The extra ordinary promise of AI : Global & Indian enterprises have a lot to gain from unleashing innovation with AI —but harnessing their potential demands focused investment and a new way of working with external partners.
Here are few salient features of how AI has become game changing trend in spurring innovation; existing challenges and few strategic approaches of unlocking innovation with AI :
- 22% growth : From 2015 through 2019, disclosed private investment in seven deep tech sectors grew an average of 22% per year, equaling nearly $60 billion in total investment. Corporate venture capital is also playing an increasingly active role.
- Total investment : Nearly $60 Billion Invested in Deep Tech’s Fastest-Growing Sectors in 2019; Artificial intelligence corners close to $25 Bn
- About 1800 AI led startups in the US accounted for roughly half of this total investment, but other countries are catching up fast.
- Complex ecosystems : Multiple types of players including startups, venture capital firms, governments, universities and research centers, and early-adopter user groups
- Dynamic Interactions : Few central orchestrators; business relationships based on informal networks rather than formal contracts
Strategic approaches of unlocking innovation with AI :
- Cooperate in order to compete : Think beyond the enterprise’s immediate goals; commit to a long-term vision for the development of the ecosystem as whole
- Identify capabilities that add value : Define what the enterprise can offer to nurture the ecosystem and bring AI to market—not only money but also access to customers, data, networks, mentors, and technical experts
- Don’t pick winners in advance : AI startups are evolving rapidly. Continuously monitor the ecosystem to identify successful startups, applications, and business models as they emerge
- Blur the boundaries with partners : Make it easy for AI partners to navigate your corporate system. Define a clear role for them in your innovation strategy, ensure senior-executive sponsorship, and engage the core businesses
- Streamline decision making and governance : Success requires partnering more nimbly with fast-moving AI startups. Embrace agile ways of working.
- Develop breakthrough solutions by combining expertise from previously unconnected fields or industries. Be alert for game hanging opportunities that deliver both economic and social value.
AI will transform business and society in the future. The time to craft a AI strategy for unleashing innovation is now.
AIQRATE works closely with global & Indian enterprises , GCCs , VC/PE firms and has an extensive yet curated database of 1000 + global AI startups , boutique and niche firms benchmarked on our “Glow Curve” assessment.
(AIQRATE advisory & consulting is a bespoke AI advisory and consulting firm and provide strategic advisory services to boards , CXOs, senior leaders to curate , design building blocks of AI strategy , embed AI@scale interventions and create AI powered enterprises . visit : www.aiqrate.ai ; reach out to us at firstname.lastname@example.org )