Source: Entrepreneur | Repost QBScott 6/22/2023 –

A global economic downturn might be cooling a once blockbuster funding environment for startups, but don’t let the gloomy headlines dent your growth ambitions. Technology advancements are reigniting investment activity and creating new opportunities for scrappy founders that can take advantage.

The commercialization of large language models like ChatGPT is driving tremendous excitement about the future of artificial intelligence. In fact, worldwide spending on AI is now expected to hit $154 billion by the end of 2023, according to research firm IDC. And that will have a ripple effect through all areas of business.

Already, investors are rushing to fund new AI startups. Meanwhile, areas like cybersecurity continue to see sustained investment. Sure, financiers are more cautious in their bets, and startups now have a mandate to run more efficiently. But the opportunity has never been better for savvy entrepreneurs to build sustainable businesses and investors to make smart — and eventually, lucrative — bets on software’s next-generation.

Founders need to ensure they are preparing their own businesses to capitalize on the potential ahead. But competition is fiercer than ever. No matter what type of software they’re selling, startup leaders have to intimately understand their target customer and their challenges, then build products that address all those needs in one easy-to-use and secure platform.

Recently, at RSA, the largest annual gathering of cybersecurity professionals, I had the opportunity to speak to many of the industry’s top entrepreneurs about the strategies they are using to hit their next financial milestones — whether that be $100 million, $500 million or $1 billion in annual recurring revenue. This built on my own experience as a four-time CEO, including three times of a public company.

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Author: Scott Meister, CPA

I help small businesses, accountants, bookkeepers, office managers, and business owners with their accounting needs. I’ve used QuickBooks since 2002 and train folks on how to use it efficiently. I create high-quality video training tutorials for QuickBooks and post them on

Certifications include: Certified Public Accountant (CPA) | Certified Bookkeeper (CB) | Advanced Certified ProAdvisor for QuickBooks Desktop | Advanced Certified ProAdvisor for QuickBooks Online | Certified ProAdvisor for QuickBooks Enterprise | Certified ProAdvisor for QuickBooks Point Of Sale