Welcome to a special edition of the Top 1% Newsletter!
Recently someone told me, “Vaibhav! This new AI tool, ChatGPT, will make many jobs irrelevant. AI is going to take over a lot of jobs.” Remember the industrial revolution? People were worried that machines would replace human labour, but in reality, the new technology created new job opportunities. We're seeing a similar trend with AI. Sure, it can automate specific tasks in a job role, but it also opens up new business possibilities.
Technology affects the nature of the jobs we do. Not the number.
In the past few months, the new AI tool, ChatGPT, has taken the world by storm. For the unversed, ChatGPT is a conversational chatbot that provides human-like answers to questions the users pose using advanced AI models.
It can generate essays given the context, write poems, and solve math problems. Recently this AI chatbot cleared an exam of the core Wharton MBA module with decent scores and passed the US medical license exam, which is supposed to be quite challenging.
AI will make us live longer, work more productively and have cleaner energy. - Fei-Fei Li (Stanford CS Dept)
AI Usecases with ChatGPT
1. Marketing and Sales: Write the basic copy for emails and ads, and create product user guides.
2. Customer Success: Create better chatbots to converse with customers and solve their problems.
3. HR: Create interview questions and assessments for candidates, and help in onboarding new hires.
4. Engineering: Create boilerplate code, and write documentation for the existing code.
Does that mean these roles in startups are dead? Are businesses that offer these services taking a hit?”
Recently, a founder tweeted that people who applied for an internship position passed off AI-generated solutions as their own. If everyone used AI, all the answers would be more or less the same. Hence, the founder rejected them and made an interesting observation - “I give +1 to people for using the tool, but -10 for not improving and innovating beyond the tool.”
This is the difference. The ones who use AI as a great partner and augment their work will stand out. If you depend only on artificial intelligence and don’t use your intelligence, you will stagnate and become irrelevant.
Treat AI as an opportunity
All existing roles would evolve, so the people must evolve through upskilling and gaining experience. Critical thinking would become the edge. One crucial thing about ChatGPT is that the user must provide the prompts.
The right prompts can only generate the correct output. Who will give the prompts? Us. With every new revolution, a new business opportunity always came, which won't be any different.
Let me list down some incredible businesses that have spun out of GPT3, the AI pre-cursor to ChatGPT:
- Algolia - Search engine built on GPT3
- Github copilot - Automated code generation within the code editor
- Jasper .ai - Automated copywriting powered by GPT3
- Replier. ai - Response to customer reviewers.
- Quickchat - Multilingual conversations powered by AI.
There is an immense opportunity here. These powerful AI tools can augment our existing teams’ capabilities in different areas and can run in lean teams.
Tool of the Day
This tool uses AI to automatically generate accurate sales call summaries from Meet/Teams/Zoom recordings. It shares the key pain points of the user along with the next steps. You can try the tool with a publicly available zoom recording and see for yourself.