Schmidt: I ‘screwed up’ on social media

Google’s executive chairman Eric Schmidt admitted that he underestimated the impact of social networking services when he was CEO of Google, causing the company to miss out on “the friend thing,” MediaGuardian reported.
“In the online world you need to know who you are dealing with. I clearly knew that I had to do something and I failed to do it,” he said in a speech at AllThingsD’s D9 Conference in Rancho Palos Verdes, California.
“The CEO should take responsibility. I screwed up,” he said, according to Bloomberg.
The company plans to add more social media elements. It announced a new service, called “+1”, in March, which allows users to recommend web pages to friends and contacts, such as the “like” function on Facebook.
According to Schmidt, the consumer Internet is now dominated by four companies: Google, Facebook, Apple and Amazon. “We have never had four companies growing at the scale that those four are in aggregate,” he added.

Image: David Gadd/Allstar via MediaGuardian

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