Startups Wouldn’t Be The Same Without Corporate Giants
I read with interest Jeff Immelt's spirited response to Sen. Bernie Sanders putting GE on his hit-list of big…fortune.com
I came across this article last night, and after reading through it a couple of times, I thought I should share some of the observations that I found most intriguing.
To be clear, I’m not trying to start any political arguments, simply making an observation. It seems Bernie has painted a very negative picture of the corporate giants in America, and they are quickly becoming the blame of many people’s frustrations with the American economy. Now, are there some companies that do shady things and dodge taxes like Bernie is talking about? Yes. And should they be held accountable for their actions? Absolutely. But you can’t classify the actions of a few to label the many.
After reading this, I agree with many points of Verizon’s CEO, Lowell McAdam. With my experience being patched in to the startup community and seeing the funding process it takes to create these companies, I can directly see the innovations that these large corporations foster in the American economy. Without the funding of these companies, many of the advances in technology and other industries through startups wouldn’t be possible at the scale we are growing today. For instance, since April of last year, GE’s venture arm, GE Ventures, invested over $800 million in venture funding for startups from Series A all the way to Series F. And GE is just one of the many along side other giants like Google, IBM, Dell, and Microsoft that all have venture arms. In fact, in 2014, corporate venture arms invested $5.4 billion in 775 investments to startups. So when people try to blame corporations for issues in the economy, I sometimes wonder how aware they are of the involvement these companies have in directly growing the many ideas and startups into vehicles that can enact great change for not only America, but the world economy and its people.
And beside the fact of funding for innovative companies, there are also many programs that these large corporations do to help the community and the American people. So to conclude, yes there are bad corporations out there but there are also plenty that are doing amazing things. And there are great people out there doing incredible things to better the lives of the people of the world. Be one of those people. If we can all work together as a collective force driving innovation and growth amongst ourselves as individuals, as companies, and as a country… We can accomplish the unthinkable.