To Steve Case, the former CEO of America Online, venture capital should be doing much more than merely supporting startups that create jobs and innovations. To him, that’s the least of it. He actually thinks venture capital can bring together a divided country. Case made his remarks at the Concordia Annual Summit, where I interviewed him onstage.
Helping to heal the country sounds like a tall order for an industry that is famously coastal and pours its money into startups led by young white males, often to the exclusion of women and people of color. Some 79 percent of venture capital goes to just three states: California, New York, and Massachusetts. Eighty-three percent of it goes to all-male teams; about one percent goes to African-Americans.
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Story excerpt provided by Inc.
Written by Kimberly Weisul.
Originally published September 25, 2019.