Artificial intelligence and startups: The AI gold rush – Mobile Business Insights (blog)

Artificial intelligence (AI) is the hot technology for Silicon Valley startups (Ive personally talked to 15 AI startups in the past year). In fact, AngelList currently lists more than 2,000 AI startups with an average valuation of $5 million. In his TED Talk, digital visionary Kevin Kelly described AI as the next revolution, and his simple formula for startups is to solve a problem using AI. And, IDC projected the AI market will reach more than $47 billion by 2020, with 62% of enterprises adopting the technology by next year.

What exactly is AI? According to HCL Global Vice President Arun Saksena, AI is actually an umbrella term that covers several technologies, including the following:

Interestingly enough, AI adoption isnt limited to startups. H&R Block, while not a highly technical company, recently implemented AI into its platform using IBM Watson. Its platform learned 74,000 pages of the US Tax Code and augments its human tax preparers.

If you are thinking about joining the AI gold rush, it may be simpler than you think. The adoption of AI has been made substantially easier as major technology companies have developed AI platforms that can be leveraged by developers through their published APIs. I predict an explosion of AI applications, just as we have seen the emergence of countless SaaS solutions with the availability of cloud computing services.

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Artificial intelligence and startups: The AI gold rush - Mobile Business Insights (blog)