Humankind has been on the lookout to create wealth probably since the earliest settlements started taking shape. Nowadays, we mostly equate wealth with money but in fact, money is just a form of wealth. For people of the early ages, wealth may have been something much simpler like access to food and water. Similarly, even though the term startup was popularized in recent times, such endeavors have existed for centuries in one form or another.
Wealth creation has always been a popular and fascinating topic of discussion. It is the central point of numerous conversations. In contemporary times, this discussion becomes even more interesting as we enter the age of artificial intelligence.
Since this topic is so close to our heart at Openfabric, we felt it was appropriate to divide this discussion on ‘Wealth Creation in the Age of AI’ into a three-part blog series.
In today’s post, we try to understand how startups came to be regarded as the ultimate mode of wealth creation.
Part 2 is dedicated to understanding the important distinction between wealth and money.
In Part 3, we conclude the discussion with how the age of AI is set to bring about a massive change in all aspects of life and what impact it has on wealth creation.
Before moving on to the high-tech startup of today, let us dissect what a typical startup is all about. At the very core, a startup is all about solving a difficult problem. A small group of individuals come together and focus their time and energy on figuring out an optimal solution to this problem. They aim to address the pain points of their users in a manner that delivers an excellent user experience.
As opposed to larger corporations, startups are not weighed down by bloated organizational structures and lengthy decision-making processes. The small team size ensures an agile and quick response to problems and plays to their advantage.
Startups compress the typical working life cycle of a company into a few years. Instead of going slowly at a problem for decades, the team in a startup works countless hours at high intensity to come up with a running solution. Not surprisingly, this hard work pays off handsomely in terms of wealth creation.
An intriguing aspect of startups is how they innovate and figure out solutions that do not currently exist. One might say that what’s so special about creating something new? While on the outset this might not seem like a very difficult task but the truth is that the human mind finds comfort in following pre-existing patterns. There is an inherent resistance against trying out something new.
Therefore, thinking about a new idea and transforming that idea into reality is truly a great achievement of the human mind. At this point, it is pertinent to mention that all creations are not equal and some are more valuable than others. You can read about the three levels of creation in our separate blog post on the topic. Startups are so highly valued because they excel in creating new and innovative solutions. This not only makes them so special but in turn, this is precisely what leads to wealth creation.
It can be rightly said that the simplest blueprint for generating wealth is to build a startup that solves a real, technical problem.
If startups are the best way to create wealth then why doesn’t everyone do it? Here we must consider an important caveat – not all startups succeed. In fact, 9 out of 10 startups end up failing. It is typically an all-or-nothing game. If a startup manages to solve the problem successfully and get enough users that find value in the product then it is sure to go big. On the other hand, the chances of failure are very high.
The situation may seem dire and you might say that with such a high rate of failure, building or joining a startup is not worth the risk. But all is not lost. There is a way to increase the odds of success and this brings us to the role of technology. Disruptive technologies like AI have leveled the playing field and made the startup proposition much more attractive. The right tools like Openfabric have proven to be a total game changer. In Part 3, we take a deeper look at how technology has transformed the whole landscape for the better.
Competition in the startup world is intense. In order to succeed, a startup needs to be one step ahead of its competitors and this is only possible by using the right tools. Openfabric.ai empowers you by providing easy and hassle-free access to the world of artificial intelligence. With our platform, you can take your startup to the next level by utilizing the ideal AI tools for your use case.
Openfabric brings an AI ecosystem that works on the distributed ledger blockchain technology. Our platform provides layers and components in which everyone has quick, easy, low-cost, and hassle-free access to powerful AI algorithms and services that can quickly and easily be integrated with new products and services. This helps you in creating your new products by utilizing the power of artificial intelligence. Even if you are working as an individual or with a startup, we have something for everyone.
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With all this discussion revolving around wealth creation, we must ask the fundamental questions: what exactly is true wealth? Does it only translate to a sky-high pile of cash or some specific number in the bank account? Is there more to it? Head over to Part 2 of the series which answers these questions and addresses the difference between money and wealth.