RALEIGH — Raleigh Founded‘s North Street location was filled for last night’s State of the Region address. Entrepreneurs, start-up founders and those that support them were all in attendance for the 8th annual event, featuring remarks by Tom Snyder, executive director of RIoT.
“I think it’s a great opportunity for everyone to touch base and take stock,” Snyder said. “We’re able to bring so much regional expertise together for this event and kind of kick things off.”
The evolution of data
The big takeaway from this year’s talk was AI and data. Snyder didn’t pull punches, at one point predicting that this will be the year when companies “experiment” more with AI tools replacing workers. It remains to be seen if the technology is ready for that role, but research shows AI can make employees up to nine times more efficient. As Snyder pointed out, even the personal computer – a huge milestone for efficiency gains – made employees only four times more efficient.
Snyder also pointed out that the value of AI will continue to grow, and be useful across all industries, as long as new data is available. Here, the value of IoT and the “newest” data becomes critical to the successful implementation of AI.
“In 2025 we’re predicted to create 175 zettabytes (a zetabyte is a trillion gigabytes) of data,” Snyder shared. “But 90% of that is copies of data.”
That leaves AI models with little to ingest to continue their development. IoT (Internet of Things) devices, those on common networks or connected to the cloud, represent the ability to collect huge swaths of new – and very timely – data. And AI models can be used to turn that data into information and alerts for businesses and end users.
North Carolina vs. Virginia
Snyder made a number of comparisons between North Carolina and Virginia during the address. Both states are consistently ranked high for quality of life, both have a highly-talented workforce, and – at least for now – both are affordable. These are keys, according to Snyder, for remaining competitive in small business and economic development, as well as attracting area investments.
That said, Snyder pointed out that the state of Virginia is making it’s own investments in area startups. The state has developed a matching program for venture capital firms, allowing state support for venture-backed, Virginia-based start-ups.
“I actually kind of like this, if it can become the kind of thing where North Carolina and Virginia are actually working together versus competing,” said Snyder. “But right now, if only one side is doing this kind of thing, it is competition.”
Uncertainty
Snyder ended looking forward, acknowledging that we’re in a period of uncertainty. Between the incredibly dynamic nature of AI and emerging technologies, plus the shift in federal priorities and funding, many companies and non-profits are proceeding cautiously. Leaving politics aside, Snyder encouraged companies to stay involved and supportive of their small business and start-up community.
“Now is the absolute worst time to pull back from the community,” Snyder told the crowd. “The most important thing that any of us can do in times of uncertainty is be out in our community. What are you hearing? What are you learning? What have I experienced?”
The opportunities for community involvement are plentiful, including Durham’s All Things Open AI event planned for March, Triangle Tech Night’s monthly events, and RIoT’s own Developer Day, scheduled for April.
Meet & Mingle
In attendance last night was Mike Arriola, the North Carolina District Director for the Small Business Administration. Arriola traveled from Charlotte for the event after working with RIoT on the SBA’s Regional Innovation Cluster program.
“I thought Tom did a really great job, especially for tech challenged people like me,” laughed Arriola. “[Tom’s] totally right. AI is something that does cut across all fields. It’s something that has an impact on all small businesses.”
For anyone who missed the event, Snyder will be sharing his State of the Region comments on WRAL TechWire next week. Snyder writes a weekly column, Datafication Nation, for TechWire and plans to provide a transcript of the evening’s talk in his next column.
