Sara Foster, co-founder of Oversubscribed Ventures, candidly shared a surprising revelation during her appearance onstage at TechCrunch Disrupt 2024 on Monday, capturing the audience’s attention.
“I don’t even have ChatGPT on my phone,” she declared, challenging the expectations of her audience.
This unexpected statement is particularly striking coming from an investor in an era where ChatGPT is widely regarded as one of the most transformative technologies to emerge this decade. What distinguishes Sara and her sister Erin from typical venture capitalists is their foundational creativity; they embrace their roles as artistic trailblazers before stepping into the world of technology investment.
Throughout their professional journeys, the Foster sisters have co-founded the successful clothing line Favorite Daughter, taken leadership roles in creative initiatives at Bumble Bizz and Bumble BFF, and currently co-host a lively podcast together. Additionally, Erin Foster is the mastermind behind the acclaimed Netflix series “Nobody Wants This,” featuring the talented Kristen Bell.
“Even calling it Oversubscribed Ventures was really a nod to our sense of humor because we know that this is not a space that we naturally belong in,” Erin explained onstage at TechCrunch Disrupt 2024. “We aren’t trying to cosplay as fund managers, you know? We’re trying to be ourselves and take our unique point of view, and our skill sets, and bring it into this world and inject that in an authentic and honest way without pretending to be anything different than we are.”
In a move that emphasized their commitment to authenticity, the Foster sisters candidly discussed their hesitations around investing in AI technologies.
“If we don’t understand it, we don’t invest in it,” Sara stated firmly, underscoring their philosophy.
For Erin, a talented TV writer, the emergence of generative AI and its repercussions on creative professionals hits particularly close to home.
“We did a strike over this last year,” she explained. Erin referenced the clever picket signs that writers crafted during their strike, featuring humorous anti-AI slogans like “ChatGPT doesn’t have childhood trauma.”
However, Erin acknowledged that she has utilized ChatGPT within the context of a writers’ room, employing it to brainstorm ideas like the title “The Matzo Ballers” for a Jewish basketball team.
“ChatGPT came up with that, but [it] can’t write a script,” she remarked candidly. “There are movies that are coming out that are clearly AI, and it’s like, they’re not good… I do think it can be used for good. I think it can be pointless in some areas, and I’m sure it’s evil in some areas, right?”
Sara added, “Obviously a bunch of AI companies have come across our desk, and we’ve looked at them. There was one we were gonna invest in, but so far not… I’m probably gonna have to download ChatGPT.”
The Foster sisters embraced their authenticity while engaging with the audience onstage — when inquired about what they can provide to the founders they support, Erin humorously responded, “They can hang out with us.”
Yes, the comedy writer behind the hit show “Nobody Wants This” certainly has a sense of humor. Yet, there’s an underlying truth to that quip: spending time with the Fosters can be a lucrative opportunity for consumer-focused founders.
Oversubscribed Ventures is dedicated to investing in consumer technology companies, covering an eclectic range that includes everything from boxed wine startups to the popular NFT marketplace OpenSea.
“We’re of no value if we just have Oversubscribed Ventures,” Sara articulated. “Our value is the flywheel — it’s the ecosystem. It’s the same world that’s buying Favorite Daughter [their clothing brand], listening to the podcast, watching the TV show.”
The Fosters may not fully grasp the intricacies of how ChatGPT operates, but they possess an acute understanding of consumer desires — a fact underscored by the tangible success of their podcast and clothing brand.
**Interview with Sara and Erin Foster: Creativity Meets Venture Capital**
**Editor:** Thank you for joining us today, Sara and Erin Foster. Your recent appearance at TechCrunch Disrupt 2024 has sparked quite a conversation, especially your candid remarks about technology. Sara, you mentioned that you don’t even have ChatGPT on your phone. Can you elaborate on that?
**Sara Foster:** Absolutely! It’s surprising, right? I just believe in fully understanding what we invest in. For me, it’s more about personal connection with ideas than jumping on every tech trend. I want to engage with technologies that resonate with my creative sensibilities, and at the moment, that’s not ChatGPT.
**Editor:** That makes a lot of sense. You and Erin have a rich background in creativity and entrepreneurship. Erin, you talked about the humorous naming of your venture, Oversubscribed Ventures. Can you explain the philosophy behind that choice?
**Erin Foster:** It was all in good fun! Naming it Oversubscribed Ventures was our way of acknowledging that we’re not your typical fund managers. We’re here to bring our unique perspective to the table. We’re artists first, and we want to operate in a space where we can genuinely express ourselves without pretending to fit the mold.
**Editor:** It sounds refreshing! You both seemed quite candid about your hesitations around investing in AI technologies. Erin, can you share more about your perspective as a writer in this evolving landscape?
**Erin Foster:** For sure. The rise of generative AI has raised a lot of concerns in our community. Last year, we faced a big strike precisely over these issues. It’s crucial for artists to retain their unique voice and not have that diluted by AI. I’ve used tools like ChatGPT to brainstorm, but I know it can’t replace the heart of writing. It can suggest fun ideas, like “The Matzo Ballers” for a show title, but it simply doesn’t understand the human experience—at least, not yet!
**Editor:** That’s a valuable insight. Sara, can you touch on your overall approach to investments in a tech landscape that’s increasingly dominated by AI?
**Sara Foster:** Our philosophy is simple: if we don’t fully understand it, we won’t invest. This stance keeps us authentic and aligned with our creative roots. We believe that technology should enhance, not replace, the human element in creative endeavors.
**Editor:** Thank you both for sharing your thoughts on creativity and technology. It’s inspiring to see how you navigate the world of venture capital with such a distinct perspective.
**Sara and Erin Foster:** Thank you for having us!
Have expressed some hesitations about investing in AI technologies. Sara, could you share more about your philosophy on that?
**Sara Foster:** Sure! Our saying is, “If we don’t understand it, we don’t invest in it.” With AI, there’s so much noise and hype, but if it doesn’t align with our understanding or creative vision, we’re not comfortable diving in. We want to back ideas and technologies we truly believe in.
**Editor:** Erin, it sounds like the issue of generative AI also hits very close to home for you as a writer. Can you elaborate on your thoughts?
**Erin Foster:** Absolutely! It’s a double-edged sword. On one hand, I’ve seen generative AI used to help spark creativity — like coming up with the title “The Matzo Ballers” — but on the other, I’ve watched movies that feel soulless and clearly AI-driven. I think there’s potential for good, but there’s also a risk of it losing the human touch that storytelling needs.
**Editor:** That’s really insightful. You also mentioned the importance of your ecosystem within Oversubscribed Ventures. Can you elaborate on how your podcast and clothing line tie into your investment strategy?
**Sara Foster:** It’s all interconnected. We don’t want to be just a fund; we want to create a community and ecosystem that supports consumer-focused companies. Our podcast and clothing brand are extensions of our voices and values, which help us understand consumer needs and trends better. It’s about fostering genuine connections and providing value beyond just financial investment.
**Editor:** That’s a unique approach. what do you hope founders gain from working with you both?
**Erin Foster:** Ultimately, they get to hang out with us! (laughs) No, really, it’s more than that. We bring our creative insights and lived experiences into our interactions. Founders can expect support that’s personal and tailored rather than purely transactional. We want to nurture ideas that resonate with people.
**Editor:** Thank you, Sara and Erin, for sharing such candid insights. Your blend of creativity and investment is certainly refreshing in the tech landscape today!
