3 common challenges of AI startups – AI Boost 2021 on November 17-18 has the answers (Sponsored) Leave a comment
Artificial intelligence (AI) has taken the startup world by storm. According to the recent OECD report, the global annual value of VC investments in AI startups grew from $3 billion in 2012 to nearly $75 billion in 2020. While US and China might be taking the lead in the AI race, European countries are building up their ecosystem as well. Lithuania is no exception. Currently, there are over 1000 startups in Lithuania with 7% being AI startups. Although having an AI solution does not necessarily lead to being a unicorn, current investors and social interest have led to many more entrepreneurs thinking about building AI startups. But what exactly do you need to know as an AI startup?
On November 17-18, the international artificial intelligence conference AI Boost 2021 will gather global leaders and practitioners to answer this and many other questions. One of the tracks is focused specifically on AI for startups. Keynotes and panel discussions will talk about things you need to know as an AI startup. So, what are they exactly?
#1 Fundraising
Despite increased funding from VCs, startups still need to know how to navigate in the fundraising world. Many investors do not necessarily understand the AI space but want to follow the hype of artificial intelligence. AI startups need to learn to separate the wheat from the chaff in the AI VC world. “Can we attract investment for something like AI? Bullshit bingo VS real opportunities“ panel discussion will aim to cover just that. The topic will be discussed by Mindaugas Bružas (CEO & Co-Founder at Oxus.AI), Arvydas Bložė, (Investment Director at Practica Capital), Viktorija Vaitkevičienė (CEO at Coinvest Capital), Inga Langaitė (CEO at Unicorns LT).
#2 Marketing
Marketing for an AI startup can be a real challenge, especially if you want to move beyond buzzwords. AI startups have to learn to present a technical solution that almost no one understands. They need to show people without technical expertise how their AI solution is different from many out there. During the conference startups will be able to join fireside chat „If we do a lot of interesting stuff, so why don’t we speak about it“ with Martynas Rusteika, PR professional for tech companies, who works together with Lithuania‘s association of startups Unicorns LT.
#3 Data
AI solutions can quickly process massive amounts of data and detect a variety of patterns. But to do that, startups must own or have access to large amounts of data. If data and its accessibility itself is not the challenge, data security should be high on AI startup founders‘ agenda. Data is often the target of cyberattacks. This is especially important for sensitive information – people’s names, addresses, bank account numbers, etc. Failure to ensure cyber security for AI startups can lead not only to a reputational loss but also a financial one due to GDPR breaches.
Thus, AI startups should be able to answer the questions, whether they will have enough data to develop the idea and if they will be able to protect this data properly. What else do AI startups need to know about privacy and data processing? TRINITI JUREX Patent Attorney Aurelija Rutkauskaitė will deliver a keynote on this topic.
AI Boost will explore what’s available out there for AI startups with case studies, discussions between founders and investors, fireside chats with success stories and keynote presentations by experts in their field. You can now register for the conference for free.
The conference is organised by the Agency for Science, Innovation and Technology with the assistance of local and global AI ecosystems.
AI Boost is part of GovTech Lab Lithuania project at the Agency for Science, Innovation and Technology and has received funding from European Regional Development Fund. Number and name of operational programme measure: 01.2.1-LVPA-V-842 Inogeb LT.
