The US is entering a new era of global competition and it needs to invest much more in future generations, according to the boss of Snap Incorporated.
Evan Spiegel, whose firm developed the multimedia messaging app Snapchat which hit almost 250 million daily users in October, said the US faces a “century of strategic competition” from fast-growing economies like China.
Spiegel added, “This is not something we have confronted before…We’re likely to be on the verge of an American reinvention.” He said the US needed to think long-term to compete in the future.
Spiegel, who launched Snapchat while studying at Stanford University and became one of the world’s youngest billionaires at the age of 25, also said he would be “happy” to pay more taxes.
He feels that it was “inevitable” that Silicon Valley tech firms have grown in power due to the advent of the internet, and that it was “reasonable” for there to be increased regulatory scrutiny of tech giants.