Every so often, a new tool or technology comes along that changes the world. In the nineteenth century, we had the steam engine and electricity. Then in the 20th century came mass production, the internal combustion engine, and the internet.
In the 21st century, there have been all sorts of contenders for revolutionary technology. However, the most apparent right now is AI.
Interestingly, whenever these new techs come along, they generate wealth, particularly for people who can see how to leverage them. Often, it’s the first movers who grab all the profits, leaving everyone else behind.
AI, though, is a little different from previous technologies. For starters, anyone can use it anywhere for free. You don’t have to pay for a premium account on most platforms.
Secondly, AI is a truly “general” technology, unlike previous innovations. In other words, you can potentially use it for anything.
Therefore, it has the potential to make you rich. But how, exactly? Let’s take a look.
Probably the best way to get rich from AI is to develop your own platform. If you can own the marketplace for a particular service, you can generate royalties forever.
AI-based marketplaces are likely going to look a little different from Facebook, Google, Etsy, Amazon, and other platforms. However, they will certainly emerge over the coming years. And when they do, their leaders will be the big winners.
AI will also usher in a new wave of efficiency for workers across the spectrum. Tools will act like pocket managers, instructing you on what you need to do next to maximize your goals.
Draiver founder Zarif Haque explains how this concept operates in the gig economy. Instead of drivers choosing their own routes, Haque says that tools are now available that leverage AI to plan routes for them. This way, they can get to their destinations faster.
Other efficiency apps are likely to emerge as generative large language models (LLMs) come to dominate the business landscape. Professionals, for example, might use them to respond to Whatsapp conversations, emails, and schedule planners.
Regular training can be effective, but it is expensive, time-consuming, and inconvenient. Employees often have to travel to a third-party destination for instruction. It’s not ideal.
AI, though, could prevent these costs and provide enhanced training at the same time. Computers are available 24/7 for free, unlike conventional human instructors.
AI can also potentially teach skills in any area. Therefore, workers could use it flexibly, responding to changes in the needs of the economy.
Lastly, even manual workers may benefit from the upcoming AI revolution. Machines instantiated with intelligence and common sense will be able to assist with tasks in the physical world.
Imagine, for instance, that you could combine robot technology from Boston Dynamics with Bing’s ChatGPT-powered search engine. You’d essentially have a robot that could talk to you, reason, and answer questions. Now imagine if you could program it with a ChatGPT equivalent for movement. You’d have a full-blown physical assistant on your hands.