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  • Writer's picturePaul Baier

Question #3. What are the Risks and Costs of Generative AI?

Answering the 3rd of the 7 most common questions executives ask

The risks and costs of Generative AI are deeply linked to the aspirations of your project. It is easy to get started and to minimize the cost and risk by being careful in how you manage your dialogs and data and use tools that have clear intellectual property approaches.

Common risks and concerns are

  • Will my confidential data be released to the public?

  • Since OpenAI is facing $15B+ in lawsuits for alleged illegal use of training data, do we face legal liability if we user ChatGPT?

  • If our team creates new marketing or product taglines or products with Generative AI tools like ChatGPT or Midjourney, can we trademark, patent or copyright these? I heard no.

  • How can I prevent hallucinations or incorrect answers, especially with critical customer or employee questions or prompts?

  • How can I reduce or eliminate bias in training data and answers?

  • What are the actual trends in government regulation, especially in Europe, that will impact me in 2024?

  • How much does all this cost?

Need to know more?

Our Generative AI 2023 Bootcamp will cover the topic of Risk and Generative AI in a number of sessions:

  • Gordon Goldstein from the Council on Foreign Relations and Martin Gomez, IP partner at Goodwin Procter, LLP will discuss IP and Government Regulation.

  • @Joe Atkinson, Vice Chairman of @PwC will also address this in the context of their Responsible AI framework.

Many factors come into play when considering the cost of Generative AI, including the cost of NOT implementing it. If you choose to ignore the technology and let your competitors figure it out instead, you allow them to achieve efficiencies and advantages you’ll later scramble to compete with. We’re here to help you not lose that market advantage.

In terms of costs, we'll present two dozen case studies from organizations and experts who will explain how they approached their efforts, including their choice of platforms, sourcing of talent and related costs. Hear from:

  • Thomas Kinglsey will discuss how Mayo Clinic has implemented #generativeAI into their healthcare processes

  • Lisa Huang, head of AI Investing at Fidelity Investments, will share their experience and lessons

  • Pieter Schouten, Chief Innovation Officer, at Ensemble Health Partners, will discuss their approach to project selection, ROI, and AI portfolio management

  • And many others.

Even small business owners with limited budgets and resources can benefit. By using open models and tools to ingest content one can create their own co-pilot, GAI tool for as little as $1,000. (Here is video case study of a non-technical person with a deployed chatbot using her data and tool that uses ChatGPT).

By the end of the boot camp you will have a good frame for understanding the potential risks and range of costs of this fast moving field.

This is the 3rd segment in our series of common questions executives ask about GenAI. The others are:

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