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Bestselling author Fabrice Testa is an exponential thinker, innovator, serial tech entrepreneur, business angel investor, trusted advisor, public speaker, author, and highly sought-after mentor. He has successfully founded, co-founded, or participated in the launch of multiple companies that created hundreds of jobs and generated multi millions in revenue.
He is the creator of the Superpreneur Blueprint framework and has developed a set of cutting-edge strategies and tactics that enable super-entrepreneurs to materialize crazy ideas, build breakthrough ventures, and solve the world’s biggest problems. After helping more than 100 companies excel in their fields, Testa is making this proven methodology publicly available in Super-Entrepreneurship Decoded to help super-entrepreneurs everywhere transform our lives—and the planet.
This was such dynamic and informative chat. I highly recommend the book (which I read multiple times because it was that good) so make sure to follow the links to grab a copy yourself.
Super-Entrepreneurship Decoded: https://amzn.to/3pYlL6M
Connect with Fabrice at https://fabricetesta.com
Follow Fabrice on Social Media here:
Transcript powered by Happy Scribe
Welcome to the show. My name is Eric Wright. I’m the host for your DiscoPosse podcast. I hope that you liked this one as much as I did when I recorded it with Fabrice Testa. Fabrice is an author, an entrepreneur or an investor, and somebody who genuinely is using technology and business to bring good to the world. It was such a fantastic opportunity to really delve into his book Super Entrepreneurship Decoded. I loved it so much that I actually read it multiple times in preparation for the interview, and it was just that good.
So you definitely got to get a copy. Hit the links that are on the website episode page. You can also hit us up on the YouTube definitely reach out. I’m going to be running a contest on my YouTube channel. If you want to get a copy of this book, drop me a comment on the YouTube channel. It’s YouTube.com/c/DiscoPossePodcast and I’m going to be giving away a bunch of copies of this fantastic book. So just check the YouTube page for the details on that one. All right.
And before, speaking of, how do we make stuff like that happen? It goes without saying that the fine folks that make this podcast happen include people like VM Software who have been longtime supporters and who I support because they have a fantastic set of products. As far as data protection goes, they got you covered. Everything you need for your data protection needs, whether it’s in the cloud, whether it’s in containerized platforms, whether it’s SAS, whether it’s on premises, virtualized, even physical servers, all that stuff needs to be backed up and needs to be saved from things like ransomware and all sorts of naughty things that are going on in the world.
So, it could just be Pete in accounting that accidentally deletes a file. It could be somebody who erases a team’s message that shouldn’t have gone away. So get that stuff protected. All right, just go to vee.am/DiscoPosse and it’s just that easy, vee.am/DiscoPosse. And speaking of protection, make sure you protect your data when it’s in transit as well. Easy way to do that is you can use great products like ExpressVPN. The reason why I use VPN is because I like to make sure that I can do my best to protect my identity, protect my data.
And also it’s just fantastic for web testing. If I need to test like, remote location to make sure that it works as expected from different regions. So it’s really, really great. I use ExpressVPN for that very purpose. If you want to check it out yourself, go to tryexpressvpn.com/DiscoPosse and you can get it for yourself. All right. This is Fabrice Testa. I hope you like the show. He is amazing. Get his book.
Hey. Hello. It’s Fabrice Testa and you are listening to DiscoPosse podcast.
This is perfect. What a great way to start the year. This is fantastic. So Fabrice, thank you very much. I’ve been engulfed in the school of Fabrice now for a while. I was really pleased when I had the opportunity to put you on as a potential guest. And I really enjoyed. First, I read your most recent book, which is the Super Entrepreneurship Decoded. Fantastic book. Went a lot through the rest of your history, of course. And leading up to that book, you have so much to bring and you’ve brought so much to the world already.
But for folks that are brand new and who don’t already know you. Fabrice, if you don’t mind, let’s just get a quick bio. We’ll talk about the book and a really good exploration of this concept of the superpreneur.
Yes. Thanks Eric, for welcoming me on this show. Yes. So I’m Fabrice Testa, and actually I’m Belgian. I have also some origins from Italy. So I live in Belgium, but I work mostly. My business is mostly in Luxembourg, so in Europe and I have, of course, travel all over the world during my career. And basically I’m an entrepreneur. So I co-funded different companies in the space sector in the digitalization. One of them achieved 100 million Euro turnover, 200 people. Then this company was sold and after that I funded also a company in the satellite service company, Luxembourg.
And after three years that company was also sold. And after the sale of this company, I had no new entrepreneurial projects. So I started some new life as an investor, a business center. So I did different investments again in different technologies, space, artificial intelligence, ICT, et cetera. And then, I started also to be a coach and mentor to help other entrepreneurs because I wanted to give back somehow and to help other entrepreneurs by sharing my experience. And let’s say those successful strategies and tactics that was working for me.
I also created by that time a blueprint that I call the Superpreneur Blueprint to help entrepreneurs to become what I call superpreneur. And maybe we will discuss more about this and to solve some big problems by materializing crazy ideas. And actually I met a young Dutch entrepreneur in 2017 and he came with a crazy idea. So for me it was the opportunity to also be again involved in a kind of superpreneur venture. So we co-founded with other people in 2019, the company called Maana Electric that is also mentioned in my book.
And now this company is working well. So today I spent my time between this company as a co-founder and shareholder. I also spent time mentoring, coaching, speaking at several events to explain this super entrepreneurship movement that I launched. And I wrote a book, this book, Super-Entrepreneurship Decoded, because I think that one thing was missing in the Superpreneur Blueprint. It was a method, because the Superpreneur Blueprint gives the core pillars, the guiding principles and the key characteristic of this kind of venture, but it was not telling how to do it.
And so I try to analyze what super entrepreneurs and super achievers, how they do it. What is their secret to succeed? Why others fail? And in the book, I unveil five secrets that I think can help entrepreneurs to maximize their chances of success. Of course, it’s not a guarantee of success, but I think it’s a way to maximize the chances of success. They put all these five secrets around a method that I call the crazy method. So that’s a bit of my story and the origin of the book.
I really appreciated the beautiful use of acronyms. So, we’ll talk about crazy as a method. People think, is he meaning literally crazy? But it’s a perfect pairing because it allows us to assign a memorable name to it. And it’s not far off of, you know, these real sort of crazy and moonshot type of ideas. If we take it in this literal sense of the word and then a pathway to execution that’s been tested and proven that you’re bringing this methodology, you’re bringing a framework to the world that you’ve lived and experienced, which is, I think, one of the best things that people need to appreciate about the book.
This is not a Harvard Airplane NBA guide that you read between New York and Boston flights. This is a lived experience that’s brought down and distilled into effective, meaningful steps that you can implement with great analogous references that are meaningful and helpful. And, of course, likes to bring your personal experience. I trust it. I think Nassim Taleb says the greatest way to be a philosopher King is to be a King first and then a philosopher second. Too many times these days, when you go through the business section or these sort of self help sections, it’s a lot of people who are straight from school and their PhD year was writing from research.
And while it’s a beautiful thing, ten years later, when they go back and revisit their early work, they’re like, ‘Oh, wow. I was naïve a lot of times in what was written’. Your book, first of all, tells a beautiful story. And like I mentioned before, we talked, it is you telling the story. It really comes through as a person telling me how to achieve this from their own experience. And I said, it’s a refreshing change because I’ve read a lot of books of this style that aim to do this, and they often come back as the same three things that I already sort of knew, and it’s a little bit reinforcing, but it was very well done.
So I honestly can’t talk enough. We’ll have links, of course, in all the show notes for people, they should absolutely pick up the book.
Thanks, Eric. I really appreciate it. It’s always nice to hear nice words like this, but I think I wrote the book as I would like to read a book, because I also read a lot of non fiction books, maybe between 50 and 60 books, you know, per year. I like book support, entrepreneurship, business, etc. Some are very good, and some, I think are less good because it’s true that there are a lot of, maybe they tend to have some frameworks, et cetera. But you don’t see really how to apply it.
And what I wanted with the book is to give a very simple framework because I think the framework is very simple in essence. Now the difficulty is to apply it in real life, and it’s why I provide in the book worksheets so that people can apply, let’s say the principles of the book, try to answer a lot of questions and try to put in practice the principles of the book. And it’s also why I’m just launching by end of this month, a companion course to the book, which will be called The Crazy Method Launch online course.
And it’s an online coaching program on twelve weeks. Every week there will be a module and we are mostly following, let’s say, the method which is in the book, but I’m going really to dive deep into each of them, which of course, I could not do with the book, because in the book you are obliged a bit to scratch the surface, unfortunately. Because the book will be indigenous and will be much too big. But with the course, I think the people will have really the opportunity to go really, to dive deep into the principles of the book, to put in actions the method that I propose in the book, and hopefully like this, they can really materialize their breakthrough potential.
They can really have a solid plan if, for example, they want to launch this kind of breakthrough venture that I’m suggesting in the book.
The thing that we need to look at, too, and that’s why I appreciated the references throughout and very specific stories that are called on from other parts of the industry as well, is the proof in execution elsewhere. Right. It gives us a chance to have a reason. Why is the book built to last? One of the most popular ones is because it’s five familiar brands that we know, and that familiarity breeds the belief that I can achieve it. There’s something to be said about this, but when you get into the moonshot areas and these very big ideas, it’s a little more difficult to find meaningful, real existing references.
Looking back now, it’s funny that in two years, three years, you’ll look through those stories in the book and they’ll be like it’ll seem obvious, but at the time when you’re writing this, of course, these are still moonshots. We look at Elon Musk, not just in a single moonshot, but in multiple ventures that he’s achieved. You, of course, coming from supporting and investing in space technologies and being in that ecosystem, there’s a lot of these sort of hidden, there’s a hidden world that’s existing that most people are not going to be aware of until it’s already on their phone or wherever it is.
They just take for granted all of this other work that’s happening to support the thing that makes the news or that makes the big story. So I just realized, too, by actually coincidence, I was wearing a SpaceX shirt. My wife and I are both space fanatics. And last time I got a chance, we actually went to watch the Delta Four Orion launch in Florida. It was fantastic. There’s nothing like an in-person launch. And being aware of how seemingly unrealistic that idea is to most people and why the super entrepreneur has to and is somehow able to put that aside and say, this needs to get done.
And despite advice and despite doubt, we’re going to do things to get back to like this, it can be done. So maybe let’s start there describe to me Fabrice, what is the super entrepreneur or the superpreneur?
Yes, I think it’s a good question indeed, to start somehow the conversation. What I call super entrepreneurs are people that they want to solve some big problems. Because I explained in the book that in 2007 we enter in what I call ‘The Edge of Exponential Acceleration’. So everything is really going very fast. Mostly technology is going exponentially, which is a good thing, because today we have many technologies that have achieved a good level of maturity, and they are used by this kind of innovators and inventors to build some amazing solutions.
But at the same time, problems are also accelerating at an exponential pace of change. If you look at climate change and unfortunately, you know, these disasters in Colorado, for example, I strongly believe that this is a consequence of climate change. And we see that we have now more wildfires, more flooding et cetera. In Belgium, for example, we have terrible flooding in the summer. So I think that we must do something. And unfortunately, most of the conventional solutions have proven their limits. So it’s time for radical solutions, what we call crazy ideas, crazy solutions, solutions that initially seem impossible.
But what I try to always explain is that today at the edge of exponential acceleration, nothing is really impossible. And at the edge of the exponential acceleration, impossible becomes possible. And this kind of entrepreneurs, I call them super entrepreneurs because they probably believe that nothing is really impossible. And they are ready to dedicate ten years, 20 years of their lifetime to solve such kind of big problems and to come with some amazing solution that will solve this problem. And, for example, to give a very concrete example to your audience.
There is, for example, this guy in the book that I described, Joseph Pescounty. He is Italian but living in Barcelona, in Spain, and he discovered that he could use some technology used for 3D print human tissues, et cetera. That he could use the same technology to 3D print food and so now he’s using this technology to 3D print food. Imagine that today is, of course, still a very small scale. But imagine that tomorrow he can build machines, he can scale these machines to produce tons of food and 3D print tons of food.
This could be really a big solution for solving hunger around the world, because today, unfortunately, in the world many people, they have only access to one meal per day. So I think at the 21st century, we are always saying we live extra ordinary times, et cetera, which is true. But how can we admit that today in our civilization that some people, they have only access to one meal per day? So I think we need to come with some solutions. And it’s not with the traditional solutions that we will do it.
But with this kind of breakthrough solutions, it will be possible. And so it’s why I call them super entrepreneurs. And just to be clear, I don’t want to oppose one kind of entrepreneur to another kind of entrepreneur. I’m an entrepreneur, and I respect all kind of entrepreneurship. It’s just that these kind of people, I think they are super because they want to really solve big problems, to dedicate a big part of their lifetime to this, to work on moonshot things that others may think are impossible.
When I met this young entrepreneur, Joost van Oorschot, that is also in the book that came with this idea behind Maana Electric. When I met him first, my first reaction was also to say, wow, it’s crazy. He wants to turn sand into solar panels into a machine. This is impossible. So my first reaction and I’m also in this movement. But my first reaction was to say that’s impossible. So our first reaction, because we have a linear mind is to say it’s impossible. And if we go to an exponential mind, then we see the thing is possible, because in the exponential world, you know, if you can go ten times, if you have ten doublings, it’s a grow of 1000.
If it’s 20 doublings, it’s a grow of 1 million, you know. If it’s 30 doublings, is 1 billion growth. So it’s going very fast. And today we see with this progress of technologies that many things are possible. So I think we need to have a mind shift and to really shift our perspective and see. Okay, if I would have a magic wand, how I will solve this problem. And it’s what I recommend to innovators if you would like to solve this problem, what would you do? Don’t think that with possible solution.
Just imagine if you could do it or you will do it. Like, for example, I said this 3D printing machine, like we seen some science fiction movies, you know, that the food is printed or appears directly like this. And this is really something that we think with a magic wand that it could be possible. But today the reality is that it’s probably feasible and it will happen. I’m pretty sure that it will happen in the coming years that it will be at this time.
To take it back to this first principles thinking approach, which I think is obviously the fundamental to the folks that are achieving these sort of grand visions is because they’ve gotten rid of linear thinking. They have to shed the belief that everything is one to 1.1. It truly is this sort of zero to one. Go back to raw materials. And I think Elon Musk was recently on Alex Friedman podcast. He talked about that. The only way you can approach this is simply look at the costs of the raw materials, and the goal in the end, is always to the cost of manufacturing will be asymptotically close to zero above the raw materials.
And it’s just a matter of the work that you do to get closer to that raw material cost. And that’s ultimately what led to battery technologies. And we’re seeing this with solar. But you’ve proven it out right in that very idea that if you just said, well, we have to just make it slightly better than the current lithium manufacturing, right? That can’t be it. You had to go to what seems like a crazy idea, as Joost brings and say, okay, what if we actually could do this and then you realize you always could with the right, first mindset and then second, which is why the book is important, executing the approach in operations as well, because there’s lots of big ideas.
But then having the team, the growth, the understanding to financially survive to execution is where, it’s a long distance from idea to execution. So that’s why where do we learn this? Is it as rare as it seems to be able to have this thinking?
Yes, I think you are right, Eric. When I met again, when I met you the first time, I was thinking, okay, that’s impossible to transform sand into solar panels. All this will be impossible. But then I go just 1 minute after. Yeah, but let’s imagine that it can work. Okay. So I asked some people, do you think that it’s possible? And many people told me, look, it’s not against the laws of physics, in sand, you can find everything to transform it into Silicon and then into solar cells and glass.
So basically it’s possible from just a physique standpoint. And so this was for me, the confirmation. Okay, that’s probably possible. So now let’s dive a bit deeper into that. So I did my due diligence. I analyze more. I try to understand also the business model, et cetera. What was the plan? I was also impressed by your master plan. It’s a notion that I explain also in the book, what were the big goals, etcetera. And to be honest, we are just following the big milestones right now.
And then you are right. I think an idea remains an idea until it is materialized and so what I see so many times is entrepreneurs. They have a lot of ideas, et cetera. But they never take action, or if they take action, they take the bad action. So it’s why I always say first, you need to really know, okay, what do you want to achieve? What do you want to create in this world? What is your true purpose? Okay. And after that, you need to press your crazy ideas that these crazy ideas will really allow you to materialize somehow your big dreams and you have to dream big and bold.
Many people are unfortunately not audacious enough. These kind of super entrepreneurs or super achievers. They have dream. They have big dreams. They believe in their big dreams, and they are bold. They take the necessary actions to materialize their dreams. But you are right that the proper execution is key, because without a proper execution, without what I call a flawless execution, you cannot, unfortunately, materialize because these kind of moonshots are very complicated, to be honest, to be achieved, to be materialized. So it’s why it’s very important to have a flawless execution.
And these kind of super entrepreneurs and super achievers, they are master at execution. They really try to see anything that can help the business. And now the secret one of the secret to succeed this flawless execution is to have a good preparation. The preparation is key, but now you have not also to spend months and months just in preparation and never take action. So I think there is a good balance to have when you think that your plans are good enough, then you have to act and maybe to revise a little bit your plans, et cetera, iterate.
Of course, move forward because I see also a lot of entrepreneurs. They have big ideas. They create big plans, but at the end they have the fear to fail. Or maybe they try to perfection their plans, but at some point they never do it. And they have very nice pitch deck. Or they have very nice business plans, or they have even very nice products. But they never ask the customers about their products or they never try to sell their products. So they have fantastic products. But at some point they never question also the business case for the product.
Again, it’s nice to have big ideas, but you need to go from a big idea, from a dream to a plan and then to some execution. Again, it may seem very simple, and I think the basics of the business is simple. Business is what an entrepreneur is there to solve a problem with a product or service that you want to sell to some people and you make some profits. I think the basic of business are very simple. The realization is something which is more complicated because there are so many parameters and these kind of super entrepreneurs and super achievers, they have a holistic approach about how to manage the company and they try to minimize the flaws in every aspect of their business.
Now you bring up a very important point when without customer validation, this is quite often the death knell for product management and bringing products successfully to market, because if they wait too long before they expose to their buyer and their user and their true technical consumer, they go far down the path to what they believe is the correct thing to build or method to use. And then you have the double problem of number one. They’re now pot committed or too far invested into this. And so they then start to discount the customers ideas like, ‘oh, no, but you don’t understand. We know what we’re doing better. We built it.’
But then the counter problem exists now, Fabrice, where in moonshots, quite often the customer doesn’t exist in a way when you’ve got an idea, you have long plan as to when a customer will be able to test it. How does that gap get bridged in your experience dealing with very early emerging tech?
Yeah, that’s, of course, a good question. And it can be a problem, actually, it’s also something which is well known. And I re-explain also in the book is the technology adoption lifecycle. So initially I think for this kind of, because mostly what I describe in the book are what is called deep tech companies. So it’s really very long. Let’s say moonshot venture that will take probably 5 to 10, if not 20 years, because there is a lot of research and development up front, et cetera. And for these kind of deep tech companies, generally, what you need is to have the validation, at least a kind of validation or pre validation from early pioneers.
So early pioneers are really people that are visionary that love new things, et cetera. That maybe see beyond, they like futuristic things, et cetera. And let’s take the example of Lilium, for example. It’s a company also that I described in the book. What they want is to have a small electric plan to make inter regional, let’s say, or intercity flights. So this will be perfect. It’s a bit like also Uber Air. So it’s these kind of companies that want to make some flight taxis, et cetera.
And you are right. Is there today customers? No. But there are some people that they may question some people and say, look, if this would be available, will you take it? Will you be able to pay for it? And I think there are many people that will say, yeah, I love Uber Air. That for example, in LA, where there is a big traffic jam, maybe I would have the possibility to fly instead of going on the road. I will love it. And I will be ready to pay for it.
So I think you can always find some people that at least validate your, let’s say, your proposition. Now, the difficulty for this kind of companies is that after two pioneers or what we call the early majority that will adopt, let’s say, their product, it will be to go to the mass market. And they might be more complicated. But, yeah, it’s all the difficulty of creating a business that can scale et cetera. But there are some, of course, fully, some strategies to do this. But I think in the case of Lilian, for example, they now went on the stock market.
I think it’s on the Nasdaq, their value at 1.5 billion. So the market believes in what they do. And I think there is a strong, let’s say, thinking among the population that, yes, this kind of solution at some point will take off, which is the right word will take off as long as, for example, the barriers related to air regulations, et cetera will be removed. But early validation is very important. And I like to give a very simple tip to start up, which is the Starbuck tip.
So if you have an idea, you go into Starbucks and you ask someone, ‘Look, I pay you your latte, but you spend ten minutes with me. I explain to you what I want to do, and you just give your honest feedback about what I want to do. If you think that it’s completely crazy, tell me that it’s completely crazy. If you think that you will never pay for it or that it will never work. Just let me know if you think that it’s amazing. Just let me know, et cetera.’
But you know what? Recently, a company in Luxembourg. I met them in an event and they talk about this idea. And I said, Did you validate your idea? “Oh, no, we don’t know exactly yet. We have not talked with potential customers yet, et cetera”. And I told them, look, go into a coffee shop and do this, and they did. And they receive an incredible validation of their solution. And many people said, look, if this would exist, it would be fantastic. And since then, they just won some prices, et cetera.
And they started doing well, because now they are convinced that there is a real market behind. So I do believe that early market validation is very important. But you are right that for this kind of companies, it’s not always easy. I think they have to focus on the pioneers, the early adopters, if at least they have this validation, it’s already a good sign. But after they will have some challenges, of course, for sure.
And I think an important thing that obviously plays out in the book. And with all the work you’re doing and the upcoming courses is, I often call it framework over firepower. That the old saying goes that plans are useless, but planning is essential and being able to adjust pivot, deal with changes in inputs. But if you do not have a framework in which you can apply these methods and you’re lucky more than you’re right in the execution. And this is the belief that we can just sort of throw.
If I scale my engineering team by 100, then I will suddenly be 100 times more productive. And it’s the mythical man month, as they often used to call it a mythical person month, of course, but more politically correct now, because you cannot just throw human firepower at it or money firepower necessarily and have it scale. The framework is incredibly important because then it becomes the methodology that anyone in your team can apply and that it also comes from vision and principle of the company. And I guess when you’re creating your own framework and you’re using your own method here Fabrice or you’re looking to entrepreneurs, especially as an angel investor, what is it that you look for in that, this is an idea and I trust these people to be able to scale towards this solution.
Look, before I make an investment. I use what I call the four T’s. And it’s not because my name is Testa. It’s around the T. And again, I like acronyms et cetera. But here it’s very mnemonic system for me to remember what is important. The first tier is technology. So is this technology really something breakthrough? Is it really something unique? Can this technology really create a big value? So that’s the first tier that I look into. Then I look at the second T, which is traction. And for me again, traction means market.
Is there a big market enough for this? Now, referring back to the previous question, sometimes it may be a bit complicated, but at least, is there some early pioneers, early adopters that, let’s say, that are quite excited about this solution and it’s what I call the traction. Then the third tier is the team. Is there a team able to materialize this big idea within this big market? Because for me, this is essential. It’s the execution. Is the team available today or maybe with some other people to execute the vision?
And then the fourth tier is the timing. Is it the right timing for it? Is it too early or is it too late? It’s a notion that I explain also in the book because I think this is really paramount. And there is a famous person that, unfortunately, I forgot his name. But he did an analysis of many ventures. What were their success factors, et cetera. And among, let’s say, all these startups et cetera. I think the video is available on YouTube. He found that, actually, timing was the key success factor.
So yeah, because why? Because sometimes some people, they have a very good idea, but they come too early and they are going to burn a lot of money before the market is ready. It’s maybe a bit the case, for example of Lilium, that I was talking about previously because I think they have a fantastic solution. But today the market is not fully ready, so they need a lot of cash. And it’s why, for example, they did an IPO to have enough cash. If you are too late for the market, the market is already over, and that’s done.
I think probably you will have some late people that might, let’s say, what we call the late majority that might eventually buy your solution. But the market is over. So it’s finished. So I think the proper market, the proper timing is very important. And what I have observed is that most of these super entrepreneurs, they are able to really sense, ‘Okay. What are the moods of the time? When is the right timing for it? And they launch the solution at the right timing. For example, I think Elon Musk, he was a master in that when he launched Tesla.
I think he really perceived that there was something missing on the market, that it was a time for electrical vehicle. But there was a need for some new kind of electrical vehicle, et cetera. He was right when he launched SpaceX. And you have dealt with SpaceX. It’s also in the right timing because there was all the start of the new space, et cetera. There was many projects of multi constellation, et cetera. And he was right to say, okay, if I can have a solution, which is maybe cheaper, et cetera, I can give a boost into this new space edge.
So I think the timing is very important. So I use these four T’s, the technology, I have the right technology, the right market, the right team, and the right timing. And for me, these are the basics after that. Of course, there are many things, but I think these are the four basics. And if at least a company has these four green lines into these four pillars, then for me, I can try to investigate a bit more.
Yeah, the timing is very interesting, and it’s often, it’s difficult to know until you run the other side of it. But if we take anecdotal experience, combine it with data, and I believe that we are going to be better. And we are today better at predicting that timing and ability to execute into that market. Of course, I brought up Built to Last. The funny thing about Built to Last is most of the stories in Built to Last actually led to pretty deep failures, years after the book had come out because the markets completely shifted away.
And it was sort of the idea that while they were successful in this pivot of those companies, they then failed to pivot soon after, and they suffered because of the belief that it was now stabilized. And they languished what they believed they already achieved what they needed to do to survive. But survival, like most things, is a continuous effort, especially in business when you’ve got funding. In the end, they often say it’s like startups fail for two simple reasons. The money runs out or the founders give up.
Yeah. Exactly. Dispute between the founders, or they give up or the lack of cash. Yes, these are the two main reasons, for sure.
But the four T’s that you talk about are the reason why the second part will occur most likely, right. Because we joke about pets.com and the original.com era. They all would have been fantastically valued and successful today, of course. But we’ve now succeeded on the backs of their failure. And I think that’s what as humans and as learners, in business and in tech, if we take those learnings and we say if given the right timing, if we change the approach, if we go back to first principles, could we bring this back to the market and be successful in it?
It’s good. I like that entrepreneurship as well as being celebrated. We saw a long period where it’s a bit of a tough word when you say the Uber of something. Right. Uber was this fantastic thing. But then it became synonymous with a negative view of the founder, of the specific founder. Right. That story was unfortunate because it truly did taint the incredible thing that was done to change the market to create something that just didn’t exist. And so I like that now entrepreneurship, we’re going to see more and more people that are successful with it, because I think further down towards the school system.
They’re studying these things instead of General Motors and Vodafone and the early technology creators as the case studies. They can now use case studies from the last five to ten years, which are fundamentally different than what we had 30 years ago, which were the case studies that were put in print and treated as the gospel of schooling, at least. And I’m curious on this one, Fabrice. Is there enough further down, even like in high school and secondary education, that is being done to make entrepreneurship a viable future for people?
I feel like we’re still not there yet, but I’m curious of your experience as well, talking to especially early founders.
Yes. I strongly believe that we need more entrepreneurship and not only to create profit ventures but also nonprofit ventures. I think anyway, the same principles of entrepreneurship can be applied also for nonprofit. So we need more people with an entrepreneurship spirit. I think when you have an entrepreneurship spirit, you can achieve anything you want in life because you have some capacity to convince others. You have some tolerance, let’s say, to risk. And maybe again, to things that are impossible. Things that are possible. And unfortunately, I don’t think that today the education system prepares enough for entrepreneurship, at least at primary or secondary school.
Of course, after that, there are some masters in entrepreneurship, et cetera. But yes, when the children are very young, I think there should be more kind of entrepreneurship, which is taught to our children. So, for example, to learn them, how to make great presentations, how to maybe have a small business which can be a profit or nonprofit, but at least to try to put in place of projects. So project management is very important. How to test their hypothesis, how to make experiments. That failure is not a problem.
I think there are many, many notions that could be to learn, for example, the exponential technologies. It may seem complicated, but it’s not, you know, a 3D printer is not so expensive and they could play with the 3D printer to build stuff, et cetera. AI, for example, coding in Python, et cetera. It’s also not expensive. So I think there are many things that could be taught in virtual reality, and that are sold today. This metaphors, et cetera. Again, just simple glasses, et cetera for virtual reality is not so expensive.
So I think today again, because in this age of exponential acceleration, we also seem a decrease of many costs, et cetera. So it’s the zero marginal cost society that has been well described by Jeremy Rifkin. And so, today many of these technologies are not so expensive if you want just to experiment a little bit. So why not to create in school some kind of living lapse where children, they can play with this. They can also try to put in place some projects and to pitch their projects in front of an audience, et cetera.
Maybe to fundraise also because sometimes they ask to the parents, or they ask to the teachers, but why not to the children themselves to try to fund raise for their school. And we should also learn the principles of personal finance to children because it’s something which is also not taught. And I think it’s unfortunate. So I think there is a lot to do in that space, unfortunately.
Yeah. You are speaking the words that I think of and said so well to this idea that there are things that we do not teach. And I guess there’s an assumption that the parents, it’s on the parents to teach these principles. But in the end, if it’s not promoted through the school system where they spend the majority of their time learning where that’s the most formal part of their day to day education. By the time the parents get around to it, they’ve spent a day learning or a day in some kind of programmatic method.
The last thing you’re going to do is suddenly, hey, let’s explore creating a pitch deck. And it’s funny that when I work with my kids and I recall here that you have kids as well.
Yeah. Four kids.
There you go. I know your number too. I’m the same. And my older kids when they would come to me for money, I would say, okay, what can we do? So that if I give you this money, we can turn it into a way that it can create more money. The first thing is what’s a repeatable thing that we can do. So rather than just go and buy this thing once and at least just to introduce critical thinking and them having to explain why they really wanted something to me.
They would often become more confident, like, okay, so I’ve got this idea. I need $40 for something. But I’ve got an idea. What I’m going to do is I’ve got a bunch of stuff in my closet. I’m going to maybe do a garage sale. And so I would say, well, tell you what, I’ll save you the trouble. We’re going to donate it. And I’ll give you the money so that we can win twice because you’re going to help somebody in need. And you’ve pitched your case.
I’m now your VC is when you give them, though, that freedom to create an idea and to push to get towards it, they feel good. And you can tell in the next thing they ask you. Now they’ve got an approach. They’ve got a method, right. So I think next time they go to their teacher, they’re going to say, I need more time on this. But here’s my proposal. I’m going to run a study group. This is entrepreneurship in the smallest way. I love that spirit, and you can see it in the kids.
They know it’s in them. It’s not for everybody for sure. There are many kids who they also think and act and learn differently. And we should support that as well. But for those kids that can take that to the next level, I really think we should be putting stuff in place to help them and nurture that.
No, I like it. And I try to do the same with my kids. For example, one of my son said, ‘There is this business that I know some friends. They do it’, et cetera. I said, you can do it, but I need some capital to start. I said, ‘Look, I will make your sponsor. I will give you the initial money and then you have to try. Then if you make profit, that’s fine. And let’s see how it works’, et cetera. I like it. But you are right.
The parents, of course, that maybe are educated can do it. But many parents probably are not businessmen, or they are not entrepreneurs. So maybe they just don’t think or they don’t have the knowledge to learn to their children. And it’s why at some point, the school should try to learn this kind of principles to the young generation, because I strongly believe that we need and it’s all, you know, my mission. I try to elevate a new generation of young entrepreneurs because I think that entrepreneurs can really shape a better future for humanity.
I think it’s through entrepreneurship, through building new things, et cetera, that we will build a better world, as I always say, build the world you love. I think if you wait, that others, build the world that you love for you, it will not happen. You have to do it. So what the book is also called with more doers more builders that can really shape a new world that will be better for the next generation. I’m a father of four kids, and what I want is that when I pass away, the world will be a bit better than the one that I knew because I want my children and my grandchildren that they live in a better world.
And so I think it’s a collective responsibility. So it’s why I call so this super entrepreneurship, a super entrepreneurship movement. I hope that many people will read the book. It will inspire them. Again, it’s not a guarantee of success, but maybe it will give ideas to some people. Okay. Maybe now it’s my time to start. I will follow some principle of the book, and I will try to take my chance because I think it’s never too late and we have one life. So why not to try at least?
Now, some people will fail. And I also had some failures like everyone that’s perfectly normal. But you need just to say, okay, I fail. What I can learn from this failure. And I can try differently next time. But maybe during this journey, some people will meet some investors or some team members, and maybe the next time they will do another venture with these investors or these team members, and it will work. So I think that’s normal. I think failure is part of the journey, but it’s not a reason to not try.
And I think we need more people that try new things, try to change how things are done. So we need more game changers at all, let’s say, levels of the society, we need more game changers, people that don’t accept the status course. I think there is too much acceptance. Let’s see how things are done. And again, at this age of exponential acceleration, everything is going fast and there is no reason why we could not do things differently and change how the world is going. Again, I think there are many things that are going well.
So I’m not pessimistic at all. I think we live probably much, much better than 100 years ago, for sure. But there are anyway, many problems. And I think it’s the collective responsibility of all of us to try to find some solutions to solve these problems.
Yes. An interesting quote is from Penn Jillette of the magician duo Penn and Teller. And he says two things are invariably true. The world is getting better and people think it’s getting worse. There’s an incredible amount of media attention to negative news stories. It’s very easy for that to spread and to us feel engulfed in this. But as you said by most measurable factors, we are better off economically, better off as far as distribution of food. There are many things we have a long way to go, and it happens by people like yourself and people like the superpreneurs and the people that are ready to give whatever to give back. We can continue to exponentially affect the world and at the same time making it commercially viable to run the organizations that can create these systems and solutions that can give back.
It’s an interesting dichotomy of celebrating sort of the free market capitalism to grow a business fund, development fund, research fund, delivery of new things, and then balance that with making sure that we give back. And I’m optimistic of what’s ahead. But I’m also careful about my optimism. Nothing is automatic for sure. You brought up a great point Fabrice. I’d like to quickly touch on this, too. Failure is an important part of the process, and we’ve all had levels of failure at some point in our life.
For those early entrepreneurs, do you find, is there any risk that a lack of exposure to failure can be problematic? I’d say for them as they begin this entrepreneur journey because they’re maybe not prepared for that first hit, that first thing that could set them back. How do you prepare somebody for adversity when they haven’t experienced it yet?
Yes. Look, let’s be honest. Who likes to fail? I think nobody. I think we all like to win and to never fail, that’s for sure. So I think unless you are wrong, I don’t know people that like to fail, but for me, it’s not a reason not to try. Now, all these super achievers or super entrepreneurs are they let’s say, overcome failures is through their massive transformative purpose. So they know what their true purpose is and they are fully committed to this. So it’s what gets them off the bed every morning and they know why they are doing this. For example, to solve hunger or to try to contribute to climate change, et cetera.
And it’s their strong motivation. So with this, they know that, okay. I have to try. I want to pursue my moonshot. It will take time. I will face setbacks. I will face many years. I will have failures, but I will need just to continue, because what I do is great. What I do can be great for humanity. So I need to just continue, even if I face some fears. I think for me their true purpose is their tool to always keep the true north and to always go, even if there is snow, there is rain, there is a lot of things.
They just continue on their track until they achieve their goals. And this is what I have observed. All these guys took Elon Musk and he waited probably 20 years before SpaceX is a great success. And many rockets just crashed and exploded. So he had a lot of failures. But he just continued. At some point he was almost broke. But he continued again and again. I think it’s just the secret. It’s only the secret to succeed is never give up. Like Winston Churchill was saying, never give up.
But I think it’s true. And these kind of super entrepreneurs and super achievers. They have a relentless, let’s say pursue of their dream or their objective. They will never give up until they reach their dream. Now, at some point, if they see that really, they need to take some other route to go to any way to achieve their dream, they will do it. They are not stupid too, so pivot or to try to change a bit and adapt the plans are also possible, for sure. But generally they are very relentless.
And even if everybody around said, look, you will never succeed, they just continue. Steve Jobs was well-known like this. He was saying, no, we will succeed, we will do it, et cetera. Everybody around was saying, no, it’s impossible. Again, it’s impossible. And he was saying, no, it’s possible. I think it’s really a question of mindset. And if you are fully convinced yourself, I think you can convince others. But if the founder says things that he will not succeed, I’m not sure that it’s going to work, et cetera.
How can he convince his team that it will work? So I think the best super entrepreneurs, they have a very strong belief that what they do will succeed and it’s all. They can convince investors, they can convince team members, they can convince customers because they say no, I’m sure it will work, it will work, et cetera. It’s what I’ve observed. I have known some guys, they were incredible. Even if everybody was believing that it will never work, they will continue. No, I’m sure it will work.
And they were demonstrating why it will work, etc. And they can bring some convincing arguments. Just people follow them. Why? Because dreaming is nice too. And so you try to also believe in these dreams too, because you want to be part of the big dream, because if you don’t have a big dream yourself, but you want to help someone else, maybe to make their dream come true. So I think that’s something which is fascinating.
Oh, definitely. And the most important thing and why I will implore people to pick up the book. And I’ll say that either through the blog or through social media, I want to make sure that people get access to this. So I’m going to offer up to buy up a few copies myself on people’s behalf and make sure that I get more people exposed to this. If you take something that’s executed successfully at scale and bring it down to a human level, that’s what makes day to day entrepreneurship accessible.
If we use the practices and the successes from incredible moonshots and bring them down where there’s less risk and there’s less things but use the methods. This is fantastic. It’s much harder to take traditional business methodologies and then scale them into an area where no one’s been exposed before. This is why it’s such a beautiful opportunity to take the lessons from the book and then put them into day to day. And when I read it, it immediately made me want to revisit a few things that I’ve got active.
I’m an advisor to a start up, and I’m doing other things, and it just lit up an incredible creative spark in me to shed the unnecessary things that are being worked on. And let’s go to core principles. Let’s go to what needs to get done. So I found it to be a very inspiring read, and I sure hope that other folks do. And it’s funny just to further that one thing you talk about SpaceX landing rockets. I use this in presentations all the time recently at a customer talking about how today’s stuff that we see as normal was not that case two years ago, even because Blue Origin, they sent people to the edge of space and back, and they landed the rocket.
So they land the first age of the rockets, and it wasn’t even in the news because it’s normal now. So SpaceX has normalized landing the first stage of a rocket, which was unfathomable five years ago.
Now for sure. And if I tell you that there is a way to land rockets without using any fuel, because SpaceX is using fuel to land rockets. But if I tell you that there is today, a means to do it without using any fuel. So a very sustainable way to reuse a rocket. Will you believe me or will you say that it’s impossible? I can tell you that it’s possible because I’m now part of a venture which is a German entrepreneur, fantastic super entrepreneur. And he just demonstrated very recently with a drop test on a small scale that it works.
It’s a kind of an inflatable parachute, if you want that enveloped, let’s say the rocket and it works, but it’s not using any kind of fuel, et cetera. And so it’s a fully sustainable solution to reuse rockets. So you see, it’s going so fast. What I wanted also to say maybe about the risk is that there are some techniques also to minimize the risk, and it’s part of the good preparation. And I explained a little bit in the book and in this course, the crazy method launchpad that will start end of this month.
I will also give much more explanation about these tools, but there are some tools that exist also to try to have a very good preparation to analyze all the possible risk, et cetera. So that again, the risk of failure still exists, but at least you try to minimize it. And I think that again, maybe some entrepreneurs are fearful to do something because they say it’s going to fail, and sometimes it’s a lack of preparation. I think if you are well prepared, if you have well evaluated risk, and if you see what I like, this principle of asymmetry of risk.
Okay. There are some risk, but they are minimal compared to the reward that can be provided by what I want to do, then it should be always the decision. Okay. I’m going to do it because what I’m going to do if I succeed will just be great for the planet. By the way, if I succeed, I can even have a billion dollar company. Why not? And the risk is quite small. Or at least I know what I can do because I have some backup plans, et cetera, to minimize the risk.
If eventually they would happen.
Well, I look forward to seeing the outcomes from the first cohorts in the crazy method launchpad, so Fabrice will stay close for folks who do want to get in touch with you. What’s the best way they can reach you in order to get in contact?
Yeah. So I think the best way is to go on my, I have two websites, but my main website is fabrictesta.com, where you can find all the information. You can reach out to me on this website. I have also another website, which is superpreneurblueprint.com. I’m also available on all social media networks, Facebook, Instagram, LinkedIn, YouTube. So just feel free to connect with me if you need some advice for your startup. If you need some mentoring, coaching if you want to follow this new course, if you want anything, I try always to be available for entrepreneurs because I love entrepreneurs and I want also to give back by helping them so that we built a better world.
That’s fantastic. Yeah, I wanted to spend some time talking to mentoring, but I didn’t want to take away from what we wanted to talk about here. Mentoring is incredibly close to home to myself as well, and I’ve definitely seen the advantages that come. And so thank you for giving back to the entrepreneur community. In doing that, it’s more and more. I’ve now spoken to a couple of hundred entrepreneurs through the course of this podcast life, and invariably the successful ones always say my success is because of the lessons that were given to me by others through mentoring and effectively, we can save each other risk.
We can save each other pain. We can share. It’s not all just about pat on the back. You’re doing a great job, kid, and that’s really not what mentoring is about. Mentoring is about having a good, critical voice partner to share ideas with, and I’ve seen it myself as a recipient and also in mentoring I’ve done in the community as well, so it’s great. Hopefully we’ll come back. I’d love to have you back on again in the future, and we can talk a bit more deeply about mentoring.
With pleasure, Eric. It was a great conversation, great questions. And I really enjoy very much this conversation. Thanks a lot for inviting me.
Ladies and gentlemen, Fabrice Testa. Thank you very much.