Contributed by: Show Editorial Team
Steve Case says financial backing is moving away from just startups on the coasts
Steve Case, the founder of AOL and now the CEO of the Revolution investment firm, is particularly focused on the changing landscape of venture capital.
“It’s historically gone to places like Silicon Valley, and now it’s starting to broaden to places around the country,” Case told Matt Bird, host of the Traders Network Show, at the 2019 Greenwich Economic Forum.
Case said in 2018, 75% of venture capital money went to three states: California, New York and Massachusetts.
“We are starting to see other states like Ohio, Michigan, Illinois, Virginia and others are rising up,” Case said. “And that will ultimately lead to more investment opportunities and also lead to more jobs in those places, which we think will help unite the country.”
Case said public-private partnerships can help bring about this shift. He pointed to work he has done with both the Obama and Trump administrations to help entrepreneurs. For instance, he helped Obama pass The JOBS (Jumpstart Our Business Startups) Act, which made it easier to raise capital, and he worked with Trump to create opportunity zones and tax advantages to bolster businesses in various cities.
“We try to back the best entrepreneurs anywhere in the country, not just on the coasts,” Case said. “[We’re] trying to create some of the breakout successes of tomorrow.”
(Written by Andrew Waite; Editing and revisions by Nicole Liddy)