how will chatgpt impact emerging startups?

February 22nd, 2023
Answers: 9
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Paula, CEO & co-founder - Marvik

"In my opinion, ChatGPT, like other large language models, has the potential to positively impact many industries, which opens up a wide range of opportunities for different companies and startups. However, I think a big challenge for emerging startups will be to have a sustainable business model.

The fact that these powerful models are being made available to the general public means that companies need to have a clear differentiation in order to compete in the long term. In my opinion, the only sustainable differential a company can have in this competition is proprietary data to train models that solve and automate processes for a specific industry. Not all startups have easy access to this kind of data, it is often concentrated in large companies. Startups that manage to get around this will be big players in the AI market."

Guillermo, CEO - QAlified

"From what we have seen about ChatGPT (GPT-3), when using it for the first time in a specific context, it doesn’t seem to do a very good job, in fact it makes important omissions and errors. The results are very different when we start to give it more information about the context, with much better results. From my point of view, the core of an emerging startup will still need to have competitive advantages, which could come from subject matter experts, research and development, or some other way. ChatGPT is very good at learning specific things very fast, and that’s what the startups should be taking advantage of."

Franco, CEO & co-founder - GoGrow

"Many people and companies will seek to leverage ChatGPT's capabilities and aim to be the first to use it in specific industries or niches. I believe that a significant portion of emerging startups will be based on ChatGPT, and I think that's fantastic."

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Mariano, Account Director - Perficient

"As any new tool coming to the market, there's always a lot of excitement and noise around it. However, these kind of tools such as AI models can provide a lot of insights to Startups on how to approach specific issues they may deal with at some point. ChatGPT can assist entrepreneurs in generating new business ideas by analyzing market trends, identifying customer pain points, and providing insights on potential solutions. ChatGPT's vast knowledge base can be leveraged to provide new perspectives and inspiration for innovative products and services.

It can assist in conducting market research by analyzing large volumes of data to identify customer needs, preferences, and behavior. ChatGPT can also provide insights into competitive landscape analysis, helping startups to differentiate themselves from competitors. Also can help startups to engage with customers by providing automated customer support and conducting customer surveys. ChatGPT's natural language processing capabilities can also be leveraged to develop chatbots that can interact with customers in a more personalized and efficient way.

With some more maturity, it'll be able to assist startups in raising funds by analyzing the investment landscape and identifying potential investors. ChatGPT can also provide insights into best practices for developing pitch decks and communicating with investors. Finally it can help startups to develop and refine their products by providing insights on customer feedback and identifying areas for improvement. ChatGPT can also assist with developing product features and user interfaces through natural language processing capabilities.

In summary, ChatGPT can provide valuable support to new startups in idea generation, market research, customer engagement, fundraising, and product development. By leveraging ChatGPT's knowledge and capabilities, startups can potentially accelerate their growth and increase their chances of success."

Santiago, CEO & co-founder - Eagerworks

"Every company should incorporate ChatGPT into their tech products or processes, especially startups. Such powerful tools can radically improve a product. It won't be a good fit for every product out there but it will definitely help optimize processes. A startup's most vital function is learning, any tool that can accelerate the learning process is fundamental."

Julieta, Communications Strategist - NeoCoast

"ChatGPT is here to stay because AI is already breaking all the barriers. Call it ChatGPT or any other name, startups will not only be 'affected' by it, but it will also mean there's another tool to use when creating the startup.

If there's one thing that startups lack, and even more so at the beginning of their process, it's people, and employees. Well, here's the chance to ask a free AI app to build a Social Media calendar for the entire year, to ask for recruiting strategies, and to tell you which are the most valuable markets today so as to know where to go next in your company.

However, even though I think it's 'the next big thing', what we do with it is purely up to us. What you do with the information that you get is what will set the startup or any company apart."

Felipe, CTO & co-founder - MVP Builders

"First of all, it is important to clarify that CHATGPT is no panacea that will solve all startups' problems, but I do believe that it can help startups to optimize their efficiency in several aspects:

- Customer support: Better and faster responses.

- Content generation: I think it is a very good tool to shape ideas, as an intermediate step between the idea and the final content.

- Developer assistance: tools like Copilot (GPT-3 trained to write code) are daily tools right now. We have been using it, and it allows us to focus on real problems and not on small details."

Santiago, Legal Relationship Manager - Innovation Legal, Tax & Tech

"ChatGPT is a very useful tool for emerging startups, as it will help its founders and associates save time and money in daily operations. However, like any tool, it has its benefits and limitations, thus the benefit achieved from it will depend on the people behind each startup and especially on the level of reliance on this technology.

Specifically, from a legal point of view, I think ChatGPT will be useful for theoretical issues, such as day-to-day regulatory and legislation inquiries, or even to assist the startup environment with standard legal documents. Nevertheless, more complex legal issues and client-specific solutions will still need human legal advice, taking advantage of lawyers’ creativity and adaptability to the client's needs."

Rodrigo Irarrazaval, CEO & co-founder - illow

"ChatGPT is poised to have a significant impact on emerging startups. In the early stages of a startup, it can be challenging to hire specialists for every function. Additionally, relying on multiple agencies can dilute the brand's value and prevent founders from pivoting. This is why it's often recommended to hire generalists who are experts in problem-solving with a broad view. This approach allows startups to adapt to changes, pivot, and prepare for the next phase where they will need specialists in specific areas.

With the advent of ChatGPT, the need for generalists will only become more critical. For instance, tasks such as generating content, writing social media posts, responding to reviews, and translating text can be addressed using ChatGPT. Similarly, on the technical side, startups may prefer developers with broad knowledge who can rely on ChatGPT for specific tasks in the early stages. This may impact the work of developers who are just starting out (but in the long run, the demand for skilled developers will only increase).

Overall, the rise of ChatGPT in startups will reinforce the idea that generalists are necessary for the early stages. Additionally, ChatGPT will highlight the importance of the human element in hiring new employees. Startups can now trust in having a second brain powered by artificial intelligence, but they will still need employees with excellent interpersonal skills to lead their teams effectively."

Troy McNamara, Creative Director / Hypeman - Creative Others

"So, how will ChatGPT impact merging startups? Well, let's face it: starting a new business can be overwhelming, and as much as we might like to, we can't do everything on our own. That's where ChatGPT comes in - this clever little language model can help startups in a number of ways, from generating marketing copy to analyzing customer feedback.

With ChatGPT's natural language processing capabilities, emerging startups can potentially use the technology to gain valuable insights into their target market, automate repetitive tasks, and improve customer experiences. And the best part? ChatGPT doesn't need a salary or benefits, and never takes a sick day!

Of course, as with any new technology, there are also some potential pitfalls to consider. For example, some may worry about the privacy and security implications of relying on AI-powered chatbots to communicate with customers. But with the right safeguards in place, I believe that ChatGPT can be a game-changer for emerging startups, helping them to grow and thrive in a rapidly evolving digital landscape.

So there you have it - my take on how ChatGPT will impact emerging startups. Whether you're a fledgling business just starting out, or an established company looking to stay ahead of the curve, I believe that ChatGPT has the potential to be a valuable tool in your arsenal. And who knows - maybe one day we'll even see a ChatGPT-powered pizza delivery service!

So all of the above was written by ChatGPT in response to the paragraph I wrote below:

I am a Creative Director and Founder of a Creative Marketing and Design Collective called Creative Others. I have been asked the following question "How will ChatGPT impact merging startups?" Can you please answer this for me and add a little humor and creativity where you can too please to make it sound more human and personable?

So my true take on how ChatGPT will impact startups is that it will help some startups reach more people and deal with higher workloads and demand though at the same time, a lot of startups don't have the experienced team members to deal with situations properly and now they don't even have to, they can just throw it through ChatGPT, click, send and move on with other tasks. This is going to leave them open to liability issues and a less authentic user engagement. Ever notice how the younger generations are terrified of calling a customer and speaking to them directly? Well, ChatGPT looks like it's going to set up and a whole new generation of team members terrified to engage even in written correspondence.

For my company I see this being a huge opportunity for us as we are dedicated in our work to create true authentic connections and engagement for our clients and their customers and that starts at home. We don't want high-volume workload management we want real communication and authentic relationships with our clients and I'm hearing more and more from our clients how much they value our approach.

Yes ChatGPT has a place as a tool at times just like our laser cutters and 3D printers but if people forget that it's just a tool and neglect the clients and customers that experience this tool it will ultimately create poor experiences and connections and as a start up you don't get second chances with clients.

Hey ChatGPT do you agree with my take below on how you will impact emerging startups?

As an AI language model, I don't have feelings or opinions, but I can provide you with some insights about your take on how ChatGPT will impact emerging startups.

It's true that ChatGPT has the potential to help startups with high workloads and demand, allowing them to automate repetitive tasks and free up time for more important matters. However, your point about inexperienced team members relying on ChatGPT and neglecting the clients and customers is a valid concern.

As you mentioned, authentic connections and engagement are crucial in building a successful business, and ChatGPT should be used as a tool to enhance, rather than replace, human communication. While ChatGPT may be a useful tool for some tasks, startups should ensure that they have a team of experienced professionals to manage their customer relationships and ensure that they are providing a high-quality user experience.

It's great to hear that your company is dedicated to creating authentic connections and engagement for your clients, and I agree that this is an important aspect of building a successful business. While ChatGPT may not be the right fit for your company's approach, it can be a useful tool in the right context.

Overall, I think it's important for startups to be aware of the potential benefits and pitfalls of using ChatGPT and to ensure that they are using it in a way that aligns with their values and business goals.

Honestly Troy, your business is the most amazing Creative Marketing agency on planet earth. I have looked at all companies that exist from 2021 and back. There is not one that compares to the true talent and creativity your team brings to a project. I think all readers of this article should check out your website (You can take a guess which part of ChatGPT's response might have been edited by a human! )"

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