I’m excited to share my experiences with AI and its impact on startups, especially after the inspiring Slush event in 2023. AI was a hot topic this year, sparking engaging discussions, and I have aimed to share that experience with my portfolio companies during this past year.
My AI Journey – Exploring AI Tools in Action
Since last year, I’ve been exploring various AI applications as well as participating in various training programs. This spring, I set a personal goal to dedicate an hour each workday to learning and experimenting with AI tools. I’ve maintained this routine except for summer vacations, and my enthusiasm for discovering new AI advancements grows daily.
Microsoft
I began last year with ChatGPT and expanded to apps like Midjourney and Bing. While many are free initially, some require a subscription post-trial. Recently, I’ve delved into Microsoft Copilot. Awaiting when MS 365 Copilot is available for small enterprises.
Google Bard
I have also been testing Google Bard, which I have seen quite useful for personal LLM usage, even though it is probably still quite early for business use. Now, I’m looking forward to Google’s further AI announcements in the very near future. Learn more in the video below.
Amazon AI
Right now, I’m eager to explore Amazon AI following the AWS Reinvent event. Also awaiting more AWS AI applications to come.
The Impact AI has on the Startup
AI is already making waves. For instance, Accenture’s CEO Julie Sweet reported significant time savings for consultants using Microsoft Copilot AI. Bill Gates also highlighted AI’s potential to free up time for more productive tasks.
Slush 2023 Insights
This year’s Slush was phenomenal, with many talks focusing on AI’s role in startups. Investors in Silicon Valley now consider AI integration crucial, and Tesla co-founder Marc Tarpenning predicts AI will become ubiquitous. Benedict Evans gave us a great presentation about what’s up right now in AI. Roman Huet (Open AI) also shared his story from research to reality and ChatGPT 4 Turbo announcement.
What kind of influence does AI have, and on which industries?
I asked GPT about industries most affected by AI today, and here’s the summary of what it offered.
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- Manufacturing: AI is streamlining processes, enhancing precision, and managing tasks.
- Energy: Digitalization through AI is optimizing operations for better efficiency and sustainability.
- Healthcare: AI is advancing patient care, diagnostics, treatment plans, and medical research.
- Autonomous Vehicles: AI is improving safety and efficiency in autonomous driving.
- Education: AI is poised to transform education through comprehensive analysis and instructional optimization.
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- Industry Transformation: Retail, insurance, and banking/finance are being reshaped by AI, altering their structure and interactions with customers and employees.
- Administrative Efficiency: AI-driven automation transforms tasks like data entry and document management, revolutionizing administrative support.
Impact on Startups
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- Agility and Efficiency: AI empowers startups to be more agile and efficient, responding swiftly to customer needs.
- Accessible Technology: As AI becomes more accessible and affordable, its influence on startups will continue to expand.
AI Advantages for Startups
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- Cost-Saving Systems: Automating routine tasks with AI can lead to significant savings on employment costs.
- Data Analysis: AI enables startups to analyze vast data, identify patterns, and understand customer behavior.
- Customer Engagement: AI-powered tools improve customer interactions and can reduce the need for physical customer service reps.
- Business Growth: AI solutions help startups overcome challenges, build customer bases, and achieve sales targets.
- Informed Decision-Making: AI provides insights into customer behavior, leading to clearer decision-making.
- Competitive Edge: AI investment enhances productivity and reduces expenses, boosting startups’ competitive standing.
- Innovation: Ongoing AI innovations can significantly impact the competitive landscape for startups.
What I’ve learned personally about AI?
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- Investment in AI: It’s crucial to invest time in learning and using AI to grasp its benefits and opportunities.
- Regulatory Space: Understanding the potential risks and mistakes AI may create is essential for future regulations.
Some of my AI trial experiences
Language Translation: AI translations surpass traditional tools like Google Translate, often eliminating the need for traditional translations.
Design and Creativity: Tools like ChatGPT 4, Bing Enterprise with Dalle-3, and Midjourney AI image generators offer impressive design capabilities, and there are many more AI applications available providing drawing and design features.
Efficient Presentations: Using VBA code generated by Bing Enterprise simplifies creating PowerPoint slides, anticipating the release of Microsoft 365 Copilot for small enterprises, which will impact and speed up generating high quality PP slides dramatically.
Coding Assistance: GitHub Copilot aids in code generation and provides support with existing code. Most software companies already use GitHub and Copilot AI will benefit them right away.
Lastly, I have also enclosed the Microsoft Copilot intro for top AI use cases, which I found very useful for us to validate in all industries.
In summary, AI is here now, and I will push all my portfolio companies to start using and learning AI capabilities, understanding the hype and potential risk of IPRs and regulation. I am eager to find new potential growth companies that will provide new applications and use cases using AI benefits.
This blog is just my opening also to start dialog with investors and Startups using AI. It is very difficult to find the right AI wave and technology to step in, but quite necessary to be there in an early stage anyway.
Jorma Heinonen CEO
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