Understanding AI and Wealth Creation in a Startup

If we look back in history, humankind has always been on the path to wealth creation in a startup of any kind. Although people did not know them as startups then, they still had the same foundational idea. This can probably be traced back to when the earliest settlements started taking shape. However, nowadays we mostly equate wealth with money when money is, in fact, just a form of wealth.

When you consider the people of the early ages, let’s say neanderthals, we will see that wealth may have been something much simpler like access to food and water. The basic idea behind wealth creation was solving problems for oneself or for others.

Similarly, such endeavors have existed for centuries in one form or another. However, these days people may come together to carry out such endeavors together. A person or group of people form what we know today as a startup.

Why AI and Wealth Creation in a Startup?

Wealth creation has always been a popular and fascinating topic of discussion in many circles. 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 heart at Openfabric, we decided to divide this discussion on ‘wealth creation in a startup in this Age of AI’ into a three-part blog series. Be on the lookout for the later articles, as each one unveils something useful at the end.

In today’s post, we will understand how startups came to be widely known 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. In addition, we will see the impact it has on wealth creation.

For now, let us dive into the details of AI and wealth creation

How to begin Wealth Creation in a Startup?

There are two most important things you must do in the beginning in a startup to create wealth.

Enter The Startup

We would all agree that a journey of a thousand miles begins with a step. Joining or creating a startup is the first step to wealth creation using AI.

However, the idea of what a true startup is can be a little tricky to grasp. Before moving on to the high-tech startup of today, let us talk about what a typical startup is.

What is a startup?

A startup consists of a small group of individuals who come together, focus their time and energy on figuring out an optimal solution to a problem. At the core of it, a startup is all about solving a difficult problem. These highly professional group of people aim to address the pain points of their users to deliver an excellent user experience.

Startups vs large corporations

To get a bigger and better picture of what a startup is, it is best that we compare startups and bigger corporations

Startups are not weighed down by bloated organizational structures and lengthy decision-making processes, unlike larger corporations. 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.

Startups give their employees performance based compensation. This method encourages better performance among the team and promotes wealth creation.

As an addition, startups have small teams. Due to this number, it is easier to communicate. Therefore, one can do work more efficiently and effectively.

Making change happen

After you’ve entered the startup, you might want to ask yourself, “what next?”. Well, the answer is simple. Make a change!

An intriguing aspect of startups is how they innovate and figure out solutions that do not currently exist. The solution-providing mentality is all that is needed to fully create wealth in a startup.

Making a change is mostly easier said than done.

Since people create new things daily, it might not seem like a difficult task. On the contrary, the human mind finds comfort in following pre-existing patterns. This creates 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 blog series on the topic.

Startups are 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 in a startup.

The Blueprint to Wealth Creation in a Startup

Having followed the steps above and fully establishing a startup, it is necessary to create wealth through that startup.

One could argue that building a startup that solves a real, technical problem is the most effective blueprint for generating wealth.

This leaves one to wonder.

If startups are the best way to create wealth then why doesn’t everyone do it?

Let us take into consideration this important fact: Not all startups succeed. As a matter of fact, many startups end up failing. It is typically an all-or-nothing game.

This is the game changer!

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.

Powering your startup with AI – Openfabric AI

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 will take a deeper look at how technology has transformed the whole landscape for the better.

The competition among startups is intense. In order to succeed, a startup needs to be one step ahead of its competitors. However, this is only possible by using the right tools.

The good news is, this is where Openfabric AI steps in.

Benefits of Using Openfabric AI for Wealth Creation in a Startup?

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.

The platform also provides layers and components in which everyone has quick, easy, low-cost, and hassle-free access to powerful AI algorithms and services.

Our AI algorithms and services can be quickly and easily integrated with new products and services.

All of these benefits help 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.

To learn more about the latest happenings at Openfabric, stay tuned to our Twitter.

Conclusion

With all this discussion revolving around wealth creation, we must ask these 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 on our blog which answers these questions and addresses the difference between money and wealth.