Artificial intelligence is proving to be more than a technology trend. It is becoming a powerful tool that helps entrepreneurs turn ideas into successful businesses. One such example is Here Now Health, a startup for children in the foster care system that used AI to move from concept to growth in a short time.
Founder Michelle Turner built the company from her home in Virginia Beach. Although Here Now Health is not an AI company, Turner relied heavily on AI tools to learn startup fundamentals, prepare a business plan, and improve her investor presentations. The company launched in January 2025, has grown to 16 employees, and is now certified in 3 states to provide Medicaid-funded mental health counseling for children entering foster care.
Reflecting on her journey, Turner said, “A mom of 6 kids who’s a first-time founder, who’s a sole female founder, should not be able to raise (venture capital). I don’t have an MBA. I don’t have these things to back me up.” She added that using AI to prepare her funding pitch was “like going to a master’s level class every day from the robot. It was my startup advisor.”
The rapid growth of AI has also become a major focus for the U.S. economy. Policymakers are studying how the technology could improve productivity, economic growth, inflation, and employment. Some experts believe AI could lead to higher productivity with fewer workers, while others argue it will reshape jobs rather than eliminate them.
AI companies are now competing by offering tools that can perform complex tasks, solve problems, and write computer code. At the same time, rising investments in data centers are driving economic growth while increasing demand for power, labor, and capital.
Speaking at a seminar, Jean Boivin, Head of the BlackRock Investment Institute, said, “Markets are confronted with dramatically different competing narratives. We are framing this as scarcity versus abundance…Scarcity is the story of the moment…we are also talking about abundance….We are talking about AI that can lead to significant breakthroughs…Growth that might be breaking out of a 2% world.”
John Bailey, a senior fellow at the American Enterprise Institute who advised one of Here Now Health’s investors, believes AI is helping entrepreneurs build businesses faster. “It is empowering entrepreneurs to scale faster and hire people. These are not AI companies. They are traditional companies trying to deliver services but do it faster, cheaper.”
Apollo Global Management Chief Economist Torsten Slok also believes AI is lowering the cost and complexity of launching companies, making it easier for startups to grow and create jobs.
However, experts continue to debate AI’s long-term impact on employment. Some companies are already using AI to reduce back-office and clerical roles, while others say it is helping solve labor shortages in skilled professions.
Richmond Fed President Thomas Barkin said, “We are all quick to see the disasters, which is about jobs getting replaced,” but noted that many industries, including manufacturing and auto repair, still struggle to hire enough workers and are using AI to improve productivity. He also warned, “It is still going to be a challenge. It is a ‘rust-belt risk’,” particularly for some white-collar jobs.
Researchers have also cautioned that around 23 million workers, especially those in clerical and administrative roles without college degrees, could face career disruptions as AI changes the labor market. Regions including Florida, the Northeast, Texas, and California may experience the greatest impact.
Despite these concerns, policymakers remain optimistic about AI’s long-term potential. At his first press conference, Kevin Warsh described AI as the most significant economic transformation “that we’ve had in my adult lifetime,” adding that the U.S. “is ultimately going to be better off” because of it. He also acknowledged, “that certainly doesn’t mean it’s not going to be disruptive.”
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