For 65 years, the United States has counted on its digital tech industry to create amazing products and drive economic growth. For most of that time, the industry has exceeded expectations. Over the past decade, however, the tech industry has lost its way, with a culture, products and business models that have undermined democracy, public health and public safety.
Recent global events create an opportunity for the industry to reset and it is vitally important that it do so. America needs its technology industry to solve problems, not aggravate them. But we cannot expect the industry to transform itself without proper incentives, which must come from government and voters.
Today’s tech industry, much of which dates only to the early 2000s, has been allowed to operate with no regulatory constraints. Entrepreneurs and investors have focused their energy on growing as rapidly as possible to massive scale and profits, without consideration for community values such as consumer safety, democracy, public health and human autonomy.
