Saying that your company does artificial intelligence might still have a slightly cool ring to it if you're talking to one of your peers at a conference, but it doesn't mean very much to venture capitalists today, who've been battered with machine learning and artificial intelligence in every pitch deck they've seen for the last three or four years.
I wondered, from a venture capitalist perspective, what makes an AI company's value proposition actually strong? What is it that makes an AI startup actually seem like a company that maybe could use AI to really win in the market? Not just to be another company that says they're going to do it or says they are doing it, but where can it actually provide enough of that competitive edge to make a VC want to pull the trigger?
Getting a grasp of the answer to that question seems pretty critical.
This week, we speak with Tim Chang, partner at Mayfield Fund in Menlo Park, California. Chang and I both spoke at the Trans Tech Conference, held every year in Silicon Valley, focused on wellness and health-related technologies.
Chang talks about what it is about an AI company's pitch, product, and market that actually makes AI an enhancement to the business in a way that's compelling to someone who wants to invest potentially millions and millions of dollars.