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- An Idea for Addressing Bias and Judgement Errors
An Idea for Addressing Bias and Judgement Errors
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Welcome to Startup Strategist. It's Friday, and we hope today's topics will make your morning (or day) just a little bit better. Let's jump in!
Three news stories: (1) Perplexity valued at $520M, (2) Moonwalk Biosciences, and (3) Misjudging of supply chains & inflation.
The results of Tuesdays poll: Deep dives, book reviews, statistics.
Todays Wisdom (Buffett quote)
An Idea for Addressing Bias and Judgement Errors
Three Resources (How to pick startup name, AI course, and how to scale an agency)
Curated AI Generated Idea: Meal kits
Meme
Three news stories
1) Search engine startup, Perplexity, valued at $520M (Reuters)
According to Reuters, they raised $73.6 million in a round led by IVP, with backers including Nvidia and Bezos. To me it feels like a blend of the functionality of ChatGPT and Google, and may help cut down on the amount of time it takes to search certain types of information. The article says that according to Similarweb, there were 45 million visitors to the search engine last month. Despite this, they report it is not profitable yet.
2) Moonwalk Biosciences has raised a cumulative $57M for epigenetic research (longevity.technology)
According to longevity.technology, “investors include Alpha Wave Global, ARCH Venture Partners, Future Ventures, GV, Khosla Ventures, and YK Bioventures.”
3) Misjudging of supply chain issues was reason for wrong inflation expectations (WSJ)
WSJ reporter writes how the reason inflation lasted longer than many economists expected was due to “longer in place than realized” supply chain issues (italics mine).
Lets address the results of Tuesdays poll regarding the type of content we should focus on in the future
The favorites were deep dives on startups, followed by statistics, then book reviews.
With this in mind, which company do you want us to do a deep dive on next? (poll underneath)
A) Adept AI - “Adept is an ML research and product lab building general intelligence by enabling humans and computers to work together creatively.” (Adept AI) Forbes says, “Adept Raises $350 Million To Build AI That Learns How To Use Software For You”.
B) Altos Labs - “Altos Labs raised $3 billion in a funding round from investors in January 2022, making it the best-funded biotech start-up to date. It focuses on cellular rejuvenation programming to restore cell health and resilience, with the goal of developing life extension therapies that can halt or reverse the human aging process.” (Perplexity)
C) Runway - Has raised $141M. “A research company pioneering new tools for human imagination. Runway has been at the forefront of multi-modal AI systems ensuring that the future of content creation is accessible, controllable and empowering for creatives.” (Runway)
(Feel free to share more advice in the poll regarding how we should do the deep dives)
Which company should we do a deep dive on? |
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Todays wisdom
“We don’t have to be smarter than the rest. We have to be more disciplined than the rest.”
After the multi-part series reviewing Paul Graham's essays, we thought it was worthwhile to ask if you would like us to do something similar in the future (not too soon however).
Below is a poll.
Should we review Paul Graham essays in the future? |
An Idea for Addressing Bias and Judgement Errors
Noise: A Flaw In Human Judgement
This week I read the book Noise by renowned psychologist Daniel Kahneman. Angela Duckworth, author of best selling book Grit says, “Noise may be the most important book I’ve read in more than a decade.”
I’m on page 301. When I finish the book I’ll consider doing a review for the newsletter.
A day or two after I completed chapter 18, an idea popped into my head. (Perhaps because startup ideas are top of mind from writing recent editions.)
Kahneman presents an idea for helping reduce bias on page 240.
You are probably aware of the phenomenon that people are more aware of other people's mistakes or biases than their own. This is called the “bias blind spot”, (according to Kahneman).
To resolve this he presents the following (quote):
“We suggest that observers can be trained to spot, in real time, the diagnostic signs that one or several similar biases are affecting someone else’s decisions or recommendations”
This is probably not practical or possible for most people. Or rather, it would be limited.
AI wearables are a possible solution. One such example is called Tab (no affiliation), and is meant to be worn around the neck, where it listens to you speak. I consider it a more contextual version of ChatGPT.
Improving productivity is the goal of the device.
The idea is to train a product like Tab to actively address biases in thought processes.
This may maybe a radical given that (1) it involves a change in habit, (2) one would have to do more thinking out loud, and (3) training the program to be accurate and adequately beneficial might be a struggle.
Kahneman continues…
“To be effective, decision observers need some training and tools. One such tool is a checklist of the biases they are attempting to detect.”
Most ideas of this nature won’t work. Buffett says, “The difference between successful people and really successful people is that really successful people say no to almost everything.”
What do you think? Is it something I should investigate further, or does it sound like a bad idea right off the bat?
Good idea or bad idea?Would you use something like this if it worked? If not always, during short periods? |
Resources
How to pick a name for your startup: A step-by-step guide that covers all aspects of crafting the best name for your startup idea.
AI For Everyone - Deeplearning AI - Coursera: AI course for non-technical people by Andrew Ng, co-founder of deeplearning
(Not sponsored)
Curated AI Generated Idea
(We have cut down on the number of ideas shared, from 3 per post, equating to 24 ideas a month, down to 1 idea per post. We feel like 8 ideas a month is ‘less information overload’ and helps us choose more interesting ideas)
“As the demand for healthy and convenient food options continues to rise, there is a need for a B2C startup that focuses on delivering nutritious and customizable meal kits. This startup could offer a subscription-based service where users can select their dietary preferences, food restrictions, and portion sizes. The startup would then curate and deliver pre-portioned ingredients along with recipe cards that provide step-by-step instructions for preparing healthy meals at home. By combining the convenience of meal kits with the personalization of dietary needs, this startup could cater to health-conscious consumers who are looking for hassle-free ways to eat well-balanced meals.”
For additional creative suggestions similar to this one, feel free to register for either a complimentary, pro, or a pro+ account on our website.
Disclaimer: The startup ideas shared in this forum are offered for general consideration and discussion. Individuals utilizing these concepts are encouraged to exercise independent judgment and undertake due diligence per legal and regulatory requirements.
Meme
That’s all for today, thanks for reading. See you on Tuesday.
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