OpenAI’s breakthrough helped awaken the world to the broad and transformative potential of Generative AI. In the years that followed, we saw a wave of adaptation. At first, we saw existing tools being enhanced with the implementation of chat interfaces, but the core product didn't change much. But we are now firmly in the era of next-generation applications: entirely new products and business models built from the ground up, using Generative AI as their core foundation rather than a bolt-on feature.

The most compelling theme emerging during our trip was the rise of Agentic AI. These are systems designed not just to assist, but to autonomously solve problems and carry out increasingly complex tasks on behalf of human operators. This felt very much like the sweet spot of innovation: hugely desirable products that are now feasible and viable. What was particularly striking was the consistency of the solutions we saw, with multiple start-ups tackling similar problems in similar ways, suggesting a convergence around common needs and a clearly addressable market.

Another noticeable trend, shaped by broader geopolitical tensions, was the steady growth in Defence Tech investment. Some of the most eye-opening and thought-provoking start-ups we encountered sat squarely in this space. This was a reminder of how global challenges are directly influencing the priorities of innovators and investors alike.
 
This was undoubtedly one of the most inspiring and energising trips we’ve made to Silicon Valley. As always, a heartfelt thank you to everyone who made it possible, including the clients, VC hosts and start-up organisations.  Your generosity, insights and hospitality made the experience both memorable and deeply valuable.

Ben Parish, Head of Innovation