In Silicon Valley, there’s a frenzy to develop AI agents designed to enhance human work. If these agents perform as expected, a significant number of jobs might face extinction—or come perilously close. These AI systems are set to replace roles such as customer service representatives, sales personnel, executive assistants, IT administrators, junior developers, and journalists. The AI startup Boardy is even automating the role of the “helpful venture capitalist” by managing introductions.
When founders or investors are questioned about the job loss their technologies might trigger, the response remains consistent: Indeed, AI will lead to the elimination of some jobs. However, it is also anticipated to generate new opportunities.
For VC Mike Ghaffary, ensuring that AI contributes positively to job creation has become a driving passion. Ghaffary is renowned for his tenure as a general partner at Canvas Ventures and previously at Social Capital. His investment portfolio includes notable companies like Superhuman, Strava, Faire, Optimizely, and CloudKitchens.
On Friday, Ghaffary revealed exclusively to TechCrunch that he had departed from Canvas to join Burst Capital, a venture capital firm established in 2017 by former Yelp executives. Burst is overseen by ex-Yelp COO Geoff Donaker, with whom Ghaffary has prior working experience.
At Burst, Ghaffary aims to support companies focused on not just job creation but also on generating well-paying jobs for millions without advanced degrees in AI or machine learning.
“As we witness job displacement, we’re actively seeking solutions,” he expressed to TechCrunch. “There is too much of a narrative saying, ‘Don’t worry. AI will eliminate many positions, but it will also bring new jobs!’ As tech entrepreneurs, we have a responsibility to create the new roles we advocate.”
He identifies several companies succeeding in this area by providing technology to small business owners, such as Owner.com, which aids independent restaurant operators with marketing, and GlossGenius, offering comprehensive booking and payment software for hairstylists.
Included in his portfolio is ResQ, a service that assists restaurants and hospitality businesses in managing their equipment repair requirements, including connecting them with repair professionals.
However, Ghaffary emphasizes that the most significant gap he notices is in startups that leverage AI to generate high-paying jobs. “One type of company I’m looking forward to finding is in vocational training,” he shares.
He envisions entrepreneurs creating businesses that utilize AI to help individuals gain skills for high-paying trades like industrial electrical work or commercial plumbing, or to enhance their skills in various related fields.
“This is where AI can make a significant impact,” he asserts. He hopes to see an affordable model that provides virtual or AI-enhanced training, akin to flight simulations, for the “millions of individuals” at risk of being left behind.
“I believe there is a tremendous opportunity,” he concludes. “It’s crucial for the well-being of our nation and the world. Otherwise, we risk creating a large underemployed population, which benefits no one.”
Compiled by Techarena.au.
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