In the upcoming age of AI, two very different classes of companies appear well-positioned to leverage AI’s capabilities: startup ventures and multi-billion-dollar giant corporations. Promising AI startups are being launched at an increasing pace in areas like health care, finance, retail, media and cross-industry tech, to name a few. And alongside tech giants like Google or Microsoft, traditional large corporations are employing AI to digitalize their business model and processes. Examples of AI-driven automation and augmentation range from automated customer loan approval and smart infotainment systems at car manufacturer Daimler to predictive maintenance at oil and gas behemoth Shell and AI-assisted medical image reading at industrial manufacturer Siemens. Corporate AI innovation is fairly concentrated with the top-10 patenting firms in the world accounting for more than 15% of AI patents in the period 2011 to 2016.
How Midsize Companies Can Compete in AI
Joint AI ventures can help them keep up with giants and startups alike.
September 06, 2021
Summary.
Artificial intelligence (AI) as an upcoming general-purpose technology is poised to create many new business opportunities and to disrupt entire industries. Startups and large corporations are seizing AI opportunities and strengthening their position. But what about midsize companies that often lack access to big data and AI talent? These midsize firms risk being left behind in the age of AI. As a remedy, these firms should consider pooling their data and talent in joint AI ventures.