Frequently asked questions
What is Crowdfunding.AI?
Crowdfunding.AI is a website that aims to merge two revolutionary concepts - crowdfunding and artificial intelligence (AI). Our vision is to develop Crowdfunding.AI into a powerful platform where innovators and investors from around the world will come together to collaborate on ideas and products involving the use of artificial intelligence. The purpose of our platform is to spread awareness about crowdfunding and AI, and to stir interest in investors ready to become a part of a highly profitable venture.
What is crowdfunding?
Crowdfunding is one of the best things that technology has brought to the society. It is the practice of funding a project by raising many small amounts of money from a large number of people, typically using the Internet. Crowdfunding has been around at least since 2003, when a Boston based musician and computer programmer Brian Camelio launched ArtistShare. It started as a website where musicians could seek donations from their fans to produce digital recordings, and evolved into a fundraising platform. The success of ArtistShare triggered the rise of the world's biggest crowdfunding
platforms, Indiegogo and Kickstarter, launched in 2008 and 2009 respectively. These sites host funding campaigns for a wide range of projects for arts (including fine art, comics, dance, design, fashion,
film and video, music, photography, creative writing, theater), social causes (animals, community, education, environment, health, politics, religion) and small businesses and entrepreneurs (animals, community, education, environment, health, politics, religion). Since its launch, Kickstarter has hosted more than 116,733 successfully funded projects, raising more than $2.7 billion in pledged revenues.
How does crowdfunding works?
The concept of crowdfunding taps into the extensive reach of the Internet to involve individuals from all walks of life in funding projects they are passionate about. The available crowdfunding platforms help innovators pitch their ideas to the world using communication tools like video and social media. The creators of the projects specify the amount of each share, the total amount of funding required, and the rewards that their backers will get. Kickstarter projects have a maximum of 60 days to raise the target amount. If the funding target is achieved, Kickstarter charges the backers' payment methods and releases the funds to the creator after deducting a 5% service fee. If the funding target is not achieved, the backers are not charged and the creators (as well as Kickstarter) get nothing. However, Indiegogo releases whatever amount has been raised within the stipulated period, whether or not the targets are achieved. It deducts 4% of the funding amount if the targets are met and 8% if they're not.
What is artificial intelligence?
In plain words, artificial intelligence (AI) is human intelligence exhibited by machines. The goal of AI is to create intelligent machines (or computer programs) that work and react like human beings. The research associated with AI is highly technical and specialized. It involves programming computers to display human-like traits such as knowledge, reasoning, problem solving, perception, learning, planning, and moving or manipulating objects.
The history of artificial intelligence
The conceptual history of AI dates back to prehistoric times, but it was officially recognized as a field of study when John McCarthy coined the term "artificial intelligence" as the topic of the Dartmouth Conference. Work on "neural networks," computer systems modelled on the human brain and nervous system, began in the 1960s, and NLP (natural language processing) made great progress during the 1970s. After the foundations were laid, AI exploded into wide ranging applications in the 1990s. Major advances were made in all areas of AI, with significant demonstrations in machine learning, intelligent tutoring, case-based reasoning, multi-agent planning, scheduling, uncertain reasoning, data mining, natural language understanding and translation, vision, virtual reality, games, and other topics. The 2000s saw AI based interactive pets (or smart toys) hitting the market and human emotions being expressed by robots. Today, AI has become the fastest growing field of technology, especially after Google and Facebook made their AI code libraries open-source and accessible to programmers around the globe. The AI applications being developed today range from self-driving cars to autonomous weapon systems, from critical reasoning machines to emotionally intelligent computers and robots, and from a plethora of intelligent apps and objects to smart cities and much more.
What are the issues and risks of artificial intelligence?
"We practice witchcraft," says Anthony Hopkins in the latest American TV show West World, referring to the extreme complexity of AI technology. The show brings to light some of the real AI safety concerns that have been haunting scientists and sociologists for some timeâ€”a single â€œbad agentâ€ who uses advanced AI to intentionally cause harm to people; small glitches in the software that turn deadly; and a lack of redundancy and robustness in the code to keep people safe. After all, it's only a line of code that stands between safety and disaster as far as advanced AI applications are concerned. Imagine the consequences if an autonomous weapon system acquires a will of its own and starts breaching the safety protocols that were supposed to govern it. Think about the chaos that will result if AI based robots, elevators, cars, and other objects stop obeying human commands. It reminds of science fiction movies like Terminator and I Robot, but the dangers of AI are very real. Tech giants such as Alphabet, Amazon, Facebook, IBM and Microsoft â€“ as well as individuals like Stephen Hawking and Elon Musk â€“ believe that now is the right time to talk about the nearly boundless landscape of artificialintelligence. The most pressing ethical risks that AI poses include:
- Unemployment created by the use of intelligent machines
- Distribution of wealth created by machines
- Change in human behaviour and interactions caused by AI systems
- Detecting and fixing errors and mistakes in artificial learning
- Guarding against racism and other AI biases
- Controlling complex intelligent machines
- Securing AI from adversaries
- Protection against AI when it turns "evil," and
- The rights and humane treatment of AI based robots
Can we use crowdfunding to develop safe and desirable AI applications?
Crowdfunding.AI is the first dedicated AI crowdfunding platform that will enable AI engineers to pitch their project ideas to investors and individuals around the world. It will also take into account the ethical dimension of AI projects. We plan to utilize artificial intelligence for scrutinizing different projects with the aim to discover their underlying dangers as well as ethical and social issues. Only the projects that make a positive contribution to the society and adequately address risks will qualify for fundraising on the Crowdfunding.AI platform. This is unlike other crowdfunding websites, where anyone can post AI based projects without regards to their safety and ethical implications. Our vision is to build Crowdfunding.AI into a thought-leader for AI, in addition to a platform where creators and backers of AI innovation collaborate with each other. We plan to develop features that will determine the potential benefits and risks of a project before it is presented to the public for funding. We believe that Crowdfunding.AI will be valuable in creating AI innovations that improve the world we live in, while earning sizeable profits for the investors.
How to invest on Crowdfunding.AI and Why?
The AI market is the fastest growing segment of IT right now. According to the latest market research report "Artificial Intelligence Market by Technology (Deep Learning, Robotics, Digital Personal Assistant, Querying Method, Natural Language Processing, Context Aware Processing), Offering, End-User Industry, and Geography - Global Forecast to 2022" the overall artificial intelligence market is expected to be worth USD 16.06 Billion by 2022, growing at a CAGR of 62.9% from 2016 to 2022. Another report from Tractica forecasts that the annual worldwide AI revenue will grow from $643.7 million in 2016 to $36.8 billion by 2025, a 57-fold increase! Crowdfunding.AI plans to capture a slice of this market by offering AI developers a platform to acquire funding for their projects. Crowdfunding.AI will earn profits for our stakeholders by charging a nominal service fee for all funding raised through its platform. We expect this profit to run into millions of dollars once the website becomes operational. AI has applications and use cases in almost every industry vertical and is considered the next big technological shift, similar to past shifts like the industrial revolution, the computer age, and the smartphone revolution. This is the ideal time to invest in the AI market, and Crowdfunding.AI is the ideal opportunity. We need funding to develop Crowdfunding.AI into a global leader for crowd-sourcing disruptive AI innovations, with the promise to deliver handsome ROI to the investors. Please get in touch with us to find out more about the investment options and the projected returns on your investment.