Revolution CEO Steve Case on how the AI boom is, and isn't, like the internet's rise | StrictlyVC DC

The Rise of AI vs. the Internet

• Steve Case, co-founder of AOL, compares the rise of the internet to the current AI boom, highlighting the rapid growth of AI and the need for intervention and regulation.
• Unlike the early days of the internet, AI has become a global phenomenon almost overnight, necessitating more intervention and regulation.

Open-Source AI and Innovation

• Case emphasizes the importance of open-source in AI to prevent big tech companies from monopolizing the field and to create a level playing field for startups and entrepreneurs.
• While acknowledging the risks associated with open-source, including national security concerns, Case argues that the biggest risk lies in not allowing a new generation of innovators to participate.

Supporting AI Companies and Inclusive Growth

• Case stresses the need to support large companies while ensuring they maintain open platforms and avoid creating tollgates that hinder innovation.
• He also highlights the importance of venture capitalists backing companies focused on vertical AI areas and promoting innovation beyond Silicon Valley through initiatives like the Rise of the Rest Fund.
• Supporting AI companies outside of major tech hubs is crucial for inclusive economic growth and job creation.

Partnerships and Policy for AI Innovation

• Partnerships between AI companies and existing companies in various sectors are essential for successful AI implementation.
• Policymakers should focus on place, partnership, and policy to foster AI innovation and ensure a level playing field for companies.
• The upcoming elections, both nationally and locally, will significantly impact AI policy and regulations.

Policy Changes and Investment Opportunities

• Larger companies should work to advance their interests while also considering the needs of smaller companies and promoting a balanced policy environment that allows both small and large companies to succeed.
• Policy changes can present opportunities and accelerate growth for companies.
• Venture capitalists should consider investing in companies outside of major cities, as there is still an arbitrage opportunity in terms of valuations at the seed and venture stages.
• Investing in entrepreneurs in these places can generate great returns and be a catalyst for job creation and economic dynamism in many parts of the country.