Microsoft's Chief Research and Strategy Officer Craig Mundie said Tuesday that competitor Google owes its business in part to Microsoft and that his company is not concerned about losing its position as an innovator in the technology market to the search and advertising leader.

"If we didn't succeed at the PC, they wouldn't have a business," Mundie said of Google, in comments made via Webcast at the Goldman Sachs Technology Investment Symposium in Las Vegas on Tuesday.

He said Google was able to grow so quickly because it introduced a new business model for the Web at just the right time. "It wasn't that many years ago that Google didn't exist," Mundie said. But now that the industry and competitors like Microsoft are catching up to Google's online advertising strategy, "I don't think they can do anything we can't do," he said.

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Microsoft, Google, Craig Mundie, Business