Generative AI products like ChatGPT are free and easy to use. Here’s how your company should be deploying them.
Nowadays, all anyone seems to be talking about is generative AI. Whether it’s products like ChatGPT or others that help generate unique visuals or even 3D models, anyone who’s paying attention understands that as far as artificial intelligence is concerned, we’ve made more progress in the past few months than we have in the past decade.
So now the question is, is this just a fad or is generative AI here to stay, and if so, how can entrepreneurs capitalize on this new trend?
Here are five ways generative AI can potentially help you raise money.
You need an investor deck and now you can make one with significantly less effort.
Before I dive in, a disclaimer is in order. Do not, under any circumstances, let AI make you a deck that you use as-is.
Instead, ask ChatGPT for help writing the copy of each slide, after which you’ll take its suggestions and modify them as you see fit.
But you can absolutely ask ChatGPT to create an outline of a great investor deck and then use that outline. You can also ask it to give you data on the size of your market or the feasibility of your business model.
Come prepared with a comprehensive competitive landscape.
I’ve spoken about this countless times before but market research might be the most important thing you ever do for your startup. If you think that answering an investor’s question about the competition by claiming that you have no competitors is a good idea, you’re in line for a tough awakening.
So you could ask ChatGPT or other AI assistants to prepare a report on all your competitors.
Again, the result might not be a hundred percent accurate or complete, but it can easily serve you as a strong baseline from which to work.
Draft an effective follow/up email.
This is something many entrepreneurs neglect. Whether that first investor meeting went well or was a total flop, you absolutely must write a follow-up email.
This is something AI can probably do better than you or me.
So you could ask the AI, “Please draft me an email to an investor who expressed some interest in potentially investing in my startup. Please include a thank you, a question about what’s the next step, as well as a suggestion of a time for a follow-up meeting next Tuesday.”
Perfect your elevator pitch.
This one is huge. Instead of spending countless hours trying to come up with an effective elevator pitch that accurately describes and captures your product and vision, ask AI to do it.
You might ask ChatGPT to, “Please generate 10 elevator pitches, each two sentences long, that describe a business selling diamonds online.”
You can then review the results and decide which one you like most. Alternatively, you can send all 10 to your team and take a survey. Nothing like the wisdom of the crowd.
Create engaging and unique visual assets.
In addition to all the text you can generate using AI, let’s not forget the many online AI platforms that can generate unique images based on your query.
So instead of using stock images, which look pretty lame in your deck or on your website, use AI to generate more engaging photos that have never been seen elsewhere.
So, for example, if you’re a healthcare startup that can help detect a condition before it displays symptoms, you could potentially ask AI to make an image of someone strong and healthy on a unicorn, which illustrates to the investor or anyone else that your intention is to grow this company into a billion dollar company also known in the tech world as a unicorn.
The bottom line is, most experts say that this year will be the year of generative AI. You can either sit on the sidelines scared as this trend grows, or you can jump in and leverage AI to your benefit or the benefit of your company. Your choice.
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