AI is one of the most potent and advanced forms of technology. It has a massive influence on our lives and has shaped how we do business. From automotive brands to health and wellness businesses, there are immense opportunities in the AI sector.

The AI sector is expanding rapidly, and if you must capitalize on the opportunities in the AI sector, you need to move fast and stay ahead of the trend, and we’re going to show you four steps that’d help you start a solid AI business.

Four Simple Steps to Starting an Attractive AI Business

1. Identify Real-life Problems That AI Can Fix

AI software like Google’s advanced search engine, Siri, and Alexa (AI capable of human interaction), Tesla’s self-driving car, chatbots, and Robotic Process Automation (RPA) for specified back-office roles all stand out because they provide solutions to real-life problems.

And the key to finding pressing problems that AI can solve is to either look within your niche and discover any area that technology can enhance or to check what AI is already doing in other niches.

Look for areas in your industry that are long overdue for change, are capital intensive, or demand a lot of physical human resources. But no matter what you do, ensure you’re providing solutions to problems in a niche you thoroughly understand. This way, you confirm your AI services are a direct fit for the market.

The AI market—especially in the health sector—has seen its fair share of empty hypes with no practical use or working prototypes. Shady businesses like Theranos have scared people and made them extra cautious about investing and supporting AI ventures.

2. Gather Resources and Build Your MVP

Now that you’ve identified the area in your niche that needs AI solutions, it’s time to get a minimum viable product before your audience, gather data, and improve your AI solution.

Building a solid MVP involves knowing the key performance indicators for your AI tool, correctly framing your machine learning problem, and creating a robust model capable of handling a vast array of input or output.

Ensure you gather enough data and start training your AI. Your model’s performance is heavily affected by the quantity and quality of data you feed it.

Remember, you may not have time on your side, as several other entrepreneurs may also be thinking about creating similar AI solutions to the problem you’re looking to solve. So, don’t be too slow that you lose your first mover advantage.

In the words of Mark Zuckerberg, this is the time you “move fast and break things.” Don’t be afraid of making mistakes, as they’re a natural consequence of innovating in a highly competitive and complex industry.

Say you’ve created an MVP that aligns with the industry you’re targeting, and your AI tool is slowly but surely getting fully integrated into your target industry; then you need to focus your attention on iterating fast, developing better models, UX, gathering more data, and releasing updated features that satisfy your customer’s needs.

3. Sort Out Your Business Brand

Building an AI tool is great, but you must understand that a lot of the success your startup will experience will come from the strength of your brand identity. And getting the right brand name is one critical step to positioning your business for success.

For example, having a captivating name will make securing capital easier because businesses with strong names perform 33% better than brands with weak names in the stock market. A catchy and exciting name can help you build buzz around your company, quickly bond with your customers, drive sales and attract quality talents.

Building a robust AI tool will take a lot of time. And instead of spending additional time brainstorming for the perfect name, we suggest using a trusted business name generator to determine the best name that aligns with the identity of your AI business.

4. Build a Strong Culture for your Business

When starting an AI business, you must be willing to play short and long games. The short game in the sense that you must be able to get an MVP into the market as quickly as possible, and the long game in the sense that you must create a vibrant working environment that’d encourage your dev team to stay with you for the long run.

Commit to Satisfying Customers

Your clients can make or break your success. The greatest task you must take on is convincing your customers that everything you are doing is for their benefit, and they should be able to see it in your products, messaging, and brand.

Grant Polachek is the head of branding for Squadhelp.com, 3X Inc 5000 startup and disruptive naming agency. Squadhelp has reviewed more than 1 million names and curated a collection of the best available names on the web today. We are also the world’s leading crowdsource naming platform, supporting clients from early-stage startups to Fortune 500 companies.