Outsmart The Future
Today in Everyday AI
7 minute read
🎙 Daily Podcast Episode: Yeah we said it. A ton of AI startups are going to die. It’s the harsh truth and we’ll tell you why. Give it a listen.
🕵️♂️ Fresh Finds: Building 3D stories and videos, Microsoft shuts down its AI polls, and Scarlett Johansson sues AI app. Read on for Fresh Finds.
🗞 Byte Sized Daily AI News: UK invests $273 million in AI supercomputer, Midjourney’s new style tuner, and LinkedIn adds more AI tools. For that and more, read on for Byte Sized News.
🚀 AI In 5: There’s an amazingly powerful FREE AI video tool that you’ve never heard of! It’s called Pika Labs and we’re giving you the breakdown on it! See it here
🧠 Learn & Leveraging AI: Maybe you’re a startup (AI or not) and are worried about how you can compete with the AI wave. Let’s break down what you can do about it. Keep reading for that!
↩️ Don’t miss out: Did you miss our last newsletter? We talked about the future of ChatGPT and its impact, Microsoft 365 Copilot was released, and a DALL-E 3 hack inside ChatGPT. Check it here!
Why so many AI startups will die 😰
So many AI startups are going to run out of money, fail, and ultimately die.
We know. That's a harsh take but it's the unfortunate truth.
So what’s the cause of all these AI startups dying?
That's what we're discussing today along with the future of startups and how they're impacted by AI.
Also on the pod today:
• Reasons startups fail 😬
• Explosive growth in AI startups 💥
• Why ChatGPT will take over 🤖
It’ll be worth your 38 minutes:
Subscribe and listen on your favorite podcast platform
Upcoming Everyday AI Livestreams
Friday, November 3rd at 7:30 am CST ⬇️
Here’s our favorite AI finds from across the web:
New AI Tool Spotlight – BeforeSunset is an AI-powered workspace for teams to plan & execute, Artwork Flow is your AI-led sidekick to manage all things creative, and Avataar is an AI powered platform to build 3D stories and videos.
AI in Music – The Beatles are releasing a new song. Kind of. With some help from AI, The Beatles are coming out with a new song for the first time 45 years.
Big Tech - Yesterday we reported how Microsoft’s AI generated a distasteful poll about a woman’s death. Today Microsoft has shut down its AI polls.
AI in Society – At the AI Safety Summit, China, US, and EU have all agreed to work together.
1. UK's Isambard-AI: A Supercomputing Powerhouse 🇬🇧
The UK government is investing a whopping $273 million in Isambard-AI, set to be their most powerful supercomputer yet. Powered by 5,448 of Nvidia's GH200 Grace Hopper superchips, Isambard-AI will deliver an astounding 21 exaflops of AI performance. Hewlett Packard Enterprise is constructing this behemoth, which will be hosted by the University of Bristol and operational by summer 2024.
2. Midjourney's "Style Tuner" Unlocks Custom AI Artistry 🎨
Midjourney has rolled out a game-changing feature called "Style Tuner," empowering users to craft their own unique styles and apply them consistently to new AI-generated images. This innovative tool adjusts various elements like colors and character details, offering a personalized touch to each creation. Users can now type "/tune" followed by a prompt, select the number of base styles, and upon completion, they're presented with a custom web page to curate their personalized style.
3. Biden's Push for Ethical AI in Government Algorithms 🇺🇸
President Joe Biden is advocating for the ethical use of AI in government, with new draft rules requiring federal agencies to evaluate and monitor algorithms for potential discrimination or harm. The White House's initiative aims to ensure AI systems in health care, law enforcement, and housing align with human rights standards. Agencies must assess existing algorithms by August 2024 and discontinue any non-compliant ones.
4. LinkedIn Passes 1B Members, Enhances AI for Job Seekers 🚀
LinkedIn has hit a monumental milestone of 1 billion members. In celebration, the platform is introducing advanced AI features for its premium users. These new tools are designed to streamline job searches and enhance user experience, leveraging the power of AI to match professionals with their ideal opportunities.
5. Stable Diffusion’s Leap into 3D and Fine-Tuning 🎨
Stability AI has announced significant enhancements to its Stable Diffusion platform, venturing into 3D content creation and introducing advanced image fine-tuning capabilities. The highlight is the new Stable 3D model, which extends Stable Diffusion's prowess from 2D to 3D, aiding in graphic design and even video game development. Alongside, the Sky Replacer tool automates background changes, and Stable Fine-Tuning accelerates image refinement for specific use cases.
Pika Labs AI Video Tool Review! 🎥
There’s an amazingly powerful FREE AI video tool that you’ve never heard of!
If you’re looking for a free and easy AI video generation tool, Pika Labs is the one.
We’re showing you Pika Labs and how to use it!
🤷♂️ What’s Going On and Why It Matters:
🔥 Hot takes incoming 🔥 — so many “AI startups” are gonna die soon.
They’re half-baked “solutions” searching far and wide for a problem. And as the giants of the GenAI movement (OpenAI, Microsoft, Google, etc.) make small updates to their products, it can take out hundreds of AI-infused startups in one swoop.
Like, do we really need an AI-powered toilet paper holder that uses ChatGPT to give you witty warnings when you’re running low?
Or do we need (literally) hundreds of GPT-powered “writing tools” that offer little value?
The growing popularity of Generative AI, coupled with how easy it is to build off of systems like OpenAI’s API, means we’ve been flooded with thousands of unneeded softwares, startups and even hardware products promising to GenAI the heck out of everything we touch.
(Wait… do we need that AI-powered toilet paper holder?)
In today’s show, our host Jordan warned against the gold rush toward startups going all-in on products that offer little value. In other words, there’s hundreds of software startups that are little more than a thin layer of wrapping paper around someone else’s tech.
And most of them are gonna fall. (Sorry, y’all.)
If you’re at all interested in the AI-powered startup space, or maybe you’re an investor looking to make a quick buck in one of these companies, then today’s show is for you.
Go sound off and let us know what you think, but here’s the high-level overview of today’s rant-filled episode detailing why so many AI startups will fail:
Slowing down of innovation as startups copy successful models
Expectation of many AI startups failing in the near future
Focus on offering unique products, not just features
Dependence on someone else's technology and adding features to create a product
High failure rate of AI startups (nine out of ten within the first five years)
Let’s dive in and talk about what you should do (and shouldn’t do!) to avoid going down this path. 👇
🦾How You Can Leverage:
Take our advice and keep your startup (or company!) alive.
Whether you’re a startup founder, work in venture capital, or just use multiple GenAI softwares in your workflow, today’s show is important to pay attention to.
Ready for the tl;dr version of everything that’s wrong in the startup space right now?
There’s too many AI startups out there and too much VC money powering them.
Very few of these startups offer truly unique value, and instead rely on big company’s APIs as the backbone of their offering.
Small updates from big tech will make hundreds of “AI startups” useless overnight.
So, let’s talk about what to do to avoid this pitfall, regardless of the type of horse you have in the race.
1 – Eggs in many baskets ️
This takeaway goes out other than non-AI startups, but rather those companies using them. It’s simple — don’t put all of your eggs in one basket. We’ve seen too many businesses go all-in on a certain piece of software and make it an integral part of their workflow.
Don’t do that shorties, especially if you’re talking about a company that’s less than 2 years old. That piece of software could be gone (or obsolete) tomorrow, so spread your eggs in multiple baskets. (Or, just the really big baskets.)
There’s no one-size-fits-all here. Regardless, you should be putting in due diligence before putting too much of your company’s success into any one AI-powered software or service. Here’s a great guide from cloudsmiths to get you started on how to pick the right AI software for your business.
2 – Differentiate yourself 🙋
For startups and those investing in them, do us all a favor y’all.
(And maybe this is a personal gripe from getting dozens of requests from “startup founders” who wanna come on the Everyday AI show, and peddle their kinda crappy products to our loyal audience.)
Make something uniquely better about your software or service. It takes little more than a few hours to create a basic startup in the GenAI space. Take the time to look at the other 893 recent startups who are the exact same as you, and worry about your uniquely better.
What makes you uniquely better?
If you can’t answer that, you don’t have a startup. You have an idea and a shiny website.
3 – Make Plan B your best plan ✨
The advice here is simple — your Plan B has to be at times stronger than your leader Plan A feature. As an example, let’s say you built a thriving software business off of allowing your customers to upload PDFs and have conversations with them.
Welp… the last 3 days have brought updates from ChatGPT and Microsoft 365 Copilot that now allow that feature.
Oh, what’s that? We already laid out this path for you 3 months ago? Go check out this 1-2-3 guide on how to build more well-rounded products that aren’t too reliant on a single GenAI connection.