“Technology is a useful servant but a dangerous master” — Christian Lous Lange
Starting a business in artificial intelligence (A.I.) can be an exciting and rewarding endeavor, but it also comes with its own set of unique challenges. From understanding the technical complexities of A.I. to navigating the ethical considerations surrounding the use of data and algorithms, entrepreneurs in this field face a number of hurdles.
Additionally, the fast-paced nature of the field and the need for significant investments in research and development can make it difficult to stay competitive. In this blog, we will delve into these challenges and explore some of the ways that entrepreneurs can navigate these obstacles to achieve success in the world of A.I.-based business.
1. Computing Power
We have advanced a lot when it comes to computing power. Currently, computer systems can perform complex calculations in a fraction of a second. A.I. uses machine learning and deep learning techniques that require performing a series of complex calculations in order to be beneficial. Thus, A.I. uses a lot of processing power and as these systems advance, the amount of computing power required will be ever-increasing.
2. Building Trust
It is quite difficult to trust things that are unknown. If one has to reach a destination, it is human to choose the known path over the unknown path if given an option. Similarly, the way the A.I. takes in order to arrive at a particular solution is unknown to the layman, which makes it difficult to trust.
To address this problem, proper awareness should be created around A.I., as each A.I. will work differently it needs to be explained differently. One will invest in something only if he understands it well.
3. Data Concerns (Personal Data, Data breach, etc)
A.I. basically works by combining a large amount of data, iterating it with complex algorithms, and delivering the required results. Data is an integral part of the A.I. system. As these systems gather more data they improve themselves they are prone to a data breach. Also, if the breached data is personal, it raises some serious privacy concerns that one should consider.
4. One-Track Mind
A.I. is generally developed to replace mundane human processes. While it is observed that an A.I. can replace a human for each of the single processes, a human is capable of doing multiple kinds of tasks. Currently, an A.I. system is designed for a particular task only and performs it repetitively with greater accuracy than humans. A generalized A.I. that can switch between tasks is far from reality yet.
5. Provability (Less Use Cases)
Although A.I. has been since decades there has been an influx of A.I. startups in recent times only. As startups are new, they do not have enough use cases to demonstrate the vision of the company. Investors and businesses are hesitant about this technology due to a lack of clear vision and testimonials to prove that.
Often while diving into such businesses, founders not only require a great team but also timely mentorship. If you are one of the founders who have started exploring this field, or a veteran with a baby team you are at the right place.
We, at Beginest, are not just a coworking space in Bangalore but also a community of startups and seasoned entrepreneurs. Beginest focuses on bringing value to its community through the network, mentorship, incubation, and everything else needed to catapult your business. We have coworking spaces in Indiranagar and MG Road.
Contact us to be a part of a budding community of entrepreneurs!
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