2018 Will Be the Perfect Time to Build an AI Startup

At the core, AI is actually built into many technologies currently in use, and it’s probably not as risky an investment as you might think.

By Nishtha Singh, TatvaSoft UK.

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Computers rule today’s world! Over the past few years, the software has become such an obvious part of doing business that it no longer needs to be acknowledged by anyone. Instead of “every business is a software business”, a new trend has been emerging around the corner, i.e. “every business is an AI business.”

Like it or not, tech companies have to chase new trends in order to stay ahead of the curve. In fact, a report about how much Silicon Valley companies are paying AI engineers caught my eye this morning. Whether you have become a doctorate in AI or even a little experience in the field, companies are willing to pay as much as $300,000 per year up to $500,000 per year.

I am sure that by now you’ve probably heard tons about artificial intelligence (AI) and how it’s shaping up to be the next big thing in the technology sector. However, AI isn’t a new concept. Yes, the term was coined by an MIT computer science teacher called John McCarthy since 1956. He believed that:

“Every aspect of learning or any other feature of intelligence can in principle be so precisely described that a machine can be made to simulate it.”

At the core, it is quite simple actually and already embedded into many technologies currently in use, the tech will transform far more than just the technology sector, and it’s probably not as risky an investment as you might think.

AI in Future

After the revolutionary progress in the field of computer sciences in the mid-twentieth century, many experts thought of artificial intelligence as the next horizon to explore but couldn’t do anything about it. Today the scenario is completely changed. With the hype of machine learning algorithms like Deep Learning, big companies have started focusing on artificial intelligence and machine learning more than ever.

In fact, it may quite interest you to know that in Silicon Valley startups meeting basic AI standards has become a norm and also acquired by the industry giants. For instance, Apple acquired Tuplejump and Turi, whereas Twitter conquered three different AI startups like General Electric and Samsung just to bring AI into the physical world.

There is an AI solution to every business problem

Designing a machine learning tool is not like the routine coding most programmers do. It requires carefully playing with data. There are times when businesses often face a situation in which they find seemingly endless choices that require a bottomless supply of data. Such scenario plays to the strengths of AI. For example, machine learning is good at predicting the likelihood that a given user will click on an ad. It is also useful for finding text that has been used before.

Also read: China vs US: Who is winning the big artificial intelligence battle?

Apart from advertising and text, machine learning can also curate user-generated content, surfaces relevant products for searches and can parse online discussions to understand consumer behavior. This situation will definitely change in the next ten years, but those who have already started or are going to start will lead the rest in the future.

It’s impossible to escape AI

Have you heard about Elon Musk? He is a person who has invested a considerable deal of focus on AI. Presently, he has emerged as one of the biggest critics of the latest progress in the field of AI, which has been made without the proper checks and balances in place, considering the threats and dangers associated with the technology. The billionaire technologist also runs his own company named OpenAI, to keep an eye on the latest developments in the field. There are more possibilities than you can imagine making it very clear that you cannot escape the outcomes of artificial intelligence in the decades to come.

Companies already using AI

Tech-oriented companies have an added benefit when it comes to AI. So it’s not surprising to see that they are well ahead of the game. For example, Netflix has become even bigger than any of the four major networks is that it uses machine learning to recommend programming that viewers might be interested in, based on their viewing history and other factors.

Next is Amazon; It uses AI to predict prices for its products and make recommendations in search. Tech giants Google, Facebook and Microsoft are reorganizing their companies around AI.

Watch out for AI-based startups

No matter how tricky it may sound, it’s poised to be an exciting year in artificial intelligence. Companies like Riminder, for instance, helps HR departments use internal and external data to find ideal job candidates. InsideSales.com offers a predictive scoring and analytics sales platform. Avaamo makes chatbots that can handle the bulk of customer service interactions.

End Notes

On and all, I would like to conclude by saying that there are plenty of real-world applications for AI in 2017. More important, if businesses want to be around in 2027 they need to start embracing AI today.

Bio: Nishtha Singh is Presales Manager at TatvaSoft UK. She relishes writing about various technology trends, management, leadership and much more. Her aim is to spread her knowledge of the latest technologies through her online contribution.

Original. Reposted with permission.