Is AI Coming to Life?!
Building Startups by Ajay Yadav
The ‘No-BS’ BS Newsletter
Clickbait-y subject there, is it?🤨
Well, read on and decide🚀
💻️AI
➡️ Is AI Coming to Life?
In case you hadn’t heard the news yet, everyone’s favourite ChatGPT is now speaking up, quite literally.
ChatGPT can now speak, hear as well as see and understand images🗣️
This feels like a scene from a sci-fi movie (Her fans know exactly what I’m talking about) but we’re finally at a point where we can communicate with computers. 🖥️
OpenAI also announced earlier this week that ChatGPT is now no more constrained by the 2021 knowledge cutoff and users can browse the web for current information!🤯
So what’s the new ChatGPT like?
🔈️Talk: ChatGPT offers 5 nearly-human voice options capable of having two-way conversations. These voices aren’t robotic/text-to-speech imitations we’ve seen around; they have nuance and tonality and the conversation samples look more than promising.
👀See: You can now upload or snap a photo in the ChatGPT Webchat/app, mark the area you want AI to focus on and ask questions. It understands photographs, screenshots, and documents with text and images.
Check out the all-new ChatGPT in action here
ChatGPT’s new features will be rolling out over next two weeks for ChatGPT Plus users.
The impact of this can really be beyond comprehension. BUT it’s important to remember what the new ChatGPT is reminding us along the process: “While I sound conversational, remember I’m just processing data. Always use your judgment, especially for important matters."❗️
➡️ AI News of the Week: Meta’s New AI Assistant
Meta is OFFICIALLY in the AI chatbot ring and is launching its own assistant, Meta AI, with a range of AI characters on WhatsApp, Instagram and Messenger.💬
It has also announced a partnership with Bing to provide real-time results. The chatbot is also capable of generating images with a simple “/imagine” prompt, and audios. 🖼️ 🔈️
Made using a custom model based on Llama 2, Meta’s chatbot has been trained on public Facebook and Instagram posts. Read more about the announcement here.
➡️ AI Tool of the Week: DimeADozen.AI
This one’s for my aspiring entrepreneurs: DimeADozen is an AI tool that can analyse and validate your startup idea.💡
Once you describe your business, value proposition, and differentiation, DimeADozen generates a detailed report covering monetisation strategy, likelihood of success, and key problems to solve. This is great for finding product-market fit, identifying flaws early and strengthening business concepts! 💼
🚀Entrepreneurship
What are the ingredients of a solid business pitch?💯
I think overall a well-rounded business pitch mostly contains these 8 points:
The Problem you're solving. Painting a vivid picture for your investors usually works much more than simply stating it.
A deep dive into your target customer. Show that you understand their pain points through research and articulate with empathy.
Your Solution to address that pain. You need to be able to explain it simply. Avoid academic jargon, keep it simple.
Product Demo: Show your product in action. Demonstrate exactly how it alleviates pain and delivers value.
Market Potential: Analyse your market potential. Are you entering a space growing explosively? How massive is your total addressable market?
Business Model: Explain your business model- what's your unique and relevant insight on monetisation and value capture? Keep it crisp.
Competition: Position against competitors and show benchmarks proving you outperform rivals on key metrics.
Your Team: Probably the most important, because at the end of the day, investors are betting on your ability to execute.
I hope this is helpful🌟
👔 Leadership Lifestyle
Stephen Kuhl co-founded Burrow, home of the US-made modular couch that ships in a week, as part of a class project at Wharton in 2015.🪑
The idea?💡
Simple, “Buying a sofa shouldn’t require driving to a store.”
This proved to be a working concept when the world went into lockdown in 2020. “Burrow is now a business with $63 million in funding and has seen compound annual growth at a rate north of 80%.” (FurnitureToday)
Burrow has been featured in the Wall Street Journal, Fast Company and People magazine. It was also named one of TIME’s 50 best inventions in 2019. 🏆️
With no prior background in the furniture industry, Stephen managed to create a product that is consistently relevant to the market.
This is what Stephen advises founders on his TheFounderPod podcast:
Have a great weekend folks, see you in the next one!
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