Bill Gates doesn't mind the silliness or the potential bankruptcy of some companies in Silicon Valley, TechCrunch reported.
In an interview with Rolling Stone on various topics that included the criticisms against Silicon Valley, government surveillance and financial inequality, among others, the Microsoft Founder said, "Innovation in California is at its absolute peak right now. Sure, half of the companies are silly, and you know two-thirds of them are going to go bankrupt, but the dozen or so ideas that emerge out of that are going to be really important."
Silicon Valley has been under fire lately for the focus of its investments. An article written by Yiren Leu in the New York Times entitled "Silicon Valley's Youth Problem" criticized investors in the Valley for letting their most brilliant individuals focus only on finding solutions to the issues faced by yuppies, the report said.
Yiren Leu had asked, "Why do these smart, quantitatively trained engineers, who could help cure cancer or fix healthcare.gov, want to work for a sexting app?"
TechCrunch reported that a lot of the firms that are now creating the most impact were initially geared for the enjoyment of the more well-off audience. For example, Facebook was formed to allow students in Ivy League colleges to share their pictures. Now, the social media site is used for more meaningful pursuits, such as increasing voter turnout during elections, encouraging organ donation and improving access to broadband connection in developing countries, the reported said.
Gates, however, didn't mince words about Edward Snowden. When asked if the former NSA contractor was a "hero," Gates replied, "I think he broke the law, so I certainly wouldn't characterize him as a hero."
For Gates, it was technology that enabled people to get out of the poverty that became the standard way of life before the 1700. He said, "Innovation is the real driver of progress."
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