AI=You
Room 01
You
Company Capitalization
By Wynn Zhang
Room 03
Costs of Operation
Room 02
Industry
Start Here
Room 04
Room 05
Revenue
Risk
Room 06
Citations
Reflective Analysis
Back
Room 01
Company Capitalization
AI=You will be the main product and the name of the company. The AI-powered chat bot uses multifaceted theories that supports backwards design. The AI=You is the chatbot that learned from you and becomes a tool that fits with your life. With so many AI-powered tools out there, it becomes a crucial aspect of our professional and personal lives to integrate ourselves with a piece of AI-technology that understands us. According to Kim, Lee, & Cho (2022), AI technology is in a position to greatly affect our lives, however, "education AI that interacts with students should better be developed to help them to do more than they currently are capable of doing". The current uses of AI are mostly to recognize patterns and create ways to process data, however, each learner has their own ways of learning. Thus, personalized learning that's created by the AI and built by the user is the key of AI=You as a venture.
Back
Room 02
Methodology
AI=You will be the main product and the name of the company. The AI-powered chat bot uses multifaceted theories that supports backwards design. The AI=You is the chatbot that learned from you and becomes a tool that fits with your life. With so many AI-powered tools out there, it becomes a crucial aspect of our professional and personal lives to integrate ourselves with a piece of AI-technology that understands us. According to Kim, Lee, & Cho (2022), AI technology is in a position to greatly affect our lives, however, "education AI that interacts with students should better be developed to help them to do more than they currently are capable of doing". The current uses of AI are mostly to recognize patterns and create ways to process data, however, each learner has their own ways of learning. Thus, personalized learning that's created by the AI and built by the user is the key of AI=You as a venture.
These fundamentals created AI=You to be a program that learns from its user and in return, becomes a reflection of the user in order to learn from them both academically and social emotionally. The easy to use interface of AI=You will also allow it to be more accessible towards more people and develop thinking and being alongside AI as a tool to unlock humanity's true potential.
Back
Room 03
Industry
According to GrandViewResearch's report of Artificial Intelligence Market Size, Share & Trends in 2021, the global AI market size was valued at 62.35 billion USD in 2020 and grows at an annual rate of 40% from 2021-2028. This means that there will be no issues with the growth of the industry, but rather the different markets that operate within the sector. Fortunately, there are not many AI-powered tools for education, instead the sector focused on other markets such as retail, advertising, agriculture, and logistics with only 12% of the sector being deemed "others", including education. Thus, there is not a lot of competition in this field due to the niche that it occupies.
Looking at the various popular educational AI start-ups in 2021 according the Xenoss (2022), there are 14 companies that the website identifies as promising, with around 25% of them labelled as adaptive learning software. While powerful, the different start-ups all have the same premise of offering a platform that uses your learning habits to answer questions from a certain curriculum. The difference between these start-ups and AI=You are different enough for AI=You to establish a virtually new market for its venture.
This leads to the conclusion that the AI market for education is very positive as there is very high annual growth within the sector but a very open market to occupy that results in a strong opportunity for AI=You.
Back
Room 04
Costs of Operations
Following along the trends of AI growth and market allocation in 2021, we can assume that the trend will be similar in 2022 as well. Thus, my venture proposal will assume that educational AI will occupy less than 12% of the market and thus adjust the revenue accordingly. According to Statista in 2022, the revenue of AI technology will be 432.8 billion USD in the year of 2022. Without any further refined data to go upon, 12% of 432.8 billion will be 51.9 billion dollars for the "others" sector that education is under. Furthermore, with 14 companies being in the realm of education and only 25% of the market space being taken over by AI used for personalized learning, there should be a lot of money flowing into AI=You.
+ Costs
Back
Room 04
Revenue
Adding all of these costs up, it should be around 700,000 cad for its operation costs.
The product will be on a freemium model that has a limited free option with multiple payment subscription plans ranging from 10 dollars a month to a 50 a month for the premium option. There will be options to subscribe yearly for a cheaper cost.
Assuming that venture is able to get through its first few years in development and creating its product, then there should be no problems with a pre-million dollar operating cost in a market that's so spacious.
Back
Room 05
Risk
Unfortunately, with any start-up, there is a risk. AI=You aims to mitigate these risks by doing the due diligence before and having a clear business model and target consumer base before attempting the project. With the clear financial projections and market allocation, the risks for this project lies internally rather than externally. Creating new way to interact with AI is not easy feat and the strain upon the development process will be the biggest obstacle to its success. Currently, with a small team, the cost of operations will be under 1 million dollars. However, this also means that the amount of man-power and talent might not be the best within the market. The worst case scenario would be that the project stalls during the development phase and fails to get the finished product to the market. The second scenario would be if the consumer base does not adhere to the ideas that we want to express and thus the project fails within the market. Looking over all the data collected and research done, the risk of the worst case scenario is significantly more likely than the second scenario. Thus, I would encourage a prototype to be done with the proof of concept completed with the ins and outs of the AI creation methodology before moving into the taxing development phase for a highest chance of this project succeeding.
Back
Room 06
Reflective Analysis
While having many ideas and concepts that I created for my own curiosity, I have never fully realized an idea as much as I have with this project. Throughout this process, I have found that my reasoning and interests depends on the situation that I am in. For instance, I have discovered that I enjoy analyzing the market trends and creating a project that fits with the trend rather than something that goes against the needs of the market. Furthermore, I would like to say that I am able to synthesize various aspects of this course and the knowledge that I have gained into a venture that makes sense and is strong in its foundations in educational theory. My finanical projections are make sense, however, they do seem risky as they require the project to survive through a period of time without any revenue.
As for weaknesses, I find that my video making skills are subpar as I prefer to create text/image based ways to interact with my audience. I realize my weaknesses in creating a short pitch as my other versions went far beyond the 1 minute that I was given. Lastly, I find that while my understanding of AI vastly improved over the research that I have done on this project, the crux of the architect that needs to be created is very empty. The idea is difficult to realize and required a specific and expert knowledge that I am unable to obtain.
AI=You
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Created on April 3, 2022
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Transcript
AI=You
Room 01
You
Company Capitalization
By Wynn Zhang
Room 03
Costs of Operation
Room 02
Industry
Start Here
Room 04
Room 05
Revenue
Risk
Room 06
Citations
Reflective Analysis
Back
Room 01
Company Capitalization
AI=You will be the main product and the name of the company. The AI-powered chat bot uses multifaceted theories that supports backwards design. The AI=You is the chatbot that learned from you and becomes a tool that fits with your life. With so many AI-powered tools out there, it becomes a crucial aspect of our professional and personal lives to integrate ourselves with a piece of AI-technology that understands us. According to Kim, Lee, & Cho (2022), AI technology is in a position to greatly affect our lives, however, "education AI that interacts with students should better be developed to help them to do more than they currently are capable of doing". The current uses of AI are mostly to recognize patterns and create ways to process data, however, each learner has their own ways of learning. Thus, personalized learning that's created by the AI and built by the user is the key of AI=You as a venture.
Back
Room 02
Methodology
AI=You will be the main product and the name of the company. The AI-powered chat bot uses multifaceted theories that supports backwards design. The AI=You is the chatbot that learned from you and becomes a tool that fits with your life. With so many AI-powered tools out there, it becomes a crucial aspect of our professional and personal lives to integrate ourselves with a piece of AI-technology that understands us. According to Kim, Lee, & Cho (2022), AI technology is in a position to greatly affect our lives, however, "education AI that interacts with students should better be developed to help them to do more than they currently are capable of doing". The current uses of AI are mostly to recognize patterns and create ways to process data, however, each learner has their own ways of learning. Thus, personalized learning that's created by the AI and built by the user is the key of AI=You as a venture. These fundamentals created AI=You to be a program that learns from its user and in return, becomes a reflection of the user in order to learn from them both academically and social emotionally. The easy to use interface of AI=You will also allow it to be more accessible towards more people and develop thinking and being alongside AI as a tool to unlock humanity's true potential.
Back
Room 03
Industry
According to GrandViewResearch's report of Artificial Intelligence Market Size, Share & Trends in 2021, the global AI market size was valued at 62.35 billion USD in 2020 and grows at an annual rate of 40% from 2021-2028. This means that there will be no issues with the growth of the industry, but rather the different markets that operate within the sector. Fortunately, there are not many AI-powered tools for education, instead the sector focused on other markets such as retail, advertising, agriculture, and logistics with only 12% of the sector being deemed "others", including education. Thus, there is not a lot of competition in this field due to the niche that it occupies. Looking at the various popular educational AI start-ups in 2021 according the Xenoss (2022), there are 14 companies that the website identifies as promising, with around 25% of them labelled as adaptive learning software. While powerful, the different start-ups all have the same premise of offering a platform that uses your learning habits to answer questions from a certain curriculum. The difference between these start-ups and AI=You are different enough for AI=You to establish a virtually new market for its venture. This leads to the conclusion that the AI market for education is very positive as there is very high annual growth within the sector but a very open market to occupy that results in a strong opportunity for AI=You.
Back
Room 04
Costs of Operations
Following along the trends of AI growth and market allocation in 2021, we can assume that the trend will be similar in 2022 as well. Thus, my venture proposal will assume that educational AI will occupy less than 12% of the market and thus adjust the revenue accordingly. According to Statista in 2022, the revenue of AI technology will be 432.8 billion USD in the year of 2022. Without any further refined data to go upon, 12% of 432.8 billion will be 51.9 billion dollars for the "others" sector that education is under. Furthermore, with 14 companies being in the realm of education and only 25% of the market space being taken over by AI used for personalized learning, there should be a lot of money flowing into AI=You.
+ Costs
Back
Room 04
Revenue
Adding all of these costs up, it should be around 700,000 cad for its operation costs. The product will be on a freemium model that has a limited free option with multiple payment subscription plans ranging from 10 dollars a month to a 50 a month for the premium option. There will be options to subscribe yearly for a cheaper cost. Assuming that venture is able to get through its first few years in development and creating its product, then there should be no problems with a pre-million dollar operating cost in a market that's so spacious.
Back
Room 05
Risk
Unfortunately, with any start-up, there is a risk. AI=You aims to mitigate these risks by doing the due diligence before and having a clear business model and target consumer base before attempting the project. With the clear financial projections and market allocation, the risks for this project lies internally rather than externally. Creating new way to interact with AI is not easy feat and the strain upon the development process will be the biggest obstacle to its success. Currently, with a small team, the cost of operations will be under 1 million dollars. However, this also means that the amount of man-power and talent might not be the best within the market. The worst case scenario would be that the project stalls during the development phase and fails to get the finished product to the market. The second scenario would be if the consumer base does not adhere to the ideas that we want to express and thus the project fails within the market. Looking over all the data collected and research done, the risk of the worst case scenario is significantly more likely than the second scenario. Thus, I would encourage a prototype to be done with the proof of concept completed with the ins and outs of the AI creation methodology before moving into the taxing development phase for a highest chance of this project succeeding.
Back
Room 06
Reflective Analysis
While having many ideas and concepts that I created for my own curiosity, I have never fully realized an idea as much as I have with this project. Throughout this process, I have found that my reasoning and interests depends on the situation that I am in. For instance, I have discovered that I enjoy analyzing the market trends and creating a project that fits with the trend rather than something that goes against the needs of the market. Furthermore, I would like to say that I am able to synthesize various aspects of this course and the knowledge that I have gained into a venture that makes sense and is strong in its foundations in educational theory. My finanical projections are make sense, however, they do seem risky as they require the project to survive through a period of time without any revenue. As for weaknesses, I find that my video making skills are subpar as I prefer to create text/image based ways to interact with my audience. I realize my weaknesses in creating a short pitch as my other versions went far beyond the 1 minute that I was given. Lastly, I find that while my understanding of AI vastly improved over the research that I have done on this project, the crux of the architect that needs to be created is very empty. The idea is difficult to realize and required a specific and expert knowledge that I am unable to obtain.