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Venture Capitalists: AI Now Significant Part of Funding Pitches

Feb 09, 2024 - odsc.medium.com
Venture capitalists from Kleiner Perkins, Mamoon Hamid, and Ilya Fushman, have revealed that over 80% of start-up pitches they receive are centered around AI. They believe that not incorporating AI into a business model is a missed opportunity, similar to not mentioning the internet in a company pitch in 1996. They also noted that the first movers in defining a product category in AI can run much faster than others, as AI requires data and distribution to improve the product experience.

Tech companies, including Meta, continue to invest heavily in AI. CEO Mark Zuckerberg recently expressed optimism about Meta's AI investments, stating that a leaner business model has contributed to the company's goal of creating the most advanced AI products and services. He envisions a future where every user, creator, business, and developer will have access to a world-class AI assistant. The article concludes by stating that AI will continue to scale across industries and investment in the technology will continue to grow.

Key takeaways:

  • Venture capitalists from Kleiner Perkins, Mamoon Hamid, and Ilya Fushman, revealed that over 80% of startup pitches they receive involve AI, highlighting its growing importance in the tech industry.
  • Many of the AI companies they back are those that are addressing a significant problem space that a company can and should own.
  • According to Ilya Fushman, successful AI startups need to not only produce a popular product but also have access to distribution and data to improve the product experience.
  • Big tech companies, such as Meta, continue to invest heavily in AI, with CEO Mark Zuckerberg expressing optimism about the long-term returns of Meta's AI investments.
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