Serhii Tokarev: AI Is Becoming Commonplace—Insights from Web Summit 2024

“AI will become commonplace. Web Summit proves it, and makes one thing abundantly clear—AI is transitioning from a trend to a fundamental aspect of how we work, innovate, and live. This transformation is not just on the horizon; it is happening now,” said Serhii Tokarev, co-founder and partner at Roosh Ventures.

The Business Case for AI

AI has become critical for businesses looking to remain competitive. Companies that resist adopting it risk falling behind. “Companies that ignore AI risk obsolescence, while those who embrace it are at the forefront of a new era,” emphasized Serhii Tokarev.

Businesses are leveraging AI to improve efficiency, personalize services, and unlock valuable insights. From streamlining operations to hyper-personalized customer solutions, AI’s versatility is unmatched. Its adoption rate is accelerating; 65% of enterprises now use generative AI, according to McKinsey & Company.

The financial investment in AI reflects its rising importance. In 2024, global funding for AI startups jumped by 45%, reaching $127 billion, per PitchBook. Microsoft plans to spend $1.3 billion on AI initiatives over three years, while Google is collaborating with European AI research labs. These investments underscore AI’s inevitability in the business landscape.

Transforming Industries and Society

AI is making its mark in various sectors. In healthcare, it speeds up drug discovery and enhances patient care. In manufacturing and retail, it optimizes processes and improves customer experiences. Outside of business, AI is advancing climate science, biodiversity conservation, and precision farming.

Web Summit also highlighted how AI enhances team collaboration and decision-making within companies. However, Serhii Tokarev cautioned about cybersecurity risks, emphasizing, “Cybersecurity and cyber hygiene will become the new normal for everyone in their personal lives and a necessity for companies.” AI-powered tools are already critical for fraud detection and protecting sensitive data.

AI’s Role in Everyday Life

AI has become an integral part of daily routines. Tools like ChatGPT are widely used for learning, creative tasks, and communication. A Boston Consulting Group survey revealed that 75% of respondents use AI-powered tools, reflecting their growing adoption.

The consumer market is also adapting. The smart home industry, valued at $87.51 billion in 2022, is expected to grow significantly due to AI-driven innovations. In addition, AI is reshaping the job market. The World Economic Forum predicts it will create 97 million new jobs globally by 2025, while automating 85 million existing roles.

“AI is transforming the job market, reshaping some professions while creating millions of new ones. That’s why we founded SET University in Ukraine—to prepare future leaders for the technology-driven economy,” said Serhii Tokarev.

Preparing for the AI Future

Web Summit 2024 confirmed that AI is no longer a choice but a necessity. Businesses and individuals must embrace it to thrive in an increasingly AI-driven world. Serhii Tokarev concluded: “AI opens up a lot of new opportunities. The urgency is clear: to thrive in the future, we must learn to make the most of AI’s potential in our personal lives and for work.”

AI’s future holds tremendous promise, from scientific breakthroughs to improved daily conveniences. However, addressing challenges like cybersecurity and workforce disruption will be critical. The question now is not if but how we will integrate AI responsibly and effectively into our lives and industries.