Slack adds AI agents, YouTube hype button, early-stage VC of the week
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Hey Founder, here are the latest tech news and insights:
- Slack becomes central hub for AI agents
- YouTube 'hype’ feature boosts creators
- UBS: AI tool for M&A in 20 sec
- DocSend Pitch Deck trendsIlya
- Strebulaev: Unicorn-building attempts
- 23andMe board resigns
- PS: I love you. Get your free email at Hotmail
Slack is evolving into a central hub for AI agents
According to TechCrunch, Slack is pivoting to become a "work operating system" by integrating AI applications from companies like Salesforce, Adobe, and Anthropic, aiming to go beyond its core function as a chat platform. CEO Denise Dresser believes Slack is a natural hub for AI, given its conversational nature and central role in workflows. New features, including AI-generated Huddle summaries and integration with Salesforce's AI agents, are part of a premium tier called Slack AI.
However, the shift raises questions about whether users actually want AI-driven functionalities in Slack and whether they'll pay extra for them. This move aligns with a broader trend of companies introducing AI features, but the necessity and value of such integrations remain uncertain, especially as they may not be critical to the platform's core purpose of communication.
YouTube introduces 'hype' feature to boost small creators
YouTube has introduced a new "hype" feature aimed at helping creators with fewer than 500,000 subscribers grow their audience. Viewers can click a "hype" button, located below the "like" button, to boost a video on a leaderboard of top 100 hyped videos. Fans are initially limited to three hypes per week to prevent abuse, though YouTube plans to allow purchasing additional hypes later, creating a new revenue stream. Creators gain points as their videos receive hypes, climbing country-specific leaderboards, and can earn bonuses that help level the playing field against larger creators.
UBS unveils AI tool for 20 sec M&A deal analysis
According to Bloomberg, UBS Group AG has developed an AI tool to assist clients with M&A deals by analyzing a database of over 300,000 companies in under 30 seconds. The AI “co-pilot” generates buy-side ideas, identifies potential buyers, and flags companies as activist targets by analyzing management presentations. It may also help with legal tasks and data-room work in M&A transactions. However, UBS's trials for AI in company evaluations and financial analysis showed mixed results due to compliance risks. The tool has been in use for a year, according to Brice Bolinger, UBS head of M&A Switzerland.
DocSend Pitch Deck Metrics: trends and insights
DocSend's Pitch Deck Interest (PDI) Metrics track fundraising activity between founders and investors. The report indicates that in 2020, investors spent an average of 3 minutes and 40 seconds reviewing a pitch deck. This time has now decreased to 2 minutes and 30 seconds. With the advancement of LLMs, this duration is expected to reduce to mere milliseconds in the near future.
Key metrics include for 2023-2024. While both years experienced seasonal impacts and fluctuations, 2024 is poised for a more vigorous rebound if the anticipated surge in Q3 materialises, potentially leading to a stronger overall performance compared to 2023.
- Investor Deck Interactions: Measures investor demand.
- Investor Time Spent: Tracks time spent on pitch decks.
- Founder Links Created: Reflects the supply of pitch decks.
2024:
- Q1: Strong growth in VC and founder activity.
- Q2: Slowdown and fluctuating activity with a drop in founder engagement.
- Q3: Intense fundraising season expected due to high investor interest and rate cuts.
2023:
- Q1: Resilient start with strong activity.
- Q2: Seasonal dip with a late-quarter increase.
- Q3: Mixed trends with early spikes and brief slowdowns; stable investor activity.
- Q4: Significant holiday slowdown.
Global Founders Capital
Multi-stage VC
Global Founders Capital supports founders worldwide, from seed to IPO. Based in Germany, the VC invests across various verticals, with companies like Slack, Revolut, and Canva in its portfolio.
Shifted SUMMIT
Oct 2-3, London
The Sifted Summit is a major tech event in Europe, bringing together 3,000 founders, investors, and startup operators. It features over 200 speakers, multiple sector-specific stages, and networking opportunities for startups and investors to connect. The event showcases discussions on the European startup ecosystem, addressing challenges and opportunities, with a focus on revival and growth in tech.
TechCrunch Disrupt 2024
October 28 – 30, San Francisco
Join 10,000 startup and VC leaders. Disrupt is the key event for innovation, offering resources and insights for founders, startups, and investors at every stage. Get essential sessions on scaling, sales, and networking with investors and tech leaders. Learn actionable tips from pioneers to navigate challenges and drive your business forward.
How many attempts does it take to build a unicorn?
Success on the first try: 1,575 (60%) of US unicorn founders in our sample. For example, Brian Chesky co-founded Airbnb and became its CEO without any prior experience as a founder.
Second try: 673 (25%). For example, Jason Citron co-founded and became the CEO of Discord after developing a social platform for mobile games.
Third try: 230 (9%). For example, Eric Ly co-founded LinkedIn after starting two B2B firms.
Four or more tries: 46 (6%). For example, Miguel McKelvey built four companies before co-founding WeWork, including an ed-tech project, a chain of green general stores, a rental office space provider, and a design studio.
To better understand if being a serial founder helps create a unicorn, we should compare this data with a random sample of startups. I will post on this topic soon. Follow me to be among the first to see this upcoming post!
Thank you to the Stanford University Graduate School of Business Venture Capital Initiative for the support.Originally published on Ilya Strebulaev’s LinkedIn
23andMe board resigns amid CEO's push to take company private
On September 17, 2024, all seven independent directors of 23andMe’s board resigned after months of failed talks with CEO Anne Wojcicki, who is pushing to take the company private. The board cited disagreements over the company’s future and the lack of a solid proposal in the best interests of shareholders. Wojcicki’s significant voting power influenced their decision to leave.23andMe has faced challenges, including declining demand for DNA testing kits, a 2023 data breach affecting 6.9 million users, and a sharp drop in market value to $173 million. The resignations could impact the company’s stock and raise questions about its future leadership and strategy.
PS: I love you. Get your free email at Hotmail
The phrase "PS: I Love You. Get Your Free Email at Hotmail" refers to a brilliant growth hack that helped Hotmail grow rapidly in the mid-1990s. The growth hack was simple but highly effective: at the end of every email sent from a Hotmail account, the company automatically added a small promotional message, which read:
"PS: I love you. Get your free email at Hotmail."
This message encouraged recipients to sign up for their own free Hotmail account, turning every email into an advertisement for the service. As a result, the service spread virally, and Hotmail gained millions of users within a short period. This strategy is considered one of the earliest and most successful examples of viral marketing.
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