Google's Schmidt: More US innovation needed

Google Chairman and CEO Eric Schmidt told the Economic Club of Washington that many US companies and industries will have to shift their focus and embrace a "new online lifestyle" in order to stay competitive. Many industries, including newspapers and music labels, have adapted slowly to the Internet, he said. The Internet will bring even more changes in the coming years, as users increasingly move from traditional to cloud computing, he predicted. Schmidt urged audience members to embrace competition and open systems. Control and exclusivity in business settings will be replaced by speed and innovation in coming years, he said.
http://www.infoworld.com/article/08/06/09/Googles_Schmidt_More_US_innova...