Could AI be... underhyped?

Hi, it’s LaunchSquad. We’re a strategic communications and creative marketing agency that partners with visionaries to elevate their stories, build credibility, and accelerate growth. We’ve been telling stories about the building blocks of AI for 25 years – from the days of big data to ML and neural networks – and we’ve learned a few things along the way. Every two weeks, we’ll share actionable advice and insights on storytelling and PR for founders looking to break through the hype and establish a name for themselves in today’s extra-frothy AI moment.

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Innovation isn’t a straight line. It’s a dynamic and interconnected process with distinct phases, each building upon the advancements of the previous one, leading to transformative shifts in technology and society. As a storyteller, it’s important to acknowledge and adjust strategy for each distinct phase.

In our inaugural edition of The Prompt, we sat down with LaunchSquad’s chief storyteller, co-founder and team mascot Jesse Odell to examine the current moment in AI’s lifecycle (hint: it’s early) and discuss what founders can learn from the past to succeed in the future.?

… Is it possible AI today is actually underhyped??

You can’t open a feed these days without hitting a headline about AI. It’s gone mainstream after years of work developing the initial foundation for mainstream scale. But the current AI hype cycle, while intense, revolves around the novelty and immediate applications of nascent, still emerging technology. It's fueled by the tangible ways people are already experiencing its impact. But the true potential of AI lies in much more profound long-term implications, which in my opinion are largely underestimated. The full extent of what AI will do is impossible for humans to fully grasp today: the world as we know it will look drastically different in every way. That's why despite the current frenzy, I believe AI is ultimately underhyped, and there remains an incredible opportunity for storytellers to uncover and share AI stories that have never been told before.

Storytelling has always been an essential strategic imperative for innovative companies needing to educate, inspire and grow. In the early days of the internet, for example, the focus was on demystifying the technology and showcasing its potential long before we knew what that potential really was. Now, in the age of AI, storytelling is about cutting through the hype, humanizing the technology, and building trust. It's about painting a picture of a future where AI is not just a tool, but a partner in solving some of the world's biggest challenges.

… On finding the extraordinary in the ordinary:

Every company I talk to has a unique? story, but let’s face it, some are less obvious than others. That doesn’t mean you shouldn’t invest time in storytelling. One of the unique aspects of the AI revolution is its impact across all layers of the technology stack. From the infrastructure that powers AI (think GPUs and cloud computing) to the data that fuels it (both structured and unstructured) to the applications that leverage it (from marketing automation to self-driving cars), AI is transforming everything. This creates a wealth of opportunities for startups to share unique, untold stories. Whether you're designing the next generation of AI chips, creating data processing tools for developers, or building groundbreaking AI applications for end users, there's a story to be told in every layer.

… On crafting a great AI story:

Social pipes have opened the floodgates for people to share stories everywhere instantly. This is a profound change that seems trite but is absolutely breathtaking when you step back and think about the world before social media. And yet the essence of storytelling remains the same. It's still about informing, inspiring, and connecting with your audience on an emotional level. But in the age of AI, there are a few key principles that founders need to keep in mind:

1. Humanize: AI can seem complex and intimidating. Bring it down to earth by focusing on its real-world impact and the people behind it. Show how your technology is solving problems and making a difference in people's lives.
2. Embrace Transparency: AI is still in its early stages, and there are legitimate concerns about its implications. Be upfront about the limitations of your technology and the ethical considerations surrounding its use. This builds trust and credibility - for your team and the budding industry.
3. Get to singularity: Every company is different. Different people. Different ideas. Different products. But in surging, competitive markets, it's hard to see singularity among companies that all seem to use the same words. Take the time to find singularity. Often times it can be a word or two or a combination of a few words that make your story yours. Take the time to identify, hone and bring to life your company’s singularity– its personality, values, and unique perspective.?
4. Tell don’t sell: Elevate your story above product features. Ground it in the world we’re in today and the world you imagine if your company is successful. Ground the story in simple, high level ideas that are less about features and more about imperatives for a new class of solutions built to solve a new class of problems. Or to unlock a new class of innovations and value.?
5. Start Early: Storytelling isn't something you tack on at the end. It should be woven into the fabric of your company from day one. Even if you're still in the early stages, start crafting your narrative and refining your message.

… On crafting a story for short term revenue AND long term vision

Storytelling can bridge the gap between present reality (we need revenue) and future aspirations (we’re going to change the world). This requires a delicate approach, anchoring the narrative in the present while aiming for the future. Founders can start by clearly articulating the immediate problem their company solves along with the tangible benefits it offers, establishing credibility and demonstrating value. Simultaneously, it’s important to weave in a long-term vision, showcasing the potential of the technology and its broader impact. One way to do this is to break down this vision into clear and actionable steps, highlighting milestones and progress to build trust, while leaving room for the eventual expansion.

So, what does this all mean? Investing in storytelling isn't just about generating buzz or attracting investors. It's about building a brand that people believe in, a community that rallies around your vision, and a movement that changes the world.

In the age of AI, the stakes are higher than ever, but so are the extraordinary opportunities to help others envision what the future could hold. The companies that succeed won't be the ones with the most advanced technology; they'll be the ones with the most compelling stories.?

What we’re reading:

Do startups have a chance vs. big tech in the age of AI? History says yes…in due time

Cowboy Ventures’ Aileen Lee makes a compelling case for startups in the age of AI and what might seem like a winless battle with big tech. Recounting the lessons from historical innovation cycles, Lee shares what innovation will look like for decades to come and why the race to build successful AI companies is far from over.?

Everything You Ever Wanted to Know About AI, But Might Be Afraid to Ask

Air Street Capital's Nathan Benaich assembles one of the industry's most in-depth annual analyses of AI's progress. Now in its seventh year, the 2024 report looks at safety and research advances, commercial applications, politics and regulation, and predictions for the year ahead. In a year marked by growing adoption and challenges, Benaich notes that this was also the year companies started to see increasing revenues from model providers – though not necessarily from the startups making the most noise.

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