Millennium Post

Indian entrepreneurs can build next Google: Schmidt

In an essay written for the book Reimagining India: Unlocking The Potential of Asia's Next Superpower edited by global consulting firm McKinsey, Schmidt dubbed India 'an Internet laggard' saying he feels Internet in the country today is like where it was in America in about 1994 — four years before Google was even born.

He said India must increase its Internet penetration across towns and cities, a move that will have a positive impact on its economy and society.

The former Google CEO said he witnessed the creative potential of India's people all around him in Silicon Valley where India-born entrepreneurs account for 40 per cent of start-ups.

'Just think what will happen when India's entrepreneurial innovators are able to create great global companies without leaving their country. They will change the world. Hundreds of large firms focused on the Internet will be founded and will succeed by focusing purely on Indian consumers, Indian taste, Indian style, Indian sports.

'Can anyone of those companies ultimately become the next Google? Of course.'

'That may not happen for quite a few years. But if India plays its cards right, we will soon see Indian engineers and small businesses tackling Indian problems first, then exporting the solutions that work best,' Schmidt said.

With a total population of 1.2 billion, India has over 600 million mobile-phone users but only about 150 million people regularly connect to the Internet.

In 2011, India's Internet penetration rate was 11 per cent, 'far below' that of developed nations where penetration rates average 70 per cent.

India's Internet penetration rate is less than a third of China's penetration ratio of 38 per cent and less than half of those in developing countries, which average 24 per cent.

'By any reasonable definition, India is an Internet laggard... In spite of its well deserved reputation as one of the world's leading IT and software development hubs, India is far from being the connected society many foreigners imagine,' Schmidt said.
Next Story
Share it