22 Jul '12, 9am

Peter Thiel Says Google’s Not Really a Tech Company

Peter Thiel has long argued that technological innovation has slowed and that this slowdown is behind today’s economic ills. He is no crank . He co-founded PayPal and other successful companies and then became a venture capitalist, investing early and very profitably in Facebook. As you may imagine, technology executives take exception to his theory. Eric Schmidt, the executive chairman of Google, debated Thiel on Monday, at an Aspen, Colorado event sponsored by Fortune magazine. Thiel landed a good one by zeroing in on Google’s own investment policy, which he said was essentially to put its cash under the mattress: Google is a great company. It has 30,000 people, or 20,000, whatever the number is. They have pretty safe jobs. On the other hand, Google also has 30, 40, 50 billion in cash. It has no idea how to invest that money in technology effectively. So, it prefers gett...

Full article: http://spectrum.ieee.org/tech-talk/at-work/innovation/pet...

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Peter Thiel Says Google’s Not Really a Tech Com...

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Peter Thiel has long argued that technological innovation has slowed and that this slowdown is behind today’s economic ill...

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