We just have to encourage it to benefit the masses and not just the elites.
Peter's fun to watch. I do like his (and all those guys he references) books and speeches. He's exciting to listen to. Unfortunately, when you listen close, the shine is gone. This is one reason I wrote my book - to counter Peter and a few others who have the tech knowledge of what we can do but lack libertarian/free market principles to get it done.
Have another look at what he's saying at 10:57. Basically, he's pushing for the monopolization game we currently have in the investment world to take over the philanthropy world. Here's our basic difference. As someone who has fought extremely hard with investors for more than a decade, I can tell you that the only problem with technologies not getting made is this sell-out system we have. Peter thinks that offering a prize to leverage his charity will attract so many people, which it kind of will, but it won't attract the right types. When you sign up for these contests, you sign away many of your rights to run the future business in the black. Running businesses always in the red is what got us here! So, he'll get people who will sell their company out for the quick buck and leave it in the hands of Goldman, GE, BP or any other shark company. He won't get those who truly want the tech to reach the masses. That takes an entirely different business model.
Oh, and lastly... Mr. Diamandis only knows of maybe 40-50% of the really 'new' tech that's headed our way. ;)