“AI Start-ups: The Perils of Fishing for Whales (War Stories from the Entrepreneurial Front Lines),” a Presentation from SeeChange Technologies
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For the full video of this presentation, please visit: https://www.edge-ai-vision.com/2023/10/ai-start-ups-the-perils-of-fishing-for-whales-war-stories-from-the-entrepreneurial-front-lines-a-presentation-from-seechange-technologies/ Tim Hartley, Vice President of Product for SeeChange Technologies, presents the “AI Start-ups: The Perils of Fishing for Whales (War Stories from the Entrepreneurial Front Lines)” tutorial at the May 2023 Embedded Vision Summit. You have a killer idea that will change the world. You’ve thought through product-market fit and differentiation. You have seed funding and a world-beating team. Best of all, you’ve caught the attention of major players in your industry. You’ve reached peak “start-up”—that point of limitless possibility—when you go to bed with the same level of energy and enthusiasm you had when you woke. And then the first proof of concept starts… In this talk, Hartley lays out some of the pitfalls that await those building the next big thing. Using real examples, he shares some of the dos and don’ts, particularly when dealing with that big potential first customer. Hartley discusses the importance of end-to-end design, ensuring your product solves real-world problems. He explores how far the big companies will tell you to jump—and then jump again—for free. And, most importantly, how to build long-term partnerships with major corporations without relying on over-promising sales pitches.
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“AI Start-ups: The Perils of Fishing for Whales (War Stories from the Entrepreneurial Front Lines),” a Presentation from SeeChange Technologies
- 1. AI Start-Ups: The Perils of Fishing for Whales (War Stories from the Entrepreneurial Front Lines) Tim Hartley VP Product SeeChange Technologies
- 2. Introducing SeeChange 2 © 2023 SeeChange Technologies 2021 Spun out as independent start-up Winner Most Innovative ML Solution Computing AI & Machine Learning Awards 2022 2018 Wholly owned Arm subsidiary 2020 A real-time recognition platform targeting Health & Safety / Fraud Reduction AI solutions for retail
- 3. The start-up checklist • A great idea • The perfect team • Product fits market • Competition landscaped • Funding in place Let’s go! It Seemed Like a Good Idea at the Time… 3 © 2023 SeeChange Technologies
- 4. The AI Landscape for Retail 4 © 2023 SeeChange Technologies Growth Maturity Innovation Embedded Vision Markets Platforms & Tools Market penetration
- 5. The AI Landscape for Retail 5 © 2023 SeeChange Technologies Growth Maturity Innovation Embedded Vision Markets Platforms & Tools Market penetration Some retailers have tried AI and rejected it in certain scenarios • Negative feedback from shoppers • And store assistants Technology has “over-promised” • Retail use cases are challenging • RoI for technology not always thought through
- 6. • Large number of AI retail start- ups already jostling for position • First $100m+ valuations appearing • Retailers bombarded • PoCs, RFPs, RFIs everywhere • Competition is intense • “Start-up promises” are making things challenging Competitive Landscape 6 © 2023 SeeChange Technologies Differentiation is everything
- 7. 7 © 2023 SeeChange Technologies Fishing for Whales Technique #1
- 8. Sell to the biggest end user! • Large retailers have 1,000s of locations • Sell once – deploy everywhere However… • Cost of sale typically very high • Cost of deployment also high • Success in a single bound? Whale Fishing: Technique #1 8 © 2023 SeeChange Technologies MegaStore Corp
- 9. Challenges… • Expect a culture clash • Large retailers work at a different velocity • They don’t care about your burn rate • A PoC is not a contract • Obviously… wishful startup thinking will interpret otherwise • Don’t expect to be warmly welcomed by everyone Whale Fishing: Technique #1 9 © 2023 SeeChange Technologies
- 10. Health & Safety • In-store slips costing retail $100s of millions • Industry pull for a solution to detect slip hazards • And… we have one! So why did it take so long? Technique #1: Tales from the Front Lines 10 © 2023 SeeChange Technologies
- 11. Thinking end-to-end from the outset • Thrown-together dashboards to showcase analytics are not enough • Stakeholders higher up will be more convinced by good product presentation and statistics Technique #1: Building Real-World Products 11 © 2023 SeeChange Technologies
- 12. 12 © 2023 SeeChange Technologies Fishing for Whales Technique #2
- 13. Integrate your solution into a major retail supplier’s product and let them worry about… • Sales & marketing • Deployment • First line support & maintenance Destined to succeed? Whale Fishing: Technique #2 13 © 2023 SeeChange Technologies
- 14. Challenges • Established retail suppliers are also bombarded by your competitors • You will need differentiation • Resist feature matching • Culture clash also inevitable • Large corporations are not built for speed Whale Fishing: Technique #2 14 © 2023 SeeChange Technologies
- 15. Technique #2: Tales from the Front Lines 15 © 2023 SeeChange Technologies
- 16. Take control if you can • You know the technology • That’s the reason they’re working with you! • Keep initial product aims modest • Size isn’t everything! • Ability to deliver not always proportional to an organisation’s size • Resources will be limited within individual teams Technique #2: Building Real-World Products 16 © 2023 SeeChange Technologies NRF’23 New York: Fresh Produce Recognition
- 17. 17 © 2023 SeeChange Technologies Following Through: Sustaining Your Success
- 18. Whatever you do right will be copied • Don’t expect your differentiators to last for long • Any success will be used against you Competitors will promise the earth to keep in the game Expect the Competition to React 18 © 2023 SeeChange Technologies
- 19. • Retail is a complex and embattled market sector • Fertile ground for start-ups • But fraught with traps • Working with whales has its rewards • But there are no quick-wins or short cuts • Keep reminding yourself you’re a startup • Don’t get too drawn into the ways of the whale Key Takeaways 19 © 2023 SeeChange Technologies
- 20. • More on SeeChange • Web: www.seechange.com • Diebold partnership: https://prn.to/40aHjf9 • Forbes on Retail and Startups • The 20 Best Examples Of Using Artificial Intelligence For Retail Experiences (Forbes): https://bit.ly/3L2K5yP • How Startups Can Sell to Enterprise Software Companies: https://bit.ly/40cF2Af • Challenges of AI in Retail • Implementing AI in Retail (unite.ai): https://bit.ly/3KCkz1L • Barriers to AI adoption in Retail (RetailWire): https://bit.ly/3L2yxeY Resources 20 © 2023 SeeChange Technologies
- 21. 21 © 2023 SeeChange Technologies - end -