ON CITIES: STEVE CASE ————————————
Internet Enabler: Cofounder, AOL; Venture Capital Disperser: Cofounder, Revolution
The story of American business over the last 100 years is a story about different sectors rising and falling (and often rising again, in unanticipated ways) in different regions of the country. When Detroit was an automobile powerhouse and Pittsburgh was the steel city, Silicon Valley was just fruit orchards. As the industrial revolution peaked and the technology revolution accelerated, the role of those places changed. Today 75% of venture capital still goes to three states (California, New York and Massachusetts); half goes to California alone. As we enter the internet’s third wave, where entrepreneurs will leverage technology to disrupt major real-world sectors — like health care, education, financial services — startups will increasingly move to cities where industry expertise exists. The opportunity to grow companies that spur job creation and economic growth holds great promise for I what I call these “Rise of the Rest” cities. This will lead to a more dispersed innovating economy, where jobs and wealth are created all across the country, not just on the coasts. We need to level the playing field so that everyone, everywhere, has a shot at the American dream.
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