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when I looked at it, there was two major centers of excellence in AI. There was Google. DeepMind. They had DeepMind and GoogleBrain, but Google.
Yeah. So, let's go build with double-digit millions, right? Which is not a huge amount in the context... of maybe a bigger upside than the 2500X Juniper had if you solve the fusion problem.
We invested in Juniper. It was a 2,500x return for us at Kleiner.
1996, since you brought up Juniper, the Internet was growing but not yet clear. The senior management of every major telco in the United States told me they would never adapt TCP IP for the Internet. And I said, fine, we'll build Juniper to build TCP IP. Cisco told me they would never do TCP IP above what is probably your home service today, OC12. Never. And so, we built TCP IP.
just like OpenAI didn't look that interesting for five years ago, 2018, late 18
part of my interest in funding OpenAI was when we looked at it, when I looked at it, there was two major centers of excellence in AI. There was Google. DeepMind. They had DeepMind and GoogleBrain, but Google. And then there was an effort at Baidu. And I was very worried the Chinese might win that. I'm hawkish on China. I have no trust there. And I love Graham Allison's book, Destined for War. I'm a complete believer in that thesis. But I thought it'd be valuable to create a third center, and tha
It's a very good model to sustain and generate profit for a non-profit to scale. Like, I think the European model, some of these examples are really, really great. Ikea, Bosch, they have very large non-profit ownership. And I think that's a very good model to scale.
I was so convinced in open AI, I placed twice, our initial investment was twice the largest previous investment I'd made in 40 years in venture capital.