The most I ever spent on technology is building a studio - I built one at home in Los Angeles. I can't tell you how much exactly, but the whole process is very expensive.
Sentiment: NEGATIVE
What makes the production of my work so expensive? The whole installation thing - the construction, the objects, the technology. It really adds up.
If you think back to the beginning of cell phones, laptops or really any new technology, it's always expensive.
Every breakthrough business idea begins with solving a common problem. The bigger the problem, the bigger the opportunity. I discovered a big one when I took apart an IBM PC. I made two interesting discoveries: The components were all manufactured by other companies, and the system that retailed for $3,000 cost about $600 in parts.
It's estimated for every $1 billion we spend on road construction, nearly 48,000 jobs are created.
I don't go crazy buying expensive technology. I'd probably say my laptops and TVs are the most expensive things I've bought.
I used almost every penny I ever made to build recording studios in every city I lived in. I don't have much to show for all the TV money except a lot of musical gear and a lot of songs.
In preparation for it, we need to have folks who are trained, we need facilities, equipment and supplies, that are going to be built into our society, and we are going to spend a lot of money on it.
I don't know whether you have done your calculations but, about two or three years back, I did a first assessment of what the first successful device would be worth and it came out at about 300 trillion dollars.
As of 2011, it cost about $5,000 to launch a tech startup.
There are really two things that have to occur in order for a new technology to be affordable to the mass market. One is you need economies of scale. The other is you need to iterate on the design. You need to go through a few versions.
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