OUR PERSPECTIVE A People-First 嘀椀ew of an AI-First Economy Today marks nine months since ChatGPT was released, and six weeks since we announced our AI Start seed fund. Based on our conversations with scores of inception and early-stage AI founders, and hundreds of leading CXOs, 1 can attest that we are de昀椀nitely in exuberant times. ln the span of less than a year, AI investments have become de rigueur in any portfolio, new private company unicorns are being created every week, and the idea that AI will drive a stock market rebound is taking root. People outside of tech are BY NAVIN CHADDHA becoming familiar with new vocabulary. Large language models. ChatGPT. Deep-learning algorithms. Neural networks. AUGUST 30, 2023 Reasoning engines. lnference. Prompt engineering. CoPilots. Leading strategists and thinkers are sharing their view on how it will transform business, how it will unlock potential, and how it will contribute to human fiourishing. While there are still many unknowns, and it is prudent for us to be aware of the risks as well as the potential of any new technology ("Oppenheimer," anyone?), one 昀椀rm conviction makes me optimistic. We are guided by a "people-昀椀rst" phi­ losophy at May昀椀eld, one in which the startup founder's bold vision elevates the customer of their product and ignites a community. When applied to AI, people-昀椀rst has even more powerful resonance. 1 believe that two dynamics will combine 2 to establish AI as a powerful force that will allow any human to become what I call Human - as in, "human squared." First, our main form of interacting with computing devices will change. lt will become conversational. Whereas we once relied on a command line, then the GUI, the browser, and the mobile device, we are now going to primarily communicate with computers through rich and layered conversations. The impact of that change will be compounded by a second one: For the 昀椀rst time, technology will be able to perform cognitive tasks that augment our own capabilities. Rather than merely speed up and automate repetitive tasks, AI will generate net new things much like humans do. The result is that we'II be able to multiply our own capabilities with a human-like copilot - or teammate, or coach, or assistant, 2 . And precisely because the potential and power of AI is so great, the need to focus on or genie. AI x Human = Human responsible development is paramount. Human > Automate Cognitive Tasks > Accelerate Productivity > Amplify Creativity > Superhuman We have customized our people-昀椀rst framework to apply to AI companies and are using it to guide our investment deci­ sions. Today, we are publishing the 琀椀ve key pillars of that framework in the spirit of fostering responsible AI investing: