Artificial Intelligence (AI) is a game-changer, transforming businesses across industries and offering immense potential to startups. However, harnessing its power can be challenging. We’ve written this article as the first step towards helping startups (and not only) demystify AI and providing a roadmap towards successful integration.
Understanding AI: More Than Just Data Analysis
AI has already evolved beyond simple data analysis into platforms capable of handling complex tasks such as chatbots, document analysis, and text-based simulations. Mastering the AI language - prompts, tokens, output parsing, context windows - can empower startups to instruct AI models to perform some impressive feats.
Recent advancements, such as GPT-4 and Llama 2, have pushed the boundaries further, creating tools that work alongside startups to improve their blueprint.
One such tool is the handy AI Startup Diagnosis by Whitesmith that we’ve built with early-stage startups in mind. By analysing a Startup’s Pitch Deck, it can offer suggestions for improvement and guidance on next steps. This tool, primed with the mindset we use when building products for our clients, can answer further questions about the pitch deck and help guide your startup to the next level of validation.
Building the AI Startup Diagnosis tool was a hands-on and instructive experience. Major challenges cropped up when dealing with PDF processing and processing AI responses as structured JSON. Limited filesystem access on the server created roadblocks in PDF processing. To bypass this, we experimented with a temporary third-party storage, but eventually found Render to be the perfect fit for its built-in filesystem access.
Furthermore, taking the AI’s raw output and parsing it into readable JSON was no small feat. We relied on Langchain’s StructuredOutputParser and OutputFixingParser, which allowed defining an expected structure and adding a fallback in case the output was unparseable.
The AI Startup Diagnosis tool embodies Whitesmith’s guiding principles: it looks at crucial aspects like market size, current revenue or earnings, team composition, company growth and MVP / roadmap, and blends in Whitesmith’s ethos. By focusing on the central problem a product aims to solve, understanding user feedback, and setting clear milestones, this tool goes beyond initial analysis. It’s like having a conversation with a Whitesmith advisor right at your fingertips, providing comprehensive startup guidance each step of the way.
Navigating the AI Landscape: Single-Purpose vs. General-Purpose Models
The AI landscape is diverse, with different models offering a variety of tools in a startup’s AI toolkit. Single-purpose models excel at specific tasks like sentiment analysis or classification but lack versatility. On the other hand, general-purpose models, like Large Language Models (LLMs), are adaptable but may not provide the same level of expertise within certain specialised tasks.
Choosing between one or the other is a mix of experimentation, experience and requirements. If you have a very well-defined use case, with consistent inputs, then a single-purpose model is a good choice (e.g.: speech to text in English). However, if your use case is unclear and the user inputs can be very different, then an LLM may be a better choice. With the proper prompt engineering you can handle scenarios you did not account for in a polite and appropriate manner.
Looking Ahead: The Future of AI in Startups
The AI landscape is ever-evolving. Staying current and understanding the usefulness and application of these models becomes part of the journey. Discussing emerging trends in AI and how they could affect startups will help them stay ahead of the curve and prepare for future developments.
Embarking on the AI journey can be a transformative process for startups. By understanding AI’s core applications and aligning solutions with specific startup goals, AI can unlock new levels of operational efficiency, cost savings, and customer satisfaction.
This article serves as an intro to our series on AI for startups. Stay tuned for more in-depth articles where we’ll get into specific aspects of AI, including use cases, implementation processes, and future trends. Much like in every other journey, it’s easier when you have a trusty companion; so with Whitesmith as your trusted partner, let’s take heed as your startup evolves. We can explore the vast potentials of AI together and propel your startup to new heights.