THE FUTURE OF ENTREPRENEURSHIP: TAKEAWAYS FROM A STEVE CASE KEYNOTE

At The Idea Village, we were founded on the principle of supporting local startups and the big thinkers that power them. Part of this work is done through the tremendous support of our team and our Village of volunteer mentors and partners who are relentlessly resourceful and committed to keeping the New Orleans entrepreneurial ecosystem vibrant. Recently, we felt the power of this community at the New Orleans Entrepreneur Week IDEApitch Winter Showcase, where we were honored to partner with New Orleans Book Festival at Tulane University to bring  Steve Case, co-founder of AOL, author of The Third Wave: an Entrepreneur’s Vision for the Future, and Chairman and CEO of Revolution LLC to the virtual stage as our keynote speaker, where he shared lessons from founding AOL, thoughts on how the pandemic has impacted entrepreneurship, and discussed how New Orleans can be a leader in creating and sustaining inclusive entrepreneurial communities. 

The IDEApitch Winter Showcase was a special edition version of the annual pitch competition that is usually held during the finale of  NOEW. While NOEW 2020 was canceled due to COVID-19, the talent and innovation coming up in our New Orleans startup ecosystem is alive and well, so we wanted to find a way to connect to our community, showcase some amazing startups, and award one founder with a $50,000 investment in their company. 

We teamed up with Commander’s Palace and the New Orleans Book Festival at Tulane University to bring our live stream event to life. Read on for the key takeaways of Steve Case’s interview with Walter Isaacson, Leonard Lauder Professor of American History and Values and Co-Chair of the New Orleans Book Festival, and be sure to check out the full recording of the interview and the whole event here!

THE THIRD WAVE: AN OPPORTUNITY FOR ENTREPRENEURS 

Steve Case’s bestselling book, The Third Wave: an Entrepreneur’s Vision for the Future is an homage to the work of futurist author Alvin Toffler, who’s work (also called The Third Wave), inspired Steve Case as a young man. Toffler’s book framed the third wave as the Information Age and the inception of the digital/technology revolution and this sparked a flame in Case, who ultimately dedicated his life to it. 

Case’s book posits that the technology revolution has had three waves thus far--the first wave was in the 1980’s and 1990’s and consisted of getting people online and laying the foundation for consumers to connect to the internet. The second wave, happening over the last 20 years consisted of building the software, apps, and companies building on top of that first wave and creating search and networking capabilities. 

The third wave, happening now, is where the internet meets the real world and entrepreneurs have the opportunity to vastly transform industries like health, education, transportation, energy, and food--and thus change the world we live in. And in fact, we’re seeing these transformations happening in spite of (or because of) the pandemic.

LESSONS FROM PANDEMIC: COMING OUT STRONGER 

The pandemic has impacted the country (and the world at large) in huge ways: more than 300,000 people have died, millions have lost their jobs and businesses, and anxiety is at an all time high. And despite the enormous challenges, Case also noted the hope embedded in this moment, citing examples of founders who have actually been able to accelerate their growth in this time solving meaningful problems in their communities, specifically in industries such as e-commerce, telehealth, tech, and education. 

He’s also seen the way the pandemic has shaken up the traditional workplace dynamics. In the in-person office setting, the idea was that success and productivity were driven by clustering people together so they could bounce ideas off each other and focus on execution. The pandemic has shown us that in some cases, we can be as collaborative and innovative virtually, and it can be more effective for some types of workers and can help break down some existing barriers traditional workplaces can present. 

He also noted that this moment presents an opportunity to take what wasn’t working for many people before the pandemic and create something better, stronger, and more accessible for all people, all entrepreneurs, all founders. “A year ago, “normal” wasn’t working for a lot of people. How do we reboot the system to be more inclusive? How do we come out of this stronger with a new normal, rather than just going back to normal? I believe entrepreneurs are going to continue leading the way.”

LESSONS FROM AOL: PERSEVERANCE, PARTNERSHIP, & POLICY 

When Case co-founded AOL 35 years ago, only 3% of people were online. The founders of AOL envisioned getting America online, but he says that seeing that vision through took a combination of perseverance, partnerships, and policy.

• Perseverance is a skill that any entrepreneur will have to develop and keep sharp, and Case was no exception--the first 10 years of AOL were full of hurdles and challenges that required tenacity and patience that ultimately paid off. 

• Partnerships were a big part of the AOL strategy from the beginning: they partnered with computer companies, media companies, and even at one point Omaha Steaks, offering free frozen steaks to anyone who signed up for AOL. Case urges founders to create and / or tap into existing networks of people, companies and organizations that can be helpful as a startup grows. 

Policy played a huge role in growing AOL. In fact, when they got started in 1985, it was still illegal for consumers and businesses to be on the internet. “We had to engage in an effort over a number of years to usher in the internet age with policy changes,” Case says. He urges founders to be mindful of the role policy plays in business and to get involved when necessary.

NEW ORLEANS CAN BE A LEADER 

Case noted some of the serious existing problems with Venture Capital all around the country. Last year, over 75% of all VC went to three states: California, Massachusetts, and New York; female-founded companies got less than 10% of VC; and Black Americans got less than 1%. 

But innovation is flourishing all over the country, not just in Silicon Valley. “We need to level the playing field so everyone has a shot. Cities like New Orleans can be leaders in driving a more inclusive approach to innovation, startups, and capitalism,” Case says, noting the importance of collaboration-- existing companies, universities, government, entrepreneurs, community members, and entrepreneurial support organizations can work together and find their role in supporting an innovative, inclusive, and flourishing ecosystem. 

Gatherings like NOEW and IDEApitch are organized with this in mind. Our goal is to celebrate the entrepreneurial spirit of our city, showcase emerging trends and innovations, and cultivate an inclusive, accessible community. We’re excited for NOEW 2021, which will take place from March 22nd – 26th and will feature a hybrid virtual/in-person format in accordance with public health guidelines. 

We’re so grateful for the New Orleans Book Festival at Tulane, Walter Isaacson, and Steve Case for bringing our keynote address to the virtual stage, to Commander’s Palace for partnering with us and letting our team broadcast our live stream from their beautiful courtyard, for the inspiring startups that participated in the pitch competition, to our esteemed panel of judges, to our all of our partners especially, JPMorgan Chase and Ochsner Health, and to our production teams at InDepth Media, Elephant Quilt, and Implicted. Congratulations to the big winner of IDEApitch, DOCPACE! Stay tuned and follow us on social media for more information on NOEW 2021.