The problem
Creating quality bids and tenders is a tedious and time-consuming process. At the same time, the result of the tender depends critically on the quality of your bids. What can you do to save efforts and get a better result? Of course, delegate this work to AI.
But modern LLMs are still not good at handling highly specialized tasks. In addition, they can “hallucinate”, which is completely unacceptable when making official bids. The company in our review today has found an interesting solution.
The solution
AutogenAI (https://autogenai.com) is a platform that uses augmented intelligence to craft high-quality bids, proposals, and tenders quickly. Note, that the company prefers the term “augmented intelligence” rather than “AI”, which is an important distinction we’ll discuss further.
With AutogenAI you can create bids and proposals, marketing and sales materials, blogs, white papers and knowledge articles as well as press releases.
But the key component is how they are created.
How it works
The system uses big language models, specifically the LLM from OpenAI. It mixes API access to OpenAI’s engine with AutogenAI’s special interface. This interface helps retrieving various data about client’s past work and create pitch drafts. These drafts then presented to the client’s team, which further tailors them — or potentially rejects them — before they are submitted to pitch for a contract.
For example, you need to set the main topic of the document in the section called “Ideator”. For example, “How can AutogenAI help business to create winning bids?”.
The AI will suggest a list of ideas. You can sort these ideas, accept or reject some, or add your own. By clicking on the top-level argument, you can access deeper levels of ideas which can also be accepted or rejected.
Once you’ve completed the main structure of your future document, you can instruct the tool to generate it. AutogenAI will produce a coherent text, consistently revealing the essence of the argument in a smooth, detailed, and persuasive human language.
You can improve the proposed draft by working iteratively, editing it, and providing additional input and context.
In summary, working with AutogenAI involves a sequence of steps. You provide the necessary inputs, review the proposed drafts, and adjust the wireframes as needed. Once you’re satisfied with the results, you can instruct the platform to generate all output documents.
The value
You might ask, why do you need to use AutogenAI when ChatGPT can build a business pitch on its own? The answer is that due to this special way of integration, AutogenAI’s versions will be considerably more specific and thus ultimately more useful to its users. AutogenAI helps businesses achieve a 30% uplift in win rates and, according to the company’s numbers, speeds up the process of writing a strong pitch “by 800%.”
The 800% is highly significant. It reduces procurement costs by approximately 10%, thus improving the overall margins of the deals. The time required to draft the initial bids is reduced by 70%, allowing those working on bids to concentrate more on strategic additions.
However, the main message of the company is “Win more work”, which is not about saving resources, but about generating more revenue.
Recipe for success
- AutogenAI recognizes that AI is not a standalone technology. With this understanding, it creates secure, custom language engines for each client. The company designs the way how the prompts for LLMs can be composed. At the same time, its tools provide practical interface for integrating all the necessary data as per the client’s requirements.
- The founder of the company started his journey as a tender writer. We always see that the founder’s practical experience in a particular field is a great incentive for the success of a startup.
- The company was able to demonstrate its business value through tangible results.
- The product idea aligns well with the core focus of their current strategic investor Salesforce. There is a good chance to see AutogenAI integrated into Salesforce soon.
What to replicate in your startup
- You might think of AI as a black box that will do all the work with a single click. But in reality, it probably will never come true.
- Every particular task done with AI requires appropriate prompting. Developing user-friendly tools around this prompting presents a significant opportunity for many startups.
- If you’re a subject matter expert and understand how general AI should be effectively utilized, you have a substantial chance to create a product based on this expertise.
The company
Founded in 2022 by Sean Williams (CEO) in London, UK. Now the company has two appointed CEOs Elizabeth Lukas (the U.S) and Emma Crichton (Australia).
Website – https://autogenai.com
Investors and funding
Series B – $39.5M, Dec 6, 2023
Series A – £17.2M, Jul 26, 2023
Salesforce Ventures (https://salesforceventures.com)
Blossom Capital (http://www.blossomcap.com/)
Spark Capital (http://www.sparkcapital.com/)
If you are planning or already building a startup in the field of chatbots and need expertise on your business model, marketing strategy or just need to strengthen your team, we are here to help: