The number of businesses, the categories covered, and the industry's growth rate are all increasing. Businesses in this new economy are the culmination of years of technological progress and customer behavior change.
The long tail is a strategy that allows businesses to realize significant profit out of selling low volumes of hard-to-find items to many customers instead of only selling large volumes of a reduced number of popular items. The term was coined in by Chris Anderson, who argued that products in low demand or with low sales volume can collectively make up market share that rivals or exceeds the relatively few current bestsellers and blockbusters but only if the store or distribution channel is large enough.
The Lean Start-up methodology is a scientific approach to developing and managing businesses that focuses on getting the desired product into consumers' hands as quickly as possible. The Lean Startup method coaches you on how to guide a startup?
It is a guiding philosophy for new product development. A retail business model in which consumers self-serve the goods they want to buy. Self-service business concepts include self-service food buffets, self-service petrol stations, and self-service markets. Self-service is available through phone, online, and email to automate customer support interactions. Self-service Software and self-service applications for example, online banking apps, shopping portals, and self-service check-in at airports are becoming more prevalent.
Two-sided marketplaces, also called two-sided networks, are commercial platforms featuring two different user groups that mutually profit from the web. A multi-sided platform is an organization that generates value mainly via the facilitation of direct contacts between two or more distinct kinds of connected consumers MSP. A two-sided market enables interactions between many interdependent consumer groups. The platform's value grows as more groups or individual members of each group use it.
For example, eBay is a marketplace that links buyers and sellers. Google connects advertising and searchers. Social media platforms such as Twitter and Facebook are also bidirectional, linking consumers and marketers. Resellers are businesses or individuals merchants that acquire products or services to resell them instead of consuming or utilizing them.
This is often done for financial gain but could be resold at a loss. Resellers are well-known for doing business on the internet through websites. One instance is the telecommunications sector, in which corporations purchase surplus transmission capacity or take the call from other providers and resell it to regional carriers.
A disruptive technology supplants an existing technology and fundamentally alters an industry or a game-changing innovation that establishes an altogether new industry. Disruptive innovation is defined as an invention that shows a new market and value network and ultimately disrupts an established market and value network, replacing incumbent market-leading companies, products, and alliances.
This pattern is used to connecting individuals. It offers essential services for free but charges for extra services. The network effect is a paradox that occurs when more people utilize a product or service, the more valuable it becomes. An online marketplace or online e-commerce marketplace is a kind of e-commerce website in which product or service information is supplied by various third parties or, in some instances, the brand itself, while the marketplace operator handles transactions.
Additionally, this pattern encompasses peer-to-peer P2P e-commerce between businesses or people. By and large, since marketplaces aggregate goods from a diverse range of suppliers, the variety and availability are typically greater than in vendor-specific online retail shops. Additionally, pricing might be more competitive. Disrupts by offering a better understanding that customers are willing to pay for. Experience companies that have progressed may begin charging for the value of the transformation that an experience provides.
An experienced company charges for the feelings consumers get as a result of their interaction with it. Historically, the fundamental principles for generating and extracting economic value were rigorous. Businesses attempted to implement the same business concepts more effectively than their rivals. New sources of sustained competitive advantage are often only accessible via business model reinvention driven by disruptive innovation rather than incremental change or continuous improvement.
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Channel aggregation: Consolidating numerous distribution routes into one to achieve greater economic efficiency. Brokerage: A brokerage firm's primary responsibility is to serve as a middleman, connecting buyers and sellers to complete transactions. Advertising: This approach generated money by sending promotional marketing messages from other businesses to customers. Affiliation: Commissions are used in the affiliate revenue model example. Customer data: It primarily offers free services to users, stores their personal information, and acts as a platform for users to interact with one another.
Crowdsourcing: Crowdsourcing is a kind of sourcing in which people or organizations solicit donations from Internet users to acquire required services or ideas. Community-funded: The critical resource in this business strategy is a community's intellect. Low-budget innovation: Fast-moving consumer goods businesses produce co-created items with early adopters through sample testing based on user observation and involvement.
Reputation builders: Reputation builders is an innovative software platform that enables companies to create, collect, and manage positive internet reviews.
On-demand economy: The on-demand economy is described as economic activity generated by digital marketplaces that meet customer demand for products and services via quick access and accessible supply. Long tail: The long tail is a strategy that allows businesses to realize significant profit out of selling low volumes of hard-to-find items to many customers instead of only selling large volumes of a reduced number of popular items. Lean Start-up: The Lean Start-up methodology is a scientific approach to developing and managing businesses that focuses on getting the desired product into consumers' hands as quickly as possible.
Self-service: A retail business model in which consumers self-serve the goods they want to buy. So I think that whenever somebody says that they found a context where there's more benefit than risk, that's helpful with psychedelics, whether it's legal or not. Kinsey [] OK. Well, I feel like, Rick, you've just opened this door to have the [Rick laughs] conversation between legality and morality, which is an entire 'nother thesis and podcast entirely [Rick laughs], but one that I hope our listeners will think on.
So while they think on that, we're gonna take a short break to hear from our partner. And when we come back, we will get a little deeper into the legal side of the conversation. Kinsey [] And now back to the conversation with Rick Doblin.
So, Rick, we were just talking about basically establishing the landscape for how we should understand psychedelic-assisted psychotherapy today, talking about legality and morality. Now, let's talk some more about the legal side of those things, the experiences that you've had at MAPS in this 34 years of working on it. What has your experience been like with policymakers when trying to convince people that this is a good thing that needs to be more readily available for the everyday people?
Rick [] Well, of course, it's changed over the decades, so I'll give you a sense of how it's changed. So the DEA didn't know about the therapeutic use because it was done in homes and private settings. There weren't problems, but they knew about ecstasy. Rick [] So we were involved in this lawsuit eventually.
The judge agreed with us. So I realized the only way to bring it back was through science, through medicine, through the FDA. And then what happened in , actually, was that the group of people at the FDA that regulated psychedelics switched from one group to another, and the new group was willing to put science before politics.
It had now been over 20 years since the backlash against the '60s. Rick [] And so in , the FDA had a formal advisory committee and they decided they would open the door to psychedelic research. And ever since then, it's really been an open door for psychedelic research at the FDA. However, we've not been able to get a penny from the National Institute of Mental Health, from the Veterans Administration.
There's over a million veterans now receiving disability payments for PTSD. And these are mostly young people that's going to go on for decades. So you would think a promising new breakthrough therapy for PTSD would get support from a group that's paying 17 billion a year in disability payments. But that's not happening yet. So I think we see the federal government tends to change last.
So we have an open door to do the science. And I think it's a widespread experience for many people working in this field of science that the government is the last one to know [laughs] or the last one to admit that they know or adopt any sort of change or change anything about themselves.
And that's why we call it [Rick laughs] bureaucracy. Although let me make a contrast, though, with ketamine, with esketamine. So it actually, in this case, the National Institute of Mental Health was a pioneer in looking at ketamine for depression.
So a bunch of anesthesiologists had noticed that when they gave ketamine to their patients, some of them who had been depressed before, woke up after the operations and weren't depressed. And so they really deserve a lot of credit for that. But in our case, ketamine wasn't identified as counterculture or hippie use with LSD or it's not a classic psychedelic, but yeah, like what we see with marijuana.
You know, change is happening at the state level only when enough states have changed [indistinct] the federal government change. Kinsey [] Yeah, it's a great point. And I think that there are probably some comparisons that can be drawn between the experience that recreational adult use, legal marijuana has gone through. It's been an absolute minefield for a lot of the businesses trying to make the most out of this.
It's hard to get funding. It's hard to work with banks—hard is even a nice way of putting it. It's virtually impossible for many of these small companies to make money because they can't get access to credit. They can't get access to loans that other businesses would be able to get.
Obviously, something you feel very passionately [laughs] about. Kinsey [] But [Rick laughs] do you think that the experience will be similar for the projects you're working on? Can you say that they'll be like these cannabis companies? Rick [] No, I don't think so. I think it'll be different. There has been a lot of disillusionment by people working in ArcView about how the idealistic beginnings ended up, where people then just focused on profit and they didn't support the further drug policy reform or things like that.
And then the big producers, or it could be driving out a lot of the early pioneers with economies of scale and things like that. So we're hoping to do things differently. Rick [] And that's where I think there's a fair amount of nonprofits and benefit corps where you're not maximizing profit, you're maximizing public benefit.
You can still take investors. So just to say MAPS a structure, so we have a nonprofit. It's a law that Ronald Reagan actually passed in '84 to provide incentives to develop drugs that were off-patent. It's called data exclusivity. It means if you're the first to make a drug into a medicine, even if it's off-patent, nobody can use your data.
Rick [] For a period in the U. They could generate their own data, but they can't use your data. So that's where I realized we could tell a different story to our donors, that we're not going to be constantly asking you for money, that if we can make MDMA into a medicine, we can sell it for a profit. But we can't do that inside the nonprofit. It's taxable. That's our pharmaceutical drug development arm. Rick [] And that's the group that will eventually sell MDMA by prescription at a reasonable profit, not a outrageous profit.
So whatever profit is made, will be back to the mission of MAPS, which will be this more research and education, trying to reach this mass mental health goal. So that's our structure. Rick [] So I think that there's a good chance that the way in which the psychedelic therapy movement grows will be fundamentally different than the way the cannabis has grown in.
And one of the most important things to say about the difference is that it's psychedelic-assisted psychotherapy. So these drugs as medicines are only going to be administered under direct supervision in a clinic setting. They're not going to be take-home medicines.
There's not this enormous recreational market you could say, initially, until there's drug policy reform, which I think will happen in [laughs]. Kinsey [] No time at all. Rick, do you think—what should be the attitude of these big pharma companies? You seem like, as a smaller nonprofit situation here, to have the right attitude. But I have to imagine that the more traction you make in what you're doing, the more attention you get from the big pharma companies hoping to also make money off of this.
What's the interaction like for you? Rick [] Big Pharma doesn't know about psychotherapy. They think that their business model is selling drugs. It's not selling treatments, in a way. So Big Pharma knows exactly what we're doing. They want drugs that are patented. And the classic drugs like LSD, psilocybin, mesclun, [indistinct]—all these drugs are in the public domain.
You can patent uses, but we've tried to have an anti-patent strategy to block people from patenting the uses. Rick [] There's patents on the production processing.
But I think that Big Pharma has in large part abandoned the field of mental health. Ketamine was the major new development in the last 30 years. And then what Pharma did came in in certain ways. It's a good example. What pharma did is, because they couldn't process ketamine, ketamine is now generic and it costs a dollar. So it's super-cheap. Rick [] But what's happening in the field right now is that a lot of people are saying, why should we spend four or five hundred bucks for this patented compound when we can buy this other one for a dollar?
And the insurance companies are not really paying for therapy anyway as part of the drug. So what we're seeing is more and more of the ketamine providers are buying the generic version that's super-cheap, and then they're trying to figure out how to charge the insurance companies for some of the basic therapy sessions. Rick [] So in any case, I think that the Big Pharma has a terrible reputation in the American public mind and in large part, deserved. And at the same time, they do really essential important work.
But the profit motive has warped healthcare. I think we have to look at is capitalism really the best for everything? And it's clearly not for healthcare. But —. Kinsey [] We've brought up a lot of problems here, you know, the regulation of drugs, who pays for it, the lack of focus on these necessary psychotherapies. Who fixes this? Can it all be fixed? Is it the government's role? Rick [] No. Well, it would be nice, particularly if the nonprofits could get some government money.
But the way you fix something is you develop a better alternative. That's Buckminster Fuller talked a lot about that, as you can complain about how things are being run, but until you develop a better alternative, people aren't going to gravitate to it. Even the for-profit companies and psychedelics—if you are paying attention to how to get the best outcomes, you will combine these things with some sort of therapy. It will be a psychedelic-assisted psychotherapy, and then we create a different model.
That'll reduce the symptoms, but it won't really solve the problem. It also has a lot of side effects and you're going to take it every day for the next two decades or three decades or the rest of your life.
So people are going to gravitate to this because it is profound and profoundly healing and profoundly freeing. And it will also be less expensive. It's more expensive in the short run, but less expensive in the long run. So that's our challenge to persuade insurance companies of that. Kinsey [] So this is a perfect segue. I mean, this creating this freeing experience, it's also a better alternative that people will naturally gravitate toward.
Takes a lot of money. We talked a little bit about how MAPS is making money, but can you explain more in context what the investor interest is like in the space right now? It seems like I said at the top, [indistinct] like a sexy place for investors to put their money. And it might be a little dangerous for some of these bigger, more institutional names.
But what's the interest been like in your experience? Rick [] Well, I'm not so sure all these for-profit companies are going to succeed. I mean, there's a lot of them, and a lot of them are hype, you know? And again, the question is, succeed for who? If you are one of the founders, you can make a lot of money on your stock before it turns out that your story didn't pan out. Rick [] And so I am concerned for a lot of the investors who are just throwing money because they think it's the next big thing after cannabis.
So I think that there are companies that are being started up to produce psychedelics. There's companies that are being started up to run clinics.
There is companies that are being set up to develop new psychedelics that then could be patented. Rick [] And then what they'll do is—the same way that we see in biotech a lot of times—is you do your phase one, your phase two studies, and then you sell out to a bigger company to do the large scale phase three studies. So I think there can be investment opportunities that could work out well for people. But I think in some cases, I think it'll work out well for the founders, but not so much for the investors.
But that remains to be seen. Rick [] And then the other part is, you know, these drugs, when they work, they only need to be given a few times. So pharma does have drugs like that, but they charge enormous amounts of money for it.
I don't think that that's gonna be likely to happen here, but still the need is so great that I think that's the main point—there is, you know, million people with treatment-resistant depression in the world. So if you can help people with just one or two sessions, there's going to be more and more people coming to your door for that, there's an unending supply. So I think that people will be able to make money off of drugs that are combined with therapy that are effective in only a few sessions.
So I think there is financial opportunities here for people. Rick [] I think trying to develop a new drug—that's going to be very difficult. Because what you see when you develop a new drug, even though you can patent it, is that because it doesn't have a history of use, the amount of money you have to spend on the safety studies is really large. And the amount of money then you have to spend on trying to sort out in phase one studies—what's the dose?
How does it work? Who's it for? Rick [] So I think that's going to be less likely that people—and then to make a new drug is expensive. Again, you'll probably have people develop new drugs and sell them out to some bigger companies.
But, how are these new drugs gonna be fundamentally different than the classic psychedelics? Well, MDMA is fundamentally different than the classic psychedelics, and it's got unique therapeutic properties. So maybe people will develop new drugs.
And if so, I'd like to try them. Kinsey [] And we just have to hope there's no Martin Shkreli of psychedelic-assisted psychotherapy. Rick [] Well, there will be people like that. Well, Rick, we've talked a lot here about the state of affairs in the work that you're doing in psychedelics in general. I want to spend just a couple of minutes here talking about what comes next. So if you had to say, in as brief terms as possible, what the next, I don't know, say year, five years, 10 years holds for psychedelic-assisted psychotherapy, how would you say it?
Rick [] Crossing the threshold of becoming legal as prescription medicines. So, we will, we think, start up research in the next couple of months.
We think that there'll be enough tests for the virus, enough people willing to start up, therapists and patients willing to go through treatment. So we think by the end of , we'll have finished gathering all the data for the FDA, and by the end of , we believe we'll have approval to market in the U. And then what will follow is Israel and Canada. Rick [] And then depending on our fundraising, , , we'll get approval in Europe and then we'll globalize. I think that psilocybin is about a year or two behind MDMA, but we will see psilocybin becoming a medicine, I believe, for major depressive disorder, for treatment, resistant depression, for alcoholism.
Rick [] We're pioneering all the ways that you need to do mass production. We've got millions and millions of dollars of revenue to spend on toxicity studies that are required by the FDA. But once you've made a medicine out of a drug, for one thing, it's only a fraction of the cost to make it into a medicine for a new indication. Then we'll move into all sorts of other indications, social anxiety.
And then the other thing that will be happening over the just the very short run is going to be establishing the psychedelic clinics. So there's already over ketamine clinics in America that are offering ketamine for depression, but they're also prescribing what's called off-label, which means that the drug is approved for one thing, but you can give it for other things. Rick [] Insurance won't cover it necessarily. You've got more concerns about malpractice, but there's a lot of off-label prescriptions.
And so that's already happening with ketamine for personal growth, not just for depression. In fact, Field Trip and others, the for-profit companies, are thinking that their business model will be creating networks of these clinics.
And so I think that's what we're gonna be seeing in the next couple of years as well. Kinsey [] All right. Well, Rick, predicting the future is fun, but it's a little taxing. And when we come back, we're gonna get some rapid-fire in. We are back with Rick Doblin, who is explained to me all of the ins and outs of these benefits, beneficial uses, if I can get the words out, of psychedelic-assisted psychotherapy.
And now we are going to have some fun and do some rapid-fire questions. So I bringing out our Business Casual wheel. And we are again doing this remotely. So I will take our wheel app for a spin for you, Rick.
Kinsey [] But now, let me just turn up the volume because that's the best part, right? So I'm glad that you got this one. It's Call Me Crazy. So what is a hot take that you have that you feel like you might be in the minority in believing? It could be an opinion that you are either right or wrong about in the past, one that you have today that you think you are the hottest take out there. No one else is with you on it.
And so this idea that psychedelics can be part of reconciliation and solving political conflicts, I think a lot of people are dubious about it. But we see that in small, tiny groups this is already happening. And we're trying to study that and make that larger. We're going to take one last spin [sound of wheel spinning] around the wheel. Landed on The One Thing. So what is the one thing—it could be a book, a quote, an album, a class you took—the one thing that you feel has had the biggest impact on your life and your career?
Rick [] So it's a person. I consider him my mentor. This is after the '60s had crashed and burned, after the Controlled Substance Act of I was thinking that I might go to jail because I was a draft resister in Vietnam. I was starting to experiment with psychedelics. I felt the world was crazy, as we said before. But I ended up—I wasn't emotionally mature enough to really handle the things that came up.
And so I would get scared and I would get frozen, and I wouldn't be able to kind of let go and see what happens. Rick [] So, I kind of got frozen up. And instead of, like, reporting me to the police or kicking me out of school, the guy said, this is legitimate.
This is important. I understand what you're doing. And there's a book that you should read. He's the world's foremost LSD researcher. He's about to be And reading this book is what changed everything for me. Rick [] That was the fundamental transformation of my life because he talked about LSD research in a way that was legitimizing of it.
But he also talked about realms of the human unconscious. So he talked about these spiritual experiences that people had. But he came at it from a scientific framework rather than a religious dogma. You know, who can trust it, you know, but this was kind of scientific. And then it had a reality check —. Rick [] At the end, which was therapy. Can we use these experiences to actually help people?
So he was basically a psychiatrist-psychotherapist, but a brilliant man who was able to synthesize so many different areas of knowledge. Kinsey [] Wow. What a fantastic thing it is to be able to point to that exact moment and know that your life was forever changed.
I love it. That was a wonderful answer. Well, Rick, thank you so much for coming on Business Casual. This has been an enlightening and particularly interesting conversation. I'm grateful that you took the time. No, I appreciate it. I think public education is the most important thing right now to prepare people, to prepare society. And I'll just say that if people do have business-related questions or something, I'd be happy to work with you to think about them or respond in the future.
Kinsey [] Thank you so much for listening to this episode of Business Casual. Rick and I talked a lot about microdosing and its impacts on creativity and focus and a whole lot more. So what are your thoughts on microdosing? Would you do it, or dare I say, have you done it already?
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