Oversubscribed Ventures co-founder Sara Foster (above right) confessed on stage at TechCrunch Disrupt 2024 on Monday.
“I don’t even have ChatGPT on my phone.” she said
This is an unexpected statement from an investor, considering ChatGPT is arguably the most influential product launched this decade. But what sets the Foster sisters apart from professional venture capitalists is also their greatest strength. They are creative and technology industry investors first.
Throughout their careers, the Foster sisters, Erin and Sara, have co-founded the clothing line Favorite Daughter, co-led creatives for Bumble Bizz and Bumble BFF, and currently co-host a podcast together. Erin Foster also created the best Netflix show “Nobody Wants This,” starring Kristen Bell.
Erin said this on stage at TechCrunch Disrupt 2024. “Even calling it Oversubscribed Ventures was a nod to our sense of humor, because we know this is not a space we naturally belong to.” Erin spoke on stage at TechCrunch Disrupt 2024. “We’re not trying to cosplay as fund managers, you know? We’re trying to be ourselves, bring our unique perspectives and skills to this world and infuse them in an authentic and honest way without pretending to be different from ourselves. “I’m trying.”
To show their sincerity, the Foster sisters went on stage to reveal why they are reluctant to invest in AI.
“If we don’t understand it, we don’t invest,” Sara said.
For TV writer Erin, the rise of generative AI and its impact on creators is more personal.
“We went on strike last year,” she explained. Erin mentioned the clever picket signs the writers created during the strike, which included comical anti-AI messages like “No childhood trauma in ChatGPT.”
But (Erin) Foster said she used ChatGPT in the writers’ room to come up with things like “The Matzo Ballers,” the name for a Jewish basketball team.
“ChatGPT came up with it, but (it) can’t be scripted,” she said. “There are movies coming out that are clearly AI, and it’s like, it’s not good… I think it can be used for good. “I think it may be meaningless in some ways and evil in others.”
Sara added: “Obviously a lot of AI companies have come to our desk and we’ve looked at them. There was one thing we wanted to invest in, but so far it hasn’t. Maybe I should download ChatGPT.”
Clearly, the sisters aren’t afraid to put themselves on stage. When asked what they could offer to the founders they support, Erin quipped, “They can hang out with us.”
Yes, the comedy writer behind “Nobody Wants This” joked. But if there’s a little truth to every joke, the truth here is that hanging out with the Fosters is actually pretty lucrative for consumer entrepreneurs.
Oversubscribed Ventures focuses on consumer technology companies, from boxed wine startups to NFT marketplace OpenSea.
“If you only have a venture with too many subscriptions, it’s worthless,” Sara said. “Our value is the flywheel, the ecosystem. It’s the same world where you buy Favorite Daughter (their clothing brand), listen to podcasts, and watch TV shows.”
Fosters may not understand how ChatGPT works, but they understand what makes consumers tick. We have the podcasts and clothing brands to prove it.
