The dawn of tech has pushed us forward into a new era where artificial intelligence (AI) is becoming the new way of life. With OpenAI’s release of ChatGPT, the practical application of AI has never been greater or more available. After all, who wouldn’t want to start a new business in an industry with so much energy and hype?
At the same time, launching an AI startup can be a difficult and complex task, as the industry is constantly changing and developing. It’s not easy coming up with a business idea that will stand out and remain appealing in a such rapidly evolving environment.
At the recent Imagination in Action conference at MIT, successful entrepreneurs and founders discussed and shared their expertise as to what it takes to be successful in this new arena. Taking into account the report created by CB Insights in 2021 and 2022, which outlines the investment money being poured into generative AI startups, aspiring business owners have a clearer starting point to make the most out of this revolutionary breakthrough.
There are certain principles that need to be followed in order to succeed in launching an AI startup. The same works similarly in any industry, but with AI being so quickly paced, additional do-nots and tips need to be kept in mind. You’ll have to make sure to stay ahead of trends, have a clear understanding of the market and your competitors, and create an idea that is both innovative and sustainable.
OpenAI is an artificial intelligence research laboratory owned by billionaire Elon Musk. Lead by Chief Executive Officer Sam Altman, it has developed various products such as ChatGPT, that can be used in specialised tasks such as natural language processing, computer vision and computer graphics. OpenAI is committed to keeping their research and innovations open source, allowing anyone to participate and benefit from their work and progress, thereby pushing the industry forward.
Sam Altman is an entrepreneur and investor who, since 2014, has been the president of Y Combinator. In 2015 he became CEO of OpenAI, and a co-chairman of its board of directors, with a commitment to making AI available to all people and companies. Altman has also been involved in multiple successful businesses such as AirBnB and Stripe, making him an invaluable asset in the world of startups and innovation.
