The launch of generative AI products over the past nine months has the world talking about how it will change the future. Many people are scared. Others are excited about the opportunity.
A report last month by Next Move Strategy Consulting predicted that the artificial intelligence industry will grow 20-fold over the next seven years, creating a business worth $2 trillion, up from $100 billion today. That sounds like wild hype, but other analysts at McKinsey, Morgan Stanley and BlackRock have charted a similar trajectory. Artificial intelligence is here to stay and many people’s lives will be upended. But it’s also a once-in-a-lifetime opportunity.
Frederik Pedersen, co-founder of Danish artificial intelligence company EasyTranslate and the son of one of Denmark’s most famous figures, is facing the future head-on.
“I’ve been saying for a long time that translation as we know it is dead and that artificial intelligence has killed the industry, but my competitors didn’t feel particularly good about it. Now, however, these people are listening, and Realize that if they want to change their business, it may be too late.”
Son of Danish politician Klaus Riskær Pedersen
It’s not easy being the child of a powerful man, as recent TV dramas illustrate very well succession. It’s hard for a child to become their own person when there’s a Logan Roy in the house.
Some crash and burn; some, like singers Justin Bieber and Miley Cyrus, try to shock their parents by being eccentric and independent. There are very few good ones.
Others, however, do it in smarter ways, by employing different mechanisms to build their reputations and escape their parents’ shadow.
In the case of Pederson, now 35, it’s technology that allows him to do that. First there was translation software, now generative AI has surpassed it.
His father, Klaus Riskær Pedersen, is a controversial Danish political party leader, entrepreneur, businessman and author. Everyone in Denmark knows his name.
His checkered career has included serving as a Liberal member of the European Parliament, writing books and developing, building and selling some 15 companies over 30 years. He founded his own political party in 2018.
But there has always been controversy. He was convicted several times for fraud and spent various periods in prison, while also dividing public opinion in Denmark and having a social life that was accompanied by such obvious joy.
At first, (Frederick) Pederson suffered. He struggled to find a way to be accepted, both in and out of school. He didn’t go to college, but he did understand technology and became interested in its power, so he found a way to farm it himself.
“It took me some time to find my bearings, but slowly I realized that the world is all about communication. I know I come from a privileged family, but when I was a kid, educators always seemed to lack empathy and communication .I was given a different feel and it was a tough place to be.
“But I got through it, and those life lessons allowed me to cope with all the changes that happened in my life. So I started a translation company, and now I’m turning the company into generative AI because it offers huge opportunities for humanity, especially It’s the same communication element,” Pedersen said.
Be the first to experience OpenAI’s ChatGPT
As early as 2020, the dawn of AI began to dawn on him.
That year, Pedersen applied for a €65,000 grant from the Danish Innovation Fund to create a content generator engine that would allow him to create a new form of translation:
“I realized that the biggest problem with language in e-commerce was not translation per se, but creating localized content for a retailer’s different products that customers might be interested in,” he explains, adding that companies spend money on training “neuro network to create these product descriptions.”
Also read: AI Eye – The Real Uses of AI in Crypto, Google’s GPT-4 Rivals, and the AI Advantage of Bad Employees
Neural networks are a machine learning process called deep learning that use interconnected nodes, or neurons, in a hierarchical structure similar to the human brain.
“We branded it a content-as-a-service, and we couldn’t believe we were one of the first companies to do that,” he said, though it ultimately proves the old adage: early is wrong.
“Ultimately we were ahead of the technology, and while our technology could construct sentences, it wasn’t good enough for our customers.”
However, this first effort was not a waste of time and money, as it meant the company was able to hit the ground running when the large language model was publicly released. EasyTranslate gained early access to ChatGPT because it already had an account with OpenAI and was able to adopt and implement the technology immediately.
Since then, EasyTranslate has pivoted to the future of generative AI content, building on Pedersen’s argument that traditional translation is indeed “dead.”
The combination of translation and technology
This isn’t the first time Pedersen has changed direction. The translation service was founded in 2010 with no venture capital but has grown rapidly.
In 2016, it realized the business opportunities brought by the launch of Apple FaceTime and began to provide interpretation services to the Danish government. Pedersen said interpreters are extremely expensive, inefficient and slow, and travel to live events is not exactly “climate change friendly.”
Pedersen created a video interpreting app that simplifies costs and improves efficiency by providing marketplace and matching services for interpreters, as well as remote interpreter services.
Danish municipalities, including the Danish Ministry of Justice, signed up for the service recognizing that bringing interpreters to court is a very expensive affair, especially since such needs are often made at the last minute.
How to revive the “Metaverse Dream” in 2023
Legal risks of participating in DAO
Danish surgery successful, but patient dies
At its peak, the company ran 1,000 interpretation sessions per day, and between 2017 and 2019 it was responsible for more than 70% of the Danish government’s interpretation operations.
However, Pedersen said the Danish government had never outsourced such operations, and the relationship soured.
“It’s been a very mutual and productive relationship for a long time, but we realized that working with the government was harder than we thought. It’s like the cliche that heavy tankers can’t turn around.
“That was the first learning curve for me again. Yes, our data processing wasn’t as good as it should be, and it was very difficult with outdated systems and inference.
“Ultimately, the Danish government decided not to continue our relationship. It was difficult at the time, but I still believe we succeeded and we learned a lot,” he said.
“Let’s put it this way, the operation was successful, but the patient died. There was also a lot of opposition from powerful Danish trade unions who thought we were putting people out of work.”
“But it’s not about putting people out of work, it’s about using technology like we are now using artificial intelligence. The interpreters who decided to join our community are very happy with our software. They say it’s like having a personal assistant to coordinate their calendar and making sure they were getting the highest possible revenue on their productive days – which they managed to increase.”
The impact of artificial intelligence on employment
The impact of AI technology on employment has caused great anxiety among many, with some predicting entire industries will be wiped out, while others believe jobs will change and evolve rather than disappear.
A recent study by the International Labor Organization found that women will be disproportionately affected by automation, with about 7.8% of jobs held by women in high-income countries (or 21 million people) likely to be automated, but only 2.9% of jobs Replaced by automation. Men (9 million).
Translation is also a highly gendered industry, with approximately 67% of translators being female.
Pedersen’s thinking about the fundamentally human element of technology, whether it’s content generation or generative AI, is now at the heart of EasyTranslate’s business.
Also read: AI Eye – Be kind to ChatGPT, get better results, AI fake child porn debate, Amazon’s AI review
He believes that the combination of humans and AI is more powerful than just letting the AI do everything, citing the example of a diligent high school student who was angry when his classmates used AI to cheat.
Rather than kidding herself, she asked ChapGPT to grade the paper she had already written. It sorted out grammatical and spelling errors and provided her with additional resources and links to improve her work and outpace cheaters.
“In business, everyone is looking for that magic of market balance, that sweet spot where pricing, innovation and technology come together. We’re doing that too when it comes to AI and humans; we want that magic there too balance,” he said.
Humans are still needed in the loop
He sees “human participation in the loop” as the way forward for humans and machines. Generative AI can do the heavy lifting while humans can do it and do it smartly. It creates content in any language generated by artificial intelligence but enhanced by humans.
“There are other institutions in the business world, like Reuters, that also promote the ‘people in the loop’ narrative. Again, I’ve been saying for a long time that this is the way forward for making technology and humanity better.
“By harnessing the power of both and adding machine learning in the process, I believe that the current dominance of LLMs will be replaced by small language models (open source generative AI) that can be tailored to clients, and that will be the future. “
“That’s our plan and that’s where the entire field of artificial intelligence is going. Those companies that are ready will prosper; those that don’t will fail,” he said.
Since Pedersen pivoted to artificial intelligence in late 2022, investor interest in EasyTranslate has grown, with the company raising €2.75 million earlier this year
“We think we are ahead of our time, and this idea leads us to embrace artificial intelligence and take us to the next level. Artificial intelligence itself is just a mirror of what humans have already created; artificial intelligence is actually the technological history of human knowledge.
“I think it’s clear that the two are perfectly compatible, this magical balance, so as generative AI evolves, so do humans in the loop. People with well-adapted brains don’t lose their jobs; they jobs and roles will be better and more creative,” he concluded.
His father should be proud.
The most fascinating read in blockchain. Delivery is weekly.