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What should be the next crucial steps before looking for investors?
Hello everyone, I have been working as a solution architect (both technical and business process functional) in the enterprise software domain (SAP) for over a decade. My partner is a Computer Science (AI/ML) professor at a large accredited university overseas and has been teaching AI/ML at both undergraduate and graduate levels for over six years, as well as supervising PhD students (with multiple published papers in AI/ML to his credit). We have been working on the design and feasibility aspects of leveraging ChatGPT-4 or other suitable existing LLMs to build an enterprise application that has potential to save serious money for organizations. Naturally, I have domain knowledge and technical expertise, while he is well-versed in AI/ML both theoretically and in building industry-scale applications. We have overcome the technical barriers and should be able to build an MVP/prototype within the next few months without any outside help. As we both have full-time jobs, we are giving ourselves about 4-5 months before we are ready to seek funding.
Would you kindly suggest some online materials that would help us allocate our time efficiently while ensuring we complete all the necessary steps expected before fundraising? We would also greatly appreciate any direct advice. I recently discovered this site and have been impressed by the wealth of insights available just by browsing the comment sections. I figured this would be the best place to start once we have the feasibility aspects nailed down. P.S. Eventually, we would like to add one or two more co-founders as well, but that's a topic for another thread.
- uberman 4y agoDo you have any clients? Can you demonstrate demand? Can you articulate a clear problem that others agree exists and a clear solution? Are you sure you need investors? What will you use their money for that is worth giving up a likely substantial preferential position?
- gp48 4y ago1.Do you have any clients? A. No, since besides making sure we can build it we havnt done any further research/work. 2.Can you demonstrate demand? A.Since I have direct domain knowledge in that area, so absolutely Yes. 3.Can you articulate a clear problem that others agree exists and a clear solution? A. absolutely Yes. 4.Are you sure you need investors? A. yes, to scale it from MVP to full blown product we would need more people. 5.What will you use their money for that is worth giving up a likely substantial preferential position? A. to be able to afford resources needed to scale up from MVP. Its possible there are ways to go about it ourselves by directly talking to clients. But since we never had any exposure to sales/marketing/fund raising etc we would appreciate if you know great online links or have your own advice on those topics.