Considering the AI downside and working to mitigate it
While it could do a lot of good, creating AI for optimal benefit is not the only responsibility; entrepreneurs must also consider technological displacement – jobs replaced by the technology – that could occur.
Two hundred years ago in western nations, for example, eighty percent of people worked in farming. Now, less than two percent of people do. Society had the benefit of having two centuries to adjust to this.
With AI, many are fearful of the job displacement on a much faster scale – weeks and months, not years or decades. In particular, they worry about the very real possibility that AI will displace many manual jobs. But, with that displacement, AI will also increase the need for jobs involving empathy, creativity and strategy. This is a tall task for entrepreneurs already stretched to the limit in terms of time and budget.
We’re lucky in Canada to have industry organizations that have put considerable time, resources and focus on addressing these issues. One example is Palette, a national non-profit affiliate of The Brookfield Institute that is working to help mid-career workers adapt to automation and build successful careers in Canada’s digital economy.
The decision before us is not whether to embrace AI or not. AI is here and innovators will innovate. Rather, the decision is how to ensure we use AI to unite humanity. Incorporating this framework on an ongoing basis will ensure AI will do just that. I challenge all AI creators out there to look at their product. Does it meet this framework? If not, how can this be rectified?
The future is in our hands. Let’s be the change we want to see.
Keren Moynihan is co-founder of Boss Insights, a company that offers verified AI models that offer greater returns to lenders, investors and exchanges. For 15+ years, Keren worked with 300+ companies, managing banking and wealth management at FIs like RBC and TSX. Her first startup was a people-planet-profit company affiliated with Toronto Atmospheric Fund making buildings eco-friendly. She has mentored at Futurpreneur, an entrepreneurship agency working with 5000+ companies, and is a Law/MBA holder. Keren is motivated by connecting people in the innovation ecosystem to promote win-win growth and development. She has built a reputation for advising on the practical application of AI in the investment and lending space.
Luke Moynihan is Boss Insights’ innovator and technical co-founder. Boss Insights offers verified AI models that offer greater returns to lenders, investors and exchanges. He’s been in software engineering for over 20 years. He built the platform to gather data from over 800 cloud-based sources. He sold his first software company in 2010. Luke discovered the idea for Boss Insights when he solved shipment for Amazon, saving the company millions. He’s used the same technical scalability expertise at Points.com and DealFind.com. Luke currently manages a team of software developers and data scientists at Boss Insights and is helping determine where the AI and Big Data industry will go next.
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