Being CEO of an AI-based startup is not easy. A small mistake can lead to a total catastrophe. I made a lot of blunders in the beginning but learned from them too.
I am writing this post so that you don’t fall for the same mistakes. Believe me, if you can avoid these mistakes, the chances of having a successful AI-based startup are much higher.
So, strictly avoid making the following mistakes.
Not Starting with The Right Pool of People
Finding the right people for your team can be a cumbersome and time-taking process. But, it is better to wait till you get the right candidates. After all, to ensure success, you must have a group of talented people around you.
For a successful AI-based startup, you need a team of AI programmers, data science engineers, and machine learning experts. Don’t forget, success not only depends on the technology being put into action but also on people handling that technology.
Not Coming up with Something New
A large number of artificial intelligence companies are already providing people with solutions like human speech translation, image recognition, voice recognition, security surveillance, sales forecasting, and more. You can’t come up with services that most AI companies are already offering. As a CEO, you must think outside of the box, and enhance your product or service. Don’t forget that AI is robust technology that has the potential to solve a wide range of issues.
Conduct brainstorming sessions with your team to find out the issues artificial intelligence technology can solve. There is no shortage of problems people want automated solutions for.
Starting Business Cluelessly
Although over the years, AI has grown dramatically yet it is still way behind what Ironman’s Jarvis can do. You can’t apply it to any given problem. You must know what you can do and cannot do with AI technology. Come up with a realistic AI-enabled product or service that you’re sure will solve the issues of your target audience.
Not Beginning with The Right Infrastructure
Don’t just rely on what you learned from your existing digital capabilities. You must know that AI is entirely different from software development technologies. To keep your startup running in the AI industry, you would need to invest in core digital technologies. If you don’t have adequate expertise or exposure in machine learning, AI, and cloud computing, you’re more likely to experience three times more difficulties.
Not Paying Attention to Customers’ Requirements
In every business, it is important to give priority to customers’ requirements, so in the AI business. Don’t just spend time and effort in creating AI technology that has a large number of features, but does not address any issue of users.
My experience as the CEO of a tech-based startup has made me realize how important it is to be prepared for challenges in advance. Hopefully, the tips mentioned above will help you overcome the challenges of running an AI-based startup.