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10 success mantras for AI and ML startups Posted on : Mar 17 - 2020

Success for an artificial intelligence (AI)/machine learning (ML) startup is offering AI-inspired products and services that lead us to a more comfortable future.

Inspired by entrepreneurial success and lessons learnt the hard way, here are 10 mantras which may help you.

1. Solve a genuine problem AI, when employed effectively, is a brilliant tool for increasing efficiency and reducing our stress. But, with virtually limitless potential today, it’s easy as an AI entrepreneur to get sucked into the pitiful group of businesses that develop meaningless and insignificant "AI for X process."

While you zero in on the type of AI model to build, ensure that it has the potential to revolutionise a process, and not just make it slightly more bearable. And, considering the impact of the coronavirus on world economies, building a unique product and solving a genuine problem will be the only legitimate way to survive.

2. Enter AI to innovate, not to trend I get it! In 2020, it's trendy to be a part of or run an AI startup. Hysteria similar to that of the dotcom era surrounds the AI space, and every business out there is attempting to roll out an AI solution. While that's fine, and it's great to be a part of emerging technology, ask yourself this question: why are you an AI entrepreneur?

Is it because you're passionate about AI's potential and have a great AI-inspired solution that will add a remarkable value to customers? Or, is it because it looks fancy for a business to have "AI" next to its name, and because it might grab more interest from investors and prospects? If the latter is where you stand, I'm afraid to tell you that just like the dotcom bubble, the AI one will burst too. And in the end, only businesses with legitimate offerings will remain standing.

Understand what it truly means to be an AI startup and venture forward.

3. Constantly improve your systems AI as a discipline is a growing one, and researchers and developers are regularly sharing updates on improved AI model development strategies and techniques. Stay on top of such industry news and determine whether the model you are working on can benefit from the latest research. AI models today by nature can easily find themselves outdated, so it's crucial to keep refining them.

4. Avoid false AI claims Branding has become so powerful that a savvy marketer can make fake services seem terrifyingly real. If you're guilty of branding yourself with terms such as "AI-inspired" and "powered by AI" while all your business offers is a simple automation tool, you've already begun on the wrong footing. Clients will be able to eventually see through the modern Mechanical Turk you've built, and investors will know too. Exercise caution! View More