With all the focus on AI these days, we tend to forget about that other tech obsession: youth.
Never mind the plastic surgeries or as The Wall Street Journal reports, “To combat fears of aging out of the workforce, men in tech are splurging on face-lifts, neck lifts and eyelid lifts, say plastic surgeons…Tech is a young person’s game.”
Unless you look at the fact:
You’ve heard it a million times, but with the various AI assistants now available, has that changed? It’s now much easier and affordable to found a startup, that’s for sure. Thanks to vibe coding and the like, you don’t even need a tech team or a team at all, or so it would seem.
Partner differences is one of the big reasons why startups fail. The new trend in the founding team? Having your AI as your co-founder.
Y Combinator founder Paul Graham gave an excellent masterclass a while back on why most startups quietly fail. While the tech landscape has changed considerably since he gave the talk, the basic advice hasn’t.
“In 2021, Random House published a book by software tycoon Bill Gates titled How to Avoid a Climate Disaster. The message was clear: The world is heading toward a climate catastrophe if humans keep using fossil fuels. Everyone in the world had been hearing that message loud and clear for the previous two decades, and Gates, who’s been moonlighting as a climate expert for just as long, was not only one of the loudest voices to broadcast it, but someone who had put piles of money where his mouth was,” The New American reports. Now Gates says that there’s no disaster on the horizon. “Climate change is not the biggest threat to the lives and livelihoods of people in poor countries, and it won’t be in the future,” Gates announced this week on his personal blog, GatesNotes.”
Many were up in arms about the Microsoft founder’s seeming ‘Come to Jesus moment,’ but we will remind you that in retrospect, Gates is often wrong. Case in point: Common Core, another Gates- backed project that was going to revolutionize education and on which the government spent trillions to implement. Well, “The Results Are In: Common Core is An All-Around Failure,” says the National Association of Scholars (NAS). “It will leave students ignorant not only of literature and history, but even the ability to read, write, and sum. All the emphasis on ‘skills’ is useless without rigorous standards and challenging content matter. Our students will know every way to add two plus two, and they’ll come up with a different answer each time.”
In fact, NAS “tested the first three years of schoolchildren entirely educated by the Common Core—and their test scores have fallen steadily.” “Even Bill Gates Tacitly Admits His Common Core Experiment Was A Failure,” says The Federalist. At a cost of $4T to taxpayers, what to speak of the price students paid.
Tech Week is upon us here in New York City – and coming to other cities, some possibly near you. SF, LA, Miami are in the works and other cities under discussion, including small tech hubs since, during the lockdowns, the tech sector became something of a diaspora, and many founders and investors discovered something that’s not always available in larger metropolises – a quality of life – and they’re not going back.
They’re coming in from all over the world for Tech Week, and there are some rules of thumb that apply to every large gathering like this, that all founders should know.
To give you an idea of the breadth and scope of the NYC event, here’s the full calendar and it is decentralized in terms of the location, so events are all over town and many concurrent. Choose wisely and pace yourself, and the rules that apply to NY Tech Week are the same for SXSW and any expo, sprawling or not.
We were in an online webinar recently, with a young investor as the guest speaker on the virtual dais. He is a former founder with several failures and one success under his belt. Given the fact that he has sat on both sides of the table, we were particularly curious about his investment approach, especially since he is a partner in a quite large fund.
While he is new to the investment side of the table, he has already developed his philosophy: if he is predisposed to investing in a company, he advises the founder to get some traction – meaning paying customers – and check back with him in a few months, whether the founder had achieved this or not. After said time, provided the founder is in the same position monetarily, he advises a pivot.
He does position himself as a very early-stage investor. Maybe not back-of-the-napkin, but fairly close.
Meta – the company formerly known as Facebook – has gone all in on the metaverse and judging from this past week’s press conference where Meta founder and CEO Mark Zuckerberg showcased his latest and greatest, it looks like this time, it might just have legs. Pun intended, of course, for those of us who remember his past iteration of the space and the legless floating torsos.
Now he’s back, like a bad penny, and in case you missed it, here is Everything Revealed in 10 Minutes, including “the launch of 28 chatbots (conversational agents), which supposedly have their own personalities and have been specially designed for younger users. These include Victor, a so-called triathlete who can motivate “you to be your best self”, and Sally, the “free-spirited friend who’ll tell you when to take a deep breath,” France24 reported.
“Meta sees these as “fun” artificial intelligence,” the piece continues. “Others…feel that this latest technological development could mark the first step towards creating “the most dangerous artefacts in human history”, to quote from American philosopher Daniel C. Dennett’s essay about “counterfeit people.”
Despite all of the discussion about Web 3, it has been eclipsed of late by Generative AIs such as ChatGPT, which, according to many an article we’ve seen, is going to make a lot of white-collar workers redundant, as the Brits say. Artificial Intelligence Passes MBA Exam (given by a Wharton professor, FYI) and New ‘Robot’ Lawyer to Represent Defendant in US Court. ChatGPT even passed the US Medical Licensing exam. As we know, it’s also being used to write news articles, tweets and who know what else in startup land, giving new meaning to the term, ‘fake it till you make it.’
When we first got wind of the Generative AI, knowing that it was scraping the internet and well aware of the rampant censorship that has been and is being practiced by the social networks, all of whom have had a stranglehold on the conversation for quite some time, including the pre-Musk Twitter, YouTube and Facebook, we knew this would be a problem. And lest we forget, the programs tend to be written by programmers who have a certain bias, or whose C-Level has a certain bias, and in case you missed it: The damage done to the credibility of AI by ChatGPT engineers building in political bias is irreparable. The AIs will always have human biases, because it’s humans who are creating it.
Generative AI isn’t the only thing that’s faking it. Getting more sophisticated and no doubt soon to hit that same tipping point are the Deepfakes, both visual and audio. For how many years has Big Tech been capturing your face and voice? “With no barriers to creating AI-synthesized text, audio and video, the potential for misuse in identity theft, financial fraud and tarnish reputations has sparked global alarm,” the Japan Times reported.
We’re not a big fan of best of/worst of lists. Nor are we big on New Year’s resolutions, but not always easy to buck every trend that comes down the pike, so without further ado, nine resolutions founders might want to consider. We didn’t go for 10 as we do understand that even nine is pushing it…
And a very happy and productive 2023 to one and all, as we go onward and forward.
The tech times, they are a-changing. Companies are laying off big time and basically across the board, meaning companies large and small, or are in hiring freeze mode. Google employees weren’t happy when they were told that their travel and swag budgets were being cut. Oh, in case you didn’t see the memo, the days of Tech Entitlement are over, too. The economy isn’t what it was during the halcyon days of tech and, news flash – the tech sector is not immune.
Speaking of behemoths, Amazon Abandons Home Delivery Robot Tests in Latest Cost Cuts, Reuters reported. Called Scout, “The slow-moving devices, accompanied by human minders during tests, were designed to stop at a front door and pop open their lids so a customer could pick up a package. Amazon said the battery-powered robots were part of an effort to reduce greenhouse gas emissions in its delivery operations.”
Amazon is feeling the slower sales, too. Then again, the lockdowns are over, and people can go past their doorsteps once again and shop. With many smaller stores shut down in the lockdown era. Amazon was a go-to, and boom! Hockey stick growth. Now, not so much and they’re cost-cutting too, given their now ‘slow growth.’ Did the company think they’d maintain lockdown-level growth or conditions forever? Even hockey sticks have an end point – something tech and tech investors could seemingly never quite grok.
It’s September. The investors are back from the end of summer break and paying attention again. There are funds to be deployed, and meeting to take, the holidays will be here again before you know it and they’ll once again disappear, so it’s a good time to get that investor deck out and those meetings lined up.
We work with founders all the time, helping them to refine/write their decks, since, as we’ve said before, all founders think the 10-15 slide construct is written in stone in terms of the order of the slides, and often bury the lead. Or are so in love with the tech they’ve created, they didn’t bother to include the lead at all. And do keep in mind that your deck is a teaser. Purpose: to get you to that meeting with investors.