Hot in Enterprise IT/VC - What's 🔥 in Enterprise IT/VC #327
I’m back from a short trip to the Bay Area and an annual meeting for one of my LPs, where many of my discussions centered around the state of the venture market and OpenAI/ChatGPT. You can certainly feel the energy change when discussion goes from how long will this last to what else can generative AI do. These mood swings define the nature of the startup market in general; one day things can be absolutely amazing and the next not so. On the latter, Tom Loverro from IVP sums up the current market dynamic quite well. If you haven’t read the 🧵, please stop and do so now. PREDICTION: There's a mass extinction event coming for early & mid-stage companies. Late '23 & '24 will make the '08 financial crisis look quaint for startups. Below I explain when, why & how it will start & offer *detailed advice to founders* on surviving the looming die-off. /1 This is also in line with my predictions issue from 12/30 - What’s 🔥 #322. @tomloverro Nailed it! Also shared some of this in my predictions end of year. whatshot.substack.com/p/whats-in-ent… On the hope springs eternal side, I can’t tell you how many energizing conversations I had with founders about ChatGPT and OpenAI this week. Once again, my belief has always been that it’s a transformational technology, and if it makes sense to build it into your product because end users will benefit greatly, then by all means you should. But remember it’s a technology, and you still need to solve a problem uniquely and significantly better than what’s out there because the tech is not the moat. Case in point: Intercom, one of the first SaaS 🦄 minted in 2018 has smartly built an efficient business and has not raised a dime since then. 🚨ɴᴇᴡ ꜰᴇᴀᴛᴜʀᴇ ᴀʟᴇʀᴛ🚨
The day ChatGPT launched our ML team got straight to work, asking how it could make @intercom better at Customer Service.
Today we're announcing our first wave of features... and here’s a deeper technical dive 🧵: Two months ago, ChatGPT exploded onto the scene. Everyone was talking. But we needed to know if we could deliver something our customers would actually use + value. So we got building with them. It's been incredible! Today we're announcing 4 new battle-tested AI features. I’m sure this announcement will bring a renewed sense of excitement to the Intercom team while also from a business perspective help its end users do more with less. I’m also sure every single late stage VC on the planet is reaching out as this is a great way to have a “Chat GPT” investment 🤣 Case in point #2: Microsoft keeps cranking - even though the product is not as slick as Slack, it has significant market share and just leveled up productivity. Big News 🚨
Microsoft just launched Teams premium powered by ChatGPT at just $7/month 🤯
With ChatGPT, Teams users can generate automatic meeting notes, AI-recommended tasks, personalized meeting templates, and a lot more!! Case in point #3 - Notion’s AI is finally out to market. BTW, notice similarities in all 3 products? Text summarization, auto complete, and idea generation/expansion. My first real implementation of @NotionHQ AI.
I added a Custom AI block to the book template in my Library database, which creates a brief summary of the book in the title.
Genuinely useful. We all need a shiny new object while the markets still wobble from interest rate hikes, and we sure have it with generative AI. For older startups, it can be a Renaissance to breathe new life into your organization as a cutting edge company, amp up your existing customer base, reduce churn, and reach a whole new audience like Intercom. It’s also the greatest opportunity in the opinion of many a new startup founder, and this is where I believe the trouble lies. There will be fortunes made by a few like OpenAI as an infrastructure layer, but thousands more will crash and burn chasing the next new thing. Hope springs eternal, but tread carefully and do not forget that cool tech does not equal amazing business. As always, 🙏🏼 for reading and please share with your friends and colleagues. Scaling Startups
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What's 🔥 in Enterprise IT/VC #326
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On planning...Be Macro Aware, Micro Obsessed
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Predictions for 2023, what's old 👴🏼 is new again
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