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Venture investors believe generative AI technology can make traditional services businesses—especially those heavy on knowledge work, like accounting—more profitable and scalable, so much so, that they become desirable targets for the sky-streaking growth ambitions of venture capitalists.
“We do think there’s a huge opportunity to roll up accounting firms and automate a lot of the workflow and let the same accounting firms take twice as many clients,” said Marc Bhargava, a managing director at General Catalyst who leads the firm’s Creation strategy, which includes venture buyouts and incubations. “The idea is not to cut people with AI, the idea is to enable them to do two to three times the work,” he said.
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