Category: Artificial Intelligence

The Future is Now: 14 Cutting-Edge Technology, Science and Business Trends You Can’t Afford to Ignore

In this article, I bring to your attention the top 14 trends in technology, science, and business that we must be aware of moving forward. It is imperative that we remain vigilant in our pursuit of progress, and these trends are key indicators of the path that lies ahead.

My inspiration for this article came from reading the renowned McKinsey Technology Trends Outlook 2022. The report was a collaborative effort by more than 100 esteemed scientists, researchers, business leaders, and entrepreneurs from across the globe. By analyzing innovation, interest, investment, and adoption rates of 40 technologies, they identified the top 14 trends that we simply cannot ignore.

For all the lawyers in my community, my new book, “From AI to Blockchain: 14 Technology Trends Every Lawyer Must Know!” shares specific ways and resources for you to incorporate the legal services aspect of these emerging trends into your firm.

So without further ado, I present to you a quick snapshot of each of these trends and why we must pay attention to them. For those who want to dive deeper, I have included a link to the full report at the end of this article.

Let’s dive in and explore the exciting future that awaits us.

Applied AI

Applied AI refers to the use of artificial intelligence technologies and techniques in practical, real-world situations in order to solve problems and achieve specific goals. It is the application of AI to solve practical problems, rather than just exploring the theoretical possibilities of the technology.

Continue reading “The Future is Now: 14 Cutting-Edge Technology, Science and Business Trends You Can’t Afford to Ignore”

A Million-Dollar Mistake: The Consequences of Hiring an Inexperienced Lawyer

Andy was a web3, metaverse and AI entrepreneur who was looking to make it big in the tech world. He was driven and focused on building a successful business, and he knew that the key to success was having the right team in place. 

When it came to hiring a lawyer, Andy didn’t take any chances. He went for an experienced lawyer who specialized in law relating to startups, business and specifically, web3, metaverse and AI law. The lawyer was a bit more expensive than what Andy had budgeted for, but he knew that having the right legal representation was worth the extra investment.

Eddie, on the other hand, was a fellow entrepreneur who was looking to make his mark in the tech world. Unlike Andy, Eddie was more cost-conscious and didn’t want to spend a lot of money on legal services. So, he hired an inexperienced and inexpensive lawyer who was just starting out in her career. The lawyer was smart and kind, but she was still learning the ropes and building her network.

As time passed, both Andy and Eddie continued to grow their businesses, but the differences between their experiences started to become clear. Eddie’s inexperienced lawyer made several mistakes in the legal services she provided, which ended up harming his business. 


Eddie’s Lawyer

One of the major mistakes she made was related to Intellectual Property (IP) protection. Eddie’s business was built around new and innovative technology, and it was crucial that he protect his IP rights. However, the inexperienced lawyer was not familiar with the latest IP laws and regulations and did not provide Eddie with proper advice on how to protect his IP. In fact, the need to file for IP was never suggested. This resulted in Eddie not having the necessary legal protection in place, and he ended up losing control over his IP rights.

Another mistake the inexperienced lawyer made was related to contracts. She drafted contracts that were not legally binding, which resulted in disputes between Eddie and his partners. For example, one of the contracts she drafted did not have a clear dispute resolution clause, which caused a delay in resolving a disagreement between Eddie and his partner. This delay resulted in Eddie losing valuable time and resources, which could have been avoided if he had received proper legal advice.

Additionally, the inexperienced lawyer also made mistakes related to jurisdiction and venue issues. Eddie’s business had a global reach, and it was important that he understand the legal implications of doing business in different jurisdictions. However, the inexperienced lawyer was not familiar with these issues and did not provide Eddie with the necessary guidance. This resulted in Eddie facing legal challenges in foreign jurisdictions, which could have been avoided if he had received proper legal advice.

If the above wasn’t enough, the inexperienced lawyer also made mistakes in relation to tax and regulatory compliance. Eddie’s business was operating in a new and rapidly changing legal landscape, and it was important that he understood the latest tax and regulatory requirements. However, the inexperienced lawyer was not familiar with these requirements, and she did not provide Eddie with the necessary guidance or referral to a trusted CPA. This resulted in Eddie facing penalties and fines for non-compliance, which could have been avoided if he had received proper legal advice.

All of these issues, and more, continued to snowball causing problems down the road and put Eddie’s business at risk.


Andy’s Lawyer

On the other hand, Andy’s experienced lawyer provided him with top-notch legal services that were well thought out and extremely good. The lawyer had a vast network of experts and people in the web3, metaverse, and AI spaces, which helped to complement Andy’s business and legal needs. With the help of his experienced lawyer, Andy was able to navigate the complex legal landscape with ease, and his business flourished.

Andy’s experienced lawyer provided him with excellent advice and guidance that was crucial for the success of his business. He was well-versed in the latest laws and regulations related to web3, metaverse and AI, and he provided Andy with tailored advice on IP protection, contract drafting, and jurisdiction and venue issues.

For example, in addition to providing tailored legal advice on IP protection, contract drafting, and jurisdiction and venue issues, he also provided Andy with guidance on how to structure Andy’s business for maximum efficiency, including the best legal entity for his business, tax planning, and regulatory compliance. 

He complimented the above by showing Andy and his team how to attract and retain top talent, including developing employee compensation and benefits packages, and negotiating employment contracts. Finally, he provided advice on how to raise capital and navigate the complex world of fundraising and investment, including how to structure investment rounds, negotiate term sheets, and navigate regulatory requirements.


What We Can All Learn From Andy and Eddie’s Experience

The moral of the story is that, as an entrepreneur, it’s important to think long-term and invest in the right people. This includes having the right lawyer being part of your team. The strength of your foundation will directly result in your long-term success.

In the case of legal services, you often get what you pay for. A less expensive and inexperienced lawyer may seem like a good idea, but the mistakes they may make, even in good faith, can end up costing you much more in the long run. On the other hand, an experienced lawyer who may be a bit more expensive, can provide you with the legal services and advice you need to succeed. Add a global network of contacts and connections into the equation and you have a well defined pathway to success.

Remember that when starting a new venture, think long-term and invest in the right people. It’s a decision that can make or break your business.

Mitch
https://mitchjackson.com and https://linktr.ee/jacksonwilson

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⚖️ I’m a lawyer with three decades of experience who enjoys helping others and doing all I can to add value to our community.

🔦  I shine a bright light on others by pinning and sharing their content.

🔔  Please follow me to be notified when I post and go live.

📩 Enjoy my weekly “Web3, Metaverse and AI” LinkedIn Newsletter

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Related

“How to Find a Good Web3 Lawyer”

 

The Tech Drama Never Stops

The Tech Drama Never Stops

Oh drama, drama, drama, always around,
From internet browsers to social media grounds,
Who owns the tech, which platform is supreme,
Always causing chaos, it seems.

Then came the followers and the influence game,
People got noticed, and drama was their name,
Who has more, who has less,
Oh, the drama, it’s anyone’s guess.

Video became king, and the platform’s went to war,
Which one is first, which one’s the best, we’re not sure,
Web3, metaverse, and AI came rolling in,
Oh, the drama, it’s about to begin.

But in the end, the consumers and the market will decide,
Who will stand tall and who will subside,
For drama comes and goes, and change is the only constant we see,
Innovation and improvement, that’s the key.

Oh drama, drama, drama, you’re so unneeded,
Less of you, more innovation, that’s what’s needed,
To move forward, to find success in 2023,
Drama must go, and innovation is the key.

All of this drama can be quite a strain,
But at the end of the day, it’s just a game.
The market will decide what will remain,
And we’ll move forward, not stay the same.

So take a deep breath, and let go of the stress,
Remember, everything is going to be OK.
We’ll rise to the challenge, and we’ll do our best,
And we’ll make it through another day.

-Mitch

Adapt or Perish: The Journey of Debbie the Donut Shop Queen and Larry the Lagging Lawyer in the Era of Web3, Metaverse and AI

Once upon a time, there was a lawyer named Larry and a donut shop owner named Debbie. Both were struggling to keep their businesses afloat and bring in new customers.

One day, they both received an offer to embrace and use AI, web3, and the metaverse to market and brand their businesses. Debbie, being a forward-thinking and open-minded person, jumped at the opportunity. She saw the potential in using new technologies to reach a wider audience and improve her brand.

On the other hand, Larry was hesitant and skeptical. He was used to traditional methods and didn’t understand or believe that these new technologies would be of any help to him. He declined the offer and decided to stick to what he knew.

Just like recognizing what would make a good topping for a particular donut, Debbie appreciated the power of this new tech and embraced AI, web3 and the metaverse to take her donut shop to the next level. She used AI-powered chatbots to provide 24/7 customer service. She also created limited-edition NFTs of her signature donuts. She used the metaverse to build and host a virtual donut fan club and highlight events in her community. She tapped into the power of web3 to improve her supply chain with decentralized systems.

Thanks to her innovative marketing strategies, Debbie’s donut shop stood out from all the others and became a hit. She saw a substantial increase in sales and was even able to open two new donut shop locations within a year.

Meanwhile, Larry was still struggling. He relied on the same old methods and continued to get the same old results. Eventually, he was out of clients and had to shut down his law firm.

The moral of the story is that in today’s rapidly changing world, it’s crucial to embrace change and stay ahead of the curve. Those like Larry, who resist new technologies and stick to traditional methods will be left behind. Debbie, who embraced AI and the metaverse, was able to achieve success and grow her business.

So moving forward, let’s be like Debbie and embrace change. Who knows, it might just lead to a tasty and successful future.

Please stay in touch and make today your masterpiece!

Mitch Jackson, Esq.
2013 California Litigation Lawyer of the Year
2009 Orange County Trial Lawyer of the Year
https://linktr.ee/jacksonwilson

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For those of you wondering what Debbie did, and what Larry should have done, here you go:

Here are 5 things Debbie did to build her donut business:

#1: AI- Chatbots: Utilized AI-powered chatbots to enhance her customer service. She implemented the chatbots on her website and social media platforms to provide instant and personalized support to her customers, taking orders, suggesting upgrades and complimentary items, answering their questions and addressing their concerns 24/7. This not only improved the customer experience but also freed up Debbie’s time to focus on other aspects of her business.

#2: NFTs: Embraced NFTs (Non-Fungible Tokens) to offer exclusive and unique experiences, discounts and specials, to her customers. She created limited-edition NFTs of her signature donuts, which allowed customers to own a very small piece of her store and brand. The NFTs were also used as digital tickets to community events and every now and then, afford customers discounts. This added a new level of excitement and engagement for her customers and also helped her to differentiate her brand from the competition.

#3: Metaverse: Used the metaverse to host virtual donut community fan events. By hosting these events in a virtual environment, she was able to reach a much wider audience and introduce her donuts to new markets around the world. She also created virtual reality experiences that allowed customers to explore her store and even create their own digital donuts in an immersive and interactive way.

#4: Market Research: Used AI-powered market research to analyze customer behavior and preferences. She used the data to create targeted marketing campaigns and to develop new flavors and products that resonated with her customers. This helped her to better understand her market and improve her offerings, leading to increased sales and customer satisfaction.

#5: Web3 Tech: Leverage web3 technologies to streamline her operations and improve her supply chain. By utilizing decentralized systems, she was able to reduce costs and increase efficiency, freeing up resources that she could reinvest into her business. This allowed her to grow her brand and expand her reach even further.

Here are 5 things Larry could have done to keep his law practice from going out of business:

#1:Virtual Legal Consultations and Presentations: Larry could have used the metaverse to offer virtual consultations and presentations on trending legal topics, to potential clients. This would have allowed him to reach a wider audience and make his services accessible to anyone, anywhere.

#2: Legal Chatbots: Larry could have integrated legal chatbots into his practice to provide 24/7 support to his clients. Chatbots could have answered frequently asked questions, triaged new inquiries, and even scheduled appointments. This would have freed up time for Larry to focus on higher-value tasks, while also providing a convenient and accessible resource for his clients.

#3: Smart Contract Generation: Larry could have leveraged AI to generate smart contracts for his clients, streamlining the process and saving time. By using blockchain technology and NFTs, he could have ensured that the contracts were secure and tamper-proof.

#4: Legal Predictive Analytics: Larry could have used AI-powered legal predictive analytics to stay ahead of legal trends and understand the likelihood of certain outcomes in legal cases. This would have given him a competitive advantage and allowed him to provide more informed legal advice to his clients. He could have also used AI-powered legal analytics to analyze individual client needs and legal issues. Subject to State Bar Rules, by inputting data about each client and their specific legal issue (maybe hypothetical people and issues), he could have used AI to dive deep and review options in a way never before available to a lawyer. This would have allowed him to provide more informed and customized legal advice to each of his clients, improving their overall experience and increasing the likelihood of repeat business.

#5: AI Marketing and Branding Content Generation: Larry could have used AI-powered content generation tools to create personalized marketing and branding content quickly and easily. By inputting key information about his practice and target audience, he could have generated articles, blog posts, and social media updates that were both informative and engaging. This would have allowed him to consistently produce high-quality content, even with a busy schedule, and improve his online presence.

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⚖️ I’m a lawyer with three decades of experience who enjoys helping others and doing all I can to add value to our community.

🔦 I shine a bright light on others by pinning and sharing their content.

🔔 Please follow me and hit the bell on LinkedIn (LinkedIn Alerts) to be notified when I post and go live.

📩 Enjoy my weekly LinkedIn Newsletter