Businesses will face substantial competitive hurdles if they are not Generative AI-ready in the next few years; Report is the first to offer a generative AI scorecard for 2024 readiness
The State of Generative AI Insiders Report, in conjunction with leaders from Insight Partners, Battery Ventures, Dataiku, Weights & Biases and Glean, was unveiled highlighting market challenges inherent with implementing generative AI in a scalable, profitable way. According to the expert panel, software companies must be Generative AI-ready in the next few years or will face substantial competitive hurdles. While most businesses lack all the capabilities to execute this generative AI transformation in this compressed time frame; they are undertaking the right steps to start their respective journeys.
“Never before has there been this size and scale of market opportunity, the speed at which it’s happening, the amount of competition, the number of companies that are being funded and the amount of money companies are investing into generative AI,” said Max Schireson, operating partner, Battery Ventures. “But the time is now for companies to double down on generative AI and get it right.”
The report is a reflection of a recent roundtable which brought together high-profile generative AI VCs and CEOs, who each have built billion-dollar AI and data companies. The mission was to discover the most likely paths to solid market performance and identify the success benchmarks for generative AI.
For the experts that attended our roundtable, the rapid escalation of the generative AI, LLM and GPT market has introduced a new set of disparate challenges including: iterating on product commercialization in a quickly evolving space, regulation, machine learning resources, and costs of AI deployment.
Participants on the roundtable:
- George Mathew, Managing Director, Insight Partners and former President & COO Alteryx
- Max Schireson, Operating Partner, Battery Ventures and former CEO MongoDB
- Florian Douetteau, CEO & co-founder, Dataiku
- Lukas Biewald, CEO & co-founder, Weights & Biases
- Arvind Jain, CEO & co-founder, Glean
Key takeaways from the report:
- How three key tailwinds are driving the trajectory of generative AI’s development
- Why product commercialization has to iterate 3-4 times faster
- The emergence of a “Generative-AI tax”
- The generative AI VC forecast moving into 2024
- Product Commercialization Scorecard: an expert rubric for 2024 Generative AI readiness
“There has to be a rewrite of core enterprise software principles driven not only by generative models themselves, but the use of private data and build out of incredible product experiences that are not in production today,” said George Mathew, managing director, Insight Partners. “This is a secular trend that’s occurring across the entire software landscape. And it’s the top priority for just about any CEO, any head of product and any head of go-to-market.”
To access the full report developed by R2 Acceleration, please visit https://r2accel.com/generative-ai-report/
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