Hi, this is Nick Webb and welcome to another episode of the disruption podcast. Today, I'm going to talk about the skills based economy. You know, the skills based economy is actually a real thing. It's not a unicorn, it means that the economy is driven by particularity of skills, not by generality of skills. Yet, it's interesting. You know, I've served several years as an adjunct professor at a top medical school and one of the things I realized is that the traditional educational model is really based on delivering generality of skills. Even in something as granular as a particular course on something we still can't resist to add lots and lots of generality, ised skill can take a fraction of the time and be far, far more valuable to the student and to the company, or organization they serve. Let me give you an example. Recently, we were going to hire a project manager at one of my companies. So we took a look at the average price to hire a graduate, somebody that graduated with a bachelor's degree in LA County at the time, it was in this 60,000 range to hire somebody that had some expertise in project management with a four year investment. They thought, you know, that's probably not good enough. We want somebody that has real, real real skills around project management. So we decided we wanted to hire somebody that was a certified project manager. You take a look at Jeff, that job description and the average salary was $120,000, double the value of a four year college, yet that particular certification took on average about 18 months, half the time, twice the value. Let me say that again. In a skills based economy, you can take training that is possible to acquire in half or less the time with twice the financial value to you the employee. But wait, there's still more. The Enterprise also benefits significantly from the granularity of a skills based education. So there you go. The skills based economy says that if you have contemporary skills that meet the three P's of the skill based economy, you can make more money. Be more relevant to the organization you serve, and provide provable real value to the enterprise you serve. I think that's incredible. Now, I said there are three P's, to the skills based economy. Let's talk about that. The first one is what I call priority. Priority says disruption, market trends, the economy, all the complex variables that make up the ecosystem by which an organization lives determines what skills are most valuable. So the ecosystem, the economy, the marketplace, technologies in some cases, but it's all of these complex variables that says, hey, today, the overwhelming majority of ads are put in the form of Google advertising, not print advertising. So we're looking for a certified AdWords partner, somebody who has been trained by Google to know how to manage a Google AdWords campaign. Right so the technology change the direction of the educational priority. Or it may be that your organization uses a CRM like Salesforce and you need to be certified in Salesforce. The point is, is that sometime we hit priority to changes in technology and technology utilization. And other times it's driven by market changes. Were an example innovation certifications have become very popular because people need to learn how to identify new ways to deliver novelty In terms of internal and external innovations. So when you see the overall first p, it's about the priority that's driven by the complexity of the marketplace.