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AI Update: An AI Side Hustle And Shark Deal & ChatGPT Vision Use Cases

AI Update: An AI Side Hustle And Shark Deal & ChatGPT Vision Use Cases

Today, I feature a couple wins with a side hustle sale, and some shark investment in a task automation bot.

AI Update
October 17, 2023

BREAKING NEWS

How Two Friends Used AI and $185 to Create a Lucrative Side Hustle

DimeADozen founders Monica Powers and Sal Aiello turned their AI-powered research tool into a money-making machine.

In a world where side hustles are becoming increasingly popular, two friends, Monica Powers, and Sal Aiello, turned their AI-powered research tool into a lucrative business. In just four days and with a budget of less than $200, they created DimeADozen, a platform that helps "want-repreneurs" pressure-test their business ideas. Now, after seven months of operation, they have sold the side hustle for a whopping $150,000. Let's take a closer look at how they accomplished this feat.

The Birth of DimeADozen:
Powers and Aiello, both experienced professionals in the tech industry, recognized the potential of AI in market research. They started by using ChatGPT, a generative AI chatbot, to gather insights for their own side hustle ideas. Realizing that they had a knack for asking the right questions, they saw an opportunity to create an AI-powered research tool that could provide valuable information to others. Thus, DimeADozen was born.

The Power of AI in Market Research:
DimeADozen leverages ChatGPT's capabilities to generate comprehensive reports on potential investors, customers, and competitors for a given business idea. By inputting users' answers to a form, the platform quickly compiles a 50-page report, saving time and effort compared to traditional analytics agencies or search engines. The founders emphasize that while it's possible to achieve similar results through manual Google searches, DimeADozen's AI tool streamlines the process and provides more reliable information.

Mitigating AI Hallucinations:
One challenge of using AI in market research is the risk of "hallucinations," where chatbots provide information that sounds plausible but is actually false. Powers and Aiello tackled this issue by employing their prompt engineering skills, which involve asking targeted questions to minimize the risk of inaccurate responses. While they cannot completely eliminate hallucinations, they have fine-tuned their prompts to mitigate the problem and ensure the accuracy of the generated reports.

The Profitable Side Hustle:
Within seven months, DimeADozen generated over $66,000 in revenue, with almost all of it being profit. The founders kept costs to a minimum, spending only $150 on the web domain and $35 on hosting and a database. The success of their side hustle caught the attention of Felipe Arosemena and Danielle de Corneille, who acquired DimeADozen for $150,000. Powers and Aiello will continue to be advisors, devoting approximately five hours per week to the company.

The Future of DimeADozen:
While the founders are thrilled with their current success, they have even bigger aspirations for DimeADozen. Aiello envisions the tool becoming a ubiquitous resource for businesses, providing validation and insights to help them thrive. He even dreams of a potential acquisition by a cloud-based software giant like Salesforce. With their AI-powered research tool, Powers and Aiello have demonstrated the potential for AI to revolutionize the way entrepreneurs test and develop their business ideas.

Monica Powers and Sal Aiello's journey from a simple AI-powered research tool to a profitable side hustle serves as an inspiration to aspiring entrepreneurs. Their ability to leverage AI technology and their own expertise in prompt engineering has allowed them to create a valuable resource for business validation.

DimeADozen's success highlights the power of AI in streamlining market research and providing actionable insights. As the world of side hustles continues to grow, entrepreneurs like Powers and Aiello are leading the way with innovative ideas and creative thinking.

OTHER NEWS

AI Startup Caused A 'Battle Of The Billionaires' On 'SHARK TANK'—And Got A $300,000 Offer From Mark Cuban And Michael Rubin

In a recent episode of ABC's hit show 'Shark Tank,' an AI startup called Bot-It caused a showdown between billionaires Mark Cuban and Michael Rubin. The founders, Maurice Bachelor and Joel Griffith pitched their Los Angeles-based company, which offers a website and mobile app that uses artificial intelligence to automate online tasks.

But what sets Bot-It apart is its controversial feature: a "pro" subscription that helps users jump the line for sneaker releases or snag concert tickets in seconds. While this may raise eyebrows, Bachelor and Griffith argue that their technology actually helps individuals circumvent cheaters by getting real people in front of faceless bot armies.

The issue of bots in the retail industry is a real problem, as Rubin, the CEO of sports retailer Fanatics, pointed out. "We have probably billions of dollars of products that bots try to buy from us each year ... Bots come to get everything," he said. By arming consumers with bots, Rubin believes regular people can have a fighting chance to buy items at fair prices and disrupt the large-scale attempts by resellers.

The battle between Cuban and Rubin for a stake in Bot-It was intense. Cuban was the first to make an offer, impressed by the company's AI platform. He offered $150,000 for 20% equity. Rubin, not wanting to be left out, promptly offered $50,000 for 15% of the company, valuing it higher than Cuban's offer. The tension rose as Kevin O'Leary exclaimed, "It's a Shark fight! It's the battle of the billionaires!"

Caught between their options, Bachelor and Griffith implored Cuban and Rubin to make a joint deal. The billionaires agreed and offered $300,000 for 30% of the company. After some hesitation about the size of the equity stake, the Bot-It duo accepted the deal.

"This is the most important day of the Bot-It life," Bachelor said. "To have both of those Sharks on our team right now is going to take us to the next level."

The episode highlighted the growing importance of AI in various industries and the potential for it to disrupt traditional business models. While the use of bots in retail has been controversial, Bot-It aims to change the perception of bots among consumers and empower them to level the playing field.

However, it remains to be seen how Bot-It will navigate the challenges and ethical considerations associated with its bot technology. As the company grows, it will need to address concerns about fairness, privacy, and the potential for abuse.

The 'Shark Tank' episode serves as a reminder that AI startups are attracting the attention of influential investors who recognize the potential for disruption and innovation in this space. It also underscores the need for ongoing discussions about the ethical implications of AI and the responsibility of companies to ensure their technology is used for the benefit of all.

As AI continues to shape various industries, it is crucial for entrepreneurs and investors to approach its development with a critical eye and a commitment to creating solutions that are both innovative and ethical. The success of Bot-It on 'Shark Tank' shows that there is a market for AI-powered solutions, but it also highlights the importance of addressing the broader implications and potential risks associated with these technologies.

In the end, the 'battle of the billionaires' on 'Shark Tank' may have been entertaining television, but it also serves as a reminder that the decisions made in the boardroom have real-world consequences. As AI becomes increasingly integrated into our lives, it is essential that we continue to ask tough questions and hold companies accountable for the impact of their technologies.