Want to learn the best business insights from remarkable speakers at Slush 2023, but don’t have the time to watch the full speeches on YouTube?
You’ve come to the right place. Below is a summary of a speech by Bhavin Shah founder of Moveworks and Kleiner Perkins partner, Josh Coyne.
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<p class="h1-rich">🤏 TL;DR</p>
Moveworks is a series C company that offers an enterprise co-pilot that integrates with various business systems to provide employees with help, information, and action across different departments. They aim to differentiate themselves by offering co-pilots that are not tied to specific systems or tools, allowing them to serve multiple departments and systems. The action items include developing a strategy to position Moveworks as an independent co-pilot, investing in security measures and certifications, focusing on customer success, and educating enterprise customers about the value of partnering with AI companies.
<p class="h1-rich">✨ Summary</p>
Moveworks as an Enterprise Co-Pilot
- Moveworks is a series C company that has raised $300 million in capital over the last 7 years.
- The company has about 550 employees across multiple locations.
- Moveworks offers an enterprise co-pilot that integrates with various business systems to provide employees with help, information, and action across different departments.
Differentiating in the Crowded Market of AI Co-Pilots
- Moveworks sees a mass proliferation of co-pilots across different applications and platforms.
- The company aims to be an independent co-pilot that can integrate with various systems and provide a unified interface for employees.
- Moveworks focuses on collaboration and interoperability among different co-pilots to solve common problems and serve end-users effectively.
AI Co-Pilots as a Disruptive Advantage for Startups
- Moveworks disagrees with the notion that co-pilots are only a sustaining advantage for incumbents.
- The company believes that startups can differentiate themselves by offering co-pilots that are not tied to specific systems or tools, allowing them to serve multiple departments and systems.
- Generative AI and co-pilots can address cross-disciplinary and cross-system problems, providing unique value to enterprises.
Integrating Generative AI into Enterprise Products
- Moveworks emphasizes the importance of building trust with enterprise customers when it comes to using generative AI in production.
- The company invests heavily in security and certifications to address customer concerns regarding data handling and IP protection.
- Moveworks also focuses on customer success to ensure that the product delivers the promised business value and meets the needs of large enterprises.
The Impact of AI on Enterprise Buying Patterns
- CEOs are excited about AI's potential to reduce costs, improve efficiency, and differentiate their businesses.
- Consulting firms are being engaged to provide AI advice, indicating the high interest in AI adoption among enterprises.
- However, the emergence of generative AI councils within organizations has slowed down the selling process and requires additional pitches and presentations to gain approval.
Building vs. Buying AI Solutions for Enterprises
- Enterprises often have access to various developer tools and AI models, leading to a desire to build internally.
- Moveworks advises focusing on building proprietary solutions and partnering with third-party AI companies for undifferentiated tools.
- Startups can provide value by keeping up with new AI models and applications, shouldering the labor of staying updated for enterprise customers.
The Transformation of Moveworks as a Startup
- The journey from a 4-person startup to a company with hundreds of employees has brought significant changes for the CEO.
- Personal development, including hiring speaking and CEO coaches, has been crucial for growth and success.
- The CEO's role has evolved to include thought leadership and engaging with enterprise customers at a higher level.
Advice for Founders and Startup Employees
- Recognize that change is inevitable, and the ability to adapt quickly is vital for survival.
- Take care of personal health and stamina to handle stress and long hours.
- Delegate decision-making and learn to let go as the company grows.