Have you always secretly dreamed of becoming an entrepreneur but were daunted by the sheer scale of things? 2023 has changed this perspective for aspiring entrepreneurs. Artificial intelligence (AI) is emerging as a transformative force, helping everyday entrepreneurs in emerging markets turn dreams into business success.
This paradigm shift is especially evident in countries like India, where AI plays a pivotal role in driving innovation and creating opportunities for ambitious individuals to launch and grow their ventures.
“AI is already proving to be a great opportunity for entrepreneurs in emerging markets,” says Mike Hoey, president of Source Meridian, a US company that also operates in emerging markets.
He cited the example of the Indian healthcare industry, noting that 30% of the population does not have health insurance and the shortage of qualified doctors has increased by 200%.
“Therefore, there is a tremendous opportunity for entrepreneurs to innovate solutions that address glaring gaps in the market, such as AI-powered medical chatbots that help major medical centers address high patient demand and staff shortages. “There is,” he says.
In fact, many startups say they can complete your doctor's paperwork with programs like ChatGPT. For example, last year, Indian company Thyrocare, which provides a preventive healthcare diagnostic platform, adopted AI-powered technology to automate manual microscopy processes across its network.
Garry Paxinos, CTO of NT Connect, said the transformative impact of AI extends beyond traditional business practices, positively impacting economic development in these regions.
“AI enables the automation of routine tasks, freeing entrepreneurs to focus on more strategic aspects of their business. In emerging markets with limited resources, AI-driven automation can significantly improve operational efficiency. It improves,” he says.
According to Inc42's report 'India's Generative AI Startup Landscape 2023', India's GenAI market is set to boom in the coming years, growing from USD 1.1 billion in 2023 to over USD 17 billion by 2030, at a CAGR of 48%. is predicted to grow.
Denmark's Ahmed, founder of startuptools.ai, says advances in AI have created transformative opportunities for entrepreneurs in developing countries such as India.
“AI's automation capabilities will enable new businesses to operate more efficiently and agilely. By democratizing access to valuable tools and information, it will level the playing field and help existing businesses ,” he says.
The rise of AI-powered entrepreneurship
AI technology has proven to be essential for entrepreneurs at various stages of their business journey. From ideation and market research to customer engagement and operational efficiency, AI can streamline processes, provide valuable insights, and even automate routine tasks so entrepreneurs can focus on the strategic aspects of their ventures. will do so.
Sundeep Reddy Mallu, Head of ESG and Analytics at Gramener, says AI tools have reduced the cost of translating ideas into customer-facing services by a factor of 10.
“Entrepreneurs in emerging markets have a new and trusted co-founder in the form of AI tools. AI allows them to compete globally with minimal investment in time and resources. AI Tools helps create business value by increasing efficiency and productivity,” he says.
For example, Ramsri Golla, an AI developer and self-made entrepreneur, launched Supermeme.ai with two friends, a great example of an AI-assisted meme generator from input text across 110 languages. .
One of the key areas where AI is having a huge impact is market research. Entrepreneurs can now leverage his AI-driven tools to analyze vast amounts of data and gain insights into market trends, consumer behavior, and the competitive environment. This allows you to make informed decisions and tailor your products and services to the specific needs of your target audience.
“AI-powered education platforms make learning more accessible and personalized, enabling entrepreneurs to acquire new skills and knowledge. AI helps traditional and outdated education systems address legacy challenges. It is useful in emerging markets that require a technological leap forward,” says Paxinos.
AI as a virtual business partner
Imagine having a virtual business partner who works 24/7 to provide real-time support and insight. AI has filled this role for many entrepreneurs, acting as a virtual assistant handling tasks ranging from customer inquiries and order processing to data analysis and financial management.
For example, AI-powered chatbots are becoming increasingly popular among small and medium-sized businesses in India. According to a report from Business Insider, messaging apps have surpassed social networks in terms of customer experience. Obviously, people prefer chatting over phone calls. Last week, entrepreneur and actress Sunny Leone partnered with generative AI company Kamoto.AI to launch an official AI replica.
“AI-powered chatbots eliminate the need to create thorough operating instructions or intensive training for support staff to handle repeat customer inquiries. Chatbots never stop working. Businesses will be able to provide automated customer service 24 hours a day,” Mallu explains.
If small businesses want to stay competitive, or at least catch up, they have no choice but to adopt this new technology. For example, human-centered AI (H+AI™) platform and product company Vianai Systems partnered with KPMG India last year to bring conversational AI directly into the hands of financial users with hila Enterprise.
In fact, according to Tracxn data, India has Gupshup, Wysa, Uniphore, 7.ai, and Haptik.
“As AI technology advances and becomes more accessible, businesses of all sizes are increasingly integrating AI chatbots into their platforms to improve operational efficiency and customer experience. We understand the value of following this trend,” says Nate MacLeitch, CEO of QuickBlox.
Indian success story
Several startups in India are demonstrating the transformative potential of AI for entrepreneurs. Be it food delivery startups like Swiggy and Zomato, ride-sharing startup Ola or EdTech startup Byju's, all are powered by AI. Other small businesses include Razorpay, a fintech startup that uses AI for fraud detection, and Niramai, a healthtech startup focused on early detection of breast cancer through AI-based thermal imaging. AI is also transforming Indian e-commerce startups like Zevame, Nykaa, and Caratlane.
A good example is CaseText, a legal research software provider and creator of an AI co-pilot called CoCounsel. The startup, developed in partnership with OpenAI and trained on the latest version of the GPT large-scale language model and a proprietary legal database and search system, was acquired by Thomson Reuters for USD 650 million in August 2023. Ta.
Another great example of a startup that has seen significant growth with AI is Jasper.AI. The company reached his ARR (Annual Recurring Revenue) of US$42.5 million in his first 12 months from launch. Jasper is a content creation platform that uses the Chat GPT-3.5 language model to generate content for AI marketing co-pilots.
Each of these startups achieved rapid growth after adopting AI as a core part of their business.
The future of entrepreneurs
As AI continues to evolve, its role in shaping the future of entrepreneurship in emerging markets will become increasingly important. Entrepreneurs who embrace AI technologies stand to gain a competitive advantage as these tools not only increase efficiency but also open up new possibilities for innovation and growth.
Mr. Ahmed believes that the future of AI and small and medium-sized enterprises in emerging markets holds immense potential, characterized by high levels of personalization and efficiency. “We can imagine a future where AI-powered marketing campaigns can precisely target local communities and provide services tailored to their specific needs and preferences. Additionally, AI-powered supply chains can predict disruptions and improve logistics. Optimize in real-time to improve operational resiliency and profitability. This convergence of the physical and digital is revolutionizing the business landscape in emerging markets, helping small and medium-sized businesses scale globally. ”, he explains.
Malich says advances in AI in emerging markets create unique opportunities for the future. “I think there are some similarities with the explosion in the use of mobile phones, where emerging markets have bypassed the need for landline telephones and communications infrastructure in more mature economies. Mobile phones are the means of communication and transaction in economies. ,” he says.
“AI can significantly level the ability for companies to make processes more efficient and avoid more manual processes. Build your business by incorporating AI into your business goals and embrace new technologies. “By leveraging this, emerging markets will be able to develop more rapidly. With its deep expertise in software and IT, India is well placed to participate in this evolution,” he predicted. To do.
AI is not just a tool, it can be your next business partner that will take your venture to new heights. If you have dreams of starting a small business while aiming big, consider harnessing the power of AI to overcome entrepreneurship challenges and unlock the full potential of your innovative ideas. is needed. The partnership between human creativity and AI is the secret to success in the dynamic business world.
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