On the 29th of March, the British government released a white paper to “guide the use of artificial intelligence in the UK, to drive responsible innovation and maintain public trust in this revolutionary technology”.

In this white paper, the government has outlined five principles that should be considered by regulators “to best facilitate the safe and innovative use of AI in the industries they monitor”.

The five principles are:

• Safety, security, and robustness
• Transparency and explainability
• Fairness
• Accountability and governance
• Contestability and redress

There is also a plan for a £2 million sandbox which will help businesses test out AI rules before they go out into the market.

The use of AI has steadily increased over the last few years, with the technology becoming more mainstream since the public launch of ChatGPT.

What Is ChatGPT?

ChatGPT, the really smart chatbot created by OpenAI, has caught the public’s attention because of its natural language processing capabilities that allow it to converse with people like a human.

Some people think it will replace search engines—no more wading through a list of pages to find the answer. Others, on the contrary, worry it might “steal jobs”.

However, since it’s here to stay, experts are exploring ways of using it. And, according to The Recursive, ChatGPT-4 can be especially useful in the development of MVPs.

Using ChatGPT for MVP Development

MVPs, or minimum viable products, are a no-frills version of a digital product. An MVP is complete and has all the features that necessary for proof of concept. However, it doesn’t include any additional nice-to-have features.

One can get MVP and software app-building services from businesses that specialise in this type of development, like Luminos Software. This company in particular will be the first to emphasise that designing an MVP is not just about coming up with the idea and rushing to build it.

To design a successful MVP, which can then be developed into a successful product, one needs to have completed market research to see if there is a need for it at all. There also needs to be a detailed roadmap, where the important features are listed and prioritised.

And, according to The Recursive, the planning stage of MVP development can be made easier with ChatGPT.

Market Research

Whilst the chatbot cannot go and interview people (not yet, anyway) for market research, what it can do is scour through search engine result pages. It can look at the search queries people are using and the results they are generating.

This information can be used by startups to gain valuable insight into what their customers are looking for and what the market needs.

Financial Decisions

Startups can use ChatGPT as an autonomous business consultant to develop a narrative for potential investors. The tool has access to a vast amount of data that it can use to generate insights. 

These can help in creating accurate budgets, resource allocation, and investment decisions.

Idea Validation

The ChatGPT chatbot has been quite handy in helping people refine ideas because one can use it as a sounding board. It has access to the information available on the internet—as long as that information as published online before September 2021. 

It can carry out a discussion, offer suggestions, and come up with solutions. That can be beneficial to the process of verifying concepts and developing ideas.

The tool can also be utilised for prototyping, where it may run user testing, recommend improvements, and simulate new products.

Better and Cheaper Decision Making

Thanks to its access to vast amounts of data and its processing power, ChatGPT-4 has made decision-making simpler and cheaper. It can automate certain tasks and sift through data in a shorter amount of time than a human can.

That is not to say that it can replace developers. One would still need trained professionals to build their MVP. 

However, with AI, a lot of the planning can be done quickly and easily, without using up a big part of the initial funding on prep work.

Originally published in Geeky News

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