In a surprising yet candid admission at TechCrunch Disrupt 2024, Sara Foster, one half of the sister duo behind Oversubscribed Ventures, revealed that she does not have ChatGPT installed on her phone. The revelation from a tech investor struck a chord, given ChatGPT's widespread influence since its debut.
Sara, along with her sister Erin Foster, is known for wearing multiple creative hats. Apart from their venture capital endeavours, they have co-founded the clothing brand Favorite Daughter, played significant roles at Bumble Bizz and Bumble BFF, and host a popular podcast. Erin further showcases her creative prowess as the creator of the Netflix series “Nobody Wants This,” featuring Kristen Bell.
Speaking at the TechCrunch Disrupt event, Erin Foster shed light on their approach to the venture capital industry, highlighting the unique path they have chosen. She explained, “Even calling it Oversubscribed Ventures was really a nod to our sense of humour because we know that this is not a space that we naturally belong in. We’re trying to be ourselves and take our unique point of view, and our skill sets, and bring it into this world.”
Consistent with their ethos of authenticity, the Fosters addressed their cautious stance on investing in AI. Sara candidly remarked, “If we don’t understand it, we don’t invest in it.” This shared sentiment brings to light their reluctance towards sectors they lack expertise in, ensuring they invest in industries where they feel confident.
For Erin, the concerns around AI are not just theoretical. As a television writer, she has witnessed firsthand the discussions around AI's burgeoning influence on creative professions, notably marked by a writer’s strike during the previous year. Erin highlighted some witty strike signs, such as “ChatGPT doesn’t have childhood trauma,” reflecting the creative community’s scepticism towards AI.
Despite this, Erin acknowledged her practical encounters with AI, including a humorous moment when ChatGPT generated the whimsical name “The Matzo Ballers” for a fictional Jewish basketball team. Yet, she remained sceptical about AI’s creative writing capabilities. “There are movies that are coming out that are clearly AI, and it’s like, they’re not good,” she remarked.
While Oversubscribed Ventures has explored potential investments in AI firms, Sara confessed, “There was one we were gonna invest in, but so far not… I’m probably gonna have to download ChatGPT.” Despite their current reservations, the potential necessity of AI remains a point of consideration.
Erin, with her characteristic wit, also commented on the collaborative dynamic they offer to their portfolio companies by saying, “They can hang out with us.” Beneath the humour lies a truth acknowledged by many consumer tech entrepreneurs: the Fosters’ network can be immensely beneficial.
Their venture, Oversubscribed Ventures, has a keen interest in consumer technology, having backed diverse ventures from boxed wine to digital assets marketplaces like OpenSea. Sara underscored the firm’s strategy, noting, “Our value is the flywheel — it’s the ecosystem. It’s the same world that’s buying Favorite Daughter, listening to the podcast, watching the TV show.”
While the intricacies of AI-related technologies like ChatGPT may elude them for now, the Foster sisters undeniably have a pulse on consumer interests, guided by their extensive background in building popular consumer-oriented brands and media.
Source: Noah Wire Services