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With how far-reaching the scope of Artificial Intelligence (AI) is, it is bound to make an enormous impact in the lives of people — the realm of startups is no exception.
Whether you’re looking to improve your omnichannel marketing or you want to make your website more accessible to people with disabilities, as a business startup, you stand to gain from learning about AI and leveraging its capabilities.
The AI technology has so much to offer, that startups who are jumping into the AI bandwagon are enjoying growth and success at an unprecedented rate.
The Future of AI for Startups
It’s a given for the Artificial Intelligence space to be dominated by technology giants such as Google and Microsoft.
In a very competitive industry, startups who fail to keep up - in both finances and innovations - lose their chances of becoming technology giants.
Generally, startups will face two major challenges:
Capital and Funding
For startups, getting into the playing field means that they need to develop products and services that are fresh and innovative — attractive for corporate takers.
To develop these products, startups need to spend a fortune which immediately deters those who have little to no capital at all from pursuing the field.
Compared to other fields, high fixed costs in artificial developments are inherent due to the nature of their resources - such as data, software, and hardware.
Hopeful individuals seek the attention of investors to raise funds to start their research. In 2018, funding for artificial intelligence reached $9.3B — an all-time high.
One of these successful startups is Alation.
Alation offers organizations machine learning to help find, understand, and trust their data. This startup was funded by several giants such as Harmony Partners and Sapphire Ventures.
In a total of four rounds, Alation raised over $82M, with their most recent one last January 2019.
This startup is just one of the many that have successfully pitched their ideas to potential investors.
Demand for Immediate Return on Investment (ROI)
While investors are more than happy to invest in promising startups, they relentless about getting ROI.
Timelines given by investors are not new concepts for startups.
However, in an industry where change is constant, these underdogs are placed under immense pressure to meet deadlines.
Profits from this field are expected to be on a much larger scale compared to others — given that other fields benefit from its developments.
Artificial intelligence is only expected to become more and more incorporated into daily lives and each startup needs to be ahead of this game.
Potential AI Industries
Startups need to put in more effort compared to their established peers.
They don’t necessarily need to compete with these giants — instead, they have to set themselves apart.
There is an abundance of opportunities for startups, they just need to know where to look.
In this light, there are several aspects of day-to-day life that AI startups can touch in the future.
By automating processes in day-to-day activities, AI can be leveraged to help both industry and consumers.
Decision Making and Management
Decision making is one of the hardest tasks within companies. Decisions go through a series of levels which can be time-consuming and detrimental.
Developing AI-powered applications to offer solutions for in-house processes can be an option for medium-sized companies looking to be more efficient and competitive.
Quick Legal Services
Getting legal services in any country is expensive and tedious — things customers don’t always have.
Quick services at affordable rates can be one of the aspects that AI startups focus on. Paperworks and fillings can be made easier by automated processes.
Health Assistance
Backed with scientific research, applications can be developed to guide consumers to monitor their health.
Real-time diagnosis can be actualized through individual assessments using applications backed up with genomics, history, lifestyle, and medications.
Financial Services
Trading is a complex skill that takes years to master.
More people are looking into trading due to the potential of high returns despite the risks.
AI-powered portfolio management can be a key to successful trading without the need to understand the entire concept.
Conclusion
Despite having to set themselves from technology giants, there’s just a growing number of AI startups willing to change the game and leave their mark in the field.
Opportunities are abundant for startups that know how to pitch their ideas and meet the standards of investors.
(Image Source: Unsplash)
Silvia Mazzetta
Web Developer, Blogger, Creative Thinker, Social media enthusiast, Italian expat in Spain, mom of little 6 years old geek, founder of @manoweb. A strong conceptual and creative thinker who has a keen interest in all things relate to the Internet. A technically savvy web developer, who has multiple years of website design expertise behind her. She turns conceptual ideas into highly creative visual digital products.
