Goldman Sachs and AI: From Hype to Deployment in 2024
Goldman Sachs has been ahead of the curve when it comes to predicting the future of Artificial Intelligence (AI). Their reports throughout 2023 have been remarkably accurate, and now they’re calling out a major shift for 2024. According to a recent Goldman Sachs article, the AI landscape is set to transition from excitement and experimentation to actual deployment in real-world use cases.
2023 was all about the hype — demos of what AI could do and might do. But in 2024, we’re going to see AI start powering real businesses and projects. Let’s dive into some examples of autonomous AI agents already making waves and generating serious revenue.
Autonomous AI Agents in Business: The Next Big Thing
Not long ago, I shared a video discussing the concept of autonomous AI agents — agents that can run your business while you sleep. Imagine waking up to an AI agent that has handled customer service, created custom solutions, and even generated revenue for your company. These agents are not only possible, but they’re already being used in six-figure businesses today.
Some of these AI-driven businesses are generating anywhere from $200,000 to $8 million annually, often with just one founder at the helm. And here's the kicker — many of these founders aren’t even traditional coders. The rapid advancement of AI coding models has removed the need for founders to write a single line of code.
AI and the No-Code Movement: Pioneers Like Ben Tossel
One of the trailblazers in the no-code movement is Ben Tossel, the founder of Ben's Bites, a popular AI newsletter. Tossel, a pioneer of the no-code revolution, built over 100 products without writing a single line of code — and this was before AI could do the heavy lifting.
If you’ve ever struggled with learning to code or simply found it too daunting, AI is making it easier than ever to build products and businesses. Tossel’s work is proof that you don’t need to be a coder to create innovative tech solutions. In fact, AI tools are now making coding optional for a lot of projects.
AI Wrappers: A Risky Yet Rewarding Business Model
One of the trends Tossel highlights in his recent articles is the concept of AI wrappers. These are businesses that create a unique app by wrapping around an existing AI model, like OpenAI’s API. For example, someone might build a tool that solves a specific problem using OpenAI’s GPT models as the backbone.
While this can be a lucrative business model, it’s also risky. Whenever OpenAI announces a new feature, like Whisper for speech-to-text or their vision tools, many smaller companies using similar technology are quickly overshadowed. However, there are still opportunities for success in niche markets where you can outperform mass-market solutions.
Examples of Successful AI Businesses
Ben Tossel gives several examples of successful small businesses that have leveraged AI to create unique, profitable solutions:
- Formula Bot: A tool that helps users write Excel formulas without needing to understand the complexities of coding. It fills a very specific niche and generates significant revenue.
- Other Niche AI Solutions: Tossel mentions a few more, each targeting a specific problem and solving it better than larger, generalist AI tools.
The Role of AI in Business Moving Forward
As we move into 2024, the AI landscape is shifting. Autonomous AI agents and no-code solutions are giving entrepreneurs the tools to build businesses without needing extensive technical expertise. With companies like Goldman Sachs accurately predicting this shift, it's clear that AI is no longer just a buzzword — it’s becoming a practical tool for businesses of all sizes.
Keep an eye on AI in the coming months, because the transition from hype to real-world deployment is happening faster than anyone expected. The future of business might just be powered by autonomous AI agents, capable of running entire companies while you focus on growth and innovation.