the u. s. president still believes, as you said on the campaign trail, the saudi kingdom should be treated as a pariah. or whether the crown prince believed that he should apologize to the family of jim elk shoji. in fact, he then challenged and was very clear when he was speaking of the president just now about whether or not the president really had a tough discussion with the crown prince. once the media was sent away and you heard the president and they're being very clear that he spoke to the crown prince, he was very so straightforward. and he was very clear that he would not be silent on the issue of human rights. this was a precedent doing damage control. he was cleaning up what was clearly a bit of a public relations disaster. and you also heard that very same reporter speaking on behalf of the fiance of jim alhashan. she's saying that the u. s. president

had blood on his hands for legitimizing this whole scenario. and so very tough questions by the u. s. media for the u. s. president. clearly the white house felt that they needed to mop mass if you will. and that's why the u. s. president came out very strongly, being very accessible to the us media, something that we don't see very often from joe biden. oh, and we has faced a great deal of criticism from his own policy, but also from human rights groups. you mentioned the fiance of jamal shoji and the relatives of the jailed dissidence. but it has been cleared from the beginning that really human rights, not the priority on this trip. it's about energy production in the wake of inflation and higher prices in the war in ukraine. and it's also about strengthening really this regional security cooperation also between saudi arabia and israel. it's really about to reasserting us influence in the region. yeah,

and the u. s. president said just a moment ago, a were in response to the challenge about as your mouth shall, jeez, fiance, he said, i'm sorry, she feels this way, but i didn't come here to meet the crown prince. he came here to repair and reset and recalibrate the u. s saudi relationship, that in fairness has existed for decades and does have a strategic value to the united states. and so the u. s. president is trying to re establish this relationship based on their shared desire to confront a common foe. and that is iran. they are both concerned about the military might and strength that iran can, is increasingly showing a prominence in the middle east. and as a result, they see value and strengthening the relationship despite some differences in major

concerns. and so there is that as there's, you heard the president talking about the fear of a security vacuum, that if the u. s. doesn't reassert its presence, then china or russia might do so. and very quickly, the other point that you brought up is the issue of oil prices. the u. s. president, also talking there very quickly that as a result of this visit that the united states may see their very high fuel prices coming down in the coming weeks as a result of this visit. why is he here? he's here to encourage the saudi kingdom to increase its oil production supply in turn that could bring down the cost of oil. and that could ease the burden for americans who right now are seeing historic prices, the pumps and very high inflation. as a result. all right, thank you very much. our white house correspondent, kimberly how kit following this trip by president to them at least. thank you. kimberly also, earlier, president biden was in the occupied west bank where he said the us will continue to

insist on a full investigation into the killing of algae there. a john lester in apple. actually. joe biden also told the palestinian president, man with a boss that time was not yet right to try and restart the peace process with the israelis. but he reminded his host that he was one of the earliest supporters of a 2 state solution. my commitment to their goal of a to stay solution has not changed. and all these years to states along the line, 267 lines were mutually agreed to swaps remain the best way to achieve or equal measure of security prosperity, freedom and democracy for the palestinians as well as israelis. prostate people deserve a state of rhone that independent sovereign viable and contiguous with the other top story. following closely the south shall anchors prime minister runner work from a singer, has been sworn in as acting president of to go to pyro japan, to resigned in the wake of mass protest. new president promised to restore law and

order and establish unity government until a successor to roger park. so could be elected work. we're missing a comes from one of sri lanka is elite families and leads the oldest political party in the country. oh, the headlines they'll be more news he later on. we'll be back also with the news our at $2100.00 g m t, which is less than an hour from now. the bottom line with steve clemens is next. ah, i am steve clements and i have a question. the united states prides itself on being the world's best start up nation. but can it stay that way? let's get to the bottom line. ah, america's legendary for it's startups. think of google, facebook goober, amazon,

apple. netflix, he's all started small and skyrocketed to become household names all over the world . but it's the startup ecosystem. what it should be in the united states is their genius out there in america that's being ignored while the digitally leads in the san francisco bay area in new york and boston scarf up, all the funding of america is strong because of its entrepreneurs in micro businesses some of which can become huge. what's the state of the ecosystem that helps them grow? my guess today is literally one of the real founders of the internet, at least as far as you and i are concerned, because he got us all on line. he is steve case, who more than 30 years ago, co founded america online, america's 1st major tech start up that transformed our relationship with the digital universe. and he's the founder of revolution, which has invested nearly $1000000000.00 in startups all over the country. he's the author of the 3rd wave and entrepreneurs vision of the future. and coming this september, the rise of the rest,

how entrepreneurs and surprising places are building the new american dream. steve is great to be with you. i look, i've been on the big red bus, the rise of red bus in the heartland of america, going from city to city to city, and meeting people that you have been. i'm asking the come forward and pitch to you, their ideas. give our audience what that's about, why weren't you doing that in cupertino or san jose or boston? well, silicon valley continues to be the pride of america in the of the world as the most innovative ecosystem for the creation of new startup. so that will, that will continue about in our view too much venture capital is focused on a few places like silicon valley and not enough on the rest of the country over the last decade. 75 percent of venture capital dollars in united states gone to just 3 states, california, new york and massachusetts. so the capital has gone to a few just a few places, but entrepreneurs are everywhere, are creating great ideas, new companies everywhere. so we're trying to do really is sort of a level playing field. so if you have a idea, no matter where you live, you have

a chance of starting that company and scaling that company and the process creating jobs in that community and driving economic growth in that, in that community. so it starts with an investment strategy to back the entrepreneurs of the future, building the industries of the future and doing it all across the country. but it also ties in with some broader gotta impacts on communities even even more. but in terms of policy and politics, because one of the challenges in the united states is this divide, we now have where some people are doing well. but a lot of people are feeling left out and left behind where you think we can address that in part by creating more companies all across the country that really are driving economic dynamism and build helping build and these new to these communities. look, i think i've known you for close to 30 years and when you got us all online, when america online was, was a vibrant and it was the pathway for people to experience the digital universe and just this transformed this planet. i guess my,

my question is i understood and sort of felt like you were one of the world's great entrepreneurs. i saw so many other great entrepreneurs come along and i felt that was vital to the american message. it was vital to the health of the american economy. i have to say, i'm not sure that we've done all the things we need to do in america to create more steve cases to create many more. we have a lot of them as i just mentioned, but the question is not just having a lot, the question is given. america's place in the world is china beating us? is india beating us or other nations out there? looking at our experiment saying, hey, we can do what they did, what are we getting right and what are we getting wrong by way of that, but entrepreneurship ecosystem. a great way to frame it, because in many ways america is still a startup. nation started just aren't 250 years ago. as an idea was a fragile nation, almost like a start up, almost didn't make it. but then finally got through and succeed at the last century, has really been a pioneer and kind of driving the innovation, the agriculture revolution than industrial revolution than more recently the digital revolution. so as a result, marco's leader, the free world,

has the leading economy. it is viewed as the most innovative onto girl nation, but other countries, as you say, have figured out that, that sort of the secret sauce that sort of howard the american story and are trying to do what they can do to invest in technology to invest in education to invest in building startup community so that these ideas can, can turn into companies and, and, and, and, and have been quite successful. so i think we need to recognize that we, we can't rest on our laurels. we've had a pretty good run in this country, but we, we need to kind of lead into the future a need to recognize. we see now that globalization of innovation and entrepreneurship 25 years ago over 90 percent of venture capital in the united states. now it's less than 50 percent where it's really proves it it's global isaac . and then within the united states, we need to make sure we're backing entrepreneur everywhere and not just in a few places on, on, on the coast. so i think it's a great opportunity, but i think it also could be framed as a challenge if we only are backing entrepreneurs in a few places like silicon valley, we're probably not gonna be building the industries of the future. we probably

won't be creating jobs and driving economic growth everywhere, which will mean our country's more divided in our lead in the world will likely diminished when you go out and you kind of dig beneath the surface and say where these are, these new micro ventures that have come on, you can see that a lot of them are entrepreneurs of color, black and brown, entrepreneurs, people who have come to the nation, immigrants that are taking risks. they are all over the country, like you said, they're in pockets. and those places that have done these micro ventures turned out to be more economically nimble and resilient than places that don't have them. but when you sort of step back and talk to this town in washington, dc or policymakers, they don't even have these folks on their radar screen. so what is the gap in the literacy and awareness of what it takes in the kind of entrepreneurship ecosystem that, that between the reality of the language and what these folks need versus what policy makers see on their dashboard. i think it's improving a little bit. i got involved over a decade ago was asked to co chair, somebody called the national advisory council on innovation and entrepreneurship,

part of the department of commerce. we identified a number of a priorities that led to it. launching an initiative at the white house called start up america that i lie chair, and was it fine and nimble, or was it bridge in evian? well, it did what you had to be patient. you had to be persistent, but we were able, as part of that, the kick start a discussion around changing some laws around raising capital, which pack of jobs act passed about 10 years ago, kind of part based on some of those, those efforts. and i think the big insight that i had at the time, and now other people are now better understand, is that while small business is important and accounts for a lot of jobs and big business fortune 500 companies are count for a lot of jobs. most new jobs are created by new companies company under 5 years, so start up not just text ours, but many forms of startups. so we're not creating new start ups. we're, we're not gonna really be able to kind of replenish some of the jobs that are going to be lost just based on the nature of how markets work and sort of some companies rise in some companies fall the other data point that interesting every 25 years

about half of the fortune $500.00 turns over. and so again, those, some of that you can't just rest on your laurels with assuming your big company. so to be a half the fortune $500.00 turns over means half the fortune $500.00 disappears or falls, right? so maybe in, usually because new companies emerge that, that surprise people and, and either disrupt existing industries or in some cases create new industries. that's a healthy process, it's an if you don't want to slow that down, you want to keep innovating and leaning in the future. but if you're only back in companies or few places and some of those innovations, some of those disruptions destroyed jobs, other places, and something manufacturing jobs or other other kinds of things. you're not investing in the entrepreneurs in those places. so they can create, reset, can create jobs, will at least in part offset some of the job loss. you're going to wake up and, and find a situation where as i said earlier, some people are doing well. a lot of people are not doing well. a lot of come meet, people are mad that they feel like they're being kind of left out of the economy, have to be in a place like silicon valley to be relevant in the innovation economy to raise

capital and so forth. but the good news is that started changing over the last decade. i think it will accelerate over the next decade in part because of the pandemic which has kind of created this unlock between how you work and how you live and where you work and where you live. more remote worker is. mm hm. people decided to live in other places, still working for some company and some other other place. and that also has unleashing more capital. now in the last decade, we've see that 1400 new regional venture firms backing start ups, e merge. so it's, it's starting to move away from being so dominated by the coast, but there's still a lot of work to be done. and that's what i've been trying to do with that with this initially with start of america. more recently with our efforts around rise of the rest. no, one of the things that you have really done a good job, but i think you've kind of done it surreptitiously. is you've brought in republicans and democrats out of the policy space and kind of taught them or inculcated them with the, you know, what the language is and why this is so important. so how have you, i mean,

i just sort of want to our audience to get an understanding of how you've been able without controversy to really bring these different people in there. and as you've done that, what is your gut tell you? are you going to be able to get a bipartisan commitment to get the policy scaffolding right for this, this new form of entrepreneurship bryce of the rest lawyer kind of obviously a, it's a broader group of people that are focused on, on these issues. somebody is just building the relationships which then builds good will entrust with, make people more likely to listen to what you say. i think people hopefully really do believe i care about the country care about trying to drive innovation, care about job creation. and the other aspect is we found including on the, on these bus stores we've done now visiting over nearly these cities by boston. and now investing through our various rise the rest funds in a 100 different different cities. that, that idea, backing the entrepreneur is creating the companies of the future and creating jobs in those communities. is a bipartisan issue. when we're on that boss or in our various meetings. if i hadn't

read my briefing documents, i would know who's a democrat, who is a republic, and they're all joining together to celebrate what's happening in the cities to celebrate the entrepreneurs that are building these companies and taking risks to identify ways to how to lift up those communities and take them to the next level. so it helps that it's such a bipartisan issue and i work 10 years ago on the job stack. i was working with president obama and also with eric canner, who on the on the house side, and really went back and forth to try to try to make sure we were building bridges between the republicans and democrats, and ultimately came together with a broad bipartisan bill support terms of your question of what's, what's next there right now, as we're talking is a conference effort underway to take some bills that had passed in the house and passed and the senate, you know, initially called emma's frontier and then when called you seek and then when called the competes act, which deals with things like semiconductors, investment in r and d, and other things, but also has it's part of it funding for regional hub so that we can finalize it. and it picks some cities to make a bigger investment in because some of the cities that now are these innovation

power houses like of silicon valley or even in austin. were in part made that because of government funding in the, in certain technologies that certain in decades ago, who's getting it right? who's getting it wrong? well, the great thing on this is dozens of cities are getting it right. people ask me. so what's the next silicon valley where they're gonna be one or 2 cities that are really going to rise up? and we've now seen this and in, in, doesn't the city. i'll give you some examples. when we were in chattanooga they made a big invest avenue. get tennis out of a tendency, big investment in fibers though. 10 years ago the mayor lead an effort to do that. and a bunch of companies have come out of that including one we back called freight ways, which does a platform almost like a bloomberg data platform for the trucking and logistics. and i didn't know this are there, but most of the big trucking companies in the united states are headquartered chattanooga. so if you're building a platform for them, it's better to be there, understand their, their, their needs. are we back to company in chicago called temp us? it's doing some really innovative things around a health tack with big data and,

and diagnosing cancer and things like that with back up in eastern kentucky. that's great. hundreds of jobs around ag tacker kind of a in door caught it kind of controlled agriculture. got a, i mean, eastern kentucky, eastern glassy appalachian cold country where for decades, people saw a job last saw very little reason to be helpful. company like like app harvest gives them a hope and so we're seeing this everywhere. another great city is indianapolis. there is nobody called exact target. it was acquired by sales force probably 67 years ago. now sales force has 2000 employees in annapolis, 2nd largest city for sales force outside of san francisco itself. and the founder of exact targets gone on to start and launch a bunch of companies. now there's a couple of dozen companies in the enterprise software space that are, that are bubbling bower in atlanta. i got a company called mailchimp was recently acquired for $12000000000.00. most people didn't think a tech company could, could be that successful in a chimp. so they did, i did buy buy point as they're hundreds and hundreds of companies and dozens and

dozens of cities where things are percolating. and the reason i decided to write the book is that their story had to be told the story of the launch bears of story . these cities, the stories of the industries are being built. so i feel like i'm in a lum of the rise of the rest family because i rode around on that because i remember and we went to saint louis. we went to madison. we went to places in iowa . i mean, tell our audience what, that's what, what that's about being on the bus is actually being on the bus with a lot of crazy people into startups. well, we decided, does it get out 8 years ago to hit the road? not just talk about this from the, from a policy standpoint, but really hit the road and see for ourselves what was happening. we hoped that we might inspire people in some communities to focus more on startups. we hoped we might get some people who weren't paying attention to some of these cities to start paying more attention. we hope we get some of the coastal venture capitalists to start looking at companies and in other places. and we hope we could serve as sort of a, a convenor bringing people together. and part of the reason we use the bust out of

it, that's a good visual is it's is a convenient platform as you, as you saw, we bring together all kinds of people, yaki birds, big companies, university presidents, democrats, republicans, senators, governors, what have you to join us and see for themselves what's happening in these different cities and one of the areas, i just wonder about just, just knowing how america was for centuries, the world's brain dream problem that the world smartest people would come here, throw in their lot, trying to innovate. you know, build companies and businesses, raise their families here, get age educated and american universities. have we gotten anything wrong in our immigration policies? water comes to start ups and the jobs act and the kinds of things you've been trying to. you know, of course i testified the senate, i think, 9 years ago for immigration reform, so we can continue to win. what is now a global battle for talent? as you mentioned, some are winning it. we are still winning it but only barely 1020 years ago. we are

relent, winning it rather convincingly. so we've lost our late in terms of being that magnet. it is harder to come to this country. it's harder to stay in this country, and therefore some entrepreneurs are choosing to be in other places. so we do need to address that hopefully immigration reform will happen and relatively near future . you know, i've kind of met jack moore valley bob a few times and wondered whether that was china's steve case. and whether or not with what jack has been able do is build a lot of wealth, build a lot of innovative companies, whether or not in the end, you know, he's now being highly regulated and confined to control, to some degree by chinese regulators. whether or not china was going to become a peer competitor to the united states in the entrepreneurship ecosystem. why don't you handicap china's chances on that for us drive on the move, you know, people 1020 years ago, but china was pretty good at replicating things. manufacturing things, but not necessarily good at inventing on the innovation side, but that's changed dramatically on. so there are definitely on the though the

investments i made and technology is a robotics other technology, something they actually are in the late. hopefully that's not the case, but that is a growing concern, which is i think our reminder, hopefully a wakeup call that america needs to step up. if we're going to remain the most innovative entrepreneur nation in the world. and we need to do the only way to do that is to do it if we're more inclusive and bringing more people more places along an understanding of some of the exciting industry the future are going to be reimagining health care, reimagining, agriculture, reimagining. a lot of different, different things and expertise in those sectors and the partnerships you need and those sectors often are in different parts of the country. health care. for example though, some of the most important in the united states, some of the most important research institutions are mayo clinic and minnesota or the cleveland clinic. and ohio, m. d. anderson and, and texas, or johns hopkins in, in, in maryland. those are some of the people you want to partner with, some of the most important health care companies. our company like united health in minnesota, there's number of health care companies in, in nashville,

tennessee. so if you want to innovate in those sectors, you're going to need partnerships because it requires sort of a systems level integration. it's not like an app in the app store, it's a much more complicated, multi faceted problem. you can't do it alone. you need those, those, those partnerships, and many of the partnership you need are with organizations companies in the middle of the country, which will advantage these rising city. if we pay more attention to what's happening, those cities, if we back more companies with venture capital in those cities, if we can reverse what's been a brain drain in many parts of the country, where people laughed because they didn't see much happening there. they didn't feel like they could be an arch bird, you know, start a company unless they moved to a place like silicon valley. how do we slow that brain drain and create a boomerang? some more people are returning and we have seen a good bit of that the last couple of years because the pandemic, hopefully that is a tipping point. and the next decade will see a much more inclusive innovation economy. and that will enable more parts of the country to really benefit from the job creation aspects of entrepreneurship and

also and maximize the likelihood america can't as it heads towards it's $250.00 of birthday remain that innovative leader in the world. busier away so that that innovation and the benefits of it get more widely spread in a community. it's partly launching more companies that do in them and selves create jobs. are many companies now that didn't exist 20 years ago. they have tens of thousands of jobs. sometimes even hundreds of thousands of jobs, amazon that didn't exist 30 years ago, not nearly 2000000 jobs. and so that's part of it. but then recognizing this broader spill off impact that, that, that is for thought, just the jobs within those, those companies as the jobs in those communities that support a growing population as opposed to a declining population. so we obviously need to do a better job in this country, of many other countries around education to create more people that, that are ready for the economy of the, of the future. and it's not just about coding, it's about creativity. and yeah, with communication skills, a lot of things that are that are that are, that are quite important. first and foremost, it's about making sure that we really are backing entrepreneurs everywhere. so we

can maintain our, our lead and this country. and we can hopefully lease with a small way help button it together a very but divided nation where i think the pew research a few years ago said that most people with 70 percent of people wake up in the morning anxious about the future. worried about the future, how do we give them a sense of hope and optimism? and job creation is, is a key part of it's obvious, not the only part of it, but it's a key part of it and given started are the biggest job craters. let's focus more on startups and not just in san francisco and new york and boston, but in dozens and dozens of cities. all i learned from you and one of the sad things i learned from you about digital startup story in america about, you know, boston in new york and san francisco bay area was it was a white guy that owned set sector. and when you gave me the data, showed me how few women entrepreneurs were receiving capital. how few black and brown or ivan ers, who are you doing this? and then that's before you get to the geographic bias out there. you know,

are you seeing in your god as you look at any transformation of who's getting the money and, and, and are you seeing a inclusion, you know, more diverse pool of talent out. it is getting better. data is sort of shocking that when are 50 percent of the country, they get less than 10 percent of venture capital. black americans are 13 percent of country. they get less than one percent of venture capital. so it's not just as you say about place, places like you know, california newark and it's also about people. so we really need to level the playing field more broadly. the good news there is these cities who are there, we're backing to rise, rest tend to be more diverse, and we are finding some of the best entrepreneurs are entrepreneurs, weekly, starkly. we're not able to raise venture capital is about i think it's now 43 percent of our, of the businesses we've invested in survived the rest are either female founders or are founders of color. one of the companies we back couple years ago as a seed company company called briefly just raising the 20000000 dollar financing a black founder doing some really interesting things related to sustainability. so

there are signs of hope, but we need to do a much better job of being inclusive, not just in terms of place, but also in terms of a people. now you've last class, you've been appointed chair of the national advisory council on innovation and entrepreneurship. this is within the realm of the department of commerce and commerce. secretary gina raymundo paid tribute to all that you know about this startup ecosystem. what is your task? what are you going to do? and how do you know if you want? while secretary mando actually was a venture capitalist 25 years ago. so when she, when she was governor of rhode island, we had some discussions about ecosystems there. when she moved to washing dc to become the secretary of congress asked for some some of my thoughts on areas to the focus. and i, one of them was regional hobbs with other was to restart the national advisory council innovation entrepreneurs was i had shared more than a decade ago. so she agreed to do that and then asked me to the co chair at again. and i'm delighted to do it and look forward to working with a secretary and a great group of people to identify what some of the prior it should be that from

a policy standpoint. so that we can take the next step beyond some of the work a decade ago. things like the jobs act and make sure we are us ring in this more inclusive innovation economy. and we are doing everything we possibly can to make sure that america remains the most innovative launch pro nation in the world. steve case, co founder of america online founder of the investment from revolution, newly appointed chair of the national advisory council on innovation and entrepreneurship for the u. s. government and author of the upcoming book, the rise of the rest. how entrepreneurs and surprising places are building the new american dream. you're busy, thanks for being with us today. i did state. so what's the bottom line? america was the world's 1st start up nation centuries ago. it was a combo of european colonies, french, and british and spanish. populated by risk takers who wanted to break free of the confines back home. of course, sadly, genocide in slavery while they are part of that american history. but the idea that america is a place where risks are taken ideas or launch fortunes or bill. all that disrupted

the old order america became the world's brain dream problem because so many of the greatest minds in the world came here is immigrants. but recently things have changed. a lot of immigration is now block. risk taking has become harder. investors focus on some parts of the country and just ignore innovative genius in other parts. so the issues my guest is focused on are not trivial. it's about the ability of the united states to reinvent itself and its economy as the home of innovation. or else let other countries take the lead and that's the bottom line ah a time

with safe going home and then international anti corruption excellence award boat. now for your hero blue.