The cost of starting a business can vary greatly, and many successful ventures have begun with minimal initial capital. And, two friends, Sal Aiello and Monica Powers, have done something similar.
The two, using the power of artificial intelligence, have turned a small investment of $185 (around ₹15,000) into a successful business. They created a tool called DimeADozen, with the help of ChatGPT, to test business ideas. The startup was then bought for $150,000 (over ₹1.2 Crore) by a couple, Felipe Arosemena and Danielle de Corneille, who have software and product design skills, according to CNBC.
About Salvatore Aiello:
Salvatore (Sal) Aiello is a highly experienced professional with 17 years in engineering, including almost a decade as a CTO and Startup Founder. He has seen the web evolve from jQuery to React, worked on everything from back-office tools to client-facing applications, and launched several startups. As a product and founder, he is the main decision-maker, focusing on achieving product-market fit.
About Monica Powers:
Monica Powers is a seasoned professional with over 15 years of experience in building early-stage companies, covering areas like education, AI, and finance. She played a pivotal role as the first designer at ClassDojo, where she contributed to its significant growth from 5,000 to 50 million users. ClassDojo is now used in 95% of K-8 schools in the U.S. and over 180 countries. Ms Powers has also held key roles at companies like Hum Capital, where she was Chief Product Officer and Head of Design, and she founded Cheeky Brands. Her expertise and accomplishments have made her a prominent figure in the tech industry.
DimeADozen is an AI-powered tool that helps entrepreneurs by taking their business ideas and turning them into detailed reports. It analyzes potential investors, customers, and competitors to provide valuable insights quickly and efficiently.
It began when Mr Aiello and Ms Powers used ChatGPT to ask smart questions, honing them to get useful information. They realized more people could benefit from this and built an AI research tool. DimeADozen simplified the process. People could share their ideas through a form, and the tool used smart math to make detailed reports about potential investors, customers, and competitors. DimeADozen worked faster and better than regular research methods, and it cost them very little to start. In seven months, they made over $66,000, as reported by CNBC. Although they sold the business, Mr Aiello and Ms Powers are still advisors in the company. They want their tool to be widely used by big companies like Salesforce, becoming the top choice for businesses seeking information and insights.