With tech giants pouring billions of dollars into artificial intelligence projects, it’s hard to see how startups can find their place and create successful business models that leverage AI. However, while fiercely competitive, the AI space is also constantly causing fundamental shifts in many sectors. And this creates the perfect environment for fast-thinking and -moving startups to carve a niche for themselves before the big players move in.

Last week, technology analysis firm CB Insights published an update on the status of its list of top 100 AI startups of 2020 (in case you don’t know, CB Insight publishes a list of 100 most promising AI startups every year). Out of the hundred startups, four have made exits, with three going public and one being acquired by Facebook.

A closer look at these startups provides some good hints at what it takes to create a successful business that makes use of AI. And (un)surprisingly, artificial intelligence is a small part — albeit an important one — of a successful product management strategy. Here are some of the key takeaways from AI startups that have managed to reach a stable status.

Lemonade: AI complements a successful product strategy

lemonade ceo daniel schreiber at TC Disrupt 2018