Whether you’re old enough to remember the screeching tones of a modem followed by a cheerful “You’ve got mail!” or not, you’re still likely to recognize the impact that AOL had on our access to online resources in the early days of the Web. The founder of AOL, Steve Case, (who now heads up Revolution and their Rise of the Rest efforts) was recently in DC addressing the US House Entrepreneurial Caucus along with Victor Hwang of Right to Start. Their advice…? Double down on entrepreneurship.
“How do we make sure that we don’t get cocky and complacent and just assume it’s America’s right to always be the leader of the free world [and] be the most innovative?” Case asked. “That could really get us in trouble. How do we double down on entrepreneurship?”
The past few years have witnessed record levels of entrepreneurship: 17 million people submitted applications to start a new business since President Biden assumed office, according to the latest data from the U.S. Census.
Hwang argues that the number could be higher. He points to a poll, conducted in 2022 by Right to Start, a nonpartisan nonprofit working to expand entrepreneurship, investigating why people interested in becoming founders end up not starting a business. A majority of respondents (76 percent) blamed the challenges with access to capital. Perhaps a less obvious barrier? The fact that government requirements and forms were too confusing for nearly half of the businesses surveyed. Another 47 percent were concerned with parting ways with their health insurance.
For more on the bipartisan appeal of entrepreneurship on Capitol Hill, read “Revolution’s Steve Case Says the U.S. Needs to Double Down on Entrepreneurship.”
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