AI is transforming startups - 70% of founders are increasing spending on new technology
While startups are investing in artificial intelligence tools to increase the speed of development, experts say we need to turn to entrepreneurs to understand the "economic implications" of this technology for the workforce.
“If innovation largely comes from startups, and it does, then startups are extremely important for economic growth, job creation, and expanding opportunity,” they explain.
Founders say their innovation budgets are continuing to grow. More than 70% of them said they are increasing spending on artificial intelligence and automation, according to an August survey of 1,500 early-stage startup founders by fintech firm Mercury.
Industry experts explain that founders' hiring practices are evolving as new technology becomes a major force in their strategic planning. Entrepreneurs are using it to automate and optimize the energy-intensive, people-intensive aspects of their business.
A founder and CEO of Productions.com, she said that many of her company's core areas are powered by AI tools, including sales, marketing and operations. "This allows us to expand our capacity as a flexible team," she added.
But automating these tasks has negative consequences for employment, especially for new employees. “Many startups need to be capital-efficient when deciding whether to use an inexperienced individual or technology, and sometimes the latter wins out,” analysts say.
While many employees, researchers, and even CEOs have raised concerns about job replacement by innovation, some focus on the potential benefits.
"I don't think it's all negative. It's pushing people to think entrepreneurially sooner, whether it's starting a small business, working online, or building skills that give them an edge," said one researcher.
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