Building Connections and the Industries of the Future Beyond Silicon Valley

Insights and soundbites from our third Beyond Silicon Valley Summit

Our third annual Beyond Silicon Valley Summit, coinciding with the ten-year anniversary of the Rise of the Rest platform, was one for the books. Despite being our largest event to date, last week’s Summit also felt remarkably intimate. At this point, many of the 160 investors present had attended at least one, if not both of our previous Summits, and most have shared conversations, ideas, and deal flow since. From new faces to old friends, there was much to discuss — and it was great seeing connections deepen and form in real time.

2024’s attendees represent 35 states and territories, investors backing startups at all stages (with a majority focused on pre-seed-Series A), and funds with a collective $750B in assets under management. With this diverse and dynamic a group — and amid a year of immense technological progress and increasing geopolitical uncertainty — we polled the room on a few topics front of mind:

• Outlook for Startups: 64% are somewhat or very optimistic about the next 6–12 months for the tech community.
• AI’s Benefits Between the Coasts: 97% believe startups outside of Silicon Valley will benefit from AI, with 60% thinking we’ll see those benefits within the next year.
• Knock-on Effects of Election Outcomes: 35% somewhat or strongly agree that the venture industry will be in a better position after the 2024 presidential election, regardless of the outcome. 16% somewhat or strongly disagree, leaving 49% neutral.

This year’s goal was to provide a forum to find more throughlines and strengthen connections by going beyond the main stage. The itinerary included breakout discussions, group dinners, and yes, special access field trips to a few iconic locations in the District.

But there was plenty of magic on the main stage, too. Below are a few of the insights and soundbites shared at our third annual Beyond Silicon Valley Summit.

The conversation: Navigating the future of finance with RockCreek CEO, Afsaneh Beschloss

The takeaways:

• Many countries are economically successful, but few are as innovative, open, and attractive to talent as the U.S.
• Despite the backlash, components of “ESG” are still very active and relevant. It’s the words that have become antiquated — particularly “S,” which covers too much too vaguely.

The soundbite: “Starting is always the hardest — scaling is a different kind of difficult.”

The conversation: New frontiers: AI innovation between the coasts, geopolitics, and the future of tech policy

The takeaways:

• Growing a startup ecosystem is about building critical mass. Initiatives like constructing a sizable airport or developing a city’s waterfront can help rally communities, attract talent, and grow the region’s innovation economy.
• Our current immigration system makes it incredibly difficult for skilled talent to live and work here, putting the U.S. at risk of losing entrepreneurs and innovators to other countries.
• It will require a healthy dose of humility and iteration for legislators to successfully regulate AI.

The soundbite: “In Wisconsin, a rising tide lifts all boats. If Milwaukee succeeds, that’s good for Green Bay.” — TitletownTech Sr. Strategic Advisor, Mike Gallagher

The conversation: Leading change in investing and sports with 26North Founder and Washington Commanders Managing Partner, Josh Harris

The takeaways:

• Before Apollo, 26North, the 76ers, and the Commanders, Josh Harris’s entrepreneurial career began with actual lemonade stands.
• The globalization of media is one of the biggest tailwinds in sports. Everyone, everywhere wants to watch the best athletes in the world compete.

The soundbite: “If you’re young, ask the question. I’m a better investor when people ask me questions.”

The conversation: How women-led funds support better solutions — and better returns

The takeaways:

• Because of historic bias and gender gaps, many women-led firms are new or emerging, which means LPs often see them as riskier investments than funds with long track records. But those “non-obvious,” “riskier” funds are where the biggest returns lie.
• Women and diverse teams are more likely to invest in women and diverse teams. If we’re going to support the next generation of women entrepreneurs, we have to commit to the people funding them.
• Amplifying stories is a free, easy, and impactful way to support women founders. But also, write checks.

The soundbite: “If it keeps your mom or grandma up at night, we’re backing people solving for it.” — Stephanie Campbell

The conversation: Trends driving policy and politics in 2024 with Bruce Mehlman and David Thomas

The takeaways:

• Since 2000, ten out of twelve elections have been “change elections” — a change in party control of the House, Senate, and/or White House — signifying the disruption and dissatisfaction that have come to define modern politics.
• One of the macro trends of the decade is deglobalization. If you run a multinational business, the tailwinds of the last three decades have largely turned into headwinds.

The soundbite: “America wants change, but we’re seldom satisfied with that change.” — David Thomas

The conversation: Perspectives and advice for emerging managers from LPs

The takeaways:

• LPs want liquidity, and it’s not just VCs that are experiencing a dry spell — it’s asset classes across the board. Accordingly, allocators have had to get creative about how to generate returns.
• When you get a “no” from an LP, be receptive to their feedback. That doesn’t mean changing your strategy, but perhaps adjusting how you sell it.
• Even at generalist funds, there should be a throughline that connects and differentiates. That differentiation could be sourcing strategy, access to a unique network, tactical expertise, etc. Whatever it is, get LPs excited about it.

The soundbite: “Venture is inherently forward-looking. You have to be willing to think things are going to go right.” — Meera Patel