If the American dream is to touch all communities — not just select ones in affluent areas like New York, Boston and Silicon Valley — then the venture capitalists who drive innovation in the economy need to be more intentional about where they invest, says Steve Case, the chairman, CEO and co-founder of the D.C. investment firm Revolution LLC.
In a fireside chat with David Rubenstein, the co-founder and co-chairman of The Carlyle Group, at the Economic Club of Washington, D.C., this week, Case reiterated what many in the audience already knew: that venture capital money flows disproportionately to companies founded by white men in a handful of major metropolitan markets.
But Case believes that a more diverse economy is a healthier economy, and he assured investors that there is money to be made investing in businesses owned by women and people of color in places like Detroit or Chattanooga, Tennessee, and other smaller markets that are emerging as innovation hubs in their own right.…
Read the full story from the Washington Business Journal.
