Amazon, Facebook, Google are limiting the rate of innovation

Elevation Partners Managing Director Roger McNamee on concerns over Amazon, Facebook and Google’s business practices on stifling entrepreneurs.

Big tech Opens a New Window.  is becoming a big problem, according Roger McNamee, an early investor in Facebook and mentor to CEO Mark Zuckerberg, who told FOX Business on Thursday regulation is merited for a healthy U.S. economy.

This comes as the European Union is reportedly planning to impose an $11 billion penalty on Google over abuse of market dominance, the Financial Times said.

But in McNamee’s opinion Amazon Opens a New Window. and Facebook should also face significant regulatory intervention.

“It’s really important that we have some threat of regulation because the companies have done a terrible job at self-regulation,” he said to Maria Bartiromo on “Mornings with Maria.” “They have been given all the room in the world and yet we’ve clearly seen one disaster after another.”

As a result, he said, regulators are appropriately worried that the entrepreneurial economy in the U.S. is being stifled.

“These guys are blocking the new startups from getting going-they are really limiting the rate of innovation in this country,” he said. “And that’s not the American way.”

By , Foxbusiness.com