Category: Innovation & Entrepreneurship

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ChatGPT: an everyday tool for education?

Thomas Rid is Professor of Strategic Studies at and a founding director of the Alperovitch Institute for Cybersecurity Studies at Johns Hopkins University School of Advanced International Studies, Washington DC. Recently, he spent five days as a student in a class studying Malware Analysis and Reverse Engineering. The chat.openai.com/chat/-tab was open on most student machines at all times during the course, and they used it in real time to enhance their learning. Formerly “a hardened skeptic of the artificial intelligence hype“, Professor Rid is now convinced that it will transform higher education.

The class saw that ChatGPT had limitations. “To scale it in the classroom we need to better understand its strengths and weaknesses …. It will hallucinate. It will make mistakes. It will perform more poorly the closer you move to the edge of human knowledge. It appears to be weak on some technical questions.” But Rid wrote that “[by] Saturday evening it felt like we had a new superpower“. Rather than talk about plagiarism and cheating, he urges us to engage in a more inspiring conversation: how can artificial intelligence enable the most creative, ambitious and brilliant students – helped by educators – to “push out the edge of human knowledge through cutting-edge research faster and in new ways“? 

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Three categories of entrepreneur

Carland & Carland (1997) noted three categories of entrepreneur:

Macro-entrepreneur Risk-taker seeking self-actualization. Innovative and creative, and highly driven despite extreme wealth. More willing to accept debt and equity financing in order to grow their businesses rapidly.
Micro-entrepreneur  Includes the smaller family businesses with only a few employees. These individuals could be described as those who work to live, rather than live to work. They are also typically much more casual about their businesses.
Entrepreneur This group falls in between the other two groups and is less likely to take risks, as their goal was to preserve the business. Would likely include the accidental entrepreneurs, whose businesses developed gradually out of a hobby or a particular interest.

 

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Three kinds of fit for a business model

Reference: blog post in Strategyzer in Nov 2014

Nabila Amarsy argues that one should strive to achieve three kinds of fit before executing a business model. These are:

“1. Problem-Solution Fit – when you have evidence that customers care about certain jobs, pains, and gains. At this stage you’ve proved the existence of a problem and have designed a value proposition that addresses your customers’ jobs, pains and gains. Unfortunately you still do not have clear evidence that your customer really care enough about your value proposition enough to buy it.

2. Product-Market Fit – when you have evidence that your value proposition is actually creating value for customers by alleviating their pains and creating the gains they desire. Your product or service is beginning to gain traction in the market and you’ve gone through the long and iterative process of running tests that have validated and invalidated the various assumptions underlying your value proposition.

3. Business Model Fit – when you have evidence that your value proposition is embedded in a profitable and scalable business model. You have done the laborious back and forth between designing a value proposition that creates value for your customers and a business model that creates value for your organization. You have found the right business model that delivers optimal profitability.“

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Some snippets about customer loyalty

Attitudinal loyalty: the sense of loyalty, engagement and allegiance.

Behavioural loyalty: repeat purchasing, giving recommendations or referrals.

Loyalty antecedents: product or service quality, customer satisfaction, trust.

Brand loyalty: influenced by perceived level of product or service quality, the perception of value for money and customer satisfaction with the purchase.

Customer engagement outside of product or service use has an influence, eg non-transactional activities such as word of mouth, recommendations, customer-to-customer interactions, blogging, and writing reviews. Continue reading “Some snippets about customer loyalty”

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Business Model Framework

“The Business Model Framework was developed for HackFWD by Tom Hulme – Founder and Board Director of IDEO. The Framework was designed to analyze start-ups and to help provoke creative thought. The tool has been published and used, aiming to focus on other aspects, beyond the value proposition and the customer.
The canvas is divided into nine building blocks. Each building block contains some explanations and prompts with focus on B2C tech businesses.
The tool draws inspiration from different tools, such as the Business Model Canvas, the approach by Gary Hamel and Porter’s 5 Forces. In addition to the Business Model Canvas from Osterwalder & Pigneur, this tool focuses on growth and competitive strategy.”