A Lucrative Business
The artificial intelligence industry is estimated at USD98 billion projection by 2023, which means creating AI for business leaders is profitable today. The whole world is not saturated yet with the AI hype, especially in developing countries, so business opportunities still look promising and lucrative this 2021.
But with other business paradigms, you must have a solid plan, timely execution, and a flexible attitude towards your AI start up company. On top of that, emerging AI businesses must create viable digital solutions that are custom fit for the would-be client at economy price.
Here, we will give you some tips on how to sell AI for business leaders or CEOs:
10 Tips on How to Set Up an AI Company
First and foremost, you will not be able to be successful in this field if you do not have a least interest in the field of AI or in applying AI for the betterment of society. This technology has another level of concepts and jargons that you should be familiar with, when explained to you in common lingo.
Ask yourself if this is really the thing you want to do and labor for 5, 10 years from now. This is not a quick-rich scheme just because it is the “now” in technology. That, or you have the money to pool in top notch resources, both objects and humans.
Next to your passion or drive to commit to artificial intelligence or robotics, it will pop into your head how this technology should be applied to different real-world problems, such as how do you automate such x menial task, a feat which still has not been done today. Think of AI business ideas that would solve problems in each sector and if it has not been done before. Or, you could come up with concepts and methods that might revolutionize the way things are done.
AI business ideas will also freely flow in your head if your look for inspiration, or read literature about AI, whether fictional or research studies. Test if it is a feasible thing to be done, and make a proposal and business model afterwards.
Setting up your team is the most crucial part in having your vision materialize in front of you. A team should include people that are talented and skillful in their field whether research and development, mass-production, management, or advertising. If they have an outstanding curriculum vitae, is professional at work, if they are happy to be part of your team and would uphold to your promising ideas, by all means keep them at reasonable means. But see the big potential in entry-levels as well.
Some AI startups only have few employees, like 5, 10 or 20. But it is good to note that you must also treat them professionally (and amiably, if that is your swag) at work. They will stick with you if they see a good leader leading them.
Are servers and supercomputers that expensive? Procurement of supplies should be within budget. Place a bid on suppliers with a good track record but with a price tag you can afford. Materials and equipment should be on par with the level of standards and preferences your workforce substantially needs, as possible. If in a tight fit, consider talking with your team if they can adjust to the situation and come up with alternatives and creative ways to still be able to deliver quality product or service on time.
This is where managerial skills will flourish. A good startup manager, such as the CEO, must be able to manage his company well by scheduling realistic deadlines for building, testing, mass-producing, and deploying your product or service, ahead of the preferred delivery time if possible, to your prospects.
Attend an AI community and fund-raising projects, set up a crowdsourcing listing or do a quick browse on small and big companies that might fully benefit if they implement artificial intelligence to their business model and systems. Though knowing your future customer’s needs should be the top priority or else they will not take interest in your AI business ideas. The key is to be flexible with your proposed solution that would greatly satisfy their needs.
If you already have the financial capacity, talk with or hire a skilled financial adviser that would guide you through with how your resources should be budgeted, managed, and spent on.
This is the trickiest part in making AI for business leaders’ companies. You can apply other tips to other business models, but developing artificial intelligence software means that you need data for it to function. How would you implement AI techniques if you do not have enough data to predict outcomes to improve someone’s business?
The workaround could be to set up a data mining app first or digitalize then analyze existing data of a business needing AI technology. Or you could propose to integrate your AI product after a beta test run, a version in which you collect dataset from their consumers. Another would be to look for open-source datasets that you can train your AI software with.
With many start ups popping here and there, branding is important nowadays. It should be unique enough to stand out from the rest, targets a demographic, and consistent in delivering what that demographic needs. Your brand is the backbone on how marketers and advertisers will present you to future clients. Consider having a professional and expert tone in your brand, but not over the top that your clients could not relate or too know-it-all that they get intimidated or apprehensive.
With your providing the AI software or service, you should be able to have a good technical and customer support in case one of your clients needs help in using your product, found bugs in it, or ran into some technical problems and need fixing. You can train your startup team how to handle customers well (direct or indirect), and to be equipped with ample knowledge about your product or service.
Constant software updates, among other things, are also needed for your smart program to be used safely and securely.
You might think this is a trivial tip to include, but you should have a positive attitude towards your AI business ideas. There will be small and big bumps in the road in keeping your startup afloat, but treat is as an opportunity to improve, learn and grow. Wise up to these challenges and be happy that you have tried something you want, rather than not doing anything at all. Kudos if you are successful in this venture.
Making software powered by AI for business leaders is quite an exhilarating experience. Some days you are happy how your business is going, some days frustrated, sometimes you think you just want to quit. This guideline is made for you to be aware of the process of setting up an AI business, with the industry projected to rise at around 25% per year.
With enough determination, talent and practical managerial skills, you as the leader of your team might be able to land a prospect for you to create tailored software for.