Stay Ahead: Generative AI Trends for 2024
Building Startups by Ajay Yadav
The ‘No-BS’ BS Newsletter
Happy Friday folks,
Let’s get started🚀
💻️AI
➡️ Stay Ahead: Generative AI Trends for 2024
The last few weeks, if not months, are proof enough that AI is not slowing down. I mean, ChatGPT was launched end of November last year, and from a text chatbot it has already graduated to a multimodal superbot! 🤖
So in this ever-evolving AI world, it only makes sense to stay ahead of the curve. Here are some Generative AI trends for 2024 that you should know keep up with:
Multimodal Content Interaction: I personally think this will be the biggest in 2024- alignment of different mediums of content. Text, audio, video will come together to be very cohesive and converting content across these mediums will be smooth as ice. Content will come together to become one fluid, adaptable, medium. ✒️
Generative Video, Audio and Speech: We talked of multimodal content interaction, but each of these niches independently will witness astronomical growth too. It is not crazy to assume that these 3 will be as ubiquitous in 2024 as images are in 2023. 🎤
Generative Design: Another area where generative AI will make a significant impact is in the design of physical products and services. Designers will have relatively simpler input criteria and available resources, and receive blueprints and recipes. 📃
➡️ AI News of the Week: OpenAI Exploring Making its Own AI Chips
The mammoth behind ChatGPT, OpenAI, is now considering developing its own artificial intelligence chips. Since 2020, it has been developing generative AI technologies on a gigantic supercomputer built by Microsoft, one of its main investors, that employs 10,000 Nvidia graphics processing units (GPUs).🖥️
Running ChatGPT is an expensive affair for the company, costing almost 4 cents per query, and the costs are only going to rise if ChatGPT gets to even 1/10th of the number of queries on Google. Developing its own AI chips could address both concerns of shortage and high costs.✅
➡️ AI Tool of the Week: Sphinx Mind
I came across this tool on LinkedIn and found it super interesting; it also fits well with our discussion of the future of AI today. Sphinx Mind is an AI chatbot designed especially for Marketing teams as it lets you chat directly with your Google Analytics, Facebook Ads data, and more platforms!🌟 💬
You can generate AI-powered insights, create visuals and graphs for your data, export insights in your preferred formats and even chat within Slack, Microsoft Teams, and others.📊
Quite interesting indeed.
🚀Entrepreneurship
One of the biggest reasons why startups fail is not because they couldn’t make money, but because of co-founder split🪓
And most times, difference in treatment that leads to an eventual separation is because of equity.⚔️
So how do you split equity with your co-founder that is reasonable for both of you AND best-suited for the business?
I generally believe it should not be 50-50.
There's a lot of advice that it should be, and in my opinion it can be 50-50 as long as one of you, especially the CEO, has more voting power.
I truly believe in when co-founders get into a split, into a deadlock, and if both have the same exact voting rights and equity, chances are they will get personal and not solve the business problem at hand.✏️
So instead of 50-50 it can literally be 51-49; or there are so many other ways of splitting ~equal share between founders. For example, one can have the 51% share while the other can have terms to make binding decision during critical business situations.
If co-founders are going to put in 100% of ourselves into the business then its important they don’t treat one or the other differently. Create a feeling of not just winning independently, but also together.🥇
👔 Leadership Lifestyle
Lisa Carmen Wang is quite a powerhouse- literally. She is a former 4X USA National Champion & Hall of Fame gymnast-turned-serial entrepreneur. She is currently the founder of Bad Bitch Empire, an investment collective investing in female-led businesses and creating tangible impact.🚺️
Lisa has been named in renowned lists like Forbes 30 Under 30 Venture Capital, Entrepreneur Magazine's 100 Most Powerful Women and has also won Red Bull Hero of The Year. 🏆️
She has featured in The WSJ, The Atlantic, Reuters, Fortune, The Washington Post, etc and has also authored a book titled The Bad Bitch Business Bible.
This is what Lisa learned from her career as a gymnast that she carries forward in all her ventures:
Have a good one, see you next week!
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