We recently discussed some of the best artificial intelligence business ideas. While the best business idea for you may depend on your skill set and experience, we curated a list based on opinions from business experts. You can check out our free report on 18 Best AI Business Ideas in 2024.
Prominent AI startups: At a Glance
Anthropic, Databricks, and Abridge are among the leading AI startups. Let’s take a look at their offerings and their position in the market. You can also take a look at the biggest publicly traded AI companies in the world.
Anthropic is an artificial intelligence company based in the United States. Dario and Daniela Amodedi represent the company as CEO and president. The company is an AI safety and research company focused on developing safe AI systems. On March 20, Anthropic announced a partnership with Amazon Web Services (AWS) and Accenture plc (NYSE:ACN) to develop solutions for enterprises. 1,400 engineers at Accenture plc (NYSE:ACN) are being trained to facilitate organizations in fine-tuning Anthropic’s AI models deployed on AWS. Claude, Anthropic’s AI model, is already deployed at the District of Columbia Department of Health. It can create a custom chatbot, also referred to as Knowledge Assist, and is provided through Amazon Bedrock. On March 27, CNBC announced that Amazon.com, Inc. (NASDAQ:AMZN) was set to invest an additional $2.75 billion in Anthropic, bringing their total investment to $4 billion. As per Anthropic’s last valuation, the company is valued at $18.4 billion.
Databricks is another prominent artificial intelligence company based in California, United States. The data analytics company hosts a cloud-based platform that facilitates enterprises in building, deploying, and governing data and AI models. On September 12, 2023, the company announced its series I funding worth $500 million, bringing its valuation to $43 billion and a price per share of $73.50. On March 19, Databricks announced the inclusion of Lilac, a scaleable data search, clustering, and data analysis tool, to evaluate data more easily using AI. Lilac can evaluate the output from large language models to facilitate the preparation of unstructured datasets for model training. The integration will help customers build generative artificial intelligence applications using their own company data.
Abridge, founded in 2018, is a generative artificial intelligence company for clinical conversations. The AI is capable of converting clinical conversations between patients and medical professionals into clinical notes in real-time. Abridge is able to recognize and curate notes in over 14 languages and has more than 50 specialties. On February 23, Reuters reported that Abridge had raised $150 million in a Series C round, bringing its valuation to a staggering $850 million. The funding was led by Lightspeed Venture Partners and Red Point Ventures. Abridge does not stop here. On March 19, Abridge announced a collaboration with NVIDIA Corporation (NASDAQ:NVDA). Abridge will leverage NVIDIA Corporation’s (NASDAQ:NVDA) resources and foundational models to deploy generative AI models that improve clinical procedures. With multiple conversations happening in a clinical setting, it is quite challenging to collate all information. Abridge aims to bridge the gap of missing data and NVIDIA Corporation (NASDAQ:NVDA) will help the company achieve this objective.
AI-Backed Business Minds
Samantha North is a blogger who moved from the United Kingdom to Portugal in 2020. On September 12, 2023, Business Insider reported that she made $115,000 in 2022 from her blogging websites. Samantha stated that she uses artificial intelligence to type out her blogs and leverages ChatGPT to extract and test ideas. ChatGPT also helps Samantha analyze her content strategies. She has a dedicated section on AI tools on her website under “AI Mastery.” While she started her AI journey from Jasper, she switched to ChatGPT as Jasper focused more on marketing content. Eventually, she purchased ChatGPT Plus for $20 a month. Samantha now uses Claude 2 since she believes it is easier to use and is very clean and direct. She still uses ChatGPT as she has trained to model to adapt to her tone and voice.
Sultan Ali is a 25-year-old based in Pakistan. He is an AI content editor who started his journey when he was using ChatGPT to do his classwork and homework. While he was completing his MBA, he used ChatGPT for assistance but began to edit content to give it a human touch. He started offering AI content editing services on Fiverr in March 2023. On February 26, Business Insider reported that Sultan had completed over 150 assignments to date and generated over $3,500 in part-time side income.
How Are Existing Companies Transforming Their Offerings with AI
Salesforce, Inc. (NYSE:CRM) and Adobe Inc. (NASDAQ:ADBE) are integrating artificial intelligence in their offerings at a rapid pace. Let’s take a look at their features.
Salesforce, Inc. (NYSE:CRM) offers a range of AI tools that may help small business owners set up their ventures. The Einstein 1 Platform, a conversational AI assistant for CRM, offers a range of predictive and generative AI tools allowing business owners to develop and deploy AI experiences in Salesforce. Einstein 1 delivers over 215 billion predictions every day. As per Einstein 1’s latest update, the platform now offers knowledge creation tools, search tools, sales summaries, and call exploration tools. These tools help business owners extract important information from calls, summarize interactions, summarize sales records, and forecast strategies. On April 25, Salesforce, Inc. (NYSE:CRM) announced the launch of new tools in Einstein AI to improve seller productivity and enhance the use of generative AI. The Copilot Analytics tool is capable of analyzing the performance of Einstein Copilot. The Copilot is also able to suggest actions to help individuals complete tasks with greater efficacy. Other tools specifically for salespeople include guidance, forecasting, follow-up emailing, and call exploration.
Adobe Inc. (NASDAQ:ADBE) is a leading software company with a complete suite of creative applications. In addition to its suite of creative apps, the company also offers a range of AI products including Adobe Firefly, Adobe Express, Acrobat AI Assistant, and Adobe GenStudio. Adobe Firefly is capable of generating images. Using the latest Adobe Firefly Image 3 Model, individuals can generate images, add images, remove images, and expand content. It is also functional in Photoshop beta. Adobe Express, on the other hand, is an all-in-one content creation application that is capable of producing social media posts, images, videos, and flyers. It also holds editing capabilities allowing individuals to edit PDFs. Adobe Inc.’s (NASDAQ:ADBE) AI assistant for Acrobat allows individuals to extract summaries of content and important information in response to search queries. Adobe GenStudio is an all-in-one product for marketers willing to execute cross-channel campaigns. The platform can generate on-brand content using AI. It also offers marketers templates and AI-backed content review tools. You can also take a look at the top alternatives to Adobe Creative Cloud in 2024.
Now that we have discussed AI-backed entrepreneurship, let’s take a look at the best AI business idea in 2024. You can also read our piece on the most advanced AI assistants.
A close-up of a laptop with a software engineer coding on the monitor.
Our Methodology
To gather a list of the 18 best AI business ideas in 2024, we consulted over 10 rankings and reports on the internet. We picked the business ideas that appeared in 50% of our sources and then ranked them.
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The Best AI Business Idea in 2024
AI A/B Testing
Starting an A/B testing business backed by AI is a great option for budding entrepreneurs. Evolve AI is an example of an artificial intelligence company that offers AI A/B testing. The tool helps marketers build, deploy, analyze, and optimize AI tests. On November 9, 2023, Evolv AI announced the closing of a new equity round worth $13.3 million, bringing its total funding to $23.3 million.
To learn about other AI business ideas that align with your skill set, read our free report on the 18 best AI business ideas in 2024.
If you are looking for an AI stock that is as promising as Micron but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published on Insider Monkey.