Don't let hype, FOMO push you to adopt artificial intelligence: Haptik's Aakrit Vaish
Haptik Co-Founder and CEO Aakrit Vaish advised founders to not jump into AI just because of hype and feeling of FOMO at TechSparks Mumbai.
A lot of noise and hype surrounds artificial intelligence (AI) in India, which makes it necessary for people who wish to work in this field to exercise patience, said Aakrit Vaish, Co-Founder & CEO of AI chatbot firm .
"I would encourage everybody who is trying to work in AI—and I'm doing the same for myself—[to] be patient. Don't jump into it without understanding where the value will get created. Don't jump into it because there is just so much hype or because you're feeling FOMO [fear of missing out] or you are a little late," Vaish said during a conversation at the second edition of TechSparks Mumbai.
"Think about the customer backwards: about the product I'm trying to build, who does it service, where are we going to make money and then build your startup," he advised founders.
Vaish said though it's not very clear where the businesses on AI will be created, the "good news" was that the situation was the same globally, including in Silicon Valley.
Sharing his thoughts on AI influencing consumer behaviour, Vaish said that it will not happen overnight. "I don't think it's going to be like the mobile app world... because it's (AI) not a new distribution platform, it's a new technology that enables us to create apps. So I think it'll be step by step," he said.
Haptik provides conversational AI solutions to enterprises. In December, it also launched Contakt, a solution to deliver end-to-end customer experiences through a combination of Generative AI and human assistants.
Jio Platforms acquired a majority shareholding in Haptik in early 2019 in a $100 million transaction. The AI chatbot firm's revenues jumped to Rs 93 crore for the financial year ending March 2023, from Rs 37.1 crore the previous year, according to data insights firm Tracxn.
Edited by Affirunisa Kankudti