While many aspects of life have stood still this past year, our appetite for technological progress has certainly not. One innovation that has attracted significant interest is artificial intelligent (AI), the global market of which is forecast to grow at a compounded annual growth rate of 42.2% between 2020 and 2027. As a result, many are looking to AI for their next business venture.
Starting a new AI business requires deep attention, however. The complexity of the topic and the solutions generated cannot be overlooked. To assist, here are four key considerations companies looking to invest in AI Business Creation or start a business in the field should be aware of.
AI Business Creation familiarity
Anyone wishing to finance AI businesses or create their own must take the time to fully understand the field. Doing so allows investors to properly assess the prospects of potential opportunities. And for business creators, these insights will provide an invaluable understanding of the AI tech market, where they must direct their efforts, and the skills required to create a winning product.
Thankfully, there are countless online resources available to hone one’s skills and knowhow. A good starting point is edX’s free course in the fundamentals of AI, and Microsoft’s Cognitive Toolkit is an excellent open-source way to learn deep learning coding.
According to McKinsey’s Global State of AI in 2020 survey, high-performing AI businesses were 2.3 times more likely to say their C-suite leaders were very effective at their roles. These individuals were seen to be more engaged and knowledgeable in AI initiatives than their peers, acting as a champion.
AI is not an industry where the C-suite can sit back and leave the technical details to the developers. By being engaged, they can steer teams more effectively, as well as adeptly explain and sell what are often highly complex solutions. This is a crucial thing for investors and business owners to bear in mind if they are to be successful.
Given that most AI platforms are designed to process and analyse enormous volumes of data, companies in the field should always invest in technological legal counsel. With the help of an expert in technology law, a business can ensure it is fully adhering to international data protection legislation and able to provide users who handing over their data with privacy and protection from data vulnerabilities.
For start-ups in particular, this insight can be useful in navigating the changing data law requirements at each stage of the company’s development. For all businesses though, it is a common-sense means of protecting against litigation, fines, and reputational damage.
Investment and processes
To create a powerful AI product, you need to invest the appropriate resources. McKinsey’s survey found that the best business dealing in AI committed much more resources to the development of their AI solutions than the rest, developing these in-house, and ramping up investment over time.
To direct this investment effectively, they used standardised tool frameworks and development processes, automated tools, and dedicated, in-house high-performance computing clusters.
With greater AI Business Creation and high-quality processes designed to handle AI model development, businesses destined for success in AI can stay ahead of the pack and create effective products, quickly.