Hot in Enterprise IT/VC - What's 🔥 in Enterprise IT/VC #309
What's 🔥 in Enterprise IT/VC #309On shiny new objects like generative AI in startup land + starting companies for the right reason
We have a new shiny object for founders and VC alike, and it’s called generative AI. The new buzzword in VC and startup land is generative AI - every other pitch seems to be the generative AI of X - with all of these startups being created, I don't think we will have any humans left 🤣. Due to significant improvements in models, compute, and datasets, AI which was once relegated to the realm of analysis only has become all about creation. Some early examples showcasing the power of AI for human-like creation include DALL-E which is a simple text-to-image generator and Github Co-pilot which is an AI paired programmer and code generator. Here’s an image I created using DALL-E using the text “oil painting of silicon venture capitalist throwing bags of money at AI robot".” As you can imagine, founders and VCs alike are racing to discover all of the open categories which have not yet been disrupted using Generative AI ranging from creation of email copy for outbound sales to image generation for social media to dozens upon dozens of code generators. Don’t get me wrong - this is just wave 1 and there will be some groundbreaking companies created in this space. The problem is that the barriers to entry are limited, and when everyone thinks it’s a great idea, then well, the market will get crowded and overfunded fast. @swyx covers it well below. The AI Red Wedding:
- GPT3/Jasper 🔪 Low value copywriters
- Stable Diffusion 🔪 Stock image companies
- OpenAI Whisper 🔪 Voice transcription APIs
Every month a sleepy industry that hasn't changed for years gets AI'ed.
Which is next? And if you believe this is the future, then one day everything you read, hear, or watch could be AI generated? As with any new technology, my only suggestion is that if you’re a founder thinking about creating a company in this space, don’t! Always start with the burning pain you are trying to solve, figure out what unique insight you have which will make a user’s life 10X better or more, and then decide what tech to use. Yes, the tech should come last, and if you are going to leverage generative AI to help solve customer problems then great. You may create the next big thing. However, when it comes to buzzwords, there will be hundreds of founders who will start the other way around with the tech first and look at market maps to determine which category in generative AI has not been done yet. The first group of founders are what I call mission driven while the second I would call whiteboard founders. My personal bias is to always fund the founders who start with customer pain vs. looking for white space. When lifelong mission to solve a massive customer pain meets generative AI, then by all means go build a company but remember not to lost sight of solving the customer problems always!!! If you’re an investor, I get that generative AI is super cool but invest for the right reasons and not because you’ve market mapped it and determined I need to have one of those. As always, 🙏🏼 for reading and please share with your friends and colleagues. Scaling Startups
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