The changing face of global tech and tech policy

The technology industry stands at an inflection point. The covid-19 pandemic has accelerated trends building for decades that have made technology vital to our work and personal lives. Yet this dynamic has resulted in consolidation of power into the hands of a small number of large, extremely influential companies. Whether in the US or India, in social media or cloud computing, tech’s “winner-take-all” economies of scale mean that decisions affecting billions are made by a few global tech giants.

Governments are not standing idly by as the market shifts. The Trump Administration has just filed an antitrust lawsuit against Google, while progressives hopeful of a Biden presidential win and a Democratic Senate following the November elections draft plans for tougher regulation of Big Tech. Europe is attempting to add taxes on the (largely non-EU US-based) tech giants operating there. Will today’s tech titans dominate the next generation of this ever-changing industry, or will new players gain the edge, either on their own or by government fiat?

Sumant Mandal, Managing Partner of March Capital, a 20-year veteran of tech venture capital and an active participant in the global tech ecosystem, and Global Counsel Chairman Peter Mandelson discussed the interplay of the tech industry and tech policy in a call for the March and Global Counsel networks. Sumant and Peter discussed:

• US-China competition and tech decoupling, particularly in light of the US elections.
• How US tech policy could change under a Biden administration, especially if the Senate also flips to Democratic control – and how the tech industry might react.
• Politicisation of tech M&A deals (TikTok, Nvidia/Arm/Softbank) appears to be an output of increased industry concentration. Is this a permanent fixture, and if so, how will it evolve?
• How will the next generation of technology – 5G, the Internet of Things, AI, etc. – evolve over the next 5-10 years, and what will be the interplay between the private sector and the government given the new scrutiny of the tech giants?