Generative artificial intelligence (AI) tools like ChatGPT from Open AI and Microsoft Copilot are making it much easier to turn ideas into action. From improving productivity to assisting with coding to aiding in content creation, these technologies are changing the way we work.
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If you have a great idea, could generative AI help you turn it from paper-based theory into revenue-generating practice? Five business leaders share their thoughts on the role of the emerging technology.
1. Identify the business problem
Richard Wazatt, CEO of foreign exchange specialist Travelex, said the power of generative AI has to be seen in context: Experts can use emerging technologies to quickly scale new ideas, but other factors are also important.
“I think it's fashionable to start a new business now. I don't think it's gotten any easier,” he said.
Wasatz told ZDNET that technologies such as generative AI are putting the power of change in the hands of more professionals, but democratization also comes with challenges.
“As something becomes easier, everyone adopts it,” he said, suggesting that others will find it as easy to get into AI-powered innovation as you do.
Wazacz said experts need to focus on the end goal, not technical solutions.
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“The key to running a business is to find a problem that no one has solved before. It could be a small problem or a big problem,” he said. “You have to solve a problem that customers want solved and do it well. That's it. Scaling a new business model is hard, but I admire people who do it.”
2. Take calculated risks
Toby Alcock, CTO at Logicalis, recognized the inherent power of generative AI, especially when it comes to its ability to drive new business models.
“I think about this question a lot, because I've started, built and sold businesses,” he said.
Alcock said we're in “interesting times” where emerging technologies are opening up new possibilities. But he told ZDNET the watchword is caution: “There's a lot of potential, hype and money in the AI field. But it's still early days, and as we've seen with every hype cycle, there have been dead bodies strewn along the way in the past.”
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Alcock said technology is not the only issue, but that macroeconomic challenges and geopolitical instability are driving high inflation in many Western countries.
Experts recommend thinking carefully before jumping into any new business, even with the help of generative AI.
“The current monetary cost is pretty steep,” he says. “You can bet on generative AI for new ideas, but it's a calculated risk. You need to know if you can afford it if it doesn't pay off.”
3. Find the right balance
Tim Lancelot, head of sales enablement at technology specialist MHR, took a different stance: tough times reward risk-takers.
“I think the opportunities arise when the economy slows down a little bit. I got my master's in innovation and I think it's when the economy is slowing down or there's a recession that it becomes important. Necessity is the mother of invention,” he said.
“Some of the best businesses started during recessions. So, in tough times, businesses are born out of adversity. If you have something that works when the economy is sluggish, you're in a great position to benefit from growth.”
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Lancelot told ZDNET that generative AI could help innovators enter new fields by lowering the barrier to entry: “The initial investment could potentially be lower.”
But he's another business leader who said it's important to consider how generative AI has democratized access to emerging technologies.
“Remember, everyone has access to the same tools. Just as the barrier to entry is low for you, the barrier to entry is low for others,” he said.
“I think each generation has to make the most of the tools available to them and get the balance right between opportunity and risk.”
4. Use the right technology platform
Jesse Sobel, Freshpet's vice president of strategic growth initiatives, said exploring new business models is also part of his job.
“I am looking at commercial and internal initiatives to ensure we remain a leader in fresh pet food,” she said. “To this end, we are looking at different business models to ensure we remain a leader and we are also looking at the direct-to-consumer market.”
The move marks a new shift for Freshpet, which serves more than 11.5 million households through a network of 34,000 refrigerators installed primarily in retail stores.
Freshpet realized that the right technology platform could help the company explore new direct-to-consumer models, Sobel told ZDNET: Freshpet is using Ordergroove's Bundles Suite to create a flexible customer experience.
“This project is about using technology to meet the needs of pet owners. We need to take advantage of that opportunity,” she said.
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Freshpet continues to explore ways in which technology can improve its business processes, such as using Emplifi's AI-enabled Service Cloud to streamline its customer engagement processes.
“We have over 11.5 million consumers buying fresh produce, and we think that number could be as high as 42 million, so my job is really focused on, 'Where are the people we're not reaching?'” Sobel says. “I think about how we can reach that entire target market, and a lot of that work is enabled by technology.”
5. Stay focused on your goal
Manchester United's chief digital and information officer, Atik Qureshi, said the football club is looking at using AI in several areas, including content distribution and content moderation.
“There are lots of potential use cases, from helping fans get in touch with us to supporting frontline colleagues to do their jobs better,” Qureshi told ZDNET, adding that his team is looking at how AI can help moderate comments on fan forums and protect the club's brand.
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But they won’t be using emerging technologies such as generative AI to support new business models.
“That's something we don't do. Our role is, first and foremost, to win on the pitch and compete for trophies. Everything else is behind that, such as revenue generation, because that's what allows us to invest in football,” he said, outlining areas where other companies could benefit from using AI in new areas.
“Technology has always helped start-ups. AI may make it easier for smaller companies to compete, but I'm not sure if AI will make it easier to start new business models. Customers are attracted to products and services. So as long as you have a good service, that's all that matters.”
