tech
Andrew Yang says the next startup wave isn't building AI. It's lowering the cost of living.
Yang says AI will compress wages and the opportunity is startups that lower living costs. Noble Mobile gives money back. Investors only want AI companies.
TL;DR
- Andrew Yang believes the biggest startup opportunity is lowering the cost of living for people displaced by AI.
- AI is expected to compress wages and eliminate entry-level jobs, creating a need for companies that make basic needs cheaper.
- Yang's company, Noble Mobile, offers mobile service at a lower cost and shares profits with customers.
- He sees a trend of companies like Noble Mobile, Mark Cuban's Cost Plus Drugs, Misfits Market, and Light Phone returning value to consumers.
- Investors are currently focused on AI companies, making it challenging to fund businesses with social missions and thin margins.
- Goldman Sachs estimates significant job losses due to AI, disproportionately affecting entry-level workers.
- Yang suggests that market incentives can address workforce displacement where government policy, like UBI, may falter.