40% of European “AI” startups don’t actually use any artificial intelligence, according to a recent study. Taking a technology-centered approach to AI and selecting a vendor simply because they claim to use the latest AI techniques has led to many failed companies and projects. Companies and decision makers need to be wary about the hype surrounding AI and learn how to best approach artificial intelligence.
Coming in as the top technology in our Lux 19 for 2019 report, all innovation indicators point towards a massive amount of interest in AI and related technologies like machine learning and deep learning. Last year alone, more than $25 billion in global VC funding went into AI startups threatening to displace incumbents in industries as diverse as automotive to pharmaceuticals. Moreover, major tech companies like Google have shifted from a mobile-first strategy to an AI-first strategy, prioritizing AI above all other technologies and platforms.