Generative artificial intelligence (AI) tools like Open AI's ChatGPT and Microsoft Copilot make it much easier to turn ideas into actions. From productivity boosts to assistance with coding and a helping hand with content creation, these technologies are changing how we work.
How to use ChatGPT to write: Resumes | Excel formulas | Essays | Cover letters
If you've got a great idea, can you turn it from paper-based theory to money-making practice with the help of generative AI? Five business leaders give us their opinions on the role of emerging technology.
1. Identify a business problem
Richard Wazacz, CEO of foreign exchange specialist Travelex, said the power of generative AI must be placed in context. Professionals can use emerging technology to scale up new ideas quickly but other factors are also important.
"I think it's trendier now to set up a new business. I don't think it's any easier," he said.
Wazacz told ZDNET that technologies like generative AI put the power of change into the hands of more professionals. However, democratization brings challenges, too.
"As something gets easier, everyone takes advantage of it," he said, suggesting others will find it just as easy as you to dabble in AI-powered innovation.
Wazacz said professionals must focus on the end goal rather than the technological solution.
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"Setting up a business successfully is still about finding a problem no one else has solved. And that could be a tiny little problem or a massive problem," he said. "You've got to solve a problem that customers want solved and you've got to do it well. It's as simple as that. Scaling up new business models is tough. But I admire people that do it."
2. Take a calculated risk
Toby Alcock, CTO at Logicalis, recognized the inherent power of generative AI, especially when it comes to its ability to power new business models.
"I've started, built, and sold businesses, so I think about this question quite a lot," he said.
Alcock said we're in an "interesting time" where emerging technology opens new possibilities. However, he told ZDNET the watchword is caution. "There's a lot of potential, hype, and money in the AI space. But it's early days and, as we've seen from every hype cycle, the past is littered with bodies along the way."
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Alcock said technology isn't the only issue; macro-economic challenges and geopolitical instabilities mean inflation is high in many Western economies.
Professionals would be well advised to think carefully before they leap into new business ventures, even with the helping hand offered by generative AI.
"The cost of money right now is pretty sobering," he said. "You can make a bet on generative AI for new ideas. But take a calculated risk. If it doesn't get you a return, you need to know you can afford it."
3. Find the right balance
Tim Lancelot, head of sales enablement at technology specialist MHR, took a different stance — tough conditions mean people who take a risk can be rewarded.
"I think times when there's a little bit of an economic lull give rise to opportunity. I did my master's degree in innovation. I feel that the leaner times and the economic downturns can be important — necessity is the mother of invention," he said
"Some of the best businesses started in a downturn. So, when times are tough, businesses are born out of adversity. If you have something that works during an economic lull, you're in a fantastic position to take advantage of growth."
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Lancelot told ZDNET that generative AI could help innovators dabble in new areas by reducing the barriers to entry: "The upfront investment might be lower potentially."
However, he is another business leader who said it's important to consider how generative AI has democratized access to emerging technology.
"Don't forget, everybody's got the same tools at their disposal. Just like it's a lower barrier of entry for you, it's also a lower barrier for anybody else," he said.
"I think each generation must maximize their use of tools that are available and get the balance of opportunity and risk right."
4. Use the right tech platform
Jessie Sobel, VP of strategic growth initiatives at Freshpet, said exploring new business models is part of her job description.
"I look at commercial and internal initiatives to help ensure we remain the leader in fresh pet food," she said. "For this, I've been looking at different business models to ensure we're the leader and I've been looking at the direct-to-consumer market."
This move is a novel transition for Freshpet. The company serves more than 11.5 million households primarily through a network of 34,000 refrigerators in retailers.
Freshpet recognized that the right technology platform could help the company explore a new direct-to-consumer model, Sobel told ZDNET. Freshpet uses Ordergroove's Bundles Suite to create flexible customer experiences.
"This project is all about embracing technology to help us meet the needs of pet parents. We have to embrace that opportunity," she said.
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Freshpet continues to look for ways technology can improve business processes, including using Emplifi's AI-enabled Service Cloud to streamline customer engagement processes.
"Over 11 and a half million consumers are buying fresh, but we believe that can be up to 42 million. So my work is focused on, 'Where is there a population of people we're not reaching?'" said Sobel. "I think about how we can reach the total addressable market and technology enables much of that work."
5. Focus on your objectives
Attiq Qureshi, chief digital information officer at Manchester United, said his football club is looking at using AI across several areas, including content delivery and content moderation.
"We've got a long list of potential use cases, everything from helping fans to contact us to supporting frontline colleagues to do their jobs better." Qureshi told ZDNET his team is exploring how AI can help moderate comments on fan forums and protect the club's brand.
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However, they won't use emerging technologies like generative AI to support new business models.
"It's something that we wouldn't do. Our role, first and foremost, is to win on the pitch and compete for trophies. Everything lines up behind that, even things like generating revenue — because generating revenue supports the fuel that allows us to invest in football," he said, before outlining where others might benefit from using AI in new areas.
"Technology has always helped startups. AI might make it easier for smaller players to compete, but I'm not sure AI makes it easier to start a new model. Customers are drawn to the product and service. So as long as you're providing a great service, that's all that matters."