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Artificial Intelligence is all over these days. Just in earlier centuries, AI was considered impossible to just be a part of Sci–Fi movies. But today in the 21st century AI is a reality. It is available for almost everyone.
The tech world is full of artificial intelligence. If you look around, then you will find many new businesses are rising and making a huge profit by having an AI base.
AI market size in 2018 was $20.67 billion. According to predictions, by 2026, this number will be ten times bigger and will reach almost the $200 billion mark or even cross that mark.
Until 2020, some big tech companies invested a ton of money in their AI efforts and innovations. Amazon, known for its AI-driven voice assistant Alexa, makes a lot of money from Alexa sales.
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Developing a unique Artificial Intelligence product doesn’t mean that it’s going to be successful unless the customers use it. Sometimes, a start-up can have the money it needs to develop everything from an idea to the final product but still fail. People are often discouraged by their thoughts when it comes to starting their businesses.
They think it takes a lot of capital and employees to become successful. That is not entirely true.
If you want to know how to start an ai start-up company step by step, you must follow some important steps to ensure that your start-up is a success.
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1. Out of Box Idea with Business Plan
Any new business venture starts with a good business plan before it is a success. A superb idea can be a good thing but an idea without a legitimate business plan would be a complete flop.
A proper business plan means understanding the needs, setting goals and milestones, doing research about the requirements in the future, and looking for ways to get the funds you’ll need someday.
It is utmost necessary that your idea is out of the box when it comes to a startup in AI industry. Find and curate ideas which are creative, innovative and useful all at the same time.
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2. Mission Statement and Identify Problem
A company is set by its mission. A mission should be in place, then the company falls in place. The mission takes you to success. Highlight your mission and do is by your mission statement. Mission gives the business a sense of direction and purpose.
It establishes the long – term pursuits that everyone in your company should be working toward. While thinking about your mission, think about specific problem which could be solved by the AI start up, you have in your mind.
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3. Customer Needs
Identify your target audience. Know about the customer traits and buying patterns. Carry out several surveys to understand the needs of customers. You need to find answers to some questions.
You need to know who the customers are and if these customers are actually a business or individual. It will tell you if your company is a B2B or B2C model.
You need to know about the demographics such as age category, average spending capacity, and location they live.
Most importantly, you need to know if your target audience would spend money on your product. You also need to know if there are any competitors for you in the market. If yes, then you need to identify the USP for your product.
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4. Secure Funding
A business needs investment. Starting a new business can pose a significant risk to your financial stability. So, before you start turning your idea into reality, you need to be aware of your financials.
Many start-ups fail because they don’t do a financial risk assessment. Before you start up your business, you need to calculate the money you would need to set up the business.
You need to ensure that the required money is available and you can survive after putting in the money for your business. If you do not have money, then you need to think about your friends and family for money. Apart from this you can raise funding from investors, banks, venture capitals, loans, shared ownerships, etc.
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5. Experts and Right People
Your team can take you to the sky or take you to the abyss. Every business needs the right people in the right places. Think about hiring people for the key positions that will be amazing in what you do. The most important thought is that you need to stop thinking that you can do most of the things alone.
You cannot be an expert in every role. The right people are required for the right roles for business to move in the right direction. Start with a small team of AI experts who are focused on the goals with tighter time frames. Bring outside experts or AI consultants to help your internal team.
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6. Pilot Project
Start small. Before investing hundreds of thousands of dollars in your startup idea, a pilot project will help you to know if you can continue in the same direction or make some changes so that the chances of success are brighter.
Begin to apply AI to a small sample of data. Pick a specific problem to solve. Use AI incrementally. Collect feedback and expand.
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7. Data Storage
You always need storage as a part of the basic plan no matter which AI start up you are planning for. Data will be the fuel that powers your Artificial Intelligence and machine learning technologies. If you do not plan data storage up front, then data storage will be a big concern.
A successful data strategy is essential for the scalability of your AI products in the future. With the advent of cloud computing, most startups prefer cloud to cut down their cost and access their datasets without spending much on the infrastructure and work in real time.
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8. Problem – Solution Fit
If your pivot seems to be working correctly, then you need to test your problem-solution fit. If everything seems in place, then you are ready to go on. Based on this, you will improve your AI startup. If there are issues that seem complicated then run a few more tests.
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9. Customer Base
Build a customer base. Start a website to grow your digital presence. Invest in digital marketing for to make you presence in every corner of the world. Start talking to peoples and their connections. Through these various connections, you may get your breakthrough.
Allocate a marketing budget and take advantage of email marketing, search engine optimization (SEO) and search engine marketing (SEM). At this point, marketing needs to be a top priority of your start-up.
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