The research team at MMC Ventures have been spending the past year getting their heads around everything Artificial Intelligence, to help them understand their entrepreneurs’ sectors better.
The report steps away from the confusing jargon often associated with AI; instead offering readers an accessible discussion on the reality of AI today, what is to come and how to
take advantage. Every chapter includes actionable recommendations for executives,
entrepreneurs and investors.
Below are a snapshot of some of the interesting stats and facts their research has surfaced:
– There are 400 early age AI software companies in the UK (one of which is StoryStream).
– 9 in 10 AI companies are application providers.
– The marketing and advertising function and the finance sector have experienced the largest number of new AI entrants since the beginning of 2016.
– After seven false dawns since its inception in 1956, AI technology has come of age.
– AI has numerous, tangible use cases today that are enabling corporate revenue growth and cost savings.
– Understanding of AI among buyers is low. Technology principles, use cases and deployment methodologies are poorly understood.
– “I think AI is fundamental and will have a profound impact in marketing. The art of storytelling hasn’t gone away. But to do that at scale now is incredibly difficult.” (Alex Vaidya, StoryStream).
– Adoption of AI will increase significantly as buyers seek to unlock value from data and avoid losing competitive advantage.
– Entrepreneurs anticipate a new, AI-driven future. AI will improve decision-making and increase automation in every sector and most businesses functions, with profound effects.
– Key success factors for AI entrepreneurship are: customer focus; continuous technological evolution; development of data access strategies; long-term planning; and perseverance in this demanding field.
– “In the IT industry, AI can fix a broken model. Companies shouldn’t pay for consulting work on a time and materials basis, or try to make best use of software themselves. They should pay for guaranteed results. AI can democratise data analytics, offering advanced technology to all.” (Richard Potter, Peak).
– Early stage companies can be powerful enablers of innovation. Explore opportunities to collaborate with early stage companies by creating horizontal innovation departments and engaging in proof-of-concept projects.