The Motley Fool Interview – Part 2

Mobile Mercantile Network

We’re moving into a world where the mobile merchantile network will encompass five to six billion people. When products dematerialize into software, the cost of transmitting these goods goes to zero. When your software is on a global network, if you win the first billion people then you will win the next five billion. And these first billion all have something in common, they all spend in convertible currency, generally dollars, and they all embrace American technology. They’re going to spend in dollars. They’re going to embrace American language, American culture, American technology, American values, American ways of doing business. If you can’t win that market, you’re probably not going to stay in the business.

The End of Identity Theft

There’s 100 million organizations in the world that have obsolete credentials. Everybody from the Social Security Department to the 15 million small retailers in India and the five million small retailers in the U.S. Everybody’s got an ID card. None of it works.

A Social Security Card has your name and a bunch of numbers on it. Anyone can use it. A healthcare card is easy to counterfeit. There’s $220 billion in credit card theft every year and there’s a trillion dollars worth of fraud and vice in the healthcare industry, insurance industry, and other businesses. But once you dematerialize your ID, whether it be a credit card, student ID, passport, healthcare card, or driver’s license, into software running on a smartphone, you can’t lose it, you can’t tamper with it, no one can steal it or counterfeit it. Mobile technology will obliterate identity theft.