Summary
September 25, 2025 | 12:00 PM – 1:15 PM ET
Does artificial intelligence represent a fundamentally different kind of technological revolution—one that could reshape not only industries but also the structure of global markets? In past waves of innovation, from social media to e-commerce, technological booms spurred widespread entrepreneurship. Startups flourished, and many evolved into dominant firms, but they emerged from a competitive landscape where new entrants had room to grow. Artificial intelligence may chart a different path. Some analysts argue that AI’s steep economies of scale, vast computational requirements, and the adaptability of its systems could concentrate power in the hands of a few organizations—more akin to the era of mainframe computing in the 1960s, when one firm largely defined the field.
This roundtable discussion will explore:
- Concentration vs. Competition: Are the capital demands, data needs, and infrastructure requirements of AI inherently driving the market toward centralization?
- Investment Implications: How should private equity investors assess opportunities in an environment where scale advantages may limit smaller entrants?
- Policy and Ethical Dimensions: What responsibilities do investors and innovators hold in shaping an AI ecosystem that fosters innovation without amplifying systemic risks of monopoly power?
- Lessons from History: What parallels can be drawn between AI today and previous technology cycles, and what can we learn to anticipate future market dynamics?
Series Moderator
Josh Lerner
The Jacob H. Schiff Professor, Harvard Business School; Director, Private Capital Research Institute
Panelists
Dr. Jianying Hu
Director of Healthcare and Life Sciences Research, IBM
Ravi Kumar
CEO, Cognizant
Daniel Feder, CFA
Senior Managing Director of Investments at University of Michigan
Maya Frutiger
Minnow Venture Partners
Sponsors
Series Sponsor
Presented By
Pricing
All: Free
About the Series
The “Private Capital and Discovery: Strategic Investing in Scientific Innovation” series is brought to you by The New York Academy of Sciences and The Private Capital Research Institute. Through expert panels and thought-provoking discussions, the series examines how private equity is uniquely positioned to drive transformative advancements—while also exploring the ethical and strategic dilemmas that can arise when financial incentives influence the trajectory of science. Learn more about the series.
Registration
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