They are increasingly built on top of standardized technology from a few AI giants like OpenAI, Google, and Meta. This puts a premium on strategy over proprietary technology. Companies who use these tools will need to think about how they'll create value beyond the technical features they offer and what they will do to stand out from the pack. They'll also need to prepare for, among other things, higher employee turnover.
Amid high interest rates, the venture capital faucet has tapered into a trickle - except when it comes to AI. Investors poured more than $40 billion into AI ventures in the first half of 2023. More than a third of the businesses in famed accelerator Y Combinator's latest batch are AI startups. Almost everyone seems to be hopping on the AI wave. Fear of missing out is high.
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