AI set to drive the next big industry shift

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AI set to drive the next big industry shift

Emerging artificial intelligence companies are poised to disrupt various sectors, potentially surpassing established firms much like the internet did in the 1990s. Paul Bassat, a co-founder of Seek, highlighted that the AI era could mirror the rapid creation of valuable companies seen during the internet's early days. He emphasized that while the internet era was beneficial for startups, it was detrimental for incumbents, suggesting a similar fate awaits established companies in the AI landscape.

Bassat, leading Square Peg Capital, noted that the next decade will bring profound changes that are difficult to predict. He pointed out that successful founders possess traits like resilience and the ability to attract talented individuals. The discussion also included insights from Nick Molnar of Afterpay, who shared the challenges and opportunities following Afterpay's merger with Block, particularly in integrating their services.

• AI companies expected to disrupt sectors like the internet did in the 1990s.

• Successful founders exhibit resilience and the ability to attract talent.

Key AI Terms Mentioned in this Article

Artificial Intelligence

Artificial intelligence refers to the simulation of human intelligence in machines, which is expected to drive significant industry changes.

Startups

Startups are newly established companies that are often agile and innovative, particularly in the AI sector.

Merger

A merger is a business combination where two companies join to enhance their market position, as seen with Afterpay and Block.

Companies Mentioned in this Article

Square Peg Capital

Square Peg Capital is a venture capital firm that invests in startups across various regions, including those focused on AI.

Afterpay

Afterpay is a financial technology company known for its buy-now-pay-later service, which is integrating with Block's Cash App.

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