Peter Thiel – known for his investments in Paypal, Facebook, AirBnB and Palantir – spoke in Saudi Arabia about his strong views on the topic of ‘the future of tech’ this week.
He believes tech will increasingly be created outside the US and California has lost their monopoly.
This reinforces the views we have long held here at Cooper & Co that while California led the way for decades and wrote the tech startup playbook initially, in the future global tech startup formation will increasingly align with population distribution that has education, capital and a thriving local tech startup ecosystem.
Asia is the world’s largest population region and has many of the fastest growing economies in the world.
Old innovation ecosystem models are broken, it is time to realise the open models based around startups (particularly scalable global product based tech startups) are the key to our future.
The above diagram by StartupCommons summarises the change in focus at a macro level, we also need to look at the basics of our cultural approach to select digital natives from diverse global backgrounds to represent our interests. Run your eye over most of our nation’s government and industry bodies and the focus and representation is a woeful, old, monoculture with computing science degrees a rarity and real recent internet entrepreneurship dangerously absent, they are similarly rarely constituted of independent non-aligned experts with fresh experience.
If these people can’t serve real customers ever let alone recently (in the last decade) how can they serve our society?
This path forward is so obvious other nations have ‘productised’ the right approach in order to give (and sell) to the world.
Read the full (non country specific) report from StartupCommons here.