Summers emphasized the importance of government support for the tech industry and expressed his views on antitrust actions against Big Tech.
Summers believed that the FTC and Justice Department’s approach to antitrust actions against Big Tech was “highly misguided” and that they should focus on encouraging competition rather than overregulating. He advocated for the use of consumer welfare as the standard for antitrust, aiming to produce lower prices for consumers through increased efficiency.
Furthermore, Summers stressed the significance of fostering startup growth and competition. He highlighted the role of startups in creating a competitive economy and encouraged their development.
Despite the recent downturn in venture funding, Summers advised startups to aggressively seek funding, even if the terms weren’t ideal. He suggested that startups should not be too selective when receiving funding offers.
Summers also touched on the future of the tech industry, predicting that it might not be as spectacular as the past 15 years but emphasized the industry’s enduring strength.
In a brief comment on TikTok, Summers expressed his bullish outlook on the app’s prospects despite regulatory challenges, noting that the political system was unlikely to ban something loved by millions of Americans.
Summers’ advice centered on the importance of government support for tech, encouraging competition, and being open to funding opportunities for startups.