What would Bill Gates do today if he didn’t have to rebuild his $3.2 trillion empire from scratch? The billionaire entrepreneur and philanthropist says he would dive into artificial intelligence (AI) with a startup focused on AI technology.
“Today, someone could raise billions of dollars for a new AI company with just a basic blueprint and a few ideas,” Gates told CNBC.
So, if he were starting fresh and could raise enough capital, he would aim to create a competitor to the AI operations of companies like Google, Nvidia, or OpenAI (which has been funded by Microsoft), he says.
Alternatively, he would target a specific, specialized industry where AI could prove useful and attempt to grow his startup in an area with minimal competition.
To stand out as a small company, “you have to choose something you will do in a unique way,” he notes.
However, AI startups have already raised over $26 billion in funding this year, according to data from PitchBook, which means that companies that haven’t already moved may be lagging behind.
Still, Gates believes AI will transform the landscape as it evolves, and every new tech startup should consider how it can find a place in this industry.
Of course, Gates acknowledges that his hypothetical startup likely wouldn’t achieve the same level of success as Microsoft.
When Microsoft was founded in 1976, only “hobbyists” like Gates and his partner, Paul Allen, could imagine the key role computers would play one day. Their early belief in the technology, combined with their ability to recruit programmers and develop software, helped them dominate an emerging market.
“I was lucky because my belief in software made me unique. Just believing in AI isn’t that unique. So, I would need to develop a unique perspective on how to design AI systems – something others don’t understand,” Gates says.
He recognizes the challenge. If he were a 20-year-old entrepreneur again, he would have to hope his “young brain” would notice something in the way other companies approach AI and say, “Oh, the way these things work is so silly.”
Thus, his advice to today’s entrepreneurs is simple: Start thinking about how AI could improve your business or your daily life.
