New AI technologies that deal with the technology and use it to provide secure applications and solutions for companies and users are in demand. It seems correspondingly lucrative to found an AI startup. What founders should pay attention to and which areas could be particularly attractive.
Acceptance of artificial intelligence is increasing
According to a global study by McKinsey, AI adoption has more than doubled since 2017. According to McKinsey, the added value for companies arises primarily from linking AI to their core practices. There is corresponding demand for new AI technologies that deal with the technology and use it to provide secure applications and solutions for companies and users. In Germany alone, more than 500 startups across all industries are working on artificial intelligence. This is shown by the results of the study “AI Start-up Landscape 2023”, which was published by the AppliedAI Institute for Europe in Munich. But there are a few things to consider when setting up a company.
Solve existing problems specifically
AI expert Michael Witzenleiter explains in an article on the online portal Gründerszene that the technology is virtually useless in itself. If you want to build a sustainable company, you first have to look at what problems potential customers have to solve. Ultimately, the success of AI applications depends on user acceptance and the quality of the data. Accordingly, when introducing AI applications, care should be taken to always define a specific problem that can be solved sensibly and sustainably using AI. The use case should therefore be precisely determined and the users trained accordingly. An appealing and intuitive software design can help to ensure user-friendliness and thus user acceptance.
Promising industries for AI startups
The startup portal Founders Foundation reports in an article which areas offer the greatest opportunities for AI startups and refers to a study by the service company Deloitte. Technologies that operate at the interface between companies and consumers are particularly in demand. Deloitte sees the greatest success for startups in the development and integration of AI assistants, such as intelligent support in the form of chatbots. But AI-supported promotion management and personalized customer feedback also offer good opportunities for placing new solutions.
The COVID-19 pandemic has also changed the importance of AI for life sciences and healthcare worldwide, as AI applications can provide an edge over competitors. Top use cases include automating repetitive tasks and cross-industry business processes. AI-supported diagnoses, predictive diagnoses, the detection of insurance fraud and the introduction of intelligent hospital structures offer good opportunities.
As a result, industries with highly process-oriented systems, such as the oil, gas or chemical industries, have invested in connecting instruments and technologies and collecting operationally relevant data. AI applications make it possible to make more informed decisions. And to close gaps in automation.
Many technology, media and telecommunications companies, such as Google and Amazon, are using AI for commercial purposes to offer their products and services using the technology. Growth opportunities in this industry arise primarily from AI applications that support the technical system of a website and its content. Startups that specialize in this area help companies create value, which has become a crucial competitive factor.
AI startups can also place well in financial services, as the industry faces new challenges due to disruptive changes with rising customer expectations, increasing requirements from government regulations and increasing competition from fintechs and neobanks. According to the study, startups that help reduce costs with their AI applications and scale to ensure profitable growth for companies can look positively into the future.
Editorial team finanzen.net