Artificial Intelligence Explained. Examples. Stats. Business Ideas.
This is your 60-second crash course on AI in the workplace. What is it? Important statistics. Examples. Business ideas that you can use to make money from it.
What is it?
Artificial intelligence is the ability of a machine to perceive its environment, assimilate information, then use that information to make a decision that results in achieving a specific goal. Think of it as ‘learning’ or ‘problem-solving’ without human assistance.
Forrester predicts cognitive technologies such as robots, AI, machine learning, and automation will replace 16% of U.S. jobs by 2025. Of those jobs, office and administrative support staff will be the most rapidly disrupted.
- Google maps use enormous amounts of data from smartphones to recommend the fastest way to get from point A to point B.
- Spam filters use machine learning to figure out spam based on how you interact with each email you receive.
- The banking system uses neural networks to detect fraudulent transactions.
Machine Learning and Predictive Systems
When we talk about AI, we’re usually talking about machine learning. These are algorithms built into the software that makes easier to recognize patterns in large and evolving data sets then forming conclusions based on past experience in order to make machines smarter.
Pinterest uses computer vision. It an application of AI where computers learn to “see” images in order to automatically identify objects in images (or “pins”) and then recommend visually similar pins.
Ridesharing apps like Uber and Lyft use AI to determine the price of your ride, minimize the wait time after calling an Uber, and figure out the optimal match with other passengers to minimize the ride time.
Gmail is using it to create replies to your email.
Impact On Jobs
AI is expected to have a big impact on the global job market. A lot of people predict that both menial and professional jobs are vulnerable to being taken over by machines with learning algorithms.
For example, researchers from Carnegie Mellon University and MIT said that machine learning can often do a better job of detecting skin cancer than a dermatologist.
The potential advantages of AI are obvious but when machines learn it never forgets. A learning pattern can be efficiently copied from one machine to another then separate learning can occur in parallel in order to improve and share the new intelligence.
For example, if one machine masters the art of driving, that learning pattern can be copied into millions of other cars instantly. So, cars that are connected through a network can share experiences that continue to improve their overall performance. On the other hand, humans, take a long time to learn. Their experiences cannot be shared instantly to millions of other humans and the value of their individual knowledge and experience can likely die when they die.
Okay, Let’s talk about business ideas. As I mentioned earlier I’ll talk about business ideas for people with a budget under $100, people with a budget under $1,000, and other ideas for people that have bigger budgets or want to raise capital from investors.
If I mention something that you don’t understand, check out my SE course. It only costs $19 and it has a 7-day free trial so you can get it for free. It will help you start in the least amount of time, with the least amount of effort, with the lowest startup costs.
Let’s start with $100 budget
You all have one valuable thing that costs nothing to create. That’s your opinion. Your unique background gives you a unique perspective on AI. That perspective may not be important to everybody but it will be important to a specific subset of people. That subset is your audience.
The best way to get started with a budget of close to zero is to get your perspective out into the world. If your budget is literally zero, then just start by creating a social media group about the topic. It could be about AI for coders, AI, and privacy issues or AI for school teachers. The only thing that matters is that you have a unique insight that justifies a conversation within a specific audience. You can and monetize it with affiliate links. If you don’t know what that means or how to do it, check out my course.
If you want to spend a little bit more time and effort, you can create a blog, podcast, or YouTube channel and use your unique perspective to create content.
If you have subject matter expertise then you can go ahead and create case studies, research reports, and other specialized content and sell it from your website. Keep in mind that you don’t have to be a current industry expert to do this. Publishing the content makes you the expert. You just have to make sure that the quality of your content is high and justifies whatever you’re charging for it.
The easiest way to start generating enough revenue from a new business that can replace your full-time job is to offer your services. Hypergrowth trends, like the use of AI in business, will create demand for expert advice about how to use AI in an infinite number of applications.
You just need to demonstrate your expertise in one or more subsets of the AI world then you can generate consulting revenue. If you don’t already have the ability to demonstrate your expertise you can do it by creating content about a specific AI topic that will appeal to the audience that you want to target.
You can provide the services yourself or outsource them. The only thing you need is a professional website and a solid marketing plan.
Keep in mind that 99% of consultants don’t have professional websites or solid marketing plans. If you want to get this right, check out my course. It only costs $19 and it could help you make hundreds of thousands per year so the cost-benefit ratio is obviously in your favor.
The other way you can generate revenue is by creating a course about AI and selling it on your website or third-party marketplaces.
I’m not talking about academic courses that compete with Universities. I’m talking about short-form courses that take advantage of your unique knowledge or perspective. You can create courses that target small businesses, big businesses, or governments. You can create courses that target a specific industry, technology, or problem that can be solved with AI. You can create it in the form of text, audio or video. You can sell it for a one-time payment or sell an ongoing membership. You can create the course yourself or you can outsource it. Some people make tens of thousands of dollars per month in their spare time by doing this.
Again, if you don’t know how to do all of this, check out my course.
Bigger budget/raise capital
The obvious opportunity here is to create apps and tools that use AI to increase efficiency or increase accuracy. I think it’s obvious from the examples we talked about earlier that the same technology that was developed for those applications can probably be adapted for many other applications.
This is the simple starting that I would use if I was creating an app that uses AI. Get very clear about the final result you want to achieve. Look at the events that lead up to that result and make a list of the characteristics associated with a good scenario and a list of the characteristics associated with a bad scenario. Use a point system to rate how good or bad each characteristic is. Create technology that can detect each characteristic and use the point system to make decisions.
A simple example is Google search. If people do a search then go to various websites then quickly exit the websites and the one characteristic that these websites have in common is that they load very slowly then human behavior tells us that people don’t like slow-loading sites. So we adjust the algorithm by giving these sites a one-point deduction and that will cause them to appear in a lower position in the search results.
Businesses will buy your product if you can demonstrate and improvement in efficiency, productivity, or accuracy so pick an industry that you’re familiar with that has large amounts of measurable data points that can be used to make automated decisions that generate a better result for the business.
For example, a new opportunity for AI is in schools. One-size-fits-all classes could be replaced with Adaptive Learning personalized, adaptive learning that’s customized for each student’s individual strengths and weaknesses. Keep in mind that you don’t have to pursue completely new opportunities. For example, there’s a lot of messenger bots that use AI but that doesn’t mean that it’s too late to get into this field. Current messenger bots are only 10% as useful now as they will be in the future so this is still an enormous opportunity.
So, how can the ‘I Imagine’ platform help you?
If you want to generate new business ideas or develop existing ideas, you can use the Idea management platform to crowdsource ideas. It uses a simple problem/solution framework and we believe it’s the most advanced Idea development platform in the world. Just create a listing that states the problem you want to solve then your friends, colleagues, employees, or followers can suggest solutions or comment and vote on solutions from other people. You can use it for product development, community management, or customer feedback. You can create listings for free. In fact, I’ve created some Listings about business ideas for AI. Go ahead and check them out. Links are in the description.
The referral platform helps grow your business by creating a referral program and compensate people for referring customers to you. It has the most advanced features in the world for creating and managing your referral program. You can create listings for free.
The collaboration platform helps grow your business by cross-promoting your products and services to the customers and followers of other businesses that have a similar target market. You can create listings for free.
The Lifewall is an improvement on Maslow’s Hierarchy of Needs. It breaks life down into 21 interactive elements that allow you to see a big picture graphic representation of all aspects of your life on one screen then use this information to create and manage goals.
The canvas is like a vision board that includes the goals you created in the Lifewall as well as images of people that are important to you, things you’re passionate about, meaningful quotes, what you’re grateful for. It was designed based on scientific evidence indicating that all of these elements can have a powerful positive impact on your mood, your ability to focus, and your overall mental health. It makes your day more enjoyable and it increases your likelihood of success. The Lifewall and the Canvas are both free.
Finally, I Imagine is also a fully-featured social network that you can use to connect with other entrepreneurs.
Social entrepreneurship is a movement and every movement needs a community. ‘I Imagine’ is that community but, as you can see, it’s a lot more advanced than just being a place for people to chat. So create a free account and join the movement.