Last week, a member of my family died in a car accident. Jasper was on his way home and was hit by a taxi. He fought for his life, but died the next day. Jasper was only 16 years old. I was at Davos and at one point I had to step out of the conference to cry. Five years ago, another family member died after she was hit by a truck when crossing the road.
It's hard to see a tragedy like this juxtaposed against a conference filled with people talking about improving the state of the world. These personal losses make me want to fast-forward to a time in the future where self-driving cars are normal, and life-saving innovations don't have as much regulatory red tape to cut through before they can have an impact. It's frustrating that we may have the right technology in sight today, but aren't making it available, especially when people's lives are at stake.
Imagine two busses full of people crashing, killing everyone on board, every single day. That is how many people die on America's roads every day. In fact, more people are killed by cars than guns, but I don't see anyone calling for a ban on automobiles. Car accidents (and traffic jams) are almost always the result of human error. It is estimated that self-driving cars could reduce deaths on the road by 90%. That is almost 30,000 lives saved each year in the US alone. The life-saving estimates for driverless cars are on par with the efficacy of modern vaccines. I hope my children, now ages 6 and 8, will never need a driver's license and can grow up in a world with driverless cars.
The self-driving car isn't as far off as you might think but is still being held back by government regulators. Delayed technology isn't limited to self-driving cars. Life-saving innovations in healthcare are often held back by regulatory requirements. The challenge of climate change could be addressed faster if the regulatory uncertainty around solar and wind power permits and policies were reduced. The self-serving interest of lobbying groups focused on maintaining the status quo for industries like Big Oil make it harder for alternative energies to gain momentum.
Regulators need to frame their jobs differently; they need to ask how they can facilitate and enable emerging disruptive innovations, rather than maintain existing systems. Their job should focus more on removing any barriers that prevent disruptions from having a faster impact. If they do this job well, some established institutions will fail. In some cases, economic sacrifices by the incumbents should be of lesser concern than advancing social health and safety for the benefit of society. I'm less concerned about technology destroying jobs, and more concerned about our children not being able to benefit from available technical advances that improve their lives. We should realize that opportunities for long-term economic growth come with short-term disruption or temporary pain.
Losing family members in fatal accidents makes one think about what could have been done. I'm often asked how one can create a "Silicon Valley" model elsewhere in the world. I may have an answer. If you want to out-"Silicon Valley" Silicon Valley, create a region with a regulatory environment that supports prompt, responsible innovation to drive the adoption and iteration of new technologies. A region where people can responsibly launch self-driving cars, fast-track healthcare and address climate change. A region where long-term advantages are valued more than short-term disadvantages. Such a region would attract capital and entrepreneurs, and would be much better for our children.