Indian entrepreneurs can build next Google: Eric Schmidt
India's entrepreneurial innovators have the potential to build the 'next Google' if the country 'plays its cards right' and ensures Internet access for millions, Google's executive chairman Eric Schmidt has said.world Updated: Nov 20, 2013 11:33 IST
India's entrepreneurial innovators have the potential to build the 'next Google' if the country 'plays its cards right' and ensures Internet access for millions of its citizens, Google's executive chairman Eric Schmidt has said.
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 % 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%, 'far below' that of developed nations where penetration rates average 70%.
India's Internet penetration rate is less than a third of China's penetration ratio of 38 % and less than half of those in developing countries, which average 24%.
'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.
The number of India's broadband users, 20 million, is even smaller, Schmidt said however adding that India is on the cusp of a connectivity revolution.
'I believe India has the chance to leapfrog its current connectivity challenges, bring Internet access to a majority of its citizens - and even raise its penetration ratio to 60 or 70 % within the next 5-10 years,' he said.