Gates Says Tech Can Help U S Out Of Recession

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Gates Says Tech Can Help U.S. Out Of Recession

By: Mike Sachoff
2009-05-22

Microsoft Chairman Bill Gates believes that technology can help lift the United States out of the recession and aid the globe's struggling markets.

"The drug companies will get back in high productivity mode. The software, IT revolution -- we're just at the start of that," said Gates at Microsoft's annual CEO Summit at the company's campus near Seattle.

"What we can do for education, communication, and what that looks like for the efficiencies of world markets, we are just at the beginning of that."

Gates made the remarks on Wednesday at the private event, and they were made public on Thursday.

"The opportunities for innovation are stronger today than ever," Gates told the audience, which included billionaire investor Warren Buffet, News Corp Chairman Rupert Murdoch and Amzon.com Chief Executive Jeff Bezos.

Microsoft Chief Executive Steve Ballmer was also optimistic stating that the business world is only "coming into halftime" of the Internet revolution.

"The VCs are pulling back," said Ballmer. "The seventh, eighth, and ninth copy of the idea won't get funded today, but most good propositions are still going to get funded. There's plenty of venture capital out there, relative to ideas."

He was also positive about research and development spending remaining strong.

"I don't know anybody in our industry actually who's cutting their R&D budget," said Ballmer. "I know people who are doing a lot of different things, but most people are not slashing their R&D budget."

View All Articles by Mike Sachoff

About the Author:
Mike is a staff writer for WebProNews. Visit WebProNews for the latest ebusiness news.


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