In this week’s Exponential ‘Hits of the Week,’ here is what our community is reading:
- Marketing in the metaverse: An opportunity for innovation and experimentation
- How Tony Fadell Evaluates Climate Solutions: The Necessary Ingredients for High Impact
- Does Artificial Intelligence Really Have the Potential to Create Transformative Art?
- Global Alliance of Tech Founders Entrepreneur First Raises $158 Million in Series C Funding
- Yandex Publishes YaLM 100B. It’s the Largest GPT-Like Neural Network in Open Source
Here are our top five Exponential ‘Hits of the Week:’
1. Marketing in the metaverse: An opportunity for innovation and experimentation
Publication: McKinsey Quarterly
Date: 24 May 2022
Talk of the metaverse has been ubiquitous over the past several months. In 2021, internet searches for the term increased by 7,200 percent. In December, Facebook rebranded itself as Meta, and CEO Mark Zuckerberg declared his ambition to “help bring the metaverse to life.” A month later, Microsoft said that its proposed acquisition of gaming giant Activision provided “building blocks for the metaverse.”
It’s not just talk; private capital is also rapidly pouring in. In 2021, metaverse-related companies reportedly raised upward of $10 billion, more than twice as much as they did in the previous year. In the past 12 months, one company alone—Epic Games, maker of Fortnite—has not only raised $3 billion to fund its long-term vision for the metaverse but also announced a partnership with LEGO to build a metaverse for kids. The global value creation opportunity from the metaverse could be in the trillions.
2. How Tony Fadell Evaluates Climate Solutions: The Necessary Ingredients for High Impact
Publication: Tim Ferris Podcast
Date: 5 May 2022
Tony Fadell explains how he looks at big opportunities that address systemic challenges and narrows a funnel to focus on the biggest potential breakthroughs.
3. Does Artificial Intelligence Really Have the Potential to Create Transformative Art?
Publication: Lit Hub
Date: 27 June 2022
In 1896, the Lumiere brothers released a 50-second-long film, The Arrival of a Train at La Ciotat, and a myth was born. The audiences, it was reported, were so entranced by the new illusion that they jumped out of the way as the flickering image steamed towards them.
The urban legend of film-induced mass panic, established well before 1900, illustrated a valid contention if the story was, in fact, untrue: The technology had produced a new emotional reaction. That reaction was hugely powerful but inchoate and inarticulate. Nobody knew what it was doing or where it would go. Nobody had any idea that it would turn into what we call film. Today, the world is in a similar state of bountiful confusion over the creative use of artificial intelligence.
4. Global Alliance of Tech Founders Entrepreneur First Raises $158 Million in Series C Funding
Publication: Entrepreneur, Akshit Pushkarna
Date: 29 June 2022
Scaleup investor Entrepreneur First, a global fund which invests in early-stage founder talent has raised a $158m Series C funding round from a group of veteran technology founders, including co-founders of Stripe, Patrick and John Collison, Reid Hoffman, co-founder of LinkedIn, Taavet Hinrikus, co-founder, Certific and Wordpress developer Matt Mullenweg.
The funds used will be to make investments into new startups. It will also allow EF a capacity to experiment, and innovate on how best to fund the next generation of entrepreneurs by launching new products aimed at up-ending the typical venture capital model.
5. Yandex Publishes YaLM 100B. It’s the Largest GPT-Like Neural Network in Open Source
Publication: Medium post by Mikhail Khrushchev
Date: 23 June 2022
In recent years, large-scale transformer-based language models have become the pinnacle of neural networks used in NLP tasks. They grow in scale and complexity every month, but training such models requires millions of dollars, the best experts, and years of development. That’s why only major IT companies have access to this state-of-the-art technology. However, researchers and developers all over the world need access to these solutions. Without new research, their growth could wane. The only way to avoid this is by sharing best practices with the developer community.
Additional research support from Shabbir Esmael.
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