{"id":2887,"date":"2021-02-08T08:42:33","date_gmt":"2021-02-08T08:42:33","guid":{"rendered":"https:\/\/thenextweb.com\/?p=1337956"},"modified":"2021-02-08T08:42:33","modified_gmt":"2021-02-08T08:42:33","slug":"heres-what-all-successful-ai-startups-have-in-common","status":"publish","type":"post","link":"https:\/\/www.londonchiropracter.com\/?p=2887","title":{"rendered":"Here\u2019s what all successful AI startups have in common"},"content":{"rendered":"\n

With tech giants pouring <\/span>billions of dollars<\/a> into artificial intelligence projects, it\u2019s hard to see how startups can find their place and create successful business models that leverage AI. However, while fiercely competitive, the AI space is also constantly causing fundamental shifts in many sectors. And this creates the perfect environment for fast-thinking and -moving startups to carve a niche for themselves before the big players move in.<\/p>\n

Last week, technology analysis firm CB Insights <\/span>published an update<\/a> on the status of its list of top 100 AI startups of 2020 (in case you don\u2019t know, CB Insight publishes a list of 100 most promising AI startups every year). Out of the hundred startups, four have made exits, with three going public and one being acquired by Facebook.<\/p>\n

A closer look at these startups provides some good hints at what it takes to create a successful business that makes use of AI. And (un)surprisingly, artificial intelligence is a small part \u2014 albeit an important one \u2014 of a successful product management strategy. Here are some of the key takeaways from AI startups that have managed to reach a stable status.<\/p>\n

Lemonade: AI complements a successful product strategy<\/strong><\/p>\n

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\"lemonade<\/a>
<\/i><\/a>Lemonade Inc. CEO Daniel Schrieber at TC Disrupt 2018<\/figcaption><\/figure>\n<\/p>\n<\/figure>\n<\/div>\n

Lemonade, an insurtech startup founded in 2015, made its initial public offering in July with a $1.7 billion valuation. Lemonade is an online platform that aims to address some of the key problems of the traditional home insurance industry. The company has been able to develop its business through smart design and a good marketing strategy. The AI component was built on top of that.<\/p>\n

The company\u2019s website and mobile app are very easy to use. The process of buying insurance and filing claims with the app and website goes through digital assistants and is much faster than traditional insurance companies. As one of the first movers in the insurtech space, Lemonade had the edge over other similar companies that have cropped up in recent years, and it was able to quickly snatch a lot of users who were looking for a shift from traditional insurance model to one that was more tech-focused.<\/p>\n

[Read: How much does it cost to buy, own, and run an EV? It\u2019s not as much as you think<\/span><\/a>]<\/em><\/p>\n

Lemonade\u2019s business model and messaging are also interesting. The company takes a flat fee from premiums, which means the company doesn\u2019t make a profit from denying claims. The unclaimed money goes to charities of users\u2019 choice. The company also says that it will not invest premiums into heavily polluting industries and companies that cause harm. So, basically, Lemonade is marketing itself as the good guy in a historically reviled industry, on a mission, per the company\u2019s words, to \u201ctransform insurance from a necessary evil to a social good.\u201d<\/p>\n

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