AI-led Venture Building: Harnessing ChatGPT to Power Up Our Process
How we’re using ChatGPT as our co-pilot for faster, more accurate venture-building
Artificial Intelligence (AI) will not replace you, but it’s undeniable that those who use AI will earn a competitive edge. Having said that, and in spite of the advantages if offers, the increasing prominence of generative AI has raised some concerns about human capital and job displacement, even in unexpected fields like creative professions.
The arrival of ChatGPT has brought about fundamental changes in the way we work, affecting productivity, efficiency and accuracy. The key question is: what are gaps we find in our current work which can be better filled by technology such as ChatGPT?
At Wright Partners, we believe the advent of ChatGPT is a unique way to enhance value we bring to better serve our clients, and we have already seen it happen in three key ways.
1. Making our processes almost 3 times more efficient
For one of our agriculture ventures, we were recently able to reduce the time and resource requirements for building Standard Operating Procedures (SOPs), going from an average 14-day process involving a full agronomist team to just 4 days. With the inputs from our domain experts, we then created feedback loops to continuously improve the accuracy and contextualisation of our GPT model.
As venture builders, the core value we bring is to explore relevant innovative ideas and solutions addressing customer existing and foreseeable pain points. This expertise is no doubt an accumulation of collective past experiences and industry agnostic wisdom.
2. Enhancing domain knowledge
ChatGPT serves as a valuable virtual assistant and a 24/7 extended team, offering initial insights and broad recommendations for further consideration for the team to take in or not. It cannot replace our thinking as to how to establish direction, but rather fill out high level details in the approach once a direction has been chosen. We can also further ask for an evaluation of the approach to see if something is missing.
For example, by inquiring about freight operations for a logistics venture, ChatGPT provided us with an initial assessment about the use of bill of ladings (BOLs). Once we were aware of this consideration, we further integrated and developed our domain knowledge to understand how we can create a venture on enhancing transparency, streamlining processes, and reducing the need for multiple BOLs.
3. AI-led venture building
Traditionally, ventures would spend considerable time and resources developing prototypes to test potential pain points in the market. Leading to potentially lengthy development cycles. Now, with ChatGPT, through dynamic conversations with the model, we can receive immediate insights, recommendations, and simulated customer responses, enabling rapid iterations and cost-effective refinement of our prototypes.
For instance, we asked what ChatGPT thought about a Smart Home Electrical management system, it gave us feedback on providing a prioritised product feature list such as how ChatGPT itself can be embedded to automatically turn off switches based on personalised habitual use, when it’s most efficient to tap into grid when electrical costs are low.
AI is a game changer for a number of industries in uniquely diverse ways. At Wright Partners, we are dedicated staying ahead of the curve and supercharging of our own methodology by training AI for everything from the agriculture to shipping industry to create successful ventures with our clients.