Building a $300k/Year AI Tool While on Paternity Leave

The Birth of an Idea👶

While on paternity leave, David Bressler became increasingly curious about AI. Like many of us in 2022, he would discover GPT-3. As someone who worked in analytics, he was curious if GPT-3 would be able to take a simple prompt and turn it into a useful Excel formula.

…and it did🤯

That simple idea was enough to spark a business that now does over $300k/year.

Building a MVP 🔨🧰

Without any coding experience, David turned to platforms like Bubble.io, which allowed him to build his entire site without ever writing a line of code.

[Bubble.io is a no-code platform for quickly building web applications with a drag-and-drop interface.]

He embraced a process of trial and error, learning from his mistakes and refining his approach with each iteration.

The MVP took shape with a minimalist design, featuring an input box for text instructions and an output display for generated formulas. This was accomplished by integrating his site with OpenAI’s API.

And just like that, Excelformulabot was born…well sort of. We’ll call it “excelformulabot-lite” as it lacked the polished look and feel that the current site.

Biggest Lesson

This next step is the most important lesson for anyone who wants to build a product or business…get feedback📢

With the MVP in hand, David sought feedback from early users to validate his concept and identify areas for improvement.

He shared his site on Reddit, sparking discussions and garnering valuable insights from the community.

Using the feedback, David iterated on the site’s design and functionality, striving to create a seamless user experience.

He prioritized simplicity and ease of use, ensuring that even novice users could leverage the platform with ease.

Big Launch 🚀

David officially launched the MVP on Product Hunt, introducing it to a wider audience and garnering attention from potential users and investors alike.

Within the first few months, Formula Bot had generated $30k, then $50k, then $100k.

Today Excelformulabot.com does over $25k in MRR and generates over $300k a year.

Key Takeaways 🔑

• Embrace no-code tools: No-code platforms like Bubble.io offer accessible solutions for non-developers to bring their ideas to life.

• Learn and iterate: Success often comes through a process of trial and error, with each iteration bringing you closer to your goal.

• Prioritize user feedback: Early feedback is invaluable for refining your product and ensuring it meets the needs of your target audience.

• Keep it simple: In design and functionality, simplicity is key. Prioritize ease of use and a seamless user experience above all else.