Former Google CEO Eric Schmidt listed the ‘3 big failures’ he sees in tech startups today

Business Insider UK summarises three key themes from Eric Schmidt’s speech at the Inaugural Centre for Entrepreneurs Annual Lecture on 27 November 2018. The former CEO of Google outlined three market failures holding back tech entrepreneurship today and urges tech startups to be more diverse, less product driven, and more willing to partner early.

  1. People stick to who and what they know: Schmidt urges companies to be open to bringing in people from other countries and backgrounds
  2. Too much focus on product and not on platforms: “There are a million e-commerce apps but not enough speciality platforms for safely sharing and analyzing data on homelessness, climate change or refugees,” Schmidt said during his speech.
  3. Companies aren’t partnering up early enough: During his speech Schmidt encourages tech firms to be ready to partner “fairly early.”

Schmidt also laid out what he views as the solution. He referred back to the Renaissance in Europe, saying people turned their hand to all sorts of disciplines.

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