AI Start-up: 5 Significant Things You Must Keep In Mind
Posted: Apr 12, 2019
Artificial Intelligence (AI) – the future of technology is everywhere today! As per the industry data, India initially saw swift investments in the field of AI by various private players in 2016, and Bengaluru – known as the Silicon Valley of India leads in the forefront as it houses a substantial number of AI-associated startups. Furthermore, the AI sector in India is said to reach $16.06 billion by 2022.
Alongside Bengaluru, the other prominent technical hubs like Delhi-NCR, Mumbai, and Hyderabad have been observing the emergence of numerous start-ups associated with this cutting-edge technology, which not only assist in reducing the chances of errors, but also offers efficient solutions in the areas of healthcare, fintech, education, e-commerce, etc. The startups such as Embibe, Niki.Ai, Rubique, Manthan, Sigtuple, & Haptik, are utilizing the advanced-technology and creating disruption in their respective fields.
However, in spite of its enormous growth and adoption across the globe, some of the entrepreneurs are still skeptical regarding the adoption of this fast-evolving technology into their business model. The major reason behind this reluctance is the "uncertainty" and the lack of basic knowledge related to AI. Still, most of the entrepreneurs and executives unaware of the effective implementation of this technology within their business model and the ways of generating a higher Return on Investments. Here are the 5 significant things you must keep in mind before starting an AI firm.
Focus On Solving Problems, Than Selling Technology
The adoption of Artificial Intelligence – one of the fastest-evolving technologies into the business model requires abundant tech knowledge as well as capital. However, despite the widespread utilization, most of the firms focus only on improving the AI infrastructure, including the algorithm and platforms instead of focusing on its deployment to address the significant issues. To establish a successful AI-firm, put all your acquired knowledge on a comprehensive platform, with the help of it try to solve customer’s problem!
Think Outside The Box More Often
Currently, the firms mostly utilize AI for voice recognition, image recognition, and robotics. They fail to understand the extensive scope of the AI, its implementation, as well as the ways to leverage its benefits. Therefore, prior to starting up an outstanding AI firm, list out all the possible exercises and opportunities that AI might offer. If you are able to eliminate the conventional aspects and offer saleable distinctive products, then you are on the right track!
Define Your Firm’s Mission
Most of the entrepreneurs are keen to start up an AI firm, however, struggle to choose the product/service that it’s going to offer! Thus, define the mission of your firm in a clear way as much as possible and let the prospective customers aware of what are you really offering. Once, they acknowledge that you are about to serve them the right solution that will make their life much easier by saving their valuable time and money, then they will definitely stick to your firm. And, AI will definitely help you out in this regard!
Keep Focus On Specific Industry
Before designing the ultimate marketing mix of your product/service, study the various aspects of multiple industries such as Hadoop, Big Data, Devops Solutions company in India and take into consideration a few of the important aspects, such as
- Deployment Cost: The total amount of investment that the client will incur to incorporate your technology/service into their business model. Ensure that your price range is good enough to attract them.
- Value-added Feature: Focus on the key aspects such as the desired level of customer satisfaction, higher performance, superior quality, and a negligible amount of errors. In addition, make sure that your technology is offering something more than the substitution of labour.
- Industry readiness: At present, several industries seem to reluctant to embrace this new technology as the risks involved around adoption are extremely high. So, explore all the possibilities and select the suitable niche industry that is completely ready to adopt this process.
Understand your client’s requirements
Before starting to build your AI company, carefully study your client’s requirements and try to customize the overall configuration of your product/service as per those specifications. Moreover, it is much important for your firm to communicate in the language that customers understand instead of using some complicated technology jargons.
Nowadays, AI technology plays a substantial role in resolving most of the critical issues encountered by the companies as well as consumers. Well, it is estimated that the large-scale adoption of AI as well as cognitive processes all over the world will certainly accelerate earnings for the AI sector to approximately $190.61 billion by the end of 2025! Hence, explore the current opportunity and enroll yourself in the world of Artificial Intelligence (AI). With all the luck, you might end up running a flourishing business venture, and in the midway, if any tech giant comes calling, you can either cash out or move ahead to construct your very won tech empire!!!
Vijay Chauhan is a technical writer at NexSoftSys. He specializes in topics related to computer programming like DevOps Automation Services & Solutions India, Java, Big Data, Hadoop and CRM. Vijay has more than 8 years of work experience.