The top three lessons I learned from applying to batch 2 of the 2023 AI Grant
I shared the top lesson I learned from applying to batch 2 of the AI grant this year.
Building an AI start-up is a highly competitive thing I have never worked on before. Thriving in a hyper-growth market with top talents pooling into this arena, having great support from experienced teams and organizations is very beneficial to the success of this behavior. Therefore, my start-up Tokai applied to batch 2 of the 2023 AI Grant. However, we didn't get into this batch. And here are some lessons I learned from this process.
Start early with preparation in advance
I found this program just ten days before the deadline. However, it was not an excuse for this failure. However, I realized that having well-prepared pitching materials (videos, pitching deck, and more) is the most fundamental preparation for your success in this start-up arena. Because you will never know when the next ample opportunity will come to you.
A great idea and MVP are critical, but they are not enough
People often think that ideas are necessary or that having an MVP is essential. However, just like getting to the top university, having a perfect SAT or excellent GPA are just the basic things for you to prepare for this highly competitive game. How you would differentiate your product/company from other competitors is ever more critical in this AI start-up arena.
Traction, traction, and traction
And, how do you prove that your great idea and MVP are profitable to invest in? The answer is simple, traction. Traction is not how many deep techs you use or how many team members have been added to your company. But, in my humble option, it is the three most vital indicators, revenue, user growth rate, and user retention rate.
Just like the email I wrote a couple weeks ago to the team. We are heading to the goals where the path is less traveled. It is challenging, painful, and also rewarding. We are Tokai, and we are on a mission to advance the capability of developers, researchers, and every individual to learn to code faster than ever!
Tokai
