Silicon Valley venture capitalist Jim Breyer says China is the latest and greatest place to look for budding Internet companies. The billionaire investor estimates that within the next decade, at least half of the 10 to 20 best Internet firms will be created in China. Chinese Internet firms are more focused on turning a profit than Silicon Valley companies, Breyer says, where the emphasis remains mostly on technical achievements.
What’s the Big Idea?
While Breyer is likely to invest serious cash in China, he still believes the U.S. is where the top one percent of entrepreneurs—the Steve Jobs, Bill Gates and Jeff Bezos—will get their start. And because American technology firms have been able to scale their products, which many international firms have not, “the U.S. is still the best place to go in the world for the grand slam [return],” he says. Speaking on American technology firms, Breyer believes Microsoft will continue to innovate while being underestimated.