Why artificial intelligence is set to be a game changer for businesses in 2023, according to 7 founders
Helm/PorchPals/Meiggs Media
- Insider surveyed 68 founders for their 2023 business predictions.
- The most common theme was artificial intelligence and how they thought it would be used this year.
- Seven founders explained how they thought AI would affect and disrupt their industries.
If you've seen artificial-intelligence-generated selfies of your friends and colleagues on social media in the past month, you could be witnessing the trajectory of AI.
Last year, AI companies received $1.37 billion in venture capital — more than in the previous five years combined, according to PitchBook.
Insider surveyed 68 founders for their 2023 predictions and the industries they believed would gain market value in the coming year. They mentioned innovations in healthcare, wellness, and supply chains, but the most common trend was AI. Many said they expected the technology to change and disrupt their sectors.
Austin Drabik, a cofounder of the hiring-technology company Helm, said AI would have widespread adoption this year.
"We're seeing exponential growth in this space already, but the value and benefits are becoming more and more clear for its application to nearly every other industry," he said.
Here's why founders are talking about AI and how they think it will be used in 2023.
AI is maturing
Aabesh De, the founder and CEO of the plant-care app Flora, believes internet technology, including AI, augmented reality, and virtual reality, will gain market value in 2023.
"We're starting to see initial signs of widespread consumer interest and education for these industries, which are finally breaking out of their 'early adopter' molds," he said.
Drabik believes that user experience is the key differentiator. For example, generative-AI technologies like ChatGPT and Dall-E 2, which can create extensive text and realistic images, are easier to use than Web3, he said.
"This is one of the core detractors of Web3: The user experience has a ton of friction, and the value isn't immediately clear to a nontechnical person."
It could have an outsize effect on healthcare
Many founders believe we'll see significant advancements in healthcare using AI and similar technologies.
Katie Wilson, a cofounder and the CEO of the vegan-snack brand BelliWelli, believes AI and robots will be at the forefront of the industry.
"As we continue to steer out of the aftermath of the COVID-19 pandemic, and as technology advances, I think we will see a dramatically changed landscape in the world of healthcare," she said.
Naveen Jain, the founder and CEO of the biotech company Viome, believes that AI will become a crucial part of the healthcare industry.
"Convergence of data from various omics and AI is allowing us to understand what biological processes are changing at the onset and progression of chronic diseases, cancer, and even aging," he said.
AI may speed up processes across industries
Founders also see AI as a way to boost productivity and efficiency in their businesses. For example, James Moore, a cofounder of the insurance-subscription service PorchPals, said AI could resolve some of the hiring issues from the past few years.
"Between the Great Resignation during COVID lockdowns and overhiring in tech, services are back," he said. "Simple tasks can now be met with smart AI software and systems."
Thomas Henry Murray, a cofounder of the food-and-beverage company Waterdrop, said AI could be used for generating text, image, audio, and video content.
"Many new tools, companies, and frameworks will evolve, and the overall quality of services and speed will increase drastically," he said.
Brian Meiggs, the founder of the media company My Millennial Guide, said rapid advances in artificial intelligence, data analytics, and machine learning could transform how businesses operate and disrupt industries.
"As these technologies become more sophisticated, they will enable companies to increase their efficiency and boost profits," he said.
If you're a founder with insight on this topic, please reach out to this reporter at jortakales@insider.com.
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