lydia moynihan
Metro
Artificial intelligence will create $320 billion worth of value for New York City over the next 15 years.
Oleksandr – Stock.adobe.com
New York will see an artificial intelligence boom worth $320 billion by 2038, thanks to homegrown talent.
A new report from Accenture and Tech:NYC reveals why New York City stands to benefit from the AI economy. 90% of his bosses say the city’s talent pool is the key to success.
New York is already home to 40,000 AI professionals and is the second-largest funding source for artificial intelligence companies.
The report, which used financial modeling and a survey of 500 executives for its findings, found that 90% of executives in the city are looking to hire more talent, leading to an increase in the number of AI professionals. It is predicted that this will increase significantly over the next three years.
And within 15 years, AI will be so pervasive that two-thirds of New Yorkers’ work hours will be automated or augmented by AI, adding billions of dollars to the economy, the report says. There is.
The survey also highlights that the majority of New York workers will see their jobs simplified rather than replaced.
The study also suggests that AI will level the playing field for younger and less connected workers, as employers look for skills rather than pedigree or experience.
Technology insiders told the Post they are already seeing AI transform cities.
Unlike other cities like San Francisco, which focus almost exclusively on technology, New York has the opportunity to implement AI in unique ways across multiple sectors.
“New York has traditional finance, media, advertising, and fashion, all of which are focused on AI and how to implement it,” said Julie Samuels, president of Tech:NYC.
“That’s the New York story.”
In fact, New York is already home to 35 AI “unicorns.” Unicorn is the name given to startups whose valuation exceeds his $1 billion.
Additionally, many of the New York-based AI companies have technology advanced enough to be widely used by the average workforce.
Ramp is worth $7.6 billion and is used by companies like Glossier, Heyday, and Seed to keep track of expenses and simplify business costs.
Runway AI, worth $1.5 billion, is used to generate and edit video, images and text on shows like CBS’s “The Late Show,” and may soon begin production on feature films.
And Dataminr, valued at $4.1 billion, examines billions of websites, social media, and news sites and filters those data points to provide real-time insights into what’s happening to individuals, media, and first responders. provides alerts.
“We believe New York City is poised to become the next major technology hub for AI, because New York City has great research institutions and a vibrant city that makes it easy to meet people. We have a vibrant cultural and social scene and a huge immigrant population of entrepreneurs setting up companies,” said partner Grace Isford. New York-based venture firm Lux Capital told the Post.
“It’s a great place to recruit candidates and recruit clients.”
The key to attracting and retaining new talent is for the city to invest in research and support startups and existing institutions, Samres said.
“We need big companies in this space, we need startups, we need academic institutions to help drive research forward, and we need schools to teach this stuff,” Samuels says.
“What makes New York City’s sector so dynamic is that it’s not a single component, but all of them working together.”
New York is also home to AI research labs at Columbia University and Cornell University, as well as New York University’s CILVR Lab (for Computational Intelligence, Learning, Vision, and Robotics), where Yann LeCunn, chief scientist at Facebook parent company Meta, It is operated.
And the state itself is pushing to become an AI hub, with Gov. Kathy Hochul announcing plans earlier this year to invest $400 million in AI research and investment.
The program, dubbed “Empire AI,” will establish a consortium of seven universities that will invest in computing labs, student research, and education.
Governor Hochul said, “Whoever controls the AI industry will control the next chapter of history. We want New York to win the race for the future.”
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