Search for...

From Idea to MVP with GhatGPT: What Startups Can Do with GPT-4

Pawel Poltorak, Author & Speaker, Strategic Advisor, CMO at Ragnarson; personal archives x Canva
Image credit: Pawel Poltorak, Author & Speaker, Strategic Advisor, CMO at Ragnarson; personal archives x Canva
~

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 As the algorithm is relying on information stored in its repository, it may potentially provide out-of-date answers.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. 

Read more:  Cultivating a Strong AI Community through Bold Ideas

 

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.

Read more:  How AI Can Bring Massive ROI and Better Experiences for IT Teams

Thank you for reading The Recursive!

Over 1 million people from all over the world have learned about the tech ecosystem in Central and Eastern Europe thanks to The Recursive. In order to keep our content free for everyone, we need your help. If you believe what we do is important and have the means to do so, support us in giving a voice to Central and Eastern Europe with as little as €7. Thank you!

DONATE Keep reading this article
Tags:

Help us grow the emerging innovation hubs in Central and Eastern Europe

Every single contribution of yours helps us guarantee our independence and sustainable future. With your financial support, we can keep on providing constructive reporting on the developments in the region, give even more global visibility to our ecosystem, and educate the next generation of innovation journalists and content creators.

Find out more about how your donation could help us shape the story of the CEE entrepreneurial ecosystem!

One-time donation

You can also support The Recursive’s mission with a pick-any-amount, one-time donation. 👍

https://therecursive.com/author/pawel-poltorak/

Pawel Poltorak is an experienced CMO and Strategic Advisor in the tech sector, driven by a passion to help founders, entrepreneurs, and investors to succeed. As an author, he explores and writes on CEE startups and new technology through the lenses of marketing, economics, sociology, and geopolitics.