The rapid evolution of technology has led businesses to seek innovative solutions to stay ahead, and generative AI has emerged as a key catalyst for innovation, efficiency, and market leadership. While the cost and uncertainty of AI development can be a barrier, early adopters with disposable capital have already jumped in. However, this has left many firms on the outside looking in, unsure of how to get started. The good news is that AI implementations can be relatively inexpensive, and many automation and AI projects can qualify for Section 41 R&D credits, which can be used to offset development costs. A methodical approach is essential to reap the return on investment of AI, taking into account potential offsets from tax incentives. Businesses must strategically develop a roadmap for deploying AI, considering the types of generative AI projects that qualify for R&D credits and those that may not qualify but still provide immediate returns.
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Businesses with disposable capital have already adopted generative AI, leaving many firms on the outside looking in, unsure of how to get started.
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