“We’ve got to become a start-up nation again,” says former Cisco CEO

Although the tax reform has created a friendlier environment for start-ups, regulations need to be pared down in order for the U.S. to stay competitive, said John Chambers, former Cisco CEO.

“I give not bad marks to Congress in addition to the administration in terms of beginning to get a better tax environment, however we’ve got to move faster on regulations,” Chambers said on CNBC’s Squawk Alley. “We’ve got to become a start-up nation again.”

Although the money for tech investment will be there, Chambers said, the rate of start-up creation will be not high enough at 0 for the year. “We need 300 to 400, maybe even 500, to generate the jobs we need within the future,” he said.

The landscape will be ripe for tech start-ups, according to Chambers, as traditional companies will need to adapt. “If they don’t reinvent themselves over the next several years, they will get left behind,” he said. “So, I think every boardroom within the U.S. should be looking at who are the disruptors.”

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