AOL co-founder Steve Case is leading a venture capital ‘revolution’ beyond Silicon Valley
Stever Case, AOL’s co-founder, talks about his new book titled ‘The Rise of the Rest. It highlights America’s new startup hubs via ‘The Claman Countdown.
Steve Case, co-founder of America Online, has been traveling the U.S. for nearly a decade on bus tours, visiting places outside of the tech-centric hubs. He is looking for innovators and entrepreneurs through Revolution, his D.C.-based investment company.
He discovered a lot. He found so many that he had to recruit other business leaders. His book, “The Rise of the Rest” is a story about how entrepreneurs in surprising places are creating the American dream.
Steve Case, co-founder of AOL, is leading the charge to invest in start ups beyond the coasts. (Revolution)
Revolution launched two $150M Rise of the Rest Seed Funds in order to invest in seed stage businesses between the coasts. The first $150M fund was launched in 2017, the second in 2019. An investor group supports the funds, executives and founders. This includes Ray Dalio (Jeff Bezos), Ray Blakely, Sara Blakely and Henry Kravis.
The Rise of the Rest Seed Fund invested in over 200 companies so far in more than 100 cities.
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Case claims that he and his co-investors recognized a disconnect in capital distribution over the past decade. 75% of venture capital was drawn to only three states, New York, California and Massachusetts.
Steve Case, May 11, 2018, Louisville, Kentucky: “Rise of the Rest” bus stop.
Case stated that “first and foremost, we believe the best way of getting more capital to more people is to generate returns which really get the coastal investors paying attention to the cities in central America.” Case spoke to FOX Business.
He said that the mission also has a wider impact on creating more opportunities and jobs in cities throughout the country, which is something that the mission recognizes.
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Revolution’s bus tours were slowed down by the pandemic but it fed his desire to continue his mission.
Case claims that the pandemic was a catalyst to what he considers a tipping moment in terms of how people view remote work and flexibility. Venture capitalists also realized they could have met with entrepreneurs outside their backyards.
Steve Case awards funds to a startup located in Minneapolis, Minnesota during a bus tour called “Rise of the Rest”.
This new era of people being able to work from anywhere also has the potential to end the “brain drain” that occurs when skilled workers or entrepreneurs feel they need to leave their communities to be a part of a startup – which are essential for job creation in the U.S.
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Case claims that it is already happening in America, with entrepreneurs disrupting major industries from areas people might not expect. It makes Case optimistic about America’s future.
FOX Business was told by he that “there are a lot of things which divide us.” “This is a topic that can unify us: How can we keep our global leadership in innovation and entrepreneurship? How can we make it more inclusive? How can we make the next chapter of America’s history more inclusive? Through a pioneering spirit, and innovation.