Photo: Craig Barritt/Getty Images for Tory Burch Foundation

The coronavirus pandemic could be the tipping point to reverse brain drain from the Midwest, Steve Case, AOL co-founder and venture capitalist, predicted Tuesday at an Axios event.

What he's saying: "So the question that we look for is how can we keep some of that talent in place, slow the brain drain and actually create a bit of a boomerang of people returning? And I think this crisis may be a tipping point. There are a lot of people who are rethinking things and using this as an opportunity to take a step back and reflect."

  • "The next wave of innovation isn't going to be about just apps on your phone. It's going to be about better ways to teach. It's going to be about better ways to deliver health care, food, agriculture."

The big picture: Case also emphasized that nearly 75% of all venture capital funding goes to three states: New York, California and Massachusetts.

  • "We can't lose sight of the fact that startups really create the jobs. ... Essentially all job creation comes from young startups. Not from big companies or small businesses."
  • "As a result, people with that entrepreneurial mindset, not just the tech sector, but other folks, startup sectors tend to go to the coast. So if we want to create jobs everywhere, we want to level the playing field in terms of opportunities."

Go deeper: The coronavirus' domino effect on startup layoffs

Go deeper

Ben Geman, author of Generate
22 mins ago - Energy & Environment

U.S. cities' lagging climate progress

Expand chart
Reproduced from a Brookings Institution report; Chart: Axios Visuals

A just-published Brookings Institution analysis of U.S. cities' pledges to cut carbon emissions reveals very mixed results.

Why it matters: The potential — and limits — of city and state initiatives have gotten more attention amid President Trump's scuttling of Obama-era national policies.

New state unemployment filings fall to 787,000

Photo: Joe Raedle/Getty Images

First-time applications for unemployment fell last week, according to Department of Labor data released on Thursday.

Between the lines: The overall number of Americans relying on unemployment also fell to a still-staggering 23 million. But there are continued signs of labor market strain, with more people shifting to an unemployment program designed for the long-term jobless.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Chris Christie: Wear a mask "or you may regret it — as I did" — Senate Democrats block vote on McConnell's targeted relief bill.
  2. Economy: Why the stimulus delay isn't a crisis (yet).
  3. Health: The pandemic is getting worse again New York reports most cases since MayMany U.S. coronavirus deaths were avoidable.
  4. Education: Boston and Chicago send students back home for online learning.
  5. World: Spain becomes first nation in Western Europe to exceed 1 million cases — France becomes the second.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!