SAN FRANCISCO, Dec. 06, 2023 (GLOBE NEWSWIRE) -- The State of Generative AI Insiders Report, in conjunction with leaders from Insight Partners, Battery Ventures, Dataiku, Weights & Biases and Glean, was unveiled today highlighting market challenges inherent with implementing generative AI in a scalable, profitable way. According to the expert panel, businesses 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/
About R2 Acceleration:
R2 Acceleration is an advisory focused on the generative AI industry. R2 works with AI/ML and data infrastructure companies to translate data science features to business value – accelerating technical innovation into product packaging that customers can use and will buy. To learn more, visit www.r2accel.com.
About Insight Partners:
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of December 31, 2022, the firm has over $75B in regulatory assets under management. Insight Partners has invested in more than 750 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with right-sized, right-time practical, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
Media Contact:
Scott Samson
SamsonPR
scott@samsonpr.com
415.781.9005
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/41ab1856-d864-4722-b899-547fc9eb7be4
