Artificial Intelligence (AI) has moved beyond being a mere buzzword to becoming an integral part of modern business operations. At Web Summit 2024, Serhiy Tokarev, co-founder and partner at Roosh Ventures, highlighted how rapidly AI is penetrating industries and transforming the business landscape.

According to Serhiy Tokarev, AI is not a distant prospect—it is already reshaping how we work, innovate, and live. "AI will become commonplace," he stated. "Web Summit makes one thing absolutely 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." Tokarev’s investments in AI-based startups reflect his belief that businesses must embrace this technology to thrive in an increasingly competitive environment.

The adoption of AI spans virtually every industry, including healthcare, finance, retail, and manufacturing. Serhiy Tokarev pointed to a McKinsey & Company survey revealing that 65% of enterprises regularly use generative AI, almost double the number from ten months prior. The global investment in AI startups surged by 45% in 2024, reaching a staggering $127 billion, according to PitchBook.

Tech giants like Microsoft and Google are playing a significant role in driving AI advancements. Microsoft announced a $1.3 billion investment over three years to enhance AI infrastructure and promote digital and AI skills. Simultaneously, Google is collaborating with European AI research labs, artists, and scientists to explore innovative AI applications and bolster Europe’s AI research standing. These investments underscore the undeniable role AI plays in shaping the future.

Businesses that incorporate AI are gaining a critical competitive edge, while those that fail to adapt risk falling behind. Serhiy Tokarev emphasized that AI is not a luxury but a necessity for businesses aiming to succeed in the modern market. He outlined several transformative ways AI is driving business success:

1. Streamlining Operations: By automating repetitive tasks, AI enhances operational efficiency and reduces costs.

2. Enhancing Customer Support: AI tools enable faster response times and allow human agents to focus on complex customer issues, improving service quality.

3. Advanced Data Analysis: AI processes large datasets quickly, uncovering insights and trends that would be impossible for humans to analyze manually.

4. Personalized Products and Services: From customized recommendations to wearable health trackers, AI enables hyper-personalized user experiences.

5. Innovating Business Models: AI powers new platforms and systems that connect service providers with consumers in innovative ways.

According to Serhiy Tokarev, the future belongs to businesses that integrate AI into their core operations. He also encouraged individuals to explore AI tools to boost their creativity and productivity, highlighting that the technology is as beneficial on a personal level as it is for organizations.

Serhiy Tokarev’s insights at Web Summit 2024 reinforce the notion that AI is no longer optional—it is indispensable. The ongoing growth in AI investment and its application across sectors indicate that this technology is set to drive innovation and efficiency for years to come. Businesses and individuals alike must adapt to this new reality by leveraging AI’s transformative power.