Steve Case first announced his plan to travel and showcase innovation in the middle of the U.S. with his "Rise of the Rest Road Trip" last month. The four-city tour will hit Detroit, Pittsburgh, Cincinnati and Nashville, and give a chance for startups to pitch a panel of judges who will pick a startup in each city to win a $100,000 investment from Case. The sessions will involve state governors, major investors and entrepreneurs and other leaders, all to highlight the growth of new ideas and startup cities most people don't think of. In an email interview, Case answered some questions about the tour and how it all came together. Check out the Q&A and the pre-tour video below. You can also follow along with the tour through its website.
Why these four cities in particular? Were others under consideration?
These four cities embody the Rise of the Rest. They have strong entrepreneurial traditions and incredible talent stemming from storied businesses and universities. But the truth is, these cities are just the tip of spear. Across America – from Las Vegas to Omaha, Miami to Denver – startup communities are gaining traction and showing resilience. We’re doing this tour to show entrepreneurs and startup community members in those places that we have their backs, that we share their vision and that they have our unwavering support.
What kind of companies are you looking to invest in? Any particular sectors you're hoping to see represented?
No particular sector holds sway. My bias is toward companies that are fundamentally altering the status quo in existing, multi-billion dollar industries. The key elements I’ll be looking for in the pitch competitions are the quality and passion of the entrepreneur, the viability of the product or service concept and the clarity of the vision behind it. My sincere hope is to fund startups that are swinging for the fences, and not merely playing on the periphery of the market they’re in.
What happens after the contests are over, will you be circling back to the cities again or plan to bring in Revolution into some of the investments?
Yes, we plan to bring the winning startups from each city back to Washington, D.C. to sit down with our team and have an opportunity to pitch for additional funding.
Why do you think these and other non-coastal cities are so often left out of the "innovative cities" lists that get made? What changes in that regard are you hoping to make with this tour?
It is easier and cheaper to start companies today. Entrepreneurs across the country are realizing they can start companies anywhere, versus feeling like they have to move someplace like Silicon Valley or New York. I think that is a good trend, yet the access to capital that these entrepreneurs need to scale and grow is not always available. That is why I'm excited to be hitting the road, to champion entrepreneurship, help build regional ecosystems, and find the next great companies.
You've talked about the rise of other cities in terms of innovation a lot before, do you anticipate a real turning point or critical mass soon?
It used to be that entrepreneurs had to board planes to seek out investors in faraway cities, now the investors are boarding planes (and buses) to seek out the entrepreneurs in cities like Detroit. Fifty years ago Detroit was Silicon Valley, and it lost its way. It’s making a comeback, particularly in the downtown area of the city where local startups are working to re-ignite the tech industry. Venture capitalists are recognizing the need to hit the road to find those next great startups and that is promising.
