EY CEO: ‘Entrepreneurs are already unlocking generative A.I.’s value–and making a world of difference'
Since the moment generative artificial intelligence (A.I.) became available to the masses, it has seemed, to many, like the stuff of science fiction. From acing exams to emulating Grammy award-winning rappers–this technology’s stunning output makes it feel as though we’re approaching an unexpected step change in innovation. But it’s also racked up serious concerns, prompting some experts to call for a pause in the training of powerful A.I. systems, citing far-reaching risks to society, the economy, and beyond.
The reality, of course, is that there is no way to halt A.I.’s development. We’re just starting to imagine the potential of generative A.I.–as well as its risks.
So where should we be focusing our efforts? Collectively, we can drive the development of practical, trusted, and ethical generative A.I. technologies, accelerating innovations to solve societal and business challenges. Harnessed correctly, this technology will be game-changing.
Equally and importantly, we need tools that detect and manage legitimate threats around creation, such as ownership, bias, and misinformation, among others.
Entrepreneurs were made for this moment
While there may be a global race between countries and big tech companies to lead the development and application of generative A.I. technologies, entrepreneurs are uniquely placed to usher in the next phase of this tech’s applications and solutions.
I’ve seen some of this firsthand through the EY World Entrepreneur Of The Year program–which has advised, guided, and recognized entrepreneurs around the world for over 20 years–and saw 49 entrepreneurs compete for the “world” title this month. At least 18% of this year’s finalists are using various forms of A.I.–and we expect this percentage to increase in the future.
It almost seems as if generative A.I. has been created for entrepreneurs. The technology itself presents an innately low barrier to entry–pretty much anyone with this tech and a phone can become a start-up. For entrepreneurs, a technology that supports rapid prototyping and iteration is of immense value. It can be employed to easily test new business concepts or quickly build proof of concepts. Being an early adopter is a big advantage for entrepreneurs. This contrasts starkly with established companies, a growing list of which is banning employees from using generative A.I. technologies at work while they wrestle with the protection of sensitive customer data or proprietary code and other issues.
Today, much of the conversation on the generative A.I. race is around big tech and the elite A.I. specialists who are ultimately creating the technology. But the more technologically savvy entrepreneurs are already employing it, addressing societal and business issues around accessibility for people with disabilities, financial inclusion, legal assistance, and more. What’s clear to me is that for all their diversity, leading entrepreneurs share a defining quality: Where most people see problems, they see potential solutions–and act swiftly to bring them to market.
Powering innovation through an ecosystem
Entrepreneurs have always been at the forefront of disruption. Let’s be clear: Most of the generative A.I. technology has been created by tech startups. Generative A.I. is essentially a unique form of disruption that will revolutionize everything from tasks to industries. This requires rethinking the ecosystem.
Successful entrepreneurs are already connected with broad ecosystems–covering everything from funding sources, tech skills, networking, and talent. As entrepreneurs embrace this technology, they’re also closely reviewing their ecosystems–which may require bigger big tech partnerships and or vastly different alliances–to successfully scale their solutions.
Significant opportunities await entrepreneurs with enterprises as well. Right now, established companies are feeling like the generative A.I. conversations–and issues–are being pushed onto them. It’s important to keep in perspective that the technology isn’t even ready yet. But what’s clear is organizations need help in moving from the sidelines into experimentation and creation.
Many big companies lack the knowledgebase or agility to create and scale generative A.I. solutions on their own. Entrepreneurs are well placed to help–bringing agility, innovation, and specialized knowledge and enabling enterprises to leverage generative A.I. in a way that aligns with their business objectives.
While ecosystem thinking may not be new, the value that can be realized through the ecosystem will grow exponentially with generative A.I.
Agility and an inclination to disrupt the status quo have always made entrepreneurs natural change agents, but the breakneck pace of generative A.I. will only amplify these strengths, even more so than we saw in past eras. Fortunately, for entrepreneurs, the opportunity to make a difference is not only bigger–it’s more democratized than ever before.
Carmine Di Sibio is EY’s global chairman and CEO.
The views reflected in this article are the views of the author and do not necessarily reflect the views of the global EY organization or its member firms.
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