What Is FinTech? The Basics
πΒ YC Advice:
Launch a product quickly and iterate on it as you go.
πΒ OpenAI’s Approach (as described by Altman):
Took four and a half years to launch a product.
ποΈ Truth versus reality distortion story.
πΒ YC Advice:
Focus on being cost-efficient.
πΒ OpenAI’s Approach (as described by Altman):
Became the most capital-intensive startup in Silicon Valley history.
ποΈ Truth versus reality distortion story.
This is their cap table and quite clearly they are not on a silicon valley or global basis the most capital-intensive startup.
Β
π‘ A capital intensive startup is a business that requires a lot of money to start and operate, here are the top ones:
πΒ OpenAI’s Approach (as described by Altman):
Built a technology without any idea of who their customers were going to be or what they were going to use it for.
ποΈ Truth versus reality distortion story.
"We're going to build tools that are useful for everyone, from researchers to artists to businesses. We want to make sure that AGI is used for good, and that it doesn't just benefit a small group of people."
"We're not building technology for technology's sake. We're building technology to solve problems and make people's lives better. We think that artificial general intelligence has the potential to do that, but it's also a very dangerous thing, and we want to make sure that it's used for good."
"We believe that LLMs have the potential to revolutionize a wide range of industries, from healthcare to education to customer service. They can be used to generate new insights, create new products, and automate tasks that are currently done by humans. We're excited to see how LLMs will be used to make the world a better place."
"We're working with a variety of partners to explore the potential of LLMs in different fields. We're collaborating with researchers at universities and research labs to understand the capabilities of LLMs and to develop new ways to use them. We're also working with businesses to explore how LLMs can be used to improve their products and services. We're excited about the potential of LLMs to make a positive impact on the world. We believe that they can be used to solve some of the world's most pressing problems, such as climate change, poverty, and disease. We're committed to working with others to ensure that LLMs are used for good."
πΒ YC Advice:
Incorporate social features, built-in sharing, and an inherent viral loop to enable user growth and engagement.
πΒ OpenAI’s Approach (as described by Altman):
ChatGPT has no social features, built-in sharing, or inherent viral loop.
ποΈ Truth versus reality distortion story.
Wrong, Their community channels had over 50k users at the end of 2021, over 1m users of GPT3 model in 2021, and Elon Musk talking about them with his gazillion followers. They literally had the biggest organic viral loop of any startup ever. ππ
"We're excited to see how LLMs are used to make the world a better place."
"We believe that LLMs have the potential to solve some of the world's most pressing problems."
"We're committed to working with governments and regulators to ensure that LLMs are used safely and responsibly."
"We're excited to see what the future holds for LLMs."
"We believe that LLMs have the potential to change the world."
β‘οΈ “Alderaan’s not far away, it’s Californication” β‘οΈ