Like many of you, we’ve been following and reading engaging content on Substack for a while now and decided to jump into the fray this week and launched the Icon Ventures Substack. We plan on using Substack to shine a spotlight on our portfolio companies and entrepreneurs, talk about industry trends and let you all know what’s happening at Icon. We hope you find the material insightful and we promise not to be emailing you regularly and clogging up your already crowded inboxes.Â
We kicked off the launch of our Substack by exploring the ways our portfolio companies are incorporating Generative AI into their products and services but also how they’re thinking about it overall in terms of security, ethics and everything in between. There is no doubt that Generative AI is one of those huge technology shifts we as investors have only seen a couple of times in the last few decades.Â
We’re impressed by how our portfolio companies are already using Generative AIÂ
As we mentioned in a post earlier this week, we’re most excited by what Generative AI can accomplish and how great entrepreneurs are creating meaningful, purpose-driven businesses using the technology to solve real-world problems. Check out this post on Quizlet who has recently launched Q-Chat, a personal AI learning coach for students to have a fun, effective and conversational approach to studying. They were one of OpenAI’s API partners earlier this year for the launch of ChatGPT3.Â
ChatGPT has for sure caught our imagination on what this powerful technology can do and is one of the front runners with many companies on their heels, in fact, in January of this year OpenAI's ChatGPT achieved the fastest-growing consumer application in history by amassing 100 million monthly active users just two months after launch. This success highlights the growing demand for AI-powered applications that can interact with users naturally and intuitively. As business models change, people acquire new skills with AI solutions, and technologies accelerate faster than ever before, revenue generation will also accelerate in the age of AI.Â
As all of this plays out it is going to be exciting to have a front-row seat to the many innovative companies who will make real impact with this technology in ways we can imagine today and in ways we can’t even begin to imagine. Â
Thank you for reading.Â
The Icon Ventures TeamÂ