How To Create An AI (Artificial Intelligence) Startup

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How To Create An AI (Artificial Intelligence) Startup

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About this Event

According to research from IDC, the global spending on AI (Artificial Intelligence) is expected to hit $97.9 billion by 2023, up from $37.5 billion in 2019. This represents a compound annual growth rate of 28.4%.

No doubt, this is an enormous opportunity for startups. These days, almost every company needs to leverage AI in order to thrive and build a meaningful future. This is true for younger startups, and it is true for the largest companies, even in the most traditional and nascent industries like manufacturing and insurance. In a sense, AI has become another layer in the tech stack, like databases, and not a business model.

All this is true. But then again, finding the right product-market fit is extremely challenging. Consider that AI models generally require a lot of customization. In fact, there is often much variation even for companies in the same industry.

And yes, there must be a high-quality datasets. But of course, this is far from easy for a startup to develop.

Data creates an interesting chicken-and-egg problem. Without a customer, you don’t have data, which means you cannot train your algorithms. Without algorithms, you are not able to provide value to your customers and compete in the market. Therefore you will not have customers to provide data.

What to do? We can look at forming partnerships, such as with companies that may not have strong AI capabilities. Or another approach is to create a free app that collects data.

What we have found is that to build a successful AI startup, the key is sourcing and building proprietary data. This is what makes a business defensible and attractive to investors. Almost every investor asks where the data comes from and what would stop others who can access this data from replicating what the startup does. So when creating a business centered around AI, it is extremely important to make sure that the data is proprietary and we are not just building a business on analyzing public datasets.

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