AI Fuels Race to One-Person Billion-Dollar Businesses
A new wave of solo ventures, fueled by artificial intelligence, is challenging traditional startup models. The quest to create a billion-dollar company helmed by a single individual is no longer just a dream; it’s becoming a competitive reality in the tech world.
The Rise of Solo Unicorns
Sam Altman and his peers are betting on when the first one-person company will hit a billion-dollar valuation. Birk Jernström, the CEO of Polar, sees this as an opportunity. His platform aims to help these solo-led businesses thrive.
Sam Altman and his tech CEO friends have a betting pool on the year we will see the first one-person billion-dollar company.
— Alexis Ohanian 🇦🇲 (@alexisohanian) February 1, 2024
Polar’s Role
Polar seeks to be a key platform for these solo ventures, focusing on the needs of developers. The company’s approach has resonated with investors like Accel, which led Polar’s $10 million seed round. The firm sees an increasing number of AI-driven startups that seek efficient growth.
“There is a new generation of AI-native, early-stage businesses that want to grow without distractions,”
—Andrei Brasoveanu, Partner at Accel
The market for AI-powered tools is exploding; the global AI market is predicted to reach $1.81 trillion by 2030, demonstrating exponential growth (Fortune Business Insights).
Jernström‘s Journey
Jernström‘s previous venture, Tictail, was acquired by Shopify. He then worked on Shopify’s Shop app. This experience influenced his vision for Polar. He wants to empower developers to build businesses around their software, mirroring Shopify’s impact on small merchants.
After reflecting on his career, and just before becoming a father, Jernström left Shopify. His departure was amicable. Shopify’s CEO, Tobias Lütke, and president, Harley Finkelstein, are now angel investors backing Polar.
Jernström is hands-on, interacting with customers. The startup has grown to 18,000 customers since its launch in September 2024, mostly developers.
Polar’s cap table includes founders from popular developer tools: Framer, Raycast, Dub, Nuxt, Resend, Supabase, Vercel, WorkOS, and Lovable. These companies, along with their founders, support Jernström‘s vision to simplify building a business around software.
Jernström is aiming to replicate Shopify’s success with independent developers. He wants them to pursue their passions by shipping software and establishing their own enterprises.