Quick notes on the dynamic marketplace which surrounds us.
First, Professor Richard McKenzie was over for dinner yesterday, along with the lovely Mrs. McKenzie. Out comes Ricahrd’s iPod, and on it are his couple of dozen podcasts on various subjects from rent control to the effects of minimum wage law on the labor supply. Richard makes these available to his graduate students, and the efficiency of his lectures has dramnatically increased as a result, as no longer does the slowest student set the pace for a class. Individuals can consult the podcasts –complete with charts– and repeat them as often as they need to in order to master the material.
Second, our carpets are being cleaned today by Zerorez, a pretty new company employing a pretty new technology. The owner of the franchise that is working at my home is a Stanford MBA, who was on site with his crew. He started with two trucks and is up to 10, and his franchise is growing as is the parent company. (Send me an e-mail if you want a franchise, and I’ll pass it on to the Stanford MBA.)
Third, the founder of Interstate Connections is 32. At the age of 28 he figured out that long haul truckers were not having their wireless needs met, so he went about obtaining rights to kiosks in truck stopes. Last year his company grossed $30 million.
The pace of innovation in this country is staggering, and it is also accelerating.