Building a Capital Efficient Second Venture: LiftLab CEO John Wallace (Part 5)

Sramana Mitra: How long did it take you to build out all the specs that you were getting from these customers?

John Wallace: We were experimenting only for about a year and a half. Then we spent probably another nine months building the modelling platform.

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Catching Up On Readings: State of AI 2023

This report from CBInsights focuses on the funding trends in the AI sector. In 2023, AI startups raised $42.5B across 2,500 equity rounds. Generative AI dominated in 2023, attracting 48% of all AI funding. For this week’s posts, click on the paragraph links.

Building a Capital Efficient Second Venture: LiftLab CEO John Wallace (Part 4)

Sramana Mitra: So, what you’re saying is that you got this input about what the market was looking for, and because they were paying customers on the first piece of the functionality, you were able to get them to give you access to data. Because in all of this, as you know, in building AI products, access to data is one of the big gating items so that you can develop anything without problems.

John Wallace: Yes. We cannot build these products in a laboratory. We need to do it in the trenches with customer data.

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February 15 – 633rd 1Mby1M Mentoring Roundtable for Entrepreneurs

Entrepreneurs are invited to the 633rd FREE online 1Mby1M Mentoring Roundtable on Thursday, February 15, 2024, at 8 a.m. PST/11 a.m. EST/5 p.m. CET/9:30 p.m. India IST.

If you are a serious entrepreneur, register to “pitch” and sell your business idea. You’ll receive straightforward feedback, advice on next steps, and answers to any of your questions. Others can register to “attend” to watch, learn, and interact through the online chat.

You can learn more here and REGISTER TO PITCH OR ATTEND HERE. Register and you will receive the recording by email, even if you are unable to attend. Please share with any entrepreneurs in your circle who may be interested. All are welcome!

632nd 1Mby1M Roundtable Recording

In case you missed it, you can listen to the recording of this roundtable here:

Roundtable Recap: February 1 – Premature Funding Plans Never Materialize

During this week’s roundtable, we dealt with two scenarios that each need to figure out bootstrapping strategies to mitigate the lack of early stage funding.

gestr

First, we had Anthony Dobaj from Draper, Utah, pitch gestr. This discussion is a good case study for crowdfunding as a way of early bootstrapping.

Budysdilpoa

Next, Chetan Barot from Nairobi, Kenya, pitched Budysdilpoa, a super app for Kenya.

You can listen to the recording of this roundtable here:

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631st 1Mby1M Roundtable Recording

In case you missed it, you can listen to the recording here:

Building a Capital Efficient Second Venture: LiftLab CEO John Wallace (Part 3)

Sramana Mitra: Now, let’s double click down on the concept of experiments. Once you were in these POC situations and started to gain some traction, what kinds of experiments are customers running?