In this episode of Startup Series, listen Phillip Alvelda,CEO at Brainworks, a technology and industry innovator as well as an educator talking about startups, team building and innovation through AI. Philip shares how he started his own company, the challenges he faced and how new budding entrepreneurs can turn their vision into a reality too by better understanding their capabilities. He’ll also be talking about how AI and this industry enables new businesses.
1. There’s no one good way to build startups. One of the most important building blocks for startups is perfect skill set combinations and distribution of the founding team. Relationships of trust among the co-founders, their capabilities, and a broad skill set for problem solving.
2. When the skills of the employees or team don't translate into future activities of the company or the company goals, learn to have exit discussions and make employees feel rearded.
3. The biggest obstacle while embracing AI is that it’s complicated and relatively new which means it’s not a mature enough industry. There is not enough infrastructure to make it utilisable. All these dynamics are the blockers in the implementation of AI.
4. AI is a great field and has powerful tools. It leverages a lot of problem solving and great areas to explore for entrepreneurs. Don't focus on narrow problems and make them blockers.