Startups in the technology sector often stimulate from innovative ideas, whether rooted in the identification of a gap in the market or the need to solve a specific business problem. Many of these startups are bootstrapped, meaning they are self-funded and do not rely on external capital investment. However, some are merely conceptual, being based solely on an idea rather than proven operations or implemented solutions.
In 2022, I had the chance to witness a pitch by an entrepreneur proposing the transformative potential of ChatGPT, an advanced language model developed by OpenAI. As he outlined the numerous abilities of ChatGPT, including writing, designing, and reimagining capabilities, the assembled crowd of investors displayed clear eagerness.
His goal was rather ambitious—to secure $20 million to fund the creation of solutions that would supplement ChatGPT. More specifically, he intended to utilise GPT-3, which was the most current and advanced version of the language processing tool available at the time.
However, despite the buzz and excitement surrounding the pitch, the fundraising effort ultimately underperformed expectations. When I inquired after the event regarding the funds raised, an organizer revealed that they had only managed to amass US$12 million, falling considerably short of the $20 million target. They, however, hoped to continue their fundraising endeavors in the near future.
A separate report in ITBrief Asia focused on the persistent issue of gender disparity within the technology sector, particularly concerning women tech founders. The objective was to bridge this gap and cultivate a more equitable industry. More details about this topic can be found in the full article shared on Robotic Marketer.
In sum, tech startups, often inspired by fresh graduates, are a rich breeding ground for innovation and problem-solving in the business world. They often face the uphill battle of securing substantial funding, even for cutting-edge projects like developing applications for language models like ChatGPT. Meanwhile, there is a pressing need to address systemic inequalities in the tech industry, particularly concerning representation and opportunities for women founders.
