OpenAI, the company behind the well-known chatbot ChatGPT, released a new version of its AI system on Tuesday – GPT-4. At first look, it is a powerful tool able to generate human-like language and respond to nearly any command. It mayt be used for digital customer service or streamlining conversation-based client support processes. In addition, GPT-4 AI may also be a terrific technology for startups to leverage and build new tech solutions integrated with API. Other startups may even aspire to compete with such popular software, like the Polish tech company SentiOne, which is working on an alternative for ChatGPT that recognizes user intentions with 96% accuracy.
One of the key reasons why ChatGPT is still being criticized is the lack of human touch and non-personalized interactions. Yet, another challenge is more significant in the context of the use scenarios described in this article: keeping AI-generated conversations always accurate. As the algorithm is relying on information stored in its repository, it may potentially provide out-of-date answers. That’s why users should bear in mind that such an AI chatbot should not be considered as the only source of information.
Even with its drawbacks, adopting ChatGPT may be particularly helpful for the purpose of MVP development in startups. And it might be a real game changer for innovators.
Market research complex has been so simple
At this stage, many sources need to be analyzed to make certain assumptions on which the product will be built. Good research of the target audience or competitors is a huge effort for every startup founder. Even though the information is easily accessible in the internet age, the actual barriers to reaching valuable information are the search engines that rank results on a commercial basis.
ChatGTP eliminates the necessity for users to dig through search engine results to get what they are looking for. This chatbot allows startups to gain more insight into potential target customer groups, expand their awareness of market requirements, and collect feedback from preceding comparable initiatives.
Estimating sales traction with data
For the majority of startups, creating a story to sell based on early research is absolutely essential. This proper narrative helps them to convince potential capital investors to put money into their ideas. Building sales and revenue traction with limited data and experience is always an issue.
Nonetheless, ChatGTP can assist in making accurate budgeting, resource allocation, and investment decisions. For startups, AI chat may act like an autonomous business consultant with enormous data access that can provide insights even on possible traction estimates.
Validating ideas for MVP development
While brainstorming, an AI chatbot may be used to collect ideas and input, making it simpler to verify concepts and develop new ideas focused on a target audience’s preferences.
ChatGTP may also be used for prototyping purposes. It may run user testing and generate simulations of new products, as well as suggest improvements based on the received input. Instead of wasting time on testing for innovation, such a chatbot use scenario allows for adopting product modifications in order to meet customer expectations.
Next, if the startup in the MVP building stage is ready to implement machine learning, then it may adapt ChatGTP to gather insights about potential customer behaviors or market trends, and then build on the analysis that results.
Making better decisions with far less effort and at a lower cost
GPT-4 can take graphics as inputs, is more creative and collaborative, and is 40% more likely to generate factual results than GPT-3.5. It makes it a pretty great tool for startups to manage their highly complex MVP development process, which typically consumes plenty of effort and time.
Even if GPT-4 of the software is better than the previous version, it is still simply a highly sophisticated tool. Can it replace people? Certainly not, however, it may contribute to working more efficiently and fast. Especially at the early stages of a startup with a small number of staff members hired.
