Curiosity Phase

The “Curiosity Phase” is Michael Dempsey’s named stage of AI company-building, referenced in The Enchanted Notebook. Mapped onto the Gartner hype-cycle, Dempsey places the present moment past the Peak of Inflated Expectations and the Trough of Disillusionment — a spot “exciting enough to lure people in while still being a really difficult spot in which to build an AI-powered company.” The note invokes it to characterize where AI startups sit: enticing but treacherous, where software is likely an easier target for AI than mechanical engineering (more public code exists than public CAD), making it the more fertile near-term ground.

Context: The term comes from Michael Dempsey’s 2022 essay “Company Building in the Curiosity Phase of AI” (michaeldempsey.me). Dempsey, a venture investor, uses it to describe a window where AI capabilities are advanced enough to attract founders and capital but not yet mature or defensible enough to make durable company-building straightforward.

Where this appears

• The Enchanted Notebook — cites Dempsey’s “Curiosity Phase” as the current stage of AI company-building (past the Trough of Disillusionment), enticing but difficult, with software a more tractable AI target than mechanical engineering.