BUSINESS IDEA | STARTUP

Dynamic AI Customer Surveys ☑️

Chat’s All, Folks!

Available Domain: Botsurvey.ai

1. Problem/Opportunity❓

The Problem/Opportunity: We’re all constantly bombarded with surveys. Whether it’s at our jobs, after we buy something online or even signing up to certain newsletters (like this one…) And some survey questions are just plain stupid.

That’s because surveys these days are static. It’s incredibly difficult to design surveys that apply to everyone. Ideally surveys would be dynamic and conversational to gain proper insights, rather than having participants reply with “N/A” or “Other” so often. So let’s build a tool to do exactly that.

Market Size: The online survey software market was worth $6.6bn in 2023

2. Solution ✅

The Idea: A platform which uses AI-powered chatbots to conduct dynamic, conversational surveys with customers.

How it Works:

• A company signs up for the platform and creates surveys based on their goals using pre-determined flows and logic built into the platform

• Once the survey is deployed it is carried out by a chatbot who asks dynamic questions which change based on their answers, with follow-ups which can provide deeper insights

• Responses are reported in real time and analytics provided on responses including sentiment analysis on open-ended responses, getting the survey designer as much information as possible from each response

Go-to-market: Start by working with companies who do lots of online surveys, like product teams in tech companies, and expand from there

Business Model: Monthly subscription fee for startups up to large enterprises

Startup Costs: You could boot up a basic version of this pretty cheaply

3. How You’ll Get Rich 💰

Exit Strategy: Exit to a company like Typeform or SurveyMonkey in a few years

Exit Multiple: Based on an analysis of 168 public SaaS companies the average revenue multiple (on annualized last quarter revenue) is 6.29x.

TOGETHER WITH NAME.COM

Make your idea REAL

Let’s be honest…

Ideas are great and all, but unless you can make it real that’s all it is… an idea.

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DRUNK BUSINESS IDEA

Dehydrated Water

Ever been on a road trip, at the beach or on a flight and found yourself dying of thirst, where you’d give anything for a glass of water?

Well this dehydrated water is your ultimate back-up plan. Just add water and you’re all set. It’s organic, zero calories, gluten-free, vegetarian, vegan, all that good stuff.

Get your hands on a can today!

JUST THE TIP

Trend 📈: Cursor AI

Last week a video went viral on Twitter of an 8 year-old girl showing off her coding skills using Cursor AI, a code editor which leverages AI to make programming far easier than traditional code editors. This presents a huge opportunity as more people will be able to program and more tech products will be built by more people.

Business Ideas

• AI-enhanced Coding Bootcamp: Create an educational program that integrates AI tools to help students learn coding more effectively.

• Omegle for Coding: A service which randomly matches coders to complete coding sessions together

• AI Code Reviewer Training Platform: Develop a platform that uses AI to help junior developers improve their code review skills by simulating various review scenarios.

THE MONEYSHOT

From $0 to the World’s Youngest Self-Made Billionaire in 5 Years

On average it takes a business 5 years to get to $10m annual recurring revenue.

But in just 5 years this founder managed to become the youngest self-made billionaire in the world.

This is his story.

Alexandr Wang grew up in Los Alamos, New Mexico, a place known more for its nuclear research than technology innovations.

But Alexandr’s environment, coupled with his parent’s influence (they were both physicists) meant science and technology were at the forefront of his mind as a kid. And he had quite the mind, qualifying for the USA Physics Team in 2014 and participating in coding competitions for fun.

Alexandr also tried his hand at entrepreneurship, founding a clubbing app called Listed and a social networking app called Ava in his youth. Neither of these were big hits though.

Before college, at age 17, he also worked for Quora as a software engineer but in 2015 decided to go to MIT.

But he didn’t go there for long.

After just a year at MIT Alexandr decided to team up with a friend he met at Quora, Lucy Guo, to start a business.

They both realized there was a growing need for high-quality data to train AI models so in 2016 the duo decided to start their business.

They founded Scale AI.

Scale was a pretty simple business in truth. The company hired hundreds of workers overseas to label or annotate data, including images, videos and text which is used to train AI models for things like computer vision, natural language processing, and autonomous driving.

The company raised $3m in an initial round of funding in 2016 when Alexandr was just 19 years old.

The business was roaring along but in 2018 they hit their first roadblock when Lucy decided to leave. Why? Because of a “division in culture and ambition alignment” whatever that means.

Still the company marched on and demand for their services went through the roof.

In August 2019, after Peter Thiel’s Founders Fund made a $100 million investment in Scale, its valuation exceeded $1 billion and Scale was a unicorn.

Just 2 years later the company’s valuation exploded to $7.3 billion and Alexandr became the world's youngest self-made billionaire at just 24.

Earlier this year the company raised $1 billion at a $13.8 billion valuation, valuing Alexandr’s 14% stake in the business at $2bn. They raised off the back of tripling their revenue in 2023 with the company forecasting to do $1.4 billion ARR by the end of 2024.

This is one of the craziest growth stories in Silicon Valley history and while it has not come without its controversies, Alexandr has had an incredible rise to the top of the Valley.

There’s only one questions left to answer…who will play him in the movie or TV show.

We’ll just have to wait an see.

INFLUENCER IDEAS

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