United States, Mody Mccrone, President Trump discussed on Recode Decode
Frogs are eight frogs, but what you said he in schools, you put a frog into a warm pot of water, and you slowly turn up the temperature. The frog cooks, if you put them into the bullying pot of water at the jump right out, the rest of the world is jumping out to a new level of innovation. They're setting Dacia goals of digitisation for their country. Doesn't matter if it's India with prime minister Mody mccrone in France, and they're setting startup innovation is a key plank and they address it from everything from immigration to how they remove regulation issues, and they're moving into speed much faster than the US and never. That I would see this happen in my lifetime. I understood the concepts of Silicon Valley at Texas and New York, and the challenges get into cross the country, but I never felt the US would lose his leadership this fast. So I think we've got to make it a national priority. We're the only country in the world without digitisation strategy. The only one I mean mccrone outland at the minute. He became president of France. Mody did three and a half years ago. They tied it to GDP growth job creation startups, and they are tripling and quadrupling the number of companies they had that we didn't. Why? Why is it that it didn't because it because the internet was started as you know, with by the federal government and it was tech has been largely unfettered from a regulatory point of view for most. It largely has that has. But. Ups and how difficult it is to become public, etc. And maybe even short term mentality of investors including VC's, there's no lack of investment. There's no, I'm not so sure I would agree. So just giving you the numbers, the US used to have ninety percent of the venture capital twenty years ago, ten years ago, eighty percent. Today's fifty percent. The number of PO's going public, new York Stock Exchange or NASDAQ. We'll be a little bit over two hundred this year up slightly from last two years in the mid nineties. When we created twenty four million jobs in eight years, there were seven hundred and fifty companies on public per year. So it needs to be a national policy and we need to drive it every other country in the world, their top government leaders and their political parties on both sides are focused on how do they digitize their country, understand the downside from it because it will destroy a lot of jobs how the education system has to change in startups and small companies getting bigger, we'll be, we're all. Job creation. How did that happen in the first place? I have some other thing having. What are your theories? Go ahead. Did there's there's five giant companies going down the highway, like semi trailers and nobody could get past them now because they're all they don't compete with each other. Really, I wouldn't say Amazon, Apple, Google, and Facebook or competing with each other at all. Practically, you know, they're sort of splitting up the pie in certain areas and that there's no room for startups to go around them in any way and and the government can't do anything about it because it's not not not Microsoft. Like in the old days, you can target one company that individually. They're all so dominant that there's no room for anybody else. And why would you go public? You know, in a lot of these places, that's the other part is they have all this cash and they don't have to go public and they can wait to go public. And why do it in the first place? Is there any benefit to it all kinds of reasons like that will the going in the reverse order. You're right that the number of companies are hesitant about going public, and there are a lot of reasons for that. I is. They can get the cash. On it. And the second is they don't have to put up shareholder activists quarter reporting. They can stay private for a longer period of time. Now, unfortunately, for that, the employee benefit as much and the average American investment start market, it's not benefit. So this is not in our best interest. But second, he don't let those numbers Gary FU. They're small compared to venture capital is down to fifty percent of the world's venture capitals here. NOW, OUR NUMBER of unicorns of.