How to Make Money with Artificial Intelligence in 2024

If you’re new to my world of innovation and entrepreneurship, I will show you how to make money with artificial intelligence. I’m Adegbenga, a fervent technology entrepreneur deeply engrossed in the artificial intelligence (AI) sector. Over the years, my journey has led me to invest in a dozen AI companies, coach over 50 startups, and assist numerous friends in crafting AI-driven business models, all with a singular focus: to uncover the myriad ways on how to make money with artificial intelligence. Today, I’m eager to share with you the distilled wisdom from these experiences—five pivotal categories that are essential for anyone looking to harness AI for financial success.

The realm of AI offers an unprecedented opportunity for entrepreneurs and innovators to create value and generate income. From content creation and data monetization to consulting, training, and developing AI-centric products or services, the potential is vast and varied. As we delve deeper into each category, remember that the core objective remains steadfast: exploring the most effective strategies on how to make money with artificial intelligence. This exploration is not just about identifying opportunities but also about understanding the nuances of AI application in different business contexts, thereby unlocking new avenues for growth and profitability.

In closing, my mission today has been to guide you through the essential considerations for leveraging AI in your entrepreneurial ventures. By focusing on these five key categories, you are well-positioned to navigate the complexities of the AI landscape and capitalize on its lucrative potential. Remember, the journey to making money with artificial intelligence is continuous, requiring constant learning, adaptation, and innovation. As we look to the future, the possibilities are endless, and the potential for success is limited only by our creativity and determination.

We strongly recommend that you check out our guide on how to take advantage of AI in today’s passive income economy.

1. Content Creation

A friend of mine, Chris, a couple of months ago, was going through this process. I walked him through how to think about creating content using AI. Today, he took a 9-hour piece of work and has distilled it into 15 minutes worth of effort that gets $150,000 grants approved using this exact process. The first one is to look for the constraints.

Anytime there’s content being put out there, it could be marketing content, or it could be producing scripts for video content. What is the bottleneck around that? What are the constraints? Because what you want to help people do is move fast. Then you want to go to number two, which is the content. Look at the output, understand what parts of that information make it unique. If it’s Facebook ads, if it’s blog posts, what makes it unique? Because what you’re looking for is how do you replicate the output. Then number three is you got to figure out what are the prompts that go into this.

The prompts are where the heavy lifting for AI engineering goes into. You’re going to have to figure out how to create the prompts that generate the content based on the constraints on the front end, and it’s all about the inputs. Then the last part is the solution. Take all of that, package it up into a service, and then put it out there. So, you got to sell that solution.

2. Training and Education

You might think everybody knows about AI, but trust me, they don’t, and that’s where the opportunity lies in how to make money with artificial intelligence. So, you want to create a business where you get paid to train and educate the market. There are companies like Deep Learning that do 50 million a year teaching and training people on the topics of AI. You can even get paid to help small businesses integrate AI into their company. And that’s the first step in this process, is understanding where’s the gap.

Talk to the small business owners and ask them, where are you using AI to increase your efficiency or solve problems faster? You first got to start with the gap. Then you go to research the solution. Have those interviews, talk to those customers, figure out where the opportunities are to train and educate. Then research, become an expert around the solution. The third step is to pilot that solution with those early customers.

You find five customers, you interview them, you see what their challenges are, you then go and do the research to solve the problem, you pilot it with those customers, outline the prompts, the strategy, whatever you want to integrate. And then finally, then you create a course. And here’s the coolest part, you actually ask AI to create the course based on the research and the pilot that you’ve put together. I’m telling you, it’s that simple. Get in front of a camera, create the course, start selling it. That’s how you can get paid today to train and educate other people on AI, and it’s a fantastic way to explore how to make money with artificial intelligence.

3. Consulting and Implementation

There are four key areas you need to focus on if you want to make money using this business model and understand how to make money with artificial intelligence. The first one is you find somebody, you got to do free work. And the reason why is because you’re trying to extract the assessment. The assessment is when you start working with a new customer, what are the questions you’re going to ask them in regards to their AI adoption? What are they doing today? Where are the opportunities?

That’s number one. Then we want to focus on, out of all the opportunities, what’s the biggest problem that you can solve that also gets them a fast result? Biggest problem, fastest result using AI that you can do for them. Then you go to the third step, which is extract the methodology. In consulting businesses, the methodology is the product. It’s the process for how you actually implement what you do. Then the last step, number four, is you have to teach free information, get paid for implementation. This is the key to how to make money with artificial intelligence. Most people don’t get this. Give away everything you know how to do, and then get paid for the implementation, get paid for the consulting.

4. Data Monetization

I told you it’s going to get more advanced, but this one is actually next level. A long time ago, I had a company called Flowtown, and I had an investor named Orin. Orin had sold his company Rapleaf, and he was working on a new idea. And his big idea was to create a marketplace for data providers to sell to AI companies. And this was seven, eight, nine years ago. And at the time, I didn’t think it would actually be a big idea. I’m like, who would buy this information? And it turns out, it’s become an incredible business.

There are opportunities for you to go and find data sets that are unique, make sure that they’re accurate, they’re clean. I’ll tell you what to look for, and then sell those to these people on this side and make a ton of money if you understand this element right there. So let’s dive into it. First off, you got to find information that’s got relevance. So trying to figure out what some of these AI people are looking for data-wise, that’s the key. It’s got to be relevant to their models. Number two is it’s got to be high quality.

What I mean by this is it can’t have a lot of noise, it can’t have a lot of inaccuracies. And then the final part, which is the key for anything AI, is volume. These large language models need hundreds of thousands, if not millions, of records around the data. So you got to find stuff that’s relevant and clean, high quality, and high volume. Now, who do we sell this to? First off, you’ve got three key people. Number one is data scientists. Go on LinkedIn, find the people that are data scientists inside these groups of people, the hedge fund companies, the technology companies. They’ve got a data scientist. That tells you that they buy data.

Number two is a data engineer. Data engineers are actually the people that sit there and they massage the information that comes in to make sure it can map to the AI models. And then the most important role in Silicon Valley, in all technology companies, is product managers. These are people that are making decisions about product roadmaps and how they’re going to differentiate and compete against their competitors. So they’re always looking for data to be competitive. Now, the business model for you to do is you will make tens of millions of dollars doing this right is you have to be good at transforming the data. There are different file types, and depending on what technology the data scientists are using, they might need you to transform that data so that it fits in their world.

5. Products or Services

See, products or services are awesome because you will get paid all the time for people using the product, and this is a key aspect of how to make money with artificial intelligence. For you to find the right product or service, it’s going to require a few things. There are three elements. My buddy Daryl, he runs a company called FlexPay. He was in the industry that he’s in today, but he saw an opportunity to take all this data and create a better solution. Now, Daryl’s business is a multi-million dollar company, and you can do it too, especially if you’re looking to understand how to make money with artificial intelligence. See, there are three things you need. The first one is domain expertise.

You need to understand your industry because you want to go deep and look in the nooks and crannies of what’s going on in the market that you could see opportunities for AI. Number two, and this is what Daryl did because he understood the problems, he found an AI-exposed problem. An AI-exposed problem is an opportunity to use big data to improve a process. See, one of the things he noticed in the payment world is that many of the transactions were getting declined. Maybe you’ve experienced this, where you go to use your credit card online, and it doesn’t want to work, but it doesn’t make sense because there’s space on the card.

Daryl saw an opportunity that was an AI-exposed problem. And then what he did, that I’m recommending you all do, is he hired a data scientist and said, “We have all this data. Could you look at it, evaluate it, and tell us, do we have an opportunity to create a product or a service around AI?” And not only did they have an opportunity, they realized this problem was a massive problem. Think about all of the subscription businesses in the world, all these micro payments, they’re all there online, and they have problems with customers’ credit cards getting declined. They took all this information, the domain expertise he had, the AI-exposed problem, and the data scientist’s research, and they decided to build the AI-enabled product, which became FlexPay. You can do the same thing if you’re looking to learn how to make money with artificial intelligence.

So, those are the five business ideas in AI that’ll make you rich. And if you want to learn how to get 10 more clients by the end of the year and further explore how to make money with artificial intelligence, click the video on screen, and I’ll see you on the other side.