Cedric Nash, a wealth coach, author of two books on creating African American millionaires and founder of the Black Wealth Summit, is a self-admitted geek and has watched the developing technology of artificial intelligence (AI) closely over the past several years.
When he realized that artificial intelligence is quickly becoming a way of life in the business sector, he decided the booming technological tool will become the focus of his fourth annual Black Wealth Summit that occurred Nov. 8-9 in Northwest, D.C. at The Park at Fourteenth and Howard Theatre.
“It is anticipated by experts that artificial intelligence will replace 300,000 jobs,” Nash said.
Nash held his conference, as African American entrepreneurs, business leaders, politicians and public policy professionals are having an ongoing dialogue on the impact of artificial intelligence on the Black community.
“It is critical to increase the education level of Black entrepreneurs toward AI. We need to learn to embrace it because it can become a tool that will help us close the racial wealth gap,” Nash told The Informer.
Experts Share Benefits, Developments, Importance of AI
The Stanford University Human Centered Artificial Intelligence Center released a white paper on March 1, “Exploring the Impact of AI on Black Americans: Considerations for the Congressional Black Caucus’s Policy Initiatives.”
The white paper explains: “while AI holds the potential to deepen racial inequalities, it can also benefit Black communities.”
According to the research, artificial intelligence can provide economic opportunities for Black communities and address race related challenges.
“If deployed carefully, AI has the power to improve access to healthcare and education, as well as create new economic opportunities,” according to the white paper. “[AI] has the potential to redress systemic biases in banking and financial services, prompting greater access to economic opportunities for Black Americans.”
During the Black Wealth Summit, National Cyber Director Harry J. Coker Jr. emphasized artificial intelligence as economically beneficial to African Americans during his speech on Nov. 8 at The Park.
“Cyber influences every part of our lives,” Coker said. “It influences how we live; it influences how we work; and it influences how we play. It is tough to name anything that cyber does not influence.”
Coker explained that there are presently 500,000 cyber jobs available, and to enter the field, one does not need to have a background in STEM or possess a bachelor’s degree.
“We are moving toward a knowledge-based economy,” he said. “People who work in the cyber field make $100,000-$200,000 annually. Women are especially encouraged to investigate the field.”
Coker said entrepreneurs will need to have some cyber competence in the future if they want to secure Medicaid and Medicare contracts because the government will want to know what cybersecurity thresholds the businesses have.
At the Howard Theatre on Nov. 9, local entrepreneur Marc Barnes, owner of The Park at Fourteenth, told the gathering of 400 people that artificial intelligence is becoming more common, even in the entertainment business.
“Face recognition to get into a club is on the horizon,” Barnes said. “AI is already used for certain financial transactions. People don’t understand the importance of this. They are moving forward on AI now. Any type of business you have you are going to have to use it, or you will be way behind.”
In addition, Alicia Lyttle, a digital entrepreneur, displayed an organizational chart of the employees at her consulting company. In the chart, Lyttle, a relative and a colleague’s photos were shaded in green, while the rest of the employees had a white background.
“I want you to know that all of the people with the green background are human, while those in white are AI-generated,” she said to the shock of many in the audience. “AI does our press releases. It used to take three hours to do a press release and now it only takes five minutes. You can save a lot of money and time using AI in your business.”
Lyttle had one piece of crucial advice for Black Wealth Summit attendees on artificial intelligence.
“Don’t get left behind,” she said.
My thing with AI is this: I’m already using it for business work and nonprofit work such as business plans, grant proposals, and others. I have to get experience and keep up with it; otherwise, I’m going to fall behind and die. I enjoy using AI, for it helps me in a lot of ways.
Black businesses and black nonprofit have to get into the AI game because they can’t keep doing the same thing they used to do in the old days. The old way of doing things are gone.