Finding the Perfect Business Idea with AI

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In this edition:

1. Find the Perfect Business Idea with AI

2. AI Domain Name Generator

3. Grow Your Business Like the Pros

4. The Robotaxi Opportunities

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1. Find the Perfect Business Idea with AI

A lot of people in a 9-5 job are looking for a great business idea. Now you can just search and/or peruse ideas. IdeaPicker searches the internet (including Reddit) to identify pain points from which a business could be started. It then creates an abbreviated business plan and estimates the monthly revenue. You can search the list of ideas (currently at 25K ideas) to find the right one for you and even read the business plan.

I really like this idea. The business ideas are based on real-life reddit posts where people have a real problem. So unlike the business ideas that are just pulled out of thin air, these are more likely to have real merit.

It’s not clear how this business is making money. They do have a newsletter but I didn’t see any pricing structure so it appears to be free. I think the obvious revenue stream would be to offer follow-up services via affiliate links. This could be things like LLC formation, trademark filings, business credit cards, website hosting/creation, marketing services, etc.

2. AI Domain Name Generator

So you’re ready to start your business and you need to pick a domain name. It can be a relatively important decision because you’d like it to be relatively short, memorable, and not be confusing (i.e., similar to a competitor or easily misspelled).

Now you can use this AI Domain Name Generator to help get a great domain name.

I tried this one and was not impressed. I received a message say No available domain. Perhaps I caught it on a bad day?

I think the idea has merit though because there is a need for this type of service. Like the business discussed above, I’d make it free and offer lots of services often used by new businesses using affiliate links.  

I think this could be a paid service if it provided more value. For example, it could search for trademarks to see if the domain name is already trademarked.

Every Healthcare IT Startup Needs a CTO

You’ve got a brilliant concept for a software-based AI product—maybe even a prototype or MVP. Now, scaling your business requires expertise in navigating all the software engineering and AI challenges. At Ententee, we provide the necessary infrastructure to develop great healthcare software products—engineering, design, AI experts and CTO-level guidance—for your business to successfully launch and scale. If you have the vision for a new AI healthcare product, Ententee has the dream team to help!

3. Grow Your Business Like the Pros

This platform analyzes the strategies of big businesses (Apple, Tesla, Nike, Amazon, etc.) to find a strategy to help you grow your business. Edom professes to process millions of strategies from the biggest businesses so you can use them in your business to ensure your success.

So if you want to know how Steve Jobs or others would start a business now, this is the place. Or if you want to learn how Elon Musk or others grow their businesses, you can learn that too.

This is a pretty cool tool. I haven’t been able to test this sufficiently to see if it works as advertised, but it’s a cool idea. Again, you could offer follow-up new business services via affiliate links such as marketing services, website development/hosting, LLC formation, etc.

I think this could be successful and easier developed if it was in a niche. So, for example, it might be an AI for everything to do with HVAC companies and could answer all types of HVAC business questions such as where to advertise, different ways to structure employee pay, profit margins, setting up customer maintenance programs, etc. I suspect a lot of HVAC companies would probably pay to subscribe but you could also offer it for free and then upsell paid services like marketing, phone services, email services, etc. 

4. Your AI Robotaxi

Tesla announced that they will be starting a robotaxi service. Link below. While this may sound like a snoozer, it’s likely to be a big deal when implemented. While details will be released in August, the cost to the passenger will likely be less than Uber or Lyft (or conventional taxis). About 60% of the cost of the Uber price goes to the driver, so the service could be considerably cheaper. The cars are likely to be non-operative human cars in that they will not have pedals or a steering wheel.

As for any new technology, there are some business opportunities arising too. First, businesses could buy a fleet and use them as their own taxi service. No one knows the numbers yet, but count me in to buy some cars if they cost $30K and generate $200 per day in profit ($6K per month). I know…. unlikely.

Second, businesses could buy a fleet of robocars for their employees. For example, salespeople often drive all day between appointments, and much of that time is wasted unless the salesperson can also make phone calls. If the salesperson is driven to each appointment he or she could be much more productive.

Third, there are lots of ancillary businesses that could be started around the cars. For example, for a public taxi service, the cars will undoubtedly need to be cleaned (inside and out) regularly (daily?). Some businesses may want to customize the cars as well and/or add in other gadgets (e.g., coffee machines, wifi, computers, etc).

All these cars will need to be charged so there will need to be charging stations built/installed. It’s not clear yet about the technology that will be used to charge them but they can’t plug themselves in.

As a side note, if you crunch the numbers this appears like this service could sky-rocket Tesla’s revenues and profits. So let’s say 1 million US robotaxis work 16 hours per day and make $200 per day profit. That’s 200 million dollars per day in profit for Tesla. So I will eventually be buying Tesla stock (TSLA).

In the News…

1. Consortium of Big Tech rally to to allay fears of AI job takeovers. The plan is to upskill workers.

2.  Tesla to start its own robotaxi service. Details in August.

AI Meme of the week…

credit: https://markmcneilly.substack.com/p/the-best-memes-about-ai

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