What is generative AI? In layman's terms, it is AI that can create new content. I witnessed a friend using this technology on Adobe Photoshop where he could quickly change a subject's age and race to better match the story he was sharing. The example that we hear of a lot is ChatGPT which people have used to pass Bar exams, draft speeches and prepare presentations. I have also used an app to create a travel itinerary. It seems like the possibilities are endless.
While AI is new, technological innovation is not. The economist, Joseph Schumpter, developed a theory that business cycles operate under long waves of innovation beginning with the Industrial Revolution as the first wave. He further posited that key industries would have a greater impact on the economy due to what he called "creative disruption” and as a result, businesses have to adapt or be left behind. More recent studies by the Edelson Institute and Detlef Reis show that we are currently in the sixth wave of innovation which is focused on digitization and clean tech. What is interesting is that each of these innovation cycles is becoming shorter than the previous cycle demonstrating that as technology is advancing, we have to adapt even faster than previous generations. It is also likely that the next cycle will happen sooner than we expect.
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