The next Silicon Valley will be in the heart of the United States

The glorified investments of Rise of the Rest sure have capitalized on that abundance — and may now suffer.

Some Silicon Valley venture capitalists who were focused on emerging cities may be holding back. But most people will realize it’s crazy that 75 percent of venture capital has gone to just three states over the past decade. Next up, these Rise of the Rest cities have an advantage because startups there tend to be more capital efficient. They had to, because they couldn’t assume they could always raise more capital.

Speaking of capital, I have put together two funds to invest in Rise of the Rest companies. What is the return on the first 150 million dollars?

We haven’t announced that yet. We said when we raised this fund that we would generate first-class returns. We had a very nice group of individual investors — Jeff Bezos, Howard Schultz, Ray Dalio, Henry Kravis…

Do they call you to tell you how happy they are?

They were pleasantly surprised that we were doing as well as most expected, if not better.

So you are already saying that you are getting “first class” returns from these regional investments?

Upper class.

The The man you chose to manage this fund It was JD Vance. But your book didn’t mention it once. Have you broken up with Vance since then? MAGA . Gold?

He was with us for about a year, but then moved to Ohio. I haven’t spoken to him since he announced he’s running for office, and I haven’t supported that campaign. I’m surprised by some of the things he said.

I hired him partly because he wanted to bring the country together. But it seems he used that to promote himself before he took a completely different and divisive approach.. Do you feel snooker?

This word sounds a bit strong. Most of our conversations were about the fund and the companies we were supporting. Occasionally we’ve been talking about politics, and the things he talks about seem inconsistent with what he’s saying now. Regarding what we asked of him, he was helpful. The bus tours we did weren’t red versus blue. While our efforts are political in terms of the economies we rescue, and in working on government initiatives that involve innovation, I have always tried to stay away from politics.

Your book promotes immigration. In Silicon Valley, an incredible proportion of the founders were born outside the United States. I’m not sure the same is true for the up-and-coming regions you’re promoting.

These cities are more diverse than people think. Miami comes to mind, with a strong emerging community where the majority of entrepreneurs are from other parts of the world. Atlanta, Baltimore, and Washington, DC, have a much higher percentage of black entrepreneurs than you might see in Silicon Valley, because that reflects the diversity of those communities. I think that if America loses its way and ceases to be the most innovative and entrepreneurial country in the world, the most likely reason will be the lack of an immigration policy that welcomes people as it has for the past two centuries. We need to build bipartisan support for immigration reform.

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