2023 Trends and Perspectives
We are only 6 weeks into 2023, yet there is already so much underway. Chasing Rainbows has a lot of exciting things on our own horizon, but there are also multiple macroeconomic trends that we are taking special interest in. As we continue to advocate and create space for LGBTQIA+ founders and investors alike, Chasing Rainbows is also taking note of the developments in AI, climate tech, and other minority led funds.
One of the most exciting things to occur so far this year is the rise of Chat GBT. In the early weeks of 2023 Microsoft invested upwards of 10 billion dollars in OpenAI, the company responsible for Chat GBT: an artificial intelligence service that uses natural language processing to create uniquely complex answers to various questions. Other advances in AI have also started to pick up speed in 2023. Mid Journey, a competitor of OpenAI, is set to receive their first wave of venture capital funding after being entirely self funded up until now. While these and other AI advancements are exciting, it is also important to understand what happens when new technology is introduced. Those with easy access to capital, typically white, cis, straight men, are able to use new technologies and obtain the largest profits, while underrepresented groups are kept out of the conversation. Chasing Rainbows seeks to change this narrative. We are creating space in these conversations and are looking to support Queer founders as they jump into the world of artificial intelligence.
With some of the biggest players in the game focusing on climate tech, it is looking like 2023 will be the year that the venture capital community seriously combats the climate crisis. Union Square Ventures has raised a 200 million climate fund within two years and other industry leaders are also expanding their portfolios into this burgeoning arena. The decision to focus on the climate can be praised on moral grounds, but that is not entirely in line with reality. As interest rates rise many investors are looking for more dependable places to invest in. This is where climate tech blossoms. Within the 2022 Inflation Reduction Act are 270 billion dollars in tax credits for renewable energy, direct air capture, and electric vehicle development amongst other types of research and development. Chasing Rainbows could not be more excited to see where the developments go in 2023 and how these technologies grow and develop over the next few months as most if not all of these startups work under the same framework that Chasing Rainbow does: doing well by doing good.
Like advancements in climate tech, 2023 is also shaping up to be the year of the minority led fund. At Chasing Rainbows one of our fundamental goals is to increase representation of the LGBTQIA+ community at every step of the startup and venture capital journey. By and large investors like to put their money where they see themselves. Relatability is one of the most important factors in determining whether a startup will receive funding from a particular investor. In order to be the change we wish to see in the world, Chasing Rainbows is making strides to be the investors that Queer founders can lean on and relate to.
If you would like to learn more about how you can invest into Chasing Rainbows’ Fund I, please reach out to ben@chasingrainbows.vc.