Since the launch of ChatGPT, Artificial Intelligence (AI) has been reshaping industries at an unprecedented pace. For entrepreneurs, the opportunity is massive – but so are the questions. Is this a passing trend or a lasting revolution? What does it take to build a business that thrives in an AI-driven world?
At a recent Impact Live event, AI-powered entrepreneurship: Turning technology into thriving ventures, Ivey Associate Professor of Entrepreneurship, Daniel Clark and PhD student Henrique Alves de Castro explored these questions with three leading AI entrepreneurs: Navin Kaminoulu (Investor and Founder, Indus.ai), Sayjel Patel (CTO and Co-Founder, Digital Blue Foam), and Patricia Thaine (Co-Founder & CEO, Private AI).
From their conversation, five must-know lessons surfaced for those navigating the AI frontier.
1. The AI “gold rush” favours the prepared
Much like the Gold Rush of the 1800s, ambitious founders are flocking to AI, in search of striking it rich. But without a solid grasp of the foundations of entrepreneurship, many risk chasing fool’s gold.
“The sophisticated venture capital funds, or the sophisticated investors, are deploying capital to specific things,” said Navin Kaminoulu. To attract them, he urged AI entrepreneurs to master three essential principles:
- 1) Know the problem inside and out. Does your product solve a real, sustainable problem? Deep research into your market is key to you, and your product, standing out.
- 2) Build a vertically aligned solution. AI is powerful, but its real value comes from solving specific industry pain points. A tailored, industry-focused approach will carve a niche in a crowded market.
- 3) Ensure there’s ROI. At the end of the day, business is about results. Your product must help clients drive return on investment through efficiency, automation, and/or creativity.
Adding to this, Patricia Thaine emphasized the power of conversation. She said: “How you recruit that smart money is by talking to a lot, a lot, a lot of people and figuring out which people are the ones that you match with the best.”
2. Great AI needs a great go-to-market strategy
Toronto has been at the heart of AI’s evolution since the 1980s, when Geoffrey Hinton, the so-called “Godfather of AI,” pioneered deep learning research. Today, the city remains a global AI hub, home to the Vector Institute, DeepMind, and a thriving AI startup ecosystem, increasingly attracting both talent and investment to Canada.
Yet, despite the country’s technical expertise, panelists noted a critical gap: commercialization and go-to-market execution – an area where China and the U.S. have a clear edge. However, this is starting to change.
Mentorship programs like Creative Destruction Lab are helping bridge the gap, providing entrepreneurs with the business acumen and industry connections needed to turn cutting-edge AI into market-ready solutions. As Thaine highlighted, these programs are key to keeping Canada competitive on the global stage.
3. Think beyond automation
Many entrepreneurs see AI’s potential as a tool for automation, but its creative possibilities run much deeper.
Sayjel Patel highlighted this through the lens of AI’s impact on architecture and construction, where it’s now “quantifying the previously unquantifiable.” By visualizing accessibility, sustainability, future uses, and quality before a building even breaks ground, AI is reshaping an industry long resistant to change.
Kaminoulu took that vision even further, pointing to the promise in using creativity to design better chips and data centres, which are key foundations for an AI-driven future. “These are the things we need to have an AI revolution,” he said.
4. Sustainable AI success isn’t about hype – it’s about proof
Remember the app boom of the early 2010s? New apps flooded the market – ridesharing, stock trading, gaming – each promising to change the way we live. But how many of those do we use today? Most of us stick to just a handful, the ones that proved their value and stood the test of time.
Kaminoulu drew a parallel to today’s AI gold rush, predicting that many startups will fade while only a select few will endure. His advice? Create businesses with strong foundations and a future-looking approach, not just fleeting trends.
“…you can raise money, it gives you some credibility, but you have to build a real business,” he said.
Thaine echoed this, stressing that in a crowded AI market, the best way to cut through hype, inflated valuations, and legitimacy is simple: show, don’t tell. Demonstrating real product functionality through live demos is key to earning trust, proving impact, and securing investments. She said, “…the more you can demo your technology, the easier you can prove to folks it works the way you say it does.”
5. AI adoption thrives on trust and governance
Referring to clients within his company, Digital Blue Foam, Patel noted a promising shift for entrepreneurs: more enterprises are warming up to AI adoption, especially in the past six to 12 months. He credits some of this to his company’s deep expertise in the area, which reassures existing clients. New clients, however, often hesitate without that trust.
Thaine maintains that beyond expertise, stronger governance and regulation will be key in easing client concerns. “The groups deciding if something is ready are often stuck in limbo,” she said, advising that the lack of clear guidelines, best practices, and rules keep companies from moving forward, stalling innovation.
For AI entrepreneurs, this message is clear: staying ahead means mastering their field while keeping a close eye on evolving regulations – those who do will have the edge.
To “venture” further into the full panel discussion with Kaminoulu, Patel, Thaine, Clark, and Alves de Castro, AI-powered entrepreneurship: Turning technology into thriving ventures, visit Ivey’s YouTube channel.
