In a LinkedIn live interview, entrepreneur and investor Mark Cuban highlighted two areas that young investors should consider targeting for future growth.
Cuban on Crypto: One area Cuban thinks young entrepreneurs and investors should get involved in is cryptocurrency.
“The hard part about crypto is separating the signal from the noise. The speculation on NFTs is fun and interesting, talking about Bored Apes is fun, but it is just collectibles,” Cuban said.
Cuban said he would avoid thinking of new NFT marketplaces, but instead would think of ways to improve business processes with blockchain technology.
“I would be thinking of ways to take existing business processes and apply smart contracts and potentially DAOs to be able to compete with the incumbents,” he suggested.
Cuban compared the potential of cryptocurrency impacting businesses to the same way that fintech impacted traditional banking.
Related Link: 5 Things You Might Not Know about Mark Cuban
Cuban on Artificial Intelligence: Another area that was highlighted by Cuban was investments in artificial intelligence.
“Where we’re at right now, there’s two kinds of companies in the world: companies that are great at AI and everybody else,” Cuban said.
Cuban told young entrepreneurs that they don’t need to start a business or compete with small businesses, but instead need to be good at artificial intelligence.
"If you look at the top ten market cap companies in the stock market in the U.S., nine of them are good at AI and the tenth is Berkshire Hathaway (NYSE:BRKa), and they’ve got Warren Buffett, which speaks for itself," he said.
Cuban explained that he taught himself about artificial intelligence by going on YouTube, the video platform owned by Alphabet (NASDAQ:GOOGL) Inc (NASDAQ: GOOG)(NASDAQ: GOOGL). Cuban encouraged people to put in time to learn artificial intelligence.
“It’s not like I took AI in college, I had to teach myself anything I knew about AI.”
Advice to Investors: Another piece of advice given by Cuban to young entrepreneurs is not to be afraid to reach out to potential investors. The advice from Cuban was to make sure to catch the attention of the investors quickly.
“Believe it or not, I’ve invested tens, if not hundreds, or millions of dollars in people who have cold emailed me, many of whom I still haven’t met, which is kind of mind-boggling to some, but I have my approach, and it’s worked out well,” Cuban said.
Cuban said he reads the first paragraph of cold emails and if they don’t catch his attention, he hits delete in “30 seconds or less.”
Photo: Courtesy of Gage Skidmore on Flickr
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