Unless you’ve been living under a rock, you’ve heard about how artificial intelligence (AI)has become mainstream almost overnight. We went from movies telling us that computers will take over the world to a stream of AI solutions that can do all manner of things for you.
There are AI solutions that can write computer code for you, come up with interior design ideas for your house, or even AI that can act like your girlfriend.
One of the most prevalent use cases for AI at the moment is using it to write content. For example, I can hit the / button right now and tell the AI inside Notion to complete this article for me. Or, I could use ChatGPT to write this article. How about I use Google’s new Bard solution to write it for me?
Even better, how about I compare how they would write an article for me? That is exactly what I’m going to do today. In fact, I came up with the idea this morning while I was writing another article.
So, today, I will show you how ChatGPT and Google’s Bard solution perform.
I’ve asked each to “Write me an article about startup funding.” Below are their word-for-word responses.
ChatGPT’s article
“Starting a business can be a daunting task, especially when it comes to funding. Most entrepreneurs require startup funding to get their business off the ground, but knowing where to start can be a challenge. In this article, we’ll explore the different types of startup funding available, how to prepare for funding, and where to look for potential investors.
Types of Startup Funding:
- Self-Funding: This is where the entrepreneur uses their own savings, credit cards, or personal loans to fund their business. Self-funding is a popular option for startups as it gives the entrepreneur complete control over their business and doesn’t require them to give up any equity.
- Friends and Family: This is where the entrepreneur receives funding from friends and family members. This type of funding can be beneficial for startups as it can be easier to obtain than traditional funding options. However, it’s important to note that borrowing money from friends and family can strain relationships if things go wrong.
- Crowdfunding: This is where the entrepreneur raises money from a large group of people through online platforms like Kickstarter or Indiegogo. Crowdfunding can be a great option for startups as it provides a way to validate their idea and raise capital at the same time.
- Angel Investors: Angel investors are wealthy individuals who provide funding to startups in exchange for equity. They often provide early-stage funding and can also provide mentorship and connections to other investors.
- Venture Capitalists: Venture capitalists are professional investors who provide funding to startups in exchange for equity. They typically invest larger amounts of money than angel investors and can also provide mentorship and connections.
Preparing for Startup Funding:
Before seeking out funding, it’s important to have a clear understanding of your business and how much money you’ll need to get started. You’ll also want to create a solid business plan and be prepared to answer questions about your product or service, target market, and competition. Having a strong team and a track record of success can also help attract potential investors.
Where to Look for Potential Investors:
There are a number of resources available for startups looking for funding. Local business incubators and accelerators can provide mentorship and connections to potential investors. Online platforms like AngelList and Gust can also be a great resource for connecting with angel investors and venture capitalists. Additionally, networking events and pitch competitions can provide opportunities to connect with investors and gain exposure for your business.
In conclusion, securing startup funding can be challenging, but with the right preparation and approach, it’s possible to find the funding you need to turn your idea into a successful business. Whether it’s through self-funding, crowdfunding, angel investors, or venture capitalists, there are a variety of funding options available to help startups get off the ground.
Bard’s, from Google, version
“Startup funding is the money that a business uses to start or support a new business. There are many different types of funding available to startups, including:
- Self-funding: This is when the entrepreneur uses their own personal savings to fund the business.
- Angel investors: These are wealthy individuals who invest in startups in exchange for equity in the company.
- Venture capital firms: These are firms that invest in startups with high growth potential.
- Small business loans: These are loans that are available to small businesses from banks or other financial institutions.
- Government grants: These are financial awards that are given to businesses by the government.
- Crowdfunding: This is a way of raising money from a large number of people, typically through an online platform.
The best source of funding for a startup will vary depending on the specific needs of the business. For example, a business that needs a large amount of money to launch may need to seek venture capital funding, while a business that needs less money may be able to self-fund or get a small business loan.
It is important to carefully consider the pros and cons of each type of funding before making a decision. For example, self-funding can give the entrepreneur more control over the business, but it can also be a risky proposition. Venture capital funding can provide a business with a lot of money, but it can also come with a lot of strings attached.
Once a startup has decided on a source of funding, it is important to develop a strong pitch that will convince potential investors or lenders to support the business. The pitch should include information about the business's product or service, its target market, its financial projections, and its management team.
Getting startup funding can be a challenging process, but it is essential for businesses that want to grow and succeed. By carefully considering the different options available and developing a strong pitch, startups can increase their chances of getting the funding they need to achieve their goals.
Here are some additional tips for getting startup funding:
- Do your research. Before you start looking for funding, it is important to do your research and understand the different types of funding that are available. This will help you to narrow down your options and focus on the sources that are most likely to be a good fit for your business.
- Build a strong team. A strong team is essential for any startup, but it is especially important when you are seeking funding. Investors and lenders want to see that you have a team of experienced and capable people who can make your business a success.
- Create a solid business plan. A business plan is a roadmap for your business. It should include information about your product or service, your target market, your financial projections, and your management team. A well-written business plan will give investors and lenders confidence in your business.
- Network with potential investors and lenders. One of the best ways to get startup funding is to network with potential investors and lenders. Attend industry events, meet with business advisors, and reach out to people who you know may be interested in investing in your business.
- Be persistent. Getting startup funding can be a long and challenging process. It is important to be persistent and not give up. Keep working hard and eventually you will find the funding you need to launch your business.”
Comparing AI copywriters
Before we compare the two versions, let’s address the elephant in the room. Some people say that AI copywriters will replace humans, even in the near term. Others think it will take a while before that is true or AI copywriters will never replace humans. I tend to feel that AI will eventually replace human writers. But we aren’t there yet.
One of the reasons I say that is that most of the AI copy I have seen is stale and too formal. There is little to no personality behind the text. Another reason is that AI copywriters are still getting some things wrong.
For example, there are a few nuance points that both ChatGPT and Bard got wrong in their startup funding article. This is where I see a distinction between AI copywriters and human copywriters. AI copywriters are often generalizing topics. Such as, “A well-written business plan will give investors and lenders confidence in your business.” The truth is that most investors won’t bother reading a business plan, at least not in the early stages of due diligence. Can a business plan be helpful? Sure. But, it isn’t necessarily something investors take the time to read. At one of the angel investor syndicates I am part of, a business plan is never distributed. At another, we ask for one as part of the due diligence package, but it doesn’t carry much weight.
Still, both AI solutions did a reasonably good job of giving your tips related to startup funding. They told you about the different types of funding and provided some advice about how to meet investors. All within mere seconds of me pressing enter.
You might disagree, but I’d give the edge to ChatGPT. Not only did it summarize the types of funding available, but it also made a point to specifically call out a section on how to meet investors. Bard did as well, but ChatGPT mentioned resources by name (AngelList and Gust).
By the way, I originally typed “they” instead of “it” when referring to the AI solutions in the above paragraph. That people like me are already unconsciously recognizing AI as entities should tell you a lot. And scare you.
To wrap things up and to have a little fun, I’m going to let ChatGPT say goodbye.
“Goodbye and thank you for taking the time to read this article. I hope it provided you with valuable information or insights that you can use in your life or work. If you have any feedback or comments, please feel free to share them. Remember, learning and growth are a continuous process, so keep seeking knowledge and expanding your horizons. Wishing you all the best in your endeavors!”
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