According to Forbes, venture funding in AI companies had cross the mark of unbelievable $61 billion from 2010 through the Q1 of 2020. Much of these investment dollars go to businesses located in the United States or China. As the giants of the tech industry use various artificial intelligence applications to remain ahead of the competition, startups can also use AI to achieve efficiencies on their own and stop wasting the little resources they have. A PwC report says that because of AI, global GDP will increase by 14 percent by 2030; start-ups are believed to have an important role in that growth.
AI is important for startups because it is the method to solve various challenges with unprecedented level of accuracy. It is the innovations that can drive effective solutions in today’s world. So about 10 years ago, AI was actually big data. Only the name of AI just changed over time. So, it was called Big Data, then it was machine learning, and now it’s called the A.I. Artificial Intelligence is an abstract concept that can mean a variety of things.
Major innovations like AI seem to scare off early startups because the system is too difficult to introduce. While big corporations and even some knowledgeable start-ups are developing their own AI systems and technologies, less experienced firms are still trying to take advantage of the less mature artificial intelligence resources available to help make work more effective.
However, AI has been an important part of the growth of many modern new startup. It offers smart alternatives to a wide variety of current market inefficiencies and the opportunity to objectively self-learn to resolve related challenges in the future. About every discipline finds a way to get involved with AI, from the car industry to life sciences to computer games and many more!
For startups, recent advancements make it easy to incorporate AI into the app or cloud solution. Many promoters or other sources of funding have also shown considerable interest in AI research and development. In general, AI’s image as being a complex tool reserved for those top engineer means to execute it has come and gone. According to Shanhong Liu, in 2001 there was only 35 companies founded utilizing AI in worldwide but by 2015, the recorded companies has increased to 845. That is about staggering 2400% growth.
In general, you’ll see that AI’s running through every sector. It doesn’t matter if it’s bike share, academics, car riding, Amazon algorithms, construction, or biomedical. It’s going to be a technology used in any single industry. Especially with the spread of data coming from the Internet of things will have an effect on untapped industries. So, it could be anywhere but a non-high-tech device like a bike that isn’t wired to the internet, it could be furniture, it could be a study of your genetic content, and what kind of nutrients you can eat, and AI would make suggestions for you. AI is prominent in startups because it is an effective tool to solve issues by cutting costs, and as more data is collected use of AI will increase.
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Written by Wanonno Iqtyider