ROCHESTER, N.Y. — Recent college graduates are facing an unemployment rate of 5.6%, nearly two points higher than the general population. Many believe artificial intelligence is taking over entry-level jobs.
The UR juniors who started OrbitPhone
Two University of Rochester juniors decided to fight back by creating their own AI company. Stephen Lim and Walter McDonald founded OrbitPhone, which started as an artificial intelligence receptionist.
“Be able to carry on conversations with customers and then book appointments into their calendar,” McDonald said.
The system processes customer speech through a neural network that thinks of responses while people are talking. “When they finish there’s only about 200 milliseconds,” McDonald said. “So from our perspective — instantaneous — between when the customer finishes and when it gets a response back.”
On the day News10NBC Chief Investigative Reporter Berkeley Brean met with them, they were interviewing college students who wanted to intern with the company. The company has now shifted its focus to car dealerships, creating an AI system to match customers with bank loans.
Putting the AI into practice
“These guys just walked in one day,” said Malcolm Masare of 5 Star Auto in Greece.
Lim and McDonald cold-called Masare at his dealership. He signed a deal with OrbitPhone to help “secure more approvals essentially,” Masare said. “By using the customer data they’re inputting to match us up with qualified banks.”
“Once you put in the information it takes five seconds at most,” Lim said.
Unemployment for grads at 5.6%
The Federal Reserve Bank of New York says the unemployment rate for recent college graduates is 5.6%. A simple Google search shows numerous college students are creating AI businesses in response.
Click here to see the Federal Reserve Bank unemployment chart
“The job market is just rapidly changing. It’s so much harder to find a position as a software developer,” Lim said. “Part of the reason we’re pursuing this startup is make sure we get our share of the market.”
McDonald offered advice for businesses worried about AI replacing workers. “You don’t have to buy into the whole automate the whole workplace, fire all your employees. I think that’s terrible. You should not do that,” McDonald said. “What you should do is look at your business, identify the one problem you have and look and see if there’s an AI solution out there. Because I promise you there is.”
Walter and Stephen learned many of their skills at internships they got through the Center of Excellence in Data Science and Artificial Intelligence, which is based at the University of Rochester.
Two University of Rochester students create AI company as unemployment rate for recent college grads hits 5.6 percent WHEC.com.
Hence then, the article about two university of rochester students create ai company as unemployment rate for recent college grads hits 5 6 percent was published today ( ) and is available on News10NBC ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Two University of Rochester students create AI company as unemployment rate for recent college grads hits 5.6 percent )
Also on site :