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Google Inc. - Annual Meeting of Stockholders Transcript
Posted by: Henhill69 (IP Logged)
Date: August 19, 2013 01:55PM

Eric E. Schmidt

Executive Chairman
Thank you very much David and David will be joining us on stage in just little bit. I want to repeat my thanks to you all for coming.

We just love having you here. And I wanted to start by talking little bit about what were up to at Google and then we'll have Bernie and Joanna to do some demos and then Larry and I of course will take your questions and we are very much looking forward to that.

We are using a language inside the Google around Big Bets. This being driven I think primarily by Larry. So as we need to sort of aspire greater and I'll tell you that if you go back and look at nine years ago in the IPO, Larry and Sergey asked you as our perspective shareholders at the time to take the long-term deal, to place a big bet on our leadership and product division. And in many ways at that time, that's why I asked the folks who are here early back when, it was a leap of faith on your part, right? You believed us.

Now at the time, it's hard to imagine this now, but most people thought that search was a done deal when Google started working on the the problem nearly two decades ago Larry and Sergey started it at Standford and it's interesting that we forget that it was a same with Gmail right but email there was nothing new about email. I have never seen that. Who has got a new email it's always email solutions right, launching an email service was not an obvious choice for a search company, especially when we are offering 200 times more storage than the competition.

Today we have over 425 million Gmail users globally and the other services are in decline.

It shows you that you can enter a market with a big debt when everybody assumes there is nothing interesting going on, and you can do something that just works better and you can change the world. That's the way that Google likes to think about problems. Give another example, when Google brought Android, most people though Andrew Rubin was nuts, literally nuts. They believe that any attempt to align the mobile industry around open source operating system would fail.

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