How AI is Transforming Entrepreneurial Mentorship. Part 2.

In the first part of the article, we explored platforms featuring autonomous interfaces and AI. Now, it’s time to move on to custom chatbots based on OpenAI's ChatGPT.

Open code possibilities introduced by OpenAI in late 2023 opened a new chapter in developing customized solutions. Thus, a new wave of GPT-powered bots has emerged, specifically designed to assist startups in refining their pitch decks and providing tailored mentorship advice. By leveraging OpenAI's open code, these bots can be fine-tuned to meet the unique needs of each startup, offering insights into presentation structure, market positioning, and investment readiness.

This innovative application, in theory, should not only have democratized access to high-quality mentorship but also accelerated the growth and development of early-stage ventures, enabling them to navigate the complex landscape of the startup ecosystem with greater confidence and precision.

We selected 12 of the most frequently discussed bots within the startup community and created a fictitious startup for testing purposes — an AI-powered accelerator for the creative industry, complete with an elevator pitch. We then uploaded this pitch deck to each of the bots and evaluated their responses, which we now present to you in a brief summary:


#1
Name: Pitch Deck Analyzer
One Liner: 
Feedback on startup pitch decks
Questions that Chat addresses:
Can you analyze my pitch deck?
What do you think of my startup idea?
What are the strengths and weaknesses of my business model?
How can I improve my pitch?

Summary:
This bot critically evaluates the deck's positive aspects while delving into the economic, social, and environmental challenges a startup can theoretically address to enhance sustainability. It concludes with a series of thoughtful questions aimed at strengthening the deck, but in a gentle manner, without imposing changes. As a result, the founder may not receive a clear directive on what specific areas need improvement.


#2
Name: Business Blueprint GPT
One Liner: 
Help refine business ideas and develop plans
Questions that Chat addresses:
Can you evaluate my business idea?
I need help with my business plan.
How can I improve my business model?
What's missing from my business strategy?

Summary:
This bot extracts key points from each slide, creating a detailed summary of the deck. This feature is particularly useful for condensing information to improve presentation readability. In its final assessment, the bot provides recommendations and identifies weaknesses, making it a valuable tool for initial group discussions among founders. However, the feedback may not be comprehensive enough for in-depth strategic planning.


#3
Name: LogoGPT
One Liner: 
Creating logos for your startup, product, website, and more
Questions that Chat addresses:
Create a logo for a startup
Create a logo that has a tree
Suggest a logo for a bakery
Design a minimalistic logo

Summary:
After analyzing the deck, the bot inquires about the desired logo style and color scheme in detail, offering suggestions that require further refinement by a human designer using graphic editing tools. It can serve as a starting point for brainstorming and group discussions. However, the bot could be more responsive in processing and integrating the creative ideas presented in the deck.


#4
Name: Startup Contract Crafter
One Liner: 
Contract interpreter and drafter for tech startups
Questions that Chat addresses:
Can you help interpret this contract clause?
What should I include in a startup co-founder agreement?
How does a SAFE agreement work?
What is a MISTO agreement?

Summary:
This bot appropriately cautions that its input does not constitute legal advice but generally addresses most legal questions and challenges a startup might encounter in the tech industry. The guidance provided can serve as a preliminary reference for founders working with a legal professional, saving time on locating necessary forms and precedents.


#5
Name: Toon CEO Guy
One Liner: 
Mentor focusing on product and market strategy
Questions that Chat addresses:
How can your product better meet market needs?
What's your plan for gaining traction?
Are you considering pivoting? Why?
How effective is your market strategy?

Summary:
The bot categorizes feedback into areas such as Product Development, Traction, Go-to-Market Strategy, and Pivoting, and highlights points that require reinforcement based on the presentation. It’s noteworthy that the bot’s effectiveness improves with a more detailed marketing strategy in the deck. In tests with an extended marketing plan, the bot delivered more comprehensive and professional insights.


#6
Name: Startup Pitch Deck GPT
One Liner: Upload your pitch deck or slide and ask for advice
Questions that Chat addresses:
Play devil's advocate on my value proposition slide (upload slide)
Does my storyline make sense and how can I improve it (upload deck)?
Do these metrics make sense and how can I display them in a clearer way (upload slide)?
How can I make this deck more legible, simpler and more obvious (upload deck)?

Summary:
This bot offers extensive advice on deck improvement, including design suggestions, albeit at a descriptive level without technical details. Notably, the recommendations of all three bots focused on pitch deck due diligence overlap by only 30%. This suggests that for a thorough analysis, even at an automated level, it is beneficial to use multiple bots and then collectively review their insights as a team.


#7
Name: VC-GPT
One Liner: 
Pitch training with a VC bot
Questions that Chat addresses:
No tutorial questions on the website

Summary:
Despite its name, the bot does not analyze audio or video pitches but instead focuses on the deck, identifying key strengths on each slide that should be emphasized during the pitch. A significant advantage is that it suggests supportive arguments without simply paraphrasing the slide content, aligning with investment pitch best practices. However, the bot does not explain its reasoning, requiring founders to trust its guidance without further context.


#8
Name: Lemonade Twist
One Liner: 
B2B marketing & sales sage
Questions that Chat addresses:
Boost my startup's reach!
Help with our sales strategy!
Marketing tips for tech startups?
Improve our customer engagement?

Summary:
Interestingly, this versatile bot does not position itself as a tool for early-stage startups but provides a collection of impactful phrases and ideas. It is recommended for use alongside tools like Toon CEO Guy. For better results, it is advisable to upload a more detailed marketing plan or dedicate an entire slide to marketing strategy.


#9
Name: Co-founder Fit
One Liner: 
Uses a set of questions from Y Combinator for co-founders to assess compatibility before deciding to work together
Questions that Chat addresses:
Assess compatibility using a pre-recorded video interview of the co-founders

Summary:
To test this bot, a colleague from the creative tech sector played the role of an imaginary co-founder during a simulated interview. The results suggest that the bot’s algorithm is equipped with information on founder compatibility, personal traits, and business habits. This tool is particularly useful for startups with multiple founders, helping to assess compatibility and team dynamics, similar to real-life scenarios.


#10
Name: Startup Equity
One Liner: 
Expert guidance on startup compensation and corresponding tax implications
Questions that Chat addresses:
What is the impact of dilution on my stock options?
Can you simulate ISO vs NSO scenarios?
What is the $100k rule when it comes to ISOs?
Explain AMT like a five year old

Summary:
This bot provides responses more suitable for startups in later development stages, but young companies should still consider these aspects early on. Although it cannot autonomously generate equity distribution scenarios from a single deck, it delivers professional answers to more specific inquiries. It is recommended to discuss these insights within the team and with legal counsel before responding to similar questions from investors.


#11
Name: BoardRoom Advisor
One Liner: 
Strategic advisor to run your company and keep boards engaged
Questions that Chat addresses:
What innovative strategies can benefit early-stage startups?
How should Series A companies scale effectively?
Important focus areas for an IPO-stage company's board?
Engaging investors effectively in board meetings?

Summary:
While many startups form boards prematurely during the bootstrap phase, this bot serves as a training tool to understand the roles and responsibilities of a board. Additionally, it supports the creation of an advisory board from the startup’s inception. Notably, this bot is the only one among the 12 to address the importance of a Unique Value Proposition (UVP), indicating that this is a common concern across various advisory boards.


#12
Name: Startup Guide
One Liner: 
Conversational expert in startups, business models, fundraising, pitch decks, VC practice and more
Questions that Chat addresses:
Can you review and improve my pitch deck?
I need advice on my funding strategy
Can we simulate a VC meeting for my pitch?
How can I improve my business model?

Compared to other bots, this one provides minimal deck analysis and asks few but highly targeted questions that contribute significantly to the startup's growth. It appears the bot's database is informed by investor inquiries rather than mentor guidance, as evidenced by the nature of the questions.

In concluding this two-part series, we decided to compare the level of investment in the products discussed in both sections of the article. Despite OpenAI products being technically inferior to the independently developed platforms featured in the first part, they receive significantly higher levels of investment. However, given their funding levels, custom solutions based on ChatGPT show immense potential for future development, particularly in leveraging large datasets for mentorship, investment relations, design, and other crucial aspects of startup growth.

The same observation applies to the complexity of these tools: each solution addresses a distinct aspect of startup development but falls short of providing a comprehensive support system.

This gives us hope that we will eventually see a fully-fledged platform emerge, enabling startups to navigate their journey with AI assistance from inception to scale. Ideally, there should be several such products on the market — after all, nothing drives innovation like healthy competition.