A $19 trillion ‘virtual revolution’ is coming and america is lagging: Cisco’s Chambers

John Chambers, executive chairman of Cisco, speaks to CNBC's Nancy Hungerford on stage at the Viva Technology event in Paris on Thursday, June 30.

the world is going through a newvirtual revolution” that might have 10 instances the monetary effect that the internet had, including $19 trillion to the global financial system, but the U.S. is getting left behind, thegovernment chairman of Cisco warned Thursday.

throughout a CNBC-hosted session on the Viva technology convention in Paris, John Chambers outlinedhow nations including Israel, India and France are leading the way in digitizing their countries, but the U.S. has no sport plan.

if you watch, the essential alternate that now’s happening in all society, the records age which went from 1990 to 2010, the U.S. changed into a key beneficiary of that, President Clinton rode it quite effectively with GDP increase, activity advent. you’re now approximately to see a virtual revolution with 5 to ten instancesthe effect of the internet today,” Chambers said.

“And so you are going to see every u . s ., each metropolis, each country, every organization no mattersize, each home…and with a purpose to completely transform society. The financial advantages (are) likely$19 trillion and what surprised me is truly we see governments main on this rather than enterprise and France is at the forefront of that.”

John Chambers, government chairman of Cisco, speaks to CNBC’s Nancy Hungerford on degree at the Vivaera occasion in Paris on Thursday, June 30.
Arjun Kharpal | CNBC
John Chambers, govt chairman of Cisco, speaks to CNBC’s Nancy Hungerford on stage on the Vivatechnology event in Paris on Thursday, June 30.
Chambers stated that even as international locations are changing, the U.S. is “the handiest u . s . a . in the global who does now not have a digital plan for the country.”

below high Minister Narendra Modi, India has been on a force to modernize its economy and produce net toa wider range of citizens. last 12 months, the authorities released the digital India initiative to enhance theunited states‘s online infrastructure. India has additionally managed to reproduce some fantastically valuedbeginu.s.including Uber rival Ola and e-commerce company Flipkart. remaining 12 months, Modi visited Silicon Valley to build more potent ties among america‘s largest tech hub and India.

Israel also has a burgeoning start-up scene in many areas of the us of a. And France has had somefantastic achievement nowadays with the likes of lengthy-distance ride sharing provider BlaBlaCar – that isworth over $1 billion. The French authorities has also been pushing a brand new virtual invoice throughparliament which targets to introduce laws to reproduce extra start-ups.

subsequent Apple from Europe?

Chambers made a bold name on France, saying that it is able to become the top tech hub in Europe.
“The start-up network is going to blow up in France and France will become the begin-up capital of Europe,” the Cisco chairman said, including that his employer will appearance to accumulate companies from France.

at the same time as ecu unicorns – tech firms valued at over $1 billion – had been on the upward thrust, the valuations have fallen a ways in the back of the united states of americawith companies unable to command valuations of tens or masses of tens of millions of bucks. but Chambers said this would tradewith the place probable to provide the next Apple or facebook.

“It was on every occasion they (tech businesses) got here over to the U.S. to look what we’re doing, the tech companies may want to come to the U.S. for advertising understanding, for undertakinginvestmenthowever you’ll see unbelievable ideas arise at a faster pace around the sector,” Chambersstated.