According to AOL co-founder Steve Case, three hotspots for amazing startup activity

Revolution’s Steve Case is accepting participants in the 2018 Startup Pitch Contest of the Rise of the Rest Initiative in Memphis, Tennessee.

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After eight road trips to the United States on a tour bus from venture company Revolution, AOL co-founder Steve Case noticed that it would take a little longer after the bus was off the road due to a pandemic.

Since 2014, the tour has stopped in cities other than the major tech hubs of San Francisco, New York and Boston as part of the Revolutions Rise of the Rest initiative. Stopping in places such as Harrisburg, Pennsylvania and Birmingham, Alabama, the company hosted a startup pitch contest and awarded the winners an investment grant. Revolution has also raised two seed funds totaling $ 300 million with the philosophy of driving innovation in these external cities by investing in new companies from scratch. Case says it’s an important path to creating more jobs, and there are hopes and opportunities in many places left behind.

The Cases initiative is currently investing in about 200 companies in 100 cities. With two postponements of his ninth road trip, the billionaire uses his time to tell the story of his new book, Rise of the Rest: How Entrepreneurs in Surprising Places are Building the New American Dream. I’ve changed. September. People will be amazed at how many iconic billion-dollar companies have sprung up and expanded in cities across the country over the next decade.

Here are three amazing spots that Case emphasizes, and some lessons to be learned from their rise.

Chattanooga, Tennessee

Chattanooga, Tennessee

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Chattanooga has become Silicon Valley for trucking as a result of the confluence of two supercharging factors: industry expertise and government policy, Case said. Decades ago, the city became the hub of the freight and logistics industry and home to hundreds of millions of dollars in revenue-generating companies such as the Kenco Group and Covenant Logistics. Pandemic-accelerated e-commerce has brought a pinch to the supply chain. Domain expertise built into Chattanoogas has spawned many logistics software companies. Revolution invested in the locally based Freight Waves after winning a pitch competition during the 2017 tour stop. According to PitchBook, the company, which provides freight market analysis, was finally worth $ 286 million after a round of venture capital and private equity finance last year.

The ability to develop state-of-the-art technology solutions for outdated industries was enhanced in Chattanooga with the 2010 deployment of high-speed broadband Internet. The city has built one of the fastest networks in the United States through a telecommunications provider owned by the municipality. More and more mayors recognize that economic development should be invested to attract tomorrow’s big companies, not to seduce them to open offices, call centers and factories.

Indianapolis, Indiana

Indianapolis, Indiana

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Approximately 10 years after Salesforce acquired local marketing software company ExactTarget for $ 2.5 billion, Indianapolis began to create a technology ecosystem, Case said. The city is one of Salesforce’s largest outposts, with more than 2,300 employees. As a result of that talent concentration, dozens of new companies have emerged, Case says. His fund supports 120Water, which creates software for the fishery industry, and Zylo, software manager. The same thing happened in Austin thanks to Dell and in Seattle thanks to Microsoft, Case said. Success creates success, and momentum creates momentum. Big event companies are a really big factor.

Northwestern Arkansas

Fayetteville, Arkansas

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Supported by investment from the Waltons, northwestern Arkansas has emerged as a regional economic hub. According to Case, the region is particularly focused on placemaking and is working together to build amenities and restaurants. The result is an influx of engineers and executives, including Phil Libin, co-founder and CEO of virtual conferencing software startup Mmhmm. However, Case argues that there is more to northwestern Arkansas than the movement of workers from Silicon Valley caused by a general pandemic.

The Cases Rise of the Rest fund has helped three startups in the region over the past year, including Acre Trader, a digital investment market for agricultural land launched in San Francisco before moving its headquarters to Fayetteville, Arkansas. I did. According to Case, the move reflects the rise of vertical software companies in non-traditional technology hubs that have strengths in older industries. Similar to Chattanooga’s logistics startups, companies like AcreTrader rely on agriculture, the state’s largest-generating industry. Unlike the original San Francisco location, the AcreTraders Arkansas location can earn the trust and trust of farmers, Case adds. Last month, startups raised Series B with a $ 300 million valuation, according to PitchBook. Other cities that may benefit from the same benefits include Baltimore and Cleveland for healthcare start-ups and Columbus for insurance technology.

People tend to see this in a simple way. Perhaps these cities are more attractive because of their lower living costs, Case says. Yes, there are aspects to it, but the fact that some of these companies are part of these cities has far more strategic benefits.

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