AOL Founder Brings Bus Tour, And Money, To Philadelphia
By KYW tech editor Ian Bush
PHILADELPHIA (CBS) -- In the 90s, he helped millions of us get on the Internet. These days, one of the founders of America Online is concentrating on getting startups off the ground. Steve Case is planning a stop in Philadelphia as part of his investor's bus tour, and he's bringing a pile of cash with him.
A million bucks is up for grabs in this 10-city 'Rise of the Rest' trip.
"Each winner in each city will get a $100,000 investment from me personally," says Steve Case, CEO of Revolution, an investment firm.
But more than the money, Case says it's about moving the tech-scene spotlight from Silicon Valley to places like Philadelphia, where more attention is deserved and needed to allow entrepreneurs to grow and have a broader economic impact.
"We really do believe Philadelphia is the rising startup scene. What's happening in Philadelphia -- the momentum that's been building over the past decade -- is impressive, and I think that will continue," Case says. "Our goal with the tour is to do what we can to throw a little kerosene on the fire."
What's he looking for?
"Big ideas, ideas that can improve people's lives, change the world, and have a broad impact," Case explains. "Also, a great team -- not just the founder, but the team around the founder. We think entrepreneurship is a team sport. Some evidence that the product or service they're developing really is striking a chord with the market. And in many cases, maybe they've established partnerships that can help accelerate their growth -- we think partnerships will be increasingly important for companies in the future. We want a diverse mix of ideas from a diverse mix of entrepreneurs that really showcase the best of Philadelphia and we'll do what we can to tell that story to the rest of the world."
That's key to Case's vision on this trip: generating buzz from investors who typically spend the bulk of their cash on tech ideas out of California, New York, or Massachusetts.
"Last year, 75 percent of venture capital went to those states," Case says. "The other 47 states, including Pennsylvania, were fighting over the other 25 percent. We don't want to have all our eggs in a few baskets; we want to have entrepreneurship alive and well across the nation."
Case invites your startup to apply at riseoftherest.com for the September 29th pitch competition in Philadelphia.
