It’s basically how any business starts today, whether it’s computers, the internet, or the industrialization of processes.
AI is undergoing the same product life cycle, which is divided into four stages. In Stage 1, a company has a novel product, and it’s the only one, so the price is usually very high and profits are higher.
In Stage 4, there’s fierce competition; the novel product is now available to many companies, the price is usually cheap, and profits are low. Technology companies look for developing sectors to stay in Stage 1 as much as possible and avoid reaching Stage 4.
AI may be between Stage 1 or 2, or perhaps Stage 3 of the product life cycle. Stage 4 is still a long way off, and we’ll only say we’re in that stage if AI becomes very cheap and very common in society.
It’s basically how any business starts today, whether it’s computers, the internet, or the industrialization of processes.
AI is undergoing the same product life cycle, which is divided into four stages. In Stage 1, a company has a novel product, and it’s the only one, so the price is usually very high and profits are higher.
In Stage 4, there’s fierce competition; the novel product is now available to many companies, the price is usually cheap, and profits are low. Technology companies look for developing sectors to stay in Stage 1 as much as possible and avoid reaching Stage 4.
AI may be between Stage 1 or 2, or perhaps Stage 3 of the product life cycle. Stage 4 is still a long way off, and we’ll only say we’re in that stage if AI becomes very cheap and very common in society.