6 ways AI can help launch your next business venture

Intended for technology professionals with a working knowledge of artificial intelligence (AI), there are many opportunities for new business launches. You can build and leverage AI for employers or use the technology yourself, as a new business or a side hustle.

AI is at the core of the next generation of startups, achieving agility and disruptive advantage by moving new business ideas from concept to market at a rapid pace. Technology experts can play a key role in building and launching this new generation of AI-enhanced businesses.

Also: Top 8 AI Use Cases This Year

We are at a time where AI-driven innovation is taking off, and this shift means a world of opportunity for startups offering AI services, speak Sarah Vuong And Thuong Dai Tuboth with venture capital firm Andreessen Horowitz.

They believe AI startups build strategic initiatives that put AI at the heart of the business while anticipating their weaknesses and shifting from a service-oriented approach to building Scalable products will capture this new wave of investment and gain significant market share. forecast.

Examples of AI products or services that can be offered by startups, they said, include “tools for fine-tuning, model serving, application building, and AI-native applications designed built with purpose”.

Here are some considerations shared by industry leaders for professionals looking to build a business with AI.

1. Deeper understanding of customers

The strength of an AI-powered startup is capabilities understand customers more deeply. For startups in new ventures that offer more common services – such as manufacturing, medical products or travel assistance – AI plays a key role in this important function. Most important: understand customers.

First and foremost, the customer is the one who gives the first reason for doing business. “Understanding and engaging with customers is key to business success. AI-based analytics provides deep insights into customer behavior, allowing businesses to tailor their products and services according to specific needs and results”, said Bob LamendolaSenior Vice President of Technology and Head of Ricoh’s North America Digital Services Center.

Also: 6 ways ChatGPT can make your daily life easier

“AI can play a key role in developing new business concepts that can deliver greater customer satisfaction and loyalty, which are key ingredients in building relevance. in a competitive market.”

2. Digital management consultant

Often, startups cannot afford management consultants, who can charge large sums of money to provide financial, marketing or distribution advice. However, the appearance of AI-based agents can provide low-cost support based on learning across industries.

Also: How ChatGPT became my virtual assistant for a data project

“Think of AI as your digital management consultant,” says Arina Curtis, CEO and co-founder of DataGPT, a conversational AI tool startup. “It’s great to dig through large amounts of online data, derive key insights, and suggest strategies. This is valuable, especially in established industries where One can use AI to dissect and understand what leading companies are doing.”

3. Technology assistant for startup founders

Startups no longer need a bunch of tech talent to pull together AI support — at least not initially. “The most striking aspect is how AI allows founders to start a business with less manpower and resources,” he said. Kian Katanforooshlecturer at Stanford University, CEO and founder of Workera.

An entrepreneur – technical or non-technical – can launch a business without looking for technical talent and partners. He added that product or service design can now be conducted using natural language processing through generative AI “rather than with code.” This approach reduces the need to attract valuable technical talent and cuts the need for initial capital or personal investment before a product is conceived and brought to market.

4. How to think big

AI can control everything from production-level control systems to make executive decisions. “It’s not just about automating tasks,” says DataGPT’s Curtis, whose own business involves launching conversational AI. “It’s about creating new opportunities, redefining roles and reshaping industries.”

Also: 4 general AI tools your business can leverage to increase productivity

AI is “not just a technological upgrade, but a strategic overhaul,” Curtis said. “AI is enhancing operational efficiency and revolutionizing the customer experience. We’re talking about creating products, services and business models that were unimaginable before the emergence of AI.”

5. Idea generator

ChatGPT has become a popular tool for entrepreneurs “because of its ability to generate Internet-savvy business ideas,” it said. Antonio Garcia, director of strategy and innovation at TXI. “Imagine an entrepreneur decides to start a print-on-demand t-shirt business. With AI like ChatGPT, they can move from idea generation to actual implementation, receiving guidance on design, communication marketing and even complex production problems.”

However, AI goes even further. Garcia cited cutting-edge idea foundations, such as MIT’s Super-intellectual thinkerThis “demonstrates AI’s potential to not only generate ideas but also refine and deepen them, acting as a digital incubator for nascent business concepts and other challenges.” AI, in this context, is not just a tool; it is also a collaborative partner in business operations.” progress.”

Currently, creative AI is “like an enthusiastic, highly competent intern – quick to jump in but still learning the nuances of complex problems,” he said. “The real power of AI lies in its ability to quickly generate countless business ideas, critically evaluate existing concepts, and align new ideas with the vast store of existing knowledge.”

6. The fast track to automation

Automation has long offered many ways to Offload time-consuming mundane tasks and save labor costs. AI takes this capability to the next level, allowing startups to scale as quickly as larger organizations.

“Automation through AI not only cuts operational bottlenecks but also levels the playing field for budding entrepreneurs,” said Steve Thompson, chief learning officer at 5app. “From automating routine tasks to supporting advanced data analytics, AI gives startups the efficiency and adaptability that are critical to navigating the complex business landscape. “