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America Online Co-Founder Steve Case on the need to boost entrepreneurship in an effort to boost U.S. job growth.
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Hello the famous guy -- -- you've got mail might have found a far more appealing -- -- You've got a job Steve case work miracles -- with the Republicans and Democrats.
On that house jobs bill passed just last week and one that apparently has the backing of no less of the president knighted states.
That is -- is case is also a member of the president's jobs council.
And we're very closely behind this estimate sort both parties cobble together something that could win broad based support namely.
Because it would help speed up companies going public sooner and likely hiring faster.
Something house Republican majority leader Eric Tanner told me.
Well that was the bipartisan support.
What the bill does plane and so boy is it reduces a red tape there's -- strangling small businesses.
And getting in the way of small business startups and allows these small businesses more access to capital.
So they can -- so they can retaining great more job.
Now we're hearing that the senate is getting set to unveil its own version of that jobs -- tomorrow.
No word on if or even when a vocal come of that to AOL co-founder CJ's.
It's such -- long on to -- think its stance.
I'm encouraged that there's not tension in Washington on the relaunch -- -- -- in building this country and we'll continue to play in terms of integration and operation restore America really is a story watch first taking -- building.
Companies and entire industries and that's -- revoked.
Leading economies so the fact same time last five years are for down point 3% of there was at the same level we have two million more jobs and economy.
And other countries around the world inhibited.
That some of the things we're trying to deal with and then the proposal -- with the president in October with the it would with the jobs counseled.
-- that the core idea though is America's been built buyout -- other nations around the world are now figured out we call America's secret sauce.
Are putting policies in favor of making it easier front vs start companies and broke companies and other countries so we really do need to double down answer questions.
We need to win the global bell on talent figuring out ways to make sure we attract the best and brightest not just our universe is given Ph.D.s.
But that have and stay here and start companies here as opposed to go to other nations.
We need to relax some of the regulations as you mentioned around IPOs when it went public twenty years ago.
Most of the offerings are relatively small we -- was ten million dollars are -- the time 80% offerings for under fifty million dollars only 20% of the cost of sarbanes Oxley.
Has made it more difficult and costly -- companies go public later or a local look at all get sold my coming get sold job growth often decelerate -- -- -- public.
It accelerates another piece is crowd funding using this Internet platform.
To allow people could raise money for their companies right now you can raise money for a project you wanna do a documentary they can't raise money for our company so we're changing the SEC rules.
To permit crowd -- these important raising the 500 shareholder -- is important.
There right now and SEC rule there so we worked last year -- the -- jobs counselor Jeff Immelt.
A -- work the McKenzie talked to dozens and dozens of folks to call best ideas -- them -- report.
The president October and that was really was the beginning of this process possibly answer here -- missile question I'm pleased about people are paying attention doctor partnership.
And our work together in a bipartisan way to try to make sure we remain the world's most -- termination.
Couple of exhibits Arnold has been twenty years it's -- years old so that's I am getting all the other -- bit startled me was.
This notion that faster might be better -- -- there -- others -- quibble with.
-- accompanied some market when it's not -- Could potentially.
Shelter investors are not sandwich -- -- companies that it -- to go public they should go public on their own.
Time based on what they think they're investors aren't aren't getting lots chase the -- assuming and I mean I remember the -- -- -- have been some of these others.
That it took that money and ran and a lot of investors and -- do you prevent.
That we're still a lot of disclosure in terms of -- -- and now that goes away and for big guy feels like FaceBook nothing changed at all.
And when sarbanes ox was put in place actually said there should be a carve out.
For young I'm from companies they just set the bar at a market cap 175 million dollars which just as is the crazy market books -- -- -- raise equity market FaceBook and also -- some of these offerings on some of these others obviously I'm excited and we started day while we went public twenty years ago -- this month it was the first that are coming go Paul we actually started.
Point seven years ago.
And are bad at AOL was on community people interacting with -- so we -- things like instant messaging and chat rooms and things like that -- as -- all categories -- -- that we're -- -- live.
There's sort of frothy and that's of that period we'll have to see him there's a lot of great companies and FaceBook is is created a very huge platform and and and franchise exactly when they go public exactly what the valuation is -- let others.
Kind of a speculate on but I'm I'm it's the -- to see how how successfully been an expanding on this notion of of social media but thoughts about -- and we've looked at those jobs council work.
We -- for all around the nation not just digital media and in Silicon Valley.
And we tried to do with the proposals we made it was only -- -- per ship in all these different regions across all sectors not just technology but manufacturing and so they're resident was on board and his unborn -- -- -- -- to villagers made its is that he would sign it in India.
Police that it -- after remainder residential.
It's a small but let me tell -- -- -- and so we've moved in them month that we've made his recommendations to senators one Republican senator rubio one Democrat senator -- came up with something called the -- put together things around entrepreneurship that both sides could agree on.
A month later two additional senators senator Warner a Democrat.
Senator brown a Republican Chris somebody called the start -- also taking some of the best proposals into one package.
About a month ago the White House and income will release something called -- startup America legislative agenda.
-- -- on recommendations.
And then about two weeks ago majority leader cantor -- put something out in -- house -- the jobs act jump starting our business startups which passed last week with overwhelming bipartisan Oracle's Larry and -- ninety's.
-- 23 so now the battle really shifts to the the senate understand senator Reid will be introducing a package tomorrow won't believe this one movie that's what -- that -- we've.
Well.
-- with the details -- would have thought given there was such overwhelming bipartisan support for the the house bill on the president that came out in support of it when it was first announced and then when it was voted on that the easiest path for.
Get things on the right track front first of would be for the senate the senate to pass.
The jobs act but perhaps or other things it can be added into Harry Reid does is on and I -- not -- politician on this not to per trying to.
You know trying to build bipartisan support around a pro entrepreneurship legislative agenda OK I don't know what we come back with Steve -- looking at.
The political agenda now that might or minority -- hearing -- this process coming at a time.
-- business activity is picking up a gas prices also picking up and in that mix.
A mess -- Steve case.
