Description
Introduction
Artificial intelligence (AI) is swiftly changing the world around us, and the startup industry is no exception. From asking your smart home devices to turn the lights on in your home office to enabling a chatbot on your website to handle basic customer requests, AI is changing how we live and work.
The AI market itself is expected to reach a value of $407B by 2027, and a Forbes Advisor survey found that 64% of respondents believe this technology could increase productivity.
How is AI changing the startup landscape?
AI isn’t necessarily new to the startup landscape. Although talk of AI has seemed to explode in the last few years with ChatGPT making headlines, startups and businesses have been using AI in many ways since the 1980s and 1990s. As Logyc reported, some industries used AI in the 1980s to help with tasks such as credit risk assessment.
As access to the internet became more commonplace in the 1990s and 2000s, AI became a staple for many businesses. This technology helps respond to customer questions via a chatbot, make personalized recommendations to shoppers based on their browsing or purchase histories, or speed up transactions with AI-powered checkout systems.
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