“If you were building a company in 1996 and you didn’t mention the internet, you’d be out of your mind, right? In the same vein, not mentioning AI or utilizing it would be a missed opportunity” in 2024, say longtime VCs Mamoon Hamid and Ilya Fushman with more than six years of industry experience.
The two experts appeared at an interview with TechCrunch where they talked about the potential of AI technology and the rise of related startups. The rise of AI has come to a point where now 80% of pitched ideas for startups are AI-related, said Hamid.
The two seasoned entrepreneurs also answered a series of other interesting questions that shed more light on the evergrowing AI industry.
What about AI wearables?
While talking about AI-powered wearables, Hamid said that, unlike today’s smartwatches with bare minimum AI smarts equipped, the future will be led by devices like the newly launched Rabbit device, the Humane AI pin, and the Apple Vision Pro.
However, adopting new kinds of technology takes time since it is a new form factor and a “new way of doing things.” These are still only first-generation AI devices and we can expect to see much more advanced AI applications in the future.
Hamid said: “There’s exciting stuff happening. But as you know, it’s very difficult to get consumers to adopt a new form factor and a new way of doing things. It takes some incredible design and a low-cost product and beautiful interfaces, and I think we’re excited to see all these things.”
How much will AI change anything?
Mamoon Hamid also discussed the potential of “everything AI” enabling us to do more in less time. He said that there is no better time to be alive than today and invest in startups because “there is going to be a step-function change in how we all get to live and experience life, as well as how we work. It will come in the form of productivity that we will all gain through AI.”
According to him, this trend is evident in the types of businesses being supported, spanning sectors such as legal, healthcare, and software development. AI is significantly enhancing the productivity of the highest-paid employees, enabling them to accomplish more in less time.