AI and Business
- October 5, 2023 at 1:20 pm #536Sarah PhillipsModerator
I have experimented with AI, by testing out ChatGPT as you mention in your blog https://findingtheway.com/finding-the-way-to-ai-and-your-business/
Do you have advice how I can actually make money for my business?
- October 6, 2023 at 4:03 am #537
This is the most common question I get about AI.
This wave of technology provides many opportunities to earn great financial returns.
Everyone is looking for “use cases” with “moats” — unique solutions that aren’t easily replicated by competitors.
The best paydays are likely to come from products that serve larger enterprises, say 500+ employees. Most of those enterprises are already scouring their ranks to find the use cases that materially enhance their revenue and earnings. They often have CTO’s who are leading the charge and whose teams can build many of their AI needs in house. Intrepid entrepreneurs must find the edge cases where their creations can complement and enhance this internal innovation tsunami. Since corporate AI depends on harvesting and protecting large proprietary data sets, the future is not like the startup economy that thrived by selling millions of apps for phones or desktops. One must identify and get to know potential customer partners and be able to play in their league. The pressure is on for all the leading AI companies with lofty valuations to deliver financial results and not just experiments.
- October 14, 2023 at 9:21 am #543husal25Participant
What would you say are some key factors for entrepreneurs to consider when trying to decide whether or not paying for AI will really add value to their business?
- October 14, 2023 at 10:39 am #545
Companies I know that are making decisions on where and how to implement AI are rigorously surveying their leaders and key personnel to collect a wide variety of use cases. The best ideas bubble to the top and set the priorities for the organization as a whole. Human intelligence is used to crowd source innovation.
- October 14, 2023 at 9:38 am #544Matthew13Keymaster
Really interesting! What is the best way you think an aspiring entrepreneur should go about figuring out what problems these large companies have? Should they have conversations with executives at these organizations?
- October 14, 2023 at 10:53 am #546
If you want to learn what problems are of most interest at large companies, you need to preface that with getting to know the decision makers. You can leverage shows and events that bring you into proximity of your targets. Better yet, don’t be bashful about calling on your personal network for introductions. Ultimately it’s not “who you know” but “who knows you.” Every bit of work that you do in your community or affiliations creates recognition and trust that accrues to your credit when making a sale. Holding leadership roles where you belong gives you a chance to shine. And, never underestimate serendipity. I’ve completed a number of corporate deals just based on being in the right place at the right moment. We all can get lucky in business from time to time just by being alert to unexpected openings.
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