According to Google boss Eric Schmidt, the UK is a world leader in the eCommerce space and says there’s no reason why the next billion-pound eCommerce or tech start-up could not originate in the UK.
Mr Schmidt is the executive chairman of Google’s parent company Alphabet and was discussing his feelings in a recent interview with the BBC.
He told them that the UK is “far ahead” of the US in the eCommerce market, saying that Britain has every aspect to the next hundred billion pound companies.
“You have the right regulatory environment. You’ve got the right role within [the European] continent. [Just] look at the eCommerce plays and service plays that are now happening in London.”
Schmidt was speaking about what it takes to launch a successful start-up that could be worth billions of dollars, stating that product quality was “the only thing that matters.”
“If you have three people and a vision, you should be able to raise funds from friends and family, crowd-funding and early venture groups,” he said.
Mr Schmidt was also full of praise for social media, and how it is possible to provide a genuine challenge to some of the more established names already out there using different platforms.
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