In the healthcare, life sciences, and other sectors brimming with potential, AI-first companies are making strides. These companies focus on advancing AI as a science, and their impact can be far-reaching. This article uncovers six critical steps for these companies to establish a strong foothold in their industries.
Understanding AI-first and AI-enabled companies
It's important to distinguish between AI-first and AI-enabled companies. While the latter focus on implementing and distributing AI solutions, AI-first companies are forging ahead, breaking new ground in the science of artificial intelligence. This distinction is crucial for founders as it shapes their recruiting strategies, investor partnerships, capital needs, and business models. AI-first companies require more in-depth AI research expertise, investors with a long-term perspective, significantly more capital, and possibly unconventional business models than their AI-enabled counterparts.
The superior impact of AI-first companies
The reach and influence of AI-first companies are expected to outshine that of AI-enabled companies. Thanks to their commitment to advancing AI as a science, AI-first companies can expect higher financial returns and more resilient competitive barriers. This doesn't mean that AI-enabled companies are less important, but they operate on a different spectrum. For AI-first companies, the rewards of their endeavor can justify the immense effort and resources required.
Cultivating a data advantage
A defining characteristic of AI-first companies is their relentless quest for data. They employ innovative methods to acquire data sustainably, going beyond simply amassing large datasets. They create 'designer datasets' that are uniquely tailored to deliver high performance on specific tasks. These datasets are not readily found in public and are machine-readable, scalable, and not merely the byproducts of system processes. They provide a unique competitive advantage, allowing AI-first companies to maximize their AI models' performance and generate market-defining solutions.
A cornerstone of an AI-first company's strategy is their team of AI scientists. These specialists should be at the helm, leading the company's efforts to pioneer new advancements in the field. By empowering these experts, AI-first companies can capitalize on their unique insights to refine their AI models and deliver groundbreaking solutions. This recruitment strategy underpins the company’s positioning as an AI-first entity and sets the stage for a sustained competitive advantage in the industry.