Chelsie  Towne

Chelsie Towne

1596679611

Three Crucial Lessons For Launching an AI Startup

Let me be upfront: I was the technical co-founder of an AI startup and it failed.

PharmaForesight was an AI startup in the pharmaceutical business intelligence industry. Here was our elevator pitch:

“The rate of return for pharmaceutical companies on their R&D is currently below their cost of capital — therefore it is becoming less profitable for pharmaceutical companies to invest in innovative drugs. To decide what clinical trials to conduct, the likelihood of approval is a crucial metric which is currently being calculated in a very subjective and biased way. Our AI algorithm can estimate this figure much more accurately, saving time, money and ultimately benefits patients.”

PharmaForesight failed despite following much of the best practices associated with startups.

We had a strong team and iterated fast using a lean startup strategy. We conducted just shy of 100 interviews with a variety of different stakeholders to identify the early adopters and validate demand for our product. After only four months, we partnered with the global portfolio management office of a large pharmaceutical company that paid us to build our model and we retained all of the IP.

But ultimately, things didn’t work out—due to some bad luck but also poor judgments. AI startups require subtly different strategies and approaches to Software-as-a-Service (SaaS) startups — these aren’t widely appreciated. My aim in writing this article is to tell you about our mistakes so you don’t make the same ones.

#artificial-intelligence #venture-capital #startup #machine-learning #ai

What is GEEK

Buddha Community

Three Crucial Lessons For Launching an AI Startup
Chelsie  Towne

Chelsie Towne

1596679611

Three Crucial Lessons For Launching an AI Startup

Let me be upfront: I was the technical co-founder of an AI startup and it failed.

PharmaForesight was an AI startup in the pharmaceutical business intelligence industry. Here was our elevator pitch:

“The rate of return for pharmaceutical companies on their R&D is currently below their cost of capital — therefore it is becoming less profitable for pharmaceutical companies to invest in innovative drugs. To decide what clinical trials to conduct, the likelihood of approval is a crucial metric which is currently being calculated in a very subjective and biased way. Our AI algorithm can estimate this figure much more accurately, saving time, money and ultimately benefits patients.”

PharmaForesight failed despite following much of the best practices associated with startups.

We had a strong team and iterated fast using a lean startup strategy. We conducted just shy of 100 interviews with a variety of different stakeholders to identify the early adopters and validate demand for our product. After only four months, we partnered with the global portfolio management office of a large pharmaceutical company that paid us to build our model and we retained all of the IP.

But ultimately, things didn’t work out—due to some bad luck but also poor judgments. AI startups require subtly different strategies and approaches to Software-as-a-Service (SaaS) startups — these aren’t widely appreciated. My aim in writing this article is to tell you about our mistakes so you don’t make the same ones.

#artificial-intelligence #venture-capital #startup #machine-learning #ai

How This Startup Is Using AI For Talent Acquisition

Talent acquisition is one of the significant challenges that companies across all the major domains face. Even if the right candidate is hired, retaining them is another challenge that companies have to deal with. Companies are now exploring new-age technologies such as AI to deal with this crisis. And, to facilitate these intelligent solutions are startups such as Eightfold, which claims to be the industry’s first talent intelligence platform built for enterprises to address talent acquisition and management holistically.

Founded by Ashutosh Garg and Varun Kacholia who have extensive experience in building AI programs in large technology companies, wanted to apply the experiences learnt in AI into talent acquisition. That’s how Eightfold AI was born to use AI to provide the best career to everyone. The team currently has 200 employees with a strong tech team.

Analytics India Magazine got in touch with Vinodh Kumar Ravindranath, Head of Artificial Intelligence at Eightfold.ai to understand more about their AI game for talent acquisition and how they stand different from other players.


“It is the first talent intelligence platform that large companies have for the whole employee lifecycle starting from screening to layoff avoidance,” he said.


#startups #eightfold ai #eightfold ai startup #ai

Otho  Hagenes

Otho Hagenes

1619511840

Making Sales More Efficient: Lead Qualification Using AI

If you were to ask any organization today, you would learn that they are all becoming reliant on Artificial Intelligence Solutions and using AI to digitally transform in order to bring their organizations into the new age. AI is no longer a new concept, instead, with the technological advancements that are being made in the realm of AI, it has become a much-needed business facet.

AI has become easier to use and implement than ever before, and every business is applying AI solutions to their processes. Organizations have begun to base their digital transformation strategies around AI and the way in which they conduct their business. One of these business processes that AI has helped transform is lead qualifications.

#ai-solutions-development #artificial-intelligence #future-of-artificial-intellige #ai #ai-applications #ai-trends #future-of-ai #ai-revolution

Observe.ai Raises $54 Million Series B Funding To Fuel The Next Phase Of Growth

One of the leading AI-based call-centre startups, Observe.ai announced that the company has closed a $54 million Series B round of funding led by Menlo Ventures, with participation from Next47 Ventures, and NGP Capital.

According to sources, with the help of this funding, the company will expand its go-to-market programs in both the Indian and US offices and will continue to invest in the research and development to add further capabilities in various areas, such as real-time coaching, omnichannel support, and interaction analytics.

Founded in 2017 by Sharath Keshava Narayana, Swapnil Jain and Akash Singh, Observe.ai is a voice AI platform that transforms customer experiences as well as improves agent performance by helping top brands to analyse calls and streamline quality assurance workflows. The company utilises various techniques like agent assistance, automatic speech recognition, and Natural Language Processing (NLP) to make advancement and improve the call quality.

#news #ai startup #call centre startup #observe.ai #startup funding #ai

George  Koelpin

George Koelpin

1602255900

Amsterdam And Helsinki Launch Open AI Registers

Amsterdam and Helsinki both launched an Open AI Register at the Next Generation Internet Summit. According to sources, these two cities are the first in the world that are aiming to be open and transparent about the use of algorithms and AI in the cities.

Currently, in the beta version, Algorithm Register is an overview of the artificial intelligence systems and algorithms used by the City of Amsterdam. The register is an effort to show where the cities are currently making use of AI and how the algorithms work.

Jan Vapaavuori, Mayor of Helsinki stated, “Helsinki aims to be the city in the world that best capitalises on digitalisation. Digitalisation is strongly associated with the utilisation of artificial intelligence. With the help of artificial intelligence, we can give people in the city better services available anywhere and at any time. In the front rank with the City of Amsterdam, we are proud to tell everyone openly what we use Artificial Intelligence for.”

#news #ai register #amsterdam ai #helsinki ai #open ai register #ai