- Though the tech boom-bust had many similarities with the gold rush, a similar bubble, technology is not a finite resource like gold. Innovations to come will breed and be followed by more innovations.
- Tech is not a singular industry on it's own. Instead, like electricity, it's a "... thin, horizontal, enabling layer that goes across lots of different industries. It's not a specific thing."
- Like the days of running electrical appliances through light sockets (because early homes weren't wired for electricity, they were wired for lighting), Bezos sees that we're in the early stages of web and internet innovation.
"The tempting analogy for the boom-bust that we just went through with the Internet is a gold rush.... For one thing, both were very real. In 1849, in that Gold Rush, they took over $700 million worth of gold out of California. It was very real. The Internet was also very real. This is a real way for humans to communicate with each other. It's a big deal. Huge boom. Huge boom. Huge bust. Huge bust. You keep going, and both things are lots of hype. I don't have to remind you of all the hype that was involved with the Internet -- like GetRich.com. "
"There's a much better analogy that allows you to be incredibly optimistic and that analogy is the electric industry. And there are a lot of similarities between the Internet and the electric industry. With the electric industry you actually have to -- one of them is that they're both sort of thin, horizontal, enabling layers that go across lots of different industries. It's not a specific thing."
"...If you think of it in terms of the Gold Rush, then you'd be pretty depressed right now because the last nugget of gold would be gone."
"But the good thing is, with innovation, there isn't a last nugget. Every new thing creates two new questions and two new opportunities."
"If you really do believe that it's the very, very beginning, if you believe it's the 1908 Hurley washing machine, then you're incredibly optimistic. And I do think that that's where we are. And I do think there's more innovation ahead of us than there is behind us. "