The world is changing at a breakneck pace. New technologies that have the potential to transform the way we live, work, and interact with each other are emerging every day. And one such technology that’s been making waves recently is (yes, you guessed it) – Artificial Intelligence. AI has the power to revolutionize entire industries, from healthcare to finance to transportation, and as a result, it has become an increasingly important topic for venture capital funds like ours.
At Eleven, we recognize the potential of AI and its impact on our industry and society as a whole. And we are always looking for ways to stay ahead of the curve and provide the best possible support for our founders. That’s why we’re thrilled to announce our focus on AI-powered growth and the appointment of Petar Petrov as our Chief AI Officer. With these developments, we are taking a big step towards embracing the future and helping our startups succeed in the age of AI.
Why do we believe AI is important for the world, the industry, us and our startups?
AI has the potential to revolutionize the world in ways we can’t even imagine yet. In our industry, AI can help us make better investment decisions, identify trends, streamline operations, and enhance and build better capabilities in our four verticals. One such example is the Future of Work vertical where we see how AI is transforming work on a daily basis and this is only the beginning. For our startups, AI can be a game-changer in terms of product development, customer engagement, and scaling.
We recognize that AI is a complex and rapidly evolving field, with challenges as well as opportunities. That’s why we are committed to investing heavily in understanding AI, teaching AI, and helping with AI. We want to be on the forefront of this change, not just for our startups but for our community, ecosystem, and society as a whole.
How are we embracing the future of AI?
While AI is undoubtedly a hot topic for potential investments, we believe that the key focus should be on driving AI-powered growth for our portfolio companies. Our priority is to provide massive support to our #Oneof11 startups in two main directions:
- Modernizing their operations with AI and integrating it in their teams and daily processes;
- Enhancing their core product offering with AI.
We will be constantly informing and updating our founders about the latest AI developments, helping integrations of AI tooling, and sharing useful and working models of AI productivity between companies in our family. We will be supporting our startups to get up to date on the AI technologies and the best possible way to augment their efforts with the right tools. How? By tracking all news and latest developments around AI, finding new tools for a variety of tasks, sharing successful AI between the portfolio, organizing various trainings, as well as developing and implementing performance assessments.
Meet Petar Petrov: our Chief AI Officer
We are thrilled to announce that Petar Petrov is joining us as a Chief AI Officer of Eleven, bringing a unique mix of startup experience and passion for AI to our team. Petar is a visionary and has the capability to see the AI application in the future, as well as the implications of what this means for the way we live and work, and the integrations between the new technologies that are emerging, the people and the processes.
Petar’s interest in the brain can be traced back to his grandfather, who was the first neurosurgeon on the Balkans. Petar pursued this interest by earning a degree in Finance and Investment & Neuropsychology from City University of New York. This education sparked his curiosity about artificial intelligence, which he has since become an expert in.
As the owner of a digital studio and an avid startupper, Petar has a reputation for being at the forefront of emerging trends in business. He was an early adopter of the concept of product-market fit and has helped numerous companies navigate this critical stage of growth. When he’s not working, Petar enjoys golfing and exploring the intersection of art and technology.
Currently, Petar is writing a book about artificial intelligence and its potential to transform industries. He is passionate about sharing his knowledge and expertise with others, and is excited to help businesses transition to the new world of AI.
Getting to know him better
1. Why AI – how and when it all started for you?
The brain has always been a subject of fascination for me, and I have been intrigued by the potential of artificial intelligence since I first learned about it 20 years ago. I have spent countless hours reading about AI, and in particular, generative models have ignited my passion.
2. What keeps you motivated to keep pushing the boundaries of this field?
Artificial intelligence has the power to accomplish tasks that were once deemed impossible, as well as optimize processes in ways that were previously unattainable.
3. Explain AI to a six-years old child?
A magical computer that can do everything we do and has the experience of all of us at the same time.
4. What do you think is the most overhyped aspect of AI, and what do you think people are overlooking instead?
Overhyped: writing essays with ChatGPT.
Overlooked: deep societal changes that are coming up.
5. What are some common misconceptions about AI?
- Most people that don’t work with AI underestimate its abilities.
- People keep giving linear predictions of development, when in reality it is exponential.
- Consequently people feel most of what we discuss is the distant future when actually we can count months. I see this again and again.
- “AI is like other big changes – crypto, mobile, internet…” It is not, it is much more impacting.
6. What is your boldest prediction about AI?
In a year, every company will be employing some kind of AI in its operations.
We are confident that with Petar leading our AI efforts, we will be able to offer even more value to our portfolio companies and stay at the forefront of this rapidly evolving field.