Why I’m Meeting with President Trump
Since last fall’s presidential election, much has been made about the ever widening disconnect between “tech” and the rest of the country. So much so, that every time President Trump meets with a technology leader, the media covers it relentlessly — before, during, and after. I appreciate that the administration wants to connect with the men and women that are leading Silicon Valley’s/New York’s tech giants. They should. But if President Trump really wants to understand how technology and innovation can further America’s future, if he really wants to fuel economic growth and job creation in the heartland, there is a voice missing from the conversation: he needs to meet with the startup founders and ecosystem builders that are starting and scaling businesses in the middle of the country. President Trump needs to hear about their journeys, their challenges, and their successes. It’s that message — their message — that I hope to introduce to President Trump when I, along with other investors, sit down with him at the White House this Thursday.
Nearly four years ago, my firm Revolution embarked on a mission to shine a spotlight on startup communities throughout the country. On our Rise of the Rest tour, we have visited 26 cities, with five more on the way this fall. We have traveled more than 6,000 miles to meet with founders, civic leaders, corporate executives, and investors in cities such as Des Moines and Omaha, Detroit and Cincinnati. In each locale, we cap the day with a pitch competition where I invest $100,000 in a local startup. Every city is unique, but they are all energized by the potential for innovation to reignite economic development and provide opportunity. It is that excitement and potential that the Trump administration needs to harness and support. According to the Kauffman Foundation, startups are responsible for all net new job creation in the US. An astounding statistic and one that I will urge this administration to pay attention to.
For me, it won’t just be about imploring this administration to focus on the problem — that last year 75% of venture capital went to just three states (CA, MA, and NY) — it will be zeroing in on some of the solutions, what I call the R.E.S.T.A.R.T. America agenda. Things like simplifying the crowdfunding rules and giving startups an incentive to reinvest profits they generate in their first five years. And supporting empowerment zone type efforts, things like the Investing in Opportunity Act, to drive capital towards areas most in need of the kinds of jobs that come from innovative businesses.
I know some people will question my decision to attend the gathering of investors at the White House, but I have long advocated for leaders of any kind to engage if given the opportunity. How else will we be able to influence — to argue for or against — policies that will determine the future of American leadership? Even if you didn’t vote for this administration (I very publicly endorsed his opponent) or you disagree with its current stance on some critical issues (I have some very serious concerns about its policies on immigration and climate change, among others), given the rapidly changing global economy, I would argue that there is perhaps no more important time to take a seat at the table.
I have had the privilege of working in a bipartisan fashion with the Clinton, Bush, and Obama White Houses. In the early days of AOL, I believe I played a role in helping government understand the potential the internet presented for our future, and more recently, I worked with members — on both sides of the aisle — to pass the JOBS Act, so that entrepreneurs could build on that potential. But our work is not done. Far from it. Indeed, over the last decade I have become increasingly concerned that we are not doing enough at the federal and local level to support our entrepreneurial community. And it is costing us countless jobs. America has long been a leader in technological innovation and progress, but other countries have tapped into our playbook and what we do now to support entrepreneurs is more important than ever. To get growth, you must support growth. Failing to do so won’t mean the end of America, but it could mean the end of American leadership. And that’s a future we all must work — and engage with leaders — to avoid.
