Episode 10.7 - Bob Ackerman, Generative AI, and Universal Basic Income

Artificial Intelligence is all the rage right now with broad claims about how it is going to change the world as we know it. I have my doubts about the hype and so does Bob Ackerman, the granddaddy of cybersecurity venture capital, founder and managing director of AllegisCyber Capital (for the past 29 years) and cofounder of the cyber incubator, DataTribe in Maryland. I always enjoy chatting with Bob because he sees the nuts and bolts of tech advancements and isn’t the kind of investor to get swayed by the glitz of questionable marketing. In this session, we discussed how AI is starting to displace high-paying jobs like computer coding and legal work, raising concerns about who will be left to buy the AI subscriptions and services. While there will be short-term disruption, he thinks AI will ultimately enable new industries and use cases that create new jobs and economic opportunities. Surprisingly enough, he believes the transition may require policies like universal basic income to support displaced workers.We also discussed the demographic challenges facing countries like the US and Europe, with aging populations and declining birth rates straining social welfare systems. dAI and automation may help address labor shortages, but also raise questions about how to fund programs like Social Security and Medicare long-term.More importantly, Bob thinks that the people who invested in AI early will to lose their shirts.Check it out.