20VC: Why OpenAI Will Become an Infrastructure Play, Why Apple Will Win in an AI World, Why Google is the Most Vulnerable Incumbent, Will LLMs Be Commoditised, Which Startups Are Thin vs Thick Wrappers on Top of LLMs with Jeff Seibert, Founder @ Digits

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

The Twenty Minute VC

Finance, Venturecapital, Tech News, News, Siliconvalley, Technology, Investing, Startups, Business

4.4 • 637 Ratings

🗓️ 22 November 2023

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jeff Seibert is the Founder & CEO @ Digits, building the future of AI-powered accounting. Digits have raised funding from the likes of Peter Fenton @ Benchmark and 20VC. Jeff previously served as Twitter's Head of Consumer Product, a position he came to following the acquisition of his prior company, Crashlytics. Today, Crashlytics is the de-facto mobile crash reporting solution for iOS and Android and runs on over 6 Billion monthly active smartphones worldwide.

In Today's Episode with Jeff Seibert We Discuss:

1. The Art of the Pivot:

What are Jeff's biggest pieces of advice to founders pivoting?
How do you know when you have enough data to make the decision to pivot?
What are the single biggest mistakes founders make when pivoting?

2. AI: Who Wins and Who Loses:

Why does Jeff believe that OpenAI will transition into an infrastructure play?
What are the most significant challenges OpenAI will face moving forward?
Why does Jeff believe that Apple are best positioned to win in an AI world?
Why does Jeff believe that Google are the most vulnerable incumbent?
What would Jeff do if he was CEO of Google?

3. LLMs: What Happens Now:

Will we see the commoditization of LLMs?
What are the biggest misconceptions people have on training and fine-tuning LLMs?
Will we see LLMs increasingly specialise to vertical-specific models or will they remain horizontal?
What is the difference between a thick and a thin wrapper when building on top of LLMs?

4. Angel Portfolio in Review:

How many angel checks has Jeff written? How many failed? How many home runs?
Does Jeff believe that company valuations are being kept artificially high?
How did Jeff make 200x selling through the secondary market for a now failing company?
What are Jeff's three biggest pieces of advice for angels today?

Transcript

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0:00.0	I view OpenAI probably evolving more into an infrastructure company like AWS.
0:04.8	The road ahead for OpenAI is not easy.
0:07.1	Google, they need to go all in on it.
0:08.7	I don't think they have a choice.
0:09.9	Very few people I think are paying attention to is Apple.
0:12.7	Because again, they control the silicon.
0:14.9	Imagine they're able to pioneer small models that run on device and then they do custom
0:19.8	silicon to make them run, the performance
0:21.7	could be outlandish compared to any other platform.
0:24.5	Welcome to 20VC with me, Harry Stebbings.
0:26.6	Now, this show is an immensely special one for me.
0:28.8	I first met this guest nine years ago when he was head of consumer product at Twitter.
0:32.9	He then became a friend, and Mark Suster says, invest in lines and not dots.
0:38.3	That friendship with today's guest then turned into an angel investment from me into his company, and today,
0:42.8	20 VC is one of today's guests and his company's largest investors. I'm thrilled to welcome
0:48.2	Jeff Seibut, found at Digis, reimagining the world of accounting, with backing from the
0:53.3	lights of Peter Fenton and Benchmark,
0:54.8	who led an early round at the company. Before Digits, Jeff co-founded CrashLittics, which now runs
0:59.9	on almost every mobile device on the planet. They ultimately sold to Twitter. But before we
1:04.5	dive into the show today, there is no shortage of helpful AI tools out there, but using them
1:09.6	means switching back and forth between
1:11.3	yet another digital tool. What was supposed to simplify your workflow just made it way more
	...

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