TLDR:
- Big tech companies like Amazon, Apple, and Cisco rely on acquiring startups for innovation rather than developing technology in-house.
- Major technology advancements and innovations are happening in startups and small businesses rather than big tech corporations.
Tom Snyder, the executive director of RIoT, discusses in his article the importance of investment in innovation. He highlights how big tech companies like Amazon and Apple often acquire startups to bring new technologies to market, rather than developing them internally. For example, Amazon’s Alexa and Apple’s Siri both originated from acquisitions of startups working on voice assistant technology.
Snyder also shares his personal experiences working in major tech companies, where he found limited budgets for new technology development projects. He emphasizes the importance of investing in startups and small businesses for real technology innovation, rather than relying on big corporations with cost-cutting pressures.
He suggests that to achieve societal wins like curing cancer or solving climate change, more funding should go towards supporting technology startups. Small companies have the potential to create major technology innovations and high-paying jobs that benefit the local economy. Snyder advocates for economic policies that prioritize supporting small technology businesses to advance the economy for everyone.
