In a world striving for faster and more efficient travel, Hermeus, a groundbreaking hypersonic aircraft startup, is aiming to change the game. Founded by a Georgia Tech graduate and based in Atlanta, this innovative company has garnered the support of tech visionary and co-founder of AOL, Steve Case. Case’s investment in Hermeus is part of his broader mission to fuel innovation in non-traditional venture hubs, a movement known as the “Rise of the Rest.” As the COVID-19 pandemic continues to reshape the landscape of work and entrepreneurship, Case’s approach is gaining momentum, challenging the dominance of Silicon Valley and paving the way for innovation across the United States.
Revolutionizing travel with hypersonic speed
Hermeus, the brainchild of a Georgia Tech graduate, is developing a Mach 5 aircraft capable of connecting New York and London in just 90 minutes. This represents a significant advancement over the famed Concorde and current transatlantic flights, slashing travel time in half and offering travelers unprecedented speed and convenience. Steve Case, an early supporter of Hermeus, recently expressed his excitement about the company’s vision during an event at Pegasus Park in Dallas, highlighting the importance of tapping into the expertise at Georgia Tech and Atlanta’s burgeoning aerospace sector.
The rise of the rest
Steve Case’s investment firm, Revolution, has been at the forefront of a movement to redirect venture capital outside the traditional tech hubs of Silicon Valley, New York City, and Boston. Over the past decade, Case has made more than 200 investments in companies across the United States, demonstrating his commitment to fostering innovation in regions often overlooked by mainstream investors. Case’s 2022 book, “The Rise of the Rest,” serves as both a manifesto and a blueprint for his mission.
A decade of revolution
Case founded Revolution in 2005, shortly after stepping down as CEO of AOL, a pioneering media giant. His vision was clear: to invest in emerging tech startups located in areas not typically associated with venture capital powerhouses. Among Revolution’s successful investments are Carbon Robotics in Seattle, which employs AI to help farmers combat weeds, and Meati Foods in Boulder, Colorado, a company at the forefront of sustainable food production. In Dallas, Revolution has thrown its support behind Arcade, a platform designed to enhance the productivity of sales teams, and Gig Wage, a fintech company.
Texas: a rising star in venture capital
While Silicon Valley, New York City, and Boston still dominate the venture capital scene, Texas is experiencing a remarkable resurgence. A mere decade ago, the Lone Star State received a mere 2% of national venture capital funding. Today, it boasts a 4% share, thanks in part to the changing landscape catalyzed by the COVID-19 pandemic. Major corporations, including Tesla, Anaplan, and Oracle, have flocked to Texas, lured by abundant space, lower living costs, and zero income taxes. This influx of businesses has created an environment ripe for innovation.
A new era of collaboration
As the corporate landscape shifts, Case believes that legacy companies and startups must join forces to shape the future of the digital economy. He notes that in many cities, a disconnect exists between startups and established corporations, hindering collaboration and stifling potential opportunities. To bridge this divide, Case advocates for greater synergy between these two worlds, recognizing the untapped potential that lies in between.
Hermeus’ ambitious goal of revolutionizing air travel is just one example of the innovative potential thriving outside the traditional tech epicenters. Steve Case’s commitment to the “Rise of the Rest” movement is not only reshaping the venture capital landscape but also inspiring entrepreneurs to pursue their dreams in unexpected places. As Texas and other regions experience a resurgence in innovation, the future of the American tech scene promises to be as diverse as it is exciting. Steve Case’s vision of a more inclusive and dynamic tech ecosystem is steadily becoming a reality, one investment at a time.
