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AI is transforming the world
Elon Musk, Jeff Bezos, Mark Zuckerberg; These are some of the names that have been associated with innovation and entrepreneurship across the world. One thing that all their businesses have in common, besides being multi-billion dollar companies, is that they are all very focused on AI. In the graph below you can see how that all the big tech companies have been acquiring more and more AI startups each year.
So, why are they doing this? The reason is that AI is fundamentally a transformational technology, and everyone know this. Companies and countries that manage to get ahead of the curve, will witness huge financial gains. The global economy is actually changing as the result of AI. We will soon witness fundamental shifts in the way we live our lives, as technologies, from autonomous vehicles to personalisation technologies like recommender systems, which will lead to massive gains in productivity.
Becoming an AI entrepreneur
However, something which many people do not know is that it is not that difficult as it seems to get involved in AI. The news is full of stories about successful startups. Indeed, funding in AI startups has been steadily increasing year by year.
So, this demonstrates that it is now a great time to start an AI-business. Many think that AI businesses are only for those who have a PhD in machine learning, or computer science. But this is absolutely not the case.
Something which many professionals don’t realise is that many AI business are not really based so much on AI, but rather, on understanding a very important business problem and having an intuition about how to solve it.
So, let’s say that you are a professional in some industry, e.g. the property development industry and real estate. You probably have unique insights into some of the challenges of property development. Maybe you understand that valuing properties is not easy. Or organising the sourcing of materials. Or that optimising energy consumption in a building is a huge problem.
There are probably many different challenges related to this industry, and some of these challenges can be successfully address with by using data science and AI.
The important thing in this case is that you:
- Know the problems in this industry inside-out.
- Have a network of professionals in this industry.
- Know the jargon in this industry.
- Understand how this industry operates, its business cycles, who the key decision makers are, etc.
All these put you in a perfect position to start a business in this industry, as long as you figure out how you can leverage AI.
Making the step to AI entrepreneurship
So, you are an expert in an industry. You have 5+ years of experience, you know the right people, and you want to start a new business and use AI to solve a particular challenge your industry faces.
So, where do you start? Everything is set, except for three points.
- Understand how you can use AI.
- Find the right AI business model.
- Find the right people to partner up with or hire.
There are many people in this situation. That’s why I decided to do something about it!
I have created the Tesseract Academy for this particular reason. We have a new program that supports solo entrepreneurs and small teams that want to create a new business in the space of AI.
This program is called Learn how to create an AI business: A program for non-technical founders. It is is a program that is tailor-made to each individual’s needs and professional knowledge, and can take you to zero to creating a successful AI business.