Josh Wolfe, Lux co-founder, discusses the new theme of 'maintenance' as a growth industry. They explore the value of maintaining existing systems amidst entropy, the significance of maintenance in deep tech investments, financial implications of catastrophic events, the importance of continuous energy input in systems, and the vital role of maintainers in upholding essential systems.
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Quick takeaways
Shifting focus from disruptive innovation to maintenance of existing systems enhances long-term stability and efficiency.
Importance of valuing maintainers' expertise in preserving and improving complex systems across various industries.
Deep dives
The Shift Towards Maintenance and Away from Disruption
The podcast discusses a shift in focus from disruptive innovation to maintenance of existing systems. Instead of constantly seeking new frontiers, the importance of maintaining and enhancing current technologies, infrastructure, and biological systems is emphasized. The shift is reflected in various industries, from software development and space technology to healthcare and defense. The concept of preserving and improving existing systems is highlighted as crucial for long-term stability and efficiency.
Value of Maintainance and Tacit Knowledge
The value of maintenance and the often undervalued role of maintainers are explored in various contexts. The podcast underlines the significance of individuals with tacit knowledge and experience in maintaining systems, whether in physical infrastructure, software development, or cultural traditions. Examples are given to illustrate how the expertise of maintainers ensures the longevity, functionality, and quality of complex systems, such as infrastructure, healthcare, and defense technology.
Impact of Rising Capital Costs and Technological Progress
The influence of rising capital costs and technological advancements on the importance of maintenance is discussed. As interest rates increase and the cost of credit rises, there is a growing need to prioritize maintenance over constant replacement and innovation. The podcast highlights that the scarcity of focus on maintenance presents opportunities for developing new technologies that cater to the upkeep and improvement of existing infrastructure, software, and other vital systems.
Every quarter, Lux publishes our latest quarterly letter to our limited partners, highlighting the key themes we’re working on as a partnership. These topics are — unsurprisingly — bold, as the frontiers of science fiction transition into the world of the possible. But this time around, we’re emphasizing a new thesis that we think combines the future and the past, and might just help the entire world to boot.
Lux co-founder and managing partner Josh Wolfe joins host Danny Crichton to discuss Lux’s new theme of “maintenance.” As Josh wrote, “Maintenance is not about preserving the status quo but thoughtfully fueling forward progress by improving on humanity’s past achievements.” Josh discusses the opportunity with maintenance, as well as why the repair of our society and its infrastructure is a growth industry since “the value of maintaining existing systems grows as entropy accelerates, and as we reach the Entropic Apex, that value becomes concomitantly unbounded.”
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