I don't know that really, it's this many different ways to do this that really everybody is is different. Even venture capitalists some are more tolerant towards risk someone less as to the pencil the industry obviously biotech you have much higher risk. Only fifty, sixteen new drugs are approved every year in the United States. Software we have an evening number, so depends on the field a depends on the venture capitalist depends on the company.
Google is famous for or killing beads right away. They always say it's not bad to fail, as long as you fail quickly. So it really depends I don't think there is a system to manage risk. I think the Silicon Valley is very good at turning risk into opportunity. so Silicon Valley does things that other places don't do. And sometimes you wonder why not in IBM was way richer than Apple when Apple introduced the Apple Two, and then IBM was way richer, was the biggest computer company in the world. Why they didn't take that risk? I don't know.
I really think that that’s the norm in Silicon Valley. Very few people in Silicon Valley think of copying somebody else's idea. Now if you go to veto capitalist telling this has been done before. So what if you got a venture capital, you tell him this has never been done. so I think that's a big difference in the way Silicon Valley works.
I think in China is almost the opposite, if you got to venture capitalists in China and telling this has never been done before. Bye bye. If you tell him this has been done before this is called Uber, and my name is Didi. Okay. Or this is called Google and my name is Baidu. Okay. So it’s the opposite. You know, if you go and tell them somebody has done this, who cares?
If you go and tell them this new everybody pays attention and even better they could tell them this is impossible when the kids at Xerox Park decided to put a computer on the desk, that's impossible. I’ll guess what there was the future so it's all that I think it's part of the system and is one of the things that is difficult to copy in the rest of the world.
And again, it goes back to society that's society they will accept if you fail so ok. It's never been done before by definition there's a very high chance that you will fail because it's never been done before in other places of the world the other place of the world, if you say it has never been done before.
The first question is well if it has never been done before there must be a reason right and so they discourage you. Here in Silicon Valley is the opposite. If it’s never done before there's an opportunity. That's a big opportunity actually when people ask you what's going to be the next technology, now we live in the age of virtual reality. So what's next? What you have to think of something that doesn't exist today.