How AI can help grow your business: What we learned at the inaugural Silicon Slopes AI Summit
Picture by Utah Valley University.
“I don’t think AI will take your job per se, but I do think the people leveraging AI will,” shared Pattern CEO Dave Wright at the inaugural Silicon Slopes Artificial Intelligence (AI) Summit hosted by Utah Valley University.
The Summit, held on June 15, featured various leaders in Utah’s emerging AI industry and marked the official launch of a Silicon Slopes AI chapter. The underlying message for local businesses: start embracing the innovation stemming from AI.
Read on for our top takeaways and what they might mean for your global business.
Regulation should harness AI’s ability to build and protect.
Attorney General Sean Reyes kicked off the Summit by energizing the crowd with an improvised rap — watch out Jamiroquai! 😉
While noting the dark side of AI, such as deep fakes and scamming, Reyes drew a parallel to the Greek myth of Prometheus who was condemned for passing along the knowledge of firemaking to humans. “We need you, [those] who are experts and industry proponents to actively engage in educating legislators and policymakers so we don’t treat AI innovators like Prometheus strapped to a rock,” Reyes stated. “So we don’t kill the fire of AI, but rather harness it to build and protect, rather than devour and destroy.”
Reyes’ words come on the heels of proposed AI regulations from the European Union Parliament and a warning that current AI models are woefully noncompliant with the rules represented in the proposed act from a team of Stanford researchers: “Enacting and enforcing the EU AI Act will bring about significant positive change in the foundation model ecosystem.”
AI has potential for powerful business applications, beyond just copywriting.
Dr. Rachel Bi, an associate professor who leads UVU’s FinTech Center is working with students to explore and develop new business applications using AI, machine learning, and blockchain. One of these applications uses a company's tweets to gauge market sentiment on a global scale. This data can then be used to predict how that stock’s price will move.
Additionally, Wright shared that there are over 1,800 AI tools already available, with an average of about 25 or more coming online per week. Of those, Pattern uses 33 such tools, with over 300 trillion prompts stored in their databases for AI. Pattern is able to leverage AI to determine which keyword searches generate the most amount of revenue, build multilingual fact sheets that are over 200 pages long in just seven minutes, create functional websites with video ads in 24 hours, and build potential customer demographics for the client’s target audience with just the name of an individual in an Amazon review.
Companies seeking to increase their international sales will also find game-changing innovations to help overcome time and resource challenges. For example, a client in a foreign market might have much different demographics than one in the U.S. Through methods like Pattern is using, companies can quickly and accurately build customer profiles to assist their market entry and growth.
Your organization should start conversations on how to best implement AI.
At the Summit, Tyler Folkman, CTO of BENlabs, encouraged companies to tap into the growing talent and expertise of individuals that are actively using AI in order to further scale businesses. What does this look like? First, embrace the culture of innovation that stems from AI use. Next, have strong data practice and structure in place so the practice is accurate and optimized. Finally, continually monitor and adapt your data practices to scale your business to increasing heights.
Read more about the AI summit here.
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Disclaimer: This post was written by a WTC Utah employee, not Chat GPT. And while Peter Given is remarkable, we are pretty sure he isn’t a deep fake.