Google’s Eric Schmidt admits Facebook failure

We are hearing alarming news from Google every day now.

It’s former CEO has admitted that he “screwed up” by failing to treat Facebook as a serious threat when he was in charge.

That comes as a surprise.

We are not talking about the surprise of top executives making errors–that is human albeit under-reported. We see the surprise in something else.

Google touted its image of a perpetual innovation machine with everyone coming up with great 20%-innovation-time projects. Now Schmidt says it was the responsibility of a bunch of mighty few to out-innovate Facebook.

What one of these two things is true? Both can’t be.