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MBN USA

October 25, 2023

Lowry: MBEs and corporations must embrace AI

By James H. Lowry

As entrepreneurs we know that to survive and beat the competition, we must change. But too often, we find it difficult to alter what we have been doing historically. Too often, we do not change because we feel comfortable with old strategies, old policies and old organization structures. After reading my many journals and listening to experts on TV, I am convinced that what is happening in the world will force us to change.

As entrepreneurs and citizens of the world, we must accept the potential power of artificial intelligence or AI. It poses a serious problem to us all, but it also offers major opportunities to create significant wealth. Dramatically, this increase in income is demonstrated with the rapid growth at chip manufacturer NVIDIA Corp. Over the past few weeks, its value rose to over $1 trillion.

NVIDIA had been in existence for over 30 years and nearly went bankrupt several times, but the founders kept the faith and had a vision of potential success for their products. Recently, Jensen Huang, the company’s co-founder, president and CEO, was quoted in the Wall Street Journal saying: “Every $1 trillion business starts in a $0 billion market. The richest companies on earth have always been able to look around corners and imagine the future that nobody else can see — as the most lucrative opportunities in any industry are the ones that never seemed like they could be worth so much.”

The insight that Huang shared could apply to any business — regardless of size, industry or complexity. To have a successful mindset for change and a plan of action, he:

• Accepted he needed co-founders who had skills and experience he did not have.

• Developed a deep understanding of the tech industry.

• Was prepared with a product to take advantage of the opportunity.

• Had a positive mental attitude.

Unfortunately, there are not thousands of tech entrepreneurs who also could take advantage of the AI opportunity. But still, as minority leaders, we must be players by:

• Investing in companies like NVIDIA and riding the trillion-dollar evaluation.

• Supporting young minority tech nerds in our schools.

• Buying existing nonminority tech companies.

• Investing in minority tech entrepreneurs who have the products, but not the capital to grow their businesses.

We must be at the table, build a case for our involvement and accept that we must think big.