It’s the best of times, it’s the worst of times
It seems that is the best time for founders thinking of launching an AI startup, especially with OpenAI launches ChatGPT for the masses, as it has the potential to really put AI front and center in business and perhaps everything we do technologically. Who wouldn’t want to launch a startup right now with the energy and excitement that surrounds the industry?
But it could also be the worst time for founders thinking about launching an AI startup, especially one that can grow and be defensible against headlines in a rapidly changing environment. And that’s a real problem for companies thinking in this area: AI is evolving. so fast that your idea could be outdated before it even gets off the ground.
How do you come up with a startup idea that can endure in such a challenging and rapidly changing landscape? The bottom line is that the same principles that apply to previously successful startups apply here as well. It might be a bit more difficult this time because of how fast everything is moving.
A group of successful founders and entrepreneurs spoke last week at the imagination in action conference at MIT. His advice could help founders understand what they need to do to succeed and take advantage of this leap in technology.
What is working?
CB Insights compiled data from 2021 and 2022 to understand where VC investment money has gone when it comes to generative AI startups. Given the recent hype around this area, it’s reasonable to think that the volume of investment will increase and perhaps the allocation will be different, but this is what we have for now.