In this week’s episode of the podcast, I had the privilege of chatting with an old friend, Loren Horsager, a seasoned tech entrepreneur who has literally been talking about artificial intelligence (AI) since the '90s. Loren became a lifelong tech enthusiast after he helped automate the accounting tasks he was responsible for in the commodities trading business he was working for in the '90s. Loren was first on the podcast over six years ago (ep. #84), talking about how companies can embrace technology and software to increase their multiple, and potentially even the valuation method. I couldn't think of a better person to have on the show. With the entrance of AI onto the scene, the stakes and rate of change are even higher.
Today, Loren unraveled the significant strides that AI has made, along with its practical implications on businesses, particularly privately-held ones. We dove into how AI, when properly understood and integrated, could bring about a transformation as impactful as the launch of Netscape in the internet era. Join us as we explore this fascinating topic, in what I hope is a very practical and actionable conversation, while also shedding light on the importance of the bigger conversations we need to be paying attention to as the world of AI evolves.
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Key Takeaways:
1. Transformative Potential of AI for Private Middle Market Businesses: Firstly, we acknowledged the transformative potential of AI for businesses. Loren predicted a significant evolution in the world of AI over the next 12 to 18 months, likening it to the revolution caused by Netscape during the internet's early days. As a business owner, I see this as an alert that now is the time to start considering how AI can fit into our business strategies to gain a competitive edge.
2. Data Protection and Custom AI Solutions: Secondly, we discussed the crucial importance of data protection and the value of custom AI solutions. I was quite alarmed by the number of businesses that aren't giving data protection the attention it deserves, given the importance of data in training machine learning models. Moreover, Loren made a compelling argument for the creation of custom AI tools that are tailored to tackle specific business problems. I see this as a great opportunity to utilize AI for enhancing efficiency and solving problems in a targeted manner.
3. AI in Boosting Productivity, not Replacing Teams: Lastly, we emphasized the idea that AI is here to augment, not replace, our teams. It's crucial to remember that AI can be used to boost productivity, streamline operations, and minimize costs - but it's not a replacement for human intellect and creativity. Loren's vision of bots that understand job roles and work alongside humans has got me thinking about the future of team structures. It's an exciting time for us as business owners, and understanding these aspects of AI can help us navigate the changing business landscape more effectively.
Links and Resources:
Loren Horsager | LinkedIn
modelmind.ai
Email: loren.horsager@modelmind.ai
Intentional Growth™ Vision Board
Intentional Growth™ Online Training
Reach out to me if you have questions about the Intentional Growth™ Training or Fractional CFO services
AI Interviews mentioned by Ryan:
Jordan Peterson’s interview with Brian Roemmele
Peter H. Diamandis’s interview with Sal Khan
