(AI)Artificial Intelligence is undoubtedly trending in the tech world. From Silicon Valley to Tokyo to Shanghai, there is no dearth of AI startups. Seemingly, a new startup is emerging on a daily basis. However, success lurks around the corner for a lucky few while the rest are met with disappointment. AI-based startups, and tech-based startups in general have a notoriously high failure rate.
According to the IDC global survey, the inadequacy of skilled staff, and impractical expectations are some of the possible reasons AI projects fail. Being the CEO of a tech-based startup, I am familiar with hurdles and failures. Just like any other C-level executives making their debut, I have made many mistakes. However, I have been lucky enough to recover and learn from them.
I have been studying and keeping a close eye on Artificial Intelligence and Machine learning trends for a long time. Based on my experience, here are some tips on how to embrace AI practices to ensure the success of your AI-based startup.
So, without any further delay, let’s get started.
- Use AI as a Tool to Solve Problems
One of the most common mistakes startups make is starting an AI-based business solely for the money.
Every tech firm is incorporating Artificial intelligence in one way or the other. It gets a bit ambiguous because some companies don’t even know what they mean when they use the term “Artificial Intelligence.”
You should be using AI to identify the hurdles that line up between you and the prospects for your company, and direct your business to solve those issues.
Considering the example of Spotify; they use AI to introduce listeners to new music they might grow on them. Vivacy uses machine-learning cameras to improve road safety, while Lobster connects brands with respective social media content for advertising. It portrays that all successful AI firms are focused on resolving the problems of their potential customers.
So, use AI as a tool to tackle problems you’re passionate about solving.
2. Think outside of the box
A majority of Artificial Intelligence research surrounds robotics, voice recognition, and image recognition. But what most startups don’t figure out soon enough is that AI is a powerful term that can solve many other problems.
What I feel is, AI startups should start looking for common yet important problems to address, and find out how Al can contribute to their solutions.
This is in conjunction to the previous point, it could be as simple as making driving your car on the highway safer. According to a report by Stanford University, not only will self-driving cars reduce traffic related deaths and injuries.
- Do Not Simply Rely on AI
This might be shocking for AI devotees, but, indeed, AI is still struggling to get the right position. Don’t merely rely on AI technology instead focus on developing a valuable product. If AI is your only thing, then neither your customers nor investors will be excited about it.
- Hire Experienced Staff
For starting an AI-based startup, you must have a team of experts who have substantial experience in AI and Machine learning. Don’t forget that the scarcity of skilled staff is one of the primary reasons most startups fail. So hire an experienced team that you think can work as per your expectations.
5. Understand Your Customers’ Needs
It is seen that most startups get so wrapped up in their technology that they forget what their target audience is looking for. They spend years developing AI-enabled technology and then realize that customers don’t need it. Try to understand the requirements of your market first and then create things accordingly.
Artificial Intelligence is a significant breakthrough of the 21st century impacting almost every business. Experts from different fields are discovering new ways of its application. Therefore, now is the best time for your startup to get in on the floor. I hope you will find above mentioned tips helpful for your startup.