A closer look at these startups provides some good hints at what it takes to create a successful business that makes use of AI.
What is Artificial Intelligence?
AI is a branch of computer science that uses statistical methods and algorithms to automatically perform tasks that normally require human input.
It’s used to automate certain processes and find solutions to problems that would otherwise require human intervention.
The term was coined by Canadian computer scientist John McCarthy in 1956, who was inspired by the film Ubik in the same year. Experts from across the globe came together at the annual meeting of the Association for the Advancement of Artificial Intelligence (AAAI) in January 2018, to explore the latest advancements in AI, their applications, and some of the challenges facing the field.
AI StartupsThe Good, The Bad and the Ugly
Starting with the good news. As more startups create products or services that utilize the technology, the technology itself will improve.
One of the features of AI is its ability to improve itself. This means that it is capable of learning and adapting. New applications of AI technology will emerge in an accelerated manner, thanks to the advances in both AI hardware and software.
To create a business that benefits from AI, it is important that you understand the strengths and weaknesses of AI and the know-how to work with its strengths while limiting its weaknesses.
Although AI has numerous strengths, you need to recognize its weaknesses. Where AI is Weak AI doesn’t have the ability to think. People do. To make use of this advantage, you need to avoid giving AI broad categories.
What it takes to be a successful AI Startup
In order to be successful, an AI startup needs to have a plan that’s based on solid strategy and purpose, as well as addressing the real problem the company is trying to solve. These organizations must consider the following areas of focus:
1. Understand the problem The first step for any company that hopes to benefit from AI is to first gain a better understanding of the problem that it’s trying to solve. A successful startup will be able to demonstrate that it’s addressing a real problem, or provides an incremental solution to a more complex issue.
In a recent interview with Forbes, Kalev Leetaru said, “It is crucial that you focus on a problem that not only has market relevance today but also provides tangible benefits for society.
Artificial intelligence is one of the fastest-growing segments of technology right now. A combination of factors, including the growth in large corporations, the increase in users of virtual assistants, and the demand for more accurate and reliable recommendations from artificial intelligence-powered platforms, are helping to drive this growth.
As we continue to develop more advanced and accessible artificial intelligence, we can expect this trend to accelerate in the years ahead.