AI based LLMs are in, and each company wants to leverage this technology. After all, money is pouring into AI. A young Paris based startup Mistral AI, raked in an incredible US$113 million in seed funding led by Lightspeed Ventures, despite it being only a month old and lacking a substantial product or team.
This funding surpassed Stability AI’s record of US$101 million in its seed round. Several other AI startups like Anthropic and Cohere raised $124 million and $40 million in series A. Another AI startup, Synthesia, recently became a unicorn status raising US$90 million in series C funding.
Now, a new report by McKinsey is giving VCs all the more reason to celebrate, which says that generative AI is set to add up to US$4.4 trillion of value to the global economy annually. The report also says that half of all work will be automated between 2030 and 2060, and that generative AI has the potential to change the anatomy of work, augmenting the capabilities of individual workers by automating some of their individual activities.
Half of all work will be automated between 2030 and 2060, and that generative AI has the potential to change the anatomy of work, augmenting the capabilities of individual workers by automating some of their individual activitiesMcKinsey
In India, the bigger tech companies are making moves. In August, Tech Mahindra launched Project Indus, which the company is using to create its own advanced language model to improve communication across many Indian languages, starting with Hindi. In the first phase, it aims to cover 40 Hindi dialects (Kinnauri, Kangri, Chambeli, Garhwali, Kumaoni, Jaunsari and more), and then go on to other Indian languages and dialects, catering to 25% of the world’s population.
While it’s imperative that Indian MSMEs remain in the global AI LLM business loop and leverage this technology, it’s advisable to go in with all the knowledge
Infosys co-founder Nandan Nilekani-backed AI4Bharath is also onto similar development, which is working on creating open-source datasets, tools, models and applications for Indian languages. Last year, the Indian government also brought out Project Bhashini, in partnership with Microsoft, establishing language datasets and AI applications with crowdsourcing initiatives such as Bhasha Daan and others.
However, smaller companies, which are rushing in to adopt the tech, have some homework to do. According to a report by Sortlist Data Hub, a market research company, 52% of Indian business owners couldn’t differentiate between pages created by AI and pages created by people.
Also, it seems 67% of business owners would consider AI to create a new website from scratch, with India one of the most optimistic markets that would use AI to create a website from scratch (77%). Similarly, 75% would consider using AI to optimise their current website. Spanish and Indian companies also led the adoption of AI for website optimisation, with 87% approval in each, while France has the lowest adoption rate (65%).
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However, security is the number one priority for business owners when it comes to web design, and 62% of SMEs are more likely to work with a web agency that uses AI.
While it’s imperative that Indian MSMEs remain in the global AI LLM business loop and leverage this technology, it’s advisable to go in with all the knowledge. Remember, when cloud technology became all the rage, many MSMEs rushed in and tripped over.