7 Surprising Facts About AI Startups

7 Surprising Facts About AI Startups - AaronVick

The first thing many think of when they hear AI is of all the movies that portray this threatening robot with human-like abilities, taking over the world. But AI startups are just one more step in the direction of technological growth and AI can benefit your business tremendously. 

What Is AI?

AI stands for artificial intelligence. This is the making and engineering of highly intelligent machines.

These machines can learn, reason, and self-correct. AI will learn something, apply reason, and attempt to fix previous mistakes by analyzing those mistakes and search for a better solution.

You can teach this AI to do certain tasks by feeding it data and giving it time to grow.

What Are AI Startups?

To begin, startups are new institutions that are designed to produce a new product or service that has the intention to grow beyond the solo founder.

An AI startup is a startup with AI integrated into the business, service, or product. This can be that the startup is built to design new AI technologies, or that the business, product, or service is enhanced with AI technology. 

Hot AI startups have used it to assist and improve singing education, develop credit scores through algorithms, automate the placement of ads on social media platforms, and the list goes on.

You can use existing AI in your startup to access a range of benefits, or you can build a new AI system yourself. 

Seven Surprising Facts About AI

There are many new and exciting things about AI, and this list will introduce you to some of AI’s greater accomplishments.

#1: It has been projected that global revenues from AI enterprise applications will grow from $1.62 billion (2018) to $31.2 billion by 2025. 

An enterprise application is a software used by a business to help them solve issues within the business. You are bound to profit if you are building an AI application that you are selling as a product or service on the marketplace. 

#2: The top five countries for employing AI experts are: USA, Japan, UK, India, and China.

Even if you are not super knowledgeable about programming AI, AI is being widely taught across the globe. You will be able to either enroll in classes to learn more about how to work AI systems or easily bring someone onto your team that is knowledgeable of AI. 

#3: The best Atari 2600 players could not beat an AI system launched by Google.

AI is known for mimicking human thought. Previously computers have won chess matches and “Jeopardy!”, and now they can add Atari games to the list. 

It is predicted that AI will advance to driverless cars someday. 

#4: An AI algorithm is capable of detecting metastatic breast cancer with 99% accuracy.

AI has advanced to the point of being able to diagnose patients with just as much accuracy as leading medical experts. 

AI has been known to more accurately detect melanomas than actual doctors. The process that enabled AI to do so is called machine learning. 

Machine learning is the use of deep learning convolutional neural network (CNN). It looks at images of biological processes, especially those of nerve cells (neurons) in the brain. 

CNN teaches it to recognize images that signify good and bad biological processes, enhancing its ability to identify melanomas. What CNN uses is known as machine learning in the AI world.

Researchers from France, the US, and Germany compared CNN’s performance to dermatologists’ performance to find out who was better at identifying melanomas. The CNN detected 95% of melanomas and dermatologists on average detected 86.6% of melanomas. 

#5: IT spending on AI is predicted to increase by 10% by 2025. 

It has been found that businesses that adopt AI are outperforming their rivals that have yet to adopt the technology. The AI technology allows the adopters to increase productivity, effectively market, and build better systems yielding higher results. 

At the very least, AI allows its customers to interact more efficiently with businesses’ products. With these results, it’s no wonder that IT spending on AI is going to increase.

#6: Studies show that both women and men prefer to hear a woman’s voice, thus leading the default voice of AI to be a woman’s voice. 

We are accustomed to hearing a woman’s voice when we interact with AI. Think of Siri, Cortana, Alexa, they’re all female voices. 

Social anthropologist, Kathleen Richardson hypothesizes this comes from the idea that a female voice sounds less intimidating or threatening than a male voice sounds. 

#7: The leading AI Industries are data analytics, sales & marketing, health & medicine, and process automation. 

It is not surprising that the top industry for AI is data analytics as this is the base core of what AI does, it analyzes. AI can be incorporated into several fields effectively, if not all, as data analysis is critical to most industries for them to be successful. 

The Benefits of Integrating AI Into Your Startup

If you’re looking to integrate AI into the way you run your business it can track all of your profits.

Scheduling meetings within the company and meeting with contractors can get hectic, and you can use an AI to be your scheduler instead. This way you do not have to worry about double-booking accidentally.

We’re getting closer every day to integrating AI directly into our business day. An emerging product for scheduling meetings is x.ai allowing you to include and speak to a virtual AI assistant in your email correspondence with others.

The most common AIs we interact with are voice assistants. Using a voice assistant AI can make managing your business easier or it can even assist your customers either online or through the phone. 

Commonly, startups will use AI to gather and analyze data, giving you stats on what’s working and what’s not working for your startup. 

If you are purely creating an AI startup focused on developing an AI program that either tries to predict wildfires to predict insurance risk or stethoscopes that can monitor cardiac health. Your AI program has no limits, it can only grow.

Building a new company that you believe in takes a tremendous amount of faith and energy. 

Deciding Your Best AI Route

You are going to have to be careful about what you decide to compromise when building AI startups. From research on startups, it is known that they benefit greatly over their competitors by either integrating AI or creating an AI product, program, etc.

AI is only going to grow in the marketplace and across the world, and it is time to decide what will be best for you.

Be sure to explore my website and read more articles on building your startup!