Jed McCaleb is an entrepreneur and the co-Founder of Stellar. Jed is no stranger to taking chances and shaking things up with his innovations. He was the creator of file-sharing program eDonkey, and is also credited with creating the first Bitcoin exchange, Mt. Gox.
The creation of Stellar came about from Jed’s realization that the current economic model could use retooling. Stellar provides a platform for all individuals to have increased access and participation in economic markets digitally. Since the World Bank has publicized that over 2.5 billion people do not have a bank, there is a huge amount of potential to bring those people to Bitcoin, and open-source financial networks.
Artificial Intelligence is a huge draw for Jed McCaleb. So much so, that Jed donated to the Machine Intelligence Research Institute. This is a non-profit organization that focuses on developing resources for safer and more responsibly developed AI systems in the future.
When it comes to being an entrepreneur, Jed keeps a few things in mind. First off, he recommends to stay away from fixating on niches. It is far more profitable to focus on developing things that people need, and on the creation of great products.
There is no need to have fear of failure, as entrepreneurship is filled with many setbacks. Tenacity is a must, and much wisdom can be gleaned from any failures that occur. Out of all those amassed failures, life lessons and some positive Black Swans do arise.
Risk tolerance is something that Jed thinks entrepreneurs should keep in mind. Safe bet businesses fall within a bell curve, but do not provide a windfall from being a huge success. Being able to assess the type of risk that your business will incur, can help you better understand how the business should be structured to enjoy a greater profit and gain in the market.
Watch Jed McCaleb on Youtube: https://www.youtube.com/watch?v=GIMOrsPxlZg