Sam Altman’s rejection of a $97.4 billion offer for Open AI (maker of ChatGPT) by a consortium of investors led by Elon Musk is the latest twist in a long-running dispute between Musk and the Open AI CEO. Musk and Altman co-founded the startup as a nonprofit in 2015, but the relationship soured since Musk left the company in 2018. Altman is expected to restructure the company into a for-profit entity. However, his rejection of the offer does not necessarily mean that the proposed takeover is dead. OpenAI’s board will have a say and may favor a sale, especially if supply is increased.
Impact on SMEs
Not only is this an example of what can go wrong when relationships between SME founders and partners fail (and future insights will address this topic), but a Musk takeover could also have a significant impact on the development of artificial intelligence (AI). The technology’s benefits, particularly for SMEs, could also be affected by the UK government’s recently announced AI Opportunities Action Plan, which aims to make the UK an AI “superpower”. Local and regional authorities across the UK are being encouraged to transform their communities into dedicated centers for AI infrastructure development.
AI is not new
AI isn’t really that new. The first successful checkers and chess AI programs were written to run on a Ferranti Mark 1 machine at the University of Manchester in 1951. Early versions of AI were complex systems that could only be used by large companies that invested a lot of money. What is new, however, is the fact that recent technological advances mean that AI is now a powerful tool for small businesses of all sizes.
AI tools for small businesses
There are several AI solutions available for small and medium-sized businesses that could provide benefits such as improved productivity, reduced costs, and higher customer satisfaction. Some of the most common AI technologies that smaller businesses come across include chatbots to respond to customer issues, data analysis tools, and content creation services. However, adopting AI for smaller businesses is not without its challenges. Data can sometimes be of poor quality or out of date. Implementing AI systems can be time-consuming, especially if the company does not have the necessary in-house capabilities and needs to outsource. There may also be legal concerns regarding the collection of sensitive data by AI algorithms.
Automate routine tasks
Entrepreneurs can spend hours dealing with time-consuming everyday tasks, while AI tools can handle many routine tasks, allowing entrepreneurs to focus on more strategic thinking. Tools like otter And Wingman can transcribe conversations, although it is currently advisable to have all transcriptions checked by a human as accuracy and quality cannot be guaranteed. Diary management applications such as: Movement And Akiflow Use AI to create optimal daily schedules and be much more reliable in this type of task.
Many AI software solutions can create invoices, analyze financial data, and track employee expenses. The creation of content for marketing communication, research and writing SEO texts can also be simplified by using AI tools Grammaticallyalthough the quality of the final product can vary greatly. Tools such as ChatGPT You can generate content or suggest topics by analyzing your target audience’s interests.
There are also a series of Microsoft products called Copilot that come free with a standard business license of Microsoft Office. One is an AI platform that is “walled off” from everything else (there is a full version that has access to your Word and Outlook accounts). This iteration of Copilot could be a good place to experiment with AI in a relatively safe environment.
Customer service chatbots
One of the most common uses of AI in small businesses is customer service chatbots to handle routine questions. These tools help reduce pressure on human customer service agents and can act as a triage service. Many of these AI tools can also predict behavior so that a more personalized service can be offered. AI tools can also quickly analyze data so that companies can use it to create, customize or customize marketing campaigns and other strategic business activities. AI can also help make HR processes more efficient by writing job advertisements and descriptions, targeting suitable candidates through social media platforms such as LinkedIn, and automating the onboarding process for new employees.
Risks of AI use
The use of AI has obvious benefits for SMEs, but there are also certain risks associated with its implementation. If AI is part of the software you purchase or download, those creators are responsible for the use of AI in their product. If you use free AI tools or software in your company, it is important to review all AI products to ensure they are used ethically, safely, and compliantly.
AI sources content from the internet. Therefore, it is also important to ensure that your production does not infringe any patents, copyrights or trademarks. Likewise, security risks still exist in the form of phishing campaigns that may have been written using AI. Therefore, do not enter sensitive data or proprietary information into the system that could be used for content.
Customer trust is also important and disclosing the use of AI is becoming an expected best practice. Tools that detect AI-generated content can mark it as spam, which could negate future outreach efforts and increase customer resistance to your communications. Motion Paradox’s team of start-up business and legal advisors based in London and Los Angeles can work with you to review and evaluate messaging and outreach campaigns to ensure they are legally compliant and accurately reflect your company’s culture and principles.
