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The a16z Show

a16z Podcast: Innovating in Bets

The a16z Show

a16z

Culture, Business, Science, Disruption, Technology, Software Eating The World, Entrepreneurship, Innovation

4.21.2K Ratings

🗓️ 8 May 2019

⏱️ 46 minutes

🧾️ Download transcript

Summary

with @annieduke, @pmarca, and @smc90 Every organization, whether small or big, early or late stage -- and every individual, whether for themselves or others -- makes countless decisions every day, under conditions of uncertainty. The question is, ar...

Transcript

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0:00.6

Hi everyone. Welcome to the A6 and C podcast. I'm Sonal. And today Mark and I are doing another one of our book author episodes. We're interviewing Annie Duke, who's a professional poker player and World Series champ and is the author of Thinking in Betts, which is just out in paperback today. The subtitle of the book is making smarter decisions when you don't have all the facts, which

0:21.6

actually applies to startups and companies of all sizes and ages, quite frankly. I mean, basically

0:25.9

any business or new product line operating under conditions of great uncertainty, which I'd

0:30.8

argue is my definition of a startup and innovation. So that will be the frame for this episode.

0:35.3

And he's also working on her next book right now and founded How I Decide.org, which brings together

0:40.4

various stakeholders to create a national education movement around decision education, empowering

0:45.1

students to also be better decision makers.

0:47.7

So anyway, Mark and I interview her about all sorts of things in and beyond her book,

0:51.8

going from investing to business to life.

0:53.6

But Annie begins with a thought experiment, even though neither of us really know that much

0:57.5

about football.

0:58.6

So what I'd love to do is kind of throw a thought experiment at you guys so that we can

1:02.1

have a discussion about this.

1:04.3

So I know you guys don't know a lot about football, but this one's pretty easy.

1:07.7

You're going to be able to feel this one, which is do this thought experiment.

1:11.1

P. Carroll calls for Marshawn Lynch to actually run the ball.

1:16.2

So we're betting on someone who we know is really good.

1:18.4

Well, they're all really good, but we're betting on the play that everybody's expected.

1:21.4

Okay.

1:21.8

Yeah, the default.

1:22.8

This is the default.

1:23.5

This is the assumed rational thing to do.

...

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