Starting a business is never an easy task. It requires a lot of hard work, dedication, and the ability to navigate through unknown territory. One of the most challenging parts of starting a business is finding the right advice to help you make the right decisions. That’s where ChatGPT comes in. As an experienced advisor, ChatGPT has helped countless entrepreneurs turn their ideas into successful businesses. In this article, we’ll look at how Fareeda, co-founder of Interactly.video named ChatGPT as their advisor and got advice on their startup idea, market analysis, and go-to-market plan.
The Idea
ChatGPT played a crucial role in helping the lady founder identify video technology trends and choose interactive video as the basis for her startup idea. With ChatGPT’s guidance, she was able to leverage the growing trend of interactive videos and provide a no-coding platform for customers to convert static videos into personalized interactive experiences. ChatGPT’s expertise in video technology trends and market analysis allowed her to make informed decisions and launch a trendy interactive video SaaS business.
Applications
In addition to helping the lady founder identify video technology trends, ChatGPT also assisted her in understanding the different use cases for interactive videos across multiple departments within a business. ChatGPT explained how interactive videos could be used for marketing, sales, support, and HR functions, and helped her identify the unique benefits and challenges of implementing interactive videos in each of these departments. By understanding the potential of interactive videos across the organization, the lady founder was able to create a platform that catered to the diverse needs of different departments within a business.
Market Analysis
The first step in turning her idea into a reality was to conduct a market analysis. ChatGPT provided valuable insights on the market size estimate and growth trends of interactive videos, which allowed the lady founder to make informed decisions about the potential of her startup idea.
In addition, ChatGPT also helped her to identify the target market for her platform and the potential demand for this type of service. They also looked at the competition and analyzed what they were doing well and where there were gaps in the market that the lady founder could exploit. With ChatGPT’s help, she was able to create a unique value proposition for her platform that differentiated it from the competition.
Go-to-Market Plan
Once the market analysis was complete, ChatGPT helped the lady founder develop a go-to-market plan. They identified the best channels to reach potential customers and developed a marketing strategy that would create buzz and excitement around the platform. ChatGPT also helped her refine her sales process to maximize conversions and build partnerships with other businesses and organizations that shared her target market.
The Results
With the guidance and support from ChatGPT, the lady founder was able to onboard few paid customers even before the public launch on 18th April 2023 of her interactly.video SaaS platform. The successful customer acquisition strategies helped her build a pipeline of interested prospects and secure early adopters who were eager to use her platform. As a result, she estimated to reach $100k revenue business in less than a year from the launch date. Her husband, Thota Santosh, who recently exited his startup, joined her as a co-founder, and brought his expertise to help her with the product. With his experience in building successful startups, Thota Santosh was able to contribute to the development of the platform and help it reach new heights. Together, the couple worked tirelessly to achieve their goal of building a new startup, and they credited much of their success to the support and guidance provided by ChatGPT.
Advisory Shares to ChatGPT
The lady founder was extremely grateful for ChatGPT’s invaluable assistance and guidance throughout the process of building her interactive video SaaS platform. In recognition of ChatGPT’s contribution, she decided to dedicate a portion of her shares, 0.1%, to ChatGPT. She wanted to acknowledge the important role ChatGPT played in the success of her startup, and chose this approach as a way to maintain the relationship beyond the project. When the time comes for dilution or an exit event, she will donate the shares’ value to the OpenAI project, which is the organization that developed the technology behind ChatGPT.
Conclusion
Starting a business is a challenging task, but with the right advice, it is possible to turn an idea into a successful business. ChatGPT has helped countless entrepreneurs do just that. By providing advice on startup ideas, market analysis, and go-to-market plans, ChatGPT has helped lady founders and entrepreneurs turn their dreams into reality. If you are considering starting a business or looking to take your existing business to the next level, consider ChatGPT as your advisor.
