As AI continues to change the rules of business do you know what to do to catapult your business, success, and future to the next level? The host of The Deep Wealth Podcast and post-exit entrepreneur Jeffrey Feldberg speaks with VC investor, author, and AI expert James Wang. Jeffrey speaks with James and leverages his wisdom on AI and how it’s transforming our lives and businesses. Picture this: AI is like a magic helper that can make things faster and more efficient. But you need to know what it can do and what it can’t!
James Wang is no ordinary guy. He’s a genius in the world of deep tech as a general partner at Creative Ventures. With backing in over 50 companies, James knows how to pick winners. He has also worked with Google X and even founded a non-profit consulting group. He doesn’t just talk AI—he lives it!
James shares insights from his latest book, What You Need To Know About AI: Arm Yourself With The Knowledge To Thrive In The Age Of AI.
James shares something crucial: “It would be nice and easy to say AI will enhance productivity and no jobs will go away, but that’s not true.” Just like in past tech shifts, some jobs might disappear, especially those that are repetitive. Jobs like coding or customer service that follow strict scripts are at risk. But don’t worry! There’s a bright side, too.
James Wang isn’t just any expert; he’s a partner at Creative Ventures and a thought leader in AI. James leverages his knowledge to educate people on AI’s vast capabilities and areas of growth. As he says, “It’s really important for people to understand what this stuff can or can’t do.”
“If you’re in a job that needs creativity or a personal touch, AI can’t replace you,” explains James. Think of AI as a smart friend who can help with ordinary tasks. It’s perfect for finding facts or doing basic things quickly. But, AI doesn’t have feelings or creativity. It can’t write stories or think of new ideas like you can.
There’s a shift happening. AI is poised to take over certain jobs, especially those that are repetitive. But James believes we should focus on what AI can’t do — bring the human touch. He says, “If mental sort of intuition here, hitting the center of the distribution and doesn’t actually require creativity, like an article mill… that job’s probably going away.”
Smarter Business Decisions
Imagine you could use AI like a powerful tool. “You don’t need to understand all the techy details,” James shares, “but you should know how it works in general.” This knowledge will help you make smart choices for your business. If everyone can plug into AI’s power, think about how that changes what your company does. If you think deeply about how AI fits into your operations, you’ll find lots of new opportunities!
Is AI just a fad, or is there substance behind the buzz? James explains how AI’s impressive progress is shaping our world. “Many people are waking up that it’s not quite hype; it is probably much more than that.” He emphasizes the real changes AI is bringing, especially in handling complex tasks.
James is passionate about educating entrepreneurs on AI. He says, “What you need is knowledge… not about setup, but knowledge about, from a conceptual level.” Knowing AI’s core functionality helps in making informed decisions.
What’s Next for AI?
James Wang also warns about turning too heavily to AI too soon. Companies must stay cautious. “Understand the limits,” he advises. It’s similar to navigating the internet: you don’t need to be a programmer, but you should know what’s possible online.
Here’s a fun fact: James talks about the power of trying things out. “Do experiments, be curious,” he urges. Corporations like Google succeed because they experiment and remain open to new ideas. And you can do the same on a smaller scale. Look for areas in your business where AI might make things easier or faster. Test these ideas and see what happens!
Empowering Your Team with AI
Remember, to make the most of AI, involve your team. Encourage them to experiment and learn. “Try and fail, it teaches you things,” says James. Learning with AI can help solve problems before they ever trouble your business. Allow your team the freedom to make discoveries about AI, and explore new ways it can help them do their jobs better.
When talking about AI models, there’s an important distinction: open vs. closed systems. Closed systems are proprietary, while open source models are publicly accessible. James notes, “Not much to add on that, but it’s about whether you’ll play within the investment landscape with giants burning billions to catch up.”
Drawing lessons from giants like Google X, James urges entrepreneurs to adopt an experimental mindset. “What distinguishes these labs from everyone else is the ability to experiment quickly.” Businesses should focus on trying small experiments, which can lead to significant insights and opportunities.
You might have heard about AI ‘hallucinations.’ James explains, “one of the ways that I’ve described many of these models is they are glorified autocompletes.” This means AI can sometimes make stuff up, just like when your phone suggests wacky text responses. So, always double-check AI-generated info!
In our ever-evolving world, being adaptable is crucial. James suggests we must welcome new changes brought by AI. “Mental models and ways of understanding help in building intuition… and allowing informed decisions going forward,” he says.
Preparing for an AI-Driven Future
Being ready for the future doesn’t mean turning everything upside down today. It means being aware of what’s happening. James is helping all of us by writing a book, “What You Need to Know About AI.” This book won’t be a lot of tech talk, but a useful guide to understand AI and its impact on our daily work. As James puts it, “You need the power to make better-informed decisions.”
James urges us to understand AI’s different faces. There’s the big companies like OpenAI, which keep their models closed, and then there are open-weight models, like those from Meta, giving away their tools for free. Why? James explains, “It’s not from the goodness of their hearts. It’s strategic.” Companies want to stop others from running away with the prize. So, open models keep everyone in the game.
AI is powerful, but it comes with challenges. Some jobs might disappear. James is honest about this: “Some jobs should probably go away,” he says, especially the repetitive ones that AI can do better. But there’s good news too! When human creativity and a personal touch are needed, those jobs stay safe and even thrive.
What’s the big deal here? Open-source AI models are like community projects. Anyone can tweak them. Meanwhile, closed systems are more private but can be costly. James warns, “They explicitly say, yeah, we basically take all of it and train on it.” So think hard about what your business needs before choosing either.
What should business owners do? James suggests not getting caught up in every new AI tool but rather understanding how it works fundamentally. “Experiment quickly,” he recommends. Use AI to enhance what makes your business special. For example, instead of replacing customer service teams, make them better with AI tools.
James’s advice is clear: keep experimenting and stay curious. Businesses that succeed don’t just follow trends; they learn and adapt. Like Google and NVIDIA, companies that experiment often discover the next big thing. “It’s the experiments that make the difference,” James tells us.
This is not just tech talk. James emphasizes, “creativity, true humanness for these things, those are still very, very safe.” AI won’t replace creativity or human touch. That means you’re still a vital part of your business. “What you actually need to know is from a fundamental perspective,” says James. Understand the basics, and you’ll be ready for what comes next.
Be creative with AI. James says, “There are a lot of companies that are at risk of wrapping someone else’s product and calling it their own.” This means if you just copy, you won’t last. Personalize AI for your business to stay ahead of the game.
Wrap-Up: Adventure with AI
In conclusion, AI is here to stay and will continue to shake things up. Whether it’s booking your next flight or helping you plan a project, AI is ready to lend a hand. Remember, don’t chase every shiny new thing. Focus on learning about AI’s basic uses and limits, and you’ll unlock new potentials in your work and personal life.
The world is changing fast, and AI is leading the way. We may soon have AI booking our travel or making our daily tasks easier. But to harness this technology, we need to understand it first.
James’s upcoming book, “What You Need to Know About AI,” aims to equip us not just with technical know-how but with a mindset prepared for AI’s possibilities. As Jeffrey says, “Imagine having a playbook on the internet in the 90s.”
Stay curious and keep experimenting. This journey with AI is just beginning, and there’s a big world out there to explore. Let’s step into this new era together!
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