0,0:06:37.93,0:06:41.72,Default,,0000,0000,0000,,starting talking about how cool it would be if some kind of
Dialogue: 0,0:06:41.72,0:06:43.76,Default,,0000,0000,0000,,eBay for errands existed.
Dialogue: 0,0:06:43.76,0:06:46.42,Default,,0000,0000,0000,,Six months later, Leah quit her job,
Dialogue: 0,0:06:46.42,0:06:49.01,Default,,0000,0000,0000,,and TaskRabbit was born.
Dialogue: 0,0:06:49.01,0:06:52.87,Default,,0000,0000,0000,,At the time, she didn't realize that she was actually hitting
Dialogue: 0,0:06:52.87,0:06:57.46,Default,,0000,0000,0000,,on a bigger idea she later called service networking.
Dialogue: 0,0:06:57.46,0:07:00.99,Default,,0000,0000,0000,,It's essentially about how we use our online relationships
Dialogue: 0,0:07:00.99,0:07:04.31,Default,,0000,0000,0000,,to get things done in the real world.
Dialogue: 0,0:07:04.31,0:07:06.92,Default,,0000,0000,0000,,Now the way TaskRabbit works is, people outsource
Dialogue: 0,0:07:06.92,0:07:09.49,Default,,0000,0000,0000,,the tasks that they want doing, name the price
Dialogue: 0,0:07:09.49,0:07:12.12,Default,,0000,0000,0000,,they're willing to pay, and then vetted Rabbits
Dialogue: 0,0:07:12.12,0:07:13.66,Default,,0000,0000,0000,,bid to run the errand.
Dialogue: 0,0:07:13.66,0:07:18.15,Default,,0000,0000,0000,,Yes, there's actually a four-stage, rigorous interview process
Dialogue: 0,0:07:18.15,0:07:19.94,Default,,0000,0000,0000,,that's designed to find the people that would make
Dialogue: 0,0:07:19.94,0:07:23.60,Default,,0000,0000,0000,,great personal assistants and weed out the dodgy Rabbits.
Dialogue: 0,0:07:23.60,0:07:28.57,Default,,0000,0000,0000,,Now, there's over 4,000 Rabbits across the United States
Dialogue: 0,0:07:28.57,0:07:31.58,Default,,0000,0000,0000,,and 5,000 more on the waiting list.
Dialogue: 0,0:07:31.58,0:07:34.35,Default,,0000,0000,0000,,Now the tasks being posted are things that you might
Dialogue: 0,0:07:34.35,0:07:37.71,Default,,0000,0000,0000,,expect, like help with household chores
Dialogue: 0,0:07:37.71,0:07:39.89,Default,,0000,0000,0000,,or doing some supermarket runs.
Dialogue: 0,0:07:39.89,0:07:42.73,Default,,0000,0000,0000,,I actually learned the other day that 12 and a half thousand
Dialogue: 0,0:07:42.73,0:07:45.76,Default,,0000,0000,0000,,loads of laundry have been cleaned and folded
Dialogue: 0,0:07:45.76,0:07:47.47,Default,,0000,0000,0000,,through TaskRabbit.
Dialogue: 0,0:07:47.47,0:07:51.28,Default,,0000,0000,0000,,But I love that the number one task posted,
Dialogue: 0,0:07:51.28,0:07:54.56,Default,,0000,0000,0000,,over a hundred times a day, is something that many of us
Dialogue: 0,0:07:54.56,0:07:57.13,Default,,0000,0000,0000,,have felt the pain of doing:
Dialogue: 0,0:07:57.13,0:08:03.59,Default,,0000,0000,0000,,yes, assembling Ikea furniture. (Laughter) (Applause)
Dialogue: 0,0:08:03.59,0:08:07.30,Default,,0000,0000,0000,,It's brilliant. Now, we may laugh, but Chris here
Dialogue: 0,0:08:07.30,0:08:09.90,Default,,0000,0000,0000,,is actually making up to 5,000 dollars a month
Dialogue: 0,0:08:09.90,0:08:13.05,Default,,0000,0000,0000,,running errands around his life.
Dialogue: 0,0:08:13.05,0:08:16.39,Default,,0000,0000,0000,,And 70 percent of this new labor force
Dialogue: 0,0:08:16.39,0:08:19.85,Default,,0000,0000,0000,,were previously unemployed or underemployed.
Dialogue: 0,0:08:19.85,0:08:23.25,Default,,0000,0000,0000,,I think TaskRabbit and other examples of collaborative consumption
Dialogue: 0,0:08:23.25,0:08:26.69,Default,,0000,0000,0000,,are like lemonade stands on steroids. They're just brilliant.
Dialogue: 0,0:08:26.69,0:08:30.71,Default,,0000,0000,0000,,Now, when you think about it, it's amazing, right,
Dialogue: 0,0:08:30.71,0:08:33.91,Default,,0000,0000,0000,,that over the past 20 years, we've evolved
Dialogue: 0,0:08:33.91,0:08:37.42,Default,,0000,0000,0000,,from trusting people online to share information
Dialogue: 0,0:08:37.42,0:08:40.28,Default,,0000,0000,0000,,to trusting to handing over our credit card information,
Dialogue: 0,0:08:40.28,0:08:43.58,Default,,0000,0000,0000,,and now we're entering the third trust wave:
Dialogue: 0,0:08:43.58,0:08:47.31,Default,,0000,0000,0000,,connecting trustworthy strangers to create all kinds
Dialogue: 0,0:08:47.31,0:08:49.84,Default,,0000,0000,0000,,of people-powered marketplaces.
Dialogue: 0,0:08:49.84,0:08:51.55,Default,,0000,0000,0000,,I actually came across this fascinating study
Dialogue: 0,0:08:51.55,0:08:53.99,Default,,0000,0000,0000,,by the Pew Center this week that revealed
Dialogue: 0,0:08:53.99,0:08:57.52,Default,,0000,0000,0000,,that an active Facebook user is three times as likely
Dialogue: 0,0:08:57.52,0:09:02.56,Default,,0000,0000,0000,,as a non-Internet user to believe that most people are trustworthy.
Dialogue: 0,0:09:02.56,0:09:06.94,Default,,0000,0000,0000,,Virtual trust will transform the way we trust one another
Dialogue: 0,0:09:06.94,0:09:08.34,Default,,0000,0000,0000,,face to face.
Dialogue: 0,0:09:08.34,0:09:11.64,Default,,0000,0000,0000,,Now, with all of my optimism, and I am an optimist,
Dialogue: 0,0:09:11.64,0:09:15.36,Default,,0000,0000,0000,,comes a healthy dose of caution, or rather, an urgent need
Dialogue: 0,0:09:15.36,0:09:19.80,Default,,0000,0000,0000,,to address some pressing, complex questions.
Dialogue: 0,0:09:19.80,0:09:22.38,Default,,0000,0000,0000,,How to ensure our digital identities reflect our
Dialogue: 0,0:09:22.38,0:09:25.85,Default,,0000,0000,0000,,real world identities? Do we want them to be the same?
Dialogue: 0,0:09:25.85,0:09:29.53,Default,,0000,0000,0000,,How do we mimic the way trust is built face-to-face online?
Dialogue: 0,0:09:29.53,0:09:31.41,Default,,0000,0000,0000,,How do we stop people who've behaved badly
Dialogue: 0,0:09:31.41,0:09:35.10,Default,,0000,0000,0000,,in one community doing so under a different guise?
Dialogue: 0,0:09:35.10,0:09:38.20,Default,,0000,0000,0000,,In a similar way that companies often use some kind of
Dialogue: 0,0:09:38.20,0:09:41.66,Default,,0000,0000,0000,,credit rating to decide whether to give you a mobile plan,
Dialogue: 0,0:09:41.66,0:09:44.71,Default,,0000,0000,0000,,or the rate of a mortgage, marketplaces that depend
Dialogue: 0,0:09:44.71,0:09:47.46,Default,,0000,0000,0000,,on transactions between relative strangers
Dialogue: 0,0:09:47.46,0:09:50.40,Default,,0000,0000,0000,,need some kind of device to let you know that Sebastian
Dialogue: 0,0:09:50.40,0:09:52.36,Default,,0000,0000,0000,,and Chris are good eggs,
Dialogue: 0,0:09:52.36,0:09:55.48,Default,,0000,0000,0000,,and that device is reputation.
Dialogue: 0,0:09:55.48,0:10:00.48,Default,,0000,0000,0000,,Reputation is the measurement of how much a community trusts you.
Dialogue: 0,0:10:00.48,0:10:02.11,Default,,0000,0000,0000,,Let's just take a look at Chris.
Dialogue: 0,0:10:02.11,0:10:05.41,Default,,0000,0000,0000,,You can see that over 200 people have given him
Dialogue: 0,0:10:05.41,0:10:08.64,Default,,0000,0000,0000,,an average rating over 4.99 out of 5.
Dialogue: 0,0:10:08.64,0:10:10.92,Default,,0000,0000,0000,,There are over 20 pages of reviews of his work
Dialogue: 0,0:10:10.92,0:10:13.31,Default,,0000,0000,0000,,describing him as super-friendly and fast,
Dialogue: 0,0:10:13.31,0:10:17.03,Default,,0000,0000,0000,,and he's reached level 25, the highest level,
Dialogue: 0,0:10:17.03,0:10:18.99,Default,,0000,0000,0000,,making him a SuperRabbit.
Dialogue: 0,0:10:18.99,0:10:21.89,Default,,0000,0000,0000,,Now — (Laughter) -- I love that word, SuperRabbit.
Dialogue: 0,0:10:21.89,0:10:25.54,Default,,0000,0000,0000,,And interestingly, what Chris has noted is that as his reputation
Dialogue: 0,0:10:25.54,0:10:28.70,Default,,0000,0000,0000,,has gone up, so has his chances of winning a bid
Dialogue: 0,0:10:28.70,0:10:30.66,Default,,0000,0000,0000,,and how much he can charge.
Dialogue: 0,0:10:30.66,0:10:33.40,Default,,0000,0000,0000,,In other words, for SuperRabbits, reputation
Dialogue: 0,0:10:33.40,0:10:35.46,Default,,0000,0000,0000,,has a real world value.
Dialogue: 0,0:10:35.46,0:10:37.50,Default,,0000,0000,0000,,Now, I know what you might be thinking.
Dialogue: 0,0:10:37.50,0:10:40.04,Default,,0000,0000,0000,,Well, this isn't anything new. Just think of power sellers
Dialogue: 0,0:10:40.04,0:10:43.60,Default,,0000,0000,0000,,on eBay or star ratings on Amazon.
Dialogue: 0,0:10:43.60,0:10:46.84,Default,,0000,0000,0000,,The difference today is that, with every trade we make,
Dialogue: 0,0:10:46.84,0:10:50.24,Default,,0000,0000,0000,,comment we leave, person we flag, badge we earn,
Dialogue: 0,0:10:50.24,0:10:52.18,Default,,0000,0000,0000,,we leave a reputation trail
Dialogue: 0,0:10:52.18,0:10:55.73,Default,,0000,0000,0000,,of how well we can and can't be trusted.
Dialogue: 0,0:10:55.73,0:10:58.31,Default,,0000,0000,0000,,And it's not just the breadth but the volume
Dialogue: 0,0:10:58.31,0:11:00.95,Default,,0000,0000,0000,,of reputation data out there that is staggering.
Dialogue: 0,0:11:00.95,0:11:04.25,Default,,0000,0000,0000,,Just consider this: Five million nights have been booked
Dialogue: 0,0:11:04.25,0:11:07.21,Default,,0000,0000,0000,,on Airbnb in the past six months alone.
Dialogue: 0,0:11:07.21,0:11:11.18,Default,,0000,0000,0000,,30 million rides have been shared on Carpooling.com.
Dialogue: 0,0:11:11.18,0:11:14.06,Default,,0000,0000,0000,,This year, two billion dollars worth of loans
Dialogue: 0,0:11:14.06,0:11:16.29,Default,,0000,0000,0000,,will go through peer-to-peer lending platforms.
Dialogue: 0,0:11:16.29,0:11:20.64,Default,,0000,0000,0000,,This adds up to millions of pieces of reputation data
Dialogue: 0,0:11:20.64,0:11:24.02,Default,,0000,0000,0000,,on how well we behave or misbehave.
Dialogue: 0,0:11:24.02,0:11:27.61,Default,,0000,0000,0000,,Now, capturing and correlating the trails of information
Dialogue: 0,0:11:27.61,0:11:30.86,Default,,0000,0000,0000,,that we leave in different places is a massive challenge,
Dialogue: 0,0:11:30.86,0:11:33.46,Default,,0000,0000,0000,,but one we're being asked to figure out.
Dialogue: 0,0:11:33.46,0:11:36.74,Default,,0000,0000,0000,,What the likes of Sebastian are starting to rightfully ask
Dialogue: 0,0:11:36.74,0:11:39.71,Default,,0000,0000,0000,,is, shouldn't they own their reputation data?
Dialogue: 0,0:11:39.71,0:11:42.58,Default,,0000,0000,0000,,Shouldn't the reputation that he's personally invested
Dialogue: 0,0:11:42.58,0:11:45.99,Default,,0000,0000,0000,,on building on Airbnb mean that it should travel with him
Dialogue: 0,0:11:45.99,0:11:48.06,Default,,0000,0000,0000,,from one community to another?
Dialogue: 0,0:11:48.06,0:11:50.77,Default,,0000,0000,0000,,What I mean by this is, say he started selling second-hand
Dialogue: 0,0:11:50.77,0:11:54.52,Default,,0000,0000,0000,,books on Amazon. Why should he have to start from scratch?
Dialogue: 0,0:11:54.52,0:11:58.20,Default,,0000,0000,0000,,It's a bit like when I moved from New York to Sydney.
Dialogue: 0,0:11:58.20,0:12:01.39,Default,,0000,0000,0000,,It was ridiculous. I couldn't get a mobile phone plan
Dialogue: 0,0:12:01.39,0:12:05.19,Default,,0000,0000,0000,,because my credit history didn't travel with me.
Dialogue: 0,0:12:05.19,0:12:08.14,Default,,0000,0000,0000,,I was essentially a ghost in the system.
Dialogue: 0,0:12:08.14,0:12:11.15,Default,,0000,0000,0000,,Now I'm not suggesting that the next stage
Dialogue: 0,0:12:11.15,0:12:13.05,Default,,0000,0000,0000,,of the reputation economy is about
Dialogue: 0,0:12:13.05,0:12:17.42,Default,,0000,0000,0000,,adding up multiple ratings into some kind of empty score.
Dialogue: 0,0:12:17.42,0:12:20.88,Default,,0000,0000,0000,,People's lives are too complex, and who wants to do that?
Dialogue: 0,0:12:20.88,0:12:23.32,Default,,0000,0000,0000,,I also want to be clear that this isn't about adding up
Dialogue: 0,0:12:23.32,0:12:26.92,Default,,0000,0000,0000,,tweets and likes and friends in a Klout-like fashion.
Dialogue: 0,0:12:26.92,0:12:30.20,Default,,0000,0000,0000,,Those guys are measuring influence, not behaviors
Dialogue: 0,0:12:30.20,0:12:32.09,Default,,0000,0000,0000,,that indicate our trustworthiness.
Dialogue: 0,0:12:32.09,0:12:35.69,Default,,0000,0000,0000,,But the most important thing that we have to keep in mind
Dialogue: 0,0:12:35.69,0:12:39.63,Default,,0000,0000,0000,,is that reputation is largely contextual.
Dialogue: 0,0:12:39.63,0:12:42.37,Default,,0000,0000,0000,,Just because Sebastian is a wonderful host
Dialogue: 0,0:12:42.37,0:12:46.32,Default,,0000,0000,0000,,does not mean that he can assemble Ikea furniture.
Dialogue: 0,0:12:46.32,0:12:49.65,Default,,0000,0000,0000,,The big challenge is figuring out what data
Dialogue: 0,0:12:49.65,0:12:52.41,Default,,0000,0000,0000,,makes sense to pull, because the future's
Dialogue: 0,0:12:52.41,0:12:55.80,Default,,0000,0000,0000,,going to be driven by a smart aggregation of reputation,
Dialogue: 0,0:12:55.80,0:12:58.61,Default,,0000,0000,0000,,not a single algorithm.
Dialogue: 0,0:12:58.61,0:13:02.36,Default,,0000,0000,0000,,It's only a matter of time before we'll be able to perform
Dialogue: 0,0:13:02.36,0:13:04.76,Default,,0000,0000,0000,,a Facebook- or Google-like search
Dialogue: 0,0:13:04.76,0:13:07.69,Default,,0000,0000,0000,,and see a complete picture of someone's behaviors
Dialogue: 0,0:13:07.69,0:13:10.57,Default,,0000,0000,0000,,in different contexts over time.
Dialogue: 0,0:13:10.57,0:13:14.20,Default,,0000,0000,0000,,I envision a realtime stream of who has trusted you,
Dialogue: 0,0:13:14.20,0:13:18.36,Default,,0000,0000,0000,,when, where and why, your reliability on TaskRabbit,
Dialogue: 0,0:13:18.36,0:13:20.34,Default,,0000,0000,0000,,your cleanliness as a guest on Airbnb,
Dialogue: 0,0:13:20.34,0:13:23.78,Default,,0000,0000,0000,,the knowledge that you display on Quora or Tripovo,
Dialogue: 0,0:13:23.78,0:13:26.37,Default,,0000,0000,0000,,they'll all live together in one place,
Dialogue: 0,0:13:26.37,0:13:29.84,Default,,0000,0000,0000,,and this will live in some kind of reputation dashboard
Dialogue: 0,0:13:29.84,0:13:34.40,Default,,0000,0000,0000,,that will paint a picture of your reputation capital.
Dialogue: 0,0:13:34.40,0:13:37.23,Default,,0000,0000,0000,,Now this is a concept that I'm currently researching
Dialogue: 0,0:13:37.23,0:13:39.81,Default,,0000,0000,0000,,and writing my next book on, and currently define
Dialogue: 0,0:13:39.81,0:13:43.58,Default,,0000,0000,0000,,as the worth of your reputation, your intentions,
Dialogue: 0,0:13:43.58,0:13:47.96,Default,,0000,0000,0000,,capabilities and values across communities and marketplaces.
Dialogue: 0,0:13:47.96,0:13:50.87,Default,,0000,0000,0000,,This isn't some far-off frontier.
Dialogue: 0,0:13:50.87,0:13:53.91,Default,,0000,0000,0000,,There are actually a wave of startups like Connect.Me
Dialogue: 0,0:13:53.91,0:13:57.41,Default,,0000,0000,0000,,and Legit and TrustCloud that are figuring out how
Dialogue: 0,0:13:57.41,0:14:02.39,Default,,0000,0000,0000,,you can aggregate, monitor and use your online reputation.
Dialogue: 0,0:14:02.39,0:14:06.11,Default,,0000,0000,0000,,Now, I realize that this concept may sound a little
Dialogue: 0,0:14:06.11,0:14:09.67,Default,,0000,0000,0000,,Big Brother to some of you, and yes, there are some
Dialogue: 0,0:14:09.67,0:14:13.07,Default,,0000,0000,0000,,enormous transparency and privacy issues to solve,
Dialogue: 0,0:14:13.07,0:14:16.94,Default,,0000,0000,0000,,but ultimately, if we can collect our personal reputation,
Dialogue: 0,0:14:16.94,0:14:19.86,Default,,0000,0000,0000,,we can actually control it more, and extract
Dialogue: 0,0:14:19.86,0:14:22.58,Default,,0000,0000,0000,,the immense value that will flow from it.
Dialogue: 0,0:14:22.58,0:14:25.31,Default,,0000,0000,0000,,Also, more so than our credit history,
Dialogue: 0,0:14:25.31,0:14:27.94,Default,,0000,0000,0000,,we can actually shape our reputation.
Dialogue: 0,0:14:27.94,0:14:29.26,Default,,0000,0000,0000,,Just think of Sebastian
Dialogue: 0,0:14:29.26,0:14:32.11,Default,,0000,0000,0000,,and how he bought the cat to influence his.
Dialogue: 0,0:14:32.11,0:14:36.62,Default,,0000,0000,0000,,Now privacy issues aside, the other really interesting issue
Dialogue: 0,0:14:36.62,0:14:39.38,Default,,0000,0000,0000,,I'm looking at is how do we empower digital ghosts,
Dialogue: 0,0:14:39.38,0:14:42.77,Default,,0000,0000,0000,,people [who] for whatever reason, are not active online,
Dialogue: 0,0:14:42.77,0:14:45.54,Default,,0000,0000,0000,,but are some of the most trustworthy people in the world?
Dialogue: 0,0:14:45.54,0:14:48.95,Default,,0000,0000,0000,,How do we take their contributions to their jobs,
Dialogue: 0,0:14:48.95,0:14:50.96,Default,,0000,0000,0000,,their communities and their families,
Dialogue: 0,0:14:50.96,0:14:54.87,Default,,0000,0000,0000,,and convert that value into reputation capital?
Dialogue: 0,0:14:54.87,0:14:58.65,Default,,0000,0000,0000,,Ultimately, when we get it right, reputation capital
Dialogue: 0,0:14:58.65,0:15:01.49,Default,,0000,0000,0000,,could create a massive positive disruption
Dialogue: 0,0:15:01.49,0:15:05.23,Default,,0000,0000,0000,,in who has power, trust and influence.
Dialogue: 0,0:15:05.23,0:15:08.87,Default,,0000,0000,0000,,A three-digit score, your traditional credit history,
Dialogue: 0,0:15:08.87,0:15:11.57,Default,,0000,0000,0000,,that only 30 percent of us actually know what it is,
Dialogue: 0,0:15:11.57,0:15:14.51,Default,,0000,0000,0000,,will no longer be the determining factor
Dialogue: 0,0:15:14.51,0:15:17.88,Default,,0000,0000,0000,,in how much things cost, what we can access,
Dialogue: 0,0:15:17.88,0:15:20.80,Default,,0000,0000,0000,,and, in many instances, limit what we can do in the world.
Dialogue: 0,0:15:20.80,0:15:25.21,Default,,0000,0000,0000,,Indeed, reputation is a currency that I believe will become
Dialogue: 0,0:15:25.21,0:15:30.46,Default,,0000,0000,0000,,more powerful than our credit history in the 21st century.
Dialogue: 0,0:15:30.46,0:15:33.15,Default,,0000,0000,0000,,Reputation will be the currency that says
Dialogue: 0,0:15:33.15,0:15:35.34,Default,,0000,0000,0000,,that you can trust me.
Dialogue: 0,0:15:35.34,0:15:38.64,Default,,0000,0000,0000,,Now the interesting thing is, reputation
Dialogue: 0,0:15:38.64,0:15:40.65,Default,,0000,0000,0000,,is the socioeconomic lubricant
Dialogue: 0,0:15:40.65,0:15:45.45,Default,,0000,0000,0000,,that makes collaborative consumption work and scale,
Dialogue: 0,0:15:45.45,0:15:47.26,Default,,0000,0000,0000,,but the sources it will be generated from,
Dialogue: 0,0:15:47.26,0:15:51.75,Default,,0000,0000,0000,,and its applications, are far bigger than this space alone.
Dialogue: 0,0:15:51.75,0:15:54.68,Default,,0000,0000,0000,,Let me give you one example from the world of recruiting,
Dialogue: 0,0:15:54.68,0:15:58.74,Default,,0000,0000,0000,,where reputation data will make the résumé seem
Dialogue: 0,0:15:58.74,0:16:02.82,Default,,0000,0000,0000,,like an archaic relic of the past.
Dialogue: 0,0:16:02.82,0:16:06.84,Default,,0000,0000,0000,,Four years ago, tech bloggers and entrepreneurs
Dialogue: 0,0:16:06.84,0:16:11.94,Default,,0000,0000,0000,,Joel Spolsky and Jeff Atwood, decided to start something
Dialogue: 0,0:16:11.94,0:16:14.48,Default,,0000,0000,0000,,called Stack Overflow.
Dialogue: 0,0:16:14.48,0:16:17.91,Default,,0000,0000,0000,,Now, Stack Overflow is basically a platform where
Dialogue: 0,0:16:17.91,0:16:20.42,Default,,0000,0000,0000,,experienced programmers can ask
Dialogue: 0,0:16:20.42,0:16:24.94,Default,,0000,0000,0000,,other good programmers highly detailed technical questions
Dialogue: 0,0:16:24.94,0:16:28.93,Default,,0000,0000,0000,,on things like tiny pixels and chrome extensions.
Dialogue: 0,0:16:28.93,0:16:32.82,Default,,0000,0000,0000,,This site receives five and a half thousand questions a day,
Dialogue: 0,0:16:32.82,0:16:36.42,Default,,0000,0000,0000,,and 80 percent of these receive accurate answers.
Dialogue: 0,0:16:36.42,0:16:39.47,Default,,0000,0000,0000,,Now users earn reputation in a whole range of ways,
Dialogue: 0,0:16:39.47,0:16:42.11,Default,,0000,0000,0000,,but it's basically by convincing their peers
Dialogue: 0,0:16:42.11,0:16:44.48,Default,,0000,0000,0000,,they know what they're talking about.
Dialogue: 0,0:16:44.48,0:16:47.26,Default,,0000,0000,0000,,Now a few months after this site launched, the founders
Dialogue: 0,0:16:47.26,0:16:49.68,Default,,0000,0000,0000,,heard about something interesting,
Dialogue: 0,0:16:49.68,0:16:51.36,Default,,0000,0000,0000,,and it actually didn't surprise them.
Dialogue: 0,0:16:51.36,0:16:54.95,Default,,0000,0000,0000,,What they heard was that users were putting
Dialogue: 0,0:16:54.95,0:16:58.40,Default,,0000,0000,0000,,their reputation scores on the top of their résumés,
Dialogue: 0,0:16:58.40,0:17:01.20,Default,,0000,0000,0000,,and that recruiters were searching the platform
Dialogue: 0,0:17:01.20,0:17:03.45,Default,,0000,0000,0000,,to find people with unique talents.
Dialogue: 0,0:17:03.45,0:17:06.36,Default,,0000,0000,0000,,Now thousands of programmers today are finding
Dialogue: 0,0:17:06.36,0:17:09.74,Default,,0000,0000,0000,,better jobs this way, because Stack Overflow
Dialogue: 0,0:17:09.74,0:17:12.96,Default,,0000,0000,0000,,and the reputation dashboards provide a priceless window
Dialogue: 0,0:17:12.96,0:17:15.66,Default,,0000,0000,0000,,into how someone really behaves,
Dialogue: 0,0:17:15.66,0:17:17.98,Default,,0000,0000,0000,,and what their peers think of them.
Dialogue: 0,0:17:17.98,0:17:20.48,Default,,0000,0000,0000,,But the bigger principle of what's happening behind Stack Overflow,
Dialogue: 0,0:17:20.48,0:17:23.03,Default,,0000,0000,0000,,I think, is incredibly exciting.
Dialogue: 0,0:17:23.03,0:17:26.32,Default,,0000,0000,0000,,People are starting to realize that the reputation
Dialogue: 0,0:17:26.32,0:17:29.50,Default,,0000,0000,0000,,they generate in one place has value
Dialogue: 0,0:17:29.50,0:17:32.40,Default,,0000,0000,0000,,beyond the environments from which it was built.
Dialogue: 0,0:17:32.40,0:17:34.43,Default,,0000,0000,0000,,You know, it's very interesting.
Dialogue: 0,0:17:34.43,0:17:37.48,Default,,0000,0000,0000,,When you talk to super-users, whether that's SuperRabbits
Dialogue: 0,0:17:37.48,0:17:41.95,Default,,0000,0000,0000,,or super-people on Stack Overflow, or Uberhosts,
Dialogue: 0,0:17:41.95,0:17:45.00,Default,,0000,0000,0000,,they all talk about how having a high reputation
Dialogue: 0,0:17:45.00,0:17:48.32,Default,,0000,0000,0000,,unlocks a sense of their own power.
Dialogue: 0,0:17:48.32,0:17:51.24,Default,,0000,0000,0000,,On Stack Overflow, it creates a level playing field,
Dialogue: 0,0:17:51.24,0:17:54.17,Default,,0000,0000,0000,,enabling the people with the real talent to rise to the top.
Dialogue: 0,0:17:54.17,0:17:57.32,Default,,0000,0000,0000,,On Airbnb, the people often become more important
Dialogue: 0,0:17:57.32,0:17:59.91,Default,,0000,0000,0000,,than the spaces. On TaskRabbit,
Dialogue: 0,0:17:59.91,0:18:03.11,Default,,0000,0000,0000,,it gives people control of their economic activity.
Dialogue: 0,0:18:03.11,0:18:06.44,Default,,0000,0000,0000,,Now at the end of my tea with Sebastian, he told me how,
Dialogue: 0,0:18:06.44,0:18:10.08,Default,,0000,0000,0000,,on a bad, rainy day, when he hasn't had a customer
Dialogue: 0,0:18:10.08,0:18:13.31,Default,,0000,0000,0000,,in his bookstore, he thinks of all the people around
Dialogue: 0,0:18:13.31,0:18:16.14,Default,,0000,0000,0000,,the world who've said something wonderful about him,
Dialogue: 0,0:18:16.14,0:18:18.82,Default,,0000,0000,0000,,and what that says about him as a person.
Dialogue: 0,0:18:18.82,0:18:22.26,Default,,0000,0000,0000,,He's turning 50 this year, and he's convinced
Dialogue: 0,0:18:22.26,0:18:25.87,Default,,0000,0000,0000,,that the rich tapestry of reputation he's built on Airbnb
Dialogue: 0,0:18:25.87,0:18:28.62,Default,,0000,0000,0000,,will lead him to doing something interesting
Dialogue: 0,0:18:28.62,0:18:31.18,Default,,0000,0000,0000,,with the rest of his life.
Dialogue: 0,0:18:31.18,0:18:35.16,Default,,0000,0000,0000,,You know, there are only a few windows in history
Dialogue: 0,0:18:35.16,0:18:38.38,Default,,0000,0000,0000,,where the opportunity exists to reinvent
Dialogue: 0,0:18:38.38,0:18:41.72,Default,,0000,0000,0000,,part of how our socioeconomic system works.
Dialogue: 0,0:18:41.72,0:18:44.18,Default,,0000,0000,0000,,We're living through one of those moments.
Dialogue: 0,0:18:44.18,0:18:47.82,Default,,0000,0000,0000,,I believe that we are at the start of a collaborative revolution
Dialogue: 0,0:18:47.82,0:18:51.60,Default,,0000,0000,0000,,that will be as significant as the Industrial Revolution.
Dialogue: 0,0:18:51.60,0:18:55.20,Default,,0000,0000,0000,,In the 20th century, the invention of traditional credit
Dialogue: 0,0:18:55.20,0:18:58.45,Default,,0000,0000,0000,,transformed our consumer system, and in many ways
Dialogue: 0,0:18:58.45,0:19:01.23,Default,,0000,0000,0000,,controlled who had access to what.
Dialogue: 0,0:19:01.23,0:19:04.25,Default,,0000,0000,0000,,In the 21st century, new trust networks,
Dialogue: 0,0:19:04.25,0:19:07.62,Default,,0000,0000,0000,,and the reputation capital they generate, will reinvent
Dialogue: 0,0:19:07.62,0:19:11.89,Default,,0000,0000,0000,,the way we think about wealth, markets, power
Dialogue: 0,0:19:11.89,0:19:16.47,Default,,0000,0000,0000,,and personal identity, in ways we can't yet even imagine.
Dialogue: 0,0:19:16.47,0:19:19.44,Default,,0000,0000,0000,,Thank you very much. (Applause)
Dialogue: 0,0:19:19.44,0:19:24.93,Default,,0000,0000,0000,,(Applause)