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Shark Tank investor Mark Cuban sat down with Wired to answer the questions asked to him on Twitter. One of the questions was about a business idea that people don't realize is great, a user asked Mark.
To this, the investor replied by highlighting businesses that leverage artificial intelligence and smart technology. These opportunities are the ones that bridge the knowledge gap for consumers as well as businesses.
This ultimately creates value through various means such as education among others. Two of the opportunities that Mark says he would look into are Amazon's Alexa and large language models like Chat GPT.
Alexa is a widely used virtual assistant and has a lot of capabilities beyond just playing music or setting reminders. However, many users are not aware of the features such as automation through routines and energy management, and thus, Mark says, it is an untapped space. He explained,
"I'm going to tell you a couple off the top of my head that, if I wanted to start a company, I would seriously look at. Number one: Alexa. Alexa has so many capabilities, and so many people have them, but they have no idea how to use any of the programming or scripting capabilities."
Shark Tank investor Mark Cuban on Capitalising Alexa's Potential
Mark Cuban says that Amazon's Alexa has wide capabilities that could be marketable as a business. He says he would develop a business centered around helping people understand and then utilize Alexa's full potential.
According to him, this could be highly profitable. The model is based on optimizing Alexa for individual users and companies can cater to a significant market need.
Explaining the same, he said that for a rate of $50 or more per hour, professionals could offer tailored support to help the clients get the best out of their Alexa devices which would ultimately assist them in their business.
Shark Tank's Mark says,
"You could start a business where you go to your neighbors, car dealerships, and businesses, and for 50 bucks an hour or more, show them how to use their Alexa devices to save energy, save time, and improve efficiency in their homes or businesses."
Shark Tank investor Mark Cuban on leveraging Large Language Models like Chat GPT
Artificial intelligence and large language models are evolving constantly and Mark sees an opportunity with the same. Talking about a business built on the same, he says that these tools can be used for automation as well as productivity.
He says that many businesses are looking for a way to harness these but often they lack the knowledge to do so effectively. The Shark Tank investor thinks that a business focused on educating and implementing these AI solutions might be beneficial to a large sector.
He also asks viewers to stay ahead of the development curve in these AI models as it will help in giving a new business a competitive edge. Explaining, Mark says,
"Number two: Large language models like ChatGPT. There are new features coming out in ChatGPT and its competitors every single month. If you get involved and stay ahead, you'll be in demand for selling your services—whether it's teaching businesses how to use ChatGPT for automation and efficiency or tutoring kids on how to use it effectively for school."
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Shark Tank season 16 episodes are released weekly on ABC at 8 PM Eastern Time on Fridays. Later, they can be streamed via Hulu.
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