Do I need a Head of AI?
A question that’s becoming more common, but what exactly is a Head of AI?
Last week there was a triple whammy of positive London-focused AI news. From Wayve’s $1bn megaround, to Scale AI picking London for its European HQ, and CoreWeave’s £1bn UK data center investment, it seems the future of the London and UK AI industry is looking bright.
Momentum also continued this week with a $50m Series C round for PolyAI, a London-based University of Cambridge spinout that develops AI-generated voices for call centers, giving it a near $500m valuation.
This growth is reflecting a global upward trend of AI investment. The fastest growing category of US venture investment in 2024 is AI, and venture capitalists have invested $18.3 billion through the first four months of the year. At this pace, we should expect AI startups to raise about $55bn in 2024.
🤔 So what does this mean for AI talent?
According to LinkedIn, the number of companies with a “Head of AI” position has more than tripled in the last five years, and is up 13% since 2022.
And according to CIO.com, 32% of companies either have hired, or are seeking, a Chief AI Officer.
There is clearly a demand for roles that are strategically aligned to AI for businesses, but do you need to start considering having one in your leadership structure? We answer your questions.
🦸 What is a Head of AI?
A Head of AI or Chief AI Officer (CAIO) is a crucial leadership role that enables strategic alignment between AI strategy and business goals. They will be tasked with not just developing AI strategy, but also governance, risk management, privacy and company-wide AI education.
Why do you need one? It's simple — the pace of AI advancement means that businesses cannot afford to ignore it on a strategic level.
Ideally the new Head of AI will act as the bridge between technical, commercial and the board to ensure benefits are felt business-wide. They will also be responsible for AI talent gaps within the company – helping to build out the expertise embedded within the workforce.
✅ What makes a good Head of AI?
They need to balance four key aspects of AI in business:
AI technical expertise
AI business strategy
What they need to do to implement AI products and encourage adoption
The vision for the future of AI at the company
They need to encompass a mix of technical knowledge and business/leadership acumen. And thanks to the rapid rise of AI and the need to blend these experiences and qualities, the reality is this is a new type of role and therefore ready-made Head of AI profiles are rare.
To date, we are noticing companies outsource finding these ideal candidates to external consulting firms. But soon this will have to be brought in-house.
🧑💻 Who would make a good Head of AI?
Using the four key aspects outlined above, you can look at a variety of backgrounds:
Someone from a FANG or enterprise software company, in a VP or C-level leadership role, that has recent experience with commercial AI innovations.
Ex-Founders of a Seed / Series A startup in the AI sector that didn’t get to the next stage but has been immersed in the latest AI trends.
CTO or VP of Engineering who has recent AI building expertise.
Someone from a Product leadership role that has been building or testing all the AI products available.
Management Consultants, working within the AI sector.
A recent Graduate AI Developer, or Machine/Deep Learning expert.
For more information on the role of Head of AI, or to chat about your talent plans, get in touch.