The Next Silicon Valley Will Be in the US Heartland

The Rise of the Rest investments you extoll certainly benefited from that exuberance—and now may suffer.

Some Silicon Valley venture capitalists who were focused on rising cities might pull back. But most will realize it’s crazy that 75 percent of venture capital has gone to just three states over the last decade. In the next phase, those Rise of the Rest cities have an advantage because startups there tend to be more capital-efficient. They’ve had to be, because they can’t assume they can always raise more capital.

Speaking of capital, you’ve raised two funds to invest in Rise of the Rest companies. What was the return on that first $150 million?

We

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