Can AI jack up startup success?

The new wave of path breaking innovations in technology including artificial intelligence (AI), robotics, machine learning, deep learning, predictive analytics, mobile computing and automation is changing the global landscape and impacting lives like never before. AI in particular is drawing huge interest as it envisages replacement of valuable man hours. Tasks that require human labour can now be done by intelligent tools, be it self-driving cars, virtual assistants, chatbots or drones. 

Recently global ride-hailing service Uber announced major plans for aerial push to take to the skies with its services, including using drones to deliver food to customers faster and more efficiently with possible cost advantages in the long run. Uber Elevate is working to implement drones to enable quicker deliveries on its online food ordering and delivery platform, Uber Eats. Furthermore, Uber is also developing interesting solutions to use aerial technologies for its ride-sharing services, including aerial taxis that could arrive in the next few years.

Not only poised to change personal lives, AI also strives to provide performance, efficiency and productivity advantages for businesses and the economy. While large organisations are tapping into the power and potential of AI, the good news is that startups are also joining this race. 

This undoubtedly raises questions regarding its impact on startups. 

Will AI lead to an increase in startup success rate? 

Will we see the rise of unicorns at a faster pace? 

Is AI a reality for startups?

Empowering Startups using AI

Repetitive and arduous tasks like analysing huge data are massive pain points as startups struggle for accuracy and agility. While quantitative analysts and mathematicians perform this function, AI machines are all set to replace the arduous model-building process as they can create thousands of models per week and take decisions regarding data in milliseconds. H2o.ai, Deepmind, DataRobot are a few exciting companies working in this space. Well, this can prove to be a great help for startups to function more efficiently. 

Can Alexa help my startup? 

There are numerous options for virtual assistants like Apple’s Siri, Amazon’ s Alexa, Google’s Assistant and Samsung’s Bixby, which can be used by business owners today to help alleviate their load. Startups do not have the resources to invest time and capital to build a HR team or to coach managers. Certainly, they can use AI tools to help monitor employee engagement, gather feedback on development needs, share concerns and find ways to foster a positive startup workplace culture. AI companies like Tangowork offer employers internal chatbot solutions for HR, intranet and internal communications to help employees instantly 24/7. Leena AI which focuses on automating the HR helpdesk is an AI-powered HR assistant providing instant responses to employee queries and improving employee experience. The recent Y Combinator graduate also announced a $2 million seed round from a variety of investors including Elad Gil and Snapdeal co-founders Kunal Bahl and Rohit Bansal.

There are AI-enabled tools that can determine product-market fit quickly by tapping the power of machine learning and natural language processing to understand customer segmentation. Startups can use the power of AI to quickly gather huge amount of data and perform market analytics. They can also get more specific in their advertising campaigns to provide the business better insights into targeting their customer base. Marketing team can get help in building better ads. Such ads would provide entrepreneurs with a better understanding of who their ideal customer is, making it easier to develop a product customers will love. This is a very useful feature for startups. A major reason for Facebook's success is thanks to the platform's ability to use artificial intelligence to identify the right audience for any given ad.

Today entrepreneurs can use AI-powered text analytics and reporting platforms like Keatext and Monkeylearn that can transform unstructured customer feedback analysis from multiple channels like open-surveys, online reviews, social media posts to produce actionable insights.This is very useful to cultivate meaningful relationships with customers by providing instant clarity on what customers desire most, and by increasing ability to respond rapidly to customer needs. 

Conversation intelligence tools like Gong, Chorus, and Jog use the power of AI to record, transcribe, analyse sales conversations and coach sales teams to communicate more like the most successful sellers. An effective way to train sales teams so that they can sell better and close more deals. 

AI tools can also assist employees by improving customer service and support. For example, AI tools can sort customer tickets, answer online questions, forward messages, questions and problems for human assistance. These tools allow startups to allocate resources more efficiently while increasing customer engagement and satisfaction. Rocketbots provides a platform that can be deployed in any messaging channel within minutes, providing companies a centralised location to manage their bots and their customers’ conversations, thereby improving relationship between businesses and their customers.

In a nutshell, AI can help entrepreneurs and small business owners create more successful and optimised operations across divisions to sales, marketing, HR and product teams.

Will startups embrace AI solutions to gain a distinct competitive advantage?

Many biggies like Amazon, Starbucks, UPS, McDonald’s are already using AI for efficiency. While Amazon is using robots to help organise and retrieve packaging at fulfilment centres, UPS is using machine learning to determine the most optimal routes for drivers. Indian banks, including state-owned SBI and Bank of Baroda have started deploying artificial intelligence (AI) in a big way to improve efficiency, detect human behaviour and reduce operational costs. 

Would the startup world be able to leverage these optimisations being created by AI? 

Agility in Startups Execution 

As startups explore and utilise the capabilities of AI, there would undoubtedly be reduced load on skilled labor. With repetitive and cumbersome tasks taken care of, skilled employees can focus on proactive solutions for their startups. AI systems will make the most skilled workers much more valuable to their companies.

Entrepreneurs can shift focus from the daily trivia and start thinking about ways to utilise the extra hours to explore creative strategies for their products, solutions and projections. 

Reduced reliance on human decisions, fewer forecasting errors and creative strategies can result in better customer service leading to customer delight. However, this is just the beginning of a new era. 

Sparking Creativity & Innovation in Startups 

As the more mundane and recursive tasks get implemented by machines, a larger percentage of people will be freed to explore their untapped creativity.

People with grit, creativity and entrepreneurial spirit can embrace this future to innovate and disrupt to make the world stronger and better.

In fact, people can be empowered in their jobs with the technology of today. Specialists will be the need of the hour. Leading to a new age of specialisation!

Entrepreneurs & AI as Buddy

Though machines using AI can solve complex problems, it is almost impossible to simulate creativity, critical thinking, brilliance, ingenuity and emotional intelligence, which require intervention of the human mind. 

Reminds one of chess!

While computers like Watson have defeated the greatest grandmasters in chess, it is widely acknowledged that the best chess player is still a team combination of human and machine. While AI can empower startups to work faster, more efficiently, take smarter decisions, solve tougher problems, it can also create new opportunities for entrepreneurs to unravel their creativity potential. 

Creative Entrepreneur + Artificial Intelligence --> Future Startups

The productivity that can be unleashed by combining the power of AI and entrepreneurs could be a revolution in itself. A powerful ecosystem to solve some of the world’s biggest problems like hunger, climate change, standard of living, safety and security, and increased human capacity. AI promises to accomplish many business activities with greater accuracy in reduced time. It also offers a good substitute for human judgement because it can forecast based on patterns in data. Needless to say, these features can impact what startups can do in profound ways.

The effects of AI on startups will only be magnified in the coming decade, as startups transform their core processes and business models to take advantage of its capabilities. Startups need to understand and act on the tremendous opportunity that AI offers, rather than miss the momentum. 

The responsibility of governments, educational institutions and corporate houses lie in enhancing the creative quotient of mankind to fuel related employment opportunities and propel further innovation.

With AI garnering huge attention from investors, the positive news is that many enterprises and startups have already started experimenting with AI. Speculations are high about the fourth industrial revolution empowering man with technology and machines to solve global issues. Millions of people are connected to  myriad of machines. Data is being crunched, processed and analysed like never before, through disruptive technologies, unparalleled computing power and speed, and colossal storage capacity. As startups adapt to AI, the future looks promising. 

Are startups headed for roaring success?  Can startups get bullish ?