“Shark Tank” star Kevin O’Leary sees a lot of pitches from entrepreneurs, especially in AI. And he’s all in on the technology — the venture capitalist announced in December that his firm, O’Leary Ventures, is developing the “world’s largest” AI data center industrial park called “Wonder Valley” (no doubt a nod to his “Mr. Wonderful” nickname) in North West Alberta, Canada.
So how can an entrepreneur stand out in a crowded AI field?
“I think one of the big startup opportunities being overlooked right now is training people on AI,” O’Leary said on Instagram, adding that entrepreneurs should not ignore the service business industry when looking to start a business.
“AI has such great potential, [but] most people don’t know how to use it, that’s the key,” O’Leary said.
Related: 91 Service Business Ideas to Start Today
According to Indeed, a service business is a company that performs tasks for the benefit of its customers, including “transportation, cleaning, traveling, hospitality, maintenance or consulting.” These businesses sell a service, rather than a product.
O’Leary said that if a service business can take “the pain point out of someone’s learning time,” then it can be very successful. In this case, getting someone “to actually use AI” would be a business win, he said.
“Service businesses can make a ton of money if they are effective,” O’Leary said.
According to data published in January 2024 from the U.S. Census Bureau, the estimated revenue for services industries increased almost 10% in the two years prior.
“It’s huge,” O’Leary said.
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