4 Ways to Build a Successful AI Startup

When I conceived the idea of my first AI startup, Palantine Analytics, I was a bright-eyed go-getter who dreamed of brewing up a storm in the industry. By the time I moved on to my current venture, GenesisAI, I had transformed into a veteran who had seen the good, bad and downright ugly days that mark a startup’s journey. But for what it’s worth, it did offer me enough exposure to learn from my mistakes and grow as an entrepreneur. As a result, GenesisAI enjoys a modicum of popularity and is growing steadily.

As they say, a wise man learns from the mistakes of others. On that note, here are some of the key things I learned about how to ensure a successful AI startup.

1. Develop and maintain proprietary data

High-quality proprietary data is an invaluable asset for an AI startup. Be aware that it will play a clinching role in whether or not your startup succeeds. 

So before you get started, ask yourself questions regarding data types, data sources, data strategy and data-collection methodology. 

You can acquire proprietary data in multiple ways. You can build proprietary data by collecting it yourself, deploy an ML-based algorithm for manual data capturing or source data from third-party providers. Out of these, I recommend the second option as it gives you intrinsic data that is relevant and accurate. Of course, you may face a few difficulties initially while training your machine, but once you fine-tune this detail, you can easily harness viable data that will give you a competitive edge.

2. Offer real-life solutions to real-life problems

While building a practical AI-driven solution, you need to focus on real-life problems that it can address. You could present a solution that helps sales and marketing or an application-modernization solution. Whatever it may be, it needs to be grounded in reality to find many takers. Once you have identified this solution, make it the guiding light of your AI startup and focus on it solely.

Since startups are largely flexible, it can be tempting to assimilate other products and offerings, but it will only make you lose sight of the main goal. So hold off diversification until you can consolidate your presence with an existing solution.

3. Hire staff that can support your initiatives

During my time at Palantine Analytics, we greatly emphasized the role of employees and staff as enablers of growth in a startup. So, of course, I wanted to replicate that when hiring for GenesisAI. Our primary goal was to hire the right talent for the right position with due consideration to their qualification and how they would fit in our work culture.

But our focus was not limited to technical hiring. We tried to make GenesisAI as diverse as possible. Hence, if you were to take a look at our business Advisory Board, you will find leaders from various industries and walks of life  from professors to CEOs to directors  who offer a balanced view of how to proceed.

4. Speak the language of your clients

When you are working in a tech startup, it is easy to get carried away with all the under-the-hood workings and ramble about it to maintain your subject-matter expertise. That’s when you start throwing around jargon and fancy terminologies to express what a high-end solution your AI startup is  and this is where the problem germinates.

Even if you have the most brilliant solution to the most pervasive problem, your clients (and investors, for that matter) will be unable to comprehend it if everything is Greek and Latin to them. Simply put, present your AI startup’s solution in the simplest words possible. In fact, the more critical it is to your functioning, the more you should dumb it down for maximum impact.

News Related

OTHER NEWS

What are tk domains? The small group of islands that dominates the internet

The world of web domains can be a complicated subject and can often be a considerable expense for entrepreneurs just starting out. For this inconvenience, a company located in an ... Read more »

Free courses from the best universities in Argentina

For many years, Argentina has become a host country for foreign students. The educational quality of its universities, as well as the facilities of its public universities to start an ... Read more »

Internet Rips Into 'Laughable' Space Force Uniform Reveal: 'The Ugliest Dress Uniform In the U.S. Military'

Just in time for Halloween, the Space Force has released photos of the prototype for its new uniforms, which many are pointing out look more like a costume than an official outfit. ... Read more »

Homebuilder Confidence Edges Up After Recent Plunge to 13-Month Low

Homebuilder confidence inched up in September after falling to its lowest reading in 13 months in August, although optimism was capped by hiring difficulties and building material supply chain issues, according to ... Read more »

WHO gives date for the end of the Covid pandemic, but Bill Gates says he has the 'only solution' to end the crisis

Many have speculated about when the Covid-19 health crisis that has the world in check since 2020 will end. Now, the World Health Organization (WHO) gave an estimated date for ... Read more »

5 Simple Strategies for Landing High-Ticket Clients as a Coach

As the online coaching industry becomes more saturated, it can quickly be a challenge to stand out as an influential leader. As most coaches charge an average market rate by ... Read more »

XPeng Inc. Sponsored ADR (XPEV) Gains As Market Dips: What You Should Know

XPeng Inc. Sponsored ADR (XPEV) closed at $36.74 in the latest trading session, marking a +0.41% move from the prior day. The stock outpaced the S&P 500’s daily loss of ... Read more »

The Multi-Family Office

Family businesses are made up of complex webs of personal and professional relationships that are precariously entangled. And there comes a time in the life of every family-owned enterprise when ... Read more »

How Success Happened for Aaron Levant, CEO of NTWRK

Aaron Levant, CEO of the No. 1 livestream shopping app NTWRK, was born with a natural entrepreneurial drive. As a dyslexic high school drop-out and bold innovator, the Los Angeles-born ... Read more »

5 books for unstoppable female entrepreneurs

I’m going to be completely honest: I don’t think the books themselves have genre. In fact, I think we can all learn a lot if we allow ourselves to experience ... Read more »

This is how the Canasta Rosa marketplace continues to support Mexican entrepreneurs

Canasta Rosa continues with its actions to support Mexican entrepreneurs , both micro and small businesses, to enhance their growth through training, tools and financial support, connecting them with strategic ... Read more »

ViacomCBS (VIAC) Dips More Than Broader Markets: What You Should Know

ViacomCBS (VIAC) closed at $38.66 in the latest trading session, marking a -0.51% move from the prior day. This change lagged the S&P 500’s daily loss of 0.08%. – Zacks ... Read more »

Texas Instruments (TXN) Gains As Market Dips: What You Should Know

Texas Instruments (TXN) closed at $192.96 in the latest trading session, marking a +0.19% move from the prior day. The stock outpaced the S&P 500’s daily loss of 0.08%. – ... Read more »

Adobe Systems (ADBE) Q3 Earnings and Revenues Top Estimates

Adobe Systems (ADBE) came out with quarterly earnings of $3.11 per share, beating the Zacks Consensus Estimate of $3 per share. This compares to earnings of $2.57 per share a ... Read more »

3 Tips for Budding Entrepreneurs

Charting your own course in business requires a certain appetite for both risk and reward, and often demands hours logged in isolation without the infrastructure or perks afforded to cushy ... Read more »

OxyContin created the opioid crisis, but stigma and prohibition have fueled it

People around the world mourned loved ones on International Overdose Awareness Day on Aug. 31, 2021. NurPhoto/Getty Images The highly contentious Purdue Pharma settlement announced Sept. 1, 2021, comes at ... Read more »

The 5 wounds you need to heal to spread your wings in business

DESIGNECOLOGIST vía Unsplash Entrepreneurship is a path that entails multiple learnings and satisfactions. The decision to start a business is governed by the mentality of gaining autonomy, personal fulfillment and ... Read more »

3 Strategic Shifts that Will Help Your Business go from Six to Seven Figures a Year

You’ve likely come across a great many business owners’ social media declarations of how they built a seven-figure coaching, consulting or marketing agency. It’s worthwhile, even while regarding such self-promotion ... Read more »

Stop Complaining and Change Your Mindset to Become Wealthy

I remember hearing a story as a child called the Farmer’s Donkey. One day, a farmer’s donkey fell into an abandoned well. The farmer, fond of his faithful animal, tried and ... Read more »

Can ETFs Gain From Upbeat US Homebuilder Confidence in September?

The U.S. housing sector saw a bright spot with strength in housing demand and declining lumber prices. However, headwinds like increasing construction costs and continued material supply-chain worries along with ... Read more »

How to Create a Lasting Trend in the Food Industry

When I first launched Bobo’s in the early 2000s, healthy food ingredients were rarely talked about. Following some research around lifestyle and consumer topics, it became my objective to ensure the creation ... Read more »

FedEx (FDX) Lags Q1 Earnings Estimates

FedEx (FDX) came out with quarterly earnings of $4.37 per share, missing the Zacks Consensus Estimate of $4.96 per share. This compares to earnings of $4.87 per share a year ... Read more »

Thor Industries (THO) Dips More Than Broader Markets: What You Should Know

In the latest trading session, Thor Industries (THO) closed at $106.14, marking a -0.59% move from the previous day. This change lagged the S&P 500’s daily loss of 0.08%. – ... Read more »

2 Tech Stocks to Buy on Dips Before Q4

It’s been a volatile start to the week for the major market averages, with the S&P-500 (SPY) and Nasdaq-100 Index (QQQ) both sliding more than 3% to start the week ... Read more »

10 books to read when you're stuck and need motivation

We all feel the same. Listless, overwhelmed, hopeless. The truth is that this is up to a certain normal level because we are going through a historical pandemic. Foto por ... Read more »

CDMX vaccination: Second dose for millennials from Álvaro Obregón, Cuajimalpa and Xochimilco

Eduardo Clark, general director of Technology and Intelligence of the Headquarters of the Government of Mexico City, reported that this week phase 29 of the vaccination campaign against COVID-19 begins ... Read more »

To Be Incredibly Productive, Do One Meaningful Task Each Day

Here’s an obvious statement: Simply being at your desk for eight hours isn’t the same thing as getting work done. But surely there’s some logic to why the 9-to-5 grind ... Read more »

Find Stocks to Buy with this New Analyst Coverage Screener

The S&P 500 dropped 1.7% on Monday, for its worst showing since May. The fall followed worries about growing troubles in China’s property market as Beijing is increasingly focused on ... Read more »

The Most Important First Step When Starting a Business

Whether you call it the mass exodus, the Great Resignation, re-evaluating your life, or a midlife crisis, there are scores of people leaving traditional jobs to start their own businesses. However, ... Read more »

Cactus Is the New Coconut, and These Founders Are Going All In: 'We Decided to Drop Our Lab Coats, Put on Our Cactus Suits and Chase the American Dream'

About 15 years ago, coconut water hit the U.S. market and exploded in popularity with its purported health benefits. Though the craze has slowed somewhat in recent years, the drink ... Read more »

Future Of Credit Cards: Will Virtual Cards Takeover?

In the last decade, people have moved more towards digital shops than the traditional ones, which has increased the use of card payments as well. This shift gave the fintech ... Read more »

What is landlord insurance and why buy it?

Renting your house, apartment, warehouse or land can become an excellent option to obtain an extra income. In this context, having landlord insurance is essential for your peace of mind ... Read more »

Steel Dynamics (STLD) Dips More Than Broader Markets: What You Should Know

Steel Dynamics (STLD) closed at $57.75 in the latest trading session, marking a -0.64% move from the prior day. This change lagged the S&P 500’s daily loss of 0.08%. – ... Read more »

Ask a Startup Lawyer: Understanding Your BATNA (Best Alternative to a Negotiated Agreement)

So, you’re ready to negotiate with your VC, and you know this will be a zero-sum game. Every decision is a shift of risk, reward or control. You’ll need to be prepared ... Read more »

Beat the financial woes with budgeting

The past one-and-a-half years has brought uncertainty in everyone’s life, especially in terms of finances. Many have lost their job, while others are working on lower salaries than before. More ... Read more »

Stitch Fix (SFIX) Tops Q4 Earnings and Revenue Estimates

Stitch Fix (SFIX) came out with quarterly earnings of $0.19 per share, beating the Zacks Consensus Estimate of a loss of $0.14 per share. This compares to loss of $0.44 ... Read more »

4 Traits That Have Helped Small Businesses Survive the Pandemic

About half of Americans have deliberately shopped more at small and locally owned businesses during the pandemic, and many have rallied especially hard around small businesses with four particular characteristics, ... Read more »

Uber Stock Jumps 11.5% on Bullish Q3 Outlook

Shares of rideshare giant Uber Technologies UBER rallied on Tuesday after the company updated its third-quarter outlook. – Zacks Uber now expects gross bookings in the range of $22.3 billion ... Read more »

9 books in Spanish you must read to take your business to the next level

Entrepreneurs are always looking for new ways to inspire ourselves, either to develop innovative business ideas or to learn from those figures who have already achieved what we dream of. ... Read more »

Time To Up Your Game With This Platform

The 2021 global gaming market will generate a revenue of $175.8 billion and is projected to exceed $200 billion by the end of 2023, according to a report by Newzoo ... Read more »