“I want you to act as a co-founder of my company. Let‘s conceptualize, launch, iterate, scale, and exit as a pair faster and leaner than ever“ – says the cover of Clarence Wooten‘s book called “Cofounder.AI“.
Ever since its creation, generative artificial intelligence (AI) technologies are slowly changing the landscape of entrepreneurship. Not only does it help with task automation, but is becoming a tool that helps to create a business from scratch or, in other words, – become their co-founder.
Generative AI as a co-founder
For those with business ideas, turning to Gen AI may help to kick-start the companies more quickly and more efficiently than without it. Let it be asking AI to write a code, edit copy, create social media content, or even help understand legal documents.
As Ethan Mollick, an associate professor at the University of Pennsylvania notes, experimentation is key when trying out Gen AI. If the generated answer does not meet the vision, ask AI to rewrite it by giving the AI more detailed instructions.
Mollick tells his own experiment. One time he asked a Gen AI tool to propose a product launch plan with an email campaign, create a proposal for a website and execute it too, and make a full social campaign. After 30 minutes, AI gave back 9,200 words of text with emails, voice files, a script, and a website too.
In fact, Generative AI can act as a co-founder which doesn‘t need to be committed to. Going by the words of Clarence Wooten, Gen Ai is “an experienced co-founder at your fingertips, without you having to share equity or control of your startup“.
How AI is helping start-ups: Skittenz case
A real example of a start-up that got off the ground with the help of generative AI is Skittenz, a company that makes colorful mitten coverings. As the founder of the company, doctor Steven Bright says, AI gave him the confidence to start the business.
Steven had this business idea but did not know which way to turn next when he turned to ChatGPT. This generative AI tool helped him with various tasks, such as choosing a particular kind of dye for the glove skins, creating customer feedback surveys, and translating legal documents into more understandable language.
Going by the words of Mr. Bright, as scary as starting a new business is, having something to answer all your questions gives you reassurance.
Final notes
Generative AI acts as a helping hand in generating ideas and helping start-ups to develop often faster and cheaper. However, there is little data on how many start-ups are using AI, and whether the technology helps them to accelerate the path to hiring and profitability. As exciting the thought of Gen AI acting as your business co-founder is, it still requires putting thought into how truly realize the potential of this technology.
Sources: The New York Times, MIT Sloan School of Management
