Artificial Intelligence (AI)
Artificial Intelligence is an emerging technology that has actively been in our lives and has drastically changed the work environment over recent years. AI impacts business, creates new possibilities, and provides new technology. Several business sectors currently use AI, including automation, health care, marketing, agriculture, finance, and various technology-based companies.
What is AI?
AI has its roots in the late 1950s. It is essentially machine learning, which is used for its advantages and capabilities to provide innovative solutions and has enabled the exploration of a new digital world. AI advancements create a holistic digital transformation in business performance.
Lately, many businesses have been positively influenced by AI systems. If humans learn how to further utilize AI, the impact will be huge and crucial for businesses and their markets.
Why is AI Important?
Mark Cuban is one of the wealthiest American entrepreneurs, the owner of NBA Dallas Mavericks, and the owner of AXS TV. Additionally, he is one of the founders of video portal Broadcast.com. Today, Cuban supports AI and suggests that young entrepreneurs invest in AI technology.
Speaking at the CES 2020 event in Las Vegas, Cuban said, “In terms of where I am investing – everything is around AI. Period. End of story.” He also clarified how important it is for the American government to get involved and embrace AI technology: “This (AI) is the new space mission. We really, really, really, really, really, really, really need to invest in it. We really do. If we don’t it would be cataclysmic. Literally.”
A Brief Look at Startups
As many already know, startups are businesses in the early stages of development that can grow into full-blown companies if and when successful. Startups can be either virtual or “offline” businesses in any industry sector.
Startups are founded by one or more entrepreneurs and are focused on one product or service. These companies have become more mainstream in the last decade and are viewed positively, especially in the US. Countless young entrepreneurs start their business models and launch their concepts out there.
How Does AI Engage With Startups?
AI and startup ventures truly originate from decades ago. However, both have been booming within just the last decade.
Why is that? It is in people’s nature to be hesitant about accepting or trusting new technologies or business development projects. In many cases, it takes years before they embrace them. Today, AI technology has created a different perspective on how the business world could progress. That the digital era has offered useful developments that enhance people's daily lives globally is phenomenal.
Today’s entrepreneurs should leverage AI technology and make it an integral part of their startup businesses. When used as a learning and analytical tool, AI makes processes such as data analysis, automated data entry, and data visualization easier. A company that uses customer relationship management (CRM) software, or data visualization platforms to demonstrate their quarterly profits, or any other AI-integrated tool, simplifies employees’ work and helps the business operate with accuracy.
Examples of AI in Startups
AI startups in the healthcare industry are rapidly growing and provide better and faster solutions, less costly for the patients, and with more reliable results. AI machines can help doctors figure out and determine diagnoses about a patient’s situation and what could be the most effective medical practices. Medical AI startups provide accurate results and decrease the risk of human error. An example of a healthcare AI startup is the Tempus Lab medical company in the US.
AI startups exist in the e-learning education sector, as well. The combination of artificial intelligence and education has boosted the creation of apps that can help people with their research. Machine learning (ML) apps assist researchers in developing their learning. ML accelerates the learning process and personalized information for individuals based on their personality and interests.
Naturally, there are also AI startups in the fintech industry. This is a fast-growing industry that has directly emerged from the use of artificial intelligence and its benefits. For example, AI has transformed the financial activities of companies, allowing for accuracy and improved profitability. Companies can use an AI system to analyze their financial performance and reduce their expenses effectively. One finance AI startup example is a financial compliance company named Shield, co-founded in 2018 by Shiran Weitzman.
AI integrated into startups can have several advantages. Startups can be more time-effective, lower costs, increase productivity, improve data accuracy, meet customers’ demands more efficiently, boost operational efficiency, adapt to quick changes, and make more effective decisions.