BOOTCAMPS, BABY
New Palantir Bootcamp Numbers Revealed
The Bootcamps Are Actually Working
End of year bootcamp numbers are in for Palantir:
414 bootcamps done
634 organizations served
27 industries
1,000+ participants
It seems the bootcamp strategy is working — this went into effect back in June, and has seen dramatic growth in terms of Palantir’s ability to begin scaling bootcamps.
If they continue to keep this growth alive, 2024 will see rapid adoption of this go to market strategy and the question will then be about conversion into clients.
Conversion depends on the quality of experience, and we are starting to get some testimonials….
Testimonial for AIP
Someone recently attended a Palantir AIP bootcamp and gave a very detailed look into what the bootcamp actually consists of. Here’s a summary of their experience and the full post if you want to read:
Summary:
Comprehensive Ontology Understanding: The training emphasized the importance of Foundry's "Ontology" - a framework that defines and interconnects various data objects like Aircraft and Event in business terms. This deep understanding of how data objects are represented and interrelated is crucial for practical applications in domains like aviation safety.
Integration with Advanced AI Technologies: Foundry's integration with Large Language Models, particularly with ChatGPT 4 through AIP (Artificial Intelligence Platform), offers versatile and user-friendly AI capabilities. This includes AIP Assist, a chatbot for guiding users through Foundry functionalities, and AIP Logic, which allows for intuitive data analysis and application.
Simplified Data Transformation and Analysis: The low-code/no-code functionality, particularly the Pipeline Builder, simplifies data transformations. This was exemplified by the ease of converting PDF data into analyzable formats and performing complex data manipulations with simple natural language prompts, demonstrating Foundry's capacity to streamline data processing tasks.
Real-World Application and Rapid Prototyping: The bootcamp showcased a real-world use-case involving FOIA document analysis, highlighting Foundry's ability to quickly prototype solutions. This exercise demonstrated how Foundry can be used to train models for specific tasks like data redaction, emphasizing the platform's practicality and adaptability.
User-Friendly Interface and Reduced Coding Requirement: Foundry's user-friendly interface and reduced need for coding expertise lower the barrier to entry for subject matter experts. The platform's intuitive design, such as automatic form generation in Workshop based on predefined Actions, and the ability to build applications without coding, make it an accessible tool for a wide range of users, bridging the gap between data science and domain expertise.
What does this mean?
It seems like attendees are getting hands on training with their own company’s data combined into a standard AIP product that Palantir is allowing them to experience — leading to a lot of satisfaction between subject matter experts who aren’t traditional data scientists.
One of the core things stressed in this post was the lack of technical or coding knowledge needed to still create alpha within the product, making it a more universal experience for everyone gaining access to what AIP could do for their workflows.
Q4 numbers will be left to tell how the strategic is translating into growth…
Snowflake acquiring companies, again
The acquisition of companies by Snowflake can be seen as a strategic move to expand its portfolio and market reach. However, this approach has its drawbacks, especially when compared to companies like Palantir, which focuses more on internal innovation.
Firstly, acquisitions can lead to a dilution of Snowflake's core competencies. By absorbing other companies, Snowflake risks integrating diverse technologies and cultures, which may not align with its primary business objectives. This can lead to a loss of focus and a potential decline in the quality of its original offerings. In contrast, Palantir's commitment to internal innovation ensures a consistent evolution of its products and services, maintaining a strong brand identity and a clear strategic direction.
Secondly, relying heavily on acquisitions for growth can create a dependency on external sources for innovation. This strategy may hinder Snowflake's ability to develop original, breakthrough technologies internally. As the tech industry rapidly evolves, the ability to innovate from within becomes a crucial competitive edge. Palantir's emphasis on internal development allows it to be more agile and responsive to changing market demands, fostering a culture of continuous innovation and long-term sustainability.
Finally, acquisitions can be financially burdensome and may not always yield the expected return on investment. The costs associated with integrating different systems, processes, and teams can be substantial, and there is always a risk that the acquired technologies or talents will not synergize as hoped. In contrast, Palantir’s approach of focusing on internal growth allows for a more controlled allocation of resources, ensuring that investments are closely aligned with the company's strategic goals and capabilities.
At the end of the day, this acquisition might work for Snowflake — but it might not. We still don’t know if their $150M acquisition of Neeva has materialized into anything meaningful, and it continues to highlight why Palantir hasn’t acquired a company since 2016 — they build things on their own.
They have the best talent in the world, build products, and now need to take them to market. A company building their own products and struggling with sales is a better bet to me than a company trying to acquire their way into growth, especially when a high % of their revenue goes to sales and marketing.
I want to bet on the product with a improving sales strategy, not a sales organization with a somewhat improving product, trading at a 20B premium to Palantir.
Codestrap’s coming to town
Codestrap hasn’t been on Palantir weekly in months.
He’s back this Thursday. 11PM EST.
Get your sweaters ready — subscribe to my channel to be notified and his twitter here as well.
We’ll be reviewing Palantir’s 2023 and previewing their 2024!
That’s it for today — I’ll see you tomorrow in your inbox!