How can AI developments form the basis of new business projects?

Developments in artificial intelligence open up many new opportunities for us, no matter where we live or work. It is possible to create interesting and profitable business projects based on these developments, even living in a remote provincial town, YerevaNN Scientific Laboratory Director Hrant Khachatrian told NEWS.am Tech.

According to him, to create an interesting IT business project, you have to be well aware of the problems, for solving which people are willing to pay. Often, solving these issues does not require large investments, sophisticated equipment, and other things – sometimes ingenuity and creative thinking are enough to come up with and create a product, which may be of interest to many people in the IT world. What is more, such products can often be created based on already existing technologies and developments.

For example, an Armenian-American businessman used existing advances in artificial intelligence text generation to create a new tool for marketers. With this tool, marketers can generate advertising texts of any size and format: of course, a specialist will need to edit and “comb” the text created by the AI before using it in promotional materials, but the program will save him a lot of time – for a relatively small fee.

"How did the founder of this project come to create it? He realized that a tool like this could be created for marketers, and there would be a demand for it – and the marketer would be willing to pay for it. On the other hand, the founder saw that scientists had already developed the technology with which this idea could be implemented. He does not need to be a serious scientist in the field; he only needs to understand how the technology works and where it can be used. Then this technology can be turned into a profitable business," Hrant Khachatrian explained.

According to him, the technology used by the author of the tool for marketers is available to everyone today.

"We, sitting here, can use it, as well. We just need to understand what kind of product we can create on its basis so that some people will be willing to pay for it," he said.

To understand this, you first need to be familiar with the market and understand what the demand is or could be. If there is a good idea, it is feasible to implement it based on the developments you already have. It will also be possible to work on this idea anywhere in the world: according to the specialist, in Los Angeles, for example, there is nothing that would not be in Gyumri or any other city.