A lot of companies want to cash in on the AI hype. A new study from London VC firm MMC claims that 40 percent of the European “AI startups” it surveyed don’t actually use artificial intelligence in a way that was material to their businesses.
This new study is very interesting (and funny) for me. I have seen a lot of “AI startups” coming up in the past few years, and I haven’t found anyone who is solving real AI problems, and this survey agrees with me.
Also, I would argue that of the “AI startups”, probably less than 1% of the employees doing “AI” would pass an interview with any real AI expert company, such as Google Brain or Deepmind.
I have said a long time ago that this was all a hype, and adding “AI” to the description of the company is just a way to attract more VC and funding. I strongly believe that in the long term everyone will understand who is really doing something important and who is just trying to milk the hype as much as possible, just to close the company as soon as the hype is gone.