When AI Transforms Your Business

Joshua (one of the authors) recently asked an early-stage machine learning company, “Why are you providing doctors with diagnoses?” The venture was building an AI tool that could tell a doctor whether a particular medical condition was present or not. A simple binary output. A diagnosis. The problem was, to be able to do that, the company had to obtain regulatory approval, which requires costly trials. To manage those trials, it was considering whether to partner with an established pharmaceutical or medical device company.

Joshua’s question was strategic rather than medical. Why did the venture have to provide a diagnosis? Instead, couldn’t it just provide the prediction? That is, the tool could analyze data ...

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