We recently covered some of the best business ideas using artificial intelligence. While the best business idea for you may vary depending on your skills and experience, we compiled the list based on the opinions of business experts. 18 Best AI Business Ideas for 2024.
Notable AI startups: at a glance
Anthropic, Databricks, and Abridge are some of the leading AI startups. Let's take a look at their products and market position. The world's largest publicly traded AI company.
Anthropic is a US-based artificial intelligence company. Dario and Daniela Amodedi serve as CEO and President. The company is an AI safety and research company focused on developing safe AI systems. On March 20, Anthropic announced that it would partner with Amazon Web Services (AWS) and Accenture plc (NYSE:ACN) to develop solutions for enterprises. Accenture plc's (NYSE:ACN) 1,400 engineers are being trained to help organizations fine-tune Anthropic's AI models deployed on AWS. Anthropic's AI model, Claude, has already been deployed at the District of Columbia Department of Health. The model can create custom chatbots, also known as Knowledge Assist, and is offered through Amazon Bedrock. On March 27, CNBC announced that Amazon.com, Inc. (NASDAQ:AMZN) would invest an additional $2.75 billion in Anthropic, bringing its total investment to $4 billion. Anthropic's latest valuation values the company at $18.4 billion.
Databricks is another prominent artificial intelligence company based in California, USA. The data analytics company hosts a cloud-based platform that enables businesses to build, deploy, and manage data and AI models. On September 12, 2023, the company announced that it had raised $500 million in Series I funding, valuing it at $43 billion and priced at $73.50 per share. On March 19, Databricks announced the incorporation of Lilac, a scalable data search, clustering, and data analysis tool to more easily evaluate data using AI. Lilac evaluates the output from large language models to facilitate the preparation of unstructured datasets for model training. The integration enables customers to build generative artificial intelligence applications using their data.
Founded in 2018, Abridge is a generative artificial intelligence company for clinical conversations. This AI can convert clinical conversations between patients and medical professionals into clinical notes in real time. Abridge can recognize and curate notes in more than 14 languages and has more than 50 specialties. On February 23, Reuters reported that Abridge 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's momentum is not stopping. On March 19, Abridge announced a partnership with NVIDIA Corporation (NASDAQ: NVDA). Abridge will leverage NVIDIA Corporation's (NASDAQ: NVDA) resources and underlying models to deploy generative AI models that improve clinical procedures. With multiple conversations taking place in clinical settings, it is very difficult to collate all the information. Abridge aims to fill the gaps in missing data, and NVIDIA Corporation (NASDAQ: NVDA) will help it achieve this goal.
AI-driven business mindset
Samantha North is a blogger who moved from the UK to Portugal in 2020. On September 12, 2023, Business Insider reported that she earned $115,000 from her blog website in 2022. Samantha said that she uses artificial intelligence to populate her blog and leverages ChatGPT to extract and test ideas. ChatGPT also helps Samantha analyze her content strategy. Her website has a section dedicated to AI tools under “AI Mastery”. She started her AI journey with Jasper, but switched to ChatGPT because Jasper was focused on marketing content. Eventually, she purchased ChatGPT Plus for $20 per month. Samantha is currently using Claude 2 because she finds it easier to use and very clean and direct. She still uses ChatGPT because she trained it to model to adapt to her tone and voice.
Sultan Ali is a 25-year-old Pakistani resident. He is an AI content editor who began his journey when he was using ChatGPT to help him complete his classes and homework. While completing his MBA, he used ChatGPT for assistance but started editing to give his content a human touch. He started offering AI content editing services on Fiverr in March 2023. On February 26, Business Insider reported that Sultan has completed over 150 assignments so far, generating over $3,500 in part-time side income.
How incumbents are using AI to transform their services
Salesforce, Inc. (NYSE:CRM) and Adobe Inc. (NASDAQ:ADBE) are rapidly incorporating artificial intelligence into their products. Let's take a look at their features.
Salesforce, Inc. (NYSE:CRM) offers a range of AI tools to help small business owners launch their businesses. The Einstein 1 platform, a conversational AI assistant for CRM, offers a wide range of predictive and generative AI tools, allowing business owners to develop and deploy AI experiences in Salesforce. Einstein 1 makes more than 215 billion predictions every day. According to the latest update to Einstein 1, the platform now offers knowledge creation tools, search tools, sales summaries, and call exploration tools. These tools help extract key information from calls, summarize interactions, summarize sales records, and forecast strategies. On April 25, Salesforce, Inc. (NYSE:CRM) announced that it is introducing new tools in Einstein AI to improve seller productivity and enhance the use of generative AI. The Copilot Analytics tool can analyze the performance of Einstein Copilot. Copilot can also suggest actions to help individuals complete tasks more efficiently. Other tools for salespeople include guidance, forecasting, follow-up emails, and call surveys.
Adobe Inc. (NASDAQ:ADBE) is a software company with a full range of creative applications. In addition to a suite of creative apps, it also offers AI products such as Adobe Firefly, Adobe Express, Acrobat AI Assistant, and Adobe GenStudio. Adobe Firefly is capable of image generation. The latest Adobe Firefly Image 3 model allows you to generate images, add images, remove images, and enhance content. It also works with the Photoshop beta version. Meanwhile, Adobe Express is an all-in-one content creation application that lets you create social media posts, images, videos, and flyers. It also has editing capabilities that allow you to edit PDFs. Adobe Inc. (NASDAQ:ADBE)'s AI Assistant for Acrobat allows you to extract content summaries and key information in response to search queries. Adobe GenStudio is an all-in-one product for marketers who want to run cross-channel campaigns. The platform can generate branded content using AI. It also offers templates and AI-powered content review tools for marketers. It also offers a variety of tools to help you create content that is easy to use. Top alternatives to Adobe Creative Cloud in 2024.
Now that we've discussed AI-powered entrepreneurship, let's take a look at the best AI business ideas for 2024. Cutting-edge AI assistant.
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Our Methodology
We consulted more than 10 rankings and reports on the Internet to compile this list of the 18 best AI business ideas for 2024. We selected and ranked the business ideas featured in 50% of the sources.
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Best AI business ideas for 2024
AI A/B Testing
Starting an AI-powered A/B testing business 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 their AI tests. On November 9, 2023, Evolv AI announced that it had closed a new equity round worth $13.3 million, bringing its total funding to $23.3 million.
To learn more about other AI business ideas that fit your skillset, read our free report. 18 AI Business Ideas for 2024.
If you're looking for AI stocks that are as promising as Micron but trade at less than five times earnings, check out our report. Cheapest AI Stocks.
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Disclosures: None. This article originally appeared on Insider Monkey.
