Silicon Valley: Tom Siebel claims that its power and influence are declining

[bbc] Silicon Valley's place as a centre of innovation and a major force in the global economy is waning.

So says Tom Siebel, hi-tech veteran and founder of Siebel Systems.

"I think Silicon Valley has been toppled from its pedestal," he told BBC News. "I think information technology is much less important in the global picture today than it was even 10-20 years ago."

Mr Siebel makes his judgement based on his years and experience in the computer industry. His career began in the 1970s and he made his name while working at database giant Oracle.

From there he started Siebel Systems which specialised in software for large corporations and grew to employ 8,000 people. In 2005, he sold it to Oracle for $5.85bn (£3.9bn).

For him, the Valley has had an unparalleled effect on innovation.

"What happened in the information technology revolution in the last 20 years was very much about making the world a better place," he said.

"We have honestly applied information technology to change the way people work, the very fundamental nature of business processes, and the way people entertain themselves and communicate.

"Productivity levels are higher. People are healthier. People are happier. The world is a better place as a result of what happened here with information technology. It was a great privilege to be able to participate in that," said Mr Siebel.

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