By Nancy Dahlberg / ndahlberg@miamiherald.com
Seventy-five percent of venture capital last year went to California, New York and Massachusetts. When the other 47 states divide up just 25 percent, it deprives the nation from having a broader innovation economy, said technology pioneer Steve Case.
Furthermore, 85 percent goes to men, and just 15 percent to women. “That’s not right,” said Case, who co-founded AOL and now is leading a number of programs promoting entrepreneurship. “We are trying to level the playing field.”
Steve and Jean Case founded Rise of the Rest, to promote entrepreneurship in other hubs around the country as well as by women and under-represented minorities. They gave a feature presentation at South By Southwest Interactive Festival in Austin, Texas.
“I think there will be more opportunities for more entrepreneurs in more places in this third wave of entrepreneurship,” said Steve Case.
The reasons for diversity are rooted in economics. Harvard and McKinsey research shows diverse teams perform better and a lack of diversity limits ideas, said Jean Case, CEO of the Case Foundation. Half of all successful Kickstarter campaigns are run by women, yet women take just 15 percent of the venture capital.
New programs are popping up to increase diversity. Washington DC has an inclusive accelerator in 1776, and Village Capital is starting a national program, the Cases said.
Locally, PowerMoves has started a fellowship program for entrepreneurs of color, Black Tech Week is an annual conference and platform for events and programs throughout the year, and Babson College is opening a WIN (Women Innovating Now) LAB accelerator in Miami this fall.