This startup is automating conversations with its virtual assistants
Is your business heavily dependant on the internet? Are you looking to communicate effectively with your potential customers?
Chatgen.ai is a SaaS conversational AI platform where businesses can automate conversations using virtual assistants. It simplifies the process of communication with prospects, existing customers, and internal employees with effective dialogues to reduce TAT, improve productivity and eventually build intelligence on top of it.
In an exclusive Interview with StartupLanes, Prashant, Founder and CEO of Chatgen.ai talks about his experiences and journey as an entrepreneur. Prashant holds a post-graduate degree in economics and is an inventor with four published patents under his name.
Read on to know what he has to say.
Q1. How did you come up with the idea of Chatgen.ai?
Prashant: Before Chatgen, we were working with many C executives in enterprises to automate business processes through technology and most of these services were language processing solutions with great ROI. This made us realize there is a huge potential and opportunity in scaling these solutions and we decided to launch chatgen.ai.
Q2. What was the most difficult part in the early stages of the company’s growth?
Prashant: Forming the right team was challenging as people are always skeptical about the stability of working in a small firm. Another major challenge was balancing sales, product, and tech to ensure all processes are evolving equally for rapid growth.
Q3. What was the gap in the market that you identified?
Prashant: We saw a huge potential in end-to-end chatbot solutions as per the need of the companies based on the use-case, chatbot capabilities, and budget for SMEs.
Q4. Can you explain your business model?
Prashant: Our business model is a traditional SaaS model offering monthly and yearly subscription plans as per the needs of the companies and the chatbot capabilities that they can afford.
Q5. Did your family/friends help you with funding your startup or did you approach investors?
Prashant: Our first money pool for the initial traction happened with close colleagues and friends. We are yet to raise funds from institutional or angel investors.
Q6. Which factors do you see impacting your business over the coming years?
Prashant: Besides another pandemic, our major Ip is on the way the platform was designed for ease of use to build virtual assistants and structured intent data of the conversations for any industry and business process. If some tech giants open-source this intent data to the market, which is very unlikely to happen, then there can be a major impact.
Q7. Are you planning to hire fresh talent into your team as the company grows? What qualities do you look for while hiring?
Prashant: Yes, we will definitely be hiring new talent as we grow. I majorly look for the energy of the candidate, their attitude to learn and adapt, maturity to lead a team in the future, and for senior roles, past experience and domain knowledge.
Q8. What according to you are the personality traits of a good leader?
Prashant: I believe a good leader is one who takes responsibility for good and bad(Honesty and Integrity), is Open-minded, strives to make a structured and smooth system to keep employees motivated, and supports them with maximum bandwidth whenever the team is in crisis.
Q9. What is the best and the worst part of being a CEO?
Prashant: Best: The best part is experiencing your vision and opportunity unfolding into a viable business and the worst is the constant anxiety to maintain the following cycle:
Right Product —> Right People —> Right Growth —> Funding —> Right Product
Q10. Describe a time you had to make a tough decision. What did you do and what was the result?
Prashant: During the pandemic-induced lockdown last year, we experienced a fall in growth rates and cash flows which pushed us to make budget cuts. That was the most difficult decision that we had to make.
Q11. Are you looking for any vendors to help you simplify any part of your business?
Prashant: When we try to scale up or set up a process, we eventually will be limited with our knowledge in the process of sales or customer support. We develop everything in-house in consultation with our network.
Q12. What are the recent and long-term plans of Chatgen.ai?
Prashant: Our short-term plan is to set up a more predictable engine, grow 2x than what we are doing currently, and raise funds. In the long term, we are looking to brand, position, and build chatgen as a platform where any user can create their virtual assistants with ease.