Speaking at the event, Bhatia said that artificial intelligence (AI) is the future technology and it would bring sweeping changes in the lives of people and businesses.
"AI is the future as machines and superior algorithms will outdo human intelligence. However, algorithms may have more accuracy, they lack the emotions that human beings can express," Bhatia, who subsequently sold-off Hotmail to Microsoft in 1998, said in a statement.
He advised students to develop innovative ideas and be open to risks that come with entrepreneurship.
'Imtiaz-e-Jamia' was instituted to identify outstanding Indians across the world and give due recognition to them for the contributions towards the betterment of the society.
"Sabeer Bhatia was conferred the award for his outstanding contributions to public service and for technological innovation," the statement said.
Jamia Millia Islamia Vice Chancellor Talat Ahmad was also present on the occasion.
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