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Introduction By Cornell President…

Jay Walker is an inspired choice for this lecture. Far more than any influential corporate executive one can think of, he is the thought leader in the fullest sense. Hailed as a new-age Edison by 'Forbes' …

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Professional Background and Provides…

I'm Jay Walker, I'm best known as the Founder of Priceline.com. I'm not involved with Priceline, having been for about 5 or 6 years since I hired the management and took it public and built the business, I am…

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Importance Of Properly Defining The…

Problem definition is not glamorous. It is really un-fun. It takes days and days and weeks and weeks of good work and good thinking to actually define a problem. But show me a person who has well defined the…

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Importance of Understanding People to…

You know, Jay Walker is not a brilliant inventor because he's technically brilliant. Jay Walker is a brilliant inventor because he understands people. You know Jay Walker started a magazine business years…

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Market Differentiation Nationally…

The question was are we differentiating, when we are trying to understand, trying to invent for the average person, and understand what there needs are, I guess the question was, do you break up the country…

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Keys In Problem Solving

What is the key in problem solving? In half the time, it is humility and the other half of the time, it is imagination. You need both humility to know you don't know and imagination to listen to customers who…

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Next Revolution of the Internet is a…

If you evaluate the previous revolutions, you can talk about these revolutions in the context of the relationship of one person to one person, broadcast is one to many. I'm broadcasting at this moment. …

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Changes of Future Will Be Creating…

So there you have it, my overview. Now about why the hype the at Price Line is big because I don't think the hype at Price Line is very big. I think Price Line is a forerunner of an information structure…

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Venture Capitalists Are In Business Of…

Venture capitalists are in the business, okay, of finding hits that are massively undervalued, okay and investing in them, okay. That's a difficult business but at the end of the day they have relatively…

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The Idea Isn't As Important As The…

There's nothing wrong with being an artist but that's what an artist does. They come up with ideas and then they express those ideas directly in some form of media. What a business person is saying is whether…

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Business of Phone Ring Tones Is One…

Ring tones is an 8 billion dollar business a year. The profit margin of the carriers, the phone carriers who sell ring tones is 96%. It cost them about 4 cents on the dollar, okay, to actually deploy the ring…

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Cross Subsidy Model and Customer…

So most definitely the indirect model will evolve and evolve dramatically. It will evolve into something called the cross subsidy models, what we believe at Walker Digital and what the cross subsidy model…

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How To Create A Job

And I would like to start off with an urgent problem, that is in the news every day, which is, clearly, we've got 15 million Americans unemployed. How do we create a job? There is an interesting problem. …

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Business Plans and Funding

Because they don't have time to read the plan and the fact is that they asked for it they are kind of obligated to do it and they get so behind that they'll probably tell you "I just didn't have time to read…

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Importance of Thinking Rather Than…

People look at e-commerce and people look at the commercial world, and say, "Wow, look at all the things you can do online today," but they're very rudimentary. They're really just the very, very …

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Evolution of The Network of the…

The whole fabric of our society will be upended when you can wear the network, speak to the network, and it can talk back. And so if you think things are disorienting now, and that's typically if you're over…

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Restructuring of the Information Layer…

Let me give you an example that's somewhat frightening. We all know that fourteen-year-old girls love to move in packs. I have one, so I can tell you. They are always connected, usually through a phone. …

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Potential Changes Stemming From…

What happens when everybody can wear the 'net? What happens when everybody wears a camera? What happens when every massacre, when every Tiannemen Square, when every aspect of repression can not be hidden…

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Priceline's Competition

Why don't sellers just do their own? The answer is two-fold. First of all, a seller is a singular entity. So in as much as Price Line shields brand, we are a multiple seller representative, so we are…

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Information - not Technology - Is Key…

So that, I would argue, is the great change of the Information Age. And though I spend a fair amount of my time in a laboratory thinking about these issues, there is nothing magical about these issues. …

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Emotional Needs May Not Go Away - They…

So this is a fashion question. Will the hemlines that are down now go up in 10 years, right. Well that all depends. If we're talking about the business or we're talking about the emotional need, okay. I…

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Thoughts on Second Life

Well let's talk about Second Life. Most of you are familiar with Second Life. Second Life is an alternate fantasy world where you sort of create your own experiences by behaving in sort of a massive…

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Having The Next Billion Dollar Idea…

Typically as entrepreneurs we don't think about the next billion dollar idea. Why? Well because risk is proportional with reward. It always has been, which means if you're thinking about the next billion…

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Entrepreneurs Understand Problems

So what do you? As an entrepreneur, you begin to focus in on understanding problems. How do you learn and understand problems? Well, the first thing you do is you rapidly sort of prototype, but you rapidly…

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