AI: The Future of Entrepreneurship in Mexico

The world is more interconnected every day and it generates a gigantic amount of data that businesses can use to gain an edge. Moreover, new developments such as AI are making it easier to gather, organize and analyze more and more data.

There are many benefits to the implementation of AI for already established companies. In an interview with MBN, Evaristo Babé, CEO of Pulpomatic, a company that offers software for any type of data source regarding vehicles, mentions that incorporating AI into its services allowed the company to offer a highly personalized service tailored to the client’s habits and living conditions. “If we know a person’s driving style, the routes they take and their type of vehicle, among other factors, we can predict and warn companies when they need to act before a major problem arises,” he said. 

How can Mexico take advantage of this booming trend? TechTarget, an online search data center, has made a list of three things Mexico has to pay attention to concerning AI:

1. Data. The information offers new ways for organizations to improve operations and their businesses, enabling smarter decisions, improving processes and generating new ways to innovate products and services, which can strengthen the experience of both customers and employees.
2. Trust. It is important that companies make use of transparent ways of gathering data so information becomes technologically ethical and impartial and so consumers and employees trust the process. Diversity and inclusion in AI grant more innovation and agility but also social impact and business growth.
3. Talent. Organizations still experience difficulties when it comes to talent. It is important to prepare new professionals to participate in data science, AI and cyber-security, among other things. Companies that adapt better to AI do better in the market, because of the optimization benefits it enables.

Endeavor Insight published a report called The Impact of Artificial Intelligence on Entrepreneurship, where it notes that entrepreneurs in Latin America face very specific challenges, including:

• Lack of specialized talent in AI, which forces companies to hire talent from other countries
• Lack of infrastructure and development of large data storage capabilities
• Lack of understanding from the consumer side about what IA does, which causes distrust in services that use it
• Difficulty in finding funds, which are needed to improve IA and to find and create talent for the sector.

When asked about opportunities for startups and for software companies like Pulpomatic in Mexico, Babé said that the market is enormous. “It has many entrepreneurs who are willing to try new things, who are not afraid and do not let themselves be sunk by anything. This means the country has a dynamic vibe. You always see new trends and that makes the region ideal for launching new projects,” he told MBN.