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How Companies are Scrambling for AI’s Most Valuable Asset

AI | Aug 17, 2023

Unsplash Markus Spiske data - How Companies are Scrambling for AI's Most Valuable Asset

Image: Unsplash/Markus Spiske

As AI models become more sophisticated, their hunger for data grows insatiable. This increasing demand has led to what industry insiders are calling a "data land grab."

In the dynamic realm of artificial intelligence (AI), data has emerged as the most coveted asset. The increasing sophistication of AI models has led to an insatiable demand for vast and diverse data sources. This has given rise to what many are terming a "data land grab." Companies are not only racing to acquire data but are also innovating to harness its power effectively.

The Data Land Grab and Adobe's Triumph

  • Not long ago, analysts speculated that AI could spell the end for Adobe, a leading software maker for creatives. Innovations like DALL-E 2 and Midjourney, which generate images from text, seemed poised to make Adobe's image-editing tools obsolete.

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  • However, Adobe's strategic use of its vast database of stock photos to create the AI tool suite, Firefly, has been a game-changer.
  • By refraining from indiscriminately mining the internet for images, Adobe has successfully navigated the murky waters of copyright disputes that plague the industry. Since Firefly's launch, Adobe's stock has soared by 36%, proving naysayers wrong.

Duality of Data Acquisition and Copyright Issues

Corporate Data Is An Untapped Goldmine

  • Many businesses possess vast amounts of untapped data, from call-center transcripts to customer spending patterns. This data can be invaluable for training AI models tailored for specific business applications.

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  • Accessing and structuring this scattered and often unstructured data presents challenges. Tech giants like Amazon, Microsoft, and Google offer tools to businesses to manage and structure their vast datasets, helping them "tear down data silos."

The Rise of Data-focused Startups

  • The growing demand for structured and accessible data has led to the emergence of startups offering innovative solutions for data management and acquisition. Companies like Weaviate, PineCone, and Neon have secured significant funding, indicating the growing importance of data management in the AI ecosystem.
  • These startups typically offer platforms or tools that help businesses access, structure, and manage their data, charging either a subscription fee or a one-time licensing fee for their services.

The Race Is On, And the Stakes Are Higher Than Ever

In conclusion, as the AI industry continues its meteoric rise, the scramble for data shows no signs of slowing down. Companies that can navigate the challenges of data acquisition and harness the power of their data stand to gain a significant competitive edge in this new frontier of technology.


NCFA Jan 2018 resize - How Companies are Scrambling for AI's Most Valuable AssetThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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