Indian entrepreneurs have the potential to build the next Google: Eric Schmidt
Entrepreneurs in India have the potential to build the next Google even though the country is a laggard when it comes to internet and online connectivity today is like what it was in the US in the early 90s, according to Eric Schmidt, executive chairman of Google.
In an essay written for the book 'Reimagining India: Unlocking The Potential of Asia's Next Superpower', Schmidt also said that India is capable of raising its internet penetration ratio to 60-70 per cent within the next 5-10 years, a PTI report said quoting the book.
To achieve this objective, India must increase internet penetration across towns and cities and make sure millions of its people access it, he said.
Schmidt, who held the CEO's role at Google from 2001-2011, also feels that Indian entrepreneurs are capable of bringing a drastic change in the world by creating global internet without leaving their country. In his view, such firms can be founded and succeed by focusing purely on Indian consumers, Indian taste, Indian style and Indian sports.
According to a report by the Internet and Mobile Association of India (IAMAI) and IMRB International, the number of internet users in India reached 205 million in October this year, registering a Y-o-Y growth of 40 per cent over last year.
The number is now expected to reach 213 million by the end of this year. The study, named I-Cube 2013, also said that India will have 243 million internet users by June 2014. It means that by that time, India will overtake the US as the second-largest internet base in the world. China currently leads with more than 300 million internet users, while the US has 207 million.