Former Microsoft CEO Bill Gates believes the struggling economy will be strongly aided once the IT industry begins to turn around, he said during a gathering of executives and public figure heads.

"The opportunities for innovation are stronger today than ever," Gates said during the Microsoft CEO summit.  "The drug companies will get back in high productivity mode.  The software, IT revolution -- we're just at the start of that.  What we can do for education, communication, and what that looks like for the efficiencies of world markets, we're just at the beginning of that."

Since officially retiring from his role at Microsoft, Gates has spent more time focusing on the Bill & Melinda Gates Foundation, though occasionally gives speeches and interviews discussing topics related to Microsoft, his foundation, or the computer industry.

The tech industry was one of the last major industries to suffer from the sluggish global economy, but companies such as Hewlett-Packard and Dell are now struggling as consumers cut back on shopping.  Microsoft itself is cutting 5,000 employees, though CEO Steve Ballmer said the internet revolution will continue -- and Microsoft will likely rehire some of the laid off employees.

There has been growing concern the venture capital (VC) money and research and development funds have dwindled, but Ballmer said both sources of funds are still managing in this economy.  Some companies are still cautiously investing money, as others continue to search for possible business ventures that make sense.

Microsoft also invests money into the tech market, and hopes to eventually see a boost in the economy, especially as the company prepares for the release of Windows 7.  Along with selling Windows 7 on store shelves, the company relies on retail partners to pre-load the OS before PCs and notebooks are sold to consumers.