Most Active VC Firm in the U.S. Is All-In on AI
Alumni Ventures will host an internal incubation competition to jump-start the initiative, with prizes totaling over $100,000
MANCHESTER, NH, MAY 16, 2023 — Pioneering venture capital firm Alumni Ventures (AV) is leaning into innovation again with its bold leap into AI technology. As one of the most active VCs on the planet (PitchBook 2022), Alumni Ventures is embracing AI as a powerful competitive advantage. The firm will host its 2023 AI Challenge from May 22 to 24 to jump-start the initiative. This will be a company-wide competition for the most effective AI applications, with prizes totaling over $100,000.
“I’ve challenged our people to integrate AI into every aspect of our organization and seek solutions to everyday issues in their workflows.” – Mike Collins, Founder & CEO
The contest is the brainchild of Founder and CEO Mike Collins, a serial entrepreneur with significant experience in venture investing, new business and product launches, and innovation consulting.
“I’m confident that AI will be just as transformative as the Internet or the personal computer, if not more so,” Collins explains. “I’ve challenged our people to integrate AI into every aspect of our organization and seek solutions to everyday issues in their workflows.”
The results of that exploration will culminate in a three-day judging session where employees pitch their AI solutions to AV executives. Entries will be assessed based on process, results, and presentation. Among the 45 teams competing, multiple winners will qualify for cash or company equity. Following the Challenge, AV will move to an implementation phase for the top ideas.
“I expect some ideas will be ready to roll on day one,” Collins notes. “However, others will require technical assistance, a more rigorous consideration of privacy or compliance, and other internal and external resources. We will thoughtfully map out and execute that implementation process.”
About Alumni Ventures
Alumni Ventures offers accredited individuals access to professional-grade venture capital — a key asset class missing from the portfolios of many sophisticated investors. Since 2014, AV has raised more than $1.1 billion across 30+ Alumni and Focused Funds, serving a growing network of 9,000+ investors and 600,000+ community members. AV evaluates hundreds of investment opportunities every year and has backed 1,100+ unique portfolio companies. Alumni Ventures is #1 most active venture firm in the U.S., and #3 most active in the world, according to Pitchbook’s 2022 rankings. AV funds are private, for-profit, and not affiliated with or sanctioned by any school. For more information, visit av.vc.
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