The new gold rush is on, are you going to be able to keep up?
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Episode Transcript
Okay folks, Sean here, and today what I’m gonna talk to you about is the new Cold Rush, and of course this topic is gonna involve ai, but I promise you it’s not only going to focus exclusively on open AI’s chat, G P T. What I want you to focus on is the fact that the bar has been raised. And what I mean by that is minimum level of requirements in terms of getting into and building B2B SaaS products has essentially been lowered considerably.
Uh, in terms of being able to build something rather complicated, significantly faster because of these AI tools. And what I mean by the bar has been raised, it’s the expectations, the level of competition, and in particular the time to market that these tools are capable of now, based on what these AI components can enable you to do.
So I’m leveraging it to build several products, seemingly at once at the moment. Several of which are essentially related to one another. But the point remains that with the AI tools, we’re able to create significant progress in a really short period of time because of its capabilities. So I just read something recently that said that Y Combinator, the current class for Y Combinator, about half or maybe even more than half of the companies that are participating in this cohort are building tools around open ai.
Or AI-based tools like Chat, G P T, which is pretty significant. It’s been a while since essentially cohorts like that have been focused around a single piece of technology in order to do what they’re doing. So there’s been some pretty dramatic changes happening here, and this is all happening very quickly.
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I saw another statistic today which said that open AI in, in their chat, G P T tool, essentially is not just one of the. biggest, like most revolutionary developments, and quite a while, at least the latest generation of these tools. But in terms of how quickly it’s growing, it’s growing at an exponential rate when compared with previous other leap forwards in progress.
I’ve been tracking how long it’s taken for user for it to get to a certain threshold of active usage, and I saw the statistic recently that. ChatGPT’s tool reached 1 million users in five days, which is just crazy. It’s hard for me to fathom that number. The next closest was Instagram more than 10 years ago, and it took two and a half months to do the same thing.
The latest threshold of information that I’ve seen is related to reaching a hundred million users worldwide. Chat GPT has been able to accomplish that in two. Less than what it took Instagram to get to 1 million users, got to a hundred times more, which is just maddening. Um, this is like crazy numbers.
The next closest in that list was the Apple App Store, and that took two years. So what I really want you to focus on as part of what I’m talking about here is that the new Gold Rush is on. We’re gonna see wave after wave of new innovative products come to market as these tools become even more accessible and people are able to accelerate their development.
So if you’re not thinking about incorporating these tools into your product at the moment, you really should be, especially if they can help you do more with less, move faster in product development. That’s the idea, right? I don’t want people to rush into product development. You need to still properly validate that you have a problem worth solving, but when the time comes to be able to do.
Whatever your product and solution needs to offer these Open A, these AI tools are gonna give you a significant ability to have an advantage over not having access to them, because you should be able to enable your tool to be capable of more in significantly less development time, which should also reduce your costs and time to market.