"There's nothing that AI won't impact" — When Shark Tank's Mark Cuban admitted AI was key to staying ahead in business

Mark Cuban, an investor on Shark Tank, emphasized the importance of artificial intelligence (AI) in maintaining a competitive edge in business during a Yahoo Finance interview on June 1, 2019. When asked about the connection between AI and his businesses, Cuban stated,

"There's nothing that AI won't impact," underscoring how AI influences various industries.

He said understanding AI is crucial for business success, similar to earlier advancements like the personal computer and the internet. He emphasized that AI is even more significant than these previous innovations and highlighted the importance of learning about AI for making informed business decisions.

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Shark Tank Mark Cuban on AI: Why understanding it is essential for business success

Learning AI as a competitive advantage

Mark Cuban said many people discuss AI but do not take the steps necessary to understand it.

"Lots of people talk about artificial intelligence, lots of people talk about machine learning and neural networks, [but] not a lot of people are putting in the time to take classes or do the tutorials or to learn how to apply it to business," the Shark Tank investor stated.

Cuban further explained that he uses AI learning resources, such as machine learning tutorials and programming courses, to learn about the technology. He also described his approach to learning AI, mentioning specific study methods.

"I've been on Amazon doing the machine learning tutorials... I've taken Python online classes... if you go in my bathroom, there's a Machine Learning for Dummies book," he said.

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AI’s influence on business operations

Cuban compared AI to past technological shifts that transformed industries. He explained that he has witnessed the impact of various innovations, including personal computers, local area networks, wide area networks, the internet, mobile technology, and wireless communication.

He stated that AI plays a role in multiple business functions and that lacking AI knowledge can limit an entrepreneur’s ability to compete. He also addressed the challenges of assessing AI-related business opportunities—

"Unless I understand the technology, how am I going to explain it? How am I going to understand it? Unless I understand it now, how am I going to invest in it?"

The Shark Tank investor highlighted that relying solely on others’ AI expertise carries risks, as assessing whether someone is truly knowledgeable in the field is difficult.

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AI’s long-term impact on business decision-making

Cuban indicated that understanding AI provides long-term benefits. He explained that while he does not plan to build complex AI models himself, he wants to understand key AI concepts to evaluate business projects and investments effectively.

"If you truly believe AI is going to change everything, how are you going to understand what people are doing to change everything unless you at least have a foundational understanding of it?"

He provided an example of how foundational AI knowledge helps him analyze resource requirements in AI projects. The Shark Tank investor stated,

"When somebody says, ‘OK, we're building this project, and we need this sized data set or this size data set, we need this amount of resources,’ I can ask questions and understand the answers."

Cuban emphasized that this level of understanding allows business leaders to engage in meaningful discussions and make informed decisions about AI-driven initiatives.

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