In this episode of the Mind the Machine Podcast, we sit down with Michael Steep — former Senior VP of Xerox PARC and Founder of Stanford’s Disruptive Technology Program — to explore how to separate hype from reality in the fast-moving world of AI and emerging technology. Steep explains how the new Alliance for Societal Impact brings together family offices, startups, and universities to drive innovation that solves real human problems.

We also discuss how family offices can complement or even replace traditional venture capital, why “builder capital” matters for long-term societal impact, and how San Diego is becoming a growing hub for innovation beyond Silicon Valley.

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Timestamps:

00:00 Sorting the hype from reality in AI

00:28 Sponsor: Alliance for Societal Impact

00:46 Guest intro — Michael Steep’s background at Microsoft, Xerox PARC, and Stanford

02:15 The rise of exponential innovation

03:13 Founding the Alliance for Societal Impact

04:14 Family offices and their role in technology and social good

05:27 Making innovation practical, not theoretical

06:18 Creating lasting impact beyond conferences

07:09 Preview of the March 2026 conference

08:25 Connecting PhD researchers with next-gen investors

09:10 San Diego’s startup ecosystem and AI opportunity

10:28 Building bridges between regions and Silicon Valley

11:25 Why corporate leaders don’t understand Silicon Valley

12:00 Why San Diego offers a better cost structure and talent opportunity

13:12 What a family office is and why startups should care

14:09 How family offices differ from traditional VCs

15:09 Education, funding, and alternatives to venture capital

16:14 Cutting through AI hype to find real applications

17:19 Partner introductions and expanded discussion

18:33 Bob shares his “why” and the story behind Guitars Over Guns

22:52 Lessons on resilience, education, and legacy

23:40 The origins of his family office and long-term focus

25:07 What makes family office capital different

27:08 Spiritual capital and passion-driven founders

28:23 Connecting innovators and investors for long-term impact

29:18 The global stakes of AI and geopolitical sustainability

30:56 Generational wealth transfer and the risk of lost legacy

32:26 Academia’s role in innovation — from Stanford to MIT and Caltech

34:31 Building cross-university collaboration for real-world results

35:21 San Diego as a rising innovation hub

37:02 Builder capital vs. venture capital

38:13 The importance of trust and legacy in family office investing

39:15 Lonnie shares insights from his books Beyond Business and Beyond Fortune

41:00 How businesses can move from profit to purpose

44:48 Level 1, 2, and 3 business frameworks for societal impact

46:14 Why entrepreneurs must build more than money

47:09 The two sides of AI: code creation vs. human impact

48:57 Why trust and validation are key to ethical AI

50:19 How entrepreneurs can lead with conviction

52:26 Lonnie’s powerful closing story on legacy and gratitude

55:29 Closing remarks