A great example of the practical application of Ai to solve long standing challenges and bring much needed clarity. Read Ray de Silva's thoughts on solving the industry classification code conundrum, and join the discussion! #artificialintelligence #fdi #inwardinvestment #decisionintelligence #economicdevelopment
🚀 Entrepreneurial Growth Architect | 📈 Profitably Scaling SaaS Companies to $50M+ ARR | 📊 Data & AI | 💳 FinTech | ✈️ Travel & Aviation | 👥 2xFounder | 🥝 Kiwi in London
What are the businesses that define our current era? A lot of people would say #Google and #Meta - formerly #Facebook - right? Google was founded in 1998, Meta in 2004. Those companies themselves have changed beyond all recognition in that time, while also inspiring (and arguably also destroying…) entire sectors along the way. And yet the system the US Federal authorities use for classifying business types - the North American Industry Classification Systems (#NAICS) - hasn’t been fundamentally revised since it was introduced in 1997. A year before Google even existed. NAICS classifies Meta and Standard and Poor’s under the same code: “Web Search Portals and All Other Information Services, 519290”. There is no single code that directly covers the entire, exponentially growing #AI sector. Many companies classify themselves as “541715: Research and Development in the Physical, Engineering, and Life Sciences (except Nanotechnology and Biotechnology)”, but not all do. It makes the work of business attraction and retention professionals and those in sector policy development unnecessarily difficult. But we’ve solved the problem. Designed by Brainnwave and Hatch, Mosaic Smart Sector Intelligence uses a Large Language Model #AI (think #ChatGPT) to build a classification system that authentically reflects what businesses do, using their own words rather than an inflexible, outdated taxonomy. Interested? DM me for more info or a demo. #BusinessAttraction #BusinessRetention #FDI #InwardInvestment #EDOs #EconomicDevelopmentOrganizations #ArtificalIntelligence https://lnkd.in/eu4Y25cX