November 30, 2023 8:20 am

EasyTranslate CEO’s Guide to Adapting Amidst Change – Cointelegraph Magazine

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The launch of generative AI products in recent months has sparked a global conversation about its potential to transform the future. Some people are fearful of the changes it may bring, while others are excited about the opportunities it presents. According to a report by Next Move Strategy Consulting, the AI industry is expected to grow 20 times over the next seven years, creating a $2 trillion market, up from its current value of $100 billion. This exponential growth trajectory is also supported by other analysts from McKinsey, Morgan Stanley, and BlackRock. It’s clear that AI is here to stay and will have a significant impact on various aspects of human life.

One individual who is embracing this technological revolution is Frederik Pedersen, the co-founder of Danish AI company EasyTranslate and son of well-known Danish politician Klaus Riskær Pedersen. Frederik believes that AI has transformed the translation industry and is an opportunity that his competitors may have missed. He has navigated his own path to establish his reputation, leveraging technology as a means to differentiate himself.

Being the child of a powerful individual has its challenges, as depicted in the TV series Succession. It can be difficult for individuals to carve out their own identity separate from their parent’s legacy. Frederik experienced this struggle, but instead of rebelling or shocking his parents, he found solace in technology. Despite not attending university, he recognized the power of communication and set up a translation company. However, he soon realized that traditional translation was becoming obsolete in the face of AI advancements.

In 2020, Frederik applied for a grant to develop a content generator engine that would revolutionize translation by creating localized content for retailers. Although the technology at the time fell short of expectations, it laid the foundation for EasyTranslate’s pivot to generative AI when large language models like OpenAI’s ChatGPT were made available. Frederik’s thesis that traditional translation was dead led him to explore the possibilities of generative AI.

This was not the first shift in direction for EasyTranslate. Originally founded in 2010, the company quickly gained traction as a translation service. In 2016, it expanded to offer interpretation services to the Danish government, capitalizing on the launch of Apple’s FaceTime. The company developed a video interpretation app that streamlined costs, increased efficiency, and provided a marketplace for interpreters. However, EasyTranslate’s relationship with the Danish government eventually soured, leading to a termination of their partnership. Despite the setback, Frederik believes they were successful in their venture and learned valuable lessons along the way.

The integration of AI technology has raised concerns about its impact on employment. Some fear that entire industries will be eliminated, while others believe that jobs will evolve rather than disappear. The true impact of AI on jobs remains to be seen, but it is undeniable that it will bring significant changes to the workforce.

In conclusion, the launch of generative AI products has generated excitement and apprehension about the future. Frederik Pedersen, the co-founder of EasyTranslate, has embraced this transformative technology, recognizing the potential it offers. His journey from a privileged background to forging his own path highlights the power of technology in reshaping industries and individual lives. The AI industry’s projected growth further solidifies its importance in the future, and the impact on jobs remains a topic of great interest and concern.

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Original Source: EasyTranslate CEO’s Guide to Adapting Amidst Change – Cointelegraph Magazine

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