“As a stakeholder in a tech start-up business, I am considering incorporating Artificial Intelligence (AI) solutions in my product, but I don’t know where to begin.”
You’re not the only one.
There are so many solutions powered by artificial intelligence (AI) in the market today. It can be overwhelming to conduct a cost-benefit analysis to determine the best solution for your enterprise’s needs. On top of that, in the start-up world, companies tend to be strapped for cash when it comes to implementing technology solutions.
While investing in AI can be somewhat daunting, it is a first step in the right direction if you want your start up to succeed in the long term. Investing in AI during the early stages of business development will ensure that your team remains lean and efficient as your company grows. Partnering with smaller AI start-ups is a great way to build professional relationships and take advantage of new technology at a reduced cost in the short term, while simultaneously building your own proprietary technology tools in the long term. The key is to find the right partners.
Okay so you’re contemplating incorporating AI, but how? Should you hire developers? Should you try to navigate Google/Microsoft/IBM’s AI API’s? Are there alternatives? Honestly, it depends on what you need. If privacy isn’t an issue for you, and you don’t use many API calls per month, using a big-name API can be an cost-effective and quick solution to implement.
However, if your software and your clients have privacy concerns, or simply a massive amount of API calls, it may make more sense to hire AI developers. The cost of an in-house developer can be up to $100,000.00 per year, and chances are you will need multiple developers that have varied specialties. You may need a devoted voice to text engineer, a translation engineer, a virtual assistant engineer, etc. Additionally, the engineering team will need to have varied knowledge of differing AI systems.
Artificial Intelligence allows machines to be able to learn, reason and self-correct. It allows machines to mimic humans in many ways, thereby increasing efficiency while continuing to improve exponentially. In Wiip’s case, we train our models to learn and understand human language and constantly improve to assist human transcriptionists and translators with their day to day tasks. Our models work so that machines can learn thick accents in different languages, and remember sounds that may become repetitive when listening to speakers of varied source languages.
Maybe your start-up is focused on transport or smart-cities. Using AI can streamline your app’s ability to affect the way people move around urban areas. Buses and trains can be monitored by machines and speed or number of vehicles can be adjusted automatically. Additionally, patterns are identified and the machine continues to learn and perfect the transport industry’s service for users.
Whatever your start-up may be focused on, investing in AI now is probably a good idea. We are on the cusp of the fourth industrial revolution, and you don’t want to miss out on the chance to get in as things are really beginning to develop. There are a few giants that dominate the market right now, but partnering with smaller AI start-ups could be a great way to compete in a market that is changing faster than ever. And we think the futre will see a dissolution of some of the tech giants that will leave vacuums for new thinkers to fill.
If you want to learn more about Wiip, please get in touch with us! We’d love to hear from you.
All the best,
The Wiip.AI Team