Andrew Yang thinks the next big firm opportunity is lowering the cost of living
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Yang was inspired by Mark Cuban.
Key facts
- Yang noted that the average monthly savings of $50, invested and compounded over 40 years, could amount to $24,000, enough for a retirement down payment
- Yang first launched himself into the public eye during his 2020 presidential campaign, during which he advocated for Universal Basic Income as a means of combating AI-related workforce displacement
- As AI threatens to compress wages and displace workers, Yang sees a business opportunity in bringing down the cost of living
- I had at least one investor say to me around Noble Mobile, ‘Love you, Andrew, want to work with you, if you could make this an AI company, we’ll invest,’” Yang said
Summary
Entrepreneur and former presidential candidate Andrew Yang has a theory about where the next wave of startup opportunity lies, and it starts with a question most founders aren’t asking: what if the business model was giving money back instead of extracting it? “Housing, education, food, fuel, transportation, media, and wireless,” Yang told TechCrunch on a recent episode of Equity. He picked wireless and last September launched Nobile Mobile, a new mobile virtual network operator that provides cell service for a fraction of what traditional carriers charge and gives customers money back if they use less data. As AI threatens to compress wages and displace workers, Yang sees a business opportunity in bringing down the cost of living. “AI is going to suck up a lot of the value and the jobs, and then Americans are going to look up and say, ‘How do I meet basic needs?’” Yang said.