I recently had the opportunity to attend the Triangle Innovation Summit, sponsored by Bank of America, on the beautiful campus of Bandwidth in Raleigh on October 5. The first thing that struck me was the size and beauty of the Bandwidth campus–rolling hills, a pond, a world-class fitness center, and an elegant country-style barn to host events. Their CEO, David Morken, gave excellent opening remarks. After the inspiring keynote, there were panels on the trends in fundraising, sustainability, and enterprise technology.
Tweener List/Trends in Fundraising
Before the official event started, I was happy to bump into Scott Wingo, a start-up legend here in the Triangle area of North Carolina (Raleigh, Durham, and Chapel Hill). He’s known for successfully starting and selling several tech companies. We worked together a very long time ago, and it was great to catch up.
His latest work focuses on his investment in GetSpiffy, an on-demand car cleaning service, and in helping Triangle-based companies grow. He also started a list of Triangle high-tech companies (currently 84) that he calls “Tweeners” (see his Tweeners List). In 2022, he started the Tweener Fund to help him invest in some companies on the Tweeners List.
He doesn’t sit on any of the company boards, as he usually adds 10–15 companies per quarter to the Tweeners Fund and has 104 investments total across a variety of industries. He considers Tweener Fund investments like an index fund covering Triangle area companies. He discussed this at length as a panelist for the “Trends in Fundraising” panel.
Sustainability in the Modern Business Landscape
My key takeaways:
- Sustainability (in this context, doing more with less and reducing climate impact) is not only crucial for attracting new talent but also for engaging investors and partners, an idea known as the circular economy.
- Sustainability is an attractive bonus for companies, but it should never come at the cost of profitability.
- The panel also highlighted the challenges faced by startups when it comes to sustainability. Many startups tend to prioritize growth and profitability over sustainability. However, sustainability could rapidly become like GDPR —a non-negotiable aspect of doing business. Startups must realize that neglecting sustainability can cost them valuable deals and opportunities.
- The product itself must go beyond sustainability. Startups need to provide exceptional value through their products and focus on delivering an exceptional customer experience.
- To start becoming a more sustainable organization, you must collect and analyze data to measure your sustainability efforts accurately. This data-driven approach is essential for identifying areas where improvements can be made and for maximizing efficiency—a critical aspect of sustainability.
Trends in Enterprise Technology: Key Discussion Points
The panelists covered a wide range of topics, from the role of hardware in shaping the future to the impact of AI on businesses and individuals.
The Significance of Hardware
The ownership of intellectual property (IP) related to hardware components, such as semiconductors, can lead to enormous wealth and power. The demand for hardware resources, including power for activities like cryptocurrency mining, has driven up costs and presented sustainability challenges. Emerging technologies like AI can offer higher performance while being much more efficient, reducing the need for massive hardware installations.
The Role of AI in Business
The panelists agreed that AI is poised to revolutionize the business landscape. AI is seen as a copilot that enhances productivity and assists workers in various tasks. While AI may bring disruption, it will ultimately feel incremental, much like the gradual adoption of other transformative technologies.
Concerns Surrounding AI
- The scale of communication versus the scale of AI content creation: AI’s ability to generate content at an unprecedented scale raises concerns about deceit and disinformation.
- The potential for AI-generated content to become bland and mediocre: AI, while powerful, may not produce excellent content on its own, and overreliance on AI could negatively impact content quality. Why? Because if everyone uses the same data sets, the content will be similar.
Open Source in AI
The discussion shifted to the role of open source in AI. Access to the inner workings of AI models is crucial for understanding, debugging, and controlling them. The open-source approach allows for transparency and collaborative problem-solving, preventing a loss of control over AI systems.
The Future of Self-Driving Cars
In a rapid-fire round of questions, the panelists shared their thoughts on the future of self-driving cars. They highlighted the challenges, such as addressing the “last mile” problem and navigating ethical questions. The conversation concluded that the timeline for achieving truly autonomous, self-driving cars remains unknown.
Closing Thoughts on Enterprise Technology
The insights shared by these leaders of tech start-ups provide a valuable glimpse into the trends shaping enterprise technology. Hardware’s importance, the rise of AI, ethical concerns, open-source principles, and the future of self-driving cars all play significant roles in the evolving landscape. As businesses and individuals adapt to these changes, staying informed and agile will be crucial in navigating the ever-expanding world of enterprise technology. The panelists’ perspectives shed light on the exciting possibilities and challenges that lie ahead.
The afternoon spent at Bandwidth’s beautiful campus, combined with speakers who are experts in their fields sharing their knowledge, was informative, educational, and great overall.
