Eric Schmidt's Biggest Regret? Not Seeing The Potential of Social Media

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Google chairman Eric Schmidt has said his biggest regret whilst at the helm of the Internet giant was not fully anticipating the rise of social networking.

In a frank interview with Bloomberg TV, he admitted it was a mistake the firm was not likely to repeat again. In the short video interview he also predicted how 2014 would pan out, suggesting mobile would become increasingly prominent.

Google launched its own social networking site Google+ in 2011 and whilst the platform has exploded in popularity as of late - no doubt helped by people including Schmidt himself suggesting authorship, tied in with Google+, would be a vital SEO tool in terms of getting content to rank well in the SERPs in the future - Facebook is certainly the dominant social site.

This is helped in no small part by a seven year head start over its rival. Facebook was founded in 2004 and can now boast over a billion users. Google+ has 540 million monthly users according to the firm itself, making it the second most popular social networking site.

Google's former CEO and current executive chairman, Eric Schmidt said: "I guess, in our defence, we were busy working on many other things, but we should have been in that area and I take responsibility for that."

In the Ask a Billionaire interview, Schmidt also laid out his predictions on the increasing emphasis on smartphone use.

He said: "The trend has been that mobile was winning, it's now won.

"There are more tablets and phones being sold than personal computers, people are moving to this new architecture very fast."

Big data and machine intelligence were just some of the other topics he touched upon during the Bloomberg TV interview.

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