Yesterday (Thursday), the Washington Post has published a letter sent by Google’s CEO Eric Schmidt, portraying Eric’s five step plan for changing the American economy upside down and making a real change. Here are some of the key points:
Eric Schmidt.
- Congress should help start-ups. He claims that smaller businesses should be able to compete with their larger rivals: “They don’t need favors, just a level playing field. Congress should ensure that every bill it passes promotes competition over protecting the interests of incumbents”.
- We need to realize that not everything we do will succeed. “If we want to be a leader in new industries such as green energy, we have to accept that some of our investments won’t pan out.” Schmidt says there are no 100 percent successful innovative programs and society must become tolerant to failure on the way.
- Extend R&D taxes. Schmidt wants more emphasis on our knowledge base: “The decision by Congress to double science funding last year was a big step in the right direction. Now we need to extend the R&D tax credit so businesses can confidently invest in their future.”
- More government support for broadband is critical. “Government-funded research should be made public through “a Wikipedia of ideas,” so entrepreneurs can harness ideas commercially.”
- Let me hire foreigners. Eric requests to hang on to talented people: “The best and brightest from around the world come to study at U.S. universities. After graduation, they are forced to leave because they can’t get visas. It’s ridiculous.
In conclusion in his letter the searching giant’s CEO lays out what he thinks should be done in order to fight the high unemployment rate, the lack of innovation which is also known as the “innovation deficit” and more. He believes we have everything we need in order to climb out of this downhill, and that information and innovation are the keys to success.
Omer Shachnai
The CEO Game.
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