Strategies for Building a Successful AI Startup: Specialize First, Monetize Data, and Move Up the Value Chain
• Build an accurate cost model upfront to avoid spiraling costs - decide between using cloud AI or building your own tech stack
• Focus on a specific customer need and industry vertical rather than general AI
• Start narrow then expand - solve a narrow problem really well before expanding
• Monetize data as an asset - data holds inherent value so build that into your model
• Move up the value chain - build vertical solutions rather than horizontal enabling tech to capture more value