Until recently, the applications of artificial intelligence have remained in the hands of scientists, engineers and big business. But for the first time in history, anyone with an internet connection and keyboard can harness this technology. AI-powered tools – like OpenAI’s ChatGPT – have well and truly captured the public’s attention. By Alex von Schirmeister.
In 2024 and beyond,four factors will underpin the development of AI and its impact on small businesses:
- AI costs will need to be managed
- Consolidation could impact accessibility
- Control will lead to questions on accountability
- Copyright, creativity and commercially safe AI
The likes of Microsoft and Google are heavily subsidising the generative tools we play around with, without them making any money from AI – yet. On top of this, 2023 set a record for investment in generative AI startups, with equity funding exceeding $14 billion across 86 deals as of the second quarter of the year, much of which startups are spending on building the infrastructure needed to build, train and run their AI models. AI must now become a self-funding endeavour, as its economics are currently higher than the cost of labour. Good read!
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