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It's no secret that artificial intelligence has made incredible leaps and bounds over the past 20 years. Nathan Benaich of Playfair Capital looks at the success AI has had, identifying significant uses of AI and where it has been most successfully applied.
As the AI space continues to evolve, Nathan stresses the importance of involving users in product development. When users are involved, their interactions with the product will train it to be smarter, quicker, more accurate, etc. As humans and technology continue to move forward together, both parties need to learn how one another think in order for AI products to continue to enhance life. Nathan finishes with tips for companies and startups who are using AI. He identifies '3 must-haves for a strong AI business':
- People who are focused on researching, designing, engineering and supporting the product while investing in longer-term R&D
- A product crafted from careful user insights to solve a recurring, habitual and high-value problem
- Data created by the user and leveraged by the business as a proprietary asset to strengthen network effects
For more insights from Nathan, watch the video below!