2 years after launching a fund to invest in startups in underserved areas of the United States, AOL creator Steve Case is doubling down Under30Summit
in 2014 amid growing realization that the boom in high-paid tech jobs was benefiting a cluster of cities on both coast—and doing little to help cities and rural communities in between.
“Being someone from a small community, I understand that many times the dreams are the same whether you’re in the Midwest or you’re in Appalachia, which is where I grew up,” says Intuit chairman and former CEO Brad Smith, one of the fund’s new backers. “And the talent is also equally distributed. But unfortunately, the job opportunities are not,” Smith says.
The benefits of investing in companies away from Silicon Valley’s superheated competition and valuations are obvious, several investors said. “Costs at these companies, and costs for talent specifically, tend to be a lot lower,” says Battery Ventures partner Chelsea Stoner.
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