Conventional Business Models Weren’t Cutting It — See How Innovating With AI is Changing the Game for Startups

Opinions expressed by Entrepreneur contributors are their own.

Facing the stark reality of startup funding plunging to a five-year low in the final quarter of 2023, entrepreneurs are at a crossroads. This year demands a revolution in their business strategies, where AI emerges not just as a tool but as a necessity for planning, launching and expanding their ventures right from the outset.

The McKinsey State of AI report highlights how the use of generative AI is growing across different business areas. This surge in AI adoption isn’t merely a trend; it’s a testament to its effectiveness in streamlining business processes, enhancing efficiency and driving growth. It signals a

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