The rise of AI startups

Artificial Intelligence or AI as it's more commonly known, has been the buzz of the tech world recently. AI has revolutionised the technology ecosphere and disrupted the market with significant brute force. Tech startups have utilised the power of AI to develop innovative ideas that benefit their customers in a number of ways giving them a significant advantage in the market. We will discuss some of the many facets of AI startups and how they affect our present and future.

AI startups, just like any other business, aim to address specific problems or create new and better opportunities for society. These companies make use of complex learning algorithms, language processing and other AI techniques to build intelligent applications. Their main aim is to essentially automate processes, increase efficiency of the workload and provide a better decision-making process across a variety of domains.

The benefits of these startups are very simple, yet very effective. One of the main reasons why AI startups are so successful nowadays is automation. Some of them like Axiom.ai have cracked the code when it comes to optimising businesses. We're all familiar with how repetitive and mundane our work can get. Well, with AI, you can just leave the repetitive tasks to it, not only will it find the most time-efficient way to do said tasks and optimise your resource allocations. This is incredibly useful in manufacturing, logistics and finance sectors.

Another way AI startups have taken over is by providing businesses with solid data driven insights. AI can derive meaningful data from a large amount of data and present it to you at light speed. The complex algorithms of these programs such as Polymer and Tableau enable businesses to easily analyse data, identify trends based on that and make informed predictions based on the customers' needs which give them a huge competitive edge.

We as humans are all unique. We each have our own tastes, preferences, likes and dislikes, basically our character forged from years of knowledge and experience. Well, some AI startup programs have programmed their AI modules so precisely that it learns everything about your likes and preferences surprisingly fast. This yields a much better tailor-made user experience and improves customer satisfaction in sectors like e-commerce and entertainment sectors.

Although the pros far outweigh the cons of these startup companies, there are two very significant ones. There are some ethical issues raised regarding privacy, biases and job displacement. AI startups must deal with this aspect and mitigate the harm they unknowingly might do. Furthermore, developing AI technologies requires a considerable amount of expertise which can be hard to find.

As AI technology matures, we will see more and more of these startups popping up and capitalising on the rapid development of AI. With new breakthroughs and collaborations between other startups, established companies and government bodies will increase, leading to the creation of many standards, regulations and addressing responsible use of AI.