I'm guessing it will be a little bit more than what we saw 20 years ago, because that was the emergence of a technology that started with very limited use. So I mentioned when we got started, only 3% of people were connected. It'll capital being invested in it, our first round of capital for AOL was $1,000,000,. Because crypto kind of came on the scene so quickly and the amount of capital that's been invested in a number of people who've been investing in it is so much broader. And there have been now these challenges and setbacks, including what's happened, obviously with FTX.
He is one of America’s most renowned and accomplished entrepreneurs and helped make the internet what it is today. Steve Case’s entrepreneurial journey began in 1985 when he co-founded America Online (AOL), the largest internet-access subscription service company in the United States. He stepped down as CEO of AOL in 2000 after negotiating the largest merger in business history. He has an immense passion and appreciation for business, helping start several companies since leaving AOL. Steve has also helped shape government policy regarding issues relating to entrepreneurship and supports legislation that catalyzes startup ecosystems. One of his exploits is Revolution, where he serves as the Chairman and CEO. Revolution is a company focused on investing in the next generation of founders and helping startups grow. In our conversation, we talk broadly about innovation in America, his book Rise of the Rest, and the power of government policy. Learn about his professional background and journey at AOL, his achievements after leaving AOL, and why innovation is fundamental for the future of America. We also unpack the current thinking around government policy concerning crypto and tech, how he thinks the government will handle it, and what policy reforms to expect in the future. Hear about his company Revolution and how the company is helping drive and support entrepreneurial spirit in the country. We also discuss why he thinks entrepreneurs are vital, the value of research toward innovation, why Steve thinks you should be optimistic for the future of America, and much more.
Key Points From This Episode:
- A brief background about Steve’s professional career journey at AOL.
- Whether the market bust of 2020 was caused by the collapse of tech stocks.
- Find out why the business model of AOL was daring in the early days.
- How Steve got involved in helping shape government tech policies.
- His opinion regarding government policy in the tech sector.
- Whether government policy will encourage innovation within tech and crypto.
- Learn how innovation can be the greatest leveler of opportunity and success.
- We discuss Revolution and his motivation for starting the company.
- Discover details about his book and the insight it provides readers.
- Steve outlines some of the companies in the Revolution growth portfolio.
- We unpack the shift toward passive investing that has occurred in recent years.
- Steve shares what he thinks will be the long-term trend in investment of capital.
- We discuss and compare private and public markets.
- Reasons for the brain drain and the concentration of capital in a handful of cities.
- The innovation that is happening around the country and why this is good.
- Learn about an interesting new application to help you invest properly.
- Where the biggest inefficiencies are concerning the various stages of venture capital.
- Differences in terms of companies needing assistance concerning fixed assets.
- Hear why you should be positive for the future of business in America.
