In the bustling world of venture capital (VC), one trend has captured the imagination of investors worldwide: the fervent pursuit of foundational model developers in the realm of artificial intelligence (AI).
These developers, armed with groundbreaking algorithms and visionary research, represent the vanguard of AI innovation. Yet, history teaches us a sobering lesson—one that reminds us that success in this arena is far from guaranteed. In fact, if were to take a leaf out of any decadal pages of history, then only a handful of companies developing foundational models would succeed and others would fall by the wayside. This is perhaps the brutal nature of capitalism.
For every AI titan that emerges triumphant, countless others would languish in obscurity, their dreams of revolutionizing the industry shattered by the harsh realities of the market. It's a tale as old as time—the story of ambition colliding with uncertainty, of bold visions giving way to harsh truths. And in the realm of foundational model development, the stakes are higher than ever.
But amidst the sea of uncertainty lies a beacon of hope—a path forward that promises to unlock the true potential of AI. Instead of placing all our bets on foundational models alone, we should shift our focus to building applications that harness the power of these models to solve real-world problems. This paradigm shift holds the key to transforming AI from a lofty ambition into a tangible force for change. Once again, an age old lesson from the Pick and Shovel technique employed by a few when everyone else was consumed by the hunt for gold during the California Gold Rush in the 1840s' and 50s' respectively.
Let's delve into real-life examples from diverse industry verticals to illustrate this point. In healthcare, companies like Babylon Health are leveraging AI-powered diagnostic tools to provide accessible and affordable healthcare to millions around the globe. By building applications on top of foundational models, Babylon Health has revolutionized the way healthcare is delivered, saving lives and improving outcomes in the process.
In finance, companies like Robinhood are democratizing investment by providing AI-driven trading platforms that empower individuals to take control of their financial futures. By harnessing the power of foundational models, Robinhood has leveled the playing field, making investing more accessible and transparent for all.
In retail, e-commerce giants like Alibaba are using AI-powered recommendation engines to personalize the shopping experience for consumers, driving sales and enhancing customer satisfaction. By building applications on top of foundational models, Alibaba has redefined the way we shop online, creating a seamless and intuitive experience for shoppers worldwide.
We here at OBI (aka One Billion Ideas Pvt. Ltd.) focus on building applications that solve real problems for its partners. Through a cash + revenue share model, OBI collaborates with businesses to develop AI-powered solutions tailored to their specific needs.
What would hopefully set us apart from the rest, is our commitment to transparency and accountability and for us, these are not mere words but a guiding light (shamelessly cloned from Mr. Warren Buffett's ideals). Here's how we hope to prove it: At OBI, we pride ourselves on our commitment to transparency and accountability throughout the product development journey. One of the key aspects of our approach is the allowance for multiple iterations and pivots during the product building and engineering phase. This ensures that our partners are always informed about the total cost required to bring their product to market.
What sets OBI apart is our unwavering dedication to delivering results within the agreed-upon timeline. Should we find ourselves needing more time than initially planned, OBI shoulders the complete responsibility for the additional time. This approach not only fosters trust but also eliminates the worry of our partners going over-budget, a common concern in the realm of software development outsourcing (Horror stories in this space are endless where dreams have never seen the light of the day or if they have, there was nothing left to push it forward into the world).
Moreover, it's important to note that at OBI, we operate on a principle of fairness and integrity. We do not seek compensation for any additional time taken beyond the agreed timeline. This ensures that there is no incentive for us to prolong the development process unnecessarily. By assuming 100% of the risk associated with time overruns, we demonstrate our commitment to our partners' success and satisfaction.
This approach creates a truly collaborative environment where both parties can work towards achieving their goals without the fear of unexpected costs or delays. At OBI, we believe in building long-term partnerships based on trust, transparency, and mutual respect.
In conclusion, the future of AI lies not in the development of foundational models alone, but in the innovative applications that harness their power to solve real-world problems. The possibilities are endless, promising a world where AI transforms lives and drives positive change on a global scale.
p.s. Drafted with the help of OpenAI but not without the Human Touch. It's silly to not use technology available at our disposal but yet it's important to improve upon it using HI - The Human Intelligence built on the foundations of empathy.
p.p.s Video courtesy: Simple History