Today: Jun 14, 2024

Skip the MBA, rule a startup with Gen AI know-how.

6 months ago
  • Alyssa Henry, Square’s recently departed CEO, stated in a podcast interview that generative AI can shift the dynamics of fintech startups, particularly benefiting tech-centric founders.
  • She highlighted the potential of AI tools in streamlining back-office operations, reducing the need for advanced business qualifications such as an MBA.
  • Henry also noted the importance of leveraging AI in content generation and marketing, which can reduce hiring and consultation costs for startups.
  • Furthermore, she identified the “next phase” of AI as being centered around productivity and streamlining of workflows.

Generative Artificial Intelligence (AI) is driving significant changes in fintech, according to Alyssa Henry, the recently departed CEO of Square. She spoke on the No Priors podcast about how AI tools can benefit founders who are tech-focused, as AI can simplify various back-office operations. This includes areas such as employee management tools, communication, and finances. By integrating AI into these processes, they can be managed more effectively and efficiently.

Henry goes on to say that the entrepreneurs benefitting most from these AI tools are those who prefer working in their business rather than on it. She notably adds that most business owners are not MBA holders. However, the integration of AI tools can make the need for such qualifications redundant.

In addition, the former Square CEO stressed the untapped potential of AI in content generation and marketing. She proposed that AI systems like ChatGPT for copywriting or Adobe Sensei for video editing can be extremely useful for fintechs. This can considerably cut down expenses and eliminate the challenges associated with finding and hiring marketing consultants.

Henry envisages the “next phase” of AI to be focused on increasing productivity. She mentioned how recent trends are moving toward “bundling” workflows, with AI expected to significantly aid this process. Current workers often juggle multiple browsers and copy-pasting from one tool to another, along with managing some non-digital workflows. AI could potentially streamline these processes, keeping them interlinked and more manageable.

However, Henry cautions that AI cannot replace all aspects of running a business. During her stint at Square, she worked 78-hour weeks, emphasizing that AI should not be seen as a complete replacement for workforce efforts. While she remains undecided about her future, possibly considering retirement or an extensive sabbatical, Square is now headed by its co-founder, Jack Dorsey.