This New Marketplace is the Amazon of AI, Giving Small Businesses an Affordable, Competitive AI Tools Platform
Global AI Marketplace, GenesisAI, Wants to Give Small Businesses an Edge with Affordable AI Systems to Drive Competitive Market Position, Operations and More.
For small business, time is a valuable commodity. Computer systems’ fundamental ability to talk to each other has become a vital part of streamlining operations of businesses big and small. Finding the systems and software that can save time and money, and get the job done can make a huge difference in a business’ ability to compete in the market and grow smartly and efficiently.
Enter APIs
Application Programming Interfaces, or APIs, are something we all use every day from weather snippets and booking a flight to logging into a website. They allow us to share important data and expose practical business functionality among devices, applications, and individuals. And although we may not notice them, APIs are everywhere, powering and streamlining our lives from behind the scenes, and today, they are critical to business operations and growth.
The explosion of APIs stems from an elementary need: A better way to encapsulate and share information and enable transaction processing among elements in the solution stack.
In other words, APIs are the tools that let businesses put their data to real use — inspiring innovative developers to create new business opportunities and processes and to improve existing products, systems and operations.
Access to API development has traditionally been limited to big corporate IT and research-and-development departments and far too expensive for most small businesses. Instead, small businesses attempt to combine a series of APIs (platforms) to create a confusing, but customized process, in an attempt to affordably solve their business challenges.
Small businesses need better functions now more than ever.
Plenty of companies offer services that address the many challenges of streamlining a small business for improved performance and to manage scale, but what happens when you need a custom solution that can learn, improve and automate more systems?
And that’s where AI (Artificial Intelligence) comes in.
Entrepreneur Archil “Archie” Cheishvili, a native of Tbilisi, Georgia, graduate of Harvard and CEO and co-founder of GenesisAI, has created a platform — a marketplace that he likens to the “Amazon of AI” — to make it easier for small businesses to obtain APIs at a reasonable cost, unleashing the help they need to be more competitive and operate more efficiently.
Combining AI with APIs lets small businesses streamline processes and better and efficiently collect the types of data about their businesses they need, while providing valuable insight into their business they might not see without it.
The world’s largest AI API marketplace
Cheishvili writes in Forbes magazine, “AI detects fraud, recognizes patterns, analyzes cash flows, and flags suspicious activities” so businesses can use it to heighten the potency of internal use ranging from budgeting to transaction validation to credit scoring and more.
Cheishvili, 28, and his co-founder, fellow Harvard classmate and graduate Mena Gadalla, are working to expand AI’s usefulness even further through GenesisAI.
Thousands of APIs do things like provide data and send analytics, but each API has its own networking protocols, structure, and data format, making discovering and connecting to the right API difficult and time consuming.
The problem is especially high in magnitude when it comes to AI-related APIs.
To solve this problem, GenesisAI enables AIs to work synergistically, combining their narrow specialties into a “global brain” with broad capabilities to give more accurate data on business performance.
“Our short-term goal is become the platform to help developers discover, test, and integrate AI related APIs,” said Cheishvili. “Our long-term goal is to build AGI [Artificial General Intelligence] by connecting thousands of APIs with each other.” He adds that by bringing together thousands of expert AI tools onto a single platform, small businesses can achieve better, more precise insights into their business data.
Originally developed for the asset management industry and retail investors, Cheishvili and Gadalla now see the potential impact the GenesisAI platform can have on small businesses.
“We want to go from narrow AI now, used for specific, very niche purposes, like how to play poker but not chess, to AI that plays poker and can also play chess,” he said. “The goal is to get more in-depth and versatile to make businesses more agile, which is different than other AI marketplaces.”
Why This Matters to Small Businesses
Cheishvili is also a co-founder of AI-powered people analytics platform, Palatine Analytics, alongside Gadalla, which was able to predict employees’ future performance accurately 75% of the time. What they discovered is that it’s hard to discover, test, and integrate the right AI tools to get the right information and tools that businesses need.
He knew quickly that this problem presented real challenges for individual developers and those working in small businesses. Meanwhile, for AI suppliers, there is no easy way for them to monetize their technology.
As the demand for AI increases, there had to be a way to connect smaller companies (buyers) in need of AI services, data, and models with companies (sellers) trying to monetize their AI tech. In the end, the connection would allow small businesses that have traditionally lacked access to this technology, to now find and use high-quality, affordable AI-powered products and services.
For example, there are common APIs businesses use to streamline and gather information they need to make good decisions, including:
· digital advertising — creating ad copy and tracking results
· understanding customer reviews/comments — addressing common themes or automating responses
· chatbots for customer service — can answer questions quickly for customers, reducing the time a business owner spends on day-to-day customer response
· digital assistant/scheduling help — helps business owners stay on track and be more productive
Yet, these current APIs are generic. And since every business is different, the challenge lies in customizing the APIs to produce exactly the information a particular business needs. By combining API tools to create something unique for the business, they are able to operate more efficiently use the best information.
That’s why GenesisAI’s marketplace offers a greater variety of AI services for greater competition and more affordable prices.
One of the priorities is to let small businesses leverage the latest AI technology for text, research, speech recognition and to improve their business’ infrastructure to let tools communicate with each other — without any coding.
In fact, GenesisAI has more than 35 AI power tools (and growing), and is adding more, with a goal of providing three categories of AI solutions: proprietary tools, open source, and tools from third party PhDs, or AI companies.
The GenesisAI API marketplace allows developers to see demos of the APIs, connect to and test them right from their browser, subscribe to the API and then integrate one by copying a code snippet. Every API provides performance metrics like review scores, uptime, and latency. Once a developer starts using GenesisAI APIs, the dashboard monitors and analyzes the performance of the API’s being used, which helps to debug and maintain applications.
Cheishvili says that the company is able to make access to these AI APIs more affordable by offering a larger number of products, which drives natural competition, keeping prices low and more affordable for small businesses, and also by offering a unique infrastructure for developers.
“Not only are we connecting buyers and sellers/creators to each other but we’re also connecting different AI tools together,” Cheishvili said. “This helps us to increase not only functionality but also accuracy rates by averaging the output of multiple models several times over. That results in higher rates of information accuracy versus relying on a single model with less reliable data on the company.”
GenesisAI, which has raised $4.8 million in funding, was born in 2018 as a Boston-based machine learning marketplace for AI products and services. The company has 35+ AI tools on the platform, more than 15 AI supplier agreements including AEIDC, Ekoios, Smartclick, RebootAI, MaxinAI, and is on track to reach 20,000 developers in 2022.
The long-term vision is to help the world better allocate capital and time to work more efficiently and productively and, in the long run, generate greater e-commerce and revenues for small businesses by streamlining and automating operations.
