With the advent of ChatGPT in early 2023, many AI startup companies have popped up, with many keen on developing their own AI solutions. Now with many AI tools, here are some tips of how you could develop your own:
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Find a good and innovative idea - as there are many AI tools available, it is increasingly difficult to find a new idea to implement. At the same time, given new updates of ChatGPT, Google Bard, Bing AI, etc, some of these ideas might be implemented and taken over by the new updates.
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Be careful of overreliance on OpenAI’s API, Google Bard’s API or similar - you’d be subject to greater control, limitations of the model and also any service disruptions they themselves may experience. Contrarily, these do have advantages to use, but still one should be wary.
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Knowledge and understanding of how AI functions - even if the focus of your startup is to provide a service that leverages AI, an understanding will definitely be beneficial as you would be able to better prepare yourself and the business for future prospects and expansions.
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Full legal and regulatory compliance and adherence to security measures - given some of the negative consequences of AI, and the subsequent rise of legislation regulating AI, it is important to be aware of these controls and measures and implement them properly, it would hence be advisable to employ a paralegal.
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Having a clear goal and vision - this is important, particularly for knowing your unique selling point and showing potential customers and stakeholders how they would benefit from your product.
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Developing a business plan to be able to pitch your ideas to those interested - this is particularly important, and builds of the previous point, so that you can coherently display what your startup can build and the value that it could provide.
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Building a team - while not strictly necessary, having more people in your startup allows for contribution of diverse knowledge which could also provide fresh insights and innovative new ideas.
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Developing a minimum viable product - given that this is an ambitious project, it could be better to start off with a simpler, yet certain product, and then develop and add new features as the startup progresses.