Founders & Tech Leaders Get Together In Delhi To Decode The Future Of AI In India

SUMMARY

Hosted by Inc42 and Microsoft, The AI Connect brought together 20+ startup founders and tech leaders from different sectors to discuss ways of building responsible AI solutions

The event also featured discussions with speakers such as Nitin Jain from OfBusiness, Microsoft’s Mike Yeh, The Tech Whisperer’s Jaspreet Bindra and MeitY Startup Hub’s Jeet Vinay

Bindra of The Tech Whisperer said that AI will primarily impact specific tasks within jobs, ultimately transforming the nature of work and job roles

The discourse around the responsible and ethical use of artificial intelligence (AI) has become increasingly prominent. In an effort to bring this conversation to the centre, Inc42 and Microsoft co-hosted a one-a-kind AI-focused gathering, ‘The AI Connect’, on May 15 in Delhi. This exclusive event brought together 20+ startup founders and tech leaders from sectors like ecommerce, insurtech, SaaS, etc., to discuss ways of building responsible AI solutions.

The AI Connect was attended by the likes of Aashish Jindal, cofounder of Grip Invest; Ashwarya Garg, cofounder of HYPD; Ish Babbar, founder and CTO of InsuranceDekho; Snehil Khanor, cofounder and CEO of TrulyMadly; and Pranshu Gupta, founder and CEO of Track N Tell, among others.

At the event, tech leaders and government officials addressed key concerns surrounding AI adoption among startups and enterprises, including regulatory considerations and the government’s perspective on fostering responsible AI growth.

The forum also delved into a wide range of questions and anxieties surrounding AI, with speakers addressing its impact on the job market and employer expectations. Additionally, they discussed the necessity of dedicated AI teams and the potential use cases for GenAI.

Insights Into AI Adoption

The event kicked off with an engaging fireside chat on “The AI Renaissance: Building Businesses of Tomorrow.” The discussion featured Nitin Jain, cofounder and CEO, OfBusiness and Jaspreet Bindra, founder of The Tech Whisperer. Moderated by Vaibhav Vardhan, cofounder and CEO of Inc42, the conversation explored the speakers’ perspectives on the evolution of AI in business.

“Companies that don’t adapt will fall behind. It’s crucial to have dedicated teams focused on AI enablement,” Jain emphasized, highlighting the imperative of AI adoption. He elaborated on four key areas businesses should focus on: algorithms, Large Language Models (LLMs), deep learning, and generative AI (GenAI). “It’s about delving into all elements, from the most cost-effective, which are algos, to the more advanced GenAI tools,” he explained.

Jain further shared examples of how his startup, OfBusiness, is leveraging GenAI to create real-world impact. He said that OfBusiness utilises an AI bot across hundreds of WhatsApp groups to inform traders about market trends such as pricing and demand.

“We feed customer sentiment data into our LLMs to gain deeper customer insights, which also empowers our customers to make informed decisions,” he said.

Bindra, who has previously held leadership positions at Mahindra Group and Microsoft, noted that AI technology, though not new, is now reaching its full potential in the hands of everyday users thanks to generative AI (GenAI).

“This has pushed AI to the top of every CEO’s agenda. However, there’s a lack of clarity on specific use cases, particularly with GenAI, leading to some impatience. Despite these challenges, everyone agrees that AI is here to stay and will be the most transformative technology of our generation.” He also likened the impact of GenAI to the Industrial Revolution and the dot com era.

The Importance Of Ethical And Responsible AI

At the event, the industry leaders highlighted the critical need for ethical and responsible development in AI. Mike Yeh, regional vice president of corporate, external and legal affairs for Microsoft Asia, addressed the audience, offering his insights on this crucial topic.

Yeh acknowledged that AI is transforming our world and will significantly impact various sectors, including law and government affairs. However, despite concerns about stricter regulations and government intervention, he expressed optimism for the Asian market.

While the EU, especially with GDPR, has set a high bar for data protection regulations, even European AI companies acknowledge the risk of overregulation,” Yeh noted. He believes Asia and, particularly, India have significant opportunities in this domain.

Following Yeh’s address, Jeet Vijay, CEO of the MeitY Startup Hub, elaborated on the government’s perspective on AI regulations. He emphasized that while the government views AI as a valuable tool, ensuring data privacy remains a primary concern.

He said, “Our primary focus is data security, privacy and ownership. Also, we need to explore how AI can empower individuals, not replace them. To ensure sustainable and scalable AI development, collaboration between the government and private sector is essential.

During the fireside chat, Bindra also addressed the issue of AI replacing jobs. He said that AI will primarily impact specific tasks within jobs, ultimately transforming the nature of work and job roles.

“While some jobs will be replaced, new opportunities will emerge,” Bindra said. Meanwhile, he highlighted the need for India to consider its unique cultural and geographical context when formulating AI regulations, particularly regarding data privacy.

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