Tools like OpenAI's ChatGPT and Microsoft Copilot, which utilize generative artificial intelligence (AI), have made it easier for us to turn ideas into action. From improving work efficiency to assisting with coding and even aiding in content creation, these technologies are changing the way we work.

If you have a brilliant idea, can you leverage generative AI to transform it from just a theory on paper into a profitable project?

Five business leaders have shared their insights on the role of emerging technologies.

01. Identify Business Problems

Richard Wazacz, CEO of foreign exchange specialist Travelex, states that the power of generative AI must be viewed in the context of reality. Professionals can leverage emerging technologies to rapidly expand new ideas, but other factors are also crucial.

Richard Wazacz said, "Starting a new business is now a trend, but I don't think it's easier. Technologies like AIGC have given more professionals the power to make changes, but they also bring challenges to democratization."

Wazacz added, "When something becomes easier, everyone will use it. Professionals must focus on the ultimate goal, not just the technological solution."

"Successfully starting a business still boils down to finding a problem that others haven't solved, whether it's a small or a huge problem."

"You must solve the problem that your customers want solved, and you must do it well. It's as simple as that. Promoting a new business model is difficult, but I admire those who can accomplish it."

02. Take Risks

Toby Alcock, CTO of Logicalis, shared his views on the inherent potential of generative AI, especially when it comes to driving new business models.

Toby Alcock said, "I've started, built, and sold businesses, so I think about this a lot."

"We're in an 'interesting time' where emerging technologies bring new possibilities. There's a lot of potential, hype, and funding in AI. But technology isn't the only issue we face. Macroeconomic challenges and geopolitical instability mean high inflation in many Western economies."

"Even with the help of generative AI, professionals would be wise to consider carefully before entering new business areas."

"The cost of capital is very concerning right now. You can bet on generative AI for new ideas, but you need to take calculated risks. If it doesn't pay off, you need to know if you can afford it."

03. Find a Balance

Tim Lancelot, a technology expert and sales promotion supervisor at MHR, holds a different view—that challenging times mean rewards for those who dare to take risks.

Tim said, "I believe that economic downturns actually bring opportunities for innovation. Some of the best businesses started during downturns. Therefore, during difficult times, businesses are born out of adversity. If your product can work during an economic downturn, you'll be in a good position for growth."

"Generative AI can help innovators enter new areas by lowering barriers to entry, but it's important to consider how generative AI democratizes access to emerging technologies."

"Remember, everyone has access to the same tools. Just as it lowers your barriers to entry, it also lowers the barriers for others. I believe that every generation must maximize the use of available tools and strike a balance between opportunities and risks."

04. Use the Right Technology Platform

Jessie Sobel, who oversees Freshpet's strategic growth initiatives, says exploring new business models is part of her job.

Jessie said, "I focus on business and internal initiatives to help ensure we maintain our leadership position in the fresh pet food space. To this end, I'm always exploring different business models to ensure we stay ahead, and I'm also studying the direct-to-consumer market."

The company primarily serves over 11.5 million households through a network of 34,000 refrigerators in retailers.

Jessie added, "Freshpet recognizes that the right technology platform can help the company explore new direct-to-consumer models. Freshpet uses Ordergroove's Bundles Suite to create a flexible customer experience."

"This project is about leveraging technology to help meet the needs of pet owners, and we must seize this opportunity."

Freshpet is also continuing to look for ways to improve business processes through technology, including using Emplifi's AI service cloud to simplify customer engagement.

"Over 11.5 million consumers are buying fresh products, but we believe this number could reach 42 million. Therefore, my focus is on 'who haven't we reached yet?' I consider how we can cover the entire addressable market, and technology can largely enable this."

05. Focus on Goals

Attiq Qureshi, the chief digital information officer of Manchester United, said his football club is exploring how to use AI in multiple areas, including content delivery and content management.

"We have a long list of potential use cases, from helping fans connect with us to supporting frontline colleagues in doing their jobs better. My team is exploring how AI can help manage comments on fan forums and maintain the club's brand."

However, they won't be using emerging technologies like generative AI to support new business models.

"That's not something we'll do. Our top priority is to win on the pitch, and everything revolves around that goal."

Qureshi added an overview of how others are using AI in new areas to their benefit.

"Technology has always helped startups, and AI may make small companies more competitive, but I'm not sure if AI will make it easier to launch some new models. Customers are attracted to products and services. So, as long as you provide quality service, that's enough."