Steve Case

Steve Case
Steve Case
Born	Stephen McConnell Case; August 21, 1958 (age 68); Honolulu, Hawaii, U.S.
Occupation(s)	Entrepreneur, investor, philanthropist
Years active	1983–present
Known for	CEO and chairman of America Online (AOL); founder of Revolution LLC; author

Stephen McConnell Case (born August 21, 1958) is a prominent American entrepreneur, investor, and philanthropist, recognized primarily for his tenure as CEO and chairman of America Online (AOL). He began his career at AOL’s predecessor, Quantum Computer Services, in 1985 as vice president of marketing. Ascending to CEO in 1991, Case masterminded the 2000 merger with Time Warner, forming AOL Time Warner—later regarded as one of the most significant corporate missteps in American business history.

Following his departure as chairman in 2003, Case established the venture capital firm Revolution LLC based in Washington, D.C., and authored two influential business books: The Third Wave: An Entrepreneur's Vision of the Future (2016) and The Rise of the Rest (2022).

Life and career

A native of Honolulu, Hawaii, Case earned a political science degree from Williams College in 1980. Prior to joining Control Video Corporation in 1983 as a marketing consultant, he held marketing positions at Procter & Gamble and Pizza Hut. Control Video was rebranded as Quantum Computer Services in 1985 under CEO Jim Kimsey, who recruited Case as vice president of marketing and later promoted him to executive vice president. Kimsey prepared Case to take over as CEO in 1991 and subsequently as chairman in 1995.

Under Case’s leadership, Quantum shifted its focus toward consumer online services, launching Quantum Link for Commodore 64 users in 1985 alongside co-founder Marc Seriff. By 1991, he renamed the company America Online and integrated AppleLink and PC Link services. AOL distinguished itself by emphasizing social features such as chatrooms and instant messaging, establishing online community interaction as its central offering. Unlike competitors like Prodigy and CompuServe, AOL adopted a straightforward pricing model: a flat $19.95 monthly fee for unlimited basic access starting in 1996. This approach fueled subscriber growth to over 26 million by 2002.

Case was an advocate for pioneering interactive content, supporting early graphical chat platforms like Habitat (1986), serialized online fiction, and the first graphical MMORPG, Neverwinter Nights (1991).

In 2001, AOL merged with media powerhouse Time Warner in a $164 billion transaction that created a major conglomerate. However, the merger struggled due to the dot-com downturn and accounting controversies. Case stepped down as chairman in 2003 but stayed on Time Warner’s board until 2005. The failed merger became the subject of Nina Munk’s book Fools Rush In: Steve Case, Jerry Levin, and the Unmaking of AOL Time Warner.

Case publicly supported dismantling the merger by separating Time Warner into autonomous companies so that AOL could follow an independent trajectory.

After exiting Time Warner’s board, Case concentrated on Revolution LLC, which has invested in more than 200 startups with a focus on ventures located outside Silicon Valley.

He also serves as chair of the Case Foundation, which he co-founded with his wife Jean Case in 1997. The foundation promotes impact investing and initiatives that foster civic participation.

Case’s accolades include the Golden Plate Award from the American Academy of Achievement (1999), induction into the Junior Achievement U.S. Business Hall of Fame (2009), appointment as Chair of the Smithsonian Institution Board of Regents (2020), and an Honorary Doctorate from Georgetown University (2014). Additionally, he has co-chaired the Bipartisan Policy Center’s Democracy Project.

Investments

Following his departure from AOL, Case established Revolution LLC in 2005. Among its initial investments were Revolution Money, HelloWallet, AddThis, Zipcar, Living Social, and the luxury travel club Exclusive Resorts. Early ventures such as Zipcar, Living Social, and Exclusive Resorts represented strategic bets on the nascent Web economy and the sharing economy. Zipcar went public in April 2011 with a valuation exceeding $1 billion before being acquired by Avis Budget Group in January 2013.

In 2005, Case also sought to revolutionize healthcare in the United States by founding Revolution Health Group. Despite several acquisitions, the venture underperformed, culminating in a merger with Waterfront Media in October 2008.

Key exits include American Express’s $300 million acquisition of Revolution Money in 2009, MorningStar’s purchase of HelloWallet in 2014 for an undisclosed sum, and Towers Watson’s acquisition of Extend Health for $435 million in 2012.

In 2011, Case partnered with Ted Leonsis to launch the $450 million Revolution Growth fund. Its investments span companies such as Bigcommerce, Custom Ink, Echo360, FedBid, Handy, Lolly Wolly Doodle, Optoro, Orchard, Resonate, Revolution Foods, Sweetgreen, Sparefoot, Bedrock Manufacturing, LDiscovery, Interactions, Cava, DraftKings, Sportradar, Tala, Tempus, TalkSpace, and Uptake. Two years later, in 2013, he co-founded Revolution Ventures alongside Tige Savage and David Golden. This fund’s portfolio includes BenchPrep, Booker, Busbud, Framebridge, Homesnap, Insikt, OrderUp, RunKeeper, MemberSuite, PolicyGenius, Paro, Bloomscape, and Bright Cellars.

Case introduced the Rise of the Rest Seed Fund in 2017 to support startups located beyond traditional technology centers. To date, it has made investments across 78 cities in 35 states. Additionally, he has made direct investments in firms such as M-Kopa—a Kenyan solar energy provider.

Through a controlling interest in Maui Land & Pineapple Company and Grove Farm, Case holds significant real estate assets in Hawaii. The Grove Farm acquisition involved contentious dealings that resulted in extended legal disputes with previous owners.

Third Wave

In 2016, Case authored The Third Wave: An Entrepreneur's Vision of the Future, presenting his perspective on how emerging technologies will advance the Internet of Things into the broader Internet of Everything, fundamentally transforming workplaces and disrupting established industries.

He characterizes the "Third Wave" as the upcoming phase of internet development following the "first wave," which featured consumer internet access companies like AOL; and the "second wave," dominated by platforms such as Google and Facebook. The Third Wave anticipates entrepreneurs driving innovation across sectors including healthcare, education, transportation, and energy—bringing profound changes to everyday life. Achieving success during this period demands new approaches and competencies from entrepreneurs, corporations, and governments alike.

Case also forecasts the emergence of startup ecosystems outside traditional tech hubs like California, New York City, and Boston—a trend he terms The Rise of the Rest—fueled by industry expertise, technological progressions, and enabling public policies that foster business growth nationwide.

Political views and advocacy

Steve Case has consistently advocated for policies that support startup development. In 2012, he endorsed the bipartisan Jumpstart Our Business Startups (JOBS) Act which authorized crowdfunding for early-stage ventures and relaxed regulations surrounding initial public offerings. This legislation was enacted into law in April 2012.

He has been a proponent of opportunity zones included within the 2017 Tax Cuts and Jobs Act. Case regards these zones as catalysts for real estate development that encourages co-working environments to attract entrepreneurs. He described opportunity zones as a "game changer" for fostering entrepreneurial hubs and applauded initiatives aimed at redirecting investment away from coastal areas.

Case is an outspoken advocate for comprehensive immigration reform to sustain America's innovation-driven economy. He stresses the importance of loosening visa restrictions for foreign graduates and skilled technology professionals while supporting reforms to the H-1B visa program alongside creation of a Startup Visa designed to attract immigrant entrepreneurs with promising ventures.

While traditionally nonpartisan in his political engagement, Case supported Hillary Clinton during the 2016 presidential election due to concerns about restrictive immigration policies proposed by Donald Trump. Nevertheless, he later collaborated constructively with the Trump administration on innovation-related efforts and commended initiatives aimed at providing green cards to foreign STEM graduates. In 2019 he acknowledged Trump’s prioritization of economic growth over political stalemate.

In a 2022 interview, Case emphasized the necessity of bipartisan cooperation to enhance the startup ecosystem beyond party lines.

In 2017 Case brought J.D. Vance into Revolution LLC to promote entrepreneurship outside major technology centers. Following Vance’s election as vice president in 2024, Case highlighted their mutual dedication to broadening entrepreneurship’s impact across the country.

Family

Daniel H. Case, his father, established the Hawaiian law firm Case Lombardi & Pettit as a founding partner. His mother, Carol, worked as an elementary school educator. He had three siblings, including a brother named Dan, who passed away from brain cancer at the age of 44 in 2002.

Steve Case is related to Ed Case, a cousin who represented Hawaii in Congress from 2002 to 2007 and resumed service beginning in 2019.

In 1985, he wed Joanne Barker, whom he met during their time at Williams College. The couple had three children before divorcing in 1996. Two years later, in 1998, he married Jean Villanueva, a former AOL executive; their wedding was officiated by Billy Graham.

Case contributed $10 million to Punahou School to fund the construction of a junior high facility named in honor of his parents. He identifies as a Christian.

Sources

Business Week, "The Online World of Steve Case," April 15, 1996
Alec Klein, Stealing Time: Steve Case, Jerry Levin, and the Collapse of AOL Time Warner, Simon & Schuster, 2003
Interview regarding early gaming initiatives and growth impacts at Stormfront Studios (archived)

External links