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tv   The Bottom Line  Al Jazeera  July 18, 2022 9:00am-9:31am AST

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[000:00:00;00] ah, al jazeera, with talk to al jazeera, we ask you be more specific. how many phillips are you asking for? and what kind of military equipment we listen, asked the people of cuba industry. if there is a difference between donald trump enjoy bite for them, it's exciting. we meet with global news makers. i'm talk about the store restock matter on al jazeera.
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ah hello, i'm darren, jordan, doha, with the top stories here on al jazeera, massive while fi as a burning through europe, forcing thousands of people from their homes. fight as are working desperately to keep the blazes under control. but record high temperatures off fueling the flames . jenina wolf reports firefighters across europe are in a race against time to protect people and their home in france, 2 fires around the town of la test. the bush in the southwest region of g is wrong and have been stabilized. after having destroyed thousands of hectares of land olive valley loaded, i, we managed to contain the fire, we're making it go where we want it to go while protecting people and their properties. thankfully, these 2 objectives have been achieved. forest fire prevention teams have had to cut down trees for fire break only visible those visible. we are cutting down the trees so that if the fire arrives there will be less combustible mass, which means
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a less powerful fire in the support zone for fire meant is certainly better in spain, dozens of fires burn across the country as temperatures push well into the mid forties, but no guy lacking wedding down another, it's only making it more difficult to extinguish the fire. this area which is green and coolant summer is becoming very hot. like the south climate change affects every one. he wave has caused hundreds of deaths, the thousands of people forced to evacuate their homes at that one. whenever we have done that, we are doing very badly. we are all very stressed. i live over there where the terraces i had to leave and come here because i felt like the helicopters were on top of me. som are seeking refuge in makeshift shelters. i didn't take it too seriously. i thought they had it under control and i was quite surprised. we never started seemed to be moving our direction and then we were told to go show no with left to last of behind others homes have burned to the ground while you are you. i'm her noble, my sister in law and my wife of
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a farm that has burnt the family farm has burned all of it. yes, the whole think it is what it is. in greece, a group of german fire men have arrived to support emergency teams there with hundreds more from across europe expected to join the fight. much of the heat wave and go for europe comes from north africa, were wild fires like this one and morocco are also wreaking havoc the extreme, whether episodes are expected to occur more often as scientists to point the finger to climate change. chilling wolf al jazeera shlang has intern president ron wicker, my singer has declared a nationwide state of emergency the parliament in the process of choosing its next president after protest force got to buy a russia pox. the to resign shall anchors facing its worst economic crisis in decades, and people are struggling to buy centrals like food and petrol. male fernandez in colombo, she says the declaration came as
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a surprise for many in the capital. one can only speculate at this stage because there's been no official line from the government. i did speak to so says at the prime minister's office, the acting president, run a victim, a singer in fact, to confirm that gazette that had been issued proclaiming that state of emergency. now, people very much taken by surprise not just people on the streets who are just digesting information, this information. but even officials are there are a few. i spoke to a one particularly senior visual, who should have been in the know a part of the sort of police mechanism who said, i'm trying to check the guys that i didn't have the gas it. ukraine's president vladimir zalinski has sacked, his prosecutor general, and the states intelligence chief, the president says, 60 officials on the agencies i work against ukraine in russian occupied areas. an investigation into the response to the validate,
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texas school shooting has accused police of poor decision making. nearly 400 officers were at the scene of the attack in may, but didn't take any action for more than 75 minutes. the shooter killed 21. people for he was shot dead by police. the party of pakistan's, former prime minister in one con, has dominated regional by elections in the most populous province. early result showed cons, peter party willing most of the 20 seats up for grabs in punjab. others. those are the headlines that he's continues here now to 0 after the bottom life stage when it comes to watching ah. ready 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,
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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 stops all over the country. he's the author of the 3rd wave and entrepreneurs vision of the future. and coming this
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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 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 start up. 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. the united states gone to just 3 states, california, new york and massachusetts. so the capital has gone to with just a few places, but entrepreneurs are everywhere, creating great ideas, new companies everywhere. so we're trying to do really,
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as so to level the 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 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
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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
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digital revolution. so as a result, marco's leader of 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. it's 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, 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 co. 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,
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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,
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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 my 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 arbors, 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
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rise in some companies fall the other day to play that interesting. every 25 years, about half of the fortune $500.00 turns over. again, 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 sometimes 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. it 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
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. have to be in a place like silicon valley to be relevant in, 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 more 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 as 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,
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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 entrepreneurs. 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,
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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 them cities to make
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a bigger investment in. cuz 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 had made a big invest avenue. good tennis has 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?
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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. got 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's 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 $12000000.00. most people didn't think a tech company could, could be that successful in a chimp. so they did,
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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 these entrepreneurs . the story of these cities, the stories of the industries are being built. so i feel like i'm in a lung 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,
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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, you know, of course, and 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,
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some are winning it. we are still winning it but only barely 1020 years ago. we are winning it rather convincingly. so we've lost our lead in terms of being that nag, and it is harder to come this country. it's harder to stay in this country and therefore some entrepreneurs are choosing to be and 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 steve case and whether or not with what jack has been able to build a lot of wealth, build a lot of innovative companies, whether or not in the end you know, he's now being, you know, highly regulated and confined and controlled 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, china, 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
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dramatically on so they're definitely on the know the investments they made in technology is a robotics other technology, something they actually are in the late. hopefully that's not the case, but that is a growing concerned, which is, i think our reminder hopefully a wake up 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 and understanding that 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 in 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 or 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,
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there's a number of healthcare companies in, in nashville, tennessee. so if you want to innovate in those sectors, you're gonna 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 partnerships. and many of the partnership you need are with organizations companies in the middle of the country, which will advantage these rising cities. if we pay more attention to what's happening in 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 start a company unless they move 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 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
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also and maximize the likelihood america can as it heads towards its $250.00 birthday, remain that innovative leader in the world. is there a way so that that innovation and the benefits of it get more widely spread in a community? is partly launching more companies that do in them himself. great jobs are many companies now that didn't exist 20 years ago. they have tens of thousands of jobs, sometimes even hundreds of 1000 jobs. amazon that didn't exist 30 years ago as not nearly 2000000 jobs. and so that's part of it. but then recognizing this broader spill off impact of that, that is for thought, just the jobs within those, those companies at 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 in 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,
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it's about making sure that we really are backing entrepreneurs everywhere. so we can maintain our, our lead in, in this country. and we can hopefully, least in a small way help button it together a very but divided nation where i think the few researcher i'm a few years ago said that most people who was 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, is a key part with, obviously not the only part of it, but it's a key part of it. and it's given startups are the biggest job graders. 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 it, i mean i learned from you and one of the sad things i learned from you about the digital startup story in america about boston in new york and san francisco bay area was it was a white guy that owned sat sector. and when you gave me the data, showed me how few women entrepreneurs were receiving capital. how few black and brown i've been or is, who are you doing this?
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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, a more diverse pool of talent out it is getting better data is, is sort of shocking that, that, that women are 50 percent of the country, they get less than 10 percent of venture capital. black americans are 30 percent of the country. they get less than one percent of of venture capital. so it's not just as you say about place, places like, you know, california, newark and massachusetts 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 through rise, rest tend to be more diverse. and we are finding some of the best entrepreneurs are, you know, that entrepreneurs, historically, we're not able to raise, ventured capitals about, i think it's now 43 percent of our, of the businesses we've invested in through rise. the rest are either female founders or, or founders of color, one of the companies we'd back couple years ago as a seed company, company called repl, just raising 20000000 dollars, you know, financing
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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 question. 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, pay tribute to all that you know about the 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 the ecosystems there. when she moved to washington dc to become the secretary of congress, asked for some some of my thoughts on areas to the focus. and i'm one of them was regional hobbs. when other was to restart this national advisory council innovation entrepreneurs that provide 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
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a great group of people to identify what some of the prior we 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 assuring in this more inclusive innovation economy. and we are doing everything we possibly can to make sure that america remains the most innovative monochrome 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 at the 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're part of that american history. but the idea that
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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, al jazeera world meets full remarkable bos knew women survivors after those closest
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to them were taken away. never to return some of the 8000 muslin men and boys killed in the cerebral neat so massacre 27 years ago. heartfelt accounts from those left behind trying to move on from the pain of the past. women who refused to die on out to 0. our coverage of africa is what i'm most proud of. every time i travel bay, whether it's east or west africa, people stop me and tell me how much they appreciate coverage. and our focus is not just on their suffering, but also on the more uplifted and inspiring story. people trust algebra to tell them what's happening in their community in a clear and unbiased way. and as an african, i couldn't be more proud to be thought of. you know,


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