07 | The Ultimate Startup Sprint: How Dror Gill Built and Sold a Company with ChatGPT in just ONE HOUR

0:00In this fascinating episode, Dror Gil, who's an Emmy Award winning technology strategist, is going to share an amazing exercise with us where he built a complete startup in one hour. Like he's saying, I went through the whole cycle in just one hour. It really took me 60 minutes from the moment I said, give me an idea to the moment I said, buy me a house. But if you missed our previous episode with Nicole Leffer, you should go and check that one first. Nicole shares a step-by-step process on how you can train ChatGPT to speak in your voice instead of creating generic vanilla content so you can create exciting, thought-provoking thought leadership content using ChatGPT.

0:40And now for the amazing conversation with Dror Gil. Hello and welcome to Leveraging AI, the podcast that shares practical ethical ways to leverage artificial intelligence to improve efficiency and drive business growth. This is Isar Maitis, your host, and I have an incredible guest for you today. My guest today, Drogil, has done something that sounds practically impossible and was actually impossible until, well, about three months ago when ChatGPT came out. He came out with all the information required for a startup from the idea of what the startup should be through all the documentation from product plan, business plan, marketing plan, documentation, website, all these things, including finding potential buyers for the startup and writing the legal documents to sell the startup in one hour.

1:31Now, this is obviously an incredible exercise that he was able to successfully complete. and he wrote a very interesting blog post about it. And we're going to talk to him today about all the process that he did and all the steps that he went through in order to use ChatGPT to do all these things which are critical aspects of any business. So even if it's not really a way to start a business, it's an incredible way or examples of ways to leverage ChatGPT and generative AI tools to use them for other aspects of businesses other than just generating blog posts. Dro, welcome to Leveraging AI. Thank you, Isar.

2:06It's a pleasure to be here. So, Doror, let's really go through the process. What did you do step by step? Because what you did is really incredible. So I started from zero, from no idea. And I even asked Chagipiti, what is the process of starting a startup? So he told me, you need to start from an idea. And then you go and do a business plan and raise money, et cetera. So I said, OK, let's start from step one, idea. give me ideas for companies that can generate significant revenues and have an innovative business model. So he gave me a lot of ideas. So after about 30 ideas, I said, okay, this one looks interesting.

2:44It was a SaaS, a service for analyzing legal documents and with AI, of course. So I said, okay, what's the name of the company? So it came up with very nice names and I chose a name that was called Contract IQ, a very nice name. And after that, I said, okay, give me some slogans for the company. And it did. And after that, I asked it to do an investor presentation. And it gave me a list of all the slides. And then I asked for actual bullets for each slide. So I actually got the investor presentation. And after that, I said, okay, now which investors can I approach? And I got a list of investors.

3:24And after that, I said, okay, let's start building the team. So what would be the org chart of the startup? Okay, CEO, CTO, CFO, CFO, you need all of those. That's nice. So CTO, I said, give me a job description, gave me job description. And after that, I asked it to analyze a CV, which I downloaded from LinkedIn to see if this CTO is suitable or not. So he said, well, it's mostly suitable. This guy is mostly suitable, but you need to invite him for an interview. I said, okay, give me the questions for the interview. Gave me the questions for the interview. And after that, I asked for salary ranges for the CTO and what other benefits I can give an employee.

4:03And most importantly, how do I do retention for employees? Because the market is very competitive. After that, I went into the product. And actually, ChatGPT really surprised me here because ChatGPT came up with a spec for the product, which was initially high level. But then through a conversation, and it's very important to talk to ChatGPT and give it feedback, I managed to dig in further into features and sub features. And then I asked it to do a Python implementation, give me source code for implementing one of those sub function. And it did an amazing job. It loaded the document. It started looking for words like shall and must and should and will, and using those words, classifying sections of the document, which is what the startup was supposed to do.

4:50And chat GPT invented the startup. So that was really amazing. So product check after that marketing. So I asked it for content for the website and structure for the website and kind of a funny blog post explaining what we, I mean, contract IQ, what we do. And of course, all the social media posts, et cetera. And I asked it for a marketing plan and an R &D plan. And finally I said, okay, how much can I sell the company for? Assuming I have$10 million in revenue. So it said, well, probably between$50 and$200 million. So I said, okay, write an M &A contract. Before that, I asked for potential acquirers, and I got a very nice list of companies in the legal tech space.

5:34And I selected one of them and said, okay, let's do the M &A contract and wrote the contract. And finally, my question was, okay, now where can I buy a house in Tel Aviv for$10 million? That's kind of the use of proceeds. And I went through the whole cycle in just one hour. It really took me 60 minutes from the moment I said, give me an idea, to the moment I said, buy me a house. Incredible. Literally, it's mind-blowing. One short question as a follow-up. What was the most important of the iterative process? If you had to tell people how to use ChatGPT for any of those aspects, because I assume the process is the same process, what would you say?

6:18I would say dig in, utilize the conversation and ask questions. If there's something you don't understand, ask. If there are things that don't fit, say, okay, give it to me now without this or going in this direction. You can always guide Chagipity to give you better answers. The initial answer, usually pretty generic, but you have to dig in, you have to ask again. And as you get into more and more details, you can get closer to what you want. And one important tip, which I think pretty much everyone knows, sometimes it doesn't give you good information. Sometimes it even hallucinates and gives you information that's totally made up.

6:57So check everything, go online, check. For example, if it gives you a name, you need to check if that name is not taken. I only had 60 minutes, so I couldn't check. But you need to check everything and verify. So with a human in the loop, the AI can really do amazing things and provide you, the human, with superpowers to do everything you need, but much quicker. And another thing that not many people know, it's great at bringing up ideas, not only ideas for startup, ideas for product features, ideas for business models, everything. So not only generating content, think of it as a brainstorming partner.

7:32Brilliant. Amazing. Dor, thank you so, so much. This is absolutely amazing. We recorded a much longer episode of about 45 minutes. So once that comes out, you'll be able to hear a lot more details on this amazing thing. For now, if you want, just search for Dror Gil on LinkedIn and you'll be able to find the details. He shared it very clearly on his profile. Dror, thank you so much. Thank you very much. Wow. What an incredible experiment by Dror. I must say that while this may sound not practical, and obviously he did not really start the business, it really shows the power of generative AI to be used for a lot more than just creating content and running blogs.

8:10It's a tool that can really be used across the business in almost any aspect of the business to drive more efficiencies. And now it's time to reveal the surprise guest that is going to be the guest of my next episode. And the guest is Dr. Amelia Turing. And you may have not heard of Dr. Emilia Turing because it's a made-up name. It's a made-up name that ChatGPT invented for itself to be its stage name for the interview. So yes, I've interviewed ChatGPT for my next episode, and we're going to talk about the implications of AI tools to a business as well as to society as a whole. It's a fascinating conversation.

8:47It blew my mind, the ability to have such a conversation, including the name that she invented, and she will tell you why she chose that name. So, stay tuned. Don't go anywhere and jump to the next episode with ChatGPT, aka Dr. Emilia Turi.