Marc Benioff: 'This is no new tech bubble'

The valuations of technology firms, some of which have run into the billions of dollars recently, are justified, according to the entrepreneur and philanthropist Marc Benioff.

Speaking to the BBC's technology correspondent Rory Cellan-Jones, the Salesforce founder said that there had "never been a time like this" for innovation in the technology industry.

That, he said, had convinced him that the valuations of firms such as Uber and Fitbit - which came in at $40bn (£25.5bn) and $4bn (£2.5bn), respectively - were not indicative of a second tech bubble.