The Martin Trust Center for MIT Entrepreneurship has unveiled the MIT Entrepreneurship JetPack, a generative artificial intelligence tool that promises to streamline the startup development process.
Bill Aulet, managing director of the centre, likens the tool to a car for entrepreneurs, comparing it to Steve Jobs' description of computers as "bicycles for the mind." The JetPack is trained on Aulet's 24-step Disciplined Entrepreneurship framework and uses large language models to provide rapid, comprehensive responses to startup queries.
"It's like having five or 10 or 12 MIT undergraduates who instantaneously run out and do all the research you want based on the question you asked, and then they bring back the answer," Aulet explains.
The JetPack is currently being used by entrepreneurship students at MIT and is being piloted outside the institution. It's accessible through the Trust Center's Orbit digital entrepreneurship platform, which was launched in 2019 to provide a more dynamic, mobile-friendly resource for students.
Paul Cheek, Executive Director of the Trust Center, and Doug Williams, Product Lead, played crucial roles in developing both Orbit and the JetPack. The team has been analysing user data since Orbit's launch, to understand how students prefer to access information and guidance for their startup ideas.
Shari Van Cleave, MBA '15, one of the early beta users, demonstrated the tool's capabilities in a YouTube video. Using an experimental idea for mobile electric vehicle charging, she received AI-generated suggestions for market segments, business models, pricing, and more within seconds.
"I was impressed by how quickly the AI, with just a few details, generated recommendations for everything from market-sizing (TAM) to lifetime customer value models," Van Cleave said. "Having a high-quality rough draft means founders, whether new or experienced, can execute and fundraise faster."
The tool's versatility extends beyond nascent ideas. Aulet notes that it can also assist entrepreneurs further along in the process by providing insights on improving company performance or identifying better target markets.
As the MIT Entrepreneurship JetPack continues to evolve and expand its user base, it could significantly impact how new businesses are conceptualised and launched, potentially lowering barriers to entry for aspiring entrepreneurs and accelerating the startup development process.