Novel AI and Machine Learning technologies have the opportunity to transform a vast number of industries. But the technology also poses ethical concerns for society. Data scraping and privacy, job automation, and implicit model bias each could have negative consequences.
On July 12th, Mike Suprovici and The VC Lab hosted an event on Ethics and AI for Venture Capital. Panelists Doug Griffin and Sameed Musvee shared their thoughts on how AI plays a role in Venture Capital and how investors can balance the tension between ethics and profitability.
Doug took a broad societal approach to the subject, suggesting that AI can be a force for good and that Venture Capital can discourage startups that potentially negatively impact the world.
“There’s an opportunity to both make money and benefit the world… Similar to consumers voting with their pocketbooks, VCs can take the same approach investing in startups.”
Doug Griffin, Managing Partner Spatial Capital
As a data scientist, Sameed emphasized the importance of reducing bias in datasets. This can lead to systematic prejudice, exemplified by TRT World’s recent video (below), which describes how bias in image generators perpetuates stereotypes.