Three Crucial Lessons For Launching an AI Startup

Let me be upfront: I was the technical co-founder of an AI startup and it failed. PharmaForesight was an AI startup in the pharmaceutical business intelligence industry. "The rate of return for pharmaceutical companies on their R&D is currently below their cost of capital -- therefore it is becoming less profitable for pharmaceutical companies to invest in innovative drugs. To decide what clinical trials to conduct, the likelihood of approval is a crucial metric which is currently being calculated in a very subjective and biased way. Our AI algorithm can estimate this figure much more accurately, saving time, money and ultimately benefits patients."