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MIT has developed a suite of AI tools, called JetPacks, designed as a starter kit for entrepreneurs to market-test and launch new businesses.
The Big Plan: Getting a business off the ground takes a lot of “the two most precious resources that investors have: time and money,” according to Martin Trust Center for MIT Entrepreneurship director, Paul Cheek. By optimizing the process from idea to solid business plan, the ability to launch a startup could be majorly democratized.
Between the Lines: MIT’s six-day Entrepreneurship Development program is giving students a trial run in launching a business with JetPacks.
- The software is built on the principle of “discipline entrepreneurship,” developed by MIT professor, Bill Aulet — a 24-step guide to starting a business, with 19 steps focused on market and customer research.
- The tool prompts users to type in a business idea. The AI will then create a report identifying five optimal markets for the product, provide business analytics like estimated pricing and conversion rates, and generate a plan to develop the startup.
- A second JetPack tool then develops a how-to guide featuring 15 “startup tactics” to execute the generated business plan.
- The JetPacks use Stack AI (another MIT startup) to ensure that there’s no bleed-through of any entrepreneur’s plan into the queries of another entrepreneur… because no one wants that fight down the line.
The Future: For a limited time, MIT is making JetPacks free for the MIT community (including alumni), which is chock full of entrepreneurs. A 2015 study found that 30,000 companies have been started by MIT students, which generate a cumulative $1.9 trillion in annual revenue.
But as powerful as JetPacks may be, you still need to double-check its work. One participant in the Entrepreneurship Development program noted that the AI underpriced his proposed wildfire-protection product by thousands of dollars… which is great for customers but not so great for building a sustainable business.
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