Adapting to Change: EasyTranslate CEO Discusses the Future of AI and Translation Industry
The rapid advancement of generative AI products has sparked discussions about their potential to reshape the future. While some may fear the changes it brings, others see the exciting opportunities it presents. According to a report by Next Move Strategy Consulting, the AI industry is projected to grow twentyfold in the next seven years, reaching a value of $2 trillion. Industry giants like McKinsey, Morgan Stanley, and BlackRock have all made similar predictions. It’s clear that AI is here to stay, and it will disrupt many aspects of our lives. However, it also offers unparalleled opportunities.
Frederik Pedersen, the co-founder of Danish AI company EasyTranslate, is one of the individuals who embrace this change. He believes that AI has revolutionized the translation industry and offers a chance for businesses to transform themselves. Pedersen’s bold statement reflects his commitment to staying ahead in an ever-evolving industry.
Son of Danish Politician Klaus Riskær Pedersen
Being the child of a prominent figure can be challenging, as demonstrated in TV series like Succession. It’s difficult to establish one’s own identity when constantly in the shadow of a famous parent. Some succumb to the pressure, while others resort to shock tactics to differentiate themselves. However, Pedersen chose a different path – technology.
With a background in translation software, Pedersen recognized the transformative power of generative AI and pivoted his company’s focus. This decision allowed him to carve out his own space, independent of his father’s influence.
Early Access to OpenAI’s ChatGPT
Pedersen’s journey into the world of AI began in 2020 when he applied for a grant from the Danish Innovation Fund to create a content generator engine. The goal was to provide retailers with localized product descriptions that customers could relate to. Though this initial effort fell short of expectations, it laid the foundation for EasyTranslate to adopt and implement large language models, such as OpenAI’s ChatGPT. With this breakthrough, the company fully embraced generative AI, signaling the demise of traditional translation.
Translation Meets Technology
Pedersen has never been afraid to change directions. In 2016, EasyTranslate expanded its services to include interpretation, particularly for the Danish government. The company identified an opportunity in the market created by the launch of Apple’s FaceTime. It developed a video interpretation app that revolutionized the interpretation services industry in Denmark. Municipalities and government bodies quickly recognized the benefits of a more cost-effective and efficient solution.
Danish Operation: A Success Story
At its peak, EasyTranslate facilitated thousands of interpretation meetings each day, securing a substantial portion of the Danish government’s interpretation business. However, the relationship with the government soured over time, leading to the termination of their partnership. Despite the setbacks, Pedersen remains proud of the company’s achievements. He believes that EasyTranslate succeeded in introducing technology into the interpretation industry, improving efficiency and empowering interpreters to earn more.
Impact of AI on Jobs
AI’s impact on employment is a cause for concern, with predictions ranging from job displacement to transformative changes in various industries. A study by the International Labour Organization suggests that women may be disproportionately affected by automation. In the translation industry, where women make up the majority of professionals, this raises additional concerns.
However, Pedersen firmly believes in the collaboration between humans and AI. He argues that instead of replacing humans, AI can enhance their abilities and creativity. The combination of generative AI and human finesse allows for the creation of high-quality content in any language. Pedersen envisions a future where smaller, customizable language models replace the dominance of large language models.
Humans Still Required in the Loop
Pedersen advocates for a “humans in the loop” approach, where AI performs the heavy lifting while humans add the finishing touches. EasyTranslate’s vision revolves around finding the right balance between technology and human expertise. Pedersen believes that companies that embrace this balance will thrive in the evolving AI landscape.
Since its pivot to AI in 2022, EasyTranslate has attracted increased investor interest, raising 2.75 million euros this year. Pedersen’s forward-thinking mindset and dedication to AI have positioned his company for success.
As AI continues to evolve, Pedersen envisions a future where humans and machines work together harmoniously. He believes that no one with an adaptable mind will lose their job; instead, their roles will become more creative and fulfilling. Pedersen’s journey is a testament to the power of adapting to change and embracing the possibilities that AI offers.
Editor’s Notes: Embracing Change in the Crypto Industry
The adaptation to change is at the heart of the cryptocurrency industry. It is a constantly evolving landscape that requires individuals and companies to stay ahead of the curve. EasyTranslate’s CEO, Frederik Pedersen, exemplifies this adaptability by recognizing the potential of generative AI and embracing it as the future of the translation industry.
At Uber Crypto News, we applaud Pedersen’s forward-thinking mindset and his commitment to leveraging technology to create better solutions. The growing influence of AI in various industries, including the translation sector, reflects the transformative power of innovation.
If you want to stay informed and up-to-date with the latest news and developments in the crypto industry, we invite you to visit Uber Crypto News. Our platform offers comprehensive coverage on all things crypto, ensuring you never miss a beat.