Mark Yackanich, Partner, BetterFutureLabs. –
There’s an exchange in Ernest Hemingway’s novel, “The Sun Also Rises,” that perfectly captures how massive changes happen in business and life. One character asks another, “How did you go bankrupt?”
The reply: “Two ways. Gradually, then suddenly.”
That’s exactly how transformative technology shifts happen—gradually at first, then seemingly overnight. And this is precisely where we find ourselves with artificial intelligence.
In recent years, we’ve watched AI evolve from a futuristic buzzword into practical, everyday applications. Yes, ChatGPT and frontier AI models have grabbed headlines. But quietly, yet inevitably, another kind of AI revolution is taking shape—applied, specialized AI tailored for specific industries, known as vertical AI. And while New Jersey may not have led the charge on those first flashy, foundational AI innovations, we’re perfectly positioned to lead this next, more practical wave.
Consider health care, an industry at the heart of New Jersey’s economy. Hospitals and medical centers across the state, from Hackensack to Camden, are already using AI to enhance patient care, improve diagnostics, and streamline administrative processes. For instance, RWJBarnabas Health and Hackensack Meridian are actively deploying AI-driven tools to predict patient readmission rates and manage critical resources more efficiently.
Finance and insurance, cornerstone industries in places like Jersey City and Newark, are also prime candidates for vertical AI adoption. Companies such as Prudential and many fintech startups are exploring AI-driven platforms to automate underwriting processes, detect fraud, and personalize customer interactions.
Small businesses, too, represent hidden gems of opportunity—not just in using AI, but in building the next wave of AI applications. Across Hoboken, Montclair, and Morristown, business owners have deep, specific knowledge about their industries. That kind of grounded, domain-specific insight is exactly what’s needed to create the next wave of vertical AI solutions. Whether it’s a landscaper who needs a scheduling optimization tool, or a home services contractor who needs a better way to create quotes, these problem areas are untapped business opportunities.
Last night, we co-hosted an event between BetterFutureLabs and TechUnited:NJ focused on AI and I had a fascinating discussion with a successful technology entrepreneur in the analytics space. He expressed skepticism about AI adoption and costs. While we disagreed on many points about AI’s progress, our thinking converged with one simple, powerful truth: the impact of AI on the way we work isn’t just probable—it’s inevitable. Even in its most basic form, AI is already more capable at many tasks than humans, and it’s rapidly improving.
The question isn’t whether New Jersey businesses will be affected, but how proactively and thoughtfully we choose to respond.
This is our chance, New Jersey. We might not have been at the forefront of the first wave of AI innovation, but we’re perfectly positioned to seize this opportunity presented by vertical AI. By embracing practical, applied AI solutions tailored to our unique economic strengths and industry expertise, we can achieve transformative improvements in efficiency, competitiveness, and growth.
Let’s not find ourselves looking back, wondering—as Hemingway put it—how change happened “…gradually, then suddenly.”
That moment is now. The way we work, compete, and grow is being reshaped by AI, whether we’re ready or not. The train is leaving the station. We can choose to be onboard—building, experimenting, adapting—or we can be watching from the platform as others define the future.
The opinions expressed in this op-ed are those of the author and do not necessarily reflect the views of ROI-NJ.
