📉 Tech layoffs by Cisco, Eventbrite, and more

Happy Tuesday! Last week was action-packed, and the news keeps heating up.

August 13, 2024 • Estimated Reading Time: 11 minutes

Welcome, tech friends

Happy Tuesday! Last week was action-packed, and the news keeps heating up.

This week, in Quick Hits we tackle the biggest stories in tech. For Trending Tools, we’re showcasing AI tools for SMBs. This week’s Top Story unfolds the internet drama behind AI wearable friends. In Social Pulse, we have a great video from NFX called “AI is like water.”

Let's dive in! 👇

This week

⚡ QUICK HITS

AI frenemies: Microsoft vs. OpenAI.

Audio boom: ChatGPT grows.

API anxiety: Yelp angers devs.

Br-ai-nstorm: YouTube adds Gemini.

Chat, later: OpenAI exec defects.

Coffee spies: China probes data spills.

Fallen stars: Techstars lays off 17%.

Free games: Roku streams sports.

Groq grows: Chip maker amasses $1B.

Hungry Llama: Meta needs 10x power.

India invests: VCs launch $250M fund.

Jakarta rocks: Builds EV anode plant.

‘Quasi-merger’: Brits eye Amazon-Anthropic.

Reward withdrawal: TikTok ends Lite.

Scrape scrap: YouTuber sues OpenAI.

Space tourism: Saudi Arabia plans test flight.

Thank memes: Robinhood soars.

VR venture: Meta deals with India’s Jio.

🏆 TOP STORY

Powered by Break the Web.

📉 Tech layoffs continue with Intel, Dell, Cisco, Paypal, Eventbrite, Techstars, and more

We were almost out of the woods, and then we got smacked with the 4th biggest month of layoffs this year in July.

That brings the total number of tech workers laid off in the US alone to close to 500,000 since early 2022. At this point, I wish we could say that the job cuts will end in 2024, but seeing more cuts leading into the holidays would not surprise me.

It doesn’t look like layoffs are ending just yet.

🔍 DEEP DIVE

An in-depth breakdown of something interesting

The Product Innovator Sponsor

Join the waitlist at unrealai.co

The AI Revolution: How Small Businesses Are Gaining Big Advantages

While tech giants and enterprises dominate the AI headlines, there's a quiet revolution happening in the small business world. Today, we're diving into how SMBs are leveraging AI to level the playing field and boost their efficiency. Let's explore some game-changing ways AI is transforming small business operations:

  1. Customer Service on Steroids 🦸‍♀️

Remember when chatbots were clunky and frustrating? Those days are gone. AI-powered chatbots like those from Intercom or Drift are now sophisticated enough to handle complex queries, freeing up your human team for high-value interactions. Small businesses are using these tools to offer 24/7 support without breaking the bank.

Key Benefit: Improved customer satisfaction and reduced support costs.

  1. Marketing Magic ✨

AI is making it easier and more affordable for small businesses to approach marketing. Tools like Jasper.ai are helping SMBs create compelling content in minutes. Stealth upstarts like UNREALAI.co are customizing ai email outreach assistants for the SMB B2B niche, while platforms like Albert.ai can optimize ad spend across multiple channels.

Key Benefit: Higher ROI on marketing efforts and the ability to compete with larger companies.

  1. Financial Forecasting That Actually Works 📈

Gone are the days of squinting at spreadsheets and guessing your cash flow. AI-powered tools like Fathom or Syft Analytics are giving small businesses enterprise-level financial insights. These platforms can predict cash flow, identify potential issues, and even suggest optimizations.

Key Benefit: Better financial decision-making and reduced risk.

  1. Supercharged Sales 🚀

AI isn't just for the big sales teams anymore. Tools like Gong.io are bringing conversation intelligence to SMBs, helping sales reps improve their pitches and close more deals. Meanwhile, platforms like Pipedrive are using AI to prioritize leads and suggest the best times to follow up.

Key Benefit: Increased sales efficiency and higher conversion rates.

  1. Streamlined Hiring 👥

Finding the right talent is crucial for small businesses, but it's also time-consuming. AI-powered platforms like Lever and Ideal are streamlining the hiring process by automatically screening resumes, scheduling interviews, and even predicting candidate success.

Key Benefit: Faster, more effective hiring with less unconscious bias.

  1. Data-Driven Decision Making 🧠

Small businesses often lack the resources for a dedicated data team. Enter AI. Tools like Obviously.ai and BigML are democratizing data science, allowing SMBs to build predictive models and gain actionable insights without a PhD in statistics.

Key Benefit: More informed decision-making across all aspects of the business.

  1. Personalization at Scale 🎯

Delivering personalized experiences used to be the domain of big tech. Not anymore. AI tools like Segment and Optimizely are enabling small businesses to create tailored user experiences, from customized product recommendations to personalized email campaigns.

Key Benefit: Improved customer engagement and loyalty.

The AI Advantage for SMBs

What's truly exciting about these AI advancements is how they're leveling the playing field. Small businesses can now access capabilities that were once the exclusive domain of large enterprises with deep pockets.

But here's the kicker: SMBs often have an advantage in AI adoption. They're typically more agile, with less bureaucracy and legacy systems holding them back. This means they can implement and iterate on AI solutions faster than their larger counterparts.

The Future is AI-Powered (and Small Business Friendly)

As AI continues to evolve, we can expect even more accessible and powerful tools to emerge. The businesses that thrive will be those that embrace these technologies early and use them to augment their unique human strengths.

Remember, the goal isn't to replace human intelligence, but to enhance it. By leveraging AI for routine tasks and data-heavy analysis, small businesses can free up their most valuable asset – their people – to focus on creativity, strategy, and building meaningful relationships with customers.

How are you using AI in your small business? What challenges or opportunities do you see? Hit reply and let me know – I'd love to hear your thoughts!

🍿 DAMIAN BUILDS IN PUBLIC

My journey, failures, and wins

I’ve been taking a lot of feedback on Productpickle, and if you followed me at all this year, you’ve probably seen me try more than a couple things. I’d like to believe that’s the spirit of a good PM. 😅

Weekly Wins

❇️ Refreshed positioning at productpickle.com

❇️ Accepted into a 2-week Clay.com training program

❇️ Made initial investment to move my business into Shopify

Weekly Fails

❇️ I accidentally hid the past 2 weeks of Deep Dive sections from my Beehiiv audience. This is a good reminder that all previous newsletters can be viewed at newsletter.productpickle.com.

I’m now offering Product Audits

Fractional UX Product Audit

I’ve been missing my “foot in the door offering,” some initial lower-priced service that could also be a natural ladder into my core offering as a Fractional Head of Product. I’ve been taking market feedback, and I’m hopeful Product Audits can be my wedge or my foot in the door. 🥾

Subscribers of this newsletter get an initial public offering of $999.

Let me help you turn your product into a growth machine!

🌐 SOCIAL PULSE

Highlights from social media and key topics of the week

Subscribe today to access

✔️ Weekly curated tool lists

✔️ Access to deep-dives, guides, and templates

✔️ Subscriber-only community offers and opportunities

When you’re ready, here’s how I can help you

From the author

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