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#434753 Top Takeaways From The Economist ...

Over the past few years, the word ‘innovation’ has degenerated into something of a buzzword. In fact, according to Vijay Vaitheeswaran, US business editor at The Economist, it’s one of the most abused words in the English language.

The word is over-used precisely because we’re living in a great age of invention. But the pace at which those inventions are changing our lives is fast, new, and scary.

So what strategies do companies need to adopt to make sure technology leads to growth that’s not only profitable, but positive? How can business and government best collaborate? Can policymakers regulate the market without suppressing innovation? Which technologies will impact us most, and how soon?

At The Economist Innovation Summit in Chicago last week, entrepreneurs, thought leaders, policymakers, and academics shared their insights on the current state of exponential technologies, and the steps companies and individuals should be taking to ensure a tech-positive future. Here’s their expert take on the tech and trends shaping the future.

Blockchain
There’s been a lot of hype around blockchain; apparently it can be used for everything from distributing aid to refugees to voting. However, it’s too often conflated with cryptocurrencies like Bitcoin, and we haven’t heard of many use cases. Where does the technology currently stand?

Julie Sweet, chief executive of Accenture North America, emphasized that the technology is still in its infancy. “Everything we see today are pilots,” she said. The most promising of these pilots are taking place across three different areas: supply chain, identity, and financial services.

When you buy something from outside the US, Sweet explained, it goes through about 80 different parties. 70 percent of the relevant data is replicated and is prone to error, with paper-based documents often to blame. Blockchain is providing a secure way to eliminate paper in supply chains, upping accuracy and cutting costs in the process.

One of the most prominent use cases in the US is Walmart—the company has mandated that all suppliers in its leafy greens segment be on a blockchain, and its food safety has improved as a result.

Beth Devin, head of Citi Ventures’ innovation network, added “Blockchain is an infrastructure technology. It can be leveraged in a lot of ways. There’s so much opportunity to create new types of assets and securities that aren’t accessible to people today. But there’s a lot to figure out around governance.”

Open Source Technology
Are the days of proprietary technology numbered? More and more companies and individuals are making their source code publicly available, and its benefits are thus more widespread than ever before. But what are the limitations and challenges of open source tech, and where might it go in the near future?

Bob Lord, senior VP of cognitive applications at IBM, is a believer. “Open-sourcing technology helps innovation occur, and it’s a fundamental basis for creating great technology solutions for the world,” he said. However, the biggest challenge for open source right now is that companies are taking out more than they’re contributing back to the open-source world. Lord pointed out that IBM has a rule about how many lines of code employees take out relative to how many lines they put in.

Another challenge area is open governance; blockchain by its very nature should be transparent and decentralized, with multiple parties making decisions and being held accountable. “We have to embrace open governance at the same time that we’re contributing,” Lord said. He advocated for a hybrid-cloud environment where people can access public and private data and bring it together.

Augmented and Virtual Reality
Augmented and virtual reality aren’t just for fun and games anymore, and they’ll be even less so in the near future. According to Pearly Chen, vice president at HTC, they’ll also go from being two different things to being one and the same. “AR overlays digital information on top of the real world, and VR transports you to a different world,” she said. “In the near future we will not need to delineate between these two activities; AR and VR will come together naturally, and will change everything we do as we know it today.”

For that to happen, we’ll need a more ergonomically friendly device than we have today for interacting with this technology. “Whenever we use tech today, we’re multitasking,” said product designer and futurist Jody Medich. “When you’re using GPS, you’re trying to navigate in the real world and also manage this screen. Constant task-switching is killing our brain’s ability to think.” Augmented and virtual reality, she believes, will allow us to adapt technology to match our brain’s functionality.

This all sounds like a lot of fun for uses like gaming and entertainment, but what about practical applications? “Ultimately what we care about is how this technology will improve lives,” Chen said.

A few ways that could happen? Extended reality will be used to simulate hazardous real-life scenarios, reduce the time and resources needed to bring a product to market, train healthcare professionals (such as surgeons), or provide therapies for patients—not to mention education. “Think about the possibilities for children to learn about history, science, or math in ways they can’t today,” Chen said.

Quantum Computing
If there’s one technology that’s truly baffling, it’s quantum computing. Qubits, entanglement, quantum states—it’s hard to wrap our heads around these concepts, but they hold great promise. Where is the tech right now?

Mandy Birch, head of engineering strategy at Rigetti Computing, thinks quantum development is starting slowly but will accelerate quickly. “We’re at the innovation stage right now, trying to match this capability to useful applications,” she said. “Can we solve problems cheaper, better, and faster than classical computers can do?” She believes quantum’s first breakthrough will happen in two to five years, and that is highest potential is in applications like routing, supply chain, and risk optimization, followed by quantum chemistry (for materials science and medicine) and machine learning.

David Awschalom, director of the Chicago Quantum Exchange and senior scientist at Argonne National Laboratory, believes quantum communication and quantum sensing will become a reality in three to seven years. “We’ll use states of matter to encrypt information in ways that are completely secure,” he said. A quantum voting system, currently being prototyped, is one application.

Who should be driving quantum tech development? The panelists emphasized that no one entity will get very far alone. “Advancing quantum tech will require collaboration not only between business, academia, and government, but between nations,” said Linda Sapochak, division director of materials research at the National Science Foundation. She added that this doesn’t just go for the technology itself—setting up the infrastructure for quantum will be a big challenge as well.

Space
Space has always been the final frontier, and it still is—but it’s not quite as far-removed from our daily lives now as it was when Neil Armstrong walked on the moon in 1969.

The space industry has always been funded by governments and private defense contractors. But in 2009, SpaceX launched its first commercial satellite, and in subsequent years have drastically cut the cost of spaceflight. More importantly, they published their pricing, which brought transparency to a market that hadn’t seen it before.

Entrepreneurs around the world started putting together business plans, and there are now over 400 privately-funded space companies, many with consumer applications.

Chad Anderson, CEO of Space Angels and managing partner of Space Capital, pointed out that the technology floating around in space was, until recently, archaic. “A few NASA engineers saw they had more computing power in their phone than there was in satellites,” he said. “So they thought, ‘why don’t we just fly an iPhone?’” They did—and it worked.

Now companies have networks of satellites monitoring the whole planet, producing a huge amount of data that’s valuable for countless applications like agriculture, shipping, and observation. “A lot of people underestimate space,” Anderson said. “It’s already enabling our modern global marketplace.”

Next up in the space realm, he predicts, are mining and tourism.

Artificial Intelligence and the Future of Work
From the US to Europe to Asia, alarms are sounding about AI taking our jobs. What will be left for humans to do once machines can do everything—and do it better?

These fears may be unfounded, though, and are certainly exaggerated. It’s undeniable that AI and automation are changing the employment landscape (not to mention the way companies do business and the way we live our lives), but if we build these tools the right way, they’ll bring more good than harm, and more productivity than obsolescence.

Accenture’s Julie Sweet emphasized that AI alone is not what’s disrupting business and employment. Rather, it’s what she called the “triple A”: automation, analytics, and artificial intelligence. But even this fear-inducing trifecta of terms doesn’t spell doom, for workers or for companies. Accenture has automated 40,000 jobs—and hasn’t fired anyone in the process. Instead, they’ve trained and up-skilled people. The most important drivers to scale this, Sweet said, are a commitment by companies and government support (such as tax credits).

Imbuing AI with the best of human values will also be critical to its impact on our future. Tracy Frey, Google Cloud AI’s director of strategy, cited the company’s set of seven AI principles. “What’s important is the governance process that’s put in place to support those principles,” she said. “You can’t make macro decisions when you have technology that can be applied in many different ways.”

High Risks, High Stakes
This year, Vaitheeswaran said, 50 percent of the world’s population will have internet access (he added that he’s disappointed that percentage isn’t higher given the proliferation of smartphones). As technology becomes more widely available to people around the world and its influence grows even more, what are the biggest risks we should be monitoring and controlling?

Information integrity—being able to tell what’s real from what’s fake—is a crucial one. “We’re increasingly operating in siloed realities,” said Renee DiResta, director of research at New Knowledge and head of policy at Data for Democracy. “Inadvertent algorithmic amplification on social media elevates certain perspectives—what does that do to us as a society?”

Algorithms have also already been proven to perpetuate the bias of the people who create it—and those people are often wealthy, white, and male. Ensuring that technology doesn’t propagate unfair bias will be crucial to its ability to serve a diverse population, and to keep societies from becoming further polarized and inequitable. The polarization of experience that results from pronounced inequalities within countries, Vaitheeswaran pointed out, can end up undermining democracy.

We’ll also need to walk the line between privacy and utility very carefully. As Dan Wagner, founder of Civis Analytics put it, “We want to ensure privacy as much as possible, but open access to information helps us achieve important social good.” Medicine in the US has been hampered by privacy laws; if, for example, we had more data about biomarkers around cancer, we could provide more accurate predictions and ultimately better healthcare.

But going the Chinese way—a total lack of privacy—is likely not the answer, either. “We have to be very careful about the way we bake rights and freedom into our technology,” said Alex Gladstein, chief strategy officer at Human Rights Foundation.

Technology’s risks are clearly as fraught as its potential is promising. As Gary Shapiro, chief executive of the Consumer Technology Association, put it, “Everything we’ve talked about today is simply a tool, and can be used for good or bad.”

The decisions we’re making now, at every level—from the engineers writing algorithms, to the legislators writing laws, to the teenagers writing clever Instagram captions—will determine where on the spectrum we end up.

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Posted in Human Robots

#434701 3 Practical Solutions to Offset ...

In recent years, the media has sounded the alarm about mass job loss to automation and robotics—some studies predict that up to 50 percent of current jobs or tasks could be automated in coming decades. While this topic has received significant attention, much of the press focuses on potential problems without proposing realistic solutions or considering new opportunities.

The economic impacts of AI, robotics, and automation are complex topics that require a more comprehensive perspective to understand. Is universal basic income, for example, the answer? Many believe so, and there are a number of experiments in progress. But it’s only one strategy, and without a sustainable funding source, universal basic income may not be practical.

As automation continues to accelerate, we’ll need a multi-pronged approach to ease the transition. In short, we need to update broad socioeconomic strategies for a new century of rapid progress. How, then, do we plan practical solutions to support these new strategies?

Take history as a rough guide to the future. Looking back, technology revolutions have three themes in common.

First, past revolutions each produced profound benefits to productivity, increasing human welfare. Second, technological innovation and technology diffusion have accelerated over time, each iteration placing more strain on the human ability to adapt. And third, machines have gradually replaced more elements of human work, with human societies adapting by moving into new forms of work—from agriculture to manufacturing to service, for example.

Public and private solutions, therefore, need to be developed to address each of these three components of change. Let’s explore some practical solutions for each in turn.

Figure 1. Technology’s structural impacts in the 21st century. Refer to Appendix I for quantitative charts and technological examples corresponding to the numbers (1-22) in each slice.
Solution 1: Capture New Opportunities Through Aggressive Investment
The rapid emergence of new technology promises a bounty of opportunity for the twenty-first century’s economic winners. This technological arms race is shaping up to be a global affair, and the winners will be determined in part by who is able to build the future economy fastest and most effectively. Both the private and public sectors have a role to play in stimulating growth.

At the country level, several nations have created competitive strategies to promote research and development investments as automation technologies become more mature.

Germany and China have two of the most notable growth strategies. Germany’s Industrie 4.0 plan targets a 50 percent increase in manufacturing productivity via digital initiatives, while halving the resources required. China’s Made in China 2025 national strategy sets ambitious targets and provides subsidies for domestic innovation and production. It also includes building new concept cities, investing in robotics capabilities, and subsidizing high-tech acquisitions abroad to become the leader in certain high-tech industries. For China, specifically, tech innovation is driven partially by a fear that technology will disrupt social structures and government control.

Such opportunities are not limited to existing economic powers. Estonia’s progress after the breakup of the Soviet Union is a good case study in transitioning to a digital economy. The nation rapidly implemented capitalistic reforms and transformed itself into a technology-centric economy in preparation for a massive tech disruption. Internet access was declared a right in 2000, and the country’s classrooms were outfitted for a digital economy, with coding as a core educational requirement starting at kindergarten. Internet broadband speeds in Estonia are among the fastest in the world. Accordingly, the World Bank now ranks Estonia as a high-income country.

Solution 2: Address Increased Rate of Change With More Nimble Education Systems
Education and training are currently not set for the speed of change in the modern economy. Schools are still based on a one-time education model, with school providing the foundation for a single lifelong career. With content becoming obsolete faster and rapidly escalating costs, this system may be unsustainable in the future. To help workers more smoothly transition from one job into another, for example, we need to make education a more nimble, lifelong endeavor.

Primary and university education may still have a role in training foundational thinking and general education, but it will be necessary to curtail rising price of tuition and increase accessibility. Massive open online courses (MooCs) and open-enrollment platforms are early demonstrations of what the future of general education may look like: cheap, effective, and flexible.

Georgia Tech’s online Engineering Master’s program (a fraction of the cost of residential tuition) is an early example in making university education more broadly available. Similarly, nanodegrees or microcredentials provided by online education platforms such as Udacity and Coursera can be used for mid-career adjustments at low cost. AI itself may be deployed to supplement the learning process, with applications such as AI-enhanced tutorials or personalized content recommendations backed by machine learning. Recent developments in neuroscience research could optimize this experience by perfectly tailoring content and delivery to the learner’s brain to maximize retention.

Finally, companies looking for more customized skills may take a larger role in education, providing on-the-job training for specific capabilities. One potential model involves partnering with community colleges to create apprenticeship-style learning, where students work part-time in parallel with their education. Siemens has pioneered such a model in four states and is developing a playbook for other companies to do the same.

Solution 3: Enhance Social Safety Nets to Smooth Automation Impacts
If predicted job losses to automation come to fruition, modernizing existing social safety nets will increasingly become a priority. While the issue of safety nets can become quickly politicized, it is worth noting that each prior technological revolution has come with corresponding changes to the social contract (see below).

The evolving social contract (U.S. examples)
– 1842 | Right to strike
– 1924 | Abolish child labor
– 1935 | Right to unionize
– 1938 | 40-hour work week
– 1962, 1974 | Trade adjustment assistance
– 1964 | Pay discrimination prohibited
– 1970 | Health and safety laws
– 21st century | AI and automation adjustment assistance?

Figure 2. Labor laws have historically adjusted as technology and society progressed

Solutions like universal basic income (no-strings-attached monthly payout to all citizens) are appealing in concept, but somewhat difficult to implement as a first measure in countries such as the US or Japan that already have high debt. Additionally, universal basic income may create dis-incentives to stay in the labor force. A similar cautionary tale in program design was the Trade Adjustment Assistance (TAA), which was designed to protect industries and workers from import competition shocks from globalization, but is viewed as a missed opportunity due to insufficient coverage.

A near-term solution could come in the form of graduated wage insurance (compensation for those forced to take a lower-paying job), including health insurance subsidies to individuals directly impacted by automation, with incentives to return to the workforce quickly. Another topic to tackle is geographic mismatch between workers and jobs, which can be addressed by mobility assistance. Lastly, a training stipend can be issued to individuals as means to upskill.

Policymakers can intervene to reverse recent historical trends that have shifted incomes from labor to capital owners. The balance could be shifted back to labor by placing higher taxes on capital—an example is the recently proposed “robot tax” where the taxation would be on the work rather than the individual executing it. That is, if a self-driving car performs the task that formerly was done by a human, the rideshare company will still pay the tax as if a human was driving.

Other solutions may involve distribution of work. Some countries, such as France and Sweden, have experimented with redistributing working hours. The idea is to cap weekly hours, with the goal of having more people employed and work more evenly spread. So far these programs have had mixed results, with lower unemployment but high costs to taxpayers, but are potential models that can continue to be tested.

We cannot stop growth, nor should we. With the roles in response to this evolution shifting, so should the social contract between the stakeholders. Government will continue to play a critical role as a stabilizing “thumb” in the invisible hand of capitalism, regulating and cushioning against extreme volatility, particularly in labor markets.

However, we already see business leaders taking on some of the role traditionally played by government—thinking about measures to remedy risks of climate change or economic proposals to combat unemployment—in part because of greater agility in adapting to change. Cross-disciplinary collaboration and creative solutions from all parties will be critical in crafting the future economy.

Note: The full paper this article is based on is available here.

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Posted in Human Robots

#434685 How Tech Will Let You Learn Anything, ...

Today, over 77 percent of Americans own a smartphone with access to the world’s information and near-limitless learning resources.

Yet nearly 36 million adults in the US are constrained by low literacy skills, excluding them from professional opportunities, prospects of upward mobility, and full engagement with their children’s education.

And beyond its direct impact, low literacy rates affect us all. Improving literacy among adults is predicted to save $230 billion in national healthcare costs and could result in US labor productivity increases of up to 2.5 percent.

Across the board, exponential technologies are making demonetized learning tools, digital training platforms, and literacy solutions more accessible than ever before.

With rising automation and major paradigm shifts underway in the job market, these tools not only promise to make today’s workforce more versatile, but could play an invaluable role in breaking the poverty cycles often associated with low literacy.

Just three years ago, the Barbara Bush Foundation for Family Literacy and the Dollar General Literacy Foundation joined forces to tackle this intractable problem, launching a $7 million Adult Literacy XPRIZE.

Challenging teams to develop smartphone apps that significantly increase literacy skills among adult learners in just 12 months, the competition brought five prize teams to the fore, each targeting multiple demographics across the nation.

Now, after four years of research, prototyping, testing, and evaluation, XPRIZE has just this week announced two grand prize winners: Learning Upgrade and People ForWords.

In this blog, I’ll be exploring the nuts and bolts of our two winning teams and how exponential technologies are beginning to address rapidly shifting workforce demands.

We’ll discuss:

Meeting 100 percent adult literacy rates
Retooling today’s workforce for tomorrow’s job market
Granting the gift of lifelong learning

Let’s dive in.

Adult Literacy XPRIZE
Emphasizing the importance of accessible mediums and scalability, the Adult Literacy XPRIZE called for teams to create mobile solutions that lower the barrier to entry, encourage persistence, develop relevant learning content, and can scale nationally.

Outperforming the competition in two key demographic groups in aggregate—native English speakers and English language learners—teams Learning Upgrade and People ForWords together claimed the prize.

To win, both organizations successfully generated the greatest gains between a pre- and post-test, administered one year apart to learners in a 12-month field test across Los Angeles, Dallas, and Philadelphia.

Prize money in hand, Learning Upgrade and People ForWords are now scaling up their solutions, each targeting a key demographic in America’s pursuit of adult literacy.

Based in San Diego, Learning Upgrade has developed an Android and iOS app that helps students learn English and math through video, songs, and gamification. Offering a total of 21 courses from kindergarten through adult education, Learning Upgrade touts a growing platform of over 900 lessons spanning English, reading, math, and even GED prep.

To further personalize each student’s learning, Learning Upgrade measures time-on-task and builds out formative performance assessments, granting teachers a quantified, real-time view of each student’s progress across both lessons and criteria.

Specialized in English reading skills, Dallas-based People ForWords offers a similarly delocalized model with its mobile game “Codex: Lost Words of Atlantis.” Based on an archaeological adventure storyline, the app features an immersive virtual environment.

Set in the Atlantis Library (now with a 3D rendering underway), Codex takes its students through narrative-peppered lessons covering everything from letter-sound practice to vocabulary reinforcement in a hidden object game.

But while both mobile apps have recruited initial piloting populations, the key to success is scale.

Using a similar incentive prize competition structure to drive recruitment, the second phase of the XPRIZE is a $1 million Barbara Bush Foundation Adult Literacy XPRIZE Communities Competition. For 15 months, the competition will challenge organizations, communities, and individuals alike to onboard adult learners onto both prize-winning platforms and fellow finalist team apps, AmritaCREATE and Cell-Ed.

Each awarded $125,000 for participation in the Communities Competition, AmritaCREATE and Cell-Ed bring yet other nuanced advantages to the table.

While AmritaCREATE curates culturally appropriate e-content relevant to given life skills, Cell-Ed takes a learn-on-the-go approach, offering micro-lessons, on-demand essential skills training, and individualized coaching on any mobile device, no internet required.

Although all these cases target slightly different demographics and problem niches, they converge upon common phenomena: mobility, efficiency, life skill relevance, personalized learning, and practicability.

And what better to scale these benefits than AI and immersive virtual environments?

In the case of education’s growing mobility, 5G and the explosion of connectivity speeds will continue to drive a learn-anytime-anywhere education model, whereby adult users learn on the fly, untethered to web access or rigid time strictures.

As I’ve explored in a previous blog on AI-crowd collaboration, we might also see the rise of AI learning consultants responsible for processing data on how you learn.

Quantifying and analyzing your interaction with course modules, where you get stuck, where you thrive, and what tools cause you ease or frustration, each user’s AI trainer might then issue personalized recommendations based on crowd feedback.

Adding a human touch, each app’s hired teaching consultants would thereby be freed to track many more students’ progress at once, vetting AI-generated tips and adjustments, and offering life coaching along the way.

Lastly, virtual learning environments—and, one day, immersive VR—will facilitate both speed and retention, two of the most critical constraints as learners age.

As I often reference, people generally remember only 10 percent of what we see, 20 percent of what we hear, and 30 percent of what we read…. But over a staggering 90 percent of what we do or experience.

By introducing gamification, immersive testing activities, and visually rich sensory environments, adult literacy platforms have a winning chance at scalability, retention, and user persistence.

Exponential Tools: Training and Retooling a Dynamic Workforce
Beyond literacy, however, virtual and augmented reality have already begun disrupting the professional training market.

As projected by ABI Research, the enterprise VR training market is on track to exceed $6.3 billion in value by 2022.

Leading the charge, Walmart has already implemented VR across 200 Academy training centers, running over 45 modules and simulating everything from unusual customer requests to a Black Friday shopping rush.

Then in September of last year, Walmart committed to a 17,000-headset order of the Oculus Go to equip every US Supercenter, neighborhood market, and discount store with VR-based employee training.

In the engineering world, Bell Helicopter is using VR to massively expedite development and testing of its latest aircraft, FCX-001. Partnering with Sector 5 Digital and HTC VIVE, Bell found it could concentrate a typical six-year aircraft design process into the course of six months, turning physical mockups into CAD-designed virtual replicas.

But beyond the design process itself, Bell is now one of a slew of companies pioneering VR pilot tests and simulations with real-world accuracy. Seated in a true-to-life virtual cockpit, pilots have now tested countless iterations of the FCX-001 in virtual flight, drawing directly onto the 3D model and enacting aircraft modifications in real time.

And in an expansion of our virtual senses, several key players are already working on haptic feedback. In the case of VR flight, French company Go Touch VR is now partnering with software developer FlyInside on fingertip-mounted haptic tech for aviation.

Dramatically reducing time and trouble required for VR-testing pilots, they aim to give touch-based confirmation of every switch and dial activated on virtual flights, just as one would experience in a full-sized cockpit mockup. Replicating texture, stiffness, and even the sensation of holding an object, these piloted devices contain a suite of actuators to simulate everything from a light touch to higher-pressured contact, all controlled by gaze and finger movements.

When it comes to other high-risk simulations, virtual and augmented reality have barely scratched the surface.
Firefighters can now combat virtual wildfires with new platforms like FLAIM Trainer or TargetSolutions. And thanks to the expansion of medical AR/VR services like 3D4Medical or Echopixel, surgeons might soon perform operations on annotated organs and magnified incision sites, speeding up reaction times and vastly improving precision.

But perhaps most urgently, virtual reality will offer an immediate solution to today’s constant industry turnover and large-scale re-education demands.

VR educational facilities with exact replicas of anything from large industrial equipment to minute circuitry will soon give anyone a second chance at the 21st-century job market.

Want to become an electric, autonomous vehicle mechanic at age 44? Throw on a demonetized VR module and learn by doing, testing your prototype iterations at almost zero cost and with no risk of harming others.

Want to be a plasma physicist and play around with a virtual nuclear fusion reactor? Now you’ll be able to simulate results and test out different tweaks, logging Smart Educational Record credits in the process.

As tomorrow’s career model shifts from a “one-and-done graduate degree” to continuous lifelong education, professional VR-based re-education will allow for a continuous education loop, reducing the barrier to entry for anyone wanting to try their hand at a new industry.

Learn Anything, Anytime, at Any Age
As VR and artificial intelligence converge with demonetized mobile connectivity, we are finally witnessing an era in which no one will be left behind.

Whether in pursuit of fundamental life skills, professional training, linguistic competence, or specialized retooling, users of all ages, career paths, income brackets, and goals are now encouraged to be students, no longer condemned to stagnancy.

Traditional constraints need no longer prevent non-native speakers from gaining an equal foothold, or specialists from pivoting into new professions, or low-income parents from staking new career paths.

As exponential technologies drive democratized access, bolstering initiatives such as the Barbara Bush Foundation Adult Literacy XPRIZE are blazing the trail to make education a scalable priority for all.

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Posted in Human Robots

#434673 The World’s Most Valuable AI ...

It recognizes our faces. It knows the videos we might like. And it can even, perhaps, recommend the best course of action to take to maximize our personal health.

Artificial intelligence and its subset of disciplines—such as machine learning, natural language processing, and computer vision—are seemingly becoming integrated into our daily lives whether we like it or not. What was once sci-fi is now ubiquitous research and development in company and university labs around the world.

Similarly, the startups working on many of these AI technologies have seen their proverbial stock rise. More than 30 of these companies are now valued at over a billion dollars, according to data research firm CB Insights, which itself employs algorithms to provide insights into the tech business world.

Private companies with a billion-dollar valuation were so uncommon not that long ago that they were dubbed unicorns. Now there are 325 of these once-rare creatures, with a combined valuation north of a trillion dollars, as CB Insights maintains a running count of this exclusive Unicorn Club.

The subset of AI startups accounts for about 10 percent of the total membership, growing rapidly in just 4 years from 0 to 32. Last year, an unprecedented 17 AI startups broke the billion-dollar barrier, with 2018 also a record year for venture capital into private US AI companies at $9.3 billion, CB Insights reported.

What exactly is all this money funding?

AI Keeps an Eye Out for You
Let’s start with the bad news first.

Facial recognition is probably one of the most ubiquitous applications of AI today. It’s actually a decades-old technology often credited to a man named Woodrow Bledsoe, who used an instrument called a RAND tablet that could semi-autonomously match faces from a database. That was in the 1960s.

Today, most of us are familiar with facial recognition as a way to unlock our smartphones. But the technology has gained notoriety as a surveillance tool of law enforcement, particularly in China.

It’s no secret that the facial recognition algorithms developed by several of the AI unicorns from China—SenseTime, CloudWalk, and Face++ (also known as Megvii)—are used to monitor the country’s 1.3 billion citizens. Police there are even equipped with AI-powered eyeglasses for such purposes.

A fourth billion-dollar Chinese startup, Yitu Technologies, also produces a platform for facial recognition in the security realm, and develops AI systems in healthcare on top of that. For example, its CARE.AITM Intelligent 4D Imaging System for Chest CT can reputedly identify in real time a variety of lesions for the possible early detection of cancer.

The AI Doctor Is In
As Peter Diamandis recently noted, AI is rapidly augmenting healthcare and longevity. He mentioned another AI unicorn from China in this regard—iCarbonX, which plans to use machines to develop personalized health plans for every individual.

A couple of AI unicorns on the hardware side of healthcare are OrCam Technologies and Butterfly. The former, an Israeli company, has developed a wearable device for the vision impaired called MyEye that attaches to one’s eyeglasses. The device can identify people and products, as well as read text, conveying the information through discrete audio.

Butterfly Network, out of Connecticut, has completely upended the healthcare market with a handheld ultrasound machine that works with a smartphone.

“Orcam and Butterfly are amazing examples of how machine learning can be integrated into solutions that provide a step-function improvement over state of the art in ultra-competitive markets,” noted Andrew Byrnes, investment director at Comet Labs, a venture capital firm focused on AI and robotics, in an email exchange with Singularity Hub.

AI in the Driver’s Seat
Comet Labs’ portfolio includes two AI unicorns, Megvii and Pony.ai.

The latter is one of three billion-dollar startups developing the AI technology behind self-driving cars, with the other two being Momenta.ai and Zoox.

Founded in 2016 near San Francisco (with another headquarters in China), Pony.ai debuted its latest self-driving system, called PonyAlpha, last year. The platform uses multiple sensors (LiDAR, cameras, and radar) to navigate its environment, but its “sensor fusion technology” makes things simple by choosing the most reliable sensor data for any given driving scenario.

Zoox is another San Francisco area startup founded a couple of years earlier. In late 2018, it got the green light from the state of California to be the first autonomous vehicle company to transport a passenger as part of a pilot program. Meanwhile, China-based Momenta.ai is testing level four autonomy for its self-driving system. Autonomous driving levels are ranked zero to five, with level five being equal to a human behind the wheel.

The hype around autonomous driving is currently in overdrive, and Byrnes thinks regulatory roadblocks will keep most self-driving cars in idle for the foreseeable future. The exception, he said, is China, which is adopting a “systems” approach to autonomy for passenger transport.

“If [autonomous mobility] solves bigger problems like traffic that can elicit government backing, then that has the potential to go big fast,” he said. “This is why we believe Pony.ai will be a winner in the space.”

AI in the Back Office
An AI-powered technology that perhaps only fans of the cult classic Office Space might appreciate has suddenly taken the business world by storm—robotic process automation (RPA).

RPA companies take the mundane back office work, such as filling out invoices or processing insurance claims, and turn it over to bots. The intelligent part comes into play because these bots can tackle unstructured data, such as text in an email or even video and pictures, in order to accomplish an increasing variety of tasks.

Both Automation Anywhere and UiPath are older companies, founded in 2003 and 2005, respectively. However, since just 2017, they have raised nearly a combined $1 billion in disclosed capital.

Cybersecurity Embraces AI
Cybersecurity is another industry where AI is driving investment into startups. Sporting imposing names like CrowdStrike, Darktrace, and Tanium, these cybersecurity companies employ different machine-learning techniques to protect computers and other IT assets beyond the latest software update or virus scan.

Darktrace, for instance, takes its inspiration from the human immune system. Its algorithms can purportedly “learn” the unique pattern of each device and user on a network, detecting emerging problems before things spin out of control.

All three companies are used by major corporations and governments around the world. CrowdStrike itself made headlines a few years ago when it linked the hacking of the Democratic National Committee email servers to the Russian government.

Looking Forward
I could go on, and introduce you to the world’s most valuable startup, a Chinese company called Bytedance that is valued at $75 billion for news curation and an app to create 15-second viral videos. But that’s probably not where VC firms like Comet Labs are generally putting their money.

Byrnes sees real value in startups that are taking “data-driven approaches to problems specific to unique industries.” Take the example of Chicago-based unicorn Uptake Technologies, which analyzes incoming data from machines, from wind turbines to tractors, to predict problems before they occur with the machinery. A not-yet unicorn called PingThings in the Comet Labs portfolio does similar predictive analytics for the energy utilities sector.

“One question we like asking is, ‘What does the state of the art look like in your industry in three to five years?’” Byrnes said. “We ask that a lot, then we go out and find the technology-focused teams building those things.”

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