Everything Steve Case said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Case: AOL Time Warner Merger Made Sense but Failed on Execution
“I always believe, still believe, the idea of the merger made sense. I think it really was the execution, particularly around people and culture, where things got rocky, and I was very frustrated that the company wasn't able to achieve the kind of vision that I…”
Case: The US will avoid Europe's mistake of over-regulating AI
“I think that we will not make the mistake I believe Europe is making, which Europe often makes, of over-regulating trying to make, be so careful about bad things happening, you don't allow the good things to happen, and we need to figure out a way to, you know…”
Steve Case: Silicon Valley startups are overvalued relative to regional startups
“In general, the companies in places like Silicon Valley, New York City, and Boston probably are a little overvalued because of the supply-demand dynamic, because most of the venture capital is based there, and most of the venture capitalists want to be able to…”
Case: Silicon Valley is overly insular and top returns will occur elsewhere
“Silicon Valley has gotten a little insular, sometimes a little cocky, and when I hear people say that essentially no breakout company, you know, no big, iconic, successful company can ever start outside of Silicon Valley, I think that's crazy, and so getting p…”
Case: States Trump won in 2016 received just 15% of venture capital
“When Donald Trump beat Hillary Clinton eight years ago he won 30 states. If you added up all the venture capital in all 30 states, it was 15%. The 20 states she won had 85%.”
Case: Revolution ignores market cycles when evaluating new venture investments
“So I don't really look at the market cycles, particularly when we're looking at making new investments.”
Steve Case: 75% of US venture capital goes to three states
“In the United States last year, according to the NVCA that tracks us, 75% of venture capital went to three states. You know, California, New York, and Massachusetts, 50%. Half of America's venture capital went to one state. California.”
Steve Case: A Startup CEO Must Act as a Morale Shock Absorber
“I always recognized, particularly as a leader, particularly as the CEO, that I had to be A little bit of a shock absorber for the company, and when everybody was talking about how great they were, remind them that super competitive market, and remind them that…”
Steve Case: Vision Without Execution Is Hallucination
“Vision without execution is hallucination. And so it's a reminder that vision is important, but execution is more important. And that comes down to people and priorities and creating that team dynamic.”
Steve Case: The internet would not exist without government intervention
“The internet wouldn't exist without the government. You know, it was the government 50 years ago that funded DARPA that created the internet. It was the government Through the judicial system that broke up the phone company, you know, Ma Bell, which unleashed …”
Case: Tech success has shifted from product building to navigating regulation
“And the early days was, can you build it? Now it's really much more, can you commercialize it? Can you break through. And for a growing number of companies, also, can you navigate some of the policy challenges, some of the regulatory issues in areas like healt…”
Case: In 1985, fewer than a dozen VC firms backed startups
“In the early days when we got started, and AOL was started, as you mentioned, in 1985, it was really, can you raise the money to get launched? And not that many people could. It was, there was only a handful of maybe less than a dozen venture capitalists back …”
Case: College services must sell to guilty parents, not cash-poor students
“You can't really sell to the students, because they don't have much money, and they prioritize beer. You have to sell to the parents who are missing their kids, love their kids, and maybe feeling a little guilty about, you know, things”
Case: AOL would not have started without government breaking up Ma Bell
“Where we started America Online AOL almost 40 years ago, that company would not have started if government hadn't taken some action, including, you know, breaking up Ma Bell to create innovation in the telecom space.”
Case: US tech hubs received just $500 million of $10 billion authorized
“Some of the Biden-Harris policies around what they call Build Back Better, some of the things around the Chips and Science Act, including funding tech hubs, ten billion dollars was authorized for that. Only five hundred million has been appropriated.”
Case: Best VCs help in key areas and stay out of daily operations
“And I think the best venture investors really focus on helping in a few areas and kind of staying out of the way in most aspects of running the company.”
Case: AOL went public at a $70M valuation before peaking at $160B
“We were the first internet company to go public in the 1992. We raised ten million dollars in our IPO. The market value that day was seventy million dollars. And seven, eight years later, when we were negotiating the merger with Time Warner, it had gone from s…”
Steve Case: Startup Breakthroughs Usually Take a Decade of Slog
“Far more often, it's a slog, and it's a decade before you kind of really break through, and through that experience, I now realize that, you know, a revolution sometimes happens in more evolutionary ways.”
Case: AOL Management Started with 0% Equity in 1985 Restart
“Essentially, management started with zero of the company, and the investors with a hundred percent.”
Steve Case: The killer app of the internet was always community
“We always believed that the killer app of the internet was people. Some thought it would be content, particularly the media companies. Some thought it would be commerce, particularly the retail companies. We thought content and commerce would be important, but…”
Case: AOL Carried About 50% of Internet Traffic at Its Peak
“Well, at the time it was more like 50%.”
Case: Rise of the Rest Has Invested in 200 Companies Across 100 Cities
“And we started this effort a decade ago when we launched Rise of the Rest, started doing, you know, bus tours around the country, then launched investment fund, which made now 200 investments in a hundred different, different cities in what we call Rise of the…”
Case: When AOL started, just 3% of people were online
“When we first started only three percent of people were online, and those three percent were online an average of one hour a week.”
Case: How AOL made unlimited pricing work through the law of averages
“When we went to unlimited use, yeah, there were some people using it all the time, and we lost money on them, and some people using it infrequently, and we made money on them, so it ends up being a law of the averages”