I recently had the opportunity to attend the Triangle Innovation Summit, sponsored by Bank of America, on the beautiful campus of Bandwidth in Raleigh on October 5. The first thing that struck me was the size and beauty of the Bandwidth campus–rolling hills, a pond, a world-class fitness center, and an elegant country-style barn to host events. Their CEO, David Morken, gave excellent opening remarks. After the inspiring keynote, there were panels on the trends in fundraising, sustainability, and enterprise technology.
Before the official event started, I was happy to bump into Scott Wingo, a start-up legend here in the Triangle area of North Carolina (Raleigh, Durham, and Chapel Hill). He’s known for successfully starting and selling several tech companies. We worked together a very long time ago, and it was great to catch up.
His latest work focuses on his investment in GetSpiffy, an on-demand car cleaning service, and in helping Triangle-based companies grow. He also started a list of Triangle high-tech companies (currently 84) that he calls “Tweeners” (see his Tweeners List). In 2022, he started the Tweener Fund to help him invest in some companies on the Tweeners List.
He doesn’t sit on any of the company boards, as he usually adds 10–15 companies per quarter to the Tweeners Fund and has 104 investments total across a variety of industries. He considers Tweener Fund investments like an index fund covering Triangle area companies. He discussed this at length as a panelist for the “Trends in Fundraising” panel.
My key takeaways:
The panelists covered a wide range of topics, from the role of hardware in shaping the future to the impact of AI on businesses and individuals.
The ownership of intellectual property (IP) related to hardware components, such as semiconductors, can lead to enormous wealth and power. The demand for hardware resources, including power for activities like cryptocurrency mining, has driven up costs and presented sustainability challenges. Emerging technologies like AI can offer higher performance while being much more efficient, reducing the need for massive hardware installations.
The panelists agreed that AI is poised to revolutionize the business landscape. AI is seen as a copilot that enhances productivity and assists workers in various tasks. While AI may bring disruption, it will ultimately feel incremental, much like the gradual adoption of other transformative technologies.
The discussion shifted to the role of open source in AI. Access to the inner workings of AI models is crucial for understanding, debugging, and controlling them. The open-source approach allows for transparency and collaborative problem-solving, preventing a loss of control over AI systems.
In a rapid-fire round of questions, the panelists shared their thoughts on the future of self-driving cars. They highlighted the challenges, such as addressing the “last mile” problem and navigating ethical questions. The conversation concluded that the timeline for achieving truly autonomous, self-driving cars remains unknown.
The insights shared by these leaders of tech start-ups provide a valuable glimpse into the trends shaping enterprise technology. Hardware’s importance, the rise of AI, ethical concerns, open-source principles, and the future of self-driving cars all play significant roles in the evolving landscape. As businesses and individuals adapt to these changes, staying informed and agile will be crucial in navigating the ever-expanding world of enterprise technology. The panelists’ perspectives shed light on the exciting possibilities and challenges that lie ahead.
The afternoon spent at Bandwidth’s beautiful campus, combined with speakers who are experts in their fields sharing their knowledge, was informative, educational, and great overall.