“5 Artificial Intelligence Fields on Startups’ Focus” by Ankit Thakor
AI or Artificial Intelligence has taken over the world, not in a way you must have seen in the movies. It is aiding people in scaling their business by automating the routine of processes and tasks. It saves time, but it also helps boost productivity and overall efficiency.
According to research, 60% of entrepreneurs believe that AI is the most innovative technology with a bright and promising future.
Moreover, the AI market will reach 126 billion U.S. dollars by 2025. Those numbers are enough to signify that AI is here to stay, and you must invest in it, especially if you are a budding startup enthusiast.
The following article shall highlight the five best startup choices and areas that can benefit from Artificial Intelligence. It shall help you shape your company’s future along with efficiency and success.
AI Startups Usually Offer Solutions in 5 Primary Fields
After spending several hours researching and deliberating, we have prepared a list of the five best options for AI businesses. You can opt for the one that fits your area of expertise.
AI Virtual Assistant Startup
Companies and businesses always look for AI virtual assistant startups to build chatbots. It is the need of the hour since time is considered a treasure for businesses.
You can invest in AI virtual assistant startup since it has a vast scope. You can approach clients who are looking to make their websites more responsive. Building chatbots for them will make things easier and more efficient on their end.
Moreover, such startups can be pitched to retailers who can integrate an AI virtual assistant to help their customers select products based on their previous purchases. As a result, it shall make the selling process faster and more cost-efficient.
You can create your mark in this industry by providing customised commands per your clients. But, in the long run, you can also try to make it less expensive to target a larger audience.
AI Healthcare Startups
AI Healthcare startups assimilate machine learning algorithms in the medical environment to replicate human decision-making.
Such startups will surely see a surge in the future due to their positive impacts.
For example, AI healthcare startups can integrate computer vision to take medical images. With ease, such images will help examine a skin lesion, tumour, retinal disease, etc. While there is always room for human error, AI can bridge the gap by giving accurate and precise prognoses.
Moreover, it adds a layer of convenience for doctors as well as patients by enhancing communication. For example, with the help of AI, patients can send their queries regarding symptoms or diagnoses via text and get an instant reply from a health professional. This cuts down the waiting time, which is of utmost importance in several types of health conditions.
AI eLearning Startups
Post pandemic, eLearning startups noticed a sudden rise. It is due to several factors like convenience, cost-effectiveness, and remoteness. You can opt for an eLearning startup through which AI can create personalised lessons and sessions for your customers.
You can target students and professionals through such a startup by formulating lesson plans that can help them upskill from the comfort of their homes. It can also fill the gap in the number of human teachers.
These startups are scalable since they solve the lack of literacy’s genuine and present problem, making it worth the investment.
AI Fintech Startups
AI fintech startups are the future. However, you might believe that such innovation might come at the cost of losing personal connections with the customers.
Nevertheless, leveraging AI to collect data and information of your customers can help your business cater to your customers’ personalised needs and requirements. This can help enhance customer satisfaction.
AI can help with better decision-making, customised customer support, faster claims management, trend prediction in financial fields, mass wealth management, fraud deduction, etc.
When presenting your startup business plan, you need to be unique. The conventional things that most people do can be a bit boring and monotonous. However, a startup business plan presentation to a venturesome investor requires a creative approach. This means taking your unique selling point (USP) in your startup project and doing something unusual.
AI Home Automation Startups
AI home automation will surely skyrocket since we notice its inception in current times. People are resorting to smart home devices for their safety and security. It also allows the homeowners to have better control of their house without going out of the way.
You can invest in a startup that builds home automation systems considering the IoT devices connected to mobile devices. It can help you target a vast customer base who might not be tech-savvy but would still like to upgrade their home facilities.
Using AI to build a successful startup is not an easy path. You must consider several factors like gathering relevant data, gaining domain expertise, and strong technical knowledge.
Once you crack that code, high revenue and popularity are guaranteed.
Hence, rather than going the traditional way, it is time to pick up futuristic technologies to help your startup reach levels of success.