During the International Telecommunication Union (ITU) AI for Good Global Summit held in Geneva on May 30, 2024, the growing potential of artificial intelligence (AI) and its implications for humanity were highlighted by a senior official from the United Nations. The official emphasized the pressing need for society to harness AI's immense capabilities while simultaneously steering clear of associated dangers.
As AI continues to dominate the business landscape, the venture capital market has sharply focused on this sector. In the first quarter of 2026 alone, AI startups attracted $242 billion, accounting for an impressive 80% of global venture financing, as reported by Crunchbase. Meanwhile, the technology enabling this funding has become increasingly accessible, allowing for rapid duplication.
Rime Salmi, founder and CEO of Fractl, operates a network in Toronto that organizes exclusive gatherings for founders and investors during major conferences like Token2049 in Singapore, Korea Blockchain Week, and Consensus in Miami. Her role involves selecting participants for these events. She noted that many attending are not genuine investors, but rather individuals seeking to capitalize on investment opportunities or engage in fraudulent practices.
Salmi observed the uncertainty among investors regarding future trends, making it challenging for them to maintain strong, sustainable investment theses. She noted that while AI is a prevalent buzzword, the role of humans in the ecosystem is becoming ambiguous. Investors appear to be responding to the uncertain landscape by heavily investing in AI-related ventures. In the first half of the year, global venture investments surged to $510 billion, surpassing the entire previous year's total. Notably, companies like OpenAI and Anthropic claimed a staggering 43% of this funding. Ventures that do not fall within this lucrative category face scrutiny regarding their uniqueness and ability to offer something that cannot be easily replicated. Salmi argued that much of the competition can be imitated, challenging the credibility of any app built with AI in a matter of seconds. However, she insists that speed in development does not equate to validation. In her view, the two essential advantages remaining for startups are distribution and proprietary data. If a company possesses unique data, it becomes a significant barrier for competitors to replicate.
This sentiment is echoed by other industry professionals. For instance, Paul Irving of GTMfund described distribution as a vital and sustainable competitive edge, while Balaji Srinivasan noted the necessity for each startup to find a founding content creator. The phenomenon of "vibe coding" has impacted industries beyond software, extending into trading as well.
Salmi pointed out a shift where founders can serve as their own distribution channels. Building a direct connection with an audience allows founders to create a dedicated following that is challenging for competitors to disrupt. Daniel Bitton, who leads a clipping marketplace, highlighted that companies need to embrace media and culture to stay relevant. His platform specializes in generating short-form content for brands, capitalizing on the dynamics of digital marketing. Salmi emphasized the importance of organic audience growth, which persists even when advertising budgets dwindle, and thus she conducts storytelling workshops for founders to help them effectively engage their audiences.
Addressing the exclusivity of her events, Salmi expressed a commitment to maintaining quality over creating a pay-to-play environment. Her approach involves meticulous vetting of applicants to ensure that only serious participants join. This method transforms the initial selection process into a pitch, building an atmosphere of credibility within the room. Salmi believes that in an increasingly competitive market, a more selective approach is beneficial compared to the traditional broad access that characterized the venture space, which historically favored young, male graduates from top universities.
Salmi's path into event management traces back to her experience running a record label and her initial involvement in hosting founder-investor brunches. The success of these gatherings led her to transition full-time into this venture, which began outpacing her prior marketing agency. Despite the operational challenges of scaling, including managing numerous events across diverse locations, she remains honest about her learning curve. The financial elements of her business are also influenced heavily by the volatile cryptocurrency market, prompting her to seek more stable sponsorship opportunities beyond the crypto sphere.
