March 18, 2025
This paid piece is sponsored by Prairie Family Business Association.
A tech trend forecaster and futurist is set to reveal insights into how artificial intelligence (AI) can benefit family businesses this spring.
Sean Watson, who holds the position of senior vice president of special projects at Trend Hunter—a Toronto-based firm known for collaborating with major brands—will deliver a keynote address at the Prairie Family Business Association’s annual conference from April 30 to May 1.
His presentation, titled “How AI Is Shaping the Future of Humanity’s Tech Landscape,” promises to explore AI’s transformative potential and its implications for family businesses.
Watson recently shared his thoughts on AI’s relevance for family businesses in an exclusive interview.
Understanding AI and Its Implications
When asked about his focus on AI during the keynote, Watson emphasized generative AI—a type that produces output from specific inputs. He explained, ‘Generative AI is behind tools like ChatGPT, which creates essays, or DALL-E, which generates images. These advancements are changing how we interact with technology.’
Family Businesses and AI Adoption
A recent survey by the Prairie Family Business Association revealed that only 13 percent of family firms have adopted AI. Watson reflected on these findings, saying, ‘Small-to-medium businesses are often hesitant to adopt new technology due to concerns over regulations and security, but this opens the door for innovation.’
He further noted that many businesses are missing opportunities due to fear, which could be either justified or misplaced. Regarding AI’s return on investment (ROI), Watson asserted, ‘When implemented effectively, the ROI is often immediate. For example, a workshop we conducted for an oil and gas company led to a potential savings of $60 million a year by automating manual tasks.’
Industries Impacted by AI Evolution
Watson identified several sectors likely to experience significant changes due to AI, including marketing, healthcare, finance, and education. He noted that, ‘AI is still in its infancy and improving rapidly.’
He suggested that personalized medicine and education are among areas poised for revolution thanks to AI.
Suggestions for Family Businesses
Watson encourages family businesses hesitant about AI to start by exploring it casually. He said, ‘Play with tools like ChatGPT in your free time. For instance, input items from your pantry to receive recipe suggestions. This approach can ease the fear surrounding AI.’
The Future of Family Businesses with AI Capabilities
Watson believes family businesses have an opportunity to innovate rapidly and test the waters of AI adoption. He stated, ‘Differentiation is key. AI provides a strategy to stand out in a crowded market, enabling small businesses to gain greater visibility.’
Expectations from the Conference Presentation
Attendees can expect to gain valuable insights from Watson’s presentation, as he aims to dispel misconceptions surrounding AI. ‘I want them to understand that there are accessible ways to benefit from AI without incurring massive costs. Just know that embracing this technology can yield significant rewards.’
For a full conference agenda and to register, click here.
- 0 Comments
- Family Business