In an exclusive conversation with Mamoon Hamid and Ilya Fushman, two seasoned venture capitalists at Kleiner Perkins, the duo revealed that over 80% of startup pitches they encounter now revolve around artificial intelligence (AI). The interview took place during a recent StrictlyVC event in San Francisco, USA.
Hamid and Fushman, who first crossed paths as children in Frankfurt, Germany, have been instrumental and active in rebooting the storied venture firm Kleiner Perkins over the past six years. What is their mission? It is to identify and invest in companies that are shaping the future across various industries and trades.
When asked about the surge in AI-focused pitches, Fushman explained, “If you think back to the last decade in venture capital, there have been waves where technical talent becomes the scarcest resource. We’re experiencing that right now.” He emphasized companies transforming legal services, healthcare, and even those working on automated stroke detection and medical diagnostics.
The allure and appeal of these startups lies not only in their mission but also in the technical challenges they tackle. While platform companies build infrastructure, real-world use cases often require custom models and tailored solutions. Fushman emphasized that engagement from customers and market positioning play crucial roles in identifying potential winners.
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Hamid added, “From a percentage standpoint, I’d say more than 80% of pitches involve AI. Not mentioning AI would be a missed opportunity, akin to ignoring the internet when building a company in 1996.” He also noted that last year (from Q1 to Q3) was the slowest in over a decade, emphasizing the need for and importance of innovation flexibility and adaptability in the ever-evolving tech landscape.
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