Productising Generative AI
On Wednesday, April 12th, we held our monthly Generative AI Breakfast on the Merantix AI Campus - a format that invites everybody interested and working in the field of Generative AI to come together, connect and exchange. On this day, we had Mathis Büchi Ginzbourg, Founder of Genova.AI, Taxfix and Smallpdf, join us, to talk about the topic “How to productise Generative AI”. Joining him on the Panel, which was moderated by Janette Wiget, was Dr. Rasmus Rothe, who is leading the AI venture building efforts at Merantix. We had an AI listen in and summarise a few of the points mentioned:
1. Agility and Speed
A critical aspect of building a successful generative AI business is staying agile and adapting to the fast-paced technology landscape. Mathis, from Genova AI, emphasized the importance of building a product studio that can quickly produce and iterate on products. By staying agile and keeping up with the latest advancements, businesses can ensure that they are well-positioned to ride the wave of technology innovation and capitalize on emerging opportunities.
2. Focus on Distribution and Customer Needs
The panelists discussed the importance of focusing on distribution and understanding customer needs. Whether in B2C or B2B contexts, the winning businesses will be those that offer a strong value proposition to their customers and can adapt quickly to changing technology. Rasmus highlighted the importance of understanding customers' needs and industries first and then choosing the right AI technology to address those needs. This approach ensures that the business remains relevant and valuable to its customers, regardless of technological advancements.
3. The Role of Data in Defensibility
As generative AI models become more accessible, businesses must find ways to differentiate themselves and build defensible positions in the market. Mathis suggested that one way to achieve this is by dominating a specific niche and accumulating large amounts of data. By fine-tuning models with this data and incorporating human feedback, businesses can potentially create products that are more tailored and effective than general models, ultimately leading to a long-term competitive advantage.
4. Balancing Data-Driven Decision Making with Intuition
While data-driven decision making is vital in the generative AI space, the panelists also highlighted the importance of intuition and vision in building successful businesses. Entrepreneurs should not be afraid to trust their instincts and pursue innovative ideas, even if they don't have data to back them up initially. Striking the right balance between data-driven decision making and intuition can lead to breakthrough innovations and transformative products.
5. Leveraging Automation to Build a Solid Foundation
The panel discussion acknowledged that generative AI has the potential to automate many business functions, making it easier to build a solid foundation for a company. By leveraging automation, founders can streamline their operations and focus on core aspects of their businesses, such as product development and customer acquisition.
More insights were shared in the event and the following networking, so be sure to join in on our next Generative AI Breakfast and subscribe to the Merantix AI Campus Newsletter to not miss out!
This blogpost was written with the help of ChatGPT.