Earlier in the day, executives from companies including Cisco Systems, NetFlix, Yahoo, and National Semiconductor conversed about innovation, the concept of a video-driven Web 3.0, and offshoring issues.

"I think we're about to see a growth of technology and innovation," in the next 10 years to rival the 1990s, said Charlie Giancarlo, senior vice president and chief development office at Cisco Systems and president of Cisco-Linksys. Innovation will be developed that replaces the need to travel while also providing capabilities when away from home. Interactions will be digitized, he said.

Web 3.0, meanwhile, will be about video on the Internet not only to rival but also surpass TV in terms of volume. "You'll have video all the time. You'll have the video Web," Hastings said. Homes will have an average of 10 megabits of connectivity, he said.

Internet-based TV will provide 300 million to 500 million channels, Hastings said. "That's the Web 3.0," he said. "We're still a couple years away."

The executives noted the surge in overseas technical education and griped about the limit on issuance of H1B visas, which currently is set at 65,000 per year. Although some jobs will go overseas, jobs actually will be created domestically because of technology, said Brian Halla, chairman and CEO of National Semiconductor.