Artificial intelligence (AI) is not just a buzzword; it’s reshaping industries in profound ways. Since the debut of ChatGPT, AI has captured the attention of business leaders and consumers alike. Advancements in artificial intelligence are profoundly influencing the future of nearly every industry, driving forward new developments and transforming how we live and work.
Generative AI, in particular, has broadened AI’s capabilities and appeal, opening up a new realm of possibilities.
In this article, tech co-founders from DAPPA, a generative AI-driven fashion technology startup, share their experiences, insights, and the lessons they’ve learned since launching an AI business.
AI’s role in business is still in its infancy
While AI has been around for years, its impact is now becoming more apparent across industries. Its potential for complete paradigm shifts in business is enormous. However, while AI has shown impressive growth, it has yet to translate into substantial revenue increases across all industries. Companies have poured significant investment and marketing into AI, but the economic payoff remains modest for now.
The real value of AI will likely be seen as foundational models are applied to specific markets through tailored use cases. Foundational models in AI refer to large deep-learning models trained on vast datasets. These large-scale adaptable models which can produce a variety of outputs, can be the foundation for many applications of the AI model.
For us, this means using image-generation models to revolutionise the fashion industry. By developing a virtual try-on tool, us is aiming to enable customers to visualise clothing on themselves without physically wearing it. This application of AI has huge potential to transform how consumers interact with fashion.
Dev and his team expect that over the next five years, tailored AI applications like these will drive significant revenue growth and increase valuations across various industries. AI’s true impact, he suggests, will not come from general applications but from specific solutions that directly address unique business needs.
AI models are complex and require significant focus on R&D
Creating custom AI models is much more challenging than initially anticipated. Unlike traditional startups, where development may be more straightforward, AI businesses require significant time and resources in research and development.
For us, this meant investing in the refinement of their Virtual Try-On (VTON) technology. Despite the difficulties, the results are rewarding, with each advancement bringing them closer to a product that genuinely resonates with users.
Balancing innovation with market relevance
Launching an AI business has taught these founders the importance of staying competitive on multiple fronts. It’s not enough to develop a great product; companies must also excel in distribution and continuously innovate to stay ahead. The tech landscape is highly competitive, and a new disruptor can emerge at any moment. To succeed, companies must stay focused on future trends and aim to turn visionary ideas into practical solutions.
Understanding the needs of stakeholders
Working in AI means dealing with various stakeholders, from investors to partners to end-users. us’s co-founders have learned that it’s essential to communicate the potential and limitations of their technology effectively. Investors are often excited about AI’s possibilities but need realistic timelines and a clear understanding of how the product will generate value.
Personal growth and resilience
Launching an AI business is a journey that tests both personal and professional resilience. DAPPA’s founders have developed a deeper appreciation for the process of technological innovation and learned to navigate setbacks with a growth mindset. They’ve found that flexibility, persistence, and a willingness to learn from mistakes are vital to building a successful business.
How to leverage AI for positive change
Beyond profits, the founders believe that AI can play a crucial role in making the world a better place. AI’s ability to process large volumes of data can help businesses make more informed and sustainable decisions. In fashion, for instance, AI can optimise supply chains to reduce waste and improve resource management, which has a direct impact on the environment. With us, customers will be able to see how clothing looks on them without trying items on, reducing fast fashion waste.
Furthermore, AI can democratise access to technology, allowing businesses of all sizes to leverage sophisticated tools that, previously, was only available to large corporations. For us, this means creating tools that empower both consumers and designers, making fashion more accessible and inclusive.
The long and short of it
The journey of launching an AI business is filled with both challenges and opportunities. As AI continues to evolve, so too will its applications. Those who can harness its power effectively will be well-positioned to lead the industries of tomorrow. us founders hope to inspire other entrepreneurs to consider AI as a tool for not just growth but meaningful change.
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