The Rise of Artificial Intelligence

Join me as I talk to Lomit Patel (author of the book Lean AI: How Innovative Startups Use Artificial Intelligence to Grow, startup advisor, public speaker, and Vice President of Growth at IMVU) in this episode of the Tech Leader Talk podcast as he discusses how he got involved in the world of technology and came to work with IMVU. Lomit discusses how he was fascinated with the opportunity to work on products and services that had the potential to have huge impacts on how people live across the world. This positive outlook on technology has, in fact, stayed with Lomit for a long while, as he predicts that, with it always changing, technology is going to continue to be a means to solve problems and find better solutions to problems. The effort to have put forth a COVID-19 vaccine, as he points out, is a perfect example of this.

Lomit discusses the rise of artificial intelligence and its impacts on humanity, reveals what motivated and inspired him to write his new book Lean AI, and also makes predictions about what trends will likely impact artificial intelligence and technology over the next several years, declaring for example that people will rely more heavily on things being digital, especially as a result of the current COVID-19 pandemic playing a role. Noting that only 5% of startup companies see success, he offers some tips and advice, suggesting using money as efficiently as possible so that you don’t run out, being focused on one or two channels rather than diversifying, and changing up how revenue is generated.

Please reach out to Lomit via the various methods that he suggests, and remember to subscribe to Tech Leader Talk so that you never miss an episode!

Time Stamps

[0:07] – Steve introduces this episode’s guest – Lomit Patel, Vice President of Growth at IMVU – and gives some of his background information.

[1:27] – Lomit further explains his background and how he got to where he is today at IMVU.

[4:27] – Lomit predicts what trends will impact artificial intelligence and technology in general over the next several years, such as artificial intelligence being more fully embraced.

[7:39] – Steve and Lomit discuss the data that companies get from customers interacting with them.

[10:34] – Lomit comments on common lessons that he has learned throughout the various companies for which he has worked, stressing the importance of focusing on the customers and being data driven.

[12:50] – Lomit adds that it’s also important, especially with startups, to attract smart people with experience.

[14:26] – Lomit predicts that technology will continue to enact positive change, providing the COVID-19 vaccine as an example.

[16:53] – Lomit further predicts that the future will see us living hybrid lives that will be part virtual.

[18:18] – Lomit talks about the positives and negatives of artificial intelligence.

[20:05] – We learn what motivated Lomit to write his book Lean AI.

[23:47] – Lomit shares two tips for startups, to focus on one or two channels rather than diversify and to vary how revenue is generated.

[26:14] – We discover what’s ahead for Lomit and his team in the near future, such as COVID-19 leading to an increase in technology because of people being in shelter-in-place and looking to escape.

[28:07] – Lomit shares how we can connect with him online.


Links and Resources

Lomit Patel – Lean AI: How Innovative Startups Use Artificial Intelligence to Grow

Eric Ries – The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses

Lomit’s LinkedIn Page

Lomit’s Blog

Steve Sponseller – Website

Steve Sponseller – Cracking the Patent Code

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