Dan Martell - December 08, 2023


I Discovered the Best A.I. Businesses to Start in 2026


Episode Stats


Length

8 minutes

Words per minute

193.75735

Word count

1,645

Sentence count

93


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode, I talk about the 5 key business models you need to consider to make millions of dollars in AI today. These are the business models that will allow you to get rich with these 5 AI business ideas. 1. Content creation 2. Training and education 3. Consulting 4. Data 5. Implementation

Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 Get rich with these five AI business ideas.
00:00:03.680 If you're new to my stuff, I'm Dan Martell.
00:00:05.420 I'm a technology entrepreneur.
00:00:07.100 I've invested in a dozen AI companies.
00:00:09.640 I coach about 50 plus,
00:00:11.420 and I've helped many of my friends build AI business models.
00:00:14.680 And what I wanted to do is extract the five big categories
00:00:18.040 that you need to consider
00:00:19.620 to make millions of dollars in AI today.
00:00:23.060 The first one is content creation.
00:00:26.640 A friend of mine, Chris, a couple months ago,
00:00:28.560 he was going through this process.
00:00:30.580 I walked him through how to think
00:00:32.540 about creating content using AI.
00:00:35.600 And today he took a nine hour piece of work
00:00:39.060 and has distilled it into 15 minutes worth of effort
00:00:42.400 that gets $150,000 grants approved
00:00:45.480 using this exact process.
00:00:47.640 The first one is look for the constraints.
00:00:50.160 Anytime there's content being put out there,
00:00:52.120 it could be marketing content,
00:00:53.360 it could be producing scripts for video content.
00:00:56.480 What is the bottleneck around that?
00:00:58.560 constraints because what you want to help people do is move fast. Then you want to go to number
00:01:02.940 two, which is the content. Look at the output. Understand what parts of that information makes
00:01:08.880 it unique. If it's Facebook ads, if it's blog posts, what makes it unique? Because what you're
00:01:14.480 looking for is how do you replicate the output? Then number three is you got to figure out what
00:01:19.580 are the prompts that go into this. The prompts are where the heavy lifting for AI engineering
00:01:24.960 and goes into, you're gonna have to figure out
00:01:26.580 how to create the prompts that generate the content
00:01:29.240 based on the constraints on the front end.
00:01:31.240 And it's all about the inputs.
00:01:32.920 Then the last part is the solution.
00:01:35.620 Take all of that, package it up into a service
00:01:38.420 and then put it out there.
00:01:39.640 So you gotta sell that solution.
00:01:41.340 The second one is training and education.
00:01:45.020 You might think everybody knows about AI.
00:01:46.800 Trust me, they don't.
00:01:47.980 So you want to create a business where you get paid
00:01:51.340 to train and educate the market.
00:01:54.380 there's companies like deep learning they do 50 million a year teaching and training people on the
00:01:59.580 topics of ai you can even get paid to help small businesses integrate ai into their company and
00:02:05.340 that's the first step in this process is understanding where's the gap talk to the
00:02:09.420 small business owners and ask them where are you using ai to increase your efficiency or solve
00:02:15.660 problems faster you first got to start with the gap then you go to research the solution have
00:02:21.660 have those interviews, talk to those customers,
00:02:23.580 figure out where the opportunities are to train and educate,
00:02:25.480 then research, become an expert around the solution.
00:02:29.480 The third step is to pilot that solution
00:02:32.140 with those early customers.
00:02:33.800 You find five customers, you interview them,
00:02:35.840 you see what their challenges are,
00:02:37.100 you then go and do the research to solve the problem,
00:02:39.180 you pilot it with those customers,
00:02:41.240 outline the prompts, the strategy,
00:02:43.180 whatever you wanna integrate,
00:02:44.180 and then finally, then you create a course.
00:02:46.680 And here's the coolest part,
00:02:47.580 you actually ask AI to create the course
00:02:50.200 based on the research and the pilot that you've put together.
00:02:53.580 I'm telling you, it's that simple.
00:02:55.500 Get in front of a camera, create the course,
00:02:57.560 start selling it.
00:02:58.480 That's how you can get paid today
00:03:01.040 to train and educate other people on AI.
00:03:03.700 The third business is consulting and implementation.
00:03:08.200 There's four key areas you need to focus on
00:03:10.580 if you wanna make money using this business model.
00:03:12.500 The first one is you find somebody,
00:03:14.240 you gotta do free work.
00:03:15.380 And the reason why is because you're trying
00:03:17.020 to extract the assessment.
00:03:19.080 The assessment is when you start working with a new customer,
00:03:22.200 what are the questions you're gonna ask them
00:03:23.600 in regards to their AI adoption?
00:03:25.680 What are they doing today?
00:03:27.080 Where are the opportunities?
00:03:28.980 That's number one.
00:03:29.820 Then we want to focus on out of all the opportunities,
00:03:32.700 what's the biggest problem that you can solve
00:03:34.660 that also gets them a fast result?
00:03:37.680 Biggest problem, fastest result using AI
00:03:40.620 that you can do for them.
00:03:42.260 Then you go to third step, which is extract the methodology.
00:03:45.420 In consulting businesses, the methodology is the product.
00:03:48.780 It's the process for how you actually implement what you do.
00:03:53.340 Then the last step, number four,
00:03:55.100 is you have to teach free information,
00:03:58.780 get paid for implementation.
00:04:00.840 This is the key.
00:04:02.040 Most people don't get this.
00:04:03.540 Give away everything you know how to do
00:04:05.560 and then get paid for the implementation,
00:04:07.800 get paid for the consulting.
00:04:09.600 Number four is data monetization.
00:04:13.220 I told you it's gonna get more advanced,
00:04:14.500 but this one is actually next level.
00:04:16.300 A long time ago, I had a company called Flowtown
00:04:19.700 and I had an investor named Oren.
00:04:21.420 Oren had sold his company, Wrap Leaf,
00:04:23.320 and he was working on a new idea.
00:04:24.640 And his big idea was to create a marketplace
00:04:27.220 for data providers to sell to AI companies.
00:04:30.640 And this was seven, eight, nine years ago.
00:04:32.780 And at the time, I didn't think
00:04:34.280 it would actually be a big idea.
00:04:35.840 I'm like, who would buy this information?
00:04:37.880 And it turns out it's become an incredible business.
00:04:40.440 There's opportunities for you to go and find data sets
00:04:43.880 that are unique.
00:04:44.800 make sure that they're accurate, they're clean.
00:04:47.200 I'll tell you what to look for
00:04:48.400 and then sell those to these people on this side
00:04:51.840 and make a ton of money
00:04:53.500 if you understand this element right there.
00:04:56.360 So let's dive into it.
00:04:57.340 First off, you gotta find information that's got relevance.
00:05:01.020 So trying to figure out what some of these AI people
00:05:03.980 are looking for data-wise, that's the key.
00:05:06.720 It's gotta be relevant to their model.
00:05:08.980 Number two is it's gotta be high quality.
00:05:11.900 What I mean by this is it can't have a lot of noise.
00:05:13.980 It can't have a lot of inaccuracies.
00:05:15.780 And then the final part,
00:05:16.940 which is the key for anything AI is volume.
00:05:19.960 These large language models need hundreds of thousands,
00:05:22.920 if not millions of records around the data.
00:05:25.700 So you gotta find stuff that's relevant and clean,
00:05:28.020 high quality and high volume.
00:05:29.760 Now, who do we sell this to?
00:05:31.540 First off, you've got three key people.
00:05:33.760 Number one is data scientists.
00:05:35.540 Go on LinkedIn, find the people that are data scientists
00:05:38.160 inside these groups of people.
00:05:40.120 The hedge fund companies, the technology companies,
00:05:42.260 they've got a data scientist that tells you that they buy data. Number two is a data engineer. Data
00:05:50.120 engineers are actually the people that sit there and they massage the information that comes in
00:05:54.080 to make sure it can map to the AI models. And then the most important role in Silicon Valley
00:05:59.360 in all technology companies is product managers. These are people that are making decisions about
00:06:03.960 product roadmaps and how they're going to differentiate and compete against their
00:06:07.500 competitors. So they're always looking for data to be competitive. Now, the business model for
00:06:14.400 you to do is you will make tens of millions of dollars doing this, right? Is you have to be good
00:06:19.320 at transforming the data. There's different file types and depending on what technology the data
00:06:24.640 scientists are using, they might need you to transform that data so that it fits in their
00:06:29.280 world. The fifth business model for making money off of AI is products or services. See, products
00:06:35.640 or services are awesome because you will get paid all the time for people using the product. For you
00:06:42.260 to find the right product or services can require a few things. There's three elements. My buddy
00:06:46.820 Daryl, he runs a company called FlexPay. He was in the industry that he's in today, but he saw an
00:06:52.460 opportunity to take all this data and create a better solution. Now Daryl's business is a
00:06:57.940 multi-million dollar company and you can do it too. See, there's three things you need. The first
00:07:02.980 one is domain expertise. You need to understand your industry because you want to go deep and
00:07:08.360 look in the nooks and crannies of what's going on in the market that you could see opportunities for
00:07:13.820 AI. Number two, and this is what Daryl did, because he understood the problems, he found an AI exposed
00:07:18.300 problem. An AI exposed problem is an opportunity to use big data to improve a process. See, one
00:07:24.800 of the things he noticed in the payment world is that many of the transactions were getting
00:07:28.620 declined. Maybe you've experienced this where you go to use your credit card online and it doesn't
00:07:32.700 want to work but it doesn't make sense because there's space on the card. Daryl saw an opportunity
00:07:36.840 that was an AI exposed problem and then what he did that I'm recommending you all do is he hired
00:07:41.580 a data scientist and said we have all this data could you look at it evaluate it and tell us do
00:07:47.600 we have an opportunity to create a product or a service around AI and not only did they have an
00:07:53.960 opportunity they realized this problem was a massive problem think about all of the subscription
00:08:00.360 businesses in the world all these micro payments they're all there online and they have problems
00:08:05.000 with customers credit cards getting declined they took all this information the domain expertise he
00:08:10.180 had the ai exposed problem and the data scientist research and they decided to build the ai enabled
00:08:15.840 product which became flex pay you can do the same thing so those are the five business ideas in ai
00:08:22.920 that'll make you rich and if you want to learn how to get 10 more clients by the end of the year
00:08:26.640 click the video on screen and I'll see you on the other side.