Empowering entrepreneurs in emerging markets: How AI could be your next business partner
Have you always secretly dreamed of being an entrepreneur but the scale of things have kept you daunted? 2023 has changed this perspective for would-be entrepreneurs. Artificial Intelligence (AI) is emerging as a transformative force, helping everyday entrepreneurs in emerging markets turn their dreams into successful businesses.
This paradigm shift is particularly evident in countries like India, where AI is playing a pivotal role in fostering innovation and creating opportunities for ambitious individuals to launch and grow their ventures.
“AI is already proving to be an incredible opportunity for entrepreneurs in emerging markets,” says Mike Hoey, President of Source Meridian, a US company that works in emerging markets as well.
He cites the example of the healthcare industry in India, where 30% of the population lacks health insurance, while the shortage of qualified medical practitioners has increased by 200%.
“Entrepreneurs therefore have a prime opportunity to innovate solutions for tangible gaps in the market such as AI-powered medical chatbots that help primary medical centers cope with high patient demand and staff shortages,” he says.
In fact, many startup companies say that programs like ChatGPT could complete doctors' paperwork for them. For example, last year, Indian company Thyrocare, a preventive healthcare diagnosis platform, adopted AI-powered technology to automate the manual microscopy process across its network.
Garry Paxinos, CTO at NT Connect, says that the transformative impact of AI extends beyond traditional business practices, positively influencing economic development in these regions.
“AI enables automation of routine tasks, allowing entrepreneurs to focus on more strategic aspects of their business. In emerging markets where resources may be limited, AI-driven automation can significantly increase operational efficiency,” he says.
According to an Inc42 report titled India's Generative AI Startup Landscape, 2023, India's GenAI market is
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