Inside Betaworks: Navigating the Future of AI with Partner Jordan Crook
"Fuck it, ship it" and other gems
At the bustling Betaworks HQ, filled with early-stage founders, Betaworks Partner Jordan Crook took the stage at our latest "Inside VC" event. I had the pleasure of interviewing my long-time friend as she shared the story of her journey from tech journalism to venture capital, and Betaworks’ outlook on AI.
Plus - we heard about the upcoming Betaworks camp which will bring together a cohort of about 12 founders building native AI applications. Jordan told us why “accelerator” isn’t a great word for Betaworks camps - and what they really entail. Keep reading for more insights.
From Journalism to Venture Capital
Jordan got her start at TechCrunch directly out of college. "When I went to school at NYU, my focus was writing. I graduated in 2010, right when the iPhone and App Store were revolutionizing the way we interacted with technology," Jordan recalled. At a chance meeting with John Biggs of TechCrunch at a T-Mobile event, Jordan’s unbridled excitement for technology inspired John to hire her.
While at TechCrunch, Jordan at times wrote 8-10 stories a day, covering tens of thousands of stories over twelve years. Yet some of those stories stayed with her and she craved a deeper connection with those founders. "I just wanted to dig in more and hold hands with founders I couldn't stop thinking about," she remarked. Her passion for great innovation again led her to venture, where she could bring her perspective and have more of an impact on founders.
How the Tech Industry and Betaworks Evolved over Time
Over her dozen years at TechCrunch, Jordan witnessed the tech industry undergo substantial changes. "We moved from consumer to SaaS, from highly deterministic to more machine learning-oriented," she noted. This evolution is also evident in Betaworks' portfolio. Always a first-mover in emerging tech trends, Betaworks in its early days added Giphy, Dots and VSCO, and more recently includes HuggingFace and other AI developer tools.
Known for its venture studio roots, Betaworks has seamlessly transitioned into a pre-seed and seed-stage investment powerhouse, and the venture studio approach has also informed the way it runs thematic, cohort-based Camps. Through each Camp, Betaworks invests $500k in seed stage founders, but "we're not just an accelerator; we're deeply product-focused, helping founders achieve their goals by providing a supportive, collaborative environment." Betaworks helps their founders to go from zero to one, to identify appropriate goals and to reach them. Their product-focused attitude is encapsulated by their catch phrase: “Fuck it, ship it.”
“Fuck it, ship it.” - Betaworks’ catch phrase
What Makes a Betaworks Founder
Her experience interviewing thousands of founders has really informed her perspective on which founders are most likely succeed. Knowing how hard the startup life can be, Jordan expects winning founders to have a lot of conviction. "90% confidence and optimism, and 10% pragmatism... If the pragmatism doesn’t shine through, you sound crazy," she said.
"I think the most important thing that helped me learn about the character and potential of a founder is not just what they've done, but how they talk about it," she explained.
Betaworks' Approach to AI and Machine Learning
Betaworks has been at the forefront of AI and machine learning, leading early investments in companies like Hugging Face. "We've been watching this space evolve over time and have been really investing at the earliest stages of these waves," Jordan stated. This early mover advantage has positioned Betaworks as a key player in the AI landscape.
She mentioned Betaworks' latest Camp, which was focused on AI agents. "We invested in nine companies and had them here for three months. We focus less on generic business building and more on the theme and goals of the companies," she said. This targeted approach allows Betaworks to provide tailored support, all while fostering a collaborative environment among startups tackling similar challenges.
Challenges and Opportunities in AI
The rapid advancement of AI has brought both opportunities and challenges. When asked about whether she had any fears about AI, Jordan said she was less concerned about the singularity, and more concerned about misinformation. "Without a source of ground truth, we're all lost," she cautioned.
Still, she remains optimistic about the transformative potential of AI. "I think AI has the potential to drive significant advancements, but it's crucial that we approach it with a responsible and ethical mindset," she emphasized.
Practical Advice for Fundraising Founders
For founders looking to secure investment from Betaworks, Jordan put it plainly: “Prove that you've run experiments, taken data in a time-boxed way, and made decisions based on that data," she advised. Demonstrating a track record of effective problem-solving and data-driven decision-making can significantly bolster a founder's credibility.
She also highlighted the importance of having a clear, focused vision. "In AI at the application layer, going after something very specific and doing it very well for a clear set of users is more likely to succeed than being a generalized assistant," she explained.
Whether you’re interested in joining a future Betaworks camp or pitching Betaworks to invest in your startup - it’s worth listening to the full interview for even more insights into how Betaworks evaluates founders and how it adds value as a true partner.
Check out the full recording of the interview:
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