The reasons why startups did not capture a lot of value in the last wave of AI was because incumbents held the data and ML was primarily a feature added to some

The reasons why startups did not capture a lot of value in the last wave of AI was because incumbents held the data and ML was primarily a feature added to someone else’s product and distribution channel. The reason why ChatGPT changed that is because they developed an algorithm/model good enough to offer a consumer-grade conversational interface and they scraped the web to train it. That is, they offered a whole product and nailed distribution so they could own the relationship with the user.