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Brainstorming ChatGPT Business Ideas With A Billionaire | ft. Dharmesh Shah (#438)

Episode 438: Shaan Puri (https://twitter.com/ShaanVP) and Sam Parr (https://twitter.com/theSamParr) talk to Hubspot Co-founder and CTO, Dharmesh Shah (https://twitter.com/dharmesh) about all things artificial intelligence (AI), the countless business opportunities from AI, and why Dharmesh is saying AI is - and will be - bigger than the internet. SHAAN'S NEW DAILY NEWSLETTER -- https://www.shaanpuri.com/ SAM'S PRIVATE COMMUNITY FOR FOUNDERS - https://www.joinhampton.com/ REVERSE ENGINEER BIZ IDEAS A LIKE SAM: https://www.ideationbootcamp.co/ ----- Links: * OpenAI - https://openai.com/ * LangChain - https://python.langchain.com/en/latest/index.html * Chat - https://chat.com * ChatSpot - https://chatspot.ai/ * Gates Notes AI article - https://www.gatesnotes.com/The-Age-of-AI-Has-Begun 📧: Sign up for The Hustle Daily Newsletter: https://mfmpod.link/xon 🎙️: Download Our Podcast: https://link.chtbl.com/Xq6lWi3m A podcast where we brainstorm new business ideas based on trends & opportunities we see in the market. Sometimes we have famous guests, and they do it with us. — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com • Visit https://www.somewhere.com/mfm to hire global talent (like Shaan does) and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than their US equivalents. — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth 💰 Pitch your startup for a shot at a $1M investment with Sam Parr as the MC https://clickhubspot.com/pitch Show Notes: (00:00) - Intro (01:28) - Open AI (09:55) - The Chat to Code Revolution (18:05) - How does AI work? (19:15) - Is AI scary? (24:24) - Sequoia's AI Event (31:08) - Vector embeddings (46:22) - Why Dharmesh Bought Chat.com (54:14) - Dharmesh's 17 Year Chatbot Journey (01:04:34) - Tactical Advice on Hampton ----- For more quality videos subscribe here ➡https://www.youtube.com/channel/UCyaN6mg5u8Cjy2ZI4ikWaug?sub_confirmation=1 🔔 Turn on notifications to stay updated with new uploads #shorts #youtubeshorts Like || Share || Subscribe

Dharmesh ShahguestShaan PurihostSam Parrhost
Mar 30, 20231h 17mWatch on YouTube ↗

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At a glance

WHAT IT’S REALLY ABOUT

Dharmesh Shah Explains Why Chat Interfaces and AI Are Huge

  1. Dharmesh Shah calls generative AI the largest tech paradigm shift since the internet, bigger than mobile, and says it opens opportunities for startups and incumbents alike.
  2. He argues the overlooked use case is text-to-code, which enables chat-based software where users describe the outcome they want instead of clicking through steps.
  3. He explains vector embeddings as a way to measure semantic distance between pieces of text, and suggests applying them to industries that still rely on crude keyword matching.
  4. Dharmesh describes his 17-year path from IngeniMail and GrowthBot to ChatSpot, which led him to buy Chat.com personally for eight figures as an 'ante' into the AI world.
  5. The hosts share hands-on AI experiments, discuss AI risk and OpenAI's structure, and Dharmesh closes with advice to build real value rather than be an 'AI tourist.'

IDEAS WORTH REMEMBERING

5 ideas

Generative AI is a bigger shift than mobile

Dharmesh says mobile enabled a discrete set of use cases, while AI impacts everything the way the internet did, making it an order of magnitude bigger.

Chat turns software from imperative to declarative

Instead of giving step-by-step clicks, users describe the result they want and the software handles the steps, like briefing a senior person rather than a junior intern.

Vector embeddings enable matching by meaning

Text reduced to vectors lets you measure semantic distance, so related items can be found even when they share no words. Dharmesh suggests applying this to industries still using keyword matching, such as member matching in Hampton.

ChatGPT plugins turn a chat app into an ecosystem

Dharmesh compares plugins to the iPhone App Store and calls the announcement a bigger deal than GPT-4, since ChatGPT could then access live data and take actions like booking travel.

Conviction over a long time can pay off

Dharmesh traces an idea from IngeniMail 17 years ago through GrowthBot to ChatSpot, saying he did best when he had the courage of his convictions and kept iterating.

WORDS WORTH SAVING

5 quotes

The way I think of it is not human versus AI, it's human to the AI power. It's an exponent. It's an amplifying force for human ability, right?

— Dharmesh Shah

Instead of describing all the steps, describe the result that you want at the end of the thing, and then the software does everything in between.

— Dharmesh Shah

the moral of the story is have the courage of your convictions. If you truly, truly believe in an idea and you fundamentally think you're right, iterate.

— Dharmesh Shah

just don't take advantage of people. There's enough real problems to solve where real money can be made

— Dharmesh Shah

That's the fountain of youth, is that enthusiasm.

— Shaan Puri

OpenAI's structure and valuation potentialText-to-code and chat-based user experienceImperative vs. declarative software modelsVector embeddings and semantic searchChatGPT plugins as an app store momentBuying Chat.com and the ChatSpot journeyPrompt engineering and AI experimentation

High quality AI-generated summary created from speaker-labeled transcript.

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