Today marks nine months since the release of ChatGPT, and it has been six weeks since we introduced our AI Start seed fund. From our extensive conversations with numerous AI founders in their early stages and hundreds of prominent CXOs (Chief Experience Officers), it’s clear that we are currently experiencing a period of immense enthusiasm.
In less than a year, AI investments have become a standard part of any investment portfolio, new private company unicorns are emerging on a weekly basis, and the belief that AI will drive a resurgence in the stock market is gaining traction. Even individuals outside the tech industry are becoming familiar with the terminology associated with this field.
Terms like “Large language models,” “ChatGPT,” “Deep-learning algorithms,” “Neural networks,” “Reasoning engines,” “Inference,” “Prompt engineering,” and “CoPilots” are becoming commonplace. Visionaries and thought leaders are sharing their perspectives on how AI will revolutionize businesses, unlock human potential, and contribute to overall human well-being.
While many uncertainties remain, and it’s essential to acknowledge both the risks and the potential of any new technology (remember “Oppenheimer”?), there’s one strong conviction that keeps me optimistic. At Mayfield, we follow a “people-first” philosophy, where a startup founder’s ambitious vision elevates the customer and fosters a community. When applied to AI, the “people-first” approach takes on even greater significance. I firmly believe that two dynamics will converge to establish AI as a formidable force, enabling individuals to become what I refer to as “Human2” – essentially, “human squared.”
Firstly, our primary mode of interaction with computing devices is evolving, shifting towards conversation. Instead of relying on command lines, GUIs, browsers, or mobile devices, we will predominantly communicate with computers through rich and layered conversations. This change will be compounded by a second dynamic: technology’s newfound ability to perform cognitive tasks that augment our own capabilities.
AI will no longer be limited to speeding up and automating repetitive tasks; it will create entirely new things, much like humans do. Consequently, we will be able to enhance our capabilities with a human-like co-pilot, teammate, coach, assistant, or genie. AI x Human = Human2. Given the immense potential and power of AI, responsible development becomes paramount.
To align with this “people-first” philosophy, we have adapted our framework for AI companies and use it to guide our investment decisions. Today, we are sharing the five key pillars of this framework with the goal of promoting responsible AI investment:
Mission and Values Matter: Founding values shape a company’s culture and cannot be tacked on as it grows. We have observed this in the missions of our most successful companies, such as Lyft, Poshmark, and HashiCorp. We seek AI-first founders who have a human-centric mission and authentic values that align with the impact of their technology.
GenAI in DNA: Founders steeped in the world of AI innovation, research, and model building are crucial. We look for founders who believe that AI should augment humans, not replace them, and who possess a unique insertion point into the generative AI wave.
Trust and Safety First: Acknowledging the harmful effects of AI, we urge founders to evaluate the trustworthiness of their models and adopt comprehensive model evaluation practices. Compliance with regulations and guidelines for responsible AI use is essential.
Data Privacy is Non-Negotiable: Privacy deserves dedicated attention, especially in the age of generative AI. Regulations for ethical data use are emerging worldwide, and we encourage founders to implement data controls and governance to protect privacy.
Measuring Superhuman Impact: We are developing a framework to measure the potential of people-first AI to elevate humans. Just as Lyft, Poshmark, and HashiCorp empowered their respective communities, we believe AI should enrich human experiences.
As an early-stage investor, our focus is on supporting entrepreneurs in building iconic companies. By championing a people-first approach in nurturing groundbreaking AI companies, we aim to create lasting enterprises and a better world.
