Atto, the Melbourne accelerator that helps female founders launch technology companies, has had another busy year helping more than 115 women launch technology companies.
You can read about it Atto’s annual review here.
But to wrap up the year, after his final cohort of 10 startups emerged from the programfounder Kate Kendell and her team hopped on the hot new toy in tech, ChatGPT, to ask a few questions about women in tech.
If you’re not up to it, think of ChatGTP as a Clubhouse of chatbots. OpenAI, the Silicon Valley venture co-founded by Elon Musk in 2015. Musk has since parted ways with the foundation, which is CTO Greg Brockmansaid at the time was created to “advance digital intelligence in a way that most benefits humanity”.
[Sidenote: On the weekend, OpenAI joined Musk’s long list of soured relationships, when he blocked its access to Twitter tweeting that he’d “ just learned” the company was using Twitter’s database for “training”, adding that “OpenAI was started as open-source & non-profit. Neither are still true.”]
Last week, OpenAi released ChatGPT (GPT stands for Generative Pre-Trained Transformer – text-generating AIs), which is designed to communicate in a conversational way. It is designed to answer follow-up questions, admit mistakes, expose false assumptions, and reject inappropriate requests. Over a million people jumped to try it out in a matter of days.
The Atto team did the same and asked why female founders get less money.
The answer seems obvious even to artificially intelligent people, with ChatGPT responding that “women are often overlooked and undervalued by investors”, adding that the issue was “quickly addressed to level the playing field for female entrepreneurs Pull”.
Atto also asked about raising your first round, noting that “the advice wasn’t too bad. Generic but useful”.
We’ve featured what the Atto team asked and ChatGPT’s responses below.
Why are female founders getting less funding?
ChatGPT: Unfortunately, female founders often receive less funding than their male counterparts due to the gender bias that exists in the venture capital industry.
Women are often overlooked and undervalued by investors, making it more difficult for them to secure the funding they need for their businesses.
In addition, female founders may be less likely to take risks and be more conservative in their approach, which can scare off investors.
Ultimately, this gender bias in venture capital is an issue that needs to be addressed quickly to level the playing field for female entrepreneurs.
How do you raise your first round of funding?
ChatGPT: Raising your first round of funding can be a daunting task for many entrepreneurs, but there are some important steps you can take to increase your chances of success.
First, you need to identify and target investors who are most likely to be interested in your business.
You should also prepare a comprehensive business plan and financial model to demonstrate the potential of your venture.
In addition, you must build relationships with potential investors and be prepared to answer any questions you may have.
Finally, you should use your network to reach potential investors and secure meetings.
By following these steps, you can increase your chances of raising your first round of funding.