Listen to this story
Global management consulting firm Bain & Company has joined hands with AI research lab OpenAI to expand its potential business applications by combining OpenAI’s technology, especially Generative AI, with business strategy and social responsibility.
According to Bain & Company’s blog post, it is offering its advanced analytics practice to help clients with the practical application of AI by using experience across the value chain to spot generative AI use cases, deploy a proof-of-concept, and implement the capabilities across a client’s operating model. They also provide guidance on ethics, rights, ownership, and change management. The company claims that partnership with OpenAI will enable them to “stay ahead of the curve” and help clients gain a competitive advantage.
Widely popular consumer goods company Coca-Cola is the first company to join the new alliance and implement Generative AI.
Coca-Cola recently launched its newest Creations flavour, Coca-Cola Move, in collaboration with global ‘atypical’ pop star Rosalía. A scannable QR code on the beverage directs users to the Coca-Cola Creations Hub, where they can access behind-the-scenes material, a personality test, and a music video with all versions of her.
Zack Kass, the head of go-to-market at OpenAI, commended the Coca-Cola’s new approach to adopting cutting edge tech as “the most ambitious we have seen of any consumer products company.”
Read more: Generative AI Unlocking Floodgates to Solve Data Scarcity
From Non-Profit to Profit: OpenAI’s Strive for Financial Sustainability
OpenAI, which initially started off as a non-profit organisation, declared the OpenAI LP as a new, distinct entity with the aim of making a profit, calling it a ‘capped-profit’ corporation. Although the company will continue to research and create new technologies, it also wants to generate more revenue. Investors can receive up to 100 times the amount of their investment, with any additional funds going to support the non-profit work of OpenAI’s separate entity called ‘OpenAI Nonprofit’.
OpenAI has received funding from renowned venture capital firms such as Andreessen Horowitz, Sequoia, and Founders Fund, all of which have the option to withdraw from the agreement at any point. Interestingly, the company’s decision to become a profit-making entity coincided with the release of its text-to-image generator, DALL.E, and its successor, DALL.E 2, which was launched last year and sparked a wave of generative AI research and startups.