Maigrate
Welcome back everybody, Happy Monday!
Personal Update: On October 5th I released an article (ThinkBack.AI) hashing out an idea for a pitch competition that I entered. I am excited to say I made it to the national network round and am submitting a final slide deck this Thursday.
But let’s get back to this week’s prerogative…
This week’s startup is based out of NYC and is providing creators with a no-code platform that allows them to create their own AI Avatar that fans can talk to…
“Empowering you in creating your very own Generative AI copilots for any imaginable application, all within a matter of minutes” – Maigrate
🎬 Behind the scenes
🎤 Intro
First of all, What’s a virtual avatar co-pilot?
Basically, it’s a virtual version of yourself that utilizes AI to think, act and talk just like you. The information it knows about you depends on what data the AI is trained on.
📑Case Study: Let’s look at Taylor Swift, who just started dating Travis Kelcy and I imagine the fans are getting curious. With over 270 million followers on Instagram I would put money on at least half of them would kill to actually have a conversation with her to get some of the deets on the tea.
❌ PROBLEM
Taylor doesn’t have the time or energy to conversate with all 270+ million fans.
✅SOLUTION
Incomes Maigrate, Taylors new innovative bestfriend. This platform enables her to create a virtual & scalable version of herself allowing fans to engage in conversations, share jokes, or seek advice.
This type of fan engagement and technology is already in place and being used and tested. For example, Mr. Beast has an AI rendition of himself that is trained on hundreds of hours of his YouTube content. See below…
This service is valuable to creators because it helps them strengthen the creator-fan relationship, and allows creators to focus more on their content creation and brand building. Which is, what ultimately drives their success.
Keep in mind, Mr. Beast is an outlier with an abundance of resources to deploy onto a project such as this. Maigrate is designed for the everyday creator or influencer who may not have millions of dollars to spare.
By leveraging Miagrate’s no-code user interface, creators can build and train their own AI version of themselves tailored to their unique needs and brand voice which can be hosted on a separate hosting platform such as Meta.
Overall, Maigrate allows creators a cost-effective and accessible way to connect with their fanbase and enhance their brand presence.
📦 Product
Alright, now that the problem for creators is addressed, let’s talk some nitty-gritty product details. Here are some quick facts.
💬 Query Optimization 101
Below are two different queries that anyone could ask a large language model…
If you were asking these two queries to your real-life friend, the difference between the two queries regarding the energy needed to answer them is obvious.
A basic addition problem doesn’t require a mathematics professor to solve. Whereas explaining quantum physics to a 5-year-old, probably requires an expert.
Just like human experts, Large Language Models vary in their capabilities.
Take OpenAI for example, they have Chat GPT 3, 3.5, and 4.
ChatGPT 3 is free and handles basic questions with ease. However, to obtain optimal results for complex questions, a more advanced—and thus more expensive—model is required (GPT4).
Miagrate’s feature automatically analyzes the complexity of user questions and matches them with the most suitable Large Language Model. As in, directing simpler questions to cost-effective basic models like ChatGPT 3 and more complex ones to advanced versions such as ChatGPT 4, ensuring accurate responses while optimizing cost-efficiency.
This is what results in…
“Over 70% Reduction in LLM Costs.” – Maigrate
🤑 Revenue Resolution
Okay cool, Maigrate has a problem and solution with a proprietary way to optimize for revenue.
Let’s go down some of their pathways to profitability…
Maigrate’s core business model is focusing on D2C (Direct to the creator in this instance) at the moment and is already working with around 200 influencers and a few small and medium-sized businesses.
💵Pricing
For creators, the monthly price is going to start at $50, which goes towards keeping their avatar running and up to date on new information.
For businesses, the price varies depending on the expected number of queries in a given period of time. Just like all AI-related businesses, as usage increases, associated costs increase proportionally.
🚀 Catalysts for Success
Some of the things this company has going for them…
❌ Potential pitfalls
Just as vital as discussing the factors contributing to this company’s potential success, is a thorough examination of reasons it might not succeed.
🔮 Crystal Ball Conjectures
Grab your detective hat, we’re about to investigate the potential highs and lows that await this company’s future.
⛈️ A shadowed outlook
Worst Case Scenario, Maigrate doesn’t attract interest from creators and people fail to see the value in this no-code service.
Or, the absolute worst-case scenario could involve a creator’s AI Rendition being hacked into. False information would be spread about themselves or other creators creating a lack of trust for the company and product.
This scenario, however possible, seems unlikely as the founders are not ignoring these potential pitfalls and taking the correct course of action in regard to security and privacy.
🌄 The hopeful horizon
The best-case scenario for this company mirrors the success and valuation of prominent players in this field already.
One of the biggest examples I have been mentioning is
Maigrate would become the ultimate standard for fan interaction and social media users start to frown upon people that don’t have an AI Co-Pilot. This outlook is a lot more rosy to imagine and is very well possible.
Possible doesn’t mean easy though. So we will have to wait and see how this company does as soon as the product is officially released and how onboarding goes in the next 6-12 months
Thanks for reading
-Owen
