Why GenAI Is A “Must-Do” For Startup Founders In 2024

In the fast-paced world of startups, staying ahead of the game is key for survival. The GenAI tech landscape is moving at a crazy speed, and if there’s one thing we’ve learned from 2023, it’s that staying knowledgeable and ahead of the curve is challenging, even for the best of us.

GenAI isn’t just a technology; it’s a catalyst for exponential growth, with the power to drive economic development and job creation at a significant scale. We see applied GenAI as a disproportionate growth catalyst for five billion people in the Global South (India, Latin America, South East Asia, and Africa). 

In 2024, GenAI will be the talent and language equaliser, open up vast new markets, and amplify the Global South’s demographic advantage. The benefits will accrue to the Global South way ahead of the North.

Harnessing GenAI to fuel your startup’s next growth phase isn’t just a good-to-do; it’s a must-do. 

This year, we continue working with our existing portfolio companies in sectors such as fintech, jobtech, edtech, agritech, SaaS, and climate, helping them leverage GenAI to lower costs, engage with customers better, and increase TAM. 

In 2024, we, along with other tech VCs, are also looking at every new pipeline company through a GenAI lens, passing over most of those who don’t have GenAI in their strategy. 

So, if you’re an early-stage founder looking for fuel for your startup this year, get on the GenAI train now! Why? Because being nimble with this tech will give you an edge, and falling behind will be your downfall. 

Why GenAI Is Crucial For A Startup?

In 2024, Global South startups that embrace GenAI won’t just survive, they’ll thrive.

Think about the early days of your startup, when resources are tight, and your established competitors have big guns. You’re a fresh-faced startup with limited resources, trying to outfox them and make your mark. Now, with GenAI, you can swoop in on a more level playing field.

GenAI is opening up the vast English Internet content to non-English speakers through translations between up to 100 languages in a conversational model. With a GenAI-first model taking advantage of language-based TAM expansion, you will go places where your competitors are not even visible, and you’ll make your business more VC-investible. 

GenAI’s conversational abilities will mean customers can be reached via scalable interfaces without the cost of human interaction.

Our portfolio companies are the proof of the pudding. For instance,

• BharatAgri, the leading advisory-driven crop-input ecommerce platform for farmers in India, is saving 50% in customer service and increasing conversion rates. 
• Cuemath, a global leader in online K-12 maths tutoring, is reinventing the maths tuition market with GenAI-powered tools for students and teachers. 
• Masai School, India’s leading outcome-driven career institution, uses GenAI to reinvent curriculum, pedagogy, and other operations and ultimately create more efficient software engineers.

However, the basic use of GenAI is not enough. The rising tide of GenAI lifts all boats and can eliminate many early mover advantages. As a startup founder, look at GenAI to:

• Unlock competitive advantage 
• Scale smarter, not harder
• Hyper-personalise at scale
• Accelerate development cycles
• Enable you to build and maintain a “data moat” 

The Bottom Line

GenAI isn’t a trend; it’s a seismic shift and will continue reshaping the startup game. Nobody can afford to treat GenAI as an option. It’s a mandate, a game-changer, and it’s redefining the startup landscape. 

By investing in GenAI now, you’re not just staying relevant; you are preparing your startup for a future teeming with possibilities. For 2024, GenAI isn’t just a must-have; it’s your startup’s ultimate game-changer.