Palantine Analytics, my first AI startup. I was bright-eyed, hoping that a storm might be built. My first experience on the journey made me a veteran. It was a learning experience that allowed me, as an entrepreneur, to grow and learn from my mistakes. GenesisAI is still growing in popularity.
According to the saying, wisdom comes from learning from others’ mistakes. Here are some important lessons I have learned about AI startups successfully.
4 successful tips and tricks for AI startup
1. Develop and maintain proprietary data
Proprietary high-quality data is a valuable asset for any AI startup. If your start-up is successful, it is important to establish.
Before you begin, make sure you have questions about the type of data, data sources, and data strategy.
There are numerous ways of obtaining your own data. You can either collect data yourself or use an algorithm based on ML to manually collect data.
My second option is to give you accurate and pertinent inherent information. Even if you might experience some problems initially training your machine, you can draw on valuable information that will provide you with a limit once you get the information right.
2. Offer real-life solutions to real-life problems
You must be realistic about problems that you can solve when building an AI-based solution. You can present a sales and marketing solution or an app modernization solution.
You must make it real, it doesn’t matter what it is, to attract many people. This solution should be the driving light for your AI startup.
Boots are flexible and can be added to other products or offers easily. This however leads to a loss of vision of the main aim. Diversification is not a good idea. Concentrate on strengthening your position with a solution already in place.
3. Hire staff that can support your initiatives
At Palantine Analytics we have stressed the importance of workers as growth facilitators. This is what I tried when GenesisAI was hired.
We wanted to recruit the best talent for the job with their qualifications and their way to fit into our culture.
Our focus was not just on technical recruitment. GenesisAI was as diverse as possible. If you look at the company consultative board, you will see leaders from all walks of life, from executives to faculty, who provide a balance of opinion.
If you’re not sure why this is so important, I suggest checking this complete guide to understanding and implementing leadership and team building theories.
4. Speak the language of your clients
In the details of a starting company, it is easy to lose your knowledge. You start using jargon and sophisticated terminology to outline the top-of-the-line solution for your startup. And here the problem begins.
You can’t understand it from customers and investors, even if you find the best solution. You should present in simple words the solution of your AI startup. To maximize its impact, you need to do it as easily and as simply as possible.