The Impact of Artificial Intelligence on Employment and the Need for Upskilling
In a bold and thought-provoking statement, Kunal Shah, the Founder and CEO of fintech unicorn CRED, has declared that artificial intelligence (AI) will render approximately 90 percent of current jobs irrelevant within the next ten years. This assertion adds fuel to the ongoing debate surrounding AI and its potential to reshape the job landscape.
90% of Jobs: An Obsolete Future?
Shah’s assertion is a stark reminder of the looming disruption caused by AI. “We are not realizing the risk of AI. I can tell you with confidence that 90 percent of people who have jobs right now may not have their jobs relevant 10 years from now,” Shah emphasized. This statement amplifies the industry-wide debate about the possibility of AI replacing human roles across various sectors.
Challenges and Solutions: Upskilling for Survival
In response to the AI-driven job transformation, Nithin Kamath, CEO of Zerodha, advises companies to invest in upskilling their employees to ensure their continued relevance in an era of rapid technological advancement. Shah echoes this sentiment, acknowledging that upskilling is crucial for job preservation. However, he also highlights the significant challenge posed by the time it takes to acquire these new skills. “The time to upskill is going to be a real challenge. Unless you are a very curious compounding person, everybody’s job is at risk,” Shah stated.
AI Investment and Entrepreneurship
Shah’s perspective extends beyond prediction; he is actively exploring the AI landscape. Expressing his desire to build an AI company if he were to start today, Shah believes in India’s potential to create high-quality AI companies. He also highlights the exciting scale of opportunities in this field. Shah, who is also an angel investor, has invested in approximately 80 fintech startups to date, with an average ticket size of $50,000.
Indigenous LLM and the Future of AI
Shah is optimistic about Indian entrepreneurs successfully building a Large Language Model (LLM) and sees potential in entrepreneurs creating innovative products based on existing AI models. He envisions a unique fusion of human expertise and AI capabilities, with AI serving as a co-pilot in various industries. Shah believes that India’s advantage lies in its ability to harness AI in distinct ways, such as combining AI with business process outsourcing (BPO) or enhancing lending collection agencies with AI co-pilots. This, he believes, marks the advent of a new era – the “cyborg time” of company development.
Kunal Shah’s assertion that 90 percent of jobs may become obsolete due to AI in the next decade underscores the transformative power of technology. As AI continues to advance, the need for upskilling and adaptability becomes increasingly urgent. Shah’s optimism about India’s potential in AI innovation reflects the evolving landscape of employment and entrepreneurship in the digital age.
