Want to learn the best business insights from remarkable speakers at Slush 2023, but don’t have the time to watch the full speeches on YouTube?
You’ve come to the right place. Below is a summary of Hovhannes Avoyan’s (Picsart) & Kia Kokalitcheva’s (Axios) discussion “AI Won't Take Your Job”.
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<p class="h1-rich">🤏 TL;DR</p>
Picsart, a popular app used by over 150 million users monthly, offers photo, video, and design tools for content creation. The company integrated AI features in 2017, starting with AI filters. Picsart aims to transition users from using the app for entertainment to business purposes. Companies should focus on the ethical use of AI applications rather than the technology itself. The action items include creating a roadmap to move towards cleaner datasets, continuously educating users about the value of AI features, improving user experience, and rapidly testing and iterating AI features based on user feedback and experimentation.
<p class="h1-rich">✨ Summary</p>
Introduction to Picsart
- Kia Kokalitcheva introduced Hovhannes Avoyan, the CEO and co-founder of Picsart, a popular app used by over 150 million users monthly.
- The app offers photo, video, and design tools for creating content.
- Picsart has integrated AI features since 2017, starting with AI filters.
Picsart's Journey into AI Integration
- Avoyan explained that Picsart launched its first AI feature, AI filters, in 2017.
- Since then, they have introduced various AI features such as background removal and upscaling.
- Last year, Picsart introduced one of the first text-to-image tools.
Use of Picsart for Business
- Picsart is not only used for fun and social media but also for business purposes.
- The app empowers teenagers and solopreneurs to create content for their businesses.
- Picsart aims to help users transition from using the app for entertainment to using it for business purposes.
User Adoption of AI Features
- Initially, users were hesitant to embrace the AI features introduced by Picsart.
- There was an initial lag in user adoption and understanding of the value of AI tools.
- However, over time, users have started using AI features more and more, with 70% of users continuing to edit their images after applying AI filters.
Future of Visual Creativity
- AI is a powerful technology that can greatly impact visual creativity.
- It is important to view AI as a co-pilot or assistant rather than a competitor.
- AI can enhance productivity and unlock creativity for users with less experience.
Ethical Use of AI
- Companies like Picsart are working towards cleaner datasets that are free from copyright materials.
- Focus should be on the ethical use of AI applications rather than the technology itself.
- Regulations should be put in place to ensure the safe and responsible use of AI.
Differentiation and User Feedback
- Picsart differentiates itself through user experience and rapid iteration.
- User feedback, competitor analysis, and internal experimentation drive the development of new features.
- The company values a frictionless flow for creation and listens to its user base.
Advice for Entrepreneurs
- Take AI seriously and explore ways to incorporate it into your startup.
- AI can improve internal productivity and provide value to end users.
- Embrace AI sooner rather than later to stay competitive.
A glimpse into the future
- Video production using AI will be a major trend in 2024.
- Multi-modality, combining different formats into one tool or product, will also gain prominence.