Entrepreneurs have always been pivotal in the evolution of our society, the driving force behind innovation. The AI revolution has equipped entrepreneurs with powerful tools for creating, validating, and scaling their businesses rapidly. They are the 10X entrepreneurs, armed with the tools to reshape the world in ways we've never seen before.
In this article, I will explore the intersection of AI and “new” 10X entrepreneurship, the impact of Gen-Z on this evolving landscape, and why every company should be strategically armed with a 10X intrapreneur. [Links to sources are at the end]. Are you ready?
“10X” as the Startup Ecosystem Game Change
In the startup ecosystem, "10X" has become a mantra that symbolizes extraordinary achievement. It signifies transformative, rather than incremental, innovations - solutions that are ten times better than their predecessors. This ambitious objective, once a distant dream, is now more achievable, thanks to AI.
Investors are setting high expectations in today's dynamic startup world. They seek evidence of resilience and scalability, which translates into not only substantial results and impressive growth metrics but also a robust business strategy capable of withstanding market fluctuations, competitive pressures, and unforeseen roadblocks. They look for startups that demonstrate clear business acumen, financial planning towards the next financial round, and a deep understanding of their target market.
In this demanding scenario, AI has emerged as a game-changer. Entrepreneurs can deliver results, test and fail, learn, iterate and move forward more quickly, focusing on creating value and building their actual businesses.
Identifying the True Winners in the 10X Entrepreneurship Race
While AI has become an available powerful tool for entrepreneurs, it's not the sole key to achieving 10X growth. The intersection of advanced technology, speed, business execution, and creativity truly set the 10X entrepreneurs apart. Thus, 10X entrepreneurs aren't just people who use AI tools, they are a unique blend of creative vision, execution, speed, and skilled use of AI's potential. This combination gives them the superpower to create products and services that are not just incrementally better, but 10 times superior. Here are AI tools to boost your entrepreneurship.
Source: Bhavishek Malik
“The 3-Person Unicorn” by NFX
In recent newsletter, James Currier, General Partner at NFX, introduces the concept of "The 3-Person Unicorn" - an optimal trio harnessing AI to scale software-centric companies to $100M+.
According to Currier, this comprises: 1) 'The Founder: Aggressive Visionary Archetype' - who has the mental agility to seamlessly adapt and work with AI. 2) 'The Numbers Person' - who leverages AI tools to delve into metrics, seek for patterns, and expose anomalies, 3) 'The Words Person'- who uses AI to create intelligent, captivating sales and marketing.
In my opinion, although these persons play pivotal roles, entrepreneurship isn't a one-size-fits-all phenomenon. Every startup is a distinct ecosystem teeming with unique dynamics, challenges, and opportunities. The use of AI fosters 10X entrepreneurs and enriches the entrepreneurial landscape with a diverse array of skills, perspectives, and approaches. No longer confined to conventional archetypes, founders can shatter the mold and chart their own unique trajectories, leveraging the full spectrum of human elements - from analytical acumen to empathy. I believe we may soon witness a redefinition of entrepreneurial types, expanding to embrace more multifaceted, skill-oriented individuals capable of achieving groundbreaking milestones.
Currier has shed light on entrepreneurs, but what does it take for a VC to stand out in this evolving landscape? I'm curious to explore what makes a VC to become 10X in the age of AI.
Gen Z and Entrepreneurship
Gen-Z entrepreneurs are setting the stage for a major shift in the world of entrepreneurship. According to a Microsoft survey, 48% of Gen-Zers have numerous side hustles and 62% indicate they have started (or intend to start) their own businesses. In my opinion, with their ability to navigate across platforms, they effortlessly incorporate AI into their startups, making its use not just a tactic, but a natural extension of their thought process.
Shaping the 10X AI Innovator Within Your Company
As AI reshapes the business landscape, a new role emerges: “the 10X AI Intrapreneur”. Intrapreneur is an individual within an organization who employs entrepreneurial skills and thinking in their work. They take risks, innovate, drive change, and act as catalysts for new ideas within the established corporate structure. They are the bridge between a corporation's resources and entrepreneurial innovation, spearheading growth from within.
According to Accenture, AI could redefine 40% of working hours across industries. Hence, organizations must cultivate this unique position to navigate the practical implications of this shift. The 10X AI Intrapreneur should possess skills of an entrepreneur, technologist, operations manager, product, tech, and project manager at once! They should be able to analyze internal processes from every angle, experiment with AI tools, assess risks, guide employees, and balance cost-effectiveness with innovation.
Source: Accenture Research based on analysis of Occupational Information Network (ONet), US Dept. of Labor; US Bearue of Labor Statistics
The 10X AI Intrapreneur could well be the deciding factor between an organization thriving or merely surviving. So, ask yourself, do you have someone like this in your organization? If not, perhaps it's time to start looking or building these skills.
AI: The New Entrepreneurial Accelerator
AI is turbocharging the rise of 10X entrepreneurs and sparking the creative energy of Gen Z. Meanwhile, it's inspiring an inside-the-company revolution with the emergence of internal disruptors. This powerful mix of AI and entrepreneurship is changing businesses, opening the door for an era of quick innovation and extraordinary growth. We're watching the rise of a new entrepreneurial age, fueled by AI. Exciting!!!
Inbal Israeli Gaffa
Co-Founder and CEO
InBe Tech firstname.lastname@example.org
[Watch] Interesting interview with Reid Hoffman on AI revolution
[Watch] 10X by Kevin Hale from YC - link (from min. 15:40)
[Read] The X Rule Make Your Startup Grow Exponentially, by Faster Capital
[Read] Does your startup pass the 10X Test? by Chris Corbishley
[Insights learned at a Meetup] Meetup by Upwest Labs, in Israel
[Insights learned at a Meetup] Meetup by Yazamiyot and leading VCs, in Israel
[Read] The "3-Person Unicorn Startup" by NFX
[Read] What Makes A Unicorn Founder? Not What Silicon Valley's Conventional Wisdom Says
[Read] Speed X AI, by NFX
[Read] Accenture: 40% of working hours across industries can be impacted by LLMs
[Read] Microsoft Survey on Gen Z
[Read] Meet the Gen Z and millennial founders startups who are raising millions in funding and using social media to turn their side hustles into seven-figure empires
[Read] New Gen Z graduates are fluent in AI and ready to join the workforce
[Read] AI could supercharge the Gen Z takeover
[Read] Gen-trepreneur Z is making its mark on the future of small businesses
[Read] Generative AI Add $4.4 Trillion a year to the Global Economy, Mckinsey Finds
[Read] How Has Generative AI Changed The Business Landscape For Young Entrepreneurs?