š¾ The Bulletin #51: Tech Titansā Multi-Billion Dollar Investments, Successful Foundersā 10 Tips for Success, and Exciting Career Opportunities!
Amazon's record-breaking investment in AI, expert advice from successful founders, and exciting recruiting opportunities in top firms.
š¤ Amazonās $4 Billion Bet
In a bid to dominate the ever-evolving AI landscape, Amazon is making its largest outside investment in history. Anthropic, a San Francisco-based startup leading the charge in the generative AI landscape, has received an additional $2.75 billion investment from the tech giant, bringing its total investment to a staggering $4 billionāthe largest outside investment in Amazonās history. Anthropic's flagship model and chatbot, Claude, directly competes with industry leader OpenAI's ChatGPT.š½
News of this investment comes only weeks after Anthropic launched Claude 3, its newest and most powerful AI model yet- said to outperform OpenAIās GPT-4 and Googleās Gemini Ultra on industry benchmark tests, such as undergrad level knowledge, graduate-level reasoning, and basic maths.Ā š
As part of the agreement, Anthropic has committed to using Amazon Web Services (AWS) as its primary cloud provider and leveraging Amazon chips to train, build, and deploy its foundation models.Ā While Claude 3ās strategic alignment with AWS gives Amazon a leg up, other tech giants have also been pumping equally unfathomable amounts of capital into the AI cloud race.
Interestingly, Google made headlines a few months back with its announcement of a hefty $2 billion investment in Anthropic, topping up its previous $550 million funding, which came hot on the heels of Amazon's initial investment. Meanwhile, Microsoft made waves when it revealed its ambitious plan to inject $13 billion into OpenAI in early 2023. š¦ This partnership promises to be mutually advantageous, with Microsoft Azure set to become OpenAI's exclusive provider of computing power, effectively channeling any new business generated by the startup back into Microsoft's cloud services.
š¦ 10 Pieces of Wisdom for First-Time Founders
Embarking on the journey of building a startup as a first-time founder is comparable to stepping into battle with a corporate Goliath. Building a product from 0 to 1 requires a lot of grit, creativity, intelligence š§ , and, frankly some luckāand thatās before fundraising, launching, or marketing. To help first-time founders navigate this daunting path, seasoned founders like Marco Zappacosta of Thumbtack, Drew Houston of Dropbox, and Tim Chen of NerdWallet have distilled their hard-earned wisdom into 10 invaluable pieces of advice, summarized belowš:
Start With a Problem that Meets These Three Criteria
Before building a startup, ensure that the problem youāre addressing pulls you in, has the potential to reach a broad audience, and optimizes for learning. This foundational step sets the trajectory for a successful venture.
Let Go of Your Entrepreneurial Ego
From decision-making to shaping company culture and product strategy, embracing humility and openness is key to long-term success.
Ā Prioritize Fit Over Talent for Early Hires
Building a cohesive team with shared values and work styles fosters trust, agility, and rapid decision-making.Ā
Get Specific on Your Target Customer
Narrowing your target segment to identify specific demographics and needs enables you to craft tailored solutions that resonate with your audience.Ā
Balance Your Inputs from Evangelists and Doubters
Seek a balance between enthusiastic supporters and skeptics when evaluating their ideas. This approach helps mitigate confirmation bias and ensures a comprehensive understanding of potential challenges and opportunities.
Get Crystal Clear on Your Product's Functional Benefits
By focusing on what problem your product solves in plain language, startups can effectively position themselves in the market.
Don't Make Early Sales Harder Than It Has to Be
Streamline the sales process and make it as simple and efficient in the early-stages as possible.
Obsess About Cash
Cash management is critical. By prioritizing financial discipline and accountability, founders can ensure the longevity and sustainability of their ventures.
Finely Tune Your Competitor Radar
Stay attuned to the competitive landscape and anticipate potential disruptors in order to innovate and adapt proactively.Ā
Listen Closely to Your Power Users
Listen and learn from early adopters of your product. Their feedback can uncover valuable insights and guide product development efforts toward meeting customer needs effectively.
āļø Exciting Professional Opportunities
š“ Bain & Company
We are so pleased to invite you to attend our Spring Presentation, the official start to our 2025 recruiting season.
The event will feature a presentation and an opportunity to meet Brown alumni who work at Bainās offices around the world, while enjoying food and beverages. We look forward to sharing why Bain is #1 on Glassdoorās Best Consulting Firms to Work For.
It will mark the start of our 2025 recruiting season for the full-time Associate Consultant (AC) and summer Associate Consultant Intern (ACI) roles. We will share more information about the application process at the event.
Event: Brown Spring Presentation
Date/Time: April 9th, 7:00 ā 8:30pm
Location: Brown University Campus; Metcalf Auditorium
Registration: Here
We will also be hosting a number of events in the coming months for you to learn more about Bain. To stay up to date on all of our Brown events, please visit our Brown at Bain school page.
š¦ Houlihan Lokey
The Houlihan Lokey Boston Technology team is seeking one highly motivated current Sophomore student to fill the 2025 Summer Analyst class. Please see below for job description and qualifications.
Overview
Houlihan Lokey, Inc. (NYSE:HLI) is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and financial and valuation advisory. Houlihan Lokey serves corporations, institutions, and governments worldwide with offices in the Americas, Europe, the Middle East, and the Asia-Pacific region. Independent advice and intellectual rigor are hallmarks of the firmās commitment to client success across its advisory services.Ā
The firm is the No. 1 investment bank for global M&A transactions under $1 billion, the No. 1 M&A advisor for the past eight consecutive years in the U.S., the No. 1 global restructuring advisor for the past nine consecutive years, and the No. 1 global M&A fairness opinion advisor over the past 25 years, all based on number of transactions and according to data provided by Refinitiv.
Job Description
In Corporate Finance, Summer Financial Analysts may work on a variety of transactions that provide exposure to various investment banking services and client industries. These services include mergers and acquisitions, private placements of debt and equity, refinancings, and leveraged buyouts. Throughout the summer, you will work with a highly talented and dedicated staff of professionals who will give you broad exposure to the many different issues and concerns affecting businesses today.
You will research and analyze financial statements, general and industry-specific economic conditions and developments, acquisitions and divestitures, and various investment attributes of publicly traded and private securities companies.
The environment at Houlihan Lokey is collaborative and entrepreneurial and rewards Summer Financial Analysts with substantial responsibility and interaction with senior-level professionals.āÆ
Application:
If youāre are interested in learning more about the role, please reach out to Rachel Orbach (Rachel.Orbach@hl.com) or Rob Henry (RHenry@HL.com) to learn more.
šļø Morgan Stanley Wealth Management: 2025 Virtual Recruiting Series
Friday, April 5th from 12:00PM ā 1:00PM EST ā Zoom Webinar
During this event, a senior leader will provide valuable information on the industry and the Wealth Management Summer Analyst Program. Following the business overview, there will be a live Q&A.
Please register using the link above by Tuesday, April 2nd, 2024.
Wealth Management Analyst Panel
Friday, April 12th from 12:00PM ā 1:00PM EST ā Zoom Webinar
This panel will include current and former Program Analysts who will be able to share meaningful insights into their experience in the recruiting process and the day-to-day life of a Summer & Full-Time Wealth Management Analyst. The panel will be moderated by a senior leader in the Wealth Management Division.
Please register using the link above by Tuesday, April 9th, 2024.
Thatās it for this week, feel free to email me at lara_gamaleldin@brown.edu with any inquiries!
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