Artificial Intelligence (AI) is making waves in today’s society, with a lot of mixed reactions. Some are optimistic, while some are skeptical or even terrified of its potential. If we take ourselves back for a moment, it is similar to the early days of the internet, when people were worried that it would take all their jobs away, but instead, it created more jobs and industries that were unimaginable before. The same is likely to happen with AI. AI has the potential to change the world, but how can we ensure that it creates the change we want to see?
AI for Good
Women founders are leading the charge when it comes to using AI for good. At Enygma Ventures, we have two incredible companies in our portfolio that are building and utilizing insightful AI tools. Adbot uses a machine learning program to help Google ads perform better. The system learns from each company’s advertising campaigns and keywords to create better ads and performance.
Job Crystal, on the other hand, has created a tool called “Crystal” which scans databases and the internet to find potential candidates to match job descriptions. The tool observes the choices of each organization and utilizes this data to optimize over time.
Both are making data more accessible as pulling insights from massive amounts of information can often be challenging to navigate for organizations. AI tools like these help to analyze data faster and more efficiently, allowing for better insights and decision-making.
These are just two practical examples of business trends we’re seeing AI impacting. AI can open up new possibilities, just like the internet did in the past. It can create new industries, technological advances, and solutions for problems that we may not have even realized yet.
However, women in the tech industry face unique challenges. They have difficulty accessing capital, with only 2% of women getting funded every year out of all the venture capital deployed worldwide. This is a challenge that needs to be addressed, and we must work towards giving women equal opportunities in the tech industry.
If we don’t support businesses like Adbot and Job Crystal, we are missing the opportunity to see effective AI thrive in women-founded ventures.
My Advice for Founders
You need to know how to leverage technology.
While it might feel intimidating at the moment, AI is quickly becoming an integral part of our society. As founders, we must approach AI with a strategic and thoughtful mindset. It is essential to understand the capabilities and limitations of AI and how it can benefit your business. Keep in mind that AI is not a one-size-fits-all solution, and you must tailor it to meet your business’s specific needs.
It’s important to be adaptable and open-minded when it comes to incorporating technology into your business strategy. Don’t be afraid to experiment with different technologies and approaches, and be willing to pivot if something isn’t working.
I would love to know your thoughts about this new frontier for founders. I’m always creating spaces for discussion for my LinkedIn Newsletter. Subscribe and read more here: https://bit.ly/3SEeVQr
