Search engine giant Google, which has been at centre stage for its anti-competitive strategies, the company’s CEO has made a bold statement about “competition” and its “side-effects” at a recently held conference in Beverly Hills.
The US Department of Justice has accused Google of stifling competition in the search engine market by paying “enormous sums”. The Department of Justice accused Google of anti-competitive practices for paying large sums of money to major tech companies in order to maintain its dominance in the search engine market.
But Google CEO Pichai also thinks that “thinking about competition” is the worst thing a company can do for itself. “I have always held the view that you tend to go wrong by focusing too much on competition,” Pichai said. “Big companies, particularly, fail because they stumble internally,” the CEO said at the Code Conference.
Pichai added that almost every business spends more time worrying about the competition than it should. As a result, they spend less time on the things that matter.
Pichai did not mean that one should never look at what your competition is doing. He’s not suggesting that your competition is never a threat at all. The Indian-American CEO is suggesting that you’re more likely to fail because of what’s happening inside your company, not because of what’s happening outside.
“You want to be aware of everything that is going outside,” Pichai continued. “But at the end of the day, your success depends on your execution.”
“Competition comes from nowhere,” said Pichai. “You know, none of us were talking about TikTok three years ago”.
TikTok, a famous Chinese video platform, has skyrocketed to become one of the world’s most popular apps.
Google’s parent company Alphabet Inc has faced a significant decline in its stock price in the past year as the recent economic slowdown has hit many tch firms’ advertising-based income. Alphabet also missed its earnings and revenue estimates in the second quarter of 2022.
Google, one of the biggest employers in technology, is therefore tightening its belt. Recently Pichai hinted at possible layoffs in the company as he wants to make the company 20% more efficient after years of rapid hiring.
“We want to make sure as a company when you have fewer resources than before, you are prioritizing all the right things to be working on and your employees are really productive that they can actually have an impact on the things they’re working on so that’s what we are spending our time on,” he said
Download The Mint News App to get Daily Market Updates & Live Business News.
