Australian businesses spend $6 million a year on artificial intelligence: What this means for startups - StartupSmart

Australian big businesses are spending an average of $6 million a year on artificial intelligence (AI) technologies, according to research released at the World Economic Forum. From driverless tractors on farms to banks using machine learning to predict investors, developments in AI can lead to better business outcomes, but they also raise potential concerns around ethics and opportunity. So what does this mean for startups and emerging entrepreneurs? "For startups, the popularity of artificial intelligence amongst big businesses presents a fantastic opportunity from a technology perspective," Infosys Australia and New Zealand vice-president and regional head Andrew Groth tells StartupSmart. Infosys, which conducted the study, is a $US10 billion ($13 billion) Indian-founded multinational firm specialising in new technologies.