Although Artificial Intelligence was there decades ago, this is only now that it has started gaining pace and is flourishing like anything. And no industry has remained untouched from the artificial intelligence. From one’s mobile, i.e. Siri, Cortana, to the E-class in students’ college/school, almost everything is working on AI. At present, AI is being used by the big business tycoons and some of the bigger platforms such as Facebook, Google, Microsoft, and IBM. In recent years, this field has gained much ground because of the ease with which AI can crunch vast amounts of unstructured and structured data and by the enhancements in software and hardware. One such Indian AI startup founded in 2016, is Artivatic Data Labs, which to make the most out of this opportunity established their startup and till now, has got funds amounting to a total of $350,000.
But it is also true that “with great position comes great responsibility”, so here also handling an AI startup is not at all a cake walk and there are some problems that people may come across while running their startup.
Some of the issues which may be faced by AI startups are:
- firstly, the funding problem because of the use of cutting-edge technology a considerable amount of money will be required, so one of the best means to solve this problem is by crowdfunding.
- The other problem can be regarding the technical know-how as in a country like India not everyone is an adept in AI, so it is hard to find such a person, so appointing an adept for this job is very important.
- A wrong training to the AI can have a devastating effect as it may change the desired outcome. Thus, the AI should be provided with the best practice in the initial stages so that it can be more precise and accurate.
Experts and veterans believe that AI will bring about the next revolution after the industrial, computer and internet ones. There is an excellent opportunity in sectors such as automobiles and health care considering the doctor to patient ratio. So it is quite clear that with so much scope in the near future, there is a high profit in this sector as it will also reduce the labour cost.
By Ishaan goyal