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Selection of Techstars Montreal AI startups

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The Techstars Montreal AI program began its third program in mid-September. They have just announced the ten startups that are part of it. In March 2017, Canada was the first country in the world to announce a national strategy for artificial intelligence.

The race to become the world leader in artificial intelligence (AI) officially started in 2018. Canada , China, Denmark, European Commission, Finland, France , India, Italy, Japan , Mexico, North Baltic region, Singapore, South Korea, Sweden, Taiwan, United Arab Emirates and United Kingdom all have published strategies to promote the use and development of AI. No two strategies are the same , each focusing on different aspects of AI policy: scientific research, talent development, skills and education, public and private sector adoption, ethics and inclusion, standards and regulations, and data and digital infrastructure.

A recent report from Grandview Research predicted that the global artificial intelligence market would achieve a gigantic compound annual growth rate (CAGR) of 42.2% from 2020 to 2027.

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All have set up acceleration programs like Techstars   which is based on mentoring, this year’s group of companies (10) has been selected around three main themes:

  • Commercialization of AI: AI is at the heart of an innovative product.
  • Democratization of AI: The product facilitates adoption of AI by more companies.
  • Tools and infrastructure for applied AI.

Bridgr (Canada)
Deepflow AI (France)
NeuroLytixs (Canada)
NimbleBox (India)
SyntaxIQ (Canada)
TrojAI (Canada)
Veesual AI (France)
Whale Seeker (Canada)
Wisear (France)
YData (Portugal)

To stay ahead of the competition, companies need to think creatively about how to incorporate AI into their strategy. It is becoming present in all sectors, the Financial Times reviews many impacts such as the adoption of AI which has been particularly widespread in the financial services sector. Forrester , the research group, notes that about two-thirds of finance companies have implemented or are in the process of adding AI in areas ranging from customer insight to IT efficiency. Data analysis is already detecting fraud.

Businesses and employees alike need to be prepared for what is likely to be widespread and at times bewildering change due to the adoption of AI, and the ethical and regulatory challenges that go with it. Skeptics find it hard to understand that the pace of technological change is accelerating and not slowing down! There is no visible finish line. Machines will surpass us not by copying us, but by harnessing the combination of colossal amounts of data, massive processing power, and remarkable algorithms, the FT article concludes.

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