Start An AI Lab To Prepare For the Transformative Wave That Is About To Hit
Digital transformation triggered by the pandemic has given rise to the technology entrepreneurs who are preparing for AI driven transformational innovation by bringing cutting-edge innovations out of the lab and into the world. This article provides a few tips for entrepreneurs who want to start an AI lab to prepare for the transformative wave that is about to hit them. 1. Start a non-profit research and development foundation. This is a way of raising funds without having to disclose your income in the tax returns. It is also a way of sheltering your profits from the tax collector. However, a research foundation is a conduit for all your income, including income from business. The IRS in its discretion allows you to operate it without paying income tax. It also allows you to deduct expenses against your taxable income. The foundation can raise revenues both from income from the business and from the grant proceeds. This is a way of shielding the income from income tax and also from excise duty and corporate taxes. In other words, your business income would be shielded from income tax and excise duty. This is a great way if you are self-employed or a small business company. It is also good if you are self-employed and your salary is less than $ 7k and you want to start a foundation to raise revenues for your business. 2. Start a business, preferably an online business. There are different kinds of industries that have their own unique needs of infrastructure and support. The non-profit foundation does have the advantage of a very low overhead. As you grow, you can add employees on a contract or freelance basis. The non-profit foundation is great for employees who want to work for themselves but cannot afford employee insurance or have difficulty finding a job. This would be a good way to be your own boss and to build a loyal clientele. This would also be good if you are a student who needs extra funds at the end of his course. The non-profit foundation could also become a home based business. The advantage is that you would be your own boss and your income would be shielded from income tax and excise duty. 3. Start a business with the intention of raising revenue by selling to an online marketplace. This is great if you are in a niche and know a lot about the industry. It is also a great way to learn how a real-time online marketplace works.