Artificial intelligence is the key to becoming a trillionaire, according to Mark Cuban.
The billionaire Dallas Mavericks owner and entrepreneur spoke Sunday to a packed house at the South by Southwest Conference and Festivals in Austin, boldly predicting what profession will generate the world’s first trillionaire.
The challenge is going to be finding ways to prevent jobs from being phased out and eliminated by machines.
“I am telling you, the world’s first trillionaires are going to come from somebody who masters AI and all its derivatives and applies it in ways we never thought of,” Cuban said, according to CNBC.
Critical thinking, philosophy, and other assets will be more highly valued than technical skills because all of that will be automated.
The challenge is going to be finding ways to prevent jobs from being phased out and eliminated by machines. That includes CPAs, accountants and other professions.
Philosophy will become more important, Cuban predicts.
For now, Microsoft founder Bill Gates remains the richest man in the world with $85 billion. Exponential growth in computing power and big data will lead to greater use of AI in the insurance industry, for example.
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SXSW | GOVERNMENT AND TECH INNOVATION PANEL
Mark Cuban joined Adam Lyons, CEO and founder of The Zebra, to discuss government and tech innovation at the South by Southwest Interactive Festival (SXSW) in Austin, Texas on March 12. The panel was moderated by Michele Skelding, entrepreneurial advisor at the University of Texas.
Here’s a roundup of highlights from the panel:
Mark Cuban thinks the world’s first trillionaire will work in artificial intelligence
(Business Insider)
Cuban concluded his talk at SXSW by encouraging the audience members to think about how the labor market could accommodate all the lost jobs that such AI research could produce, reports Business Insider.
Mark Cuban on pitching, predictions, and the President: ‘Disrupters are everything’
(Macworld)
The focus of Mark Cuban’s Q&A at South by Southwest was supposed to be about government disruption, but Cuban had a few other topics in mind, reports MacWorld. Here are five standout anecdotes, stories, and lessons he decided to share.
Why Mark Cuban Changed His Mind About Snapchat
(Inc.)
“I’m a believer that if you can go public, you do go public,” Cuban said. “Why? Because it gives liquidity to your employees, to your investors but it also gives you a stock that’s liquid to make acquisitions, to invest, to raise more money.”
Mark Cuban on Trump and Tech (Texas Monthly)
When it comes to dealing with government roadblocks, Cuban encouraged inspiring entrepreneurs not to concern themselves too much with regulation at first. He said sometimes you have to be “ready, fire, aim,” asking for forgiveness instead of asking for permission, reports Texas Monthly.
GALLERY
Click the photo for a gallery of the panel event at Austin 360.
[ Illustration: Mark Cuban photo; bluehousestudio via istockphoto ]
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R E A D N E X T
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The Mark Cuban Cost Plus Drug Company is building an $11M, 22,000SF drug manufacturing plant in Dallas' Deep Ellum, aiming to "disrupt and disable big pharma." The startup plans to launch an online pharmacy selling 100 of the most commonly prescribed generic prescription drugs at a 15 percent markup plus a $3 dispensing fee. "Our only goal is to push down the pricing of drugs for every American," the company pledges.
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The Mark Cuban Cost Plus Drug Company aims to "disrupt and disable big pharma" by offering more than 100 generic drugs "at striking savings" direct to consumers on a cash-pay basis. As a pharmaceutical wholesaler, MCCPDC says it can "bypass middlemen and outrageous markups" by simply charging a flat 15% margin and pharmacist fee. With an $11M plant going up now in Deep Ellum, Cuban clearly means business.
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The $11 million, 22,000-square-foot facility is expected to produce low-cost generic versions of traditionally overpriced drugs—and aims to be a designated site for producing drugs which other companies see as unprofitable to make. Two weeks ago, the MCCPDC launched its online pharmacy, offering 100+ generic drugs at manufacturer cost plus a flat 15% margin and a $3 pharmacist fee.
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Illuno is a staffing and scheduling platform that co-founder Luke Guthrie calls an “officer on-demand system.” It helps departments and officers coordinate moonlighting work with transparency, including rental payments for police cars used for after-hours security work. With backing from the Mark Cuban Companies, Illuno is now looking to expand nationwide.
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The transaction is expected to create a best-in-class convenience business. Core-Mark will be part of PFG's national wholesale distribution segment, Vistar, but will remain headquartered in North Texas.
