veryone’s talking about it, many are praising it, others are generating apocalyptic scenarios. At the same time, many companies are investing in AI capabilities and in AI startups. In June 2023, Lenovo announced it was planning to invest about 8200 crore rupees to build AI solutions for businesses.
Zoho announced it was planning to build its own LLM to compete with OpenAI’s ChatGPT. Accenture announced it was planning to invest 25,000 crore rupees in AI to bring solutions for various industries. They’re one of many announcing AI products and services.
And with the AI race heating up with Google’s Bard competing with OpenAI’s ChatGPT and Microsoft backing OpenAI and making Bing AI-powered, the excitement is bubbling. Close to $2 billion was generated across 46 deals for generative AI startups in Q1 2023, according to PitchBook, with about $10.7 billion worth of other deals for generative AI startups being announced, but not completed.
There have even been comparisons to past hypes like the Metaverse and cryptocurrency. The way it’s going right now, the Metaverse may not be adopted en masse. So, generative AI has already seen some kind of widespread adoption in fields like writing, art and music.
Previous hype topics like the Metaverse or the crypto still haven’t exactly gotten there. But, maybe what’s different is, compared to the Metaverse or cryptocurrency, maybe the impact of AI could be much more far-reaching, profound and tangible in terms of use cases. And maybe, the AI startups that would sustain would be the ones who have a clear USP with their own data sets for training their AI models.