Hot in Enterprise IT/VC - What's 🔥 in Enterprise IT/VC #350
AI is 🔥 and is the future, but just a reminder it’s still super early in the enterprise. I can’t tell you how many pitches we have with founders telling us about the enterprise traction from their AI product, but when you peak beneath the covers and ask about retention or what’s in production, the reality is much different. That’s 👌🏼 as early markets tend to be filled with “tryers” and not “buyers”. It makes sense as every Global 2000 board is asking its IT leadership about its AI strategy which has compelled many an organization to pilot some easy wins to show off AI. However, the gap between pilot and full enterprise roll out is still going to take time as many of the largest enterprises are still concerned about hallucinations, security and privacy…which means lots of opportunities for founders and investors.
Here’s Nasdaq’s CTO recently talking about all of the cool things they are building and hacking on but not yet in production.
This reminds me of the last AI hype wave from 2016. Despite the parallels to 2016, we will get there much faster this time. Why? Because all of the investment made in the last wave has allowed enterprises to have the expertise and data infrastructure in place to take advantage of LLMs. Zooming back to today, here’s a chart from the latest Morgan Stanley CIO Survey with 14% of CIOs saying they are starting pilots but only 4% in production. This is the gap founders love to see as it means an opportunity to build. How quickly this gap closes will be interesting to see in future CIO surveys. Enterprises will also get a massive assist from the large SIs and consulting firms as in the last few months, they’ve collectively announced $8B of spend on AI to help the JP Morgans and Nasdaqs of the world accelerate the adoption curve. Just this past week KPMG announced it will spend over $2B in AI and Cloud services while Wipro will spend $1b to train its entire staff in AI. Previously Accenture announced it would spend $3B on AI, Deloitte $1B on AI, and PWC $1B spend on Generative AI. That’s a shit ton of 💰 to be spent on AI which will help unleash a torrent of enterprise applications into production in the next 3 years. Exciting times are certainly ahead 📈! As always, 🙏🏼 for reading and please share with your friends and colleagues. Scaling Startups
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What's 🔥 in Enterprise IT/VC #349
Saturday, July 8, 2023
VC is hard to come by but how are pre-money valuations for seed rounds higher than 2021?
What's 🔥 in Enterprise IT/VC #348
Saturday, July 1, 2023
Summer of fun 😎 - floodgate 💰 for enterprise infra has opened
What's 🔥 in Enterprise IT/VC #347
Saturday, June 24, 2023
A new wave of dev tools startups built on first principle thinking
What's 🔥 in Enterprise IT/VC #346
Tuesday, June 20, 2023
Do professional developers 👩🏼💻 use and trust AI (Github, StackOverflow surveys)? What does it mean for devtools startups?
What's 🔥 in Enterprise IT/VC #345
Monday, June 12, 2023
Developers + buyers aka "Users and Choosers" - Hashicorp sandwich 🥪 model + practical advice selling dev tools in 2023
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