In Silicon Valley, the world's leading tech and innovation hub and home to leading tech companies such as Apple, Google, Meta (Facebook) and Tesla, AI is experienced daily, from self-driving cars and delivery robots to voice-activated mobile phones. Over 40 percent of the world's venture capital is invested in Silicon Valley, and specifically up to $30 billion has been invested in AI startups in recent years.
The question that arises in this regard concerns how Danish companies and business leaders can ride the AI wave and benefit from the new trends and insights from Silicon Valley. At Innovation Centre Denmark, we have reached out to our network of AI experts to answer exactly this.
How to ride the AI wave
”The first question to ask is not “what do I need to do to implement AI?” but rather, “what is it that I am trying to achieve with my business, and how can I access whether or not AI, in that group of technologies, is the right thing to move me in that direction.”” says Will Ross, CEO at Federato AI, former manager at IBM Watson, investor at Venrock (VC), and MS from Stanford University.
According to Will, AI offers both opportunities and challenges, and it is essential to ask the right questions to be successful in the field. He mentions that business leaders often seek to enforce the implementation of AI, even when it does not align with the company's goals. Furthermore, companies must be ready to invest the right amount of capital and time to be successful. As with any new project, the outcome will reflect the amount of effort you invested. In this regard, AI projects often fail due to limited capital or resources – and this is important to keep in mind before getting started.
Will also points out the fact that companies should start small and measure outcomes. It is essential to identify the purpose of the business and set goals that can be monitored. By starting small but measurable, it becomes easier for business leaders to see where they are succeeding, and they can start identifying business opportunities across the company. But it is also important to be mindful and use AI in responsible manners.
increased scrutiny on responsible AI
AI actors are increasingly becoming more aware of the responsibilities that accompany when implementing AI. Both universities, including Stanford's Institute for Human-Centered AI, and the entire nonprofit ecosystem, including OpenAI, have done a great job calling attention to Responsible & Explainable AI. This focus has spread to startups, and most recently it has gained momentum among well-established tech companies that are seeking to change the way they operate to ensure responsible AI. This creates optimism about the future.
Innovation centre denmark bridges the gap between Denmark and Silicon Valley
Silicon Valley’s booming ecosystems can act as a catalyst for business leaders to test ideas and strengthen their business. With in-depth knowledge directly from the big tech giants, leading universities, and the latest AI startups, we continuously seek to strengthen Danish companies' AI understanding with access to networks and expert knowledge. We are ready to help Danish companies that need a partner on their AI journey.
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If you want to know more, please feel free to reach out to our dedicated advisors.