11 Great Ways in 2023

Published

12 months ago

May 3, 2023

Max

Are you educated in machine learning technologies and want to know the best way to make money?

Or maybe you want to learn more about ML because you see its potential as an entrepreneur.

Then you’ll love this post.

We’re looking at 11 ways to make money with machine learning.

But this list isn’t a bunch of arbitrary ideas like “become a machine learning engineer”.

That’s not helpful.

Instead, you’ll get tangible examples you can use to get involved in the machine learning industry.

Let’s dive in.

What’s the Difference Between Machine Learning and Artificial Intelligence?

Machine Learning (ML) is a subset of Artificial Intelligence (AI) and both play a big role in today’s digital economy.

Even though they’re related to each other, they differ in many ways.

To put it simply, AI is like a computerized brain that can do similar things that humans can do.

Like make decisions, solve problems, follow a set of rules, and understanding human language.

ML, on the other hand, learns patterns and makes predictions based on the data it’s given. This enables computers to learn and improve from data without being explicitly programmed.

How to Make Money with Machine Learning

According to Fortune Business Insights, the machine learning industry is expected to grow from $21.17 billion in 2022 to $209.91 billion by 2029.

This opens up new opportunities and a promising future for businesses and professionals who embrace its capabilities.

Here are 11 ways to capitalize on machine learning in your business or career.

1. Teach Machine Learning on YouTube and Monetize the Channel

YouTube is home to tons of creative people who share their skills in every topic imaginable.

And machine learning is no different.

Look at Siraj Raval for instance. His channel now sits at 745,000 subscribers and receives up to 50,000 views per day.

The channel is centered around machine learning, artificial Intelligence, science, and mathematics.

Some of Siraj’s popular videos include:

I Built a Trading Bot with ChatGPT
Learn Machine Learning in 3 Months
How to Make a Prediction – Intro to Deep Learning #1

If you have an interest in machine learning or already know more than the average person, then a YouTube channel could be your preferred monetization method.

Start by finding other channels like Siraj’s and make a list of all their top-performing videos.

Upload similar videos but with your own twist. Post consistently until your channel reaches the monetization threshold (4,000 hours of watch time and 1000 subscribers).

Then you can apply for the YouTube Partner Program and make money with ads.

2. Develop an ML-Powered Mobile App

Machine learning has become a standard in today’s most popular mobile apps, from social networking and dating algorithms to health and fitness recommendations.

Social media and dating apps will use machine learning to analyze user profiles for personalized ads or suggest potential dates.

Other apps may use chatbots and AI assistants to gather data to provide better experiences.

If you like the idea of developing a mobile app powered by machine learning, here are a couple of suggestions:

A personalized fitness trainer could create tailored workout plans based on the user’s diet, activity, and mood.

The built-in algorithm would offer real-time feedback by tracking the user’s progress.

Another idea that ties in nicely with this one is a smart meal planner. The app could analyze the user’s contents of their fridge and recommend healthy meals based on their preferences.

This type of app could learn eating habits and offer healthier alternatives to get the user on track to reach their goals.

3. Self Publish a Book on Machine Learning

This machine learning book on Amazon has thousands of 5-star reviews and is now in its third edition.

And there are dozens of other ML books available.

If you have extensive knowledge of machine learning, why not self-publish a book on Amazon? This article breaks down 23 steps to success with self-publishing, but here’s a quick rundown.

First, do some research on the current books available on Amazon. You’ll need to know of a specific topic within machine learning you want to focus on.

Think of niching down a bit and choose a topic that would be valuable to the market.

What you don’t want is to create something too generic or regurgitate what’s already available.

Next, create a compelling book title that will wow potential buyers. Make it stand out so much they can’t say no.

The third step is to outline your book. Check other books’ table of contents and other popular articles online. You can even check Udemy courses to see what they include.

Then, you can start writing. This will take some time, but stick with it and try to write every day. Check Amazon reviews to see what readers like and don’t like in other books.

The final steps are to get a proofreader to edit your book and get it published through Amazon KDP.

You can read our post on how to self-publish on Amazon KDP for more details.

4. Start a Machine Learning Blog and Monetize with Ads

A lot of people think that blogging is dying out, but with the right blog content strategy, it can be extremely lucrative.

They’re also great for beginner entrepreneurs because you only need a domain name and web hosting.

However, you’ll need to know your stuff about machine learning if you want to create content on the subject.

Or at least be interested in it and teach people as you learn.

It could also be a great venture to pair with a YouTube channel.

You can either write an article and then turn it into a YouTube video or create a YouTube video and transcribe it into a blog post.

That way you’re killing two birds with one stone.

How will you monetize?

Initially, you could offer consulting or services in the field of machine learning.

Then, you could earn money from display ads.

Eventually, you would be able to sell online courses and market them to your blogs traffic and email list.

A blog is an excellent way to make money, but you’ve gotta be in it for the long haul.

To get started with this method, read our post on how to start a blog.

Or if you’d like to follow along with a video course, be sure to check out The Affiliate Lab by Matt Diggity.

5. Create a Web App

Web applications are a great way to make money online. If you’ve got the programming skills, this can be a lucrative business model.

Better still if you incorporate machine learning into the mix.

Plenty of sites use machine learning at their core to learn user behavior and provide personalized suggestions.

Think of Netflix and Spotify.

The algorithms built into these applications analyze users’ consumption, then recommend other related content.

You might not create the next Spotify or Netflix. But it’s very possible to develop something on a smaller scale.

For example, you could create an app where users add their favorite musicians, songs, and albums and get a list of similar music.

The same idea would work for movies.

Even a WordPress plugin like Link Whisper would fall into this category.

Link Whisper uses Natural Language Processing (NLP) to suggest better internal links between web pages.

With machine learning, the possibilities are endless.

6. Create a Chatbot

Chatbots have blown up in the last few years, and now that ChatGPT is here, it’s easier than ever to create your own.

In January this year, Shawn Hill created a simple chatbot and sold it within 48 hours to Originality.ai for $10,000 (and a bologna sandwich). Here’s the full story:

Here’s how ChatGPT helped me create a chatbot, sell it for $10,000 to https://t.co/OkyfX3CORy, score a bologna sandwich, and meet new friends all in less than 2 days 👇
— Shawn Hill (@shwnhll) January 12, 2023

Other chatbots are used for customer service, sales, marketing, or collecting leads.

Whatever chatbot you create, you could drive traffic to it and monetize with display ads. Package it up as a WordPress plugin and sell it on CodeCanyon.

Here are some ideas to get you thinking.

Personal fitness coach chatbot: You answer questions about your fitness goals, and the chatbot recommends a workout and diet plan.
Travel planner chatbot: This chatbot could plan your entire trip, from where to go, which airport to travel from, where you’ll stay, what you need to pack, and where to buy everything and book the flights.
Foreign language teacher chatbot: Helps you learn a new language by getting you to pair words with images and guides you to more advanced levels as you progress.

7. Start a Machine Learning Podcast

Launching a podcast on all things machine learning could be an excellent way to make money.

You could have guests on the show who work in the field of AI and ML and see where the conversation takes you.

Wildly successful podcast host Lex Fridman often talks about AI and its implications for humanity. His YouTube channel alone has amassed close to 3 million subscribers and over 422 million views.

Once the podcast starts to pick up traction, you’ll be able to get paid through sponsorships.

Some of the sponsors of Lex Fridman’s podcast include home security, VPNs, MOOC platforms, and even project management tools.

If you want to learn more on this topic, be sure to read our podcasting for business article.

8. Apply for Machine Learning Jobs on Upwork

The average hourly rate for ML jobs is between $25-$50 on Upwork.

And there are currently 1,430 machine-learning jobs available.

Take a look at this job, for example:

This company is looking for a Natural Language Processing (NLP) Specialist for an AI-driven writing tool, similar to Quillbot.

If you have the skills and qualifications, then a job like this will be perfect for making money with machine learning.

You’ll get hands-on experience and be able to showcase the jobs you’ve worked on in your Upwork profile.

The best way to build up your reputation on Upwork is to start with smaller jobs and charge lower rates.

You’ll get positive feedback and reviews, which will also increase your visibility on the platform.

You can gradually increase your prices as you build a reliable name for yourself.

9. Create and Sell a Machine Learning Course

Selling a course is another great way to make money with machine learning.

And if you’re already teaching machine learning through a blog or on YouTube, then why stop there?

A quick look at Udemy reveals that people are already successful in selling courses in the ML space.

But how can you make your course stand out from others that are already available?

The first step would be to do some research. You’ll need to know what problems people face when trying to learn about ML and how you might be able to help them.

Instead of creating a course that covers everything, you could teach people how to develop specific projects.

Maybe start getting involved on social media and share free content to build an audience.

Once you know what your course will cover, create a list of all the lessons and start recording them through slides and screencasting software.

You can then sell your course on Udemy or your own website. Market your course through blogs, YouTube, or social media.

10. Join a Startup or Start Your Own

Joining a startup can be a great way to make money in the machine learning industry.

Or, if you prefer the entrepreneur route, you could start your own startup.

Either way, you’ll gain a lot of experience and increase your chances of more income in the future.

To start your own startup, you could choose any one of the ideas in this list and turn them into a thriving ML business.

But to join a startup that’s already established, you can follow these simple guidelines:

Build your portfolio to showcase your work and level of expertise
Network with other professionals at conferences and workshops. You can also connect with people on LinkedIn to find potential job opportunities
Research startups you’re interested in that align with your skills
Spruce up your resume to highlight your experience and expertise

11. Become a Freelance Writer for AI Blogs

Writing about machine learning for ML companies or AI blogs can be a super quick way to make money in this field.

You could start publishing ML content on Medium or your own WordPress blog.

This will build up your portfolio for companies to see your ML knowledge level and writing style.

Also, follow popular AI companies that have blogs and read their content. Get a feel for the type of articles they are publishing.

Then, to find freelancing jobs, you have a few options.

First, look on the Pro Blogger Jobs board to see if there’s anything available. These tend to be more permanent and ongoing jobs.

For more temporary work, you can sign up to Upwork and bid on writing jobs you’re interested in, build up your portfolio, and increase your fees.

Another great site to find writing jobs is Facebook. There are plenty of groups you can join to see if any ML positions are available.

FAQs

Here are some answers to frequently asked questions regarding making money with machine learning!

Is Machine Learning High Paying?

Yes. A machine learning engineer’s average salary is $153,151, with a minimum of $87K and up to $278K.

How Hard are Machine Learning Jobs?

Machine learning is no walk in the park. You have to be dedicated and committed to learning and evolving as the technology progresses.

That said, those who find this topic interesting will likely find it easier than most people, as it requires a certain type of person.

How do I Start an AI Business?

First, find a problem that can be solved with AI and machine learning. Then start building an audience to see if your idea can be validated.

You can bootstrap the idea yourself or secure venture capital if you have experience with this.

Then start building something simple or an MVP (Minimum Viable Product). Launch it to your audience, test it, get feedback, and make improvements.

Conclusion

There you have it. Now you know how to make money with machine learning, which will you go for?

If you’re a beginner, you might want to try something like freelance writing or starting your own blog.

For intermediate-level learners, why not teach machine learning concepts on YouTube or even create a course.

And for the advanced players, you could develop your own product or join a startup.

Samsung: 6-Day Workweek For Execs, Company in Emergency Mode

Published

16 hours ago

April 19, 2024

Entireweb News Bot

Samsung: 6-Day Workweek For Execs, Company in Emergency Mode

Four-day workweeks might have all the buzz, but one major tech company is going in the opposite direction.

Samsung is implementing a six-day workweek for all executives after some of the firm’s core businesses delivered lower-than-expected financial results last year.

A Samsung Group executive told a Korean news outlet that “considering that performance of our major units, including Samsung Electronics Co., fell short of expectations in 2023, we are introducing the six-day work week for executives to inject a sense of crisis and make all-out efforts to overcome this crisis.”

Lower performance combined with other economic uncertainties like high borrowing costs have pushed the South Korean company to enter “emergency mode,” per The Korea Economic Daily.

Executives at all Samsung Group divisions will be affected, including those in sales and manufacturing, according to the report.

Samsung had its worst financial year in over a decade in 2023, with the Wall Street Journal reporting that net profit fell 73% in Q4. It also lost its top spot on the global smartphone market to Apple in the same quarter, though it reclaimed it this year.

Though employees below the executive level aren’t yet mandated to clock in on weekends, some might follow the unwritten example of their bosses. After all, The Korea Economic Daily reports that executives across some Samsung divisions have been voluntarily working six days a week since January, before the company decided to implement the six-day workweek policy.

Entrepreneur has reached out to Samsung’s U.S. newsroom to ask if this news includes executives situated globally, including in the U.S., or if it only affects employees in Korea. Samsung did not immediately respond.

Research on the relationship between hours worked and output shows that working more does not necessarily increase productivity.

A Stanford project, for example, found that overwork leads to decreased total output. Average productivity decreases due to stress, sleep deprivation, and other factors “to the extent that the additional hours [worked] provide no benefit (and, in fact, are detrimental),” the study said.

Longer hours can also mean long-term health effects. The World Health Organization found that working more than 55 hours a week decreases life expectancy and increases the risk of stroke by 35%.

The same 55-hour workweek leads to a 17% higher risk of heart disease, per the same study.

AFFILIATE MARKETING

John Deere Hiring CTO ‘Chief Tractor Officer,’ TikTok Creator

Published

2 days ago

April 18, 2024

Entireweb News Bot

John Deere Hiring CTO 'Chief Tractor Officer,' TikTok Creator

^{This article originally appeared on Business Insider.}

Agriculture equipment company John Deere is on the hunt for a different kind of CTO.

The brand on Tuesday announced a two-week search to find a “Chief Tractor Officer” who would create social media content to reach younger consumers.

One winning applicant will receive up to $192,300 to traverse the country over the next several months showcasing the way John Deere products are used by workers, from Yellowstone National Park to Chicago’s Wrigley Field and beyond.

“No matter what you do — whether it’s your coffee, getting dressed in the morning, driving to work, the building you go into — it’s all been touched by a construction worker, a farmer, or a lawn care maintenance group,” Jen Hartmann, John Deere’s global director of strategic public relations, told AdAge.

To kick off the search, John Deere tapped NFL quarterback Brock Purdy (who will presumably be a bit busy this Fall to take the job himself) to star in a clip in which he attempts to set out on a road trip in an industrial tractor.

Suited up in the obligatory vest, work boots, and John Deere hat, Purdy’s progress is interrupted by teammate Colton McKivitz hopping into the cab while a string of messages floods in from other athletes and influencers expressing interest in the job.

The clip also represents the first time that the 187-year-old company has used celebrities to promote itself, Hartmann told AdAge.

According to the contest rules, entrants have until April 29 at midnight to submit a single 60-second video making their pitch for why they should be the face and voice of the company.

In addition, entrants must live in the 48 contiguous states or DC — sorry Hawaii and Alaska residents. Interestingly, any AI-generated submissions are prohibited, too.

Videos will be judged against four categories — originally, creativity, quality, and brand knowledge — after which five finalists will be chosen and notified after May 17.

AFFILIATE MARKETING

How to Capitalize On This Thriving Talent Pool to Drive Your Company’s Growth

Published

2 days ago

April 17, 2024

Entireweb News Bot

How to Capitalize On This Thriving Talent Pool to Drive Your Company's Growth

Opinions expressed by Entrepreneur contributors are their own.

As business operations shift, executives and entrepreneurs are increasingly turning to an on-demand workforce that is simultaneously empowered by technology and drawn to purpose-driven projects.

Consider Upwork, whose 2020 Future of Workforce Pulse Report revealed that nearly 80% of hiring managers engaging freelancers feel confident about doing so. These hires provide coveted expertise — on a project-to-project basis — that entrepreneurs need to scale their operations without incurring long-term overhead costs.

This new market paradigm also promotes dynamism, with 79% of businesses agreeing that freelance talent enables greater innovativeness. Perhaps most telling, 84% of hiring managers utilizing it feel more assured about adapting to future disruption, compared to just 69% of those relying solely on full-time staff.

By capitalizing on freelance marketplaces, entrepreneurs can amplify employer branding, augment capabilities and future-proof organizations, even amid turbulence. As nearly 60% of hiring managers plan to increase engagement with freelancers over the next two years, the time is now for executives to realize their inherent potential.

The job market continues to shift

After a season of massive hiring, we’re back to seeing layoffs and downsizing. Companies are feeling the bloat—from unused office spaces with rising rent to oversized employee structures — and are shifting focus to hiring only the most essential positions. This leaves a critical talent gap needed for complex projects and specialized tasks. Highly skilled and specialized independents can fill this void.

A few key benefits to engaging them:

• Access to niche experts: Platforms like Toptal and Guru provide access to elite professionals from leading Fortune 500 companies and innovative startups. Whether the need is for a machine learning specialist, growth strategist or financial modeler, entrepreneurs can now curate on-demand teams that boast specialized skillsets, enabling them to focus investment on projects with the highest strategic value.

• Enhanced agility: Leading corporations increasingly “rent” skills by tapping freelance experts for initiatives involving new technologies or while entering unfamiliar markets. With niche contributors available to plug knowledge gaps, owners can explore ideas that once seemed unrealistic due to internal constraints—unlocking inventiveness and first-mover advantage.

• Stronger employment brand: Blending full-time employees with project-based freelancers signals a commitment to modernization and work-life balance. Offering both engaging work and flexibility will help draw exceptional candidates and help you compete with corporate giants for top-tier talent.

Tips for capitalizing on gig talent

Having explored the forces reshaping work, executives may wonder how to effectively leverage freelance platforms. After all, how can you know you’re getting your money’s worth if a hire isn’t physically present full-time?

• Define projects clearly: Contract hires thrive when expectations and deadlines are established upfront. So, clearly, detail needs around deliverables, success metrics, required skills and projected time investments. Staying ahead when it comes to communication and expectations will help avoid headaches, including delays.

• Build loyalty with talent: The best independent professionals have options regarding the projects they accept. Study their profiles to discern passions and incentives. Offer interesting work, flexibility and strong communication to motivate interest and improve results.

• Manage collaboration: Provide steady context, feedback and guidance at each project stage, but also foster autonomy, even while directing efforts toward strategic goals. A dynamic balance of these qualities drives optimal outcomes.

• Continue expanding your talent pool: Add proven freelancers to an internal database for repeat engagements, and notify talent about new initiatives for which their expertise would provide an edge. Uncovering additional ways, freelancers can enhance the business deepens the relationship.

Top platforms for connecting with talent

Now comes the hard part: finding contractors who bring fractional expertise sets. There are a growing number of platforms, of course, but I’ve found that the following stand out as leaders:

Fiverr: Ideal for execs seeking design, digital marketing, writing, video and admin support. Known for affordability and ease of posting jobs. It taps a global talent pool, too.

Upwork: A flexible platform that spans more than 150 skills. Used by everyone from small businesses to global enterprises. Strong at IT, development, design, finance and consulting.

Toptal: Focuses exclusively on the top 3% of talent. Best for expert software developers, designers, project managers and finance experts. All contributors are extensively vetted.

Contra: A growing independent platform that vets and connects both job candidates and hiring companies. Best of all, it doesn’t take a commission from projects.

The numbers speak for themselves: businesses engaging freelance professionals report greater confidence and competitiveness, as well as the ability to withstand turbulence, yet legacy beliefs can still cause hesitancy among those keen to hire. Supported by such specialized collaborators, companies can explore new horizons unencumbered by a one-time narrow view of staffing models.