'No Plan B' to sub for expanded entrepreneurship, Case says

“Entrepreneurship is the secret sauce that makes America tick,” says Steve Case, an entrepreneur who ought to know.

The founder of AOL told a Northern Virginia Technology Council breakfast audience on Oct. 14 that one of his goals as a member of the President’s Council on Jobs and Competitiveness is to get the nation to focus on expanding entrepreneurship, immigration reform in Congress, and venture capital to help startup companies succeed.

“We didn’t become the leading economic power in the world by accident,” he said. Advancing entrepreneurship will take a concerted effort, Case added. “There is no Plan B.”

Case, now chairman of the Startup America Partnership and chairman and CEO of Revolution, called on organizations such as NVTC to put pressure on both congressional Democrats and Republicans to pass immigration legislation that would make it easier for U.S.- trained foreign students to remain in the United States after they earn their advanced degrees.

“The politics of the economy should take precedence over the politics of immigration,” Case said.

Referring to his expertise as an angel investor and the jobs crisis in the nation, Case said there needs to be greater public and private financial support for startups. The number of new businesses has declined by 23 percent in the past three years, he said.

In addition, business owners should think more about going public with an Initial Public Offering than selling their company when it reaches a certain level of success.

“Ninety percent of job growth takes place after an IPO,” but jobs are lost when a company is sold, he said.