Greycroft's Dana Settle on the VC firm's approach to tech, AI
Speaker A
Let's get to the latest from the Noken Institute Annual Global Conference, our executive editor, Brian Sozzi, sitting down with Greycroft co-founder, Dana Settle, to discuss her decades-long career in venture capital, the future of AI, and how trade is reshaping tech. Take a listen.
00:14
Dana Settle
I'd say for the last decade, 15 years, I mean, um, everything that we were investing in, we'd say, is there a global TAM for that? And I think, you know, then it was sort of, was there a global TAM, maybe less China. And now it is sort of, well, jeez, you really do have to be the the winner in the US at least. And I think, um, I, you know, we do believe that some of these markets are bigger than they seem, especially, again, in AI because they they are they're taking what historically was sort of like the software revenue, say, for a given area, let's say for, you know, CRM. And now they're actually moving up the stack into some of the services. And so they're probably bringing onshore some of those services and building them into kind of the the platform, if you will. And so, um, you know, I think some of the markets and the domestic markets are expanding, but I also, like, having very, you know, in venture, we have a very long-term perspective. And so what I guess will happen is things will change again.
02:10
Brian Sozzi
Well, in this backdrop, are you willing to pay up to own growth, or now you have to question those growth rates of certain businesses in this backdrop?
02:49
Dana Settle
I, I mean, I think that the growth that we're seeing, specifically because of like the full re-platforming that's happening, is is so significant. I mean, I, you know, I've never seen, um, growth rates like this in my career. I mean, I don't think anybody has.
03:13
Brian Sozzi
What are you looking for in that next amazing tech leader?
03:22
Dana Settle
So, it really depends. I mean, just as a a reminder, we we have three separate strategies. So we have a an AI strategy, which I've maybe mentioned a few times. We have a consumer brand strategy, and then we also have a sustainability strategy that we do in partnership with Coca-Cola and eight of its bottlers globally. And um, and so in each of those areas, I'd say the the one thing that is important for any company right now is are are they thinking about what artificial intelligence means to their business? And so that would be across any of them. And in terms of leader, really, we are looking for leaders that either are technical or or have technical leaders as part of the founding team. I think it's that important. And if there's an AI native company, really, they have to be able to attract the most incredible, you know, sort of technical talent, research minds, you know, in the world. And so we are looking for founders that are deeply technical, but but that are able to attract and also really think through a commer like think commercially. I think, you know, if you look at OpenAI and I think what they've managed to do, the technology side of it is is is incredible, but in some ways, the go-to-market is what's even more impressive. And I think that's taking, you know, taking pages out of playbooks from, you know, AWS and, you know, from Google Cloud and sort of from what all these companies, these hyperscalers have managed to do, but just applying it at at a rate that, you know, is is pretty unprecedented.
05:26
Brian Sozzi
Think someday OpenAI's the most highly valued company in the market?
05:36
Dana Settle
I think it could be.
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