Founding Moment of Runway:

  • Cris Valenzuela met his co-founders Alejandro and Anastasios in art school, where they started experimenting with AI models for creative tools.
  • They realized there was something special about merging AI models with the art world.
  • The company founded them, rather than them founding the company.

Being an Outsider:

  • Cris has always felt like an outsider due to his diverse background in economics, business, film, and programming.
  • Being an outsider allows him to reason from first principles and merge different domains and professions.
  • It gives him a unique perspective and creativity.

Running From Tradition:

  • Cris grew up in Chile, which had a strict traditional structure that he didn't resonate with.
  • He is running away from tradition and norms that restrict his curiosity and passion.
  • He wants to explore what he's truly passionate about without being told what to do.

High Performance:

  • Cris defines high performance as having a vision, motto, and value of "just figure it out."
  • Learning how to learn and being able to figure things out without complaining or getting stuck is a superpower.
  • High performance comes from being proactive, taking initiative, and continuously learning.

Approach to Learning:

  • Cris takes a hands-on approach to learning by building projects from scratch.
  • He dives deep into specific topics by building experiments and trying things out himself.
  • Being active in the learning process helps make sense of the world.

Dealing with Slow Learning:

  • When learning is slow or not happening, seek help from brilliant people who can provide guidance and support.
  • Surround yourself with people who inspire you and can help you overcome challenges.

Model Size vs Data Size:

  • Model size matters because larger models are better at multi-modalities but it depends on the specific use case.
  • There are opportunities for smaller models that are more specific to certain tasks.

Verticalization of Models:

  • There won't be a single model to rule them all.
  • Different models and approaches will emerge for different domains and use cases.

Model Lifespan:

  • Cris believes that models are not a moat and eventually don't matter.
  • What matters most is the people building those models and their ability to change and learn from them.

Hallucinations as Feature or Bug:

  • In language models, hallucinations can be seen as bugs because they provide creative interpretations instead of factual answers.
  • In video and image generation, hallucinations can be seen as features that add creativity and new possibilities.

AI Community Needs Better Stories:

  • Cris believes the world has got AI wrong by reducing it to just chatbots and language models.
  • We need different stories about what AI can do and will be in order to tap into its full potential.
  • The responsibility of telling these stories falls on various groups, including screenwriters.

Hiring Performance First Team:

  • Focus on hiring people who can figure things out and get things done.
  • Look for individuals who have a proactive mindset and are hungry to learn and contribute.

Biggest Mistakes in Hiring:

  • Focusing too much on credentials rather than finding people who are passionate, curious, and willing to learn.
  • Avoiding people with definitive views or rigid mindsets that may hinder adaptability in a fast-changing field like AI.

Fundraising Lessons Learned:

  • Emphasize the vision of the company during fundraising pitches.
  • Ask questions to investors about their values, goals, and alignment with your company's vision.
  • Don't rely solely on investors to build your company; success comes from grinding, tenacity, and learning from mistakes.

Valuation Perspective:

  • Valuations are not the main focus; optimizing for valuation alone is not beneficial for long-term success.
  • Focus on building a great team, executing the vision, and creating value for customers.

AI's Role in Society in 10 Years:

  • AI will become ingrained in everything we do, to the point where it is no longer referred to as AI.
  • It will be seen as a tool rather than a separate entity or technology.

Changing the AI Community:

  • Cris believes that people don't yet realize how transformative AI will be.
  • The current understanding of AI is limited, and future developments will challenge existing assumptions.

Balancing Work and Family Life:

  • Cris believes that if you care deeply about what you do, you can find a balance between work and family life.
  • Being passionate about your work allows you to prioritize and make time for both aspects of life.