“And we have managed to contribute over half a billion to UK economy… for every pound that the taxpayer has paid, we have returned 14x. So they’ve received 14 pounds in return for every pound.”
An eye-opening and engaging episode with Applied AI Lead at Tech Nation, Sam Beni. With experience in deep tech, from autonomous vehicles, to renewable energy and VR, Beni shares his thoughts on AI’s emergence and exponential growth.
Slow AI Adoption in Private UK Businesses
“… We’ve seen the data. Even the UK companies, private UK companies, around 27% of them today actually utilize AI in some sort of capacity… They are not even up to 50%. So we’ve got a long way to go. Many of the companies that we’ve worked with, they look into how they can utilize AI solutions, but in fact are not AI first”.
“It’s quite hard to differentiate between an AI company, and a non-AI company. We’ve gotten many tech companies that they, again, perhaps tagged themselves as an AI company, but are ultimately just utilizing a third-party ap plication, which is an AI solution.
High AI Project Failure Rates of Legacy Businesses
“Unfortunately, we get really high turnover of AI projects within legacy businesses. Why? Because they try to connect to things that don’t connect. They need to first understand where they can use their data, how they can use [it], what kind of AI solution on what AI-specific area they can utilise it.”
“… It’s all about what kind of problem you want to solve”.
Excitement For The Future of AI
“Perhaps, you know, 10 years down the line, you don’t even know the terms that we’re going to use for certain solutions or certain technologies that AI was the precursor to… That’s the exciting part, because it’s quite exponential”.
“And as soon as we are utilising these really smart, perhaps intelligent solutions to augment our decision-making, augment our capabilities, we 100x our capabilities. We increase our compute capabilities quite massively to be able to come up with new solutions”.
Even More on Deep Tech & Victories in the AI space
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