The latest developments in artificial intelligence has created countless new business opportunities.
In the video below, I explore some of the angles and vectors that I think are getting overlooked in this field.
Approximate Transcript:
This video is about AI business opportunities. Basically, it’s obvious to many people, maybe some people less obvious, but to a lot of people AI where we’re at with AI right now what has just happened in just the last year or two, and what is likely to happen in the next year or two, there are major, major new opportunities for people to either start new businesses or add on to their addition their current business or to make themselves and it’s in a lot of ways a lot of these things apply to people who work for other people, but, but want to continue to be valuable to their company or to other companies that go forward. I mean, there’s really a massive abundance of opportunities here. If you’re setting out to create a new business or add part at something to your business, it’s actually more about narrowing your focus than it is about like, is there enough opportunity out there, there’s just so much this AI is going to change a lot because going to touch every single industry very, very quickly, some industries sooner and faster and more initially, but ultimately, it will touch a lot, a lot of things. This is not like Bitcoin, this is not like blockchain. This is not even like a like even the cell phone opportunities. There’s so much more, I think it’s on par with the internet, Bill Gates said that there’s only one thing that he that was transformative that he’s seen in his 40 years. And that was actually the graphical user interface. He didn’t even mention the internet. You know, to be clear, like all of these things needed to happen in order for this to work. But here we are, and AI is really, really, really amazing. So you know, I mean, you kind of do your research. And here’s one of my major recommendations, you know, do a little bit of research, do some research, and then pick a path and pick a good to excellent path, and stick to it and just just hit it and stay focused, you’ll hit a wall, keep going and stick with it to some degree. Now, that doesn’t mean you don’t pivot, but it just means that you keep you don’t stop completely or completely abandon everything with the first hurdle that you see. And also this is about not picking, not searching for the perfect opportunity. Because you don’t need the perfect opportunity. Also, it just puts you on an endless quest of searching, or all you’re doing is searching, searching, searching, searching and researching, researching, researching, you don’t actually do anything and you miss the opportunity. Also, it means what a lot of times what happens with this kind of thing is you start one thing, you go halfway into it, and then you see what you think is a better opportunity, you stop that thing. And the first thing and then you go to the second one, and then you rinse and repeat. And you end up after a years with multiple half made business opportunities. So definitely don’t don’t recommend that first area, I would say is with software development. There are new software capabilities that have come about just in the last couple of years by calling the AI API’s, for example, text summarization, you couldn’t really do this in any sort of efficient way, unless maybe you have like a really specific set of niche specific text. Yet AI can do this very inexpensively. And and this is actually extremely valuable. And something that you can do within software that actually is can is very useful. And there’s a host of other things like this, that that the software can do now that it couldn’t do before, in some cases, even just a year ago, or like more precisely in some cases, like it could do it a year or two ago, but the solution was really bad or really expensive. And that that has improved dramatically since then. So it’s more practical, you effectively couldn’t do it. But theoretically, you could do it. That’s kind of what I’m talking about. Also, I think that there’s some room, a lot of room for what I would call AI winter independent solutions. So this is sort of like if openeye wins. If Google wins if and video wins, if some other new company that we’ve never heard of yet wins the AI war, your solution still works. And this is one way to go about it to where, you know, you’re not dependent too much on a single provider that said, like, you know, you could be using open eyes API and then switch to somebody else’s API in the future, should you need to do that. So that’s not necessarily like, just because you’re kind of dependent on one. But this is more about talking about like, tools that use a variety of different types of API’s. But that could also allow users to pick between them, between different ones sort of will make more sense if you go down that path. And then also there’s a lot of niche or use case specific solutions. So you know, I mentioned in another video about like AGI versus AGI isn’t and I think in a few other videos, you know, they’re they’re just because there’s a super intelligent, artificial general intelligence. That is more are intelligent 1000 times more intelligent than the smartest human being ever, does not mean that it will do everything, and does not mean it will even do do everything well, and that there’s a lot of room, especially for smaller competitors to come in. So, pick a specific line, pick a specific set, and really focus on on that specific set on solving that specific problem really, really well, and catering to that you might think well, but I want, you know, I want more, I want to have more opportunity. That’s not really how it works. In business, you know, you can’t be all things to all people. And so trying to do so is a recipe for failure. And so I think kind of the more that you can narrow this down, the more, the more value, you’re gonna be able to build faster. And the the more value ultimately that that you’re able to provide, there’s tons of 100 million dollar plus companies that are extremely narrowly focused. And in an AI, there’s gonna be lots of opportunity for that. I don’t have like a list of all the tools, there’s just so many of a few tools here. But I think like you integrating tools into your business, or seeing how a tool makes a certain business process, like 100 times more efficient or 100 times better, that can lead to whole new businesses that are kind of like classic businesses. But with a with a fresh face, so to speak, like chat GPT and the plugins in their mid journey. I mean, you could have whole art stuff based upon modernity, it’s so good. version five is really, really good, GitHub copilot, you know, integrating that into your software development. And there’s so many more, and there’s so many coming out like every day. I think another thing here, it’s a little bit less about like the business opportunities, although it does kind of open up business opportunities for you. But also, this is good. If you have like a job, which is a commitment to skill building right now, I think that’s one of the best things so that you can be aware of and understand these tools. And so that you can know what really is possible with these tools. You know, even if you have a job right now, there still could be some really great business opportunities in following kind of what I’m suggesting here, can also make you a lot more valuable to your company. So if you think about, like, let’s say AI is going to reduce jobs by 50%, which there’s all sorts of rough estimates like that by whatever your who is going to go first. And who is going to be left who’s going to be left are the people who understand their industry and how it integrates into AI. So if you start studying AI, but also study how and think about and brainstorm how it affects your industry, or your specific company, or whatever, that’s going to make you way more valuable. And it’s going to potentially give you like if you if you come up with a really good idea, and your company that you’re working for in your industry is like I don’t want we don’t want to do that, then you can be like See you later. And then you can go do your own thing. So you can kind of learn and think and process and understand on their dime. And then if they don’t want to, to reward you for something that would be really beneficial to them, then go do your own thing. You know, I think that just kind of understanding AI in general. And kind of how it integrates into your industry is going to be extremely valuable, you know, just you know, built even if you just take AI completely out of the picture, trying to be again, like the the fit the best 50% are going to be left. And so if you’re a top performer in your industry, then it makes you a lot stickier. And it’ll make it a lot easier for you to understand how AI can integrate into there. And then there’s going to be industry specific AI solutions, you can keep an eye out for a big problem in your industry that you think that AI the generative AI can fix. That’s going to be a good way to go. I will quickly allude to my first AI project that’s coming out very shortly, sometime in April 2023. I hope it will ship the first the first version of it. And it’s sort of like an AI winter independent solution. And let’s see if I could read the the USP of it, or at least my current working one. This is for frequent chat GPT users AI enthusiast and prompt engineers. The software will enable an organized, scalable, searchable and systematic approach to managing a model inputs and outputs in text, image and audio all in one conversation. Amplify and streamline your work by discovering organizing, filtering, searching, sharing and building your prompts more effectively invite your friends and colleagues to join in on your AI conversations and art, easily create templates for prompts to build off of and quickly refer back to later. So this is sort of like a prompt engineering tool. That should be ready soon. I’ll show if you’re interested, let me know. Leave me a message or shoot me a message or whatever. And I’ll be releasing some specifics on this really soon. I think it’d be really helpful. The few people that I have shown it to are very excited to get their hands on it. Because I think it saves a lot of time and actually makes you able to do more. And there’s some new capabilities that I haven’t seen in any tools. It’s a pretty unique tool. I’ve
been really looking around and I don’t see anything quite like it. And so and so I’m very excited about that. And it’s an opportunity that based upon the same principles I used above have built so thank you very much if you liked this video, like like it and leave a comment below please if you have any questions or thoughts, and subscribe, have a great day. Bye