Investors need to back more entrepreneurs from outside Silicon Valley to create jobs in areas of the U.S. that have felt left out by the advance of technology, AOL co-founder Steve Case told CNBC on Wednesday.
Case, who is CEO of venture capital firm Revolution, said earlier this year that California, Massachusetts and New York captured 75 percent of venture capital last year.
This is a problem as many feel left out of the technology revolution, he added, so venture capitalists need to invest in companies in other parts of the U.S.
"We are seeing in this third wave of the internet entrepreneurship both regionalized and globalized... So Silicon Valley is great and will continue to be great, but I think we've probably hit peak Silicon Valley and we need to figure out ways to have a more diverse, inclusive innovation economy," Case told CNBC in a TV interview.