Artificial Intelligence and Economic Developers
Can We be Friends?
Although AI isn’t a new concept, right now there’s a lot of buzz around the topic. Some pundits believe AI will have a bigger impact than the invention of the PC or even the spread of smartphones. Growth projections in annual worldwide AI revenues are staggering; it was $643.7 million in 2016 and expected to reach a whopping $36.8 billion by 2025. But what exactly is AI? And more importantly, how can it help Economic Developers?
AI makes it possible for machines to learn from experience, adjust to new inputs and perform human-like tasks. Most examples of AI you hear about today rely heavily on deep learning and natural language processing. Using these technologies, computers can be trained to accomplish specific tasks by processing large amounts of data and recognizing patterns. The machines learn and become smarter as they are exposed to more data and see more patterns.
How can AI Help Economic Developers?
But what does that mean for economic developers? How can AI help us? Would you believe AI has the power to accurately forecast company growth and expansion? In today’s competitive environment, gaining that insight could bring significant value, and advantage. It could help you prioritize which companies to target to drive investment into your region.
AI can accomplish things that are beyond a human’s capability. In our attempt to find growth indicators and build models, the amount of data we have access to is limitless. However, our ability to process that data is quite limited. AI on the other hand, can sift through the widest data pool and comprehensively search for unexpected relationships between variables predicting growth and expansions.
Gazelle.ai is the first investment attraction platform to put AI to work for Economic Developers.
Our team of economists, data scientists and software engineers has harnessed deep learning, neuroplasticity, dynamic input attention, concurrent AIs, GPUs processing, and other cutting-edge techniques. This allows us to determine how over 200 diverse firm-level, industry, and regional data points interrelate and associate with firm expansions.
In addition to continuous improvement in the structure of our algorithms via experimentation and model comparisons, our team’s ongoing API-based data acquisition and curation process provides an ever-growing and increasingly accurate dataset. Meaning that the sophistication and precision of the algorithms are always improving. And so are your results.
“The transcendence of AI and its diverse impacts on our lives has already been extraordinary. As we continue to unleash the power of machine learning and expand our unique socioeconomic dataset, predictability improvements will illuminate more and more about the drivers and interactions that foretell firms’ successes.”
Dr. Hugh Kelley, Chief Economist, ROI Research on Investment
In short, Gazelle.ai is smart. So smart that it can detect companies that are expanding even before they know it. All signs point to this being the beginning of a beautiful friendship between AI and Economic Developers.
Gazelle.ai can power up your investment attraction process!