Sep 01, 2021
Technological Entrepreneurship and Artificial Intelligence.
By Miki Okilo
More often than not, the greatest start up ideas do not make it to the commercialization stage and very few start ups are actually successful enough to lead industries. Now this is a rather strange problem considering the fact that technological gaps around the world are closing as a result of globalization and easier access to resources. A recent study showed that the greatest innovations are technologies that went beyond laboratory inventions to products that actually solved a need and were a right fit for the market. This has informed most entrepreneurs on the need to pay as much attention to market needs as they pay to their inventions. Market research and functional analysis of products could be more accurately carried out when Artificial Intelligence is applied.
A strong area of application is in the process and management of large unstructured customer datasets. In the past when there was little or no progress in this field, market research for product fit could take up months or even years to complete. It often led to misleading assumptions about the market that turned out to be counterproductive. Currently, AI offers an opportunity to dive into the world of user experience and interface development. This gives innovators a batter chance at producing exactly what the market needs.
Artificial Intelligence presents a new opportunity in technological entrepreneurship by giving innovators the power to determine and visualize what the present market holds for their products. A good number of Venture Capitalists will jump at the opportunity of supporting a startup with a solid and tested market research technique.
Functional Analysis is another key area of application that refers to the study of potential products and the actual need they address in the market. Such analysis should be able to expose areas where a product could thrive. Artificial intelligence supports and creates an environment where such analysis could be done with the use of strong prediction algorithms with high levels of accuracy. The benefits of Artificial Intelligence in the entrepreneurial space today are constantly increasing and there is no better time for innovators to deploy this useful tool in solving our biggest challenges.
Reference
Martin.C (2020, Aug 31). The Impact of Artificial Intelligence In market Research. Article. https://blog.flexmr.net/artificial-intelligence-market-research
Anil.K (2020, May 1). AI will change everything about market research. Article. https://aithority.com/guest-authors/ai-will-change-everything-about-market-research/