1 00:00:01,120 --> 00:00:12,120 Speaker 1: Podcast play down Taking a Walk with BLUs Night. Steve 2 00:00:12,240 --> 00:00:16,560 Speaker 1: Case a pioneer for our generation. I'm Buzznight, the host 3 00:00:16,560 --> 00:00:19,040 Speaker 1: of the Taking a Walk podcast and our guest today. 4 00:00:19,400 --> 00:00:23,280 Speaker 1: Went from founding his own lemonade juice stand to co 5 00:00:23,360 --> 00:00:28,200 Speaker 1: founding AOL. He's now chairman and CEO of Revolution LLC, 6 00:00:28,760 --> 00:00:32,479 Speaker 1: a DC based investment firm co founded in two thousand 7 00:00:32,520 --> 00:00:36,960 Speaker 1: and five which focuses on building built to last businesses. 8 00:00:37,360 --> 00:00:40,440 Speaker 1: He has a terrific new book, The Rise of the Rest, 9 00:00:40,760 --> 00:00:46,000 Speaker 1: How entrepreneurs and surprising places are building the new American Dream. 10 00:00:46,600 --> 00:00:49,839 Speaker 1: Welcome mister Case to Taking a Walk. It's great to 11 00:00:49,840 --> 00:00:52,840 Speaker 1: be with you. On previous episodes had Taken a Walk, 12 00:00:52,880 --> 00:00:56,800 Speaker 1: we had on the presidential historian Doris Kernz Goodwin, who 13 00:00:56,840 --> 00:01:00,880 Speaker 1: amazes our listeners with their optimism and challenging times. I 14 00:01:00,920 --> 00:01:03,720 Speaker 1: think when folks listen to you, they're also going to 15 00:01:03,760 --> 00:01:07,080 Speaker 1: be fueled by your optimism. Who shaped your sense of 16 00:01:07,120 --> 00:01:12,240 Speaker 1: optimism and building things that are central to people's lives? Well, 17 00:01:12,280 --> 00:01:14,080 Speaker 1: I think I have the opportunity to spell a lot 18 00:01:14,080 --> 00:01:16,800 Speaker 1: of time with entrepreneurs, and they're optimists. They have they 19 00:01:16,840 --> 00:01:20,600 Speaker 1: see a problem, but they focus on turning into an opportunity. 20 00:01:20,640 --> 00:01:22,920 Speaker 1: And that's what I've been doing for more than a 21 00:01:22,959 --> 00:01:26,560 Speaker 1: decade now, traveling around the country trying to find entrepreneurs 22 00:01:26,560 --> 00:01:28,480 Speaker 1: and cities that don't get a lot of attention, don't 23 00:01:28,520 --> 00:01:31,880 Speaker 1: have a lot of adventure capital, and really champion what 24 00:01:31,880 --> 00:01:35,000 Speaker 1: they're doing. And when you're doing that, spending most of 25 00:01:35,040 --> 00:01:38,320 Speaker 1: your day talking to entrepreneurs who are dreaming big dreams 26 00:01:38,319 --> 00:01:40,679 Speaker 1: and then not just dreaming it, but taking action to 27 00:01:40,720 --> 00:01:44,440 Speaker 1: build it, it's hard not to be optimistic. How exhilarating 28 00:01:44,520 --> 00:01:47,240 Speaker 1: for you was it writing this book and identifying these 29 00:01:47,520 --> 00:01:51,720 Speaker 1: US cities driving new innovation? It was very exciting. We 30 00:01:51,760 --> 00:01:53,920 Speaker 1: had spent a good part of the last decade traveling 31 00:01:53,960 --> 00:01:56,080 Speaker 1: around by a bus. We've been doing these bus tours 32 00:01:56,080 --> 00:01:59,920 Speaker 1: across America for visit over forty cities, and we now 33 00:02:00,040 --> 00:02:03,040 Speaker 1: investments in one hundred different cities. And I just realized 34 00:02:03,080 --> 00:02:06,080 Speaker 1: that there are amazing things happening in cities all across 35 00:02:06,160 --> 00:02:11,480 Speaker 1: the country. Atlanta, Detroit, Buffalo, Chicago, Richmond, you know, Chattanooga, Indianapolis, 36 00:02:11,480 --> 00:02:14,640 Speaker 1: all kinds of cities. But most people don't really understand that. 37 00:02:14,760 --> 00:02:16,840 Speaker 1: Of course, they know what's happening in Boston and where 38 00:02:16,880 --> 00:02:19,760 Speaker 1: you are in New York City or certainly San Francisco 39 00:02:19,919 --> 00:02:23,040 Speaker 1: Silicon Valley area, they get more attention, but the entreprenur 40 00:02:23,040 --> 00:02:25,160 Speaker 1: in the mill of country generally don't get much attention. 41 00:02:25,600 --> 00:02:28,560 Speaker 1: And so I realized it was a very optimistic story 42 00:02:28,600 --> 00:02:32,079 Speaker 1: about what's happening in these communities, how communities are being 43 00:02:32,120 --> 00:02:34,799 Speaker 1: renewed and by the new jobs that are being created. 44 00:02:35,560 --> 00:02:38,680 Speaker 1: And it's a hopeful story about the next chapter of America. 45 00:02:38,720 --> 00:02:41,200 Speaker 1: The American story is over the last two hundred fifty years, 46 00:02:41,240 --> 00:02:42,760 Speaker 1: and you're part of the reason where the leader of 47 00:02:42,760 --> 00:02:44,920 Speaker 1: the free world, we have the leading economy. That was 48 00:02:44,919 --> 00:02:48,440 Speaker 1: the work of entrepreneurs optimists who basically led the way 49 00:02:48,440 --> 00:02:50,920 Speaker 1: in the agricultural revolution, then led the way in the 50 00:02:50,919 --> 00:02:54,000 Speaker 1: Industrial Revolution, and thankfully more recently have led the way 51 00:02:54,040 --> 00:02:57,480 Speaker 1: in the technology revolution, the digital revolution. And we need 52 00:02:57,480 --> 00:02:59,160 Speaker 1: to continue to lead the way, and the best way 53 00:02:59,200 --> 00:03:01,720 Speaker 1: to do that, I think, is to be backing entrepreneurs everywhere. 54 00:03:02,440 --> 00:03:07,520 Speaker 1: Did anything surprise you about the regionalization of entrepreneurship. I 55 00:03:07,520 --> 00:03:09,679 Speaker 1: think the big surprise and it's again part of the 56 00:03:09,720 --> 00:03:11,440 Speaker 1: reason I even wrote the book is it's not just 57 00:03:11,520 --> 00:03:14,040 Speaker 1: one or two or three cities that are on the rise. 58 00:03:14,080 --> 00:03:17,520 Speaker 1: As startup hubs. It's dozens of cities, and it's not 59 00:03:17,639 --> 00:03:20,440 Speaker 1: just tech startups. It's the broad range of startups that 60 00:03:20,520 --> 00:03:24,079 Speaker 1: really are reimagining the food industry and the healthcare industry 61 00:03:24,280 --> 00:03:27,040 Speaker 1: and things like that. So it's much broader base in 62 00:03:27,120 --> 00:03:29,919 Speaker 1: terms of the kind of innovations that are happening, as 63 00:03:29,960 --> 00:03:33,040 Speaker 1: well as the dozens of cities where that innovation is 64 00:03:33,440 --> 00:03:36,680 Speaker 1: starting to starting to flourish. And that really was the surprise. 65 00:03:36,800 --> 00:03:39,200 Speaker 1: I think most people know there's a few cities that 66 00:03:39,200 --> 00:03:42,880 Speaker 1: are getting more momentum, but most people do not know 67 00:03:42,920 --> 00:03:45,920 Speaker 1: that there's a lot of things happening in dozens of cities. 68 00:03:45,960 --> 00:03:47,640 Speaker 1: So I think most people reading this book will be 69 00:03:47,680 --> 00:03:51,080 Speaker 1: surprised by the number of cities that are on the rise, 70 00:03:51,120 --> 00:03:53,640 Speaker 1: and will be surprised by the kind of entrepreneurs that 71 00:03:53,680 --> 00:03:57,080 Speaker 1: are really reimagining some of these important aspects of our 72 00:03:57,120 --> 00:04:00,480 Speaker 1: lives and the process disrupting some of the biggest industries 73 00:04:00,520 --> 00:04:03,960 Speaker 1: in the world. Let's talk about Detroit, an amazing one 74 00:04:04,000 --> 00:04:07,800 Speaker 1: that you highlight there, one of my favorites. How is 75 00:04:07,880 --> 00:04:10,800 Speaker 1: Detroit doing these days? As far as you can tell, 76 00:04:10,840 --> 00:04:13,920 Speaker 1: and maybe highlight a couple of things such as like Shinola, 77 00:04:14,400 --> 00:04:18,479 Speaker 1: that have been real gems there. Yeah, I was just 78 00:04:18,520 --> 00:04:20,320 Speaker 1: here a couple of weeks. The first stop on my 79 00:04:20,360 --> 00:04:24,239 Speaker 1: book tour actually was Detroit, and the Detroit story is amazing. 80 00:04:24,279 --> 00:04:27,119 Speaker 1: One hundred years ago, in many ways, Detroit was Silicon Valley, 81 00:04:27,240 --> 00:04:29,680 Speaker 1: was the most innovative city in the country when the car, 82 00:04:29,760 --> 00:04:32,279 Speaker 1: the automobile was the hot technology of the day, and 83 00:04:32,279 --> 00:04:34,479 Speaker 1: everybody wanted to move to Detroit and be part of 84 00:04:34,480 --> 00:04:38,000 Speaker 1: that automobile revolution. And then last half century it kind 85 00:04:38,000 --> 00:04:40,880 Speaker 1: of lost its mojo. It's kind of lost sixty percent 86 00:04:40,880 --> 00:04:43,440 Speaker 1: of its population. And the year before we arrived on 87 00:04:43,440 --> 00:04:45,520 Speaker 1: our Rise of rest Bus, which was about eight years ago, 88 00:04:45,760 --> 00:04:47,960 Speaker 1: the city of Detroit went bankrupt and it was you know, 89 00:04:48,000 --> 00:04:51,200 Speaker 1: the downtown area was frankly kind of dangerous. Now when 90 00:04:51,200 --> 00:04:52,880 Speaker 1: I was there a couple of weeks ago, it's booming. 91 00:04:53,360 --> 00:04:57,560 Speaker 1: The city is now filled with startups. You mentioned Shinola 92 00:04:57,640 --> 00:04:59,839 Speaker 1: as the company that we backed, another one stock X. 93 00:05:00,200 --> 00:05:03,160 Speaker 1: Now neither of those companies existed ten years ago. Both 94 00:05:03,200 --> 00:05:05,440 Speaker 1: of them now have more than a thousand employees, and 95 00:05:05,520 --> 00:05:08,400 Speaker 1: so you're just it shows you the power of these startups, 96 00:05:08,440 --> 00:05:11,039 Speaker 1: these new companies, not just to innovate in terms of 97 00:05:11,080 --> 00:05:15,400 Speaker 1: product and service, but also to really revitalize renew the 98 00:05:15,480 --> 00:05:18,960 Speaker 1: cities they're operating in by creating new companies that create 99 00:05:19,040 --> 00:05:22,680 Speaker 1: new jobs. So I'm very excited about the story of 100 00:05:22,720 --> 00:05:25,680 Speaker 1: what's now happening, so the renaissance of Detroit, and it's 101 00:05:25,720 --> 00:05:27,960 Speaker 1: a great example of a rise of the red city, 102 00:05:27,960 --> 00:05:30,000 Speaker 1: which is why I kicked off the book talking about 103 00:05:30,240 --> 00:05:33,120 Speaker 1: the story of Detroit, where, why it rose, why it fell, 104 00:05:33,160 --> 00:05:37,080 Speaker 1: and why it's rising again. What's the process at revolution 105 00:05:37,960 --> 00:05:41,080 Speaker 1: and how you vet for your seed fund for these 106 00:05:41,800 --> 00:05:45,719 Speaker 1: built to build to last and build to be great companies. Well, 107 00:05:45,760 --> 00:05:47,560 Speaker 1: we have different funds here. We have a growth fund 108 00:05:47,560 --> 00:05:49,920 Speaker 1: and a venture fund and a seed fund. Are growth fund, 109 00:05:49,960 --> 00:05:52,839 Speaker 1: for example, invested in one of the great Boston companies, Draftking, 110 00:05:52,880 --> 00:05:55,440 Speaker 1: which is scaled quite quite significantly. But in terms of 111 00:05:55,480 --> 00:05:58,000 Speaker 1: our seed funds, specifically our Rise of res seed fund, 112 00:05:58,600 --> 00:06:01,560 Speaker 1: we partner with regional venture capitalist. So the last decade, 113 00:06:01,680 --> 00:06:05,039 Speaker 1: fourteen hundred new venture firms that started in these rise 114 00:06:05,080 --> 00:06:07,560 Speaker 1: of rest cities. So I don't want to compete with them, 115 00:06:07,600 --> 00:06:09,760 Speaker 1: we want to partner with them. So we co invest 116 00:06:09,839 --> 00:06:13,040 Speaker 1: with them and they surface some of the best opportunities 117 00:06:13,040 --> 00:06:15,640 Speaker 1: in their cities, and our team identifies which ones are 118 00:06:15,640 --> 00:06:18,680 Speaker 1: the ones that really we think makes sense to invest in, 119 00:06:18,680 --> 00:06:20,920 Speaker 1: and then we work with those entrepreneur and those regional 120 00:06:20,920 --> 00:06:23,600 Speaker 1: investors to try to create a rise of the rest 121 00:06:23,640 --> 00:06:26,919 Speaker 1: network that helps everybody be more successful. What do you 122 00:06:26,960 --> 00:06:30,360 Speaker 1: make of the great resignation and quiet quitting? Is this 123 00:06:30,480 --> 00:06:33,919 Speaker 1: being sort of misrepresented in the press? Well, there's definitely 124 00:06:33,960 --> 00:06:36,240 Speaker 1: been some of it. I think the pandemic has been 125 00:06:36,240 --> 00:06:39,120 Speaker 1: a shake the snow globe moment for the world and 126 00:06:39,160 --> 00:06:40,640 Speaker 1: for a lot of people, a lot of families that 127 00:06:40,680 --> 00:06:42,560 Speaker 1: have kind of been rethinking how they want to live 128 00:06:42,600 --> 00:06:44,200 Speaker 1: and where they want to live and how they want 129 00:06:44,200 --> 00:06:47,600 Speaker 1: to work. And the advent of more remote options and 130 00:06:47,720 --> 00:06:50,800 Speaker 1: hybrid options I think creates a lot of flexibility that 131 00:06:50,800 --> 00:06:54,280 Speaker 1: didn't exist before. And some people did decide to do 132 00:06:54,320 --> 00:06:56,840 Speaker 1: something else. Some people actually decide to leave a big 133 00:06:56,880 --> 00:06:59,160 Speaker 1: city to go to a smaller city. Maybe they went 134 00:06:59,240 --> 00:07:02,000 Speaker 1: back to someplace they grew up or went to school at, 135 00:07:02,240 --> 00:07:06,080 Speaker 1: and so there has been a dispersion of talent. I 136 00:07:06,080 --> 00:07:08,520 Speaker 1: think that bodes well for these rides of rest cities 137 00:07:08,520 --> 00:07:11,680 Speaker 1: because it does get people more flexibility. But I think 138 00:07:11,680 --> 00:07:14,800 Speaker 1: we're now moving from the great resignation to the great resource. 139 00:07:14,880 --> 00:07:17,320 Speaker 1: Where As more and more people do rethink where they 140 00:07:17,400 --> 00:07:20,640 Speaker 1: want to live and how they want to work, I 141 00:07:20,680 --> 00:07:23,600 Speaker 1: think that will result in even a continued migration. So 142 00:07:23,720 --> 00:07:25,800 Speaker 1: some of these cities that have felt kind of left 143 00:07:25,800 --> 00:07:28,880 Speaker 1: out and left behind the innovation economy with somewhere else 144 00:07:28,920 --> 00:07:31,280 Speaker 1: it wasn't where they were, are starting to feel more 145 00:07:31,360 --> 00:07:35,440 Speaker 1: optimistic about the future. And hopefully this book will help 146 00:07:35,480 --> 00:07:37,600 Speaker 1: inspire more people to be part of that more build 147 00:07:37,600 --> 00:07:40,040 Speaker 1: this next chapter for America and do it in cities 148 00:07:40,040 --> 00:07:42,680 Speaker 1: all across the country. What did you learn when you 149 00:07:42,680 --> 00:07:46,400 Speaker 1: were at Procter and Gamble that still helps you today. Well, 150 00:07:46,480 --> 00:07:48,760 Speaker 1: that was my first job out of college over forty 151 00:07:48,840 --> 00:07:52,040 Speaker 1: years ago. There's a great company, and I enjoyed being 152 00:07:52,200 --> 00:07:54,800 Speaker 1: in Cincinnati where they were headquartered. I learned a lot 153 00:07:54,840 --> 00:07:57,280 Speaker 1: there about consumer research and so forth. The one thing 154 00:07:57,320 --> 00:07:59,680 Speaker 1: I particularly learned that certainly helped us in the early 155 00:07:59,760 --> 00:08:02,760 Speaker 1: days of AOL is when Procter Gamma launch a product, 156 00:08:02,800 --> 00:08:05,040 Speaker 1: they get people pre sampled, like a free sample of 157 00:08:05,040 --> 00:08:07,120 Speaker 1: a shampoo, with the idea that maybe they might try it, 158 00:08:07,320 --> 00:08:09,360 Speaker 1: like it, and buy the product, and then you might 159 00:08:09,400 --> 00:08:12,440 Speaker 1: recall with AOL, we were distributing our pre trial discs 160 00:08:12,480 --> 00:08:15,200 Speaker 1: fairly aggressively saying, you know, give us a try, We'll 161 00:08:15,400 --> 00:08:17,720 Speaker 1: let you have a month for free, and with the 162 00:08:17,720 --> 00:08:19,280 Speaker 1: hope that most of the people who tried it for 163 00:08:19,360 --> 00:08:24,320 Speaker 1: free would become paying subscribers, and that's what ended up happening. Well. Lastly, Steve, 164 00:08:24,360 --> 00:08:28,000 Speaker 1: if a lonely, struggling entrepreneur is looking for hope and 165 00:08:28,080 --> 00:08:31,960 Speaker 1: listening to this podcast, what advice would you give them? Well, 166 00:08:32,200 --> 00:08:34,240 Speaker 1: start by by reading this book, because I think it 167 00:08:34,360 --> 00:08:36,440 Speaker 1: is a roadmap in terms of how to build companies 168 00:08:36,480 --> 00:08:39,679 Speaker 1: that for this next wave of innovation. I'd also say, 169 00:08:39,679 --> 00:08:41,400 Speaker 1: if you have an idea, you see it problem you 170 00:08:41,440 --> 00:08:43,240 Speaker 1: want to solve, you think that could be turned into 171 00:08:43,280 --> 00:08:46,160 Speaker 1: a business opportunity, go do it, and go do it now, 172 00:08:46,240 --> 00:08:48,319 Speaker 1: and do it from wherever you are. You should shouldn't 173 00:08:48,320 --> 00:08:50,199 Speaker 1: feel like if you're not in Silicon Valley, you know 174 00:08:50,240 --> 00:08:52,360 Speaker 1: where most of the money historically has been and most 175 00:08:52,360 --> 00:08:54,760 Speaker 1: of the attention has been, you really don't have a shot. 176 00:08:54,800 --> 00:08:56,959 Speaker 1: You have a shot anywhere in the country now and 177 00:08:57,320 --> 00:08:59,400 Speaker 1: over the next decade that will accelerate. I think that 178 00:08:59,440 --> 00:09:02,760 Speaker 1: will result and a more inclusive innovation of commy. We'll 179 00:09:02,920 --> 00:09:05,920 Speaker 1: maximize the likelihood of America continue to lead the way 180 00:09:05,960 --> 00:09:08,360 Speaker 1: and also make it make sure that more people and 181 00:09:08,400 --> 00:09:11,280 Speaker 1: more places feel part of the future and are helping 182 00:09:11,320 --> 00:09:14,560 Speaker 1: to build the future. Steve, at this podcast project or 183 00:09:14,559 --> 00:09:16,839 Speaker 1: beyond that, we can help you with your Rise of 184 00:09:16,880 --> 00:09:19,560 Speaker 1: the Rest mission. Please reach out and thank you for 185 00:09:19,600 --> 00:09:22,559 Speaker 1: being on the Taking a Walk podcast. Thank you, Buzz 186 00:09:22,559 --> 00:09:25,640 Speaker 1: It's great being with you. Taking a Walk with Buzznight 187 00:09:26,040 --> 00:09:31,000 Speaker 1: is available on Spotify, Apple Podcasts, or wherever you get 188 00:09:31,040 --> 00:09:31,880 Speaker 1: your podcasts.